Episode 83: Legacy Building: The Importance of Respecting your Finances

Get ready to transform your financial life! I'm Tiffany Largy, your guide on this journey to financial responsibility and freedom. This episode is your go-to guide for creating winning money habits, adopting strategies for conscious spending and saving, and discovering the real value of a dollar. It's not about landing your next million, but instead, how you can make your existing funds work for you. We're building an understanding community, united in the mission to clean up the crots in our financial lives, and you're invited.

Imagine what could happen if you took a little break from money, not through denial, but by investing in relationships and self-care. Let's talk about it! Picture yourself cooking a home meal, reconnecting with family and friends, or taking a mindful walk. These activities not only enhance your well-being but also help you save money and become more aware of your spending habits. But, don't just rely on your willpower. There's a world of cash-back apps ready to boost your savings and assist you in tracking your expenses. In this era of digital savviness, we're spotlighting these digital allies in your journey towards financial freedom.

So, how about we treat every dollar with respect? It's not just a business principle, but a life value essential for setting up a legacy. We delve into the importance of thoughtful spending and resourcefulness, and how they can make a lasting impact. And remember, it's not the materials, but the experiences and relationships that matter. Let's learn how to build financial strength, create a legacy, and become part of a community that understands and supports your financial journey. Join us, engage with us online, and connect with others who are on the same path to financial wellness. Let's rise together!

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Transcript

Speaker 1: 0:01

Building yourself financially is actually Uber important. This is not gonna be a conversation about getting to your next milli. This is not gonna be a conversation about building that big program. This is absolutely going to be an important conversation between me and you about being responsible and upping your game. I'm gonna give you about eight money habits that I want you to adopt immediately and to put in place now so that you can start to win more tomorrow.

Speaker 1: 0:33

Hey you, welcome to Build the Damp Thing, a place where myself, tiffany Largy and our amazing Do the Damp Thing coaches show you how to use your story to build it all, whether it's your first six figures, your next layer of multiple six figures, or maybe you're on your way to a minute and, if it's not bad, it's the life of your dreams, where you are free, you are strong and you are whole. First, we're gonna show you how to use your story to build a strong foundation, and then, next, we're gonna show you how to use your story in sales and marketing to clean up the crots. And, last but not least, we're gonna show you how to use your story to gather people, because the truth of the matter is that there's nothing stronger than being connected to people who just understand you as you are where you are and you can stop explaining yourself. I wanna remind you that, now that you're here, you are home and I officially welcome you to our family. All right, let's get started. I'm gonna say this I want you to. I'm gonna break this down really fast because I don't want this to be all over the place, and my goal is that this is something that you can implement and build today.

Speaker 1: 1:46

For years on end, I ignored my finances, but I don't wanna say I ignored my finances like I was just all over the place. I've been so busy making money I really don't have time to track and figure out where it is. This is no different than the person who has a nine to five job. This is no different than dot, dot, dot, dot dot. But what I did know was that I had an opportunity to live my absolute best life if I was willing to hunker down and be clear that I needed to get in front of the impossible. Getting in front of your finances is important. Not ignoring them is 911, but I'm gonna show you just how to get stronger. A couple of simple things that I wanna challenge you. I wanna ask you are you doing these things today? Have you considered them and are you ready to get financially strong? Number one you gotta look at your bank account. You have to look at your bank account. You need to look at your bank account.

Speaker 1: 2:40

I was with a client who's doing probably a little over 600, maybe $700,000 in revenue, and I was with her a couple of days ago actually, as I flew into her space and she said to me you know what? And I said what? And she's like I haven't looked at my bank account in a long time. I'm like what's a long time. She's like couple of what? Couple of years, woman, what are you talking about? Now?

Speaker 1: 3:04

I don't want you to think that you're listening to Tiffany Largy, the super Uber organized person who's constantly looking at the details and looking at all these spreadsheets, because that is not me, because that stuff makes me want to run for the hills and straight into a wall. But I am gonna tell you that the simple practice of building the muscle and that's what we're gonna do through this episode we're gonna build the muscle of looking at the things that are ugly, looking at the things that make us uncomfortable. Well, tiffany, I already know what my bank account says I already know that I'm not making any money. That's okay, it's actually okay. I already know that I'm behind. I already know that I'm in the red, yes, but the truth of the matter is that you cannot grow or change anything. You are not tracking or managing and if you're ignoring it, you are no way shaped from figure going to be able to get to the solution. It has to steer you in the face. It's gotta like slap you in the face and you gotta see it and you gotta be like holy mother of Johnson.

Speaker 1: 3:57

What is happening right now? Pulling your bank statement and just reading the damn thing is like probably first, the second or actually that is paired with reading the last one to three statements. I love to print three at a time. It makes life super easy because then I can see is this something reoccurring? Am I? And you know what I'm gonna do with that bank statement. I'm gonna look at it, take a big highlighter and go.

Speaker 1: 4:20

Why the hell am I paying for this? Why am I paying for this? Why am I paying for this? Why am I paying for this? You need to have an answer Now. The answer is like oh, but Tiffany, I have to have Netflix because Netflix is so important in my life and blah, blah, blah blah. I want you to know something right now, I don't have Netflix. I Also don't have Paramount. I don't have HBO. I don't pay for Hulu. We do not pay for cable at my house. We don't pay for any of it at my house, and it is not because I can't afford it, it's because it is dumb. There is no need for me at this season, at this point, especially me knowing where I am in life right now.

Speaker 1: 4:54

I'm in a building mode. Like hell do I have time to go and watch a movie? And if I do, thank God for YouTube and thank God for all the free things on the Internet via my computer that in theory, we can click, click, click and connect to a TV. But the truth of the matters between me and you is, I've got bigger fish to fry than to spend two, three hours Watching a video and watching a movie, watching TV. Now you might say, tiffany, that's my downtime. I'm gonna tell you something right now if you have not got, if you have your finances in your world behind you on fire and you are at a 9-1-1 mode, like Baby cakes, you don't have free time. I am so sorry to say that. It is a delusional State to believe that you have free time and if you're like Tiffany, I got to take a mental break. I'm here for you on that.

Speaker 1: 5:44

Let me tell you what I do to take a mental break before I get through the other seven. So what I do to take a mental break is on Sundays, I cook. Now, it's not because I'm in love with cooking Even though I happen to be pretty good when I hang out in the kitchen but it's because it allows me to do something else and to pour into someone else. Now, for me, that's my family, right. For you, it could be something totally different. It might just be calling your cousins up. Maybe it's not. Maybe on Sundays you just sit with a cup of tea or a glass of wine and you spend hours just shooting the breeze with old friends I love. One of the reasons why I used to are sometimes I still think I miss Miami's, because Back in the day we used to, just on Fridays or Sundays, we just walk outside and sit on the patio or like walk to someone's front yard and you'd be in a conversation for like five, six hours. That's life. It's always Vida, you know, and it's something that I really truly respect about life, and it's something that I I Hold near and dear to my heart just being with people, no shoes on, drinking hand, yelling at kids behind me.

Speaker 1: 6:39

Okay, let me get to number two. So number two is that you need better apps on your phone. Even if you have an Android, you need better apps on your phone and you need apps that help you save money. Some of the basic apps that helped me save money are on our DTDT tools comm page and I'm not going to go into different apps, but I'm gonna tell you right now.

Speaker 1: 6:58

If you are like, right before I came in to record this, I was talking to my daughter and, because she's here at the studio and I don't know what she said to me, my response to her was like oh, I have a, I have a gift card to Starbucks, but I can give to you. And she was like oh really, where'd you get it from? I'm like oh, I got it from one of my apps. Now, what's crazy about this is that every time I buy gas, I get anywhere from two per two cents to probably 15 cents off her gallon. No, I'm lying to you. I don't get it off. I mean, like I get that money, cash back. I hope I'm making sense and it isn't. It doesn't mean that I go and I click something every time. No, I just sat. I set it up one time. Once I set it up one time the card that is on file I go to the gas station or someone goes to the gas station, I hand them that card, they go and they pay and all I know is that I look up and I have a hundred and sixty dollars Waiting for me to spend and I can get a gift card back.

Speaker 1: 7:51

It sounds stupid, but you're leaving too much money on the table and things are way too damn expensive For you to not be using apps as part of your life. And if you, if you ask me somewhere like Tiffany, what are your favorite money-saving apps, I will totally share them all with you for sure. You just have to ask. I will tell you this. Like, having an app that allows you to get cash back on gas is a must. Another one is letting you get cash back for receipts. It could be a receipt about anything. That is my favorite. More gift cards.

Speaker 1: 8:22

The third thing I'm gonna say is probably like cash back, like when you purchase things and just purchase in general. So that's it. That's number two. Number three so number three is you have a really serious like you have too much stuff that's laying around your house. Now, I know this is gonna sound wild because I want you to be money savvy, but the simple place of like building is asking yourself questions, building a questionnaire.

Speaker 1: 8:53

So like for me, there used to be a time where I would spend and not even think twice about it, and I'm not saying that I don't do the same because I do buy luxury things. I do buy things that I enjoy. However, I ask myself a series of questions. Number one what's the long-term play for this? Number two it's is this gonna serve me? Is it gonna make me feel excited about waking up tomorrow better? Is it gonna put me in a place of feeling thrilled about connecting with other people? Or is gonna help me reach my goal? If it doesn't be one of those three criteria, chances are I'm not doing it.

Speaker 1: 9:30

Fourth so one of the other things that I said to myself is like self-awareness. So drinking can get out of hand really fast, and I know for you, your vice might be chocolate, it might be smoking, and I'm not here to knock. You might be doing weed like I'm in for all of it and I'm happy for you. But my point is that, like if you don't realize it and you have a habit, you become habitual picking up something and putting in your cart when you're shopping. Then you make it a standard. I don't make luxury things a standard, and when I say luxury things I mean something like alcohol. It is very rare, you know and I have to think about how I say this, because it is rare for it to come to my house and find that I have bought a brand new bottle of Jack Daniels or a brand new bottle of whatever it might be. A lot of the liquor or wine that I have is someone who has given it to me. In addition to that, if I am going to buy, I'm never almost never gonna buy alcohol without some form of a discount. I know it sounds weird, but it's not really.

Speaker 1: 10:29

This is not about me telling you to cut back or how you buy the thing, but I actually just don't pick it up and put it in my cart, just like I don't pick up soda and put in my cart. I don't pick up cookies and put it in my cart. I don't pick up any of the items that are not food, that I am going to have to prepare, that will take me time, and cook it, because I don't want to be trapped and paying for something that results in speed. If you slow down the things that you're doing and you take a moment to ask yourself, man, I really love chocolate chip cookies, okay, great. Well then, learn how to make it. I know it sounds crazy, but you buy that box. Think about it like this with me you buy this box for $4.99. Chances are it's like Nabisco, right, it's not really that good for you. It has 2 million ingredients in it and you think to yourself okay, great, I'm in a great shape, I've got this thing wrapped up. I'm gonna spend four or five dollars, but the truth is that I built habits where I'd never pick up cookies, and if I really want cookies in the house, I'm gonna take the time to make them.

Speaker 1: 11:28

Now there's two principles inside of this. Why this is important? Because it's about self-awareness. Most people don't have enough money in their bank account because of the fact that they are just unaware of what they're doing in their habits. That is the truth, and I am not the financial guru. I am not the smart kid on the block. I am just a person who has had their ass handed to them financially so many times that I've had to quickly go and button it up. Making it harder for me to spend money or to go through the money that has been spent is what allows me to make sure that the $7 or $7,000 or $70,000 last longer. Because I don't run through the cash, I let it be, I ask myself questions and then I make it harder for me to get to the end. I hope this makes sense. So the truth is that for $5, I could make six batches of cookies and they will last the same week, because you and I are gonna get home and get the chocolate chip cookies and shove them in my mouth anyways.

Speaker 1: 12:28

Now here's the exception Oreos. I still don't know how the hell you make Oreos, and I don't think anybody does, and so that might be the one exception to this rule that we may always have to pay for, but we're outside of that. Do not be fooled. Stop letting your cash and giving it to other people and other things. Now I say this also saying to you I am not a I am happy to spend. Like I am not a cheap person, like I spend money always where the value is.

Speaker 1: 12:57

But for me, like if we're having really hard times to say in our company and you might be having hard times in your company and your business or whatever you're building right now I'd rather put it as much in the weirdest ways that I can in the hands of the people than to give money in like interest to strike or more fees to such and such and such. Does that make sense? Like it's? Just think about where the dollar is going. But Tiffany is only 300 bucks a month, that's $3,600 a year. Do you know what you could do with $3,600 a year? You could take your ass to Bali. You could take your ass to Thailand. You could take your ass to Africa. You probably could get to Africa. I don't know if we can get to Africa from the US. We might have to stop in the middle of the water on the way to Africa for $3,600, but you can definitely get to Puerto Rico and Jamaica with $3,600. Let me tell you something In some of these countries you could actually be a whole king and queen in these countries for $3,600.

Speaker 1: 13:44

You plan a lot of games. The truth of the matter is that the person who is holding on to more cash is actually winning in the streets, not the person who is spending more cash Things that are else that I don't do. So here's the next. So I told you I was gonna give you eight. I hope I'm gonna get to eight. I'm gonna talk real fast to get through the next six.

Speaker 1: 14:04

So there's periods of times where I just don't use cards. I use cash, especially if I'm gonna go somewhere down and dirty where I know, like Vegas, is hard to find me with a card on me Because I wanna sit at the table. You get it. But if I run out of $500, the first thing I'm gonna do is, hey, give me a hundred bucks right Now. I can only do that so many times before I look pretty awkward. Now for you, this might be somewhere with something else. You pay for everything with cash, with card, and so therefore, you're totally disconnected from what is from money and what is happening and how to use it and how it works in your money. The fastest way for you to get your money game together and to build a healthy, a healthy life with money is to have cash in your hands so that you respect it more. It's so different when you take $20, you give them, you give it to someone to pay for something and they only give you $3 left. It is very easy to just keep swiping and swiping and pay pallying and tapping and Venmoing.

Speaker 1: 14:57

I don't have Venmo. I don't have Cash App. I do have Zell on a business account because this year I had to use it, but I'll be uninstalling that too. I don't really use Zell very much. I don't use Apple Pay, even though I do think I have Apple Pay, and my reason for telling you that is because I like to force myself to be in one money lane. It's easier on me emotionally and mentally.

Speaker 1: 15:24

I don't have these things. It's not that I don't use them. I do not have them. Paypal is not on my phone. I cannot PayPal someone the money. That does not happen either. We do have a business PayPal account. I don't think I have a personal PayPal account. Why does this stuff matter Is because we want to get stronger and we're trying to become disciplined, and it'll never happen. What will happen is you setting up rules for yourself, rules for yourself, not beating yourself up over being disciplined. All right, next, cut the damn coupons. You know there is a period of time I don't think anybody knows this, but I'm gonna share this with you because you talk about building the damn thing. This whole episode is about building yourself financially real fast, real quick, and I wanna challenge you to ask yourself why not? So there's a period of time where I leave Miami Florida. I'm on my way and I got like two minutes ahead for you guys because I'm gonna talk so fast, but I'm living in Miami, florida and I moved to Tampa. I believe that I'm gonna be sailing through the door with Xerox as a manufacturer only to find out that they are like you're not worthy at this moment and all the breaks that I didn't want to have happen happen. I had, I had. I burned all the bridges behind me. I was so SOL, it was so bad. I'm like what am I gonna do for money?

Speaker 1: 16:41

Now you may have heard in another episode where I talked about my. That's how I learned to sell on Amazon, because I had to produce money, these kids needed things and I had bills to pay. So I learned very quickly how to sell on Amazon, did not do drop shipping. I did not find something on Alibaba. I stole shit from around my house and I put it online and I was like, hmm, I was like I don't even like this book. Anyways, here you go. I never liked this boss. Anyways, here you go. Now, fast forward. Why this is important? Because the other thing that I learned to do was coupon it.

Speaker 1: 17:12

This sounds crazy, but coupons are probably one of the most overlooked areas and ways to save money. So, like sometimes my I'll be at the mall with my daughter and this is sparingly because I don't really go to the mall, but there's been a quite a few times, especially in the last three years. I'm staying inside of the mall and my daughter goes mom, can we go in Claire's? I'm like, oh, I hate this place, but I'm gonna go in Claire's anyways because that's what moms do. So I walk inside and, before I know it, can I have this? Can I have this? Can I have this? Now you might be tempted to just go and swipe the damn thing, but I'm not gonna go swipe the damn thing. What I'm gonna do is I'm gonna pull up my phone and go hey, siri, what kind of coupons does Claire's have out right now. I pull up my phone and, before I know it, something awesome happens. I am told that I have 20% off, 30% off. I actually almost always shop wherever there is a coupon available, where there's a discount happening, and it's like a principle that I have.

Speaker 1: 18:08

Now, what I was gonna tell you about this time in Tampa stay with me is I learned how to coupon. I went to this church I didn't even really like the church, but I went to the church and there was this one woman. She coupon, she taught me the name of the game and I took it to another level and I, back in the day, was an extreme couponer. Now, why this is important is because I learned how to get my groceries my $300 worth of groceries for $12.58. Now, I don't live my life today like this, but I am here to tell you that I, on average, save somewhere between 10 and 30% on almost everything that I buy at least 60% of what I buy, if not 70%.

Speaker 1: 18:46

Why this is important is because it's so hard to get that dollar. It's so hard to get the dollar Like I don't think we get it. It's hard to get the $1. Like it is. It is hard. We are doing work, we are missing time with our families, we are sweating, we are pacing the floor. We've got to stretch mentally and emotionally. It is hard to get the $1. And for the person who has $10 million in the bank right now, it is still hard for them to get the $1. It's not always easy, and so I want you to build a respect for me.

Speaker 1: 19:15

This couponing thing became a way of life and today I take my principles. I take about 25 minutes every week. Now it's spread out because I can't do it at once, but I explore the world and see what coupons are available and around for things that we need to purchase. Now the truth is that if I don't have a personal assistant right now, but when I have a personal assistant, she'll have or he will have to do the same exact thing. And why? Because it's not really just about saving money and cutting back on me having more money. It's about me respecting how hard it is for me to earn that dollar and for me to settle with the fact that I need to be more conscious on the resources that are available and to never allow myself to be disconnected from the need to be resourceful and the need to respect the whole dollar.

Speaker 1: 20:05

If I can give you 70 cents versus the dollar, then I need to be a good steward, but it's not because I need to keep it, because the truth is that if you really follow me, I let go of every dollar I have. It's either in a business, it's in a team member, it's in a thing and it's not in stocks, and it's not in buying a new house. It's actually in experiences to help people to do things, because when I die, all this money's going to be right here and the legacy. I don't need to leave a legacy for my kids and give them four houses. I need to show their assets how to dream. I need to show them how to love people and how to care and how to fight for people.

Speaker 1: 20:37

So no, I am not wrapping up every dollar I have in investments, just so that we're clear and transparent where this heart's coming from, because I have watched so many people. I mean, my grandmother owned tons of houses and you know what happened. She worked all of that time, had all of the houses and at the end of the day, she enjoyed zero of what she could. She left a legacy for a family that still doesn't talk to each other, that still such a thing. You get what I'm saying.

Speaker 1: 21:02

Like, think about what I'm saying. It didn't transform our lives. Now, she had taken the same effort in investing and put it into and again, I'm not talking bad about my grandmother, because I am her and she is everything, but the truth, the reality of life, is that if I had taken that time and poured it into and poured it into, we'd be in a totally different space. So I hope this has served you. I'm going to come back with the other three and I just want you to love me for the five that I gave you. Bye, I know, and, more importantly, I can't wait to see you live, whether it's at DatedampingLive or in one of our communities, or maybe you're just hanging out with us on social media. What I know to be true is that I am meant to connect with you somewhere and I can't wait for that day to happen and, more importantly, I can't wait to see what you build.