Business
Jesse Mecham is the founder and CEO of You Need a Budget, a financial education+software company. He also wrote the WSJ Bestselling book by the same name.In today's episode, we dive into his business and the reason behind it. Understanding the importance of your budget, why you need it, and what a budget really means. It doesn't matter whether you are a high-income professional or somebody from the lower end of the income spectrum. We all need a budget.[00:01 – 03:49] Opening SegmentI talk briefly about the great values that await you in this episodeI introduce and welcome guest, Jesse MechamJesse gives a bit of background about himself and his companyStarted You Need a Budget while he was still in college[03:50 – 13:49] Teaching People to Think About Money DifferentlyJesse explains what he means by "teaching people to think about money differently."Give every dollar a job – this is where a "tradeoff" comes inEmbrace your true expensesHere's advice from Jesse that will help you in your financial decisionsMake sure that your spending lines up with what you loveBe comfortable with saying, "that's not within my budget."[13:50 – 19:33] You Need A BudgetJesse talks about his business; You Need A BudgetJoin their online workshopsGrab a free 34-day trial of their AppWhat makes YNAB different from the other similar apps.Quick Ad breakThink bigger, more structural, and scarier[19:34 – 28:00] The Scarcity MindsetJesse weighs in on the scarcity mindsetManaging your finances correctlyDon't be afraid of making a decision based solely on how much is in your bank accountSqueeze out your prioritiesJesse talks about his real estate investments[28:01 – 35:05] Closing SegmentQuick word from our sponsorsWhat is the best investment you've ever made?"The best investment I've ever made is in my relationship with my wife."What is the worst investment you ever made?"I hired the wrong guy to build our project."What is the most important lesson that you've learned in business and investing?"Risks are not as big as we sometimes make them appear.""I think a really good pace for growth is the pace with which profits come in."Final words from Jesse and me Tweetable Quotes:"It's not about spending less; it's about spending guiltlessly." – Jesse Mecham"The scarcity mindset is not about saying you can't do this. It's saying, here are the things you want to do, what is most important for your business? And flushing out the strategy that that money should be following." – Jesse Mecham You can connect with Jesse on their website, https://www.youneedabudget.com/.LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.