What to consider before buying those shoes
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 6 September 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
Before you drop your hard-earned cash on something big, stop and think it through. Yanely Espinal talks to financial educator Mykail James about how to be more intentional when making big purchases in your life, and what to do if you have regrets afterward.
Think you’re financially inclined? Dig deeper into the world of smart purchasing:
- Read more on impulse buying
- A psychologist’s tips for avoiding buyer’s remorse
- Listen to stories about buyer’s remorse for pandemic purchases
Are you in an educational setting? Here’s a handy listening guide.
We’d love to hear what you learned from this episode of “Financially Inclined,” or any questions you’d like us to answer next time. You can shoot us an email at financiallyinclined@marketplace.org or tell us using this online form.
This podcast is presented in partnership with Greenlight: the money app for teens — with investing. For a limited time, our listeners can earn $10 when they sign up today for a Greenlight account.
Transcript
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| 0:00.0 | Hey Parents and Teens. Financially inclined is presented in partnership with Green Light, |
| 0:04.8 | the debit card and money app for teens. We're chatting today about big purchases, |
| 0:10.3 | how and when we decide to make them, and how to avoid second-guessing our money choices. |
| 0:15.0 | Greenlight helps you set savings goals, learn to make wise spending decisions, |
| 0:20.0 | and earn money to put toward those big purchases. |
| 0:23.4 | Get $10 when you sign up for greenlight today |
| 0:26.2 | at greenlight.com slash inclined. |
| 0:28.9 | Sign up at greenlight. |
| 0:29.9 | dot com slash innclin'e, to get ten dollars and show your support for our show. Oh, What's up everybody? I'm Daniel Espinal and welcome to financially inclined from Marketplace. |
| 1:03.0 | We're sharing money lessons for living life your own way. |
| 1:06.0 | This episode is all about making big purchases. |
| 1:10.0 | You want to think carefully about spending a lot of money on something before swiping your card or |
| 1:16.4 | clicking buy so you can avoid making purchases that you regret later on. |
| 1:22.1 | My Kale James is the creator of the Check Your Bank Method, |
| 1:26.0 | and author of the Financial Workbook, |
| 1:28.0 | Money in Your Twenties. |
| 1:30.0 | She's here to walk us through how to make better decisions when it comes to making those kinds of big purchases. |
| 1:36.1 | So to start, I asked my kale to define what counts as a big purchase. |
| 1:49.8 | So I define a big purchase. So I define a big purchase of anything that is half of one paycheck or more will be considered a big purchase to me. |
| 1:52.8 | Yeah, and I like that because that rule could work for anyone. |
| 1:56.0 | It's not like a dollar amount. |
| 1:57.1 | It's like this percentage of how much you earn is if you spend more than that, |
... |
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