2996: [Part 2] Passive Income and Other Money Myths by Leif Dahleen of Physician on Fire on Intentional Spending

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 6 January 2025

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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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 2996: Dr. Leif Dahleen debunks common financial misconceptions like "free" travel with credit card points, the necessity of budgeting, and the idea that everyone needs a side hustle. He explains how credit card rewards aren’t truly free and challenges the notion that earning more is always better than spending less, especially when taxes are factored in. His insights encourage intentional spending and a realistic approach to personal finance. Read along with the original article(s) here: https://www.physicianonfire.com/money-myths/ Quotes to ponder: “You might be inclined to consider these flights as ‘free travel,’ but the truth is that you could have $500 cash in your pocket instead.” “A dollar saved is better than a dollar earned. Every $1.00 that you don’t spend is about $1.60 that you don’t have to earn.” “Side gigs can be great for non-financial reasons but a main gig ought to be enough to support you and your family financially.” Episode references: YNAB (You Need a Budget): https://www.youneedabudget.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

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1:00.3	This is Optimal Finance Daily, passive income and other money myths. Part 2 by Dr. Leif
1:07.8	Dahlene, a physician on fire.com.
1:15.6	Number two, you traveled for free with credit card points.
1:17.9	No, you didn't.
1:24.6	Credit card rewards are fantastic, and I've saved myself many thousands of dollars by utilizing them well.
1:30.0	I've earned all those reward points and miles by charging the vast majority of our spending to various credit cards that offer juicy rewards. I wouldn't be all that
1:35.6	surprised if I've charged over a million dollars to plastic over the years. The banks that issue these
1:42.0	cards are profitable companies. They charge retailers about 3% of what the
1:47.7	consumer pays for goods and services. Retailers also wanting to be profitable bake that 3% cost
1:55.3	into what they charge for goods and services. If we're smart consumers, we get one to two percent back in the form of credit
2:02.8	card rewards. It's not 3%, but it's better than a poke in the butt with a sharp stick.
	...

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