Motivated by the new book, How I Invest My Money, I (Mike Eklund) wanted to communicate how I manage my own money. In our recent podcast, we discuss my approach with investments, savings, spending, debt, insurance, and what the money is for (goals). We also review some of my core beliefs which include:
- Spend less then you earn
- Automate savings, investing, and anything else that you can
- Invest the majority of portfolio in growth assets (stocks)
- Spend money on experiences, relationships and to save time
- Insure against big risks (life/disability)
- Avoid high-cost debt
- Keep it simple. Complicated is the enemy for most individuals.
Near the end of the podcast, we discuss one of the best investments I’ve ever made. As a married father of four kids, it is our purchase of a lake cabin where we create many family memories. This investment return is determined based on actual experiences as they far outweigh any financial return.
Finally, we finish with what the money is for. Primarily three things:
- Time to do the things we enjoy (family, friends, and staying active)
- Freedom (peace of mind that we’re ok)
- Legacy for kids (help them get started)
I hope you enjoy the podcast!
Outline of This Episode
- [1:14] What are my belief systems about investing?
- [4:45] How did my family shape his views about money?
- [6:22] My views on net worth
- [10:45] My views on investing
- [15:03] Have I been scarred by my investment history?
- [20:50] How much spending is too much?
- [29:19] How do we manage risk?
- [32:58] Creating moments is important
Resources & People Mentioned
Connect With Chad and Mike
Subscribe To This Podcast
ApApple Podcasts <> Stitcher <> Google Play