You Have Permission to Spend

Money For the Rest of Us

J. David Stein

Investing, Investing Podcast, Business, Economics, Economy

4.5 • 1.4K Ratings

🗓️ 20 November 2019

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Two Money For the Rest of Us podcast listeners are struggling with spending money. The first listener is 22 and lives in Canada. He feels as if his money is going everywhere such as saving for a house, car, and retirement, but very little goes to things he enjoys.

The second listener is 46 with a $2 million net worth, but in his case, he finds he doesn’t enjoy spending money on himself. He is willing to spend money on his wife and two children, but he still finds himself feeling tight, fearful and worried about money and his business, even though he has plenty of wealth and is close to his goal of financial freedom.

In this podcast episode, we consider the standard to use to determine how much to spend on ourselves.

Topics covered include:

The most difficult part of figuring out how much is enough.
What is the Voluntary Simplicity movement and how it can help us decide where to spend our money.
What is the difference between comforts and luxuries.
What is the difference between joy and pleasure.
What is a simple filter we can use to determine where to spend money.

Thanks to Masterwork and NetSuite for sponsoring the episode.

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Transcript

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0:00.0	Welcome to Money for the rest of us. This is a personal finance show on money, how it works, how to invest it and how to live without worrying about it.
0:10.0	I'm your host David Stein. Today is episode 278. It's titled it's
0:14.0	titled,
0:15.0	You Have Permission to Spend.
0:19.0	I recently had a conversation on LinkedIn
0:22.0	with a listener to the show. He wrote, I'm struggling to wrap my head around the concept of feeling as if I'm living wealthy.
0:29.0	I'm 22 years old, working in the financial industry in Canada.
0:34.4	I was wondering what kind of standard I should be holding myself to
0:38.6	in regards to saving and spending on the things I enjoy.
0:42.3	I currently struggle with saving for my first and spending on the things I enjoy.
0:43.2	I currently struggle with saving for my first house.
0:46.0	Coming up on needing a new vehicle,
0:48.7	then also trying to grow my investment portfolio.
0:51.5	It just feels I'm putting money everywhere without
0:54.9	getting to enjoy these prime years of being young. Then I got an email from a
1:01.2	plus member. I profiled his portfolio in one of our weekly plus
1:05.3	episodes. He's 46. Different stage of life. He has 2.2 million dollars of net worth.
1:14.0	After tax incomes about 340,000 dollars and living expenses for he, his spouse and his two children is about $90,000, $129,000 if you include debt.
1:27.7	So making way more, taking home way more than they're spending. He wrote, I also find myself more stressed about
1:36.4	finances even though we are in a very strong position. It is mostly stressed for
1:41.5	myself as I am always trying to look around the corner for the next disaster.
1:45.4	Being self-employed, I think I develop that healthy fear over a number of years.
	...

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