Episode 193: Unlocking Financial Success: 3 Game-Changing Words You Need to Know

Hey, everybody. David Chudyk here, and welcome to this week's episode of the Weekly Wealth Podcast.

This week, we are talking about three words that I would like for you to add into your financial vocabulary. So you'll have to listen to the whole episode to see what they are, but hopefully they can help you to enhance your financial life.

So before we get started, make sure to do all the things please like and subscribe to the podcast on the platform where you listen to it. And if you've ever gotten any value, please share it with your friends, your families, your colleagues, and your coworkers. All right, here we go.

Welcome to the Weekly Wealth Podcast. I am certified financial planner David Chudyk.

This podcast and my wealth management practice are both designed to help the mass affluent to live better lives by how they handle their money. We talk about financial strategies, prosperous mindsets, and simply how to build true wealth. So come on and let's enjoy this journey together.

Okay, well, let's get started with this week's episode, and I want to talk about some mindset or behavioral finance issues that I think can really help you with how you handle your money. And like I always say, how we handle our money should positively impact our lives and the lives of those around us.

And speaking of our podcast, you may have noticed a few different features lately.

So once a month, we're going to be doing a deep dive into a specific and maybe a complicated financial planning topic with my friend, friend and colleague, Justin Chastain. And we are calling that the Ask the Professor episode.

I'm still going to be doing interviews with different guests because I think guests can bring a whole new perspective on many areas of our financial lives. And, you know, I love the business owners because I am one of them.

And I'm going to be still doing episodes that are geared towards helping business owners to run their businesses better, more profitably, and even sell their businesses for higher multiples when they are.

So lots of cool stuff going on, and I just really appreciate our audience and I appreciate the opportunity, it's a privilege to bring this information out to the world.

And with today being a behavioral finance episode, I wanted to talk about three words that maybe if we start identifying with these words, maybe if these words kind of become part of who we are, it can change how we look at money, and ultimately, literally, it can give us better lives. So the first word that I want you to think about starting to use in your daily life is abundance.

And people with an abundant mindset or an abundant mentality, they view the world and the world's resources as limitless and accessible. They don't really view it as finite and restricted.

And I've heard it said that our views or our thoughts, they affect what we do and then what we do affects what we get, right?

So if we view the world as there's just not enough for everybody and I have to keep mine and I can never get ahead because there's another population who are trying to keep me down, and if we have all those self limiting beliefs, we'll probably end up with self limiting actions as well.

And some of those actions could be like being afraid to take any risks at all, or hoarding, or not making ourselves better and more valuable because we just don't think that there are enough financial rewards out there to reward everybody. So let's start and ask ourselves, do I have an abundance or do I have a limiting mindset?

If you have an abundance mindset, or if you are working towards having an abundant mindset, hopefully you will have the ability and the tendencies to see new opportunities to generate income, such as side hustles, investments or even collaborative investments. We've often heard that wealth begets wealth, and the more open we are to explain wealth building, the more pathways we discover.

An abundance mindset also encourages lifelong learning, which is critical to adapting to changes in the economy and financial markets.

And people who believe in financial abundance more likely to invest in their education, to seek mentorship and develop skills which ultimately improve their financial well being. And let's not forget about generosity.

If we have an abundant mindset, we are going to tend to be more generous because that we believe that there is enough out there for everybody. So let's look to shift from a mindset of scarcity to a mindset of abundance.

So let's have positive financial goals, let's celebrate small wins, and let's practice gratitude all day, every day. So what about you? Are you abundant or are you of the scarcity mindset? What do you think?

Go to my website, www.weeklywealthpodcast.com, click on the microphone icon and give me some of your thoughts about the abundant versus scarcity mindset. Now remember the scarcity mindset and the abundant mindset. These are not designed to not acknowledge actual problems in the world.

Because yes of course the world has actual problems, but what it is designed to do is be optimistic and always look for the best and look for solutions. So the first word that I would like for you to start like in ingraining into your being is abundance.

Are you a longtime listener of the Weekly wealth podcast. If you've learned anything and if you've enjoyed the podcast, will you do me a favor?

Will you tell a few of your friends, your families, your colleagues, or your co workers about the show? As I always say, I believe that how we handle our money should positively impact our lives and the lives of those around us.

And I hope that this podcast can be a small piece of that puzzle for all of our listeners. Okay, word number two that I would love for you to just ingrain in your being and have it become part of what you do and who you are, is margin.

And I'm talking specifically about financial margin.

And in my job as a financial advisor, I speak with a lot of people and from the outside looking in, you would say, wow, those people really have it made. They have two very nice new cars, they have a house that's way nicer than mine, and they have nice clothes. And I shoot.

I watch them on social media all the time and they are on vacation a heck of a lot more than I am. But I know the backsides of a lot of people's finances. I know what their monthly car payments are, I know what their incomes are.

I know what their debt payments are.

And let me just tell you that many of the people that you're thinking of, because I know that you're thinking about some people in your life who appear to have it all together. Many of those people have very little financial margin. So when we talk about margin, what are we talking about?

Well, margin is the gap between your income and your expenses. And this serves as a buffer for unexpected expenses, emergencies, or future goals. So here's some bad news.

I actually got a call from my college senior son today and his car needs $2,000 worth of work. Now the car is paid off, so there's no car payment. So every once in a while you just kind of have to spend money on cars.

And this is just one of those times. And we have to do it. And it's no fun, but thankfully we have some financial margin to do that.

So let's talk about financial margin and how it can improve your mental health. Financial margin can contribute to mental wellbeing because it, it reduces anxiety and allows for healthier, less stressful approach to money.

So sometimes people who have very little financial margin, it can create a cycle of stress, of fear and a feeling trapped in their financial obligations.

And like I say, I have a few high earning clients that have high incomes, but they're in a situation where a lot of their money is going towards debt. Every month. And that creates that trapped feeling.

So a couple things to think about is I think it's almost never a good idea to buy a house or a car for the most amount of money that the bank will lend you.

So I know that I personally, our family, we could have a house that's two, three, four, maybe five times the mortgage payment per month that we have right now. But then what would happen? What would happen if business slows down? What would happen if there's an illness?

What would happen if Covid happened again? And if I'm just barely able to make that monthly mortgage payment on a normal basis and now the proverbial poop hits the fan?

Now it's going to be really tough for me to do that. So think about some ways that you can increase financial margin in your life.

Some simple homework items would be to look through your checking account. Look through your credit card statements and see how many subscriptions you have.

If you're like many people, you have Netflix and Hulu and Apple and Disney plus and Paramount, and you might be spending 50, 60, 70, 80, $100 a month in subscriptions.

Think about any other debt that you have that maybe can be decreased or sold off because the less money that you have to spend every month, the more financial margin that you have and the less stress that you have. So what do you think about financial margin? How much financial margin do you have in your life? Would you be a better parent?

Would you be a better husband? Would you be a better wife?

Would you be a better leader if you had some more financial margin in your life and if you could handle financially some of the emergencies that life just happens to throw at you sometimes? So give this some thought and make financial margin a habit.

With all of your financial decisions, ask yourself, is this going to increase my potential to have financial margin, or is this just going to cut things really, really closely from a financial standpoint? So Again, go to www.weeklywealthpodcast.com, click on the microphone icon and give me some of your thoughts about financial margin in your life.

Do you have enough? Do you not have enough? And what are some of your tips to gaining financial margin in your life?

Let's step away from the podcast for just a moment. One of the services that I offer to my clients is help planning to exit their business.

So as business owners, you're familiar with the challenges and complexities that come with steering your company day to day. But have you considered the transformative power. Of picturing your end game? So imagine having a Destination so clear in your mind that every decision you make naturally aligns with it.

To download our free ebook called the End Game, go to my website, www.weeklywealthpodcast.com/endgame. That's wweeklywealthpodcast.com endgame and okay, now let's get back to the podcast.

Okay, so let's get to the last word that we're talking about today. So remember today were three words that I wanted you to maybe make part of your being, make part of yourself. And the first word was abundance.

And we talked about how just believing that there's enough in the world for everybody and to live without limits.

And the second was margin, which means to put yourself in a position where each month there's a little bit of money left over or maybe a lot of money left over, and that helps you to sleep at night because let's face it, things happen, emergencies happen, and sometimes when we're spending every dollar that comes in, it catches up with us. And the last word we're going to talk about today is risk. So I'm not talking about jumping off buildings, I'm not talking about anything crazy.

But what I am talking about is that risk gives us the opportunity for growth and progress.

And in this podcast, I'm not even necessarily talking about taking risks with your investments, although the principles of risk would probably apply to that area.

But when we look at risk, we're typically going to have some sort of a reward for taking risk in the potential for higher returns, more enjoyment, things like that. So if you never take any risks in life, you're going to tend to maybe have a limited life.

So here are some risks that maybe you've taken in life or maybe you thought you should take in life. So what about applying for a different job, maybe one that you're not quite comfortable in, but you take that risk and it cause growth.

What about making that one extra sales call? Maybe. Maybe you have a prospect and you're just not sure if they're going to buy from you.

But you just make that one extra call and you do that over and over and you're risking rejection, but ultimately you end up making more sales and that increase increases your income and creates a better lifestyle for you. What about asking the girl out? Right?

What about when you're, when you're young and you're single and there's someone that you're interested in and can imagine two scenarios, one where you say, well, you know, she probably just won't be interested in me or you take the plunge and you ask, and sometimes they may say no, sometimes they may say yes. So where are some risks in your life that you've taken a risk and it really paid off for you? I'd be interested to know.

Go to www.weeklywealthpodcast.com, click on the microphone icon and let me know where you've taken a risk and where it just either changed your life or created a scenario where your life was better. But on the subject of risk, how much risk is too much risk?

So we have to think about taking calculated risks and think about risks that if it doesn't pan out, it still doesn't put you in a, in a scenari scenario of desperation. But let's face it, most of the risks that we take in life, there's really no incredible downside to it.

So a lot of things that we're scared of doing, there really are no negative repercussions and they're mostly inside of our heads. So think about taking risks.

Think about some places in life where, you know, you just need to take a risk, you need to go for it, and if you do, and if it doesn't work out, hey, at least you can say you tried. And if it does work out, it could literally be life changing. So here's a risk that I took a couple years ago.

I had always been fans of podcasts and I decided to start my own show. I decided to start the weekly wealth podcast. If you've ever heard your own voice, it's usually not that pleasant until you get used to it.

And my first few episodes were horrible, like beyond horrible. But I made it through it. And now this podcast thing is just such a labor of love for me. I enjoy it.

It actually helps me market my wealth management business and it's become part of who I am. And all it was was the risk of failing, the risk of not making great podcasts in the beginning, and just a commitment to improve.

Nothing more, nothing less. There wasn't that much financial investment involved with equipment, so that is a risk. And it was really just a risk to my pride.

So where do you have some risks to your pride that might be holding you back in your life now? This can translate into some investment topics.

You can't be afraid to lose all of your money, especially if you're young and in the accumulation stage of your money career. So make sure that you're taking the right amount of risk with your portfolio. If you have any questions about that, you can email me.

Davidarallelfinancial.com and we can look at some of the decisions that you need to make with regard to risk and your money. So I really appreciate that you take the time out of your day, out of your week, to listen to the weekly Wealth Podcast.

I put this show out because I believe that how we handle our money should positively impact our lives and the lives of those around us. And I hope that this show can be a small piece of that puzzle for you. So until next episode, I wish everybody a blessed week.

Thanks, and we'll see you next time. Investment advice offered through Parallel Financial and SEC Registered Investment Advisor able to conduct.

Advisory business in states where it is registered or exempt or excluded from registration, contents contained herein or for informational purposes only, and should not be construed as. An offer or solicitation for investment advice. Or for the purchase or sale of any securities, insurance or other investment product.