Rich Habits Podcast - Episode 117: Financial Freedom by Fall — This Summer’s Rich Habits
Release Date: May 12, 2025
Hosts Austin Hankwitz and Robert Croak delve into actionable strategies to achieve financial freedom by the fall by adopting five key summer habits. Balancing Robert's extensive business experience with Austin's fresh entrepreneurial perspective, this episode offers a comprehensive blueprint for listeners aiming to strengthen their financial standing.
1. Introduction to the Episode
Austin and Robert kick off the episode by emphasizing the importance of adopting "rich habits" during the summer months to set the stage for financial success in the upcoming seasons. They highlight that while wealth isn't built in a single summer, mastering specific habits over a few months can create a foundation for long-term prosperity.
2. Five Summer Rich Habits for Financial Freedom
a. Track Your Summer Spending
Robert Croak [03:12]:
"Every time you attend one of these events, no matter how small it might be, you need to track how much money you spend."
Summer often brings spontaneous events—festivals, barbecues, beach trips—that can strain budgets. Robert advises listeners to meticulously record every expenditure, regardless of size, to maintain control over their finances and prevent overspending. Austin complements this by recommending budgeting tools like YNAB and Copilot Money to facilitate effective tracking.
b. Set Specific Savings Goals
Austin Hankwitz [05:27]:
"Setting specific saving goals, AKA implementing a strategy, you'll be prepared for the inevitable fall and winter time expenses."
Establishing clear savings objectives using a sinking fund allows for systematic saving towards future expenses, such as weddings or holiday travel. Austin suggests allocating a fixed amount each month to ensure funds are available when needed. He also recommends leveraging high-yield cash accounts on platforms like public.com to earn interest while saving.
c. Plan Fun on a Budget
Robert Croak [09:05]:
"You can't kick the proverbial can down the road forever and overspend every single year... You have to be creative."
Instead of opting for expensive vacations, Robert and Austin advocate for cost-effective alternatives like staycations, road trips, and local activities. They highlight various free or low-cost options, such as public library programs, picnics, and outdoor activities like tubing and kayaking, which offer enjoyment without breaking the bank.
Notable Quote - Austin Hankwitz [09:05]:
"So many people feel that they need to do this crazy thing for vacation in the summer to have fun. And I disagree."
d. Monetize Your Side Hustle for the Summer
Robert Croak [15:47]:
"Monetizing your side hustle can significantly boost your income, providing financial flexibility and growth opportunities."
Increasing income through side hustles is a pivotal habit for summer. Robert suggests various side jobs such as dog walking, junk removal, and car headlight cleaning. Austin adds that leveraging AI automations and digital platforms like TikTok Shops can create scalable income streams. Both hosts emphasize that increasing income helps address spending habits and accelerates financial goals.
Notable Quote - Austin Hankwitz [16:50]:
"You need to build an automated email product for a local tire shop, an automated text message campaign for a local restaurant... It's never been easier to monetize your skills."
e. Review and Adjust Before Fall
Austin Hankwitz [17:38]:
"Reviewing and adjusting your financial strategies before fall ensures continued momentum and sets you up for sustained success."
As summer concludes, it's essential to assess the financial progress made and make necessary adjustments. Austin outlines steps such as eliminating high-interest debt, maximizing Roth IRA contributions, and considering investments like house hacking for property ownership. This reflection ensures that the habits developed over the summer are maintained and built upon for future financial stability.
Robert Croak [19:20]:
"Give them the hacks, give them the insight and give them the strategies to be able to make real changes in their financial futures."
3. Q&A Segment
The hosts address listener questions, offering tailored advice on topics like optimizing credit card points, property decisions, and handling significant tax debts. Their responses blend practical solutions with personal insights, reinforcing the episode's core themes of proactive financial management and strategic planning.
Notable Interaction:
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Listener Lany R [22:00]:
“I'm looking up how to spend my American Express points effectively using Grok. How should I prompt it for detailed responses?”Austin Hankwitz [22:30]:
“Be explicit with specific parameters you want to share, like travel dates, destinations, and preferences. It’s straightforward and efficient.”
4. Conclusion and Takeaways
Austin and Robert summarize the five rich habits:
- Track Summer Spending: Maintain detailed records of all expenditures to stay within budget.
- Set Specific Savings Goals: Use sinking funds to prepare for future expenses.
- Plan Fun on a Budget: Engage in cost-effective activities to enjoy summer without overspending.
- Monetize Your Side Hustle: Increase income through side jobs and entrepreneurial ventures.
- Review and Adjust Before Fall: Assess financial progress and make necessary adjustments to ensure ongoing success.
They encourage listeners to adopt these habits not just for the summer but as lifelong practices to achieve and maintain financial freedom.
Final Thoughts
This episode of the Rich Habits Podcast provides a structured approach to enhancing financial health through intentional summer activities. By combining disciplined spending, strategic saving, creative leisure planning, income augmentation, and periodic review, Austin and Robert offer a comprehensive roadmap for listeners aspiring to achieve financial freedom by fall and beyond.
Inspirational Quote:
Austin Hankwitz [20:02]:
"We're tracking our summer spending, setting specific savings goals, planning fun without breaking the bank, monetizing our summer with a side hustle, and reviewing everything before fall to keep the momentum going."
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