What Wealthy People Know About Spending Money

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 1 June 2018

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

When is it OK to spend money? It's very common for people who prioritize building wealth to shudder at the notion of spending it. After all, we as a tribe have self-selected out of this culture of consumerism and embraced a lifestyle of forced scarcity to help us reach financial goals and, ultimately, financial independence.

But spending money isn't inherently bad. In fact, once you get to a place where your net worth is increasing faster than your income, you have likely reached a critical tipping point in your financial journey that allows you to start making a transition from saver to spender.

Tune in to this week's episode of The Money Guy Show as we give you clear direction on what, when, and how you can spend better and still stay on your path to building lasting wealth.

For more detail, please visit our show notes on our website:

https://www.moneyguy.com/2018/06/what-wealthy-people-know-about-spending-money/

Transcript

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0:00.0	When is it okay to spend the win, what, and how to spend better than your peers?
0:06.0	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:12.9	investing, taxes. You've got financial questions, he's got financial answers. It's Brian Preston,
0:20.0	the money guy. Well, I'm so excited to do today's show. First, I feel like I have to tell you
0:26.3	where the show came from. I can't wait to hear this. I just got back from a week at the beach
0:31.8	with the family. Okay. And when you go on vacation with Brian Preston and his family,
0:37.8	right? I have an attention span that gets very distracted. So I play in the beach. Is that,
0:43.7	is that just on vacation that I have? Yeah, I constantly. So I play at the beach with the kids
0:48.7	and then I harass my friends for show topics. Okay. I kid you not. So every one of the,
0:53.3	everything that we talk about today came from this beach trip and some of the couples we
0:57.6	are traveling. I give a shout out specifically to, I don't know if I should give them all their
1:04.0	names, but just know that if you vacation with the money guy, we're probably going to get hit up
1:08.7	for for content because I want to know what my peers are thinking. So it really is when I gave you
1:12.7	the show intro and I said, I want you to be able to spend better than your peers. That really
1:17.5	is the principle, the guiding principle for this show. So go to money guy.com. You'll see we go
1:21.9	beyond common sense to help your money go just a little bit further than everybody else around you.
1:27.6	And what we're going to be covering today, I don't want to say it's controversial, but there's
1:32.5	definitely definitely a divide in our society. We live in a society where you fall in two camps.
1:38.4	Okay. And don't worry. This is a little nervous right now. You turn on the daily news. There's
1:44.1	something political or something from a religious perspective that's very devised to get canceled
1:50.5	we don't get into that stuff. That's not what we deal with because I have to sit across for the
1:54.9	table at Thanksgiving Christmas with people of different political and other thoughts. So we're
	...

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