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Highlight of HerMoney: Ep 181: Living Your Best Financial Life | The Debt Free Guys

From Audio: Audio of Ep 181: Living Your Best Financial Life | The Debt Free Guys

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station description Personal Finance Expert. Award-Winning Journalist. Best-Selling Author.
HerMoney with Jean Chatzky
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Duration: 03:52
Husband and husband team David Auten and John Schneider are known as the “Debt Free Guys” for a reason. In this audio snippet, they offer some inspiring advice on how to live a fulfilling life without sacrificing financial security.
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Husband and husband team David Auten and John Schneider are known as the “Debt Free Guys” for a reason. In this audio snippet, they offer some inspiring advice on how to live a fulfilling life without sacrificing financial security.
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it wasn't okay to be gay became from very conservative households. Um, we were both bullied and picked on when we were younger. And then when we finally had the courage to come out of the closet, we were so desperate to fit in. We were so insecure about ourselves that we felt if we didn't have the right clothing and the right car, we didn't live up to sort of the cliche of being fabulous, that we wouldn't be accepted by another community. And so we kind of had all these airs about us mainly so we could fit in. It's just it's a huge societal problem. John and I say that 80% of money is the same for everyone across the board, very transactional. But it's the 20% that really is based on who we are, The feelings that we have, where we've come from in life, that 20% whether you are part of the LGBT community or you're a part of some other community. It's that aspect of your life that can have a huge impact on the expectations you have of yourself or others have a view, and then I think that bleeds out into the rest of our lives, especially into our spending habits. How do you get a grip on that 20%? How do you realize where you're acting emotionally when you're acting emotionally? And how did you rain yourselves back in? I think for most people, at least for us, anyway, what it came down to was figuring out what it is that we most wanted. We did like going out clubbing and having the fancy dinners and the nice clothing. But when we really two started talking with each other and getting to understand ourselves better, what we really wanted was to save for a secure retirement, to travel the world more and not do it on credit cards and also to give back to our community, which we really couldn't do when we were buried in debt. So once we realized what was most important to us and we could spend accordingly or invest accordingly, kind of put everything into perspective for us. Did you use a specific methodology to get back on track to pay off that credit card debt? Thio Start saving. Yeah, so the probably the number one best first step that we took was David itemized all of our expenses for an entire year. He grabbed all of our statements, access all of our accounts online. Everything from our credit cards, investment accounts, um, checking accounts and, um, he itemize all of our expenses. And we realized that for so many years we kind of thought we were poor. We weren't earning enough money. We weren't keeping up with our peers in terms of income. But when we looked at our spending, it was ridiculous. There was some months or some weeks where we're spending $400 a week on groceries on $400 a week dining out people. Yeah, we don't have a family. We don't have kids way, Don't have dogs. Um, you know, So it's just between two people that that was just astronomical to us, and we had a couple of other. We have found that for most people, there's, you know, two or three outliers in their budget that if they could rein those and everything gets a lot easier. And for us, we had clear outliers that we had to rein in. And I think that was probably the best first step you took. Yeah, I think one of the other things is that, um when we did that deep analysis of where are spending was there were many times going throughout the year that we felt like we didn't have a great life, that we had that foam Oh, missing out on things. And we're not doing this. We're not doing that. And then when we sat down and we looked at how much we spent on the social categories the dining out, the the wind, the wind, our wine bunch, those kinds of things, we were like, Wow, we actually had a really, really good life. Although at that time we recognize that it was being financed by credit cards. We realized that we had become so used to some of the nicer things in life that they became so mundane to us. And we kept on feeling like we needed to push it even more and so interesting. Yeah, when we pulled it back, we started to recognize that we actually did like going out once in a while.
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