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Optimal Finance Daily - Financial Independence and Money Advice

2788: 10 Things You Shouldn't Buy When You're Broke by Jen Hayes on Personal Finance Habits

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Self-improvement, Education, Business

4.51.3K Ratings

🗓️ 8 July 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2788: Jen Hayes emphasizes the importance of cutting unnecessary expenses when living paycheck to paycheck or dealing with debt. She suggests practical alternatives to common expenditures like coffee shop visits, gym memberships, and dining out, advocating for self-sufficiency and resourcefulness as pathways to financial stability and increased self-confidence. Read along with the original article(s) here: https://www.jenhayes.me//10-things-shouldnt-buy-youre-broke/ Quotes to ponder: "It amazes me that so many people who are broke treat themselves to Starbucks every day. You could make your coffee or tea at home for a fraction of the price." "If you’re broke, you shouldn’t be throwing away money at the salon. If those things are truly important to you, you can spend money on those items after you pay off your debt and/or become more financially secure." "Giving is one of the greatest joys in life, and you can be generous after you’ve become financially secure. Anyone who genuinely cares about you will understand that you are giving all that you can afford." Episode references: Planet Fitness: https://www.planetfitness.com National Park Service (for free outdoor activities): https://www.nps.gov Yoga with Adriene (free yoga resources): https://www.youtube.com/user/yogawithadriene The Keurig website: https://www.keurig.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 2788.

0:04.0

10 things you shouldn't buy when you're broke by Jen Hayes of Jen Hayes dot me.

0:09.0

And I'm your host and personal finance enthusiast Diana Merriam.

0:14.0

This is the show where I narrate posts from thought leaders in personal finance

0:17.8

every single day of the year in 10 minutes or less.

0:21.0

But for now, let's get right to it and continue optimizing your life.

0:25.0

Ten things you shouldn't buy when you're broke by Jen Hayes of Jen Hayes dot me.

0:35.0

Personal finance is about choices.

0:37.7

Many frugal people continue to splurge on a couple of things that are truly

0:41.8

important to them.

0:43.0

Because they're frugal in most areas, they can afford to splurge on things that they value.

0:48.0

Frugality doesn't have to mean giving up everything you love.

0:51.0

If and only if you can afford to buy those things.

0:56.0

If you're buried in massive debt or living paycheck to paycheck that's a different situation.

1:02.0

This article is for those people.

1:04.0

If you can't make ends meet, here are 10 things to cut out of your budget entirely.

1:09.0

You can always add these things back into your budget once you're in a better place financially.

1:15.0

Starbucks.

1:16.8

It amazes me that so many people who are broke treat themselves to Starbucks every

1:21.0

day.

1:22.0

I understand that Starbucks tastes amazing, but you can make to Starbucks

1:23.0

tastes amazing, but you can make tasty beverages at home

...

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