Episode
#065 - Chris Hutchins - The Basics Of Money Management
55:48
Published: Thu Apr 18 2019
Description
Chris Hutchins is the CEO of HelloGrove.com, former Entrepreneur In Residence at Google Ventures and a serial money-optimiser. Effective money management is something which everyone should know but no one is taught. Chris has spent a large portion of his career trying to educate people to be skillful with their finances and today we get to learn many of his favourite tips. Extra Stuff Follow Chris On Twitter - https://twitter.com/hutchins Chris's Website - https://chrishutchins.com/ Check out everything I recommend from books to products and help support the podcast at no extra cost to you by shopping through this link - https://www.amazon.co.uk/shop/modernwisdom - Get in touch. Join the discussion with me and other like minded listeners in the episode comments on the MW YouTube Channel or message me... Instagram: https://www.instagram.com/chriswillx Twitter: https://www.twitter.com/chriswillx YouTube: https://www.youtube.com/ModernWisdomPodcast Email: https://www.chriswillx.com/contact
Chapters
After getting laid off from his first job out of college in investment banking, this speaker took a gap year to travel with his wife, then entered the tech industry, working for and starting companies in Silicon Valley, eventually selling one to Google and spending time as a startup investor.
00:00 - 03:28 (03:28)
Summary
After getting laid off from his first job out of college in investment banking, this speaker took a gap year to travel with his wife, then entered the tech industry, working for and starting companies in Silicon Valley, eventually selling one to Google and spending time as a startup investor. This episode also features Professor David Sinclair discussing the possibility of humans living to be a thousand years old.
Episode#065 - Chris Hutchins - The Basics Of Money Management
PodcastModern Wisdom
Start by understanding where you are financially, make a list of all your accounts and categorize them as either positive balances (brokerage, savings, retirement), or debts (credit card, mortgage, loan).
03:28 - 14:22 (10:54)
Summary
Start by understanding where you are financially, make a list of all your accounts and categorize them as either positive balances (brokerage, savings, retirement), or debts (credit card, mortgage, loan). Learn the concept of assets and liabilities, and take ownership of your financial situation.
Episode#065 - Chris Hutchins - The Basics Of Money Management
PodcastModern Wisdom
The speaker recommends setting aside money for unexpected expenses and allocating spending in advance to prioritize what you value.
14:23 - 20:02 (05:39)
Summary
The speaker recommends setting aside money for unexpected expenses and allocating spending in advance to prioritize what you value. He also suggests putting money for experiences in a high yield savings account to earn more interest.
Episode#065 - Chris Hutchins - The Basics Of Money Management
PodcastModern Wisdom
The search for the "dream job" should not be prioritized over personal and familial responsibilities.
20:02 - 28:01 (07:58)
Summary
The search for the "dream job" should not be prioritized over personal and familial responsibilities. Saving for retirement is also crucial, as one needs to save for almost as many years as they work to ensure a comfortable future.
Episode#065 - Chris Hutchins - The Basics Of Money Management
PodcastModern Wisdom
The speaker talks about how small expenses can add up to thousands of dollars, using the example of buying lunch for employees at the office, and how cutting just one dollar off the cost can lead to significant savings.
28:01 - 33:51 (05:50)
Summary
The speaker talks about how small expenses can add up to thousands of dollars, using the example of buying lunch for employees at the office, and how cutting just one dollar off the cost can lead to significant savings.
Episode#065 - Chris Hutchins - The Basics Of Money Management
PodcastModern Wisdom
Some people are so frugal that they may miss out on enjoying their money while others may prioritize enjoyment over saving money.
33:51 - 38:09 (04:17)
Summary
Some people are so frugal that they may miss out on enjoying their money while others may prioritize enjoyment over saving money.
Episode#065 - Chris Hutchins - The Basics Of Money Management
PodcastModern Wisdom
The founder of a financial planning company discusses the importance of using technology to make financial planners more efficient and accessible to those who are overwhelmed with personal finance.
38:09 - 44:23 (06:13)
Summary
The founder of a financial planning company discusses the importance of using technology to make financial planners more efficient and accessible to those who are overwhelmed with personal finance. The goal is to offer affordable assistance to clients through digital means.
Episode#065 - Chris Hutchins - The Basics Of Money Management
PodcastModern Wisdom
Financial advisors have a legal responsibility to act in their client's best interest, and clients have the right to fight any actions that are not in their best interest.
44:23 - 48:48 (04:25)
Summary
Financial advisors have a legal responsibility to act in their client's best interest, and clients have the right to fight any actions that are not in their best interest. It's important for individuals to fully understand the legal obligations of their financial advisors before hiring them.
Episode#065 - Chris Hutchins - The Basics Of Money Management
PodcastModern Wisdom
The host contemplates the ethics of buying a used Peloton from a friend, admitting that despite wanting to promote frugality, the real thing is "so good."
48:48 - 54:16 (05:28)
Summary
The host contemplates the ethics of buying a used Peloton from a friend, admitting that despite wanting to promote frugality, the real thing is "so good." He explores the financial trade-offs of purchasing luxury items, especially when it comes to long-term decision-making.
Episode#065 - Chris Hutchins - The Basics Of Money Management
PodcastModern Wisdom
The book "Happy Money" is an exploration of ways to spend money in a way that increases happiness and fulfills life, rather than perpetuating unnecessary spending.
54:16 - 55:33 (01:16)
Summary
The book "Happy Money" is an exploration of ways to spend money in a way that increases happiness and fulfills life, rather than perpetuating unnecessary spending. It's a psychological evaluation of the impact of spending on happiness.