MSG Presents: "Wisdom Wednesdays" - 3 Ways To Take Control of Your Money

In this episode of #WisdomWednesdays, Big Stew and Eric dive deep into three transformative ways to take better care of your money. They discuss the importance of hiring the right financial professional, getting educated about investing, and most importantly, creating and sticking to a budget. 

Whether you’re earning big or just starting out, this episode offers practical insights to help you make smarter financial decisions. 

Tune in for a candid conversation on balancing ego with financial responsibility and learn how to maximize your income for lasting wealth.

If you are looking to power up your finances, check out Eric's personal finance and investing courses on Udemy: 

• Control Your Finances course
• Intro To Stocks

Transcript

[00:00:00] 

So this week we're going to go a little bit deeper. It's three ways that you can take care of your money. Three ways. Okay. All right. So we gonna go on reverse order. So the number. Three way, and I think I did this right. Number three, hire a financial therapist. A financial planner. A financial advisor.

Get some real help with a by a professional. If you are having some challenges with your money, understand and maybe this financial planner can help you better understand how to manage the money. Yes man. Why don't you add something to that? I know you, that's your lane, that's your face. What's the benefit of a financial planner?

Well first thing, first and foremost, I think it's important for people to understand [00:01:00] the differences between all these different names that people have in the financial industry. So, like Stu was saying, you definitely need some help, but it's kind of like going to a doctor, right?

If you have back problems, you don't want to go to a kidney specialist, right? You know, if you got something wrong with your teeth, you're not gonna go to a foot doctor. Yeah. And so it's the same thing in the financial industry. And so you first, first and foremost, just get clear about what it is you have a problem with.

Is it planning? Mm-hmm. Like student staying, planning, being, you need comprehensive. You need somebody to take a look at everything that you got going on and make a determination as to what's the next steps, how can I improve my stock portfolio, insurance, estate planning, the whole thing. Mm-hmm. But then you got these people.

Who are more of specialists, so you might need some insurance. Okay, so you would go to a life insurance person, a person who holds a life insurance license, or you [00:02:00] might have a financial plan, but you just need a couple more stocks in your portfolio. You would want to go to what they call an investment advisor, right?

The investment advisor typically has something called a Series 65. That's an investment advisor license, so we could go on and on and on. Yeah, and I'm just saying be specific about what you need help with and then tie that to the professional who has the credentials to help in that arena. I agree. I, I, I've started using the term financial therapist, man, because, you know, I equated having worked with a financial therapist yourself helps me get, wrap my mind around.

How the money moves. So that was very, very helpful. So let me give a shout out to Taylor Mason in the building. Taylor, what's man, Taylor, that's what's up. Glad to have Taylor on the team. Number two in reverse order. [00:03:00] The second way to take care of your money is to get educated about investing.

Educated about investing. Just get educated about investing. Stop being afraid of it. Stop avoiding it. You know, I'm hearing people going around telling everybody that don't put their money in the bank. I'm not saying that, but I'm just saying, and I'm not saying take all of your paycheck and put it in investing.

I'm just saying get educated about investing so, you know. What your options are so you know what it is. And so you can, you know, use it as a tool or potential resource to take care of the money that you bring into your world. Yeah. I could agree with that brother. It is, they is very important. You know, why, why rely on somebody else to give you information that you can sort of get on your own?

You know what I mean? Yes. Yeah. It's like hiring an an attorney. [00:04:00] It's like you can hire an attorney for something. Of course. The more you know, the better you can put your attorney to work. Right? Same thing here. So you're not asking your attorney what should you do? You're more like going to your attorney saying, this is what I'd like to do.

How do you help me get this done? Exactly. And that Bill would be a lot cheaper. Want us do want it? Absolutely. So it's the same when you're working with your financial planner, if the more educated you are in about investing. There's less of a runway or a gap that you need to fill when it comes to you taking care of your money.

That is true. Yeah, for sure. For sure. And I think the number one, number one, top of the list, whether this doesn't require a therapist, financial, or planner, this doesn't require a specialist in investing, but it's good to get some help with this one, but the number one way to take care of your money e.

Create a budget, [00:05:00] man. Create a man. You gotta start with a budget, even if it's not the best, but to, it is better to have a budget than to not have a budget. And I know I've fallen victim and have to bri myself out sometimes of just swiping without accounting for what's there. Or having, not even having a plan.

Right. You want to talk, I know you talk about this budget thing all the time. How important is a budget? E Yeah, man, you wanna talk about wisdom Wednesdays? That's, that's a true wisdom. But you know what I've learned the better people are doing financially in terms of the money that they're bringing in.

Stu, I've had people tell me, man, I'm, I don't need the budget. You know what I mean? And they've told me, I had a, a clientele the other day was like, man, I'm, I hear what you're saying, but it's an ego thing. You know, I'm making a lot of money in my mind. I just feel like I'm making so much [00:06:00] money. I don't need to be counting every dime and worrying about where my money is going.

So yeah, budgeting is key. And even with those people over time, you can kind of get them to see that yes, you do have a high income and you don't necessarily. You are looking at it as if I'm counting every single dime, but really you're wasting a lot of money that could be put to use, right? So a lot of times you'll figure out, oh man, I'm, I'm wasting $800 a month that I could be putting in the stock market.

Right? You know, so people will tell you in one breath, I don't really think I need to do it, but in another breath they're like, I wanna increase my net worth. How can you increase your net worth if you're wasting $800 a month? Whether that's on bags or shoes or you know, cars or clothes, not that we don't, you know, like those things, but you know, we may not have to spend so much.

And if we were paying attention. At least I remember my experience started working [00:07:00] with you on this. When I was looking at the budget, it was definitely a wake up call as to where the money was going. Yeah. And so you were just spot on. If I just am aware, then to your point, I have a better chance of using, redirecting some of that money into.

A place where that money can now work for me, and I use that money to grow. Doesn't mean that I won't buy a pair of sneakers. It doesn't mean I won't buy a. It doesn't mean I won't take a vacation. It just means I'm more conscious about where my money is going, so I'm more accountable and responsible for what's happening financially.

Would you agree? I would, and I wanna ask you this, did, did you feel there was any ego involved for yourself with budgeting? Hell yeah. Absolutely. Absolutely. Absolutely. Abso freaking literally, man. It was all ego. It's it's ego filling to swipe the [00:08:00] cards. It's ego filling to say to yourself, I've made this money, I did this work.

I can go do whatever I want to. It's all ego. It's has nothing to do with financial responsibility at all. And we're talking today, dropping these gems on wisdom Wednesday, about three ways where you could take care of the money, because I do believe it's a relationship. The ego will have you abusing the money.

Like sometimes the male ego will have a man, you know, not fully appreciating his woman because of the ego. It's the same thing here. You don't fully appreciate the money. You can fall into a trap of misuse. True indeed. And I, we wanna be clear, we're talking to the people out there that are getting money.

So if you out there, you, you're probably looking at this like, I'm getting money. Like they're not talking to me. We are talking to you. Talking to you because we got enough content about how to get the money. So we're talking to the people out there that [00:09:00] are making a significant income. Yeah. And they're sitting there thinking, how do I get to the next level?

That's why Scoot thought it was important to talk about these things today. Getting a financial planner, having a budget, and trying to get the right professional because you've already solved the first part of the equation, which is the X. You got the money. What is the next couple of dimensions that you need to get into to get to where you really want to go?

How do you get to where your mentor is? Mm-hmm. Lot. Do you all out there have a mentor? How do you get to where your mentor is? Where your mentor probably has a budget? Your mentor probably has a financial planner and all these other things that we're talking about. And look, this is a process. It's a practice.

You gotta keep at it every single day and you look up and you'll be just getting better and better. And if you find that you've fallen off, get right back on it. Just get right back on it and keep going. This is Wisdom Wednesday. I'm big [00:10:00] Stu. That's the Scotty Pippin a podcast. Pippin right there. Mr. Troy, the host with the most, no doubt, three ways to take care of your money right here, live.

That's it for the day, man. Unless you got some parting words for him on this hump back. The last thing I do, real quick, I just want to say rest in peace. I know Scotty Pippen had a son that passed away. No, last week. I think he was a younger man, about 30 years old if I read the article correctly. So.

Yeah, I do call myself the Scotty Pippen, the podcast Pimpin. 'cause I do have a lot of respect for Scotty Pippen and what he did on the court. And he seems to be an upstanding man, you know? So rest in power to his son, you know? I think he passed last week. I just wanted to say that. Wow, man. Yeah.

Shout out to Scotty Pippen. I know Scotty man. And Scotty, he checks in sometimes every now and again, man. So I have to tag him.

[00:11:00] Get at us, man. Say what's up to us, man? We saying we're sending you love, love your way. So rest in power to be your son and my condo, our condolence to you and yours, brother. No question. And man, get at it today. Go get 'em, tiger. Go get 'em, man. Let's do it. Let's do it. Till next week, we'll see you all next week.

Wisdom Wednesdays. Hmm.