script.py

import re

text = "You know, i wrote a book on money.. And honestly i would rather be eating tacos. Than sitting there and calculating my spending every month.. Nobody wants to do that.. And yet so many of us are stuck in a spreadsheet.. Or we worry. That we didn't save enough.. If you're doing that you are not living your rich life.. Every single month my money automatically flows exactly where it needs to go. Savings investment guilt free spending. And i wanna show you how to get exactly the same thing. If you wanna learn how to build your rich life.. With a system that's set it and forget it. And i've got a free quick start guide for you. I'm gonna show you how to automate your money so you can spend less than 1 hour per month on it. To get your free copy go to iwt. com slash automate. At iwt. com slash automate.. Eric is making $20 thousand more than what he was making. Last year and we're still. Worst case.. We're going to have a lifestyle change.. Ends.. Hey facebook we've come through realise we are in the worst case right now.. I think i'd rather take the hit. we'd have everybody breaking down our neck.. It's embarrassing to think about that like we just made a. $770 thousand mistake.. You really think we should try to sell this condo?. I'm not telling you you have to sell. In 2 years.. Meet eric and elena. They're both 25 years old. they live in canada. And together they bring in $160 thousand each year. They called me because they can't seem to figure out what's going on with their money. In today's conversation they'll spend a lot of time talking about how they love music festivals. And they don't wanna stop going to music festivals. But they think i'm gonna tell them to stop going to music festivals. It turns out the real problem is something they are not even thinking of. I wanna share their story.. Because so many of you have been told. That you are throwing money away on rent. And that you need to buy a house because it's the best investment you can make. And you're an adult. If and only if. You own a house.. But what happens when you do everything that other people told you to do. And suddenly you realize. Home ownership.. Isn't everything you thought it would be?. Today's episode is full of fascinating insights. On money psychology. So listen closely. To hear eric and elena's story. I'm a meat city and this is the i will teach you to be rich podcast. You came on the call eric saying i want advice for someone doing well and wants to do better. But the fact is you're spending more than you make every single month.. When did you realize. That you had a financial problem. Add the second time i had to pull out from my. Stocks.. To cover credit cards. Flash. Just. Day to day payments. What happened?. We it is we basically like. Repeat all our bills and everything. But then i. I felt i started falling slightly behind on my personal credit card. So i just. Took some money from the stocks to to try and cover that. And then what happened. Behavior wise nothing else changed.. So we're gonna keep like we just nothing change in terms of our spending. Or i added to george's money. Hey facebook. What about you, elena? when did you realize there was a financial problem?. I think i realized there was a financial problem after we said that we would stop booking music festival trips and then we put. To war that same year i didn't kind of the worst part is. Anytime that eric gets a raise or we get a raise?. We're still. Somehow we're still living paycheck to paycheck right like eric is making $20 thousand more than what he was making. Last year and we're still. Not making any changes and i think that's the most frustrating part and. We're just. Kind about a block we don't know what to do at this point. What are these festivals. Have you been to a music festival?. Do i look like i've been to a music festival?. You'd be surprised i i think a lot of different types of people go but it's very kind of you. But like what type what what type of festivals are we talking about. Like. Electronic music festivals, techno music festivals, like that kind of thing. do you travel for these?. Yeah. so, this year, we're going to seattle, chicago, orlando. so, we're going to a few different places and it adds up as you can imagine. What are the typical expenses for one of these trips do you have a sense?. Yeah so definitely a flight usually to the us accommodations the ticket itself which is usually 300 to 500 dollars. Any food that you need uber rides which end up spiking in cost and our last trip we spent over $600 in 3 days on uber's alone. So there's a lot that. Similar to regular travel except you also have the cost of the ticket and the festival. And how much would you spend on this in a typical year. In a typical year. We've only been dating for 2 years and travelling together for about a year. So, i think in the past year, we spent probably close to $12 thousand in traveling music festivals that kind of thing. Okay.. There's also the app. there's also the like local events, right? that that add up.. And the end right we travel for i'd say you know this year we have three different ones booked. International rate the us. But then like on a week on a monthly basis we'll probably go to like. Two to four events. Permanent. Locally and that's like. I take between the two of us between tickets class like their back. Yeah, probably like. At least like $200. 2 to 250 dollars nights every single time.. So, when you came on this call, did you think that i was gonna tell you to stop going to these festivals?. Yes.. What i thought. People are so weird. They come talk to me. Me to tell them to cut back on the very thing they love. Which they already know they're going to ignore why would you do that?. I actually think a lot of people like the feeling. Of being chastised. On one hand they hate it. But on the other hand they love it. Because it feels so familiar.. And these people are usually the ones who describe themselves as feeling guilty about money.. Notice that people who feel guilty about something. Psychologically you'll see them spending years. Talking about how they feel guilty. yeah, i could do that. i probably should. i just feel so bad.. They'll use those phrases. I'm bad with money i'm just bad with money. At a certain point i ask him. What do you get out of this. And they might actually realize with enough introspection. Wow. By saying i'm bad with money.. I actually give myself an out. Instead of learning. How to manage it.. Elena expects me to burate her for going to festivals. But that would accomplish. Nothing. Ok. Fair enough.. I can already tell you both love it.. So, i'm not gonna sit here and tell you stop it. that's just that'll be a quick call. we'll be done here in 5 minutes. there's no you'll say this screw this guy. i'm outta here. I repeated. (translated at 0.95x speed). Failure. (translated at 0.95x speed). Against the wall multiple times. (translated at 0.95x speed). I didn't learn (translated at 0.95x speed). Elena are you curious what's going through his mind. Yeah.. I mean he he's he's drawing out of his savings every month and he's going in the red with his savings. Are you curious. What's on his mind? what his fears are? how he's feeling?. Very curious.. Ask. How are you feeling about the fact that. Your consistently contributing more.. Than i am.. I don't mind contributing one.. It doesn't bother me to contribute more. like a. It wouldn't bother me to put more toys on investment it wouldn't bother me too. Hey moro the festival. But i don't want to. Contribute. To like the. To like getting us out of the the whole.. It's almost like it's almost like i'm contributing to like like a bad addiction. They gotta wanna contribute to that. i wanna contribute to like. Cool stuffing.. You know, stuff that would make us grow and make us happy and all that kind of stuff. Did you know that elena. Hey feel like we talk about. Finance is very like loosely.. And we talked about it frequently but very loosely. And i think. I can just assume or imagine that that's kinda what it feels like cuz i take out of a line of credit. Like $100 every month and i'm just like like. So i can imagine but it's it's actually here him say that that's what it feels like.. I betting your relationship. There's one person who talks about money more than the other. One person who takes the lead who drives things. I wanna give you a challenge today. Try to flip that dynamic. For 1 day. If you're the leader. Ask the other person to take the lead. If you're partner is the leader.. You go and start a conversation about money. As you change your rules for a single day. And have conversations about money. You're gonna learn all the subtle ways. That both of you reinforce your roles. One of you asks more questions. One of you waits for the other person to bring money up. This will be eye opening for you. By the way once you do this. Send me a note you can message me on instagram or if you're on my newsletter you have my direct email. Send me a note and tell me what surprised you about this exercise. So you have roughly 25 1000 bucks in your savings account. Yeah. Alright so 2 years away. From. Being out of business. Running out of money completely and what's gonna happen then?. Ben.. The festivals are gonna go. if instagram gonna go, they. Gym membership is gonna be changed to the cheaper one the. Other like. Start taking in one of the after the other. That's not gonna save you. If you run out of money cutting back on $6000 of festivals is not gonna change anything for you. You both look very uncomfortable. But i think it's kind of good you're making us uncomfortable to be honest i feel like we haven't been this uncomfortable talking about finances and. A long time.. I think we're both just very passive about it and. I think we needed somebody to make us uncomfortable to ask us that question of what happens when you're gonna run out because we never really thought about that. no, if anything you came on this call thinking that you were doing great.. Yeah.. I really did. i'm like, wow, we're not doing that bad. there's people that are, you know, homeless and we're not bad.. But you're you're comparing yourself to homeless people.. I mean i was. did you see the self deception?. Yes. So you came on here going ah there's too much stuff for all these beginners but where. Already quite intermediate we need to advance stuff. Meanwhile you're losing over a $1000 a month then you're 2 years away from being out of money. Sometimes you have to spell it out for people. You have to let them know what the stakes are.. And now that eric and elena can see. What's really going on here?. At least they know what reality is.. So. Right now the two view make $160 thousand per year correct. What's the breakdown. Who takes what. I make 100.. Yeah and i make 60. okay, cool.. So. What would it take in order for you to both be able to hit those savings and investment goals. Reducing.. Are expenses. Summer.. Some of them.. I think. From a knowing perspective i think we're i think we know it. we even have it. we even have a savings account which which is called emergency fund.. With $oh in it. Well, there's 354. so, it's not oh. no, that's good. how much are your monthly expenses? by the way?. Got real quiet in here. Not including our fixed costs.. No all of it. All of them. Barley close to like $8000. Okay.. While you have 300 bucks. That's good that will get you 1 day. Yeah.. There's a subtle dance going on here.. Eric and elena are using a lot of techniques. To avoid facing the real problem. Can you spot them?. First.. They ignore the problem. They've been in the red every single month. For months.. They are 2 years away. From being totally out of money.. Next.. A focus on the wrong things that feel good. But don't actually matter.. For example logging into accounts every day. Next.. They self handicap. When they finally decide to get help. They buy an influencer bundle. On manifesting money happiness or whenever bullshit. That thing was.. Then. They compare themselves to homeless people.. And say, well, we're not as bad off as they are.. They make $160 thousand a year. They're comparing themselves. To homeless people.. Not only is that offensive. It's just a horrible barometer to use. Finally. They use tiny incremental success. To congratulate themselves instead of taking an honest look at reality. Great you have an emergency fund. Oh, it only has enough to last you for one single day?. And do you wanna know a secret. They haven't even gotten to the actual problem. These are all subtle psychological techniques. They use to avoid the reality of the problem. I suspect most of this is unconscious. They came on this podcast. Expecting me to tell them to cut back on festival. Maybe do some whiz bang microsoft cell calculations. And then they could go back to living their life.. But the truth is. That won't work.. I'm gonna start moving us in the direction of the real problem. Remember i've seen their conscious spending plan. Before they came on the call. So let's talk about. Where your money is going?. You were both renting. And. We ran we rented for a year. And what was life like that year that you rented?. It was covid so.. Not much to do but. Between us was great.. We're actually saving some money and then. What happened you you decided to buy a condo. Walk me through that discussion. So my best friends parents are a real estate agents.. They're very big proponents of purchasing a place.. No no. And. I i agreed with them. i think i still agree with them.. Thing. And we. You know. It seems like the time could be now and this could be a great opportunity and. You're gonna love this one.. We thought it'll be a force way to save money.. Because without your. We're gonna take this and then we're gonna say. Because of this.. There were a few factors for its purchasing a condo and i don't know if you're familiar with the toronto real estate market. But it's nearly impossible for young couples to purchase a place.. And we essentially had 90 days from that preapproval to purchase a place otherwise we would have to reapply under a higher rate which means we would get 60 1000 less in our mortgage. And we had the down payment our parents like very happily helped us with it so. We just felt like it was kinda now or never. condo prices were going up.. And we found this one condo. we were absolutely in love with and. Or even (translated at 0.95x speed). My partner doesn't even wanna talk about money. (translated at 0.95x speed). You can get these scripts for free (translated at 0.95x speed). At iwt. com slash scripts. (translated at 0.95x speed). So now that we've just had this. Discussion how you both feeling about this condo. Hello embarrassed.. Tell me more. It's a little embarrassing for me because. I've. I've been following you for a while. End. I know your stance on the homeownership.. And. I remember looking. Up.. Should you know home should make does it make sense to own home is it better if you just rent instead and. Invest your money and all those other things and run forever and all those things.. And i kinda just looked at those things and. Ignore them in the moment.. I know. and. Alright, i look, i looked at them and i was like, well, i guess.. My situation's okay. We can we can go ahead and and purchase this home and. We'll just make our wealth and our our liver rich life by owning a condo first and. Then go from there. Okay.. By the way, what is my advice about buying versus renting?. To rent.. That's not my advice. Ends. Buy if it is.. Something you truly, truly. Want and are able to have a less than 55% of your. After tax income. Let's closer.. My advice is to run the numbers.. Yeah and that advice. Had you followed it would be. Let's calculate how much our hoa and our taxes and transaction fees and realtor all that stuff will be. And make sure that it fits. Within our conscious spending plan.. What are you hearing as you hear this eric. That. We ran the numbers. And it's on the like wrongly like we we did it wrong. Okay.. How did you run the numbers?. I'm like, well, yeah, we can. At the current income level we can basically make a paycheck to paycheck we just won't be saving money for. We just won't be saving money for a while.. But that's okay because. Wall. Build equity and we'll. Can i ask you a question. When you sat down for that conversation to run the numbers were you trying to. Prove. That you could buy the house were you trying to convince each other. Yes.. Yeah. That's not running the numbers. That's just using excel to tell you what you want it to tell you.. Yeah. When you run the numbers. Here are some good guidelines.. Your total housing cost ideally should not exceed 28% of your gross monthly income. Total. Means you include taxes interest insurance. Furniture. Even for the roof that might break 12 years from now. Yep.. A simple guideline for that maintenance is one% of your purchase price every year. Again that total housing cost should be less than 28% of your gross. And total housing costs. Plus total debt load. Should be lower than 36% that's the 28306 rule. When you factor those in?. You should also be able to save five to 10% of your take home pay. And invest. Roughly 10% of your take home pay. All of this can sound overwhelming so i have it template to make this easy for you. Go to iwt. com slash episode four nine to get the conscious spending plant. And remember you can tweet these numbers if you want especially if you live in a high cost of living area. But these are guidelines.. They're conservative and they will prevent you. From getting in situations like eric and elena were losing money every single month. And one more thing. I have a program called the rich life system. Which helps you take all the stuff you're spending money on. And put it into a system. This will help you make sure that you are saving enough every month. That you are investing enough every month. It will help you focus on spending money guilt free so if you've always wondered why can't i see to take a vacation how come i can't seem to get ahead. Rich life system will help you do that. Go to iwt. com slash rich. So you could start using this system with your money today. Can i tell you something. Elena it's interesting that in our conversation today and in the pre interview that you did with my colleague. You spent a lot of time talking about festival. A lot. oh my gosh, i love our festivals and i don't wanna stop my festivals and even when we start talking about sushi. You had this embarrassed look like you were so nervous about me talking about sushi.. But do you know that. Those are not actually the real problem.. Here.. I'm starting to learn that.. It's not sushi and it's not even the festivals. No you've been playing small and you've been focusing on the wrong thing. Like you can stop going to sushi for the rest of the year it's not gonna change your finances. And you can even cut back on 50% of your festivals which i doubt either of you're gonna actually do. And it would not change your financial life.. Let me just give you some contacts. In my conscious spending plan. You both filled it out. And for fixed cost i recommend 50 to 60% of take home pay. Do you know how much you're spending?. On your fixed cost right now. Like over 88%. It is. Way too high. It is crystal clear why you can't. Afford. To save.. To invest.. Or even. To go on some of the stuff that you wanna go on. This is the actual problem. Their housing costs.. Not the sushi. Not the festivals not even the $722 a month. That they're paying for their transportation cost. It is their housing cost. What's worse?. They're not putting anything aside. For what happens when something in their condo inevitably breaks. That is a disastrous scenario. There's something i wanna highlight for you. Eric and elena have an especially interesting situation. Remember how he gave you that guideline of spending less than 28% of your gross income on total housing costs. They actually hit that number. There at 28. six%. The problem is. They also have other high expenses.. Including eating out festivals and a car payment. But here's the reality. They are not going to change those things. No matter what i tell them they are not gonna cut back on festivals. It doesn't matter. That i show them they're gonna run out of money in 2 years. It doesn't matter. That they're saving nothing. They are not going to stop going to those festivals. Because they love that.. That's reality. And that's fine with me. i'll deal with reality.. Reality says it's easier to make one big change. Like rethinking their condo ownership. Then lots of medium size changes. Such as cutting back on lattes and eating out and getting a cheaper car. Realistically do you think they would actually do that. No. They even told me that.. So my only chance at helping them. Is to focus on the condo. So you mentioned that you bought this condo because you believed it would be forced. Savings for you.. In reality what's happened. We're getting fucked.. Okay, you know what? i started a while ago. i was like, we gotta be honest. there are rich life, honest with ourselves.. Now we're being honest. Alright. look, we can laugh. Alright, it doesn't all have to be dreary. yeah, there's some shit. we gotta figure this out.. But at least we're being honest about what's going on here.. So, where do you both wanna go from here?. I think we really thought at the beginning that. Worst case.. We're going to have a lifestyle change.. And. Hey facebook we've come through us we are in the worst case right now so we need some kind of change to happen. Either remove. Where we can remove the personal training remove the gym memberships. We need to do something and i think we both thought we weren't in the spot where we had to action something urgently. But i think you're making at least me realize that. We have to get our shit together. And be adult.. Notice that elena is still thinking small.."

def paragrapher(text):
    """
    make paragraphs out of the sentences in the text. Every three sentences
    seperated by punctuagion are considered a paragraph. Split on ., !, ?
    """
    #capitalize an use of " i " or " i'" to make it grammatically correct
    text = re.sub(r"(\s+i\s+|\s+i')", " I ", text)
    sentences = text.split(". ")
    paragraphs = []
    for i in range(0, len(sentences), 12):
        #add a new line to the end of each paragraph
        paragraphs.append(". ".join(sentences[i : i + 12]))
    #joint the paragraphs together
    return "\n\n".join(paragraphs)



print(paragrapher(text))