At the Money: Smart Spending vs. Not Spending

Masters in Business

Bloomberg

Business, Entrepreneurship, Investing

4.4 • 2.2K Ratings

🗓️ 18 June 2024

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Spending Scolds will tell you that a sailboat, a sports car, even a latte will be your financial ruin. Is this accurate? Focusing on the cost without considering whether you can afford the items and what memories they create is the wrong calculus. The ethos of delayed gratification can lead to missed opportunities and fear.

Why does this happen, and what can we do to avoid these poor outcomes? Carl Richards, author “The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money” speaks with Barry Ritholtz about how to spend smarter in a way that brings more joy into a lives.

Each week, "At the Money" discusses an important topic in money management. From portfolio construction to taxes and cutting down on fees, join Barry Ritholtz to learn the best ways to put your money to work.

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Transcript

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0:00.0	What does the transfer of funds between banks using Morse code have to do with the rise of
0:06.0	blockchain in today's financial services industry?
0:09.0	Stay tuned to this podcast to explore the connection.
0:21.0	The Bloomberg Sustainable Business Summit returns to Singapore on July 31st for solutions-driven discussions on unlocking growth in times of increased
0:24.8	ESG scrutiny and competition. Join global business leaders and investors to
0:30.1	drive innovation and scale best practices in sustainable business and finance.
0:35.0	Learn more at Bloomberg Live.com slash Sustainable Viz Singapore.
0:39.3	That's Bloomberg Live. Some people are constantly exhorting us not to buy this or that thing that might set you back a couple of bucks.
1:01.0	We're warned against spending on things these people
1:04.1	deem extravagant. Don't buy a sailboat, never buy a new car, never ever buy a sports
1:11.3	car. The spending's goals even tell us, don't spend $5 on a latte.
1:17.2	Susie Orman insists it'll ruin your retirement. I've looked at the numbers on all these criticisms and to be blunt I find them
1:25.7	wanting and not withstanding of close scrutiny. I'm Barry Ritholz and on today's
1:31.7	edition of At the Money we're going to discuss how to buy what you love and still live within your budget.
1:39.6	To help us unpack all of this and what it means for your bank account, let's bring in Carl Richards. He is the author of The Behavior Gap, simple ways
1:48.0	to stop doing dumb things with money. His recent essay, The Financial Benefits of
1:54.4	buying what you love is exactly on topic for us today. So, so Carl,
2:00.6	you're known as a pretty modest guy you don't flash around fancy watches or drive
2:06.0	expensive cars generally you're not a self-indulgent guy but you went out and purchased a $5,000 moots trail bike and as you
2:18.4	wrote you said it was one of the best financial decisions you've ever made.
2:23.8	Explain.
2:24.8	Yeah, for sure.
	...

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