Money can be a taboo subject, whether in a relationship or in your career. But one couple successfully tackled it to create a roadmap to financial freedom.
Julien and Kiersten Saunders of “The Rich and Regular” blog shared their tips with “Good Morning America” from their new book, “Cashing Out: Win the Wealth Game by Walking Away.”
“We’ve really come to terms with understanding that there’s a lot of culture at play when it comes to both of our financial perspectives,” Kiersten Saunders said.
The couple strengthened their relationship and were eventually able to quit their jobs at the company and eliminate over $200,000 in debt.
“People talk around the issue or they have very coded and respectful conversations about money, but they don’t really go into great detail and those are the things that matter,” Julien Saunders said.
The couple rewrote the rules for achieving financial freedom and detailed them in their book.
“It’s a new career ambition that allows people to take control of how they use their time,” she explained.
The couple believe the key mental approach to careers is to operate with the end in mind, “so that you manage your money and manage your career in a way that puts you in a position to retire without creating some type of financial disarray,” Julien Saunders said.
The couple gave a clear purpose to their income and prioritized wants over needs.
“What was it like for me [was] breaking the lease on my very expensive apartment, [and] limiting my eating out habits…so we cooked a lot at home,” Kiersten Saunders said.
They also started budgeting with intention.
“I will probably never spend a lot of money on a nice car, but the things that are close to my heart, like travelling, spending time with my family, I’m much freer and looser with my budget,” Julien said. Saunders. “With this, we invest regularly so that we don’t waste money on things that don’t really interest us.”
Overall, these three tips were the ones that helped them the most:
1. Give your income a clear purpose and invest it.
2. Plan your job exit 15 years from now.
3. Find your superpower and make sure the work you do gives you value beyond your paycheck.
“I would add being nimble,” said ABC News chief business correspondent Rebecca Jarvis. “Make sure you are aware that recessions and stock sell-offs, like the kind of environment we are in, are a part of life. Plan accordingly and be prepared.”