It's Not About The Money

Steve has had a few weeks trying to implement Getting Things Done and has lots of questions for Tyler, the resident GTD veteran. Capturing actions, weekly reviews, selecting the right ticklers, and the surprising joy of physical file folders for actual pieces of paper. 

• (00:00) - Pilgrimage to the Ramsey studio

Links: 

• David Allen's "Getting Things Done" https://www.goodreads.com/book/show/1633.Getting_Things_Done 
• The episode in which Tyler convinces Steve to read the book: https://notaboutmoney.com/episodes/how-do-we-get-things-done 

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Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

In this episode, we acknowledge that maybe we love the word "budgeting" too much and what we really mean is "making better decisions". Allocating resources (time, attention, money, nutrition) are all about scarcity and opportunity costs. It's about defining your values and the results you want, and then making the decisions that will lead you to those outcomes. 

• (00:00) - Roller coaster change management

Links: 

• Tyler's newsletter https://newsletter.tylersmith.io/posts/why-we-feel-lost-sometimes 

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Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

Boredom typically means your brain is telling you something is not sufficiently meaningful or engaging, and once you recognize that you can decide how to deal with it. On this episode, Tyler and Steve discuss the research into various types of boredom and our brain's responses to them. It's about finding meaning, whether you rediscover it or reintroduce it or find it elsewhere. 

• (00:00) - Backwards roller coasters

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Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

The desire to create is a core human impulse. Tyler and Steve talk about things they've created that they're proud of, whether it's a family, a business, an early-2000's blog, or a "failed" project. 

• (00:00) - Plastic bags and double-suspension gallops

Links: 

• "Create" by Dieter Uchtdorf https://www.youtube.com/watch?v=RhLlnq5yY7k 
• "Why We Sleep" by Matthew Walker https://www.goodreads.com/book/show/34466963-why-we-sleep 

---
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

Steve describes his process for managing work, and Tyler convinces him to read Getting Things Done. 

• (00:00) - Halloween costume outsourcing

Links: 

• David Allen's "Getting Things Done" https://www.goodreads.com/book/show/1633.Getting_Things_Done 

---
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

Tyler has a breakthrough in saving for his true expenses, and it's about more than just rearranging the financial deck chairs. 

What are the benefits of focusing on one goal at a time? Why do high net worth individuals still benefit from budgeting? And why does Steve allocate some of his "fun money" to an emergency fund? 

• (00:00) - Dog talk

Links: 

• Our episode about Dave Ramsey's "The Total Money Makeover": https://notaboutmoney.com/episodes/book-club-total-money-makeover 

---
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

Steve has repaired a handful of appliances himself, but others he won't touch without hiring a professional. Why the difference, and what is he really trying to buy? 

Whether it's purchasing parts and watching YouTube videos to do the repairs himself (a little money and a lot of time) or outsourcing to an expert (a little time and a bit more money), sometimes he's buying peace of mind, sometimes hands-on experience, and sometimes convenience. 

When you consider your clients, what are they really trying to buy with your products or services? It might be different than you think, and it's worth considering. 

• (00:00) - Steve's dryer

Links: 

• "The Innovator's Dilemma" by Clayton M. Christensen, https://www.goodreads.com/book/show/2615.The_Innovator_s_Dilemma 

---
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

Tyler is a coach, and now he has hired a coach. Steve asks him about how it works, what he's learned, and how it's making him a better coach to his own clients. 

But first! A brief diversion into dog grooming. 🐶 

• (00:00) - Steve's dog requires grooming; Tyler's does not

---
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

Steve discusses an iPad purchase and its accompanying sheet music adventures. Tyler finds a surprise bank account. An acquaintance buys a house for cheap. 

Having cash available is doubly beneficial--it protects you from unexpected risks and it lets you take advantage of unexpected lucky opportunities. 

• (00:00) - Esoteric spreadsheets

Links: 

• The Psychology of Money, by Morgan Housel https://www.goodreads.com/book/show/41881472-the-psychology-of-money 
• YNAB Rule 2: Embrace Your True Expenses https://www.ynab.com/the-four-rules/#rule-two 

---
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

Steve and Tyler discuss Morgan Housel's 2020 book, "The Psychology of Money". It distills a lot of financial wisdom into an easy-to-read anthology of advice and, especially, cogent explanation. 

Embrace risk but beware of ruinous risk. Get the goalposts to stop moving. Be wealthy versus rich. Don't let your ego stand in the way of accumulating wealth. 

• (00:00) - Lemonade stands

Links: 

• The Psychology of Money, by Morgan Housel https://www.goodreads.com/book/show/41881472-the-psychology-of-money 

---
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/