Power Lunch Series: Magic Formula; Expense Reduction Ideas | Julio Lara | Skillshare

Power Lunch Series: Magic Formula; Expense Reduction Ideas

Julio Lara, Simple Steps to a Solid Foundation

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7 Lessons (14m)
    • 1. PL: Expense Reduction Intro

      1:50
    • 2. PL: Expense Reduction - Transportation

      2:24
    • 3. PL: Expense Reduction - Debt

      2:30
    • 4. PL: Expense Reduction - Energy

      1:58
    • 5. PL: Expense Reduction Expenses

      2:19
    • 6. PL: Expense Reduction - Food

      2:17
    • 7. Thank You

      0:40

About This Class

Welcome to the Power Lunch Series

My goal with the power lunch series is to give you short powerful classes that you can digest during a normal lunch break.

The classes should all be under 30 min and ideally most will be around 10-15 mins to ensure that you get the main concept and can still enjoy a lunch if you are truly using your lunch for the class.

This is the 4th class in the series, and is titled; Magic Formula; Expense Reduction Ideas. This class briefly covers one aspect of the “Magic Formula” and how to help you increase net profit.

The goal of the class is to help you understand the most basic form of your personal finance. I aim at showing you the simplest method for you to reach financial success.

By reducing your expenses, even if your income stays the same you will have a higher net profit or more cash flow to use to pay down debt, help fund your emergency fund or even invest.

This class will go over some ideas for reducing expenses but there are endless possibilities. It is really up to you to find which possibility works best for you… My goal is just to give you a quick glimpse at some options and to get you thinking about ways for you to incorporate them in your daily life.

Remember each financial situation is different and what works for me might not work for you but if you have the foundation and the strategy in place you can find a method that would work for your particular situation.

If interested enroll now and let’s jump in…..

Transcripts

1. PL: Expense Reduction Intro: Hello and welcome to the power line. Siri's My goal with a power line, Siri's is to give you short, powerful classes that you can digest during a normal lunch hour. The classes should all be under 30 minutes on. Ideally, most will be around 10 to 15 minutes to ensure that you get the main concept and can still enjoy lunch if you're truly using a lunch break for the class thistles, the fourth class in the Siri's and it's titled Magic Formula. Expense Reduction Ideas This'll Class briefly covers one aspect of the magic for me and how to help you increase your net profit the goal of the classes to help you understand the most basic form of your personal finance and to a much showing you the simplest method for you to reach your financial success. Reducing your expenses. Even if your income states the same, you'll have a higher net profit or more cash flow for used to pay down your debt, help fund your emergency fund or even invest. This class will go over some ideas for reducing expenses, but their endless possibilities. It is really a continued to find out which possibility were Express, for my goal is just to give you quick lens at some options and to get you thinking about ways for you to incorporate them in your daily life. Remember, each financial situation is different and well worth for me. My not necessarily work for you. But if you have the foundation and the strategy in place, you can find a method that truly works for you and for your particular situation. So if you're interested in this class, enroll now and let's jump in. 2. PL: Expense Reduction - Transportation: since we mentioned a magic formula. Let's discuss what the magic formula actually is, and the magic formula is pretty simple. It's not really mad. It's your income. Minus your expenses equals your net profit again. Income minus expenses equals net profit, so the goal is to increase your net profit. So in this class, we're going to focus on reducing your expense to increase your net profit. On this first sections will focus on transportation. How to save money and transportation. How to reduce the cost of transportation. I mean cars, a really expensive between car payments, interest insurance, gas maintenance and other costs. Triple A estimates that the price of owning a car could be over $8600 a year, and that does not even include parking. So let's look a transportation. If you have access to public transportation, you can see quite a bit of money on gas, parking and maintenance. Over time, each time you're able to leave the car behind you be saving money, and that is just the money you'll save from gas and maintains you say far more if you're able to actually get rid of your car completely. Right share services like Zipcar and Uber make it easier for you to be living car free. Sell a vehicle. If the vehicle you own is rarely used, consider selling it. If nothing else, you save money on insurance. If you're able to get market price for your vehicle, you could also use the proceeds for your saving account or to pay down there or to even invest. If you have an opportunity to share right to and from work with someone else, you can reduce your IQ, wear and tear on your car, save on gas and take advantage of carpooling Lee. That might make it easier for you to even get to work. Keep your tires inflated once a month, stop by a local gas station that offers free air and check the impression on your car tires . If they're not inflated to the optimal PS, I feel each one to the maximum recommended amount as stated in your manual. Every two PS I off air you're able to add to your tires can improve your dad's mileage. My 1% 3. PL: Expense Reduction - Debt: Now let's look at another area that you could actually saver, which is saving under any time you can reduce how much money you owe. It would help you lower your ongoing monthly expenses. So paying off that means less monthly bills to pay, leaving you with more money to save. So here's a few ways for you to cut down on some of the dead and save some money overdone. Refinance your home and or your auto. If you think you might be eligible to refinance your home, I don't lower rate. Contact some lending institutions and inquire. Even if you're underwater on your mortgage, you may still be able to refinance, Lacking and at a lower interest rate can not only save you money over the life of the long , but it can lower your monthly payment and increase your monthly cash. See if consolidating my work for you. If you have a lot of student loans, high interest, you might be able to consult them into one. If you have a lot of credit cards with high interest, he may be able to do a balance transfer and combine them into one. Usually the balance transfer companies would offer perks such as 0% a p R for up to 18 months. If that is the case, take advantage of that 0% and try to pay down that as much as possible. If you have a large balance on your credit card, call up your credit company and see request a rate reduction. If you pay your bill on time every month, they may be willing to negotiate with you. If they don't then try to see if you could get that 0% transfer that we talked about. The key here is stopped buying on credit, at least into your financial situation. It's healthy. Think about automatic debt repayment plans. Many installment plans, particularly those associated with student loans, offer an interest rate reduction. If you sign up for the automatic monthly billing, you should never pass these up. Not only do they save you money every month, they're also very convenient. And ensure that you won't miss a payment or incur late fees. Sell unused items, go through your class it or addict, and look for items you no longer use that may have some value toe, then sell them on eBay or Craigslist or Amazon or any platform that you might use. You can then use the money to bring down, pay your death and even start your savings plan. 4. PL: Expense Reduction - Energy: an honest look at ways to reduce or cut down on our energy bills. The average house spends about $2200 a year. The good news is that there is Willie's for you to actually improve your energy efficiency and lower that figure. So let's look at some of and stall CFL or led light bulbs. If you've never updated the libels in your home, consider switching to either a CFL or better yet, an led light bulb. Thes bulbs are about four times more efficient than incandescent balls, and they last many, many more years installed A programmable thermostat. A programmable thermostat allows you to automatically change the heating and the cooling off your home when you're not home when you're sleeping and so on, so that will save you significantly on your heating and cooling bills. Unplugged all the news Electrical devices. Most electronic devices constantly draw a small amount of electricity that can add up quickly. When you consider just how many devices and small appliances you own toe. Eliminate that usage, unplug any item or power strip use infrequently. Consider using powers, trips and power timers to turn electrical devices on and off a power strip with this switch on it. When turned off blocks, the extra charges on those devices timer can automatically turn off the charge. Go into a power strip air seal. Your home air seen in your home can prevent draft, which is a common efficiency problem in the old home. The most off cold pool dear in this summer and the loss of warm air in the winter can both increase your utility bills substantially. 5. PL: Expense Reduction Expenses: many times we overlook regular expenditures that slowly eat away at our financial foundation month in and month out. So here's some things to consider. Now you may be overlooking right now. Look at expenses such as gym membership, your membership with the local country club and someone. How often do you really use these services? If you use in a gym membership less than once a week or a country club membership less than once a month, you're likely thrown away your money. Try canceling any memberships and see if you really missed reduce or eliminate your capable . Most people could find a cheaper way to gain access to your favorite shows. If you try really hard, perhaps you could down grain from a premium toe a basic cable. Or maybe you could eliminate it altogether. Cutting cable and watching less television can not only cut down in your bill, but it also reduce your electricity, which is a potential double saving look for inexpensive entertainment options. Do you take advantage of your local library? Do you attend local community events like music festivals and art fairs? Are you aware of local volunteer groups and organizations of such? If you like life sports. Maybe your local middle school high school or some colleges offer sports for free, even at very little cost. Find new ways to reduce travel expenses to save us much money as possible. Cut down the amount of travel that you do that it's unnecessary and use travel credit cards if you haven't, and if they make sense for you, for you to get free. Hotel stays for free hair fair. Do not get into more debt just for entertainment travel. Consider reducing eliminating other regular paid services. Look at the services that you pay each month on determining money you're spending on them is really worth it. If not just dropped the service and look for other options that might accomplish the same thing for less. Have you examine your subscriptions lately? 6. PL: Expense Reduction - Food: what is one of the most common problem areas in an average budget. We either eat too much, spent too much on groceries, for we eat out so often that it costs our budgets. So here are some ways for us to save money on food. Cook and prepare your own meals. When you cook at home, make a lot of whatever you're preparing, so you can free some of it for future meals and even better, take some leftovers in tow. Work for lunch. Some people may shy away from leftovers, but there's many secrets to making any leftover as good. Has your vision reduce or eliminate feeding out or getting take out? Take out a nine ng outcome. Be a very nice luxury than a huge timesaver for busy family, but the expense can be tremendous. Instead, look at other options to make dinner at home or convenient. For example, prepare lots of meals at once and freeze um, for easy cooking. Later, meanwhile, focused mostly on simple recipes by non perishable items in bulk and use Cuba, many people never even bothered to look at some of the larger packages for nonperishable items. They think it's just too much. Try looking at the cost per unit off all of the sizes and choose the one that's the best deal. Check for coupons and coupon codes for items you could go through, and there you often use started. Garden Vegetable garden is a splendid hobby that can often turn a profit. If done correctly, focus on vegetable. Start easy to grow and produce abundant fruit like tomatoes and learn how to can them and store the excess. Buy generic whenever possible. Many products, not just food, are always in a store brand or generic form for significantly last money. So look carefully at the ingredients in the generic and the name brand and compared to see how similar they are, if they're very close, go with the generic and try it at least ones and see if it helps you. 7. Thank You: I would like to share a quick reminder again. Thank you very much for your time and effort. Please don't forget to look into and complete the project. If you have time, class has been official to you and could be beneficial to someone else. Please share it. Feel free to ask any questions or adding discussions or anything that you think will benefit the class or anyone taking the class in our discussion section. And once again, Thank you. Thank you. Thank you.