4.6 • 3.4K Ratings
🗓️ 27 September 2024
⏱️ 47 minutes
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0:00.0 | Many people assume that money is tactical, do this, don't do that. |
0:03.2 | In reality, money is actually behavioral, not tactical. |
0:07.2 | We know what to do, but so often we get in our own way, and so to be quote-unquote good at money we have to really |
0:14.9 | unpack our own financial psychology and so today's episode is all about facing |
0:19.2 | your financial fears. Welcome to the Afford Anything Podcast, the show that understands you can afford anything, not everything, |
0:26.5 | and that applies to any limited resource, like your time, your focus, your energy, |
0:31.1 | your attention. |
0:32.6 | So which do you prioritize the most, |
0:34.9 | and what tradeoffs are you willing to make in accordance? |
0:38.0 | Answering those two questions is the focus of this podcast. |
0:42.4 | We cover five pillars. Financial psychology, increasing your |
0:45.9 | income, investing real estate and entrepreneurship. It's double eye fire. |
0:49.2 | And today's episode is all about that first pillar, financial psychology, the |
0:55.4 | F-N-fire, in the way that acronym is defined here. I am your host, Paula Pan, |
1:00.3 | I trained in economic reporting at Columbia. I'm here to help you prioritize because that's the key to growing wealth |
1:06.8 | so let's kick off with the misconception about what it means to be quote-unquote |
1:11.6 | good with money. A lot of people mistakenly think |
1:17.2 | that being good at money simply means you have a high savings rate. Oh it's easy to be good |
1:21.8 | at money just don't spend it, right? But that notion is reductive. |
1:26.8 | And it can lead to enormously dysfunctional behavior. Most of us or many of us know people who are quote unquote too cheap for their own good. |
1:35.0 | They cannot part with money, they can't let it go, they have a great savings rate, |
1:40.0 | but they're often pretty risk averse in their investments and they don't use their savings for anything. |
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