How to be less stressed about grownup money issues with author Jason Vitug [Encore]

 

Episode Description: Happy Money Happy Life author Jason Vitug shares specific ways we can take action to manage financially stressful situations in our life. The Certified Yoga Instructor and breath-work specialist shares his own struggles and how he used meditation and a holistic approach to heal from being a self-described 'financial mess'

Jason’s Bio:

Jason Vitug is a wellness advocate, bestselling author of You Only Live Once and upcoming book Happy Money Happy Life. He's an entrepreneur, producer, and founder ofthe financial wellness website phroogal.com

 
 

Links to resources mentioned in the episode!

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Full Transcript:

Bobbi Rebell:

Being a financial grownup is hard- That’s why we need to be focusing on financial wellness. According to PwC, the majority of employees said that financial worries had a negative impact on their overall health and wellbeing. Money stress is expensive for companies- workers are less productive, and more likely to leave a job. They also have higher healthcare costs when they are worried about finances. As if health care costs weren’t already sky high. Financial Wellness Strategies is here to help by providing engaging and yes, delightful workshops and educational programs for employees to better control their finances. Anyone can lecture and run numbers. We talk about real life money stuff.

Topics include 

-setting up the best grownup everyday money habits

-managing those social media temptations to splurge.

-strategies to shop for the best deals

-demystifying and really understanding financial lingo

-strategies to steer friends and family away from bad money decisions. 

-and how to know when you should ignore the math that says you “should’ do one thing with your money, and focus on your goals, even when it isn’t the best “financial decision”. 

Welcome to the Wellness for Financial Grownups podcast. I’m your host Bobbi Rebell- certified financial planner and author of Launching Financial Grownups: Live Your Richest Life by helping your (almost) adult kids become everyday money smart. I also run the education and consulting firm Financial Wellness Strategies. 

This week’s quote comes from one of my favorite money experts because he really shines a spotlight not just on learning about money but about why we have to be intentional and proactive when it comes to our finances. 

The quote is:

“When it comes to your finances, ignorance is not bliss. The less you know, the more you pay” 

And that is from Jason Vitug who is this week’s guest. We spoke back in January when his latest book Happy Money Happy Life was released. 

It's time for your company to invest in peace of mind with Financial Wellness Strategies. Get in touch at FinancialWellnessStrategies.com.
Jason Vitug:

As you know, a lot of my Instagram, I'm doing asanas. Breathe in wealth, breathe out debt. It's just a clever way of getting people to understand the tie between health and wealth.

Bobbi Rebell:

You're listening to Money Tips for Financial Grownups with me, certified financial planner, Bobbi Rebell, author of Launching Financial Grownups, because you know what? Grownup life is really hard, but together we got this.

We are continuing our focus on financial wellness with what is a very unique and pretty special interview on this podcast. Jason Vitug has come a long way. He was a rising star in his job in finance, earning a very nice living when he actually started to get physically sick, very sick.

Well, long story short, Jason ended up putting his life on pause, traveling the world, and writing about it, reclaiming his life with a totally new approach, which he's going to tell us about. But if you think Jason is an advocate for all of us quitting our jobs and traveling the world, no way. In fact, Jason is going to share the importance, for example, of what he calls occupational wellness and using a holistic approach to be targeted and specific in getting on track with our money as financial grownups, and no, as important as yoga and meditation are, they will not pay off your student loan, but they will put you in the right mindset to find a path to get to your financial goals. Jason joined me to chat about his new book, Happy Money, Happy Life, which as you're going to hear, I still did not have a copy of when we recorded this interview, but I can't wait for it to come out so I can learn even more from my friend. Here is Jason Vitug.

Jason Vitug, welcome to the podcast.

Jason Vitug:

Thank you so much, Bobbi. Excited to be here.

Bobbi Rebell:

I have been trying to have you on for quite some time. I did get you on for a summer watch series special episode, but you haven't come on to talk about your work, so I'm happy to have you here in celebration of your soon-to-be-released book, Happy Money, Happy Life. Congratulations. By the way, we have the same publisher that's a great publisher in Wiley. Tell us about the book, which let me just say, one small dig, I haven't gotten my copy yet, so I am waiting and excited to hear more about it.

Jason Vitug:

Yeah, you're basing this interview on our relationship and our friendship, so thank you so much. But I am excited to talk about Happy Money, Happy Life because it's a book that walks people through the eight dimensions of wellness. I think it's so essential and vital for people to understand that we're multifaceted, multidimensional, multilayered, and so if you think you are good with money, but you just haven't been able to level up and you're trying to figure out what is missing, it might be other aspects of your life. It might be your mental or emotional health. It might be your physical situation or your work environment. There are many aspects that affect how you manage money and affect your financial well-being. This is what the book is about and I'm excited to bring it out into the world.

As we mentioned, this is the first time I'm here at the show, and actually, this book, I dive deeper into my story. I talk about how I was a high-functioning financial mess and how I got myself to the point of financial success and realizing through the journey the importance of taking care of other aspects of my well-being. It really isn't just about financial milestones. It's about how am I feeling, how am I doing, how am I relating with others. I thought it's about time, and through all the stuff that we've been through, it is time to talk about this holistic approach to finances.

Bobbi Rebell:

Speaking of all that we have been through, I alluded to the fact that I've been trying to get you on this podcast, and you have turned me down many times. You were busy with other priorities during the pandemic. You're now a, I'm going to bungle the exact title, but I know that you are a certified yoga instructor, you're also a breathing specialist. Talk about how that relates to finding peace of mind when it comes to financial aspects of your life because there's a very direct connection that I think people don't always fully appreciate.

Jason Vitug:

Yeah, so finance is one of the key areas that stresses individuals out. It's actually the top number one stressor for most people and so it's important for us to understand there are tools and ways for us to deal with the financial stress that we're feeling at that moment. Yes, if creditors are calling you, if you have insurmountable debt, or any financial situations, you might not be able to resolve it right away, but you need techniques to cope with the stress because stress that's prolonged leads to mental health issues. That's one of the premise of the book as well.

For me, I dived deeper into my practice, and during the pandemic, I found myself going to yoga teacher certification online. I became a breathwork specialist. I started teaching meditation and incorporating these aspects of the things that help me heal into the financial conversation. As you know, a lot of my Instagram, I'm doing asanas. Breathe in wealth, breathe out debt. It's just a clever way of getting people to understand the tie between health and wealth. At the end of the day, we know that our wealth can help us gain access to resources and tools, but also, there are some aspects of money that can affect our health outcomes. That has to do with our habits, our behaviors, and so that's where the yoga, that's where the breathwork, that's where the meditation aspect is essential and vital in improving the overall quality of our life.

Bobbi Rebell:

Some of our listeners might think, "Well, I don't have financial distress. I have enough money. My career is going gangbusters. I'm earning more money than ever before and yet I have so much stress." You actually can relate to that because you had a career earlier in your life that was quite lucrative and yet you had very specific health issues that, in fact, were not so easily solvable by conventional medicine. You had to actually take a look at what's going on and that had to do with approaching your total life in a very different way. People can have these issues even if they don't think they have money problems, per se.

Jason Vitug:

Yeah, I think many of your listeners are high-functioning, high achievers, and they're looking at, "Okay, well, I'm good," as you mentioned, "I'm good with money. I'm on track to retire." But there's always this nagging question, "Am I doing everything I want to do in life?" Or something is missing.

I tend to ask people, when you're laying in bed, "No, what's keeping you up at night?" If it's not finances and if it's not the kids, if it's not X, Y and Z, chances are there's another aspect of your well-being that's not being addressed. For me, I mean, I climbed up the corporate ladder, I made the six figures, I drove the nice cars, I lived in Palo Alto, I did all these really amazing things, and then realizing, "Wait a minute, something is missing." But I wasn't quite sure, because when you are in this cycle, when you are on the traditional path that we grow up in, and that we're told to follow, it's very difficult for us to find another way or an alternative, and so for me, I need to take a step back. I need to find a different course of action.

Realizing that when I developed vertigo, I had bloodshot eyes for two weeks, so you couldn't stare at my eyes without crying because my eyes were bloodshot, my mental gymnastics to deal with other aspects of my wellness finally took a toll and was manifesting itself physically. When things start manifesting physically, it's very difficult to ignore them, and so me making a different course, having the financial means, I decided to backpack around the world, find myself, but also realizing that work is vital to our wellness, so you can't not just stop working. I think it's important for people to understand that. That's one of the dimensions of wellness. It is occupational well-being and so it's a matter of getting our finances right in order for us to reclaim back our time. That gives us the opportunity and the ability to find more meaningful work.

Bobbi Rebell:

One of those things, I mean, you're not going to go do yoga and learn proper breathing technique and have your money situation fixed, you have to actually go in and assess your situation and come up with different plans, different approaches to actually get on a path to financial wellness. It's not just about, "Do some yoga and things are going to be all okay."

Jason Vitug:

Well, that's the thing. Yoga, meditation, breathwork, those are all coping techniques that help you right then and there because it brings you back into your body, and also, it works with your nervous system, so when you're thinking about financial stress or any other type of stress, it is working your nervous system. That's why you're shaking, that's why you're sweating. That's why you're unable to think and process any information, and so when you do these type of activities, it brings you back to the present moment and allows you to regulate your physical body, so this way, you can reassess your financial situation with a clearer mind, so you're not in that flight-or-fight mode, you're now in thinking mode, and you're able to assess it clearer and you're going to be able to find the path.

These are, again, just coping techniques, and you don't certainly have to be fit because I get people that say, "Okay, well, I'm not fit. I can't do yoga, I'm not flexible. I can't sit and do meditation because my mind is running rampant, and I breathe, so why do I need to do breathwork?" Part of this again, too, these are all just mindful practices and you do what you can do. Again, if you're feeling stressed in whatever aspect of your life, these are coping techniques that help you find the calm in order to address that financial storm that you're trying to avoid or that you see in the future. I think that is vital.

Bobbi Rebell:

One of the common things that people come up to me, especially, I've been talking a lot about my most recent book, Launching Financial Grownups, is they feel like, "If I only had $10,000 more, I could get the car I want. If I only had a budget of $30,000 more, I could get the house that I want. If I only was going to be able to reach the magic retirement number that people say." "What's your number?" is always a popular conversation when you're out with friends, at least maybe when we were younger. Maybe we're toning it down a little bit more recently. What's your advice to people like that, that always, no matter where they are, they always feel like if they only had that next raise, they would no longer be stressed about money? Does that really ever fix it?

Jason Vitug:

It does not. I want people to understand arrival fallacy, the belief that once we arrive at the specific financial milestone, it's going to solve all our problems. When you understand arrival fallacy, that it is just a mental way of us believing that happiness and joy, satisfaction, it's going to happen when we achieve that income goal, or that financial milestone, or buying that house. Certainly, you might feel a boost in your feelings, but that's not long-lasting. Then you're going to try to find a different milestone, or a different goal to achieve, and then eventually, you're going to catch yourself in the rat race, and it's going to be never-ending, and so I want people to understand that there is such a thing, a psychological term such as arrival fallacy.

It's important to be more mindful about the journey, 'cause at the end of the day, you are as happy because of the journey, I mean, the ups and downs, the twists and turns, the barriers that you face, and so whenever you are looking back, you're not really looking at the prize, or what you've achieved, you're looking at all the work that you've gone through, you've done in order to achieve those goals. I think that is so important. Again, being more mindful, being more present allows you to experience the journey and enjoy it. Again, it's going to be ups and downs or a lot of bad parts of it, but again, too, you take it in stride because it's just part of the journey to arrive at one milestone that leads you to the next.

Bobbi Rebell:

Before I let you go, I want to ask you for three key lessons, three money tips, if you will, for 2023 that will get people started, not just the coping things, we've talked about that, but three specific things they can do with respect to their money that will make a key difference for the year and beyond.

Jason Vitug:

It's really shifting mindset beliefs. One thing I want people to understand, that money can buy happiness when you spend it on wellness. This isn't spending it on just a massage, or a facial, or a candle. This is spending it on things that have long-lasting benefits. I am challenging people to understand that you can utilize money to buy things that can promote your ability to choose happiness. If you're buying back your time, you can then spend that with your family. If you're buying back your time, you can then spend that on finding more meaningful work, et cetera. I want people to understand that. I think that's one kind of idea and philosophy that I have that I wish people incorporate in 2023 and beyond.

The other piece that I want people to understand is that social health is vital. I think we've all learned this through the pandemic and the quarantine and more and more research is seeing how that's affecting our mental health and affecting our financial wellness. For me, it's okay to spend money on friends. It's okay to spend money on gifts. It's okay to spend money on dinners and movies when you are socializing with family and friends and colleagues. I know that's like a no-no in a lot of personal finance worlds, but yes, because we are investing our resources in order for us to get back this social equity, the social wealth that's been missing.

The other piece, I'm more on that mindful philosophical aspect of it, but you are not your work. Yes, that's another aspect of it. Work is a means for us to gain income and revenue if it's a business, but understand there are all these other aspect of you, and I think we put so much emphasis on the career that we have, on the job title, and then the associated benefits of salary and income that we forget what truly makes us is a much more holistic approach. Those are the three money/financial-related things, all focus on mindset because I think that is what's going to shift people from living in fear into living in abundance.

Bobbi Rebell:

Perfect. Thank you so much. Now, I know the book will be available everywhere, Happy Money, Happy Life by Jason Vitug, so everyone, pick it up. You're going on tour. I think this is going to be your third tour. The first two were pretty epic. What's going on now?

Jason Vitug:

Yes, this is my third and final tour. It's the only time that my body can still be in a vehicle. I am visiting all 50 states, holding events at independent bookstores. I think it's essential for us to support local economies and bookstores and coffee shops are the place where people socialize and I think working with independent booksellers is the way to go, so I am doing that, and it's going to be the first-ever attempt to visit all 50 states in one year. You can follow me at frugal.com/happy, and on social media, I'm active on Instagram @JasonVitug and on Twitter @JasonVitug. That's where you can find information about the tour. You can engage and have conversations, and I hope to see you in person so we can shake hands, we can hug, we can converse.

Bobbi Rebell:

Well, I look forward to seeing you in New York City. Thanks, Jason.

Jason Vitug:

Thank you.

Bobbi Rebell:

We all want to live our best financial grownup lives and one way to do that is to know that the people we care about are also in a good place when it comes to their money. That might mean our kids, our grandkids and yes- even our friends. But how. Its’ awkward. You see them struggling- pretending to know more than they do- or making bad money decisions but don’t know what to say- and even if you say something supportive- then what? That’s why I wrote Launching Financial Grownups. In Launching Financial Grownups I share the tools and strategies so you know what to say to take the pressure off and give those you love the confidence they need. It's about giving those we care about the right amount of help, at the right time- so they can not only learn what they need to know about being financial grownups- but also be confident they can do it- and that you will be there to cheer them on. Pick up a copy of Launching Financial Grownups - I promise you will be so happy you did.

Hard to pick a favorite line but I do love how towards the end of the interview Jason gave us permission to spend on getting back what he calls Social Wealth that we need to get back. 

Looking for more ways to feel better about- and be better with your money? Get free money tips by signing up for my newsletter at substack.bobbirebell.com. I do this podcast and the newsletter for free and it would mean the world to me if you would help me get the word out. It just takes a few minutes of your time. Take a screenshot of the podcast and post on social and tag me- bobbirebell1 on instagram- or just tell your friends to listen.

Thanks to Jason Vitug for helping us all be financial grownups and invest in peace of mind.

Wellness for Financial Grownups is a production of BRK Media. Editing and production by Steve Stewart, guest coordination, social media support, and show notes by Alliee Borbon. Artwork by Chelsea Perez. You can find the podcast show notes, which include links to resources mentioned in the show, as well as show transcripts by going to my website, bobbirebell.com. 

To get even more out of this podcast, make sure you are also on our newsletter list to get more free content to live your best financial lives. There is a link in the show notes but you can also sign up at bobbirebell.com or at financialwellnessstrategies.com. And be a friend- share the podcast with your friends by taking a screenshot and sharing it on social media. Make sure to tag me on instagram at bobbirebell1. And while your there- follow me- and if you DM me that you listen to the podcast I will follow you back. You can also leave a review on Apple Podcasts. Reading each one means the world to me. You can also support our merch shop, grownupgear.com by picking up fun gifts for your grownup friends and treating yourself as well. And finally my grownup friends, don’t forget to invest in peace of mind. Thanks everyone. 

 

 
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