Money, Friendships, and Quality of Life: Spending on “High ROI” Activities & Experiences

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 4 January 2023

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode was inspired by a conversation I had with two other financial talking heads about how backwards it is to strip your life of all joy in the pursuit of saving every penny: “I’m not sure what they’re optimizing their lives for,” one said, “But it obviously isn’t ‘happiness.’” Friends, I plunked down in the chair after that and wrote for three hours straight (then decided I hated the first draft and basically rewrote the entire thing)—and the result was this episode. Take a trip with me to the fictional town of Ramseyville (I’m the HOA president, in this analogy) and let’s explore the ways in which the road to hell is paved with good intentions. Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatie. Transcripts can be found at podcast.moneywithkatie.com. — Mentioned in the Episode 15 Things Poor People Do That The Rich Don't: https://www.youtube.com/watch?v=nllZrOoxpzc Why I Don't Eat Out At Restaurants, Even As A Millionaire: https://www.youtube.com/watch?v=OWYG_ECNyYk How Your Daily Coffee Habit Is Costing You $1 Million: https://www.youtube.com/watch?v=z5pW7bFcVN4 Jack Raines on The Money Value of Time: https://www.youngmoney.co/p/money-value-time — Follow Along at Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter - Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2 Follow the Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	What's more important, money or people?
0:04.4	My guess is you probably thought people, duh, but today I want to explore the way in
0:10.0	which we humans tend to get this seemingly obvious cost-benefit analysis wrong a lot
0:15.6	of the time, not because we are selfish or greedy or doing anything wrong, but in many
0:21.5	cases for the opposite reason, because we're trying to be responsible.
0:32.2	Welcome back to the Money with Katie Show Rich Humans, I'm your host, Katie Gaddy-Tosan,
0:37.4	and today I want to pose a question.
0:41.1	What's more important, your money or your relationships?
0:51.1	Now we know money is very important because it's a proxy for the magnitude of your choices,
0:56.6	how you spend your time, who you spend it with, and the quality of life that you're able
1:01.6	to live often determined fully or in part by how much money you have access to.
1:07.2	There are few elements of your life that are going to have a wider reaching impact than
1:11.8	how much money you have.
1:13.8	Now, despite recognizing how important money is, we have to reconcile to balance that fact
1:21.3	with the truth that it's actually not the most important thing, relationships, your friendships,
1:29.3	your family.
1:30.3	The people in your life are more valuable than money, seems obvious, right?
1:35.4	So the answer to this question deserves unpacking because money is complicated, but not
1:40.9	in the confusing investment accounts and asset allocation ways people think it's complicated.
1:46.4	Becoming financially savvy is usually a matter of becoming adept at running constant cost
1:51.7	benefit analyses, which we humans tend to get wrong without even realizing it.
1:57.2	Here at the Money with Katie Show, we believe in optimizing life for fulfillment and joy,
	...

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