Find Out Why You REALLY Do What You Do With Your Money
Motley Fool Answers
The Motley Fool
4.4 • 823 Ratings
🗓️ 29 March 2016
⏱️ 28 minutes
🧾️ Download transcript
Summary
Every time you take an action with your money—whether it’s buying stuff or investing in stocks—you’re making a statement about your values and getting an emotional kickback. And you thought you were just buying a car to get you places. Not so! We’ll help you psychoanalyze the actions you take with your money and if you’re letting your emotions undermine your underlying goals. We’ll also answer a listener question on how to figure out when it’s worth it to go back to school.
Transcript
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| 0:00.0 | This is Motley Fool Answers. I'm Allison Southwick and I am joined. As always, by Robert Brokamp, |
| 0:09.5 | personal finance expert here at The Motley Fool. He's also the advisor on the Motley Fool's |
| 0:13.2 | Rule Your Retirement Newsletter. So wonderful to be here, Allison. So wonderful to have you. Today |
| 0:18.1 | we're going to talk about what really motivates you when |
| 0:21.4 | it comes to what you buy and where you invest. If you like to armchair psychiatrist yourself, |
| 0:26.9 | we've got three questions you can ask yourself to better understand why you're doing, |
| 0:29.8 | what you're doing with your money. We're also going to answer a listener question about when |
| 0:34.1 | it makes sense to invest in yourself rather than in the market. All that and more on |
| 0:38.7 | this week's episode of Motley Fool Answers. It's time for Answers. And today's question comes to us |
| 0:45.6 | from Brent. He writes, how can I know when it would be more efficient to switch capital from my |
| 0:51.1 | education to the market? I'm sure eventually education will only have ever |
| 0:55.8 | decreasing returns at some point. Is the return from a master's or a doctorate worth it when |
| 1:00.2 | compared to the market average long time return? Thank you. Brent. Well, Brad, that's a great |
| 1:08.4 | question. And long time listeners will know that I think the cost of education is pretty high and it often doesn't really pay off. |
| 1:17.7 | So it certainly makes sense to do some sort of cost-benefit analysis, and it definitely varies by profession. |
| 1:23.4 | But I'll start by just telling a little story about a woman I spoke with recently. |
| 1:26.1 | She's in her mid-20s. |
| 1:27.4 | She borrowed money to go out of state to a private college to get a social work degree. |
| 1:31.2 | Oh, that does not pay well. |
| 1:33.3 | Right, okay. |
| 1:33.8 | So, and then she could not find a job, so she's currently an auntie. |
| 1:36.8 | And her question for me was, should she borrow more money to get a master's degree in social work. And what I told her was, well, you just have to find out |
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