In this episode JV Jones and YourPalSal take on facing fears, and identifying worst case scenarios.  

YourPalSal and JVJones discuss what the F.U. money is all about.  We also enjoy a few special characters that wanted to share their insite on F.U. Status

Discussed Websites

https://youtu.be/y6yCmdIkw_E

https://www.fundable.com/learn/resources/guides/startup/funding-your-startup

https://youtu.be/65GPcar5pqM

JV Jones and YourPalSal have the hardest conversation yet.  We have a round table with our wives about finances and pursuing a different life for ourselves.

JV Jones and YourPalSal have the hardest conversation yet.  We have a round table with our wives about finances and pursuing a different life for ourselves.

JV Jones and YourPalSal discuss what leaving a legacy means to them, and things you should consider to have organized in your personal legacy box.

00-Executive Summary

01-Legacy Letters

02-Birth Certificates & Adoption

03-Social Security Cards

04-Passports & Driver Licenses

05-Marriage Certificate

06-Auto Insurance

07-Homeowner, Flood, Jewelry Insurance

08-Health Insurance

09-Long-Term Disability Insurance

10-Long-Term Care Insurance

11-ID Theft Protection & Credit Reports

12-Life Insurance

13-Umbrella Liability Insurance

14-Estate Plan

15-Power of Attorneys & Living Wills

16-Wills

17-Funeral Instructions

18-Financial Account Log

19-Safe Deposit Log

20-Monthly Budget

21-Tax Documents & Returns

22-Bank Statements

23-Credit Card Statements

24-Mutual Fund & HAS Statements

25-College Funds

26-Retirement Accounts

27-Rental Property Summary

28-Car Titles

29-Home Ownership Records

30-Degrees and Certificates

31-Passwords-Combinations

32-Misc-NotPrinted/Filed

JV Jones and YourPalSal discuss Producing vs Consuming.  The idea of making a mindset shift from a mostly consuming mindset to one that caters more towards releasing your inner creativity in producing.

Learn about ways to turn off the distractions keeping you from producing.

Choose how you spend your time and the type of inputs you allow.

Produce

Consume

Recover

JV Jones and YourPalSal discuss how to be humble about being broke. What it takes to begin acknowledging you are broke and solutions to hurdles you may come across in doing so.

JV Jones and YourPalSal review what makes a good hobby or activity to have either individually or with your family and friends when under a strict budget. 

Resources from Episode.

Berkshire Annual Review

ChooseFI Meetups

JV Jones and YourPalSal discuss best practices when grocery shopping on a budget.

Resources

USDA Family Food Plant

JV Jones and YourPalSal review the differences between systems and goals.  DIscussing important characteristics of each, and how having a system can set you up for success regardless of the goal being reached.  As for how this applies to being "debt free", breaking your system to bite sized achievable pieces which wont result in burnout is key.

A few external references

Scott Adams: Goals vs System https://www.scottadamssays.com/2013/11/18/goals-vs-systems/

Lifehacker: Get More Done By Focusing on Systems Instead of Goals https://lifehacker.com/get-more-done-by-focusing-on-systems-instead-of-goals-1786245764