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Welcome to Episode 2 of Git Gelt – your source for financial wisdom and success strategies! 🎉
In this episode, we dive into the second pillar of financial success: Budgeting Simplified. Discover a game-changing approach to managing your money with a simple yet powerful budgeting method that works for everyone – even those with fluctuating incomes or unexpected expenses. 💡
What You'll Learn:
✅ Why most budgets fail (and how to fix it).
✅ The revolutionary reverse budgeting formula that prioritizes savings.
✅ How this strategy can reduce stress, improve relationships, and create long-term stability.
✅ The difference between PIE (Poor Income Expense) vs. WIS (Wealth Income Savings).
✅ Tips for both employees and entrepreneurs to manage finances effectively.
Whether you're an employee, entrepreneur, or just looking to take control of your finances, this episode offers actionable advice to transform your financial future.
If you missed episode 1, watch it here - • Git Gelt Episode 1: Build Wealth by ...
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Timeline Navigation
0:00 - Introduction to Budgeting
✅The simplicity and power of budgeting.
✅Real-life struggles with budgeting over 25 years.
1:00 - Feedback on Pillar 1 and Introduction to Pillar 2
✅Positive responses to the previous episode.
✅Highlighting the simplicity and relevance of Pillar 2.
2:22 - Budgeting Challenges
✅Common reasons budgets fail.
✅The need for a budget that works.
4:30 - Reverse Budgeting Concept
✅Explanation of reverse budgeting.
✅Importance of saving first before allocating expenses.
6:03 - Values vs. Budget Constraints
✅Balancing financial priorities with higher value systems.
✅Challenges faced by Orthodox Jewish families.
7:18 - The PIES Formula
✅Poor budgeting habits (PIES formula) explained.
✅Transition to the wise budgeting model.
9:34 - Wise Budgeting Model
✅Savings as the first priority in budgeting.
✅Contrast between "poor" and "wise" financial practices.
12:08 - Savings as a Goal
✅Shifting mindset to make savings an expense item.
✅Importance of consistent saving habits.
15:19 - Success Stories and Challenges
✅Story of a mentor's advice on creating room for success.
✅Encouragement to persist despite setbacks.
20:00 - Defining Success
✅Financial success as a personal journey.
✅Importance of resilience and continuous effort.
24:00 - Leveraging Cultural Tools
✅Utilizing values and tools within Yiddishkeit for motivation.
✅Staying hopeful and driven.
27:00 - Entrepreneurial Perspective on Budgeting
✅Challenges and creativity required for entrepreneurs.
✅Advantages of saving-first strategy for entrepreneurs.
30:00 - Savings as a Necessity
✅Treating savings as a fundamental budget item.
✅Long-term impact of not saving.
32:17 - Connection Between Pillar 1 and Pillar 2
✅Aligning income creation with passions and strengths.
✅Building a sustainable and enjoyable financial strategy.
36:29 - Final Thoughts on Pillar 2
✅Simplicity as the key to impactful budgeting.
✅Personal experiences of transitioning to a saving-first model.
38:32 - Conclusion
✅Reflection on budgeting strategies.
✅Closing remarks and preview of the next episode.
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