Bobbi Rebell, chief financial officer of Financial Wellness Strategies and author of Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart, gives the top four reasons people struggle financially. 

Bobbi Rebell, chief financial officer of Financial Wellness Strategies and author of <i>Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart</i>, gives the top four reasons people struggle financially.&nbsp;

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Stretching Your Dollar: Bobbi Rebell's Top 4 Reasons People Struggle Financially  

And welcome back everyone. I'm Baker Pacho and I'm at a and now to stretching your dollar. Yeah. So today we're discussing the top four financial mistakes a lot of people make and some great advice on how you can fix them. So joining us now in studio is Bobby Rell, the CEO of Financial Wellness Strategies. Also, she's the author of launching Financial Grown Ups and the host of the podcast Wellness for Financial Grown Ups as well. Bobby. So good to have you here. So as a financial planner, you obviously see a ton of mistakes that people make. So let's start with the math avoidance. What is that exactly? We love to just stay in blissful ignorance of the actual numbers that we have to pay attention to, but the truth is technology is making it so much easier. So all we have to do really is start paying attention. What's coming in. What do you make from different sources? What do you need to spend? Right? What investments do you have? What savings do you have? So look at those numbers make a budget and then I think the secret sauce of this is to have an accountability partner that could be a partner or a spouse. It could be a trusted friend and it could even be a third party. It could be an accountant. It could be a professional who's going to keep you on track. And you also talk about FOMO, tell me why that's a drain on your finances. Yes. Look, social media is real. What we see around us now that we're getting out post COVID is very real and we do, it's not only social pressure, but it's just wanting to be out there with our friends and family and doing fun things. But remember that even like if you have a worker that makes the same amount of money, they may have different resources than you. They might have a trust fund, they might have a side hustle so they have other income. Conversely, someone also may have less than you. They may have student debt, whatever it may be. So, be sensitive to that don't hang out with people that are spending so much that it stresses you out because you never know what somebody else's finances are. And it's not fun if you're stressed out. Absolutely not because then you're thinking about it the whole time like, oh God, should I really be buying this drink right now? You go home? So, yeah. Or are they gonna order that crazy bottle of wine? So you also talk about the lifestyle creep as well and this is apparently a huge mistake. What's that? Yeah. Look, we love subscriptions. So many things that we use now we can pay for in little tiny increments. So we don't always notice it, but it does creep up. So do an audit at whatever interval is comfortable for you. You could even do it monthly and see what you're paying for. Try to cut it. They'll usually give you a better deal if you do want to go back. So, don't worry, they'll take you back. But if you can't cut something, think about just down rating it. Right. Maybe you need, maybe you can do the subscription, the TV thing, whatever channel you want at a lower rate, whatever it may be. Are you really using it as much as you think? And then of course, just having too much stuff. Yeah, we buy so much you can sell it. You could even donate it. Maybe keep the receipts for charitable deduction. And that way you feel like your mind is more open when you don't have so much going on there. Really correlate. Yeah, it's not as exhausted. It will simplify your life and streamline everything and maybe you make some bucks by selling some, some stuff. And finally why you always need to be mindful of your career. Yeah. Always stay aware of what's going on around you. Not just what you're doing, but the health of your company know if layoffs might be coming off coming around and also, even if you have your own company, be aware of what's going on with your clients, make sure your skills are up to date. In fact, many companies will even help you, they'll pay for the courses or whatever it may be to keep your skills up to date and even maybe even upgrade them. You also can relationships with your co workers, not just your boss, very important, also build relationships with people that are your peers and people that maybe report to you because they're your network going forward. Not only if there's a laugh, but throughout your career and those can be really valuable. That's fantastic advice. Thanks again to Bobby Rabe, author of launching Financial Grown Ups and CEO of financial wellness strategies. Coming up. We've got the opening bell over at the New York Stock Exchange and the NASDAQ. We're gonna have it for you live. Don't go anywhere.