The F Word- Finances [PT 2]

In this episode of Beyond the Bombshell, host Michelle and guest Josh discuss the importance of realizing where one's money is going and how much is being spent, invested, and owed. They introduce the 'LID exercise'- a strategic system that involves assessing the individual's Lifestyle, Investments, and Debt. They also delve into the impact of current interest rates on mortgages and the ongoing inflation issue. They highlight the reality of people living paycheck to paycheck and share a Mexican fable, illustrating the irony of our pursuit of wealth and comfort. Michelle and Josh advocate for a balance between pursuing business opportunities and enjoying life's simple pleasures.00:00 Introduction and Welcome00:00 The Struggle of Starting a Conversation00:23 The Importance of Financial Health Check02:23 The Reality of Financial Management04:14 The Impact of Lifestyle Choices on Finances05:04 The LID System: Lifestyle, Investments, and Debt07:07 The Challenge of Balancing Lifestyle and Financial Health12:09 The Experiment: Cutting Down on Groceries15:07 The Future: Setting Up Kids for Financial Success16:52 The Reality of Self-Employment17:30 The Struggles of Work-Life Balance17:45 The Power of Podcasting19:19 The Importance of Financial Health Check20:03 The Consequences of Ignoring Financial Health21:18 The Reality of Inflation22:36 The Importance of Starting Now28:38 The Fable of the Fortune Hunter31:24 The Importance of Financial Planning33:01 The Role of Support in Financial Health34:57 Conclusion: The Journey to Better Financial HealthRemember to Subscribe, Rate, Review, Like, and Share! Let’s Connect!Follow Michelle Stokes on;LinkTree: https://linktr.ee/bombshell.by.michelle