Discovering Your Bare Ass Minimum: Taking Control of Your Financial Health and Lifestyle #realestate

Dustin Serviss is a financial advisor who believes in taking a practical approach to personal finance. He emphasizes the importance of understanding one's "Bare Ass Minimum" (BAM) expenses, which are the essential costs required for a person to live. This includes necessities like food and housing payments, excluding luxury items such as expensive purses or extravagant travels. Dustin encourages individuals, regardless of their financial status, to examine their expenses and evaluate whether they align with their goals and values. To practice what he preaches, Dustin and his wife annually review their last three months' worth of visa statements to gain a clear understanding of their spending habits without judgment or accusations. Through these exercises, Dustin aims to help others make informed financial decisions and achieve financial stability.

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Key Points and Bullets: Identifying Bare Ass Minimum Expenses

• Introduction to the concept of BAM (Bare Ass Minimum) expenses
• Definition of BAM expenses (basic necessities for survival)
• Differentiating between BAM expenses and discretionary expenses (fancy purses, traveling, etc.)
• Importance of examining BAM expenses for financial planning purposes

Overcoming Resistance to Examining Expenses

• Common reasons why people avoid examining their expenses
• Fear of looking at the last 3 months of expenses and bank account balance
• Encouraging individuals to confront their financial situation
• Understanding the benefits of gaining insights into spending habits

The Exercise of Print Statements Review

• Description of the exercise of printing the last 3 months' visa statements
• Annual review of visa statements in September
• Purpose of the exercise: to visually lay out and discuss spending habits
• Acknowledging that the exercise may seem nerdy but serves a purpose

Communication and Goal Alignment

• Importance of discussing spending habits with a partner/spouse
• Focusing on the objectives and values of each individual
• Avoiding blaming or pointing fingers when discussing expenses
• Assessing whether spending aligns with financial goals and personal values ... https://www.youtube.com/watch?v=iUnga_7L-6s