Hello, why never is my name is Jesse Mekum and this is another YNAB podcast where we teach

you four rules to help you stop and paycheck to paycheck, get out of debt, and save more money.

My good friend Mark Butler, who is my co-host at our other podcast called Beginning Balance,

it is targeted mainly to business owners, although sometimes old habits die hard and I

do start to work in the personal stuff, Mark has been raving to me about a book called

The Psychology of Money, and I said who wrote that book and he said his name is Morgan

Housel, and then our podcast editor extraordinaire Haley, she sent me to an article at collaborativefund.com,

and I thought the name sounded familiar and it was called The Spectrum of Wealth by Morgan

Housel, so I started scrolling and reading, and I wanted to share a couple of thoughts

with you. The idea is basically how do you think about wealth? I know here at YNAB we often talk so

much about the ins and outs, we talk about that money needs to be allocated appropriately in line

with your priorities, yes, yes, yes, but to what end? We know once the money lines up with your

priorities, it really does work, but a lot of times we just gloss over priorities.

So this little exercise that this article that Morgan Housel walks us through is interesting,

because he's basically trying to say, well now be careful, what does wealth, even mean? He talks

about relative wealth and references the Chris Rock joke, where if Bill Gates woke up and found out

he only had as much money as Oprah that he jumped out a window, and it's the idea that it's all

relative. So there's so many different lenses through which you can view it, and there were

some that I really liked. So for instance, he's clear where he says there's a spectrum here,

so complete reliance is where you are in deep poverty, you are completely reliant on the kindness

of strangers for sustenance for life. It could be that your income is above average, but you

are overcome with envy, and you feel inadequate toward those that earn more. So you have this

...