Family Money Series: Money History and Growth - Episode 48
How would you feel if you had financial freedom? How would you feel if you didn’t have to worry each month paying the bills? How would you feel if the stress of money was lifted from you and your family? How would you feel if you could spend as much time with your family as you wanted?
We’re planning to create a family money series where we share our thoughts on money and family finances, so you can live the best family life possible. Join us, as we dive deep on how YOU can have financial freedom.
Please subscribe. We look forward to reading your comments. ❤️ 💫
LINKS:
Upholstery Cleaner:
Dyson Vacuum:
TIMESTAMP:
►00:00 - Intro
►00:13 - What does Yuntaku mean?
►00:38- TOPIC: Family Money Series, our History and growth
►00:51 - Recent Happenings: Upholstery Cleaner
►02:34 - Intro to Family Money Series
►03:38 - Tamo's Money History
►07:16 - Akko's Money History
►09:39 - Technical vs Psychological Money Mindset: Hedonic Adaptation
QUESTION: What does financial freedom mean to you?
MUSIC:
► Copyright Chillhop Music - https://chillhop.com
#financialfreedom #familyfinances #consciousparenting #realizeyourtruenature
Podcast Transcription
The transcription below is provided for your convenience, please excuse any errors made by the automated service.
Akko: This is episode 48 and the topic of the day is family money, our history and growth. And before we get started, please take a quick moment to subscribe to our show. Now let's get back to our recent happenings. So recently we purchased this upholstery cleaner and it is amazing.
Tamo: Yeah So it's like a vacuum with, it sprays out soapy water and then vacuums it up.
Akko: Yes. It sucks it right back up. And with kids and upholstery. Yeah. It's a must. It's not a great combination because the kids just know how to. Dirty these things. It's amazing how you like turn around for a second. And things are all over our bench and it's just oh my goodness; how are we going to clean this up? And so it's really nice to have this upholstery cleaner on hand so that we can always clean. And it dries pretty quickly
Tamo: Yeah Yeah. So we've used it for the bed, after our daughter what the bed, we used it on the bed.
We've used it on carpet. We've used it on a bench. We have a bench in the kitchen and it's upholstered. Obviously. when The food is dropped. It gets dirty. We've done it used it on chairs and it works fantastic. and so it's okay we could have had this much sooner, just a vacuum cleaner.
We're using the vacuum cleaner multiple times a day. And like that, we really do benefit from this. So it's again, it's just like a vacuum with a spray that sprays, soapy water. And then you scrubbed it in. and
Akko: Yeah. You can scrub with it and then he just sucks it right back out and speaking of vacuum.
Oh my goodness. So we have a vacuum, that's cordless, and that has also changed our lives. That. It's a game-changer actually because
Tamo: Cord this portable like a handheld one. Yeah.
Akko: And I'm pretty lazy. If I have to plug it in, it just, it probably won't happen. And so this cordless vacuum really helps with that.
Tamo: Oh yeah. It's really awesome. So if you're interested, we'll link the products on our website on podcast 48. So just go to our website, click on podcasts and go to episode 48 and you will see the link to the product. It's really. awesome. We love it. This is really we use it all the time.
Akko: All the time. All right.
So let's get back to our topic of the day. So family money, our history and growth. So let's start it off Tamo.
Tamo: Yeah. So how would you feel if you had financial freedom, how would you feel if you didn't have to worry about paying the bills each month, how would you feel if the stress of money was lifted from you and your family.
How would you feel if you could spend as much time with your family, as you wanted. Now, we're planning to create a family money series, where we share our thoughts on money and family finances, so you can live the best family life possible. So if you have any questions regarding this, please contact us on our website on the contact us page or by commenting on the podcast.
episode. So today we're going to be talking about our money history and it will show you that we really came from humble beginnings and the growth that we've experienced. So we want to share that and in the future, again, we'll talk about different topics. So we want you to be part of it by asking us questions. If you have any questions regarding family finances, let us know.
So we'd like to start by sharing if we were taught about money by our parents and then how our money understanding and evolution happened. For myself when I was a child, I was only taught really the basic basics, which is pretty much save your money And don't spend your money, that's it that's really it. And my parents never wanted to talk about money. They. didn't like to talk about money. It's almost as if they didn't really like money. I think to a certain degree, they probably had the mindset of money is the root of all evil or like people with a lot of money are not so good people. Mindsets that are detrimental, and things that actually,
keep you poor. And so with that said yeah, I was taught that you need to save your money and don't spend your money. My parents were very frugal and they came to America and so there are immigrants. And so they worked really hard. And especially my father, because he was the sole breadwinner manual labor job, and really getting the. minimum Pay for the maximum amount of physical labor. And that's pretty much how we grew up. We were told that things were too expensive. We can't buy that because it's too expensive and then, just not going out to eat or anything like that, just a real, possibly a typical immigrant. story. And now from that, because I didn't have any understanding of money when I started to work which was very early on. I started to work when I was 14 and I actually even had to get permission from my. mom To sign something so that I was able to work, but I started to work at that time. And as I started to make a little bit of money, I tended to spend everything. And, as the years went on, this was the same, throughout high school or even college, I would just overspend and, a lot of overdrafts and then I started to wake up to what was happening and, I'm working this hard, but I don't have anything. All the stuff that I bought was meaningless and I started to think, and then I started to mature. I started to think about money a little bit more. And then I started to save a little bit more, save a little bit more as I was working the nine to five, this is after.
college saving a little bit more. And then I started to think about even starting a business.
And little by little that, kernel of an idea of starting a business, started to grow. And I decided one day, I have a great nine to five, but. if I don't Start a business now it will be now or never. And I started a business with my brother and the business, in the first couple of years really tough it was pretty much work all day, all night. Take a nap, wake up and then work again. And then having spent all my savings in order to start the. business. And having nothing to show for a couple of years. I wasn't getting paid at all. I was really surviving off fumes. I remember showering in the warehouse sink as our office was our main living quarters. And then after a couple of years we started to gain traction and we've, ended up even going on to Inc magazine's fastest growing companies in the U S.
And really starting from humble beginnings to, getting to a place where we had a growing company. And then from there learning to invest money so that the money that you earn can also grow. So that your money is growing while you sleep. And so I was making money through the business and then the money that I made would be invested and the investments will continue to grow. So that's how I was able to compound the finances. And one thing that I want to mention is financial freedom doesn't necessarily mean that you need a lot of money.
All right. So yeah, that was a really short cliff notes version of my history with money. And how about you? Akko, were you taught about money from. your parents?
Akko: I think we're pretty similar. My mom always kept saying, you need to save and you to need you to save. But it's funny because she was a spender.
So it's really interesting. Like she would always be saying, you need to save,. I don't know if she was as frugal as your parents. But I feel like I got. I don't want to say whatever I wanted, but it's not, like I asked for a lot either. I was just was one of those kids that I didn't always ask for a lot of things, but if I did ask for it, I would get it type of thing.
But yeah I started working pretty young like 16, maybe not as young as Tamo here, but yeah, I started working and only because I needed to pay for my cell phone bill. Yeah, my mom was always on my case about paying for my cell phone bills or whatnot and using that against me
so I just took it upon myself to get myself a job and pay for my cell phone bill and just amongst other things so that I can be a little more free from my parents. And not super financially tied to them. Obviously they need to provide for me, I'm still 16, but just with the little money that I made with my part-time job, I was able to at least pay for my cell phone bill and learn the responsibility that came with money and having a cell phone and having all these luxury things. And so it was a really good opportunity for me to learn, but I can't say that I learned real fast because I know that I started to get into. With these credit cards. And then I would do all these like balance transfer, like 0% balance transfer for 18 months. And so I would open all these credit cards so that I can do these balance transfers. And so that wasn't always a good thing. Maybe like mid twenties I learned to save a little bit more and just pay off my debt little by little so that I don't run into debt. And meeting and Tamo taught me how to manage my money a little bit more because I was also a paycheck to paycheck type of girl. At one point, my friends would be like, let's go to dinner and I'll be like, dude, I can't like, I just don't have money to even eat dinner.
So I'm just going to go ahead and stay at home. And they would always offer I'll pay for you. Don't worry. But I didn't want to be in debt to them. And not that they would think that way, since I had really good friends and so they wouldn't think that way, there'd be just be paying for me out of the kindness of their heart, but I just didn't really want to take advantage of that either.
So I always opted to just stay home and just try to. Make food so that I can save money. But yeah, so that's my money history. I feel like I was a late bloomer in the whole investing and saving money. But Tamo here had made it possible for me to really understand the importance of managing your money?
Tamo: Yeah, definitely, definitely. So I think it worked out in a sense that you had things that, like contributed, you, might have not been, too good with money, but for me, I see that, your wants of the stuff, stuff that costs money was very.
low. And so that taught me because I love to spend money on nice things at least that's what I thought. I thought it was nice but after you buy it. And a week or two, it's not as nice anymore. It's one of those things. But I think I learned from you. So, it was it was like both because probably brought the more technical aspect of, okay, this is how you invest money, or this is how you save money. This is how you can budget things like that. And on the other hand, you brought to me the more kind of like the emotional aspect of, okay.
I guess I don't really have to have all these things and even to this day, I really respect that you have like a understanding of, yeah. I don't have to spend money to be happy. And I think that's where really the big power lies. Once you start to know that. So once you get to a point where you understand that money doesn't necessarily equal happiness I think that is like a real big breakthrough because yes money really does help with, taking out the stress of having to pay bills and things like that. But if you haven't really worked on yourself in terms of your wants, then You're still gonna need more and more money.
Let's say if you have a lot of wants in the material aspect oh, you want to even a nicer car or a nicer bag a nicer house, it's just it's called the hedonic adaptation where you get used to. A certain level of comfort and living, and then you need more money to fulfill that need and that need continues to grow. Maybe it's putting your child into a better school. Maybe it's oh, okay. My dream is to have a yacht. The, these things is just continues to get more and more, and, you never Are able to find happiness in those things because you adapt to it and then yeah. you find out that, oh, I'm still not happy.
And that's why you hear super rich people. they're not really all that happy. Sometimes they're actually way more unhappy than they're happy. And so that's something to keep in mind. Really understanding the psychological aspect of money. And that's the reason you can find people that are not all that well off, but they're actually really happy in their life.
And what we want to share is, again like I mentioned, financial freedom doesn't mean that you need a lot of money. but You have to have a base level of financial knowledge and use that knowledge so that you can create financial freedom.
The first part is having the technical. Okay. How do I. Budgeting or how do I invest money? Where do I click to invest the money? Things like that, knowing that, and then also understanding the psychological more, the emotional aspect of money, because for me if it wasn't for Akko, I wouldn't have really understood that money doesn't necessarily equal happiness.
And I would have been on that rat race, that treadmill of. Hedonic adaptation and, I'll get used to having a certain level of car and then I'm going to want a better car than a better car, a bigger house, things like that. And again, really understanding that there's kind of two main parts to it, the technical aspect of understanding money, and then the emotional aspect of understanding yourself and knowing that, money doesn't necessarily correlate to happiness to a certain degree. Yes, it does. Because if you don't have to worry about. oh, Am I going to put food on the table this week? If you don't have to worry about that. Great. But again, if your spending habits are poor, it's always going to be the case. So really diving into the psychological aspects of that too.
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Akko: Yeah. So I like how you said, like you need to bring the psychological aspect of money because I know friends that make a good load of money monthly. But. here are the. In debt, living paycheck to paycheck. And it's unbelievable. Sometime I'm what do you mean? You make three times more than me and I'm an ICU nurse. We make a little bit more. And we get a pretty good wage and here she is like making three times more and living paycheck to paycheck. So I think it's very important to understand like Tamo said like the psychological aspect the technical aspect, just everything that has to do with finances so that you can set yourself up for financial.
Tamo: freedom. Yeah exactly. And so I think for me the technical aspect is actually easy to learn. It's more the psychological aspects that are difficult and usually hidden in the shadows. As we continue this series of have family money, we'd love to talk a little bit more and go deeper into the psychology of money, along with the technical aspects. So you can merge the two and create a strong financial foundation for the benefit of you and your. family.
So the question of the day is what does financial freedom mean to you? Let's dig deep and really understand what financial freedom means to us. All right. We love to hear from you, please come say hi by commenting on our website. by going to AKKOANDTAMO and clicking on the podcast tab or sending us an email using the contact us page on our website.
All right. We're looking forward to hearing from you. Take care.