{"id":238806,"date":"2019-12-16T11:03:21","date_gmt":"2019-12-16T19:03:21","guid":{"rendered":"http:\/\/getrichslowly.org\/?p=238806"},"modified":"2023-12-05T14:16:08","modified_gmt":"2023-12-05T21:16:08","slug":"different-strokes","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/different-strokes\/","title":{"rendered":"Different strokes for different folks"},"content":{"rendered":"

A couple of weeks ago, I stopped in to visit Prosperity Pie Shoppe<\/a>, a local dessert and coffee place co-owned by Luna Jaffe. Jaffe is a sort of wonder woman who blends art, psychotherapy, and financial education into something she calls “wild money”<\/a>. The space that Luna and her partners own isn’t only a source of tasty treats; it’s also a studio for money coaching.<\/p>\n

Over pie and coffee, I chatted with Luna and one of her money coaches, Dryden Driggers. We shared our backgrounds with each other and talked about the direction we’d like to take our work. I think the three of us have a lot<\/em> of shared viewpoints and visions. I imagine we’ll find ways to work together in the future.<\/p>\n

\"Prosperity<\/a><\/p>\n

<\/span>Giving Every Dollar a Job<\/span><\/h2>\n

One thing stuck with me from our talk, though. We were discussing how to actually reach people who want financial help. When people come to us ready to dig out of debt and build wealth, what specific ideas are effective “triggers” or “switches” that change how they manage money?<\/p>\n

“In my work,” I said, “I’ve found that getting people to focus on saving rate<\/a> — the gap between their earning and spending — can make a big difference. In the financial independence community, many people receive this spark of inspiration when they read Mr. Money Mustache’s article about the shockingly simple math behind early retirement<\/a>. It’s all about how powerful a high saving rate can be.”<\/p>\n

“We’re not working with people who are thinking about early retirement,” Dryden said. “Some of the people we coach are well off, it’s true, but many are just starting out. They’re deep in debt. They’re living paycheck to paycheck. They’re simply grasping for a lifeline.”<\/p>\n

“Right,” said Luna. “And for these folks, budgeting is vital. We’ve had great success steering folks to You Need a Budget<\/a>. Even if they don’t use the software, we want them to understand the YNAB philosophy because it can be so powerful.”<\/p>\n

“Exactly,” said Dryden. “I think the one thing that really helps the people we coach is the idea that you should give every dollar a job. That’s the first rule of YNAB.”<\/p>\n

For more about the You Need a Budget philosophy, check out my YNAB review<\/a> and\/or my review of the You Need a Budget<\/em> book<\/a>.<\/p><\/blockquote>\n

<\/span>Growing the Gap<\/span><\/h2>\n

On Saturday, I met with my friends Wally and Jodie again to talk about their financial journey. Since our first meeting<\/a> in August 2018, this couple has made significant progress toward paying off their debt and establishing a solid financial future. They wanted a check-in to make sure they’re still on course.<\/p>\n

It was interesting to listen to what Wally and Jodie had to say, to pick up on the financial concepts that seem to have clicked with them.<\/p>\n