Money is one of the most important things in our lives. In this episode, Sammy Warrayat breaks down how money impacts every area of our lives – from health to relationships! This is a great episode for anyone looking to improve their financial situation.
About Our Guest
Sammy Warrayat is a money expert, fitness enthusiast, avid traveler, and host of the Successful Millennials Podcast. After having a data analytics career throughout his 20s, he left Corporate America with a vision of helping others achieve financial independence and a successful overall life in health, relationships, and purpose through discipline and grit rather than motivation and inspiration through his podcast and consulting services. As a digital nomad, he full time travels the world living the life he always wanted while helping others do the same.
Connect with Sammy
- Sammy and Tiffany discussed how money affects various aspects of life, such as relationships and parental balance.
- Money can lead to increased stress if not managed correctly and can cause financial infidelity due to lack of communication.
- Money also impacts children, as their upbringing may be limited without adequate funds or mismanaged money.
- Impulse control is essential in budgeting, plus one should go grocery shopping only once a week and never when hungry.
- Prioritizing expenses is also crucial when saving up for something specific or establishing a sinking fund.
- Lastly, ordering groceries online and having them delivered helps reduce temptation while adhering to the list.
[00:00:00] Intro/Outro: You know what it is. That's right. It's time to talk money with your money nerd and financial coach. Now tighten those purse strings and open those ears. It's the Money Talk with Tiff podcast.
[00:00:15] Tiffany Grant: Hi everyone. I'm so excited because I have Sammy Warrior on the line. Now, Sammy, we were supposed to record so long ago and finally.
Finally, finally, he has made it on the podcast. So I'm super excited to talk to him cuz we got a lot to talk about today. So today's episode we're gonna be talking about how money affects various areas of your life, even ones that you might not even thought about. So how, Hey Sammy, how are you today?
[00:00:41] Sammy Warrayat: Hey Tiffany.
Uh, great to finally be on and excited for this conversation cuz it's been a few months in the making.
[00:00:47] Tiffany Grant: Yes, yes. Almost a year . Um, but it's my fault. Um, so anyway, um, let's go ahead and get started. So when we're thinking about personal finance and money, right? Mm-hmm. , what are some ways that it affects the other areas of our lives, not just our money.
[00:01:06] Sammy Warrayat: Yeah, I think the most, uh, common or well known one is the relationships. The number one cause of divorce in at us and really across the world is just financial stress. But it goes a little bit further than that. I think that starts with like the built up resentment. For example, let's say you have to work a job that you don't really like, but you have to cuz you have to pay the bills so you're upset 10 hours a day.
And if you lived in Atlanta like I did, uh, the traffic makes it like maybe 12 hours a day, right? So , it's half of your day every. Doing something you don't want to do. And you can go maybe like you have kids or you even yourself, you wanna have some sorts of experiences. You wanna buy them something nice, you wanna go travel, but you can't because you don't have the funds to do it.
And it feels like you're working your prime years of your life from that mid twenties to mid sixties, and you don't really have anything to show for it at the end of the day. And it just leads to a lot, lot of. stress and not necessarily happiness if you have more money, but it's just like the lack of stress when you are a financially independent owner or financially secure is why I think like it's.
probably the most important thing to get your money in order.
[00:02:11] Tiffany Grant: Yeah, and I completely agree with that because I have some clients that are couples and when they first come to me, it's like some, most of the time it's like, you know, they're butting heads and even after like the first or second session, you can start seeing a change.
So even though. , they don't have all their money in order. Just having those conversations around money being more open, communicating. Um, cuz I feel like that's part of the reason why money is an issue and divorce is communication. You know, nobody wants to talk about it or in, like we've had on another episode where she was talking about financial infidelity and financial abuse and things like that.
And that all stems from like a communication. So it's. , in order to have holistic relationships, you have to include money. Like there's no way around it. So I completely agree with you there. Now, what other relationships might suffer as a result of
[00:03:07] Sammy Warrayat: money? Um, you hear a lot about it for like af. Athletes or celebrities or somebody who let's say, makes a a well amount of money then on parental relationships, familiar relationships, even friends kind of look for handouts or stuff like that.
And you're in a tough position because one, I assume you love those people and you really want to help them, but you can't just give money to somebody and expect it to just. Right. And there has to be some sort of like effort involved in order to earn the money so that you can respect the level of dedication it takes to earn it, if that makes any sense.
That's why, uh, you know, lottery winners tend to go broke. That's why athletes tend to go broke because they, they. , they're not used to having any sums of money, and then they get a lot, they don't know how to manage it, and then they lose it. And that affects everybody around them. It doesn't have to be necessarily your spouse or, or your kids.
But to go to your point about, um, the financial, like holistic infidelity and stuff like that, I think it's people get a little fearful because they're just like, well, I don't want a joint bank account. I make my money. She makes her money. You know, it doesn't have to be that way, but a lot of people don't really even understand.
Their spending habits and what makes them, you know, maybe overspend their budget or maybe they don't even budget at all, or they're the opposite and they're really good at their budget, but their significant other isn't. So it's like you have to just set up boundaries. Communicate is, I mean, it's the name of the game in any relationship really.
It's just you have to set boundaries and know what you want and then you can help. the other person as well. Yes,
[00:04:35] Tiffany Grant: yes. I completely agree there. And one of the things we brought up, like when we were talking before we hit record, was the effect it could have on kids. Um, and you know, as a parent, I didn't really think about this part too much, but yeah, if you can dive into that a little bit.
[00:04:52] Sammy Warrayat: Yeah. So like for example, I, I absolutely love traveling and I'm currently in month nine, I believe of, uh, full-time traveling between countries and, you know, I do my podcasts and, and help people just online throughout the world. But growing up, The biggest travel I ever did was going to my, uh, my grandma's house and my cousins, which was all in Arizona.
So it was a domestic flight and uh, you know, we got to sleep at their place. So no hotel expenses, it was literally just the flight over and that's all we really could afford. So I never got to leave the country. I never got to really go anywhere else, uh, as a kid. Didn't really have any birthday parties or stuff like that.
We were able to, you know, get some scholarships and get through college, thankfully, without much of debt, but, . It wasn't like, um, uh, an experience fulfilled life, I would say, and that's not like my parents did as much as they could to, to get me through, which is awesome. But they also weren't good enough to understand how to make it better, even though they had a good income.
So it's, uh, it's just a matter of like, as an adult. Now I would not want that for my kids. I would want them to be able to have what they want, but not too much so that it spoils 'em . But at the same time, you know, you have to be able to have a childhood and, and be, you know, not stressed with
[00:06:03] Tiffany Grant: it. Yes, yes. I mean, the parental balance, right?
it's like, you know, you wanna do more for your kids, but at the same time you don't wanna. Give them a silver spoon because it's like, okay, are they gonna appreciate this later on? And so as you were saying that, I was kind of thinking about my life and it was kind of similar. So like my, I travel as a kid was like coming to North Carolina to see my mom every year.
And then, um, Going to Pennsylvania for the church convention . And that was pretty much it. Um, and then we pretty much stayed in New York most of the rest of the time. So, um, with my kids, let me see. Am I following the same footsteps? , I'm like, we go to Florida every so often, um, okay. To go visit family, and I'm like, They, I know my oldest son has been on a plane before, but my youngest son hasn't.
And so, you know, my goal is to get them to be able to travel wherever I go, you know, cuz I love to travel as well. But you know, when you're thinking about, they're both over two and so you have to pay, you know, Plane tickets for all three of us. It kind of gets expensive. But you know, my goal after a while is to be able to take them to different countries.
Like I already have their passport and everything. I've had it for like a couple of years now. It's just now putting it in action. . Yeah,
[00:07:29] Sammy Warrayat: that I think of. Covid definitely didn't make it easier to do international travel, so you had a little bit of time there, but yeah, and I think it's, uh, you also don't wanna like do it too early so they don't remember.
Cause then it's like, well you have to go again. But, uh, no, I think it's important to, to have them get on a plane. Cuz that was the cool thing about at least going to Arizona, we didn't really drive. Cause they know some people, like they're afraid of planes because they never flew as a kid. And, uh, is, you know, makes travel a lot harder.
If you're , you're a little scared of that. So hopefully they get on plane soon.
[00:08:00] Tiffany Grant: Yes, yes. So let's kind of switch gears a little bit. So we talked about relationships. Um, what, what are some other things that money affects? Um, like, you know, if you mismanage it or if you have it in order. ?
[00:08:14] Sammy Warrayat: Well, I think if you're able to kind of limit your, your impulses, that's the biggest thing.
When it comes to budgeting, I feel like people there, there's two types. Some people are like, I'll never be able to budget cause I can't control myself. Or people get really motivated and inspired and then try to go like bare bones. It's almost as if like, They don't wanna spend anything and that's also not really budgeting.
It's, it's impossible to do. And so they eventually crack and they overspend. So, um, I think it's being able to manage your impulses and if you're able to do that at just small things, like, for example, some of the tips I say is only go shopping for groceries once a week. Like, , write everything down on a list and go once, because the more times you enter a store, the way the stores are built and you know, you have to go like the, the eggs or the milk or everything is all the way in the back.
So you have to cross everything. Everything is designed for you to spend more. So just limit your time in the store is a very quick thing. Plus it's more time efficient. . Uh, so that's like one tip. And then don't go shopping when you're hungry. These things are like really basic, but being able to control your impulses in, in, in budgeting is one thing.
And that helps you like hold, hold yourself accountable, for example, at the gym or fitness level, because now you're able to, you're able to be like, I have to do this, so I'll do it. , it's, I must do this. Not like, oh, it'd be nice or I should do this. But once you're able to say like, I must, and you're able to really hold yourself accountable to that, uh, through your budget, then you can do that in other areas.
And, and fitness is a big one that a lot of people also struggle with or just, uh, just consistency at some, say you want to try a new hobby, but you never really have the time. , but there's always enough time if you really prioritize it. So prioritization becomes a big thing as well, because when you wanna establish a syncing fund for the next travel destination, or a new phone or a new whatever it may be, um, you're prioritizing that expense over something more short term.
Um, and that prioritization aspect can then, you know, uh, be, be used for other aspects of your. . Gotcha,
[00:10:14] Tiffany Grant: gotcha. I wanna throw a tip out there as well. When it comes to grocery shopping, one thing that I've been doing a lot of recently is ordering my groceries and having them delivered. Now that takes all the temptation out of it because I literally have to stick to my list.
I'm not going around the store and I get what I order and that's it. , like no more, no less. And so, um, I feel like that has been super helpful when. To grocery shopping. Um, you know, and some people, you know, it's like a 50 50. Some people are like, I'll never do that. Some people are like, oh, I live by it. But I will tell you, I'm a new convert.
I'm a new convert because it has been awesome. I'm like, I don't have to sit there and go through every aisle, you know, picking up what I need, so on and so forth. Somebody else is doing it for me. They, and they haven't slipped up. Like all the produce has been good. , you know, Stuff. So I'm like, you know, I can get used to this, but I also wanted to hit on, um, where you were talking about a sinking fund.
So what is a sinking fund? .
[00:11:16] Sammy Warrayat: Sure. So, singing funds really just like, I guess a little bit of a fancy term of you're putting money aside for a specific purpose. Uh, normally it's a short-term purchase that like short three to six months, maybe a year if it's a bigger one. But it's not like, it's not like a house.
I mean, you could do it for like a down payment on a house, but normally it's like, it's a bigger expense. More than $300, $400, which is considered a, a big purchase psychologically. Uh, whenever you charge a credit card or pay cash on something. Couple of hundred dollars, then no. It's always like, oh, is this something I really wanna do?
Um, so, so a singing fund, like the most common example is like a new phone, uh, a trip. Um, those are the ones that, you know, most people would experience, I would imagine. But, uh, getting your tires fixed, it could come from like a bill that you know, is coming up. So like a lot of people, if they need to do, um, like a tire, they need to change their tires.
That's like six, $700. Um, some people just wait until the last minute and then they get hit with a $700 bill. Charge it on a credit card because the average, uh, American has less than a thousand dollars in an emergency fund. And, uh, they use pretty much the entirety on that. And then they're in debt and they have to work hard to, to come back out of it.
But in a syncing fund example, okay, you know, when you get your tire rotation every couple months they say, Hey, next time you're probably gonna. , um, replacement. So you have like a three month window. In those three months, you save $200 each month. You've built that syncing fund of 600. It's normally in a cash account or it could just be like in your bank.
It doesn't have to be like a separate total bank account. Some people need that, like the envelope system helps them with their discipline, but it's essentially something that you're saving every month in, in a little bit so that an aggregate, by the time you need to make the purchase, you already have the cash without going.
[00:13:06] Tiffany Grant: Gotcha, gotcha. I just wanted to make sure our audience knew what a syncing fund is, uh, because you know, like you said, there's a lot of, um, fluffy terms out here, , um, for simple concepts. But, you know, on the podcast I try to make sure that the knowledge gap is as small as possible. So with, um, Oh, one more thing I wanted to hit on, uh, that we talked about before we hit record, and that was how managing your money actually gives you freedom.
And if you can go into a little bit bit about how that showed up in your life and what do you mean by that?
[00:13:44] Sammy Warrayat: Yeah, I think it's like, so if you have your money in order, right? The, the levels of financial independence to me are, you know, you, you are outta. and then you have a comfortable, stable job. You already know you're gonna hit every, uh, you know you're not living paycheck to paycheck, and then you're able to maybe make that more passive or have your own business and then you're financially independent, which is like the overall top goal.
And you don't need to work cuz your passive income covers your bills and a little bit more. And then if you want to work, you can, you're like work optional if you will. But in terms of like that, how that gives you freedom, it's, it's kind of clear, right? Like if you're, if you're struggling and you're in debt and you're living paycheck to paycheck, you, if you're maybe sick one day, you still have to go in because you can't afford getting fired or you can't afford not getting those hours if you work hourly, right?
And, um, even if you're not in debt, but you're in that second stage and you're wor living paycheck to paycheck, but you're not in debt, you. Maybe don't have the flexibility to work in a passion. You have to work in the job that you're currently at because it pays the bills and it lives the lifestyle that you're currently at.
So you don't have the flexibility or the freedom to work in something that you really want to. Um, so then that, that's still better than you know. always behind the eight ball, if you will, but it's still, you don't get to do what you want. So you don't have that freedom aspect as you start working in your business, which hopefully isn't a passion, then, you know, you have that aspect of it, but you know, maybe you're barely making ends meet.
Or you know, you have the starving artist syndrome where you're doing your best, but you're not making as much. Um, so there's that level, but then the. Full, full is financial independence where you have passive income, you don't have to work for money. So you've unlocked the time aspect. You get to do whatever you want, whenever you want, um, with whoever you want.
And, you know, money is no longer an aspect that you have to, like, concern about when it's like, oh, do I wanna go here? Sure. Do I wanna spend this? Sure. It's not like, oh, let me see if I can make these numbers work. Uh, so that's obviously the best level of freedom, but you know, it's where every, everybody has to aspire through those stages.
- . Yeah,
[00:15:53] Tiffany Grant: absolutely. And I will just say like from my experience, it has helped me, um, be able to quit corporate America. Like, because I knew how much I needed, um, to make. I was like, oh, you know, at that time it was $50 a day. And I'm like, okay, well $50 a day, I can do that in so many different ways. And so, What's the point of me sitting here when I can like drop Uber and Lyft for a few hours or whatever and then have the rest of the day to work on my business.
So, you know, I feel like. Managing your money and making sure, like even if you're not to the point of being debt free, uh, because I'm not, um, , even if you're not to that point yet, I feel like managing your money just gives you an extra, gives you extra money, it gives you a raise. Um, it gives you. The freedom to start looking at things, um, a little differently.
And I, and to me that's priceless. , right? Um, just being able to have that freedom and look at things differently. I feel like it's priceless. So, anywho. Well, thank you so much, Sammy, for coming on the show today. Uh, if people were interested in learning more about you or your podcast, cuz you are a fellow podcaster, uh, where could they find you?
[00:17:08] Sammy Warrayat: Sure. Yeah. Uh, so podcasts probably the easiest way. Whatever you're listening to this podcast for, you can find mine as well. It's called the Successful Millennials Podcast. Um, we talk about discipline and finances and fitness. Um, those two main areas are two passions of mine that I continuously try to work on.
So I try to help people as well build those actionable tips. Um, and then Instagram as well is probably the other most common social media that I use, and it's just discipline is my freedom. . Uh, so those two areas are probably the best way to connect.
[00:17:39] Tiffany Grant: Perfect. Perfect. Well thank you so much and if you all did not catch that, I'll have that in the show notes.
So definitely check that out. Um, but I'm like, I need to listen for the fitness part cuz uh, the struggle is real over here. . No . But thank you so much, Sammy, for coming on this show today and I appreciate the gems that you dropped. .
[00:17:59] Sammy Warrayat: Thank you so much Tiffany. Thanks for having. Bye.
[00:18:03] Intro/Outro: Thank you for listening, joining and being a part of the Money Talk with Tiff podcast this week.
You can check Tip Out every Thursday for a New Money Talk podcast, but if you just can't wait until next week, you can listen to previous podcast episodes at Money Talk with t.com or follow tiff on all social media platforms at Money. Talk with Tea. Until next time. Spend wise by spending less than you make a word to the money wise is always