Show 72 - Abundance Money Mindset with Matt Kimbell Part 2
In this episode, I talk (again!) with Matt Kimbell about developing an abundance mindset as a teacher.
2/12/20252 min read
Teachers know all of the secrets to life, we teach them to our students, but we don’t always apply them outside of the classroom ourselves. One example of this is the “growth mindset” vs the “fixed mindset”. If we could apply this to our finances teachers would be much better off. And that is one of a few things I talked about with Matt in this part 2 episode on negative teacher mindsets that are hurting you financially. Check it out!
Show Notes
Interview with Dan Otter about the 403b
Use Fidelity for your brokerage account (affiliate link)
Recommended Books (Amazon Affiliate Links)
Quotes from Matt
Value: “You can have anything, but only if you value it.”
Vision: “If you don’t know what port you’re sailing towards, no wind is favorable.”
Wealth: “A rich man’s wealth is his walled city.”
Wealth: “Find a way to do more for others than anyone else does.”
Wealth: “If money is not first in your head, it will not stick to your hand.”
Wealth: “It’s not about how much money you make, but how much money you keep. Wealth is not measured in money, but time.”
Wealth: “Money is never yours. It’s simply your turn to hold it.”
Wealth: “Money is simply a tool. A tool is only as useful as its user.”
Wealth: “Poverty isn’t about having too little; it’s about wanting more.”
Wealth: “True wealth lies in the intangible powers of our thoughts.”
Wealth: “Wealth is about giving, not having.”
Wealth: “You can be right, or you can be rich.”
Wealth: “You must know the difference between fact and opinion.”
Wealth: “Just like Monopoly, when you have four green houses, you trade up to one red hotel. The same applies to stock.”
Wealth: “Bull markets make you rich. Bear markets make you wealthy.”
Wealth: “It doesn’t matter how expensive your watch is if it’s still telling you what time your lunch break is.”
Key Ideas
We address abundance vs scarcity mindset. How to view the world as a place of opportunity.
We talk about why it is good to want more money for your value.
We address the mentality that you don’t have to invest because you have a pension (hint: it isn’t enough!)
We finish by discussing the power of no longer trading time for money on a one to one scale, but growing it with passive income.
Bonus Tip
Here is a bonus tip I didn't get to in the episode.
The other side of the pension debate is to scoff at the pension for being so small. In fact, the pension is actually a powerful investment. Think of it this way, if you’re following the 4% rule, every $1,000 a month you get from your pension is equivalent to $250,000 invested! Not bad huh?