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Afford Anything

Are We All Financial Hypochondriacs? Why We Feel Broke, Even When Our Bank Accounts Are Full

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.63.4K Ratings

🗓️ 20 September 2024

⏱️ 39 minutes

🧾️ Download transcript

Summary

#542: Ever feel like you're never doing enough with your money, even when your finances look good on paper? You're not alone. Katie Gatti Tassin, host of the Money with Katie podcast, dives into a phenomenon called "money dysmorphia" in today’s interview. She shares how she got flooded with responses when she asked her listeners about money dysmorphia. Folks with hefty savings and investments still worry they're not doing enough. It's like they're always waiting for the other shoe to drop. Where does this come from? Katie points to a few culprits. Social media is an obvious scapegoat. But traditional media plays a role too. Think about all those TV shows where "normal" families live in massive houses and drive fancy cars. It skews our perception of what's average. Location matters too. Katie talks about how moving from Dallas to Fort Collins changed her spending habits. Different cities have different vibes and social norms around money. The conversation takes an interesting turn when Katie shares her own experience buying a Porsche. She felt conflicted, worried her FIRE (Financial Independence, Retire Early) community would judge her. It highlights how even personal finance experts grapple with these issues. They also touch on how the pandemic shook up financial priorities. When faced with uncertainty, some people realized saving for a far-off future might not be the only goal worth pursuing. Katie and Paula discuss the importance of balance. It's good to save, but not at the expense of living your life now. They suggest seeking out voices in the personal finance world to get a more rounded perspective. Travel comes up as a way to gain financial perspective. Seeing how people live in other parts of the world can make you appreciate what you have or show you where your own country could improve. Katie and Paula offer food for thought on how to navigate our complex relationship with money. It's a conversation that might make you think differently about your own financial mindset. Timestamps Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. 01:13 - Define money dysmorphia concept 02:22 - Social media's influence on financial perceptions 03:57 - Traditional media's impact on financial normalcy 06:03 - Wealth displays in TV and movies 09:52 - Regional cultures affect spending habits 11:35 - Social engineering in consumer culture 14:36 - TV shows shape perceptions of normal lifestyles 17:19 - Lower-income portrayal in media 20:22 - Social circles influence financial habits 23:35 - Importance of balance in financial perspectives 26:34 - Travel's role in gaining financial perspective 29:12 - Key takeaways about money dysmorphia 31:30 - Media's influence on financial normalcy perception 33:46 - Balancing future planning with present enjoyment For more information, visit the show notes at https://affordanything.com/episode542 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Do you have money dysmorphia? We're going to discuss that question today with Katie Gaddy Tossan, the host of the enormously popular Money with Katie podcast.

0:12.4

Welcome to the Afford Anything Podcast, the show that understands you can afford anything but not everything.

0:18.0

Every choice carries a trade-off, and that applies not just to your money, but to your time, your focus, your energy, your attention to any

0:24.0

limited resource you need to manage.

0:26.0

So what matters most and how do you make choices accordingly?

0:30.0

Those are the questions that this podcast is here to answer.

0:33.0

We cover five pillars, financial psychology, increasing your income, investing, real estate, and

0:38.6

entrepreneurship.

0:39.6

It's double-eye fire on the Afford Anything Podcast. I'm your host Paula Panch and welcome Katie.

0:46.8

Thank you so much for having me Paula. I don't think my show has ever been described as

0:50.4

enormously popular before so I love that. I'm gonna stick it in my back pocket for

0:54.4

later. Your show is brilliant your essays beautifully written oh thank you

0:59.7

you've elevated the discourse in personal finance.

1:04.3

I'm just gonna pause for a moment and soak that one in.

1:07.6

Thank you.

1:08.6

I really, really can't tell you how much that means to me.

1:11.6

I wanted to talk about a concept that you

1:13.8

rolled out on one of your episodes, the notion of money dysmorphia. We hear about

1:19.6

dysmorphia, as you described it, it's a resonant phrase and resonant phrases often feel as though they're

1:26.7

real because the phrasing is just so sticky.

1:29.8

But there is something about that that immediately resonates.

1:32.4

The notion that what I used to think of as a large amount of money, I now think of as a rounding error.

...

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