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Joel Larsgaard & Matt Altmix05 April 2024

Joel Larsgaard & Matt Altmix: Our Top Personal Finance Hacks for Millennials

8Frameworks
10Insights

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Frameworks in this episode

Finance3 steps

Money as a Tool

Stop chasing money as the goal; use it as an instrument for the life you actually want.

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Finance3 steps

Pay Yourself First Through Automation

Automate the transfer to future you and split every raise so laziness works in your favor.

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Finance3 steps

Rent and Invest the Difference

Buying a home isn't the best way to build wealth — renting and investing the gap often wins.

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Finance3 steps

The 48-Hour Rule

Park every want for two days; most of the urge evaporates before Saturday.

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Finance3 steps

The Budget as a Money Diary

A budget isn't a cage — it's a journal that lets you spend on purpose instead of by accident.

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Mindset3 steps

The Future You Technique

Put a face-aged photo of yourself on the fridge so you stop stealing from the person you'll become.

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Finance3 steps

The Hours-of-Work Reframe

Price purchases in hours of your life, not dollars, and the trade-off gets visceral.

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Finance3 steps

The Money 'Why' (Craft Beer Equivalent)

Anchor every financial decision to a personal reason, or the first speed bump will derail you.

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Insights & moments

The myth-busts, hot takes, explainers, and tools worth keeping.

Myth Buster· 2

Myth Buster00:30

We Don't Want Things — We Want to Be Wanted

Much of what we desire comes not from within, but from mimicking others — a concept called mimetic desire. Buying things because others have them leads to unfulfilling spending. True financial freedom comes from defining your own values, not following the crowd.

  • Mimetic desire means we want things because we see others wanting them.
  • This leads to 'keeping up with the Joneses' spending habits.
  • Spending based on others' choices distracts from personal goals.
  • Awareness of this tendency helps break impulsive spending cycles.

“So much of what we desire is based on what we see other people doing.”

Joel Larsgaard · 00:30
#consumer-behavior#mindset#spending-traps
Myth Buster74:00

Owning a Home Isn't the Best Wealth Builder

Homeownership is often romanticized as the ultimate financial move, but it's not always the best investment. Renting and investing the difference can often grow wealth faster, especially for those who move frequently or value flexibility.

  • Homeownership is not inherently the best way to build wealth.
  • High transaction costs make short-term ownership costly.
  • Renters can come out ahead by investing the savings.
  • Owning makes sense for stability, not just financial gain.

“Buying a home is not the best way to grow wealth. You do it for other reasons.”

Matt Altmix · 74:30
#real-estate#homeownership#financial-myths

Hot Take· 1

Hot Take81:30

Marrying the Right Person Is the #1 Life Hack

A guest once claimed that marrying the right person is the top life hack — and the co-hosts agree. A supportive, aligned partner amplifies financial and personal success, making this one of the most impactful decisions you can make.

  • A strong relationship multiplies your potential.
  • Shared values prevent money conflicts.
  • Emotional and financial support accelerates goals.
  • It’s not about finding the perfect person — it’s about becoming one.

“The number one life hack is marrying the right person or finding the right life partner.”

Matt Altmix · 81:30
#relationships#life-hacks#personal-growth

Explainer· 2

Explainer00:00

Why Money Is a Tool, Not the Goal

Money should be viewed as a tool to help achieve life goals, not as the end goal itself. When money becomes the objective, it creates an endless treadmill of wanting more without fulfillment. Reframing money as a means to a purpose leads to greater satisfaction and intentionality.

  • Money is not the goal — it's a tool to achieve what you care about.
  • Chasing money as an end leads to never feeling satisfied.
  • Reframing money helps you align spending with values.
  • Putting money in its proper place enables intentional living.

“Money is a tool and I think for so many people feel like money is the goal and if money is the goal you're never…”

Joel Larsgaard · 00:00
#mindset#personal-finance#money-psychology
Explainer03:30

Budgeting Is Like a Diary for Your Money

A budget isn't a restriction — it's a way to spend intentionally. It’s like a diary for your money, helping you track where it goes and align spending with your values. Without one, most people accidentally spend on things they don’t truly care about.

  • A budget helps you spend on purpose, not by default.
  • It’s like a diary — a record of your financial life.
  • Most people don’t know where their money actually goes.
  • Mindful budgeting prevents accidental spending on low-value items.

“The ability to decide where you're going to spend your money on purpose as opposed to you accidentally spending your money — I think that's…”

Matt Altmix · 03:30
#budgeting#intentional-spending#financial-awareness

Tool· 2

Tool47:30

Use the 48-Hour Rule to Stop Impulse Spending

Before buying something on impulse, wait 48 hours. This simple pause disrupts emotional spending and lets you reassess whether you truly want or need the item.

  • Wait two days before making non-essential purchases.
  • Many impulse desires fade after the initial excitement.
  • This builds discipline without eliminating treats.
  • It’s a practical way to align spending with values.

“Put it in there and then say I'm gonna go back every Saturday morning... I guarantee you a lot of those things you won't want…”

Matt Altmix · 47:30
#spending-hacks#self-control#mindful-spending
Tool44:00

See Your Future Self to Save More

Using face-aging apps to visualize your older self can strengthen emotional connection to future you. This makes saving feel more urgent and personal, reducing present-day impulsivity.

  • Visualizing older self increases empathy for future you.
  • Helps overcome the psychological distance from retirement.
  • Makes saving feel like protecting a real person.
  • Especially effective for visual learners.

“When you have a tangible image of yourself as an 80-year-old... it can be an incredible tool to help you see that this isn't for…”

Matt Altmix · 44:30
#retirement#behavioral-finance#long-term-thinking

Takeaway· 3

Takeaway31:30

Your 'Why' Behind Money Matters Most

Without a clear reason for saving and spending, financial discipline crumbles. Knowing your 'why' — what money is helping you achieve — sustains motivation through challenges and prevents aimless accumulation.

  • A strong 'why' keeps you motivated during financial setbacks.
  • It helps you avoid mimetic desire and social comparison.
  • Your 'why' should reflect personal values, not societal expectations.
  • Without it, you risk arriving at wealth with no fulfillment.

“If we're only looking at the nuts and bolts of personal finance... we're going to create a bunch of practitioners who know the right things…”

Joel Larsgaard · 31:30
#purpose#financial-motivation#values
Takeaway70:30

You Need 3–6 Months of Expenses Saved

While $1,000 isn't enough for most emergencies, economists suggest a minimum of $2,467. For true security, aim for 3–6 months of living expenses — more if you're self-employed or in a volatile industry.

  • 69% of millennials have less than $1,000 saved — not enough.
  • Minimum emergency fund should cover 3–6 months of expenses.
  • Single-income or entrepreneurial households need more.
  • Peace of mind is worth the effort to build it.

“Having a solid 3 to six months set aside is what we advocate for.”

Matt Altmix · 71:00
#emergency-fund#financial-security#savings
Takeaway79:30

Investing in Yourself Beats the Stock Market

While market returns average 10%, investing in your skills, education, or business can yield far higher returns. Human capital often outperforms financial capital — especially in the long run.

  • Your earning potential is your greatest asset.
  • Education and skill-building increase lifetime income.
  • Spending on growth isn't frivolous — it's strategic.
  • More income means more to save and invest later.

“Don't see it as a detraction from your investments growing — it's actually the best thing you can do.”

Matt Altmix · 80:00
#personal-development#investing#career-growth