On this episode of Two Frugal Dudes, we’re helping you lift up your spirit if your finances are getting you down by learning to be better stewards of your time, talent, and treasures with Scott Maderer of Inspiredstewardship.com.
Scott confesses that in his relationship, he’s the one who has struggled with implementing a frugal lifestyle. Without structure, he’s the first to spend the money in his pocket. Despite that, he’s managed to get out of debt twice and has learned valuable lessons from his past challenges, namely that debt isn’t a math equation; it’s a behavior problem.
Scott’s trouble with debt caused extreme mental health problems, which is a common problem faced by those with significant debt. On a particularly bad evening, he discovered Dave Ramsey on the radio. He quickly learned that there were others in similar situations that had managed to get debt-free. This discovery led to paying over $70k in debt in under three years.
Finances and Mental Health Risks
Finances are a leading cause linked to suicide in men. This may have something to do with the traditional values of men in the provider role and the feelings of failure in relation to debt. If you ever find yourself having suicidal thoughts, reach out to your significant other, a counselor, a pastor or call the suicide hotline at 1-800-273-TALK (8255). Remember, what you make isn’t who you are.
The Pleasure of Walking Tall
Sean recalls an interesting passage from the book, The Pleasure of Walking Tall: “A man with savings can afford to resign from his job if is principles dictate, therefore, he will never do so.” The idea behind this is that the person with savings will be more comfortable putting themselves out there at work and taking chances to move forward.
Stewardship and Improving Personal Finances
“Stewardship” has links back to religious and faith-based practices. It also ties into improving one’s personal finances. This is because when people start talking about finances, questions about talents, careers, religious practices and church involvement, scheduling childcare, meal planning, and all aspects of the whole person. In a nutshell, stewardship of your time, talent, and treasures.
Stewardship is a concept that speaks of the idea that you aren’t the owner of your blessings, but rather the steward of them. They are given to you in the cards you are dealt, and it’s all about how you manage them. This approach is the basis of Scott’s business, which he believes is the key to success.
Frugal Tip of the Week
Visit Inspiredstewardship.com/2frugal to enjoy a tip series about stewardship through a five-lesson program, focusing on your time, talent or treasures.
Where Our Money Went
Kevin bought a ride-on lawn mower, which was a significant investment. Kevin’s lawn usually takes a couple hours to mow due to the size, so it’s a worthwhile expense. It even has a cupholder!
Sean’s money went toward pre-ordered barbeque from a local hotspot. It was expensive, but Sean has wanted to try some of it for a long time.
Show Links & Related Episodes
- Frugal Cashmates Community
- Dave Ramsey
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.