A Simple Mantra: Make Some, Save & Invest, Live on the Rest | Episode 002

In this episode of Mark’s Money Mind, host Mark Trautman, CFP® explains his financial freedom cornerstone mantra: Make Some, Save & Invest, Live on the Rest.

Discussing his personal stories, insights from various books, and advice rooted in practical experience, Mark emphasizes the importance of living within one’s means, the benefits of saving and investing early, and the significance of making informed educational and career choices. 

He shares his personal journey, discusses various pathways to earning income, the importance of college cost consideration, and touches upon how to prioritize savings and investments. Additionally, Mark delves into managing lifestyle creep, making mindful spending choices, and the value of surrounding oneself with like-minded individuals pursuing financial independence.

The episode encourages listeners to actively engage in their financial journey while maintaining a balanced life and avoiding the pitfalls of excessive debt and lifestyle inflation.

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Episode Links:

Poor Charlie’s Almanac by Peter D. Kaufman

Warren Buffett’s Letter to Berkshire Shareholders (2023)

Choose FI: Your Blueprint to Financial Independence by Chris Mamula, Brad Barrett and Jonathan Mendonsa

Raising Your Money-Savvy Family For Next Generation Financial Independence by Carol Pittner and Doug Nordman

Taking Stock by Jordan Grumet, MD

I Will Teach You to Be Rich by Ramit Sethi

Catching Up to FI podcast: Sinking Funds Are Sexy

Timestamps:

• 00:00 Introduction and Welcome
• 01:29 The Importance of Financial Freedom
• 02:02 Lessons from Charlie Munger
• 04:26 The Mantra for Financial Success
• 05:35 The Influence of Social Media on Financial Decisions
• 06:43 The Importance of Making Wise College Decisions
• 20:49 The Role of Savings and Investment in Financial Freedom
• 24:27 Understanding Traditional and Roth IRA Accounts
• 25:32 The Importance of Emergency Savings
• 26:30 Choosing the Right Savings Account
• 28:39 The Power of Roth IRA
• 31:53 Creating Savings Buckets
• 33:07 Avoiding Lifestyle Creep
• 43:57 Managing the Big Three: Housing, Transportation, Food
• 46:42 Closing Remarks and Future Plans
• 48:26 Important Disclaimer

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