Skinny and Rich | Why Setting Goals Is So Important

Statistically speaking, the majority of us are fat and broke. We think this is because most people don’t set goals. How can you get somewhere if you don’t know where you’re going?

I mentioned a Jim Rohn video that explained why people can be extremely hard workers, but never make progress.

LINKS
Jim Rohn Video:

Our Food Log:
https://www.flickr.com/photos/mikeandlaurenfood

6 thoughts on “Skinny and Rich | Why Setting Goals Is So Important

  1. Brad C

    Mike & Lauren – I have really enjoyed your videos. I think I found you while looking for videos related to Mr Money Mustache . You balance each other well and it makes for some really enjoyable content. I have a few small comments based on keeping up with many personal finance blogs/podcasts and my own experiences.

    Without appearing to be negative or a naysayer, your housing situation presents a large unknown for your financial forecast. I do not know the particulars of your agreement with the church, but your future living expenses should be conservative, in case things change with the church and you are forced to pay “market rent” elsewhere. I have had this argument with an investor friend. When evaluating property he always leaves off the cost of property management because he argues that he can do that work for free and not pay anyone for that service! I always try to remind him that SITUATIONS MAY CHANGE and that he may get injured or sick. The inclusion of an expense of up to 10% of gross rents could mean the difference between making money and losing money! Underestimating your future housing costs could mean the difference between retirement or not!

    That also reminds me, and may be an interesting topic: evaluating your money making activities including the time it takes you to do them. Time is money and spending any time on those tasks should be included by giving yourselfs an hourly wage. This is similar to recalculating the hourly wage at your 9-5 to include commuting time and cost. Most people aren’t making as much as they think they are.

    About your new real estate ventures, PLEASE seek guidance from people not only with experience, but SUCCESSFUL EXPERIENCE. My wife and I have a single family rental, a vacation rental, a mobile home park and are part owners of a large urban apartment building. They all offer different risks and benefits. As with all investments, the larger the potential gains, the larger the risk. I would be happy to share anything we’ve learned. We also have experience managing properties while living overseas for 9 months ( which was probably the most educational experience yet).

    Feel free to contact me! I’d love to help because I’d love to see you succeed!

    Brad C

    Reply
    1. Mike And Lauren Post author

      Hey Brad,

      Great questions, thanks for taking the time to comment! Regarding housing, I agree it’s an unknown, but it’s not too far off of market value. I currently pay $650 per month for the house, and I would say market value for a 1 bedroom is around $800-900. I think the key for us is just embracing the unknown. Right now we have a nice little house at a fantastic price. If our situation changed, we’d have to downgrade and be OK with it. Or we would buy an RV or build a tiny house and live in that. Or we’d find another creative way to save money on housing like we always have.

      As far as rental property I couldn’t agree more. I’m not making any moves until I have a mentor that I trust with experience in my area. I’ll also send you an email if you have any tips.

      Thanks!

      Reply
  2. Matt S

    Hey Mike and Lauren! Just wanted to say I love your videos. As Brad above commented, I think you guys a great balance to Mr Money Mustache. I check both of your sites every couple of days for new content.

    Mr Rohns comment stood out to me too. As I fiendishly slave away at my job unsatisfied with my current work situation, I wonder how I can make it better. Odd that I spend so much time trying harder at work instead of how to improve or change my situation. Fortunately, my wife and I are already big savers. We save about 60% of our gross pay to hopefully “retire” in our early 30s. The challenge for us is that we have a goal set, but we are struggling with the wait. It’s only 4 to 5 years away, but our jobs are somewhat hostile environments. My hard work tends to get taken advantage of, and ends up in me being no further. Her job is one where no one is ever happy, no matter how hard or how much she accomplishes. Knowing that there is a way out soon is what keeps us going every day.

    It is nice to see you guys present everything in a positive manner. I look forward to much more from you two!

    Reply
    1. Mike And Lauren Post author

      Hey Matt! Thanks for taking the time to share your thoughts. That’s definitely a tough situation. There’s a fine line between delayed gratification and unhappiness. Like you said, knowing that the situation is temporary makes all the difference. Imagine living your entire life that way with no end in sight!

      Reply
      1. Matt S

        It’s a hard thing to comprehend, yet look around! So many people we work with are doing just that. I wonder if it’s the ignorance is bliss thing. Maybe if we didn’t know there was a path to freedom, we would just accept that working your life away at something you don’t enjoy is how life is supposed to be.

        Reply

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