The Unexpected Problem with Your Financial Goals

The Money with Katie Show

Money with Katie

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

4.8 • 1.3K Ratings

🗓️ 16 March 2022

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s episode is about the one major issue we all share with our financial planning: As humans, we’re bad at anticipating what’s going to make us happy. Yep—it’s kinda hard to plan for what you think you’re going to want in 40 years, huh? Especially when some of those decisions tend to be inflexible. You’ll also hear from Sam Dogen (a.k.a., Financial Samurai) about his journey retiring—then un-retiring—at age 34. You can preorder Sam’s book here. Here’s more information about why humans are bad at predicting what’s going to make us happy (or unhappy), and here’s the article I referenced about optimizing your tax strategy for early retirement. Here's my Financial Independence Planner that I use to project my path to financial freedom based on my current invested assets, income, and spending. FOLLOW ALONG Money with Katie Blog Money with Katie Instagram Money with Katie Twitter Sign up for the Newsletter! Full episode transcript below. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome back rich girls and guys to the money with Katie Show.
0:10.2	Today's episode is about where you might have a problem with your current financial goals
0:15.6	and the way you're planning for them.
0:25.2	So let's start out with the very simple question.
0:30.3	Does anyone remember the million dollar question I posted on Instagram a few weeks ago?
0:35.2	It asks you something that really doesn't seem like it should be that hard to answer,
0:40.4	but for some reason it is.
0:42.0	The question is, if you woke up this morning with five million dollars in your brokerage
0:46.6	account, what would you change about your life?
0:51.0	The intent of the question is to get you to examine your life a little more closely
0:56.0	and more specifically to determine why you want more money.
1:01.1	Like what would you even do with it?
1:03.4	Is it because you hate your job and you want to quit?
1:06.4	Is it because you want to live in a nicer house?
1:09.2	Eat better food.
1:10.4	Help a family member.
1:11.8	In general, thinking self-reflectively about your why can be powerful and motivating.
1:18.2	After all, if you're a sucker for every targeted Instagram ad, but you're actually interested
1:23.5	in spending the next six months in Thailand, it can be helpful to clarify the best use of
1:28.0	your money before you start a doom-scroll destined for impulse, Steve Madden booties,
1:32.3	and pastel personalized phone cases.
1:34.8	There's only one problem.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Money with Katie, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Money with Katie and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.