1150: Why Do People Spend More Than They Earn? AND Sometimes Saving Money Is About Principle by Sam of Financial Samurai

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 3 May 2020

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

2 short posts from Sam of Financial Samurai on why people spend more than they earn and sometimes saving money is about principle. Episode 1150: Why Do People Spend More Than They Earn? AND Sometimes Saving Money Is About Principle by Sam of Financial Samurai Sam Dogen's net worth took a beating in 2009 as the world was falling apart. He thought it would be a good idea to start a personal finance site to help himself and others make sense of chaos. After all, he had spent 10 years working in the finance industry, got his MBA from Cal, invested and saved aggressively, and still got financially rocked! Since then, more than 20 million visitors have stopped by FinancialSamurai.com. The original posts are located here: https://www.financialsamurai.com/why-do-people-spend-more-than-they-earn/ & https://www.financialsamurai.com/sometimes-saving-money-is-about-principle/ Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily, episode 1150.
0:03.4	Why do people spend more than they earn?
0:05.6	And sometimes saving money is about principle,
0:09.2	both by Sam of Financial samurai.com.
0:12.4	And I'm Dan, I'm your host here on the show.
0:15.0	Welcome back to the podcast where I read to you from some of the best personal finance blogs on the planet.
0:20.0	And today let's get right to our posts as we start optimizing your life.
0:25.0	Why do people spend more than they earn?
0:31.0	By Sam of Financial samurai.com.
0:35.0	Why is it that the number one recurring theme in the personal finance community is addressing how to eradicate debt due to overspending?
0:42.0	What is it that makes a rational person spend more
0:45.4	than their income allows? If you have five bucks in your hand for a subway sandwich,
0:50.2	how do you go to Morton's steakhouse and borrow $35 to buy a $40.00 ribi?
0:55.5	If you make $50,000 a year, why would you buy a $50,000 BMW with a $45,000 loan?
1:02.4	After overhearing what a father told his daughter at the Portia dealer this weekend,
1:06.0	it was on the way home.
1:08.0	I have a feeling spending irrationally starts when we are kids.
1:11.0	The father was at the dealership looking for a new $110,000
1:15.3	Porsche 9-11 Carrera S Cabriolet. The father's 2001 Porsche 9-11 was getting old
1:21.2	and after speaking to the salesperson, they agreed to not trade the car
1:24.6	in, but instead hand the Porsche down to the client's daughter.
1:28.2	Can you imagine a 16-year-old girl driving a 2001 Porsche 9-11 as a sophomore in high school,
	...

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