The Daily Meaning

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Archive
Categories
Spending, Behavioral Science Travis Shelton Spending, Behavioral Science Travis Shelton

Ten Buck Challenge

Today, I want to explore a different angle about spending. Let's say, in a normal month, you spend $300 on things you want (i.e. not a need). This is money strictly to add value to your life, and "adding value" can mean almost anything. This equates to roughly $10 per day, on average.

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Spending, Behavioral Science Travis Shelton Spending, Behavioral Science Travis Shelton

Just Buy the Shoes

Let me summarize. A grown woman, making good money, with nearly a half million sitting in her checking account is consternating over a $75 pair of shoes. This is the product of being told to "quit spending" for 20+ years. Ironically, she's financially free, but a slave to herself.

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Behavioral Science, Growth, Budgeting, Saving, Spending Travis Shelton Behavioral Science, Growth, Budgeting, Saving, Spending Travis Shelton

What Gets Measured, Part 2

In the world of "what gets measured gets done," how we measure is where the rubber meets the road. If we can't find a simple and effective way to measure, we won't. And if we won't, ____ doesn't get accomplished. This is a crucial concept I discuss with my coaching clients. It's imperative to find easy ways to measure what needs to be measured. Anything else will result in inevitable failure.

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Budgeting, Behavioral Science Travis Shelton Budgeting, Behavioral Science Travis Shelton

When Nothing is Everything

My client was frustrated.....borderline fuming. After two frustrating months to end 2024, they felt stuck and defeated. Expenses piled up, the budget got shredded, and they didn't make nearly as much progress on their debt as hoped. They had big goals, but ultimately, the goals fizzled at the hands of their harsh financial reality.

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Behavioral Science Travis Shelton Behavioral Science Travis Shelton

Punched In the Face by Gratitude

As I've watched the national news coverage the past few nights, it's been non-stop coverage of houses in Los Angeles literally going up in flames. People woke up like any other day, and went to bed without a home or possessions. Everything they owned.....poof. It's truly one of the saddest things I've ever watched play out.

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Behavioral Science, Investing Travis Shelton Behavioral Science, Investing Travis Shelton

But What Inputs?

As you probably know, I love investing. It's been a passion of mine since I was 16 years old. To summarize, I'm a big believer in investing in the entirety of the U.S. stock market, paying as few fees as possible, and remaining extremely patient. Doing so has a 154-year track record of success (9.2% per year over 154 years and 10.4% per year for the last 100 years).

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Growth, Behavioral Science Travis Shelton Growth, Behavioral Science Travis Shelton

It’s the Inputs, Man!

On the flip side, I'm a big believer in focusing on the inputs. If we do the right things for the right reasons, and stay consistent with it, the outputs will eventually reveal that. When we dwell on the inputs, unwanted outputs don't necessarily have to derail us. In the case of the house, we absolutely made the right decision. We did the right thing despite the outcome.

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Spending, Behavioral Science Travis Shelton Spending, Behavioral Science Travis Shelton

Corralling the Impulses

One of my friends, frustrated with his continual debt, reached out and asked a practical question: "How do you stop overspending?" Despite a fantastic income, he and his wife have ebbed and flowed in and out of credit card debt for nearly two decades. They are frustrated. They are tired. They are stressed.

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Budgeting, Behavioral Science Travis Shelton Budgeting, Behavioral Science Travis Shelton

All Of It

Are you human? Good, I was hoping so. This post is for all the humans out there. We humans have a knack for playing little tricks on ourselves to get what we want. In today's piece, I'm going to discuss "extra." Specifically, extra income. We're not good at managing extra income. Tax refunds, bonuses, extra paychecks, commissions, gifts, etc. We love treating these irregular cash inflows as extra, and by extra, I mean we don't have to be responsible with it.

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Career, Entrepreneurship, Behavioral Science Travis Shelton Career, Entrepreneurship, Behavioral Science Travis Shelton

Choosing the Wrong Anchors

Let's say you have a full-time job but are simultaneously working to transition to your dream job, your calling. You aspire to eventually transition full-time into the new gig. However, the elephant in the room is when. Every ounce of you wants to do the new thing, but the bulk of your time is invested in the old thing (which you don't particularly care about). How do you know when to flip the switch?

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Behavioral Science, Meaning Travis Shelton Behavioral Science, Meaning Travis Shelton

It's Still the Same You

In an instant, everything changed. Yet, at the same time, nothing changed at all. During a recent conversation, he interestingly said, "I thought my life would magically change, but I'm still the same me." He seemed disappointed by that revelation. Money has a funny way of not impacting us like that.

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