Ep. 227 | Economic Hardship (with T.K. Coleman)

Joshua and Ryan discuss how to maximize wealth, how to minimize financial stress, and the wisest economic actions to take with the Director of Entrepreneurial Education for the Foundation for Economic Education, T.K. Coleman. Watch “Maximal” episodes of The Minimalists Private Podcast exclusively at / theminimalists
Questions answered in this episode:
How do I maximize my wealth while minimizing my stress in accumulating it? (01:12)
What are the wisest economic actions to take on a modest income? (12:02)
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[@nicolewilliams2468]

I love, love, love when you have T.K. Coleman on!!! Didn’t realize he worked for FEE, but that totally makes sense. Wonderful, wonderful guest!

[@sarahgibbs4857]

This Episode spoke volumes to me! I just resigned from the electrician due to the harsh negative environment and just being plain miserable. Yes , I made great money. I had all the benefits, best insurance , great pension, but in the end I decided to be happy in life. I feel like a new person. My skin looks better I'm just plain happy. Now the journey is finding what I truly love :) thanks guys.

[@natashyas4149]

I love TK and Dave Ramsey. Thanks, guys! Establishing the habit is saving is the most important thing. It's so hard to make that mindset shift but so worth it

[@rocioiribe5841]

i made myself a playlist of The Minimalists videos with T.K. Coleman as a guest. They are jam-packed with knowledge. I still to this day go back and rewatch the Disagreements episode.

[@lovinglife3954]

I want that playlist! Yes I can search on my own...

[@summerreign044]

Amen, Amen and Amen again to everything that TK said.

[@jacksmith4402]

The younger you are when you realize what TK said is so true, the good life is your reward.

[@rafaelmoraespereira1]

Giving is like saving. It’s not something that you wait until you get rich to start doing. You got start doing it now, it takes discipline and faith to do it now. And yes, you may not be rich but you can customize. Give away a nickle, give away a penny, give away time, give away a thank you card but find a way to get into the giving mentality. There’s a quote in the Bible that’s often misunderstood and underestimated: it is better to give than to receive. I don’t think that’s just a statement about the nobility of being a giver. I believe it’s a piece of advice on how to really empower your life. The reason is that you cannot give from a consciousness of lack and scarcity, in order to give you have to see yourself as someone who has something to give. So the very act of giving is one that transforms your mindset and causes you to think in terms of abundance. So when you practice giving you actually increase the odds that you will recognize opportunities for more abundance in your life. The fastest path to getting richer is trying to think in terms of how can I become a habitual giver. Giving is a little bit as writing a book. Everybody dreams of doing it one day but most of us take that dream to the grave, because we’re not able to overcome the resistance that’s involved in the process. But most people say thing like ‘man it would be really nice to have a financial windfall’ because we all have an ideia in our minds of who we could help if we won the lotto. We have this disempowering assumption that makes us think: I’m never in a position to give until or unless I have a whole bunch of money. But the entrepreneurial is the one that says that things in reverse. I’m never in a position to have money unless I learn who to become a masterful giver. What does it mean to create wealth other than to create value in exchange for the wealth that I seek, it takes a giver mentality. It doesn’t take the mentality of saying: I’m just gonna think about what makes me happy and my fulfillment and I’m gonna ignore everybody else. No! If you gotta create wealth you gotta say: man I need to humble myself and become a student of other people. What is his brother need? What does the sister over here complain all the time? What’s making them so unhappy? How can I come up with an ideia? How can I use my gifts and talents in order to solve that problem for them? And the reason you wanna go through this process is not just to create external wealth but a process that causes you to take your own creativity more seriously. I reject this myth that it takes money to make money. Money is a symbolic representation of creative power. In order to make money you’ve got look within at your own inner resourcers, your own intangible assets and you gotta say I’ve got something. How can I figure out what that is and do the work necessary to give that to people from whatever position I’m in. That’s how you get the be the giver that you dream of being, you got to give first. “He that observeth the wind shall not sow; and he that regardeth the clouds shall not reap.” You never gonna get the permission from your circumstances to invest in your life and to invest in other people. You’ve got decide to do that as a fundamental act of rebellion. And when you exercise that courage, that’s when you began to reap what you sow. T. K. Coleman

[@lovinglife3954]

First of all, I love your guest, including the spiritual perspective. People living paycheck to paycheck don’t necessarily have money to buy a book. But there is the library. I agree with you, need more information to really know how to help them have the mindset to overcome obstacles.

[@amywright2243]

So much to chew on from this episode! I love a pithy line that sets my mind into "degreasing mode!"

[@valeriebardascino4970]

So much wisdom packed into one episode. I could watch this every day, and every day learn something new. Thanks 😊

[@micheleharris9617]

This guest is excellent! 🙂👍

[@AuroraB-74]

"a fundamental act of rebellion" I love this!

[@cjvalentine22]

Fabulous session today, guys! I plan to watch this again later and take some notes on things to do. I can't really point out a specific part that struck a chord with me ... all of it did! Please let me say how much I appreciate these podcasts. You have no idea how much they inspire me and also challenge my assumptions and status quo thinking. Kudos!

[@TheMinimalists]

[@jillianoshana9855]

Does T.K. have his own podcast? He needs one, like, yesterday!

[@TheMinimalists]

He does! Link in the show notes: minimalists.com/p227.

[@chrissygonzales9142]

Great episode! Gained a lot of knowledge and I feel more confident to tackle my financial goals.

[@wizardzx2]

Is it best to give money or time?

[@niamhp9050]

Can you talk about your views on the UK student loan system? (it being a form of debt dissimilar to regular credit card debt)

[@eileenhegarty7020]

Love, love, love T.K. Coleman.

[@wizardzx2]

Can I give money of too many people are taking it from me for things I really need (like renting a place to live) ?

[@carylmaluping9632]

Thanks for this

[@eveliina1438]

Ha, simpletons.

[@StaticTeaz]

Well, I do need a car... 🤔