– Hey you guys it’s Dana and it’s Tuesday so we’re going to talk about money. And today I wanted to talk
about the Ben Franklin technique and how you can
use it to get out of debt. (cash register opening) So Ben Franklin, he is one
of the founding fathers of the United States, he was a printer, also signed the Constitution, signed the Declaration of Independence and I am from Philadelphia
so we have been to see Ben Franklin’s grave. Lots of Ben Franklin stuff
here in the Philadelphia area. And one of my husband’s greatest heroes, he loves Ben Franklin. So if you read Ben
Franklin’s autobiography he has these 13 virtues of what he used to build his character. As well as a daily schedule
that he used every single day. So if we look at his daily
schedule and also the virtues that he had then we can
sort of learn from that as far as how to pay off our debt as well as to build character. So Ben Franklin’s pretty
famous for his quote of a penny saved is a penny
earned, I think actually it was something else, not worded that way but that’s how it’s become
adapted to make sense to modern times and Ben
Franklin also has said a lot of things about
debt and how having debt is not a good thing. One of those quotes which
is one of my favorites is to “Rather go to bed without
dinner than to rise in debt.” So obviously Ben Franklin
was not a fan of debt and I’m not either. In 1726, when Ben Franklin
was 20, he came up with these 13 virtues. So the first one is temperance, silence, order, resolution
and then fifth one, which is my favorite, frugality. Frugality, right? Being frugal with your money means that you don’t buy
anything that isn’t necessary, you don’t want to waste things. Ben Franklin was very frugal. Make no expense but to do
good to others or yourself, waste nothing. So Ben Franklin said to waste nothing. So being frugal will
help you to build wealth and to get out of debt. Because the more money you can save the more money you can put
towards paying off your debt. Industry, I like this one. Lose no time, be always
employed in something useful. Cut off all unnecessary actions. So I believe that if Ben
Franklin was alive today he would think that spending
five hours a day watching TV is probably not the best
investment of your time and Ben Franklin definitely worked. He was a worker, he got
a lot of things done. So the more you work then the more money you’re gonna make and
again the faster you can pay off your debt ’cause
you have more money to throw towards it. So going to work is the best
thing to do when you’re broke. Alright so I really wanna look
at Ben Franklin’s schedule. So he had a schedule that
he said that if you stuck to this daily schedule
that it would help you be more productive. And you can see that Ben
Franklin woke up at 5:00 am every morning and he
had a morning question that he would ask himself every day. And the morning question was, what good shall I do this day? Having a daily plan is so important, it kinda helps you organize your day. Rise, wash and address powerful goodness. So powerful goodness I believe
was God but you can also do this as a meditation
period in the morning. Powerful goodness, also to
me, I believe in affirmations so a daily affirmation to sort of help you to rewrite your truths. So if you have a bad internal script, I’ve talked about before
about talking about how I’m fit, frugal and free
and so a daily affirmation can be in many different forms. You can be talking financially
or you can be talking about maybe your love life, you can be talking about your health. But if you have a bad internal script, things you say to yourself,
then doing a daily affirmation of I am beautiful, say, or I am wealthy, or I am frugal, it can
really help even if you don’t believe it, kind of
fake it ’til you make it. These daily affirmations
can really help you to sort of rewrite your internal monologue which will, in turn, impact your reality. So I think daily affirmations
are really important. So this morning time to
pray, meditate, reflect, do a daily affirmation, I
think is really important to help get you centered, get
your day started off right. I did read a book recently
about this one guy who was talking about how
every day it’s important to just make your bed because
then you’re starting out immediately in the morning with a win, with a success with getting
something accomplished. So he was in the military
and he talked about how every single morning it’s
so important just to make your bed and get your
day started off right. He said the whole day
you can say, you know, you started off with a win,
with an accomplishment. So same kind of thing. So I really like this and
I think it can help you get out of debt because you
are trying to work hard, earn money, reach a goal. So in the morning when you’re waking up if you’re talking about what
good will come of this day you’re kind of talking about, you know, you’re working hard towards
paying off your debt and you’re not going to spend frivolously, you’re not going to spend
outside your budget. Maybe you’re going to look at your budget, you’re gonna, you know, build
a budget if you haven’t yet and support and reflect on that
in the beginning of the day and just start off with
those positive affirmations just so you sort of
know where you’re going every single day and why
maybe you’re going to work. Why it’s so important to get
up early and go to that job that you maybe don’t feel like going to. Next on the schedule which is to read or overlook my accounts. So I believe at this point
this is when Ben Franklin looked at his budget, looked
at his household expenses, looked at his accounts, right? So every single day it’s so important to look at your budget even
if it’s just for five minutes. Look at your Every Dollar
app, your spreadsheet, your notepad, whatever it is,
look at your bank accounts, make sure that everything
is as it should be. Every day think about it,
look at it, focus on it. Because what you focus on
expands, what you focus on is what’s going to happen so
if you don’t think about it every single day at least
for a small amount of time then it’s going to slip
away and become unimportant in your life so you want to make sure you’re keeping it important and keeping it at the forefront of your mind. It doesn’t have to be everything
but for a short period of time until you get out
of debt it is something that you have to focus
on which means every day you have to be thinking
about it, looking at it for at least a little bit of time. Then at the end of the
day Ben Franklin would put things in their place,
which is just preparing for the next day, so be more organized. That way if you have
everything put away neat, if you don’t, this is where
I think you check your mail, locate your bills, open
your bills from the mail, don’t just toss them in the corner. You wanna organize it,
put it in its proper place so that you’ll be able to
address it the next day, perhaps. But if you have a certain
location, a file folder, maybe you have some kind
of in bin, maybe you have something in your purse
or briefcase, a clip, somewhere to stick that bill
so that you can, you know, have it exactly where you need it to be when you’re ready to go and
do your bills, pay your bills, think about your bills. So you want to organize that and put it in it’s proper place. And then examination,
examination of the day. Examination of the day, you reflect back on what you’ve done, maybe what you bought that you shouldn’t have bought,
maybe what you did well, you worked really hard. Maybe you did good at
not buying something, you were able to distract
yourself from stopping at some kind of convenience
store because you were tired. So it’s time to reflect on
the day what you did good, what you could improve upon. So I think that’s important
every single day as well. So if you’re gonna start a new habit you have to anchor the habit. So you might need some kind
of trigger to help you. It takes 21 days or something
to develop a new habit so if you’re new to budgeting,
you’re new to the sort of get out of debt plan, then
it’s good to have a trigger. Maybe you want to print up a schedule, maybe you want to put some
kind of alarm on your phone, something to help you to
remember to do some of these things to help you to look at your budget, to anchor that habit. And in time it will become
a habit and then you don’t have to think about it as
much because your just used to living frugally. Living frugally doesn’t mean
that you don’t have any money or that you don’t enjoy
your life or spend money, it just means you’re not
wasteful with your money. You think about it and
when you are spending money you’re doing so with purpose. You know what you’re
spending your money on and you have the money
to do so and you’re just, it’s everything is just
more, you have a plan. You have a plan so living
frugally in my mind is a really good thing and building wealth is a good thing ’cause
then you have less stress in your life and you can
leave some kind of legacy to your children, you have more choices. If you decide that you want
to be a stay at home mom you can be a stay at
home mom because you have everything set up so
that way it’s possible. Overall it’s just a
wonderful thing to be frugal and build wealth and to get out of debt. ‘Cause when you have debt
then things are risky. You have a lot of risk in
your life ’cause what if you lose a job or what if
you have some kind of really big medical emergency
and you end up with these huge medical bills and
you also have, you know, debt and then you have to pay
off your, you’re paying debt payments plus you have to
pay something over here. It just increases the risk in your life and your peace of mind
so not having any debt and having actual money in your account, so if you don’t have debt
payments then all of that income you’re making you can put
in your savings account or you can invest it. And so just not having debt
payments is a really big deal. So get that out of your
life as fast as you can and if it’s gonna take some
time just start working on it every day, every day, every
day, every day, right? So my personal trainer
fitness guy that I listen to on Apptive, he says it
doesn’t happen in a day, it happens daily and I
think that’s the best thing, that’s the best thing to
remind yourself every day is it doesn’t happen in
a day, it happens daily with your habits and
also with your schedule. Like I said, what you put
into place every single day and that’s a huge deal. Okay, alright, so if
it’s your first time here be sure to subscribe, I am
here every single Tuesday talking all about money
and I will talk to you guys in the next video. Bye guys.