1 00:00:00,280 --> 00:00:03,880 Speaker 1: This podcast is recorded on gadigal Land, Always was, always 2 00:00:03,880 --> 00:00:05,200 Speaker 1: will be Aboriginal Land. 3 00:00:10,640 --> 00:00:14,360 Speaker 2: Hey chicks, welcome it to the fourth and second last 4 00:00:14,400 --> 00:00:18,120 Speaker 2: episode of the Financial Glow Up the twenty twenty five Reset. 5 00:00:18,960 --> 00:00:20,920 Speaker 1: Look at us richer. 6 00:00:21,160 --> 00:00:24,520 Speaker 2: I surely everybody is ready to just grab twenty twenty 7 00:00:24,560 --> 00:00:26,239 Speaker 2: five by the hornig it. 8 00:00:26,239 --> 00:00:29,600 Speaker 1: In the teeth. Don't do that. Don't do that to her. 9 00:00:30,280 --> 00:00:33,400 Speaker 1: Be nice, give her a look and kiss the forehead. 10 00:00:33,880 --> 00:00:37,040 Speaker 2: Yeah. In today's episode, we are asking will this make 11 00:00:37,120 --> 00:00:39,120 Speaker 2: me rich? A lot of this? 12 00:00:39,400 --> 00:00:41,000 Speaker 1: I think this is going to be my favorite episode. 13 00:00:41,080 --> 00:00:41,880 Speaker 1: Not gonna lie boo. 14 00:00:42,840 --> 00:00:46,720 Speaker 2: So let's just jump straight into z episode, shall Louis? 15 00:00:48,000 --> 00:00:52,800 Speaker 2: Tip number one? Money is emotional and you will be 16 00:00:53,040 --> 00:00:57,120 Speaker 2: broke forever if you never understand the relationship between your 17 00:00:57,120 --> 00:00:58,160 Speaker 2: emotions and you're spending. 18 00:00:58,920 --> 00:01:01,440 Speaker 1: It's hard to hear, but we say it with love. 19 00:01:01,720 --> 00:01:04,520 Speaker 3: We do. We say it with a little cuddle, a 20 00:01:04,560 --> 00:01:09,440 Speaker 3: little cuddle and a pat on the bottom. 21 00:01:10,080 --> 00:01:12,800 Speaker 2: So we want to start with a chapter from the 22 00:01:12,800 --> 00:01:17,000 Speaker 2: book The Psychology of Money. It's the first chapter and 23 00:01:17,240 --> 00:01:20,840 Speaker 2: it's very purposeful for that. The chapter is called no 24 00:01:20,920 --> 00:01:25,759 Speaker 2: One's Crazy. It states your personal experiences with money make 25 00:01:25,840 --> 00:01:29,600 Speaker 2: up maybe zero point zero zero zero zero zero zero 26 00:01:31,080 --> 00:01:34,280 Speaker 2: of what's happening in the world, but maybe eighty percent 27 00:01:34,560 --> 00:01:38,399 Speaker 2: of how you think the world works. Morgan Housel. The 28 00:01:38,640 --> 00:01:43,240 Speaker 2: author continues to state, most of the reason I believe 29 00:01:43,680 --> 00:01:46,559 Speaker 2: is that we think about and are taught about money 30 00:01:46,680 --> 00:01:50,120 Speaker 2: in ways that are too much like physics with rules 31 00:01:50,160 --> 00:01:55,360 Speaker 2: and laws, and not enough like psychology with emotions and nuance. 32 00:01:57,080 --> 00:02:01,240 Speaker 2: Our experiences with money create the emotions we have tied 33 00:02:01,280 --> 00:02:04,480 Speaker 2: to it. This especially starts with how we grow up 34 00:02:04,600 --> 00:02:08,720 Speaker 2: and learn or maybe don't learn about money from our parents. 35 00:02:09,440 --> 00:02:12,760 Speaker 2: Because of this, Morgan states, you go through life with 36 00:02:12,880 --> 00:02:17,440 Speaker 2: different beliefs, goals, and forecasts than others. It's not because 37 00:02:17,480 --> 00:02:19,840 Speaker 2: one of you is smarter than the other or has 38 00:02:19,880 --> 00:02:24,200 Speaker 2: better information, but because you've lived different lives shaped by 39 00:02:24,240 --> 00:02:25,520 Speaker 2: different experiences. 40 00:02:25,880 --> 00:02:26,880 Speaker 1: That is so true. 41 00:02:27,040 --> 00:02:30,160 Speaker 2: I think even people who live in the same household 42 00:02:30,440 --> 00:02:35,520 Speaker 2: and have seen the same experiences with money the way 43 00:02:35,560 --> 00:02:40,280 Speaker 2: that they are emotionally, they could take on completely different lessons. 44 00:02:40,400 --> 00:02:44,000 Speaker 2: But it is so unique an individual and informed by 45 00:02:44,760 --> 00:02:49,280 Speaker 2: what you're exposed to and also how your brain works. 46 00:02:49,919 --> 00:02:53,680 Speaker 3: It's a why there's literally things called money personalities. Yeah, 47 00:02:53,720 --> 00:02:56,360 Speaker 3: and how the way that you look at spend, save, 48 00:02:56,520 --> 00:03:00,760 Speaker 3: and interact and just view money is it's so different 49 00:03:00,800 --> 00:03:04,440 Speaker 3: and unique to everyone. And I really like how he says, 50 00:03:04,480 --> 00:03:07,160 Speaker 3: like we need to look at it not like physics, 51 00:03:07,160 --> 00:03:11,800 Speaker 3: like there there aren't these like just overarching rules of 52 00:03:11,880 --> 00:03:16,000 Speaker 3: law to money. It is such an emotional and psychological thing, 53 00:03:16,480 --> 00:03:21,560 Speaker 3: which leads us into the big, glowing, sparkly question that 54 00:03:21,639 --> 00:03:23,959 Speaker 3: if there is one thing we want you to take 55 00:03:24,000 --> 00:03:27,680 Speaker 3: into twenty twenty five, it's this and it's asking yourself, 56 00:03:28,120 --> 00:03:33,000 Speaker 3: will this make me rich? And we're not just talking 57 00:03:33,360 --> 00:03:38,120 Speaker 3: about money, which this is my favorite surprise. So this 58 00:03:38,440 --> 00:03:41,080 Speaker 3: question is going to change the way that you spend 59 00:03:41,160 --> 00:03:42,600 Speaker 3: money forever. 60 00:03:43,280 --> 00:03:46,080 Speaker 1: And the question is will this make me rich? 61 00:03:47,080 --> 00:03:51,320 Speaker 3: So don't limit yourself to thinking that the term rich 62 00:03:51,680 --> 00:03:57,840 Speaker 3: only relates to money. It's not exclusive to money and finances. 63 00:03:58,640 --> 00:04:01,160 Speaker 3: When you go to spend money, I want you to 64 00:04:01,200 --> 00:04:06,240 Speaker 3: ask yourself, how will this make me feel rich? And 65 00:04:06,280 --> 00:04:09,040 Speaker 3: there are so so so many ways that you can 66 00:04:09,080 --> 00:04:13,400 Speaker 3: feel rich. For example, when you're paying for rent or 67 00:04:13,480 --> 00:04:17,320 Speaker 3: your mortgage, this makes you rich in a home and 68 00:04:17,400 --> 00:04:20,560 Speaker 3: safety and rest. When you go out to dinner with friends, 69 00:04:20,680 --> 00:04:25,080 Speaker 3: you're rich in memories and connection. Your gym membership, you're 70 00:04:25,200 --> 00:04:27,680 Speaker 3: rich in health and like mental. 71 00:04:27,360 --> 00:04:31,080 Speaker 2: Health really honestly, yeah. 72 00:04:30,200 --> 00:04:34,320 Speaker 3: And spending money on like your dream travel trip, say 73 00:04:34,360 --> 00:04:38,320 Speaker 3: that three times quick dream travel trip. You're rich in 74 00:04:38,600 --> 00:04:43,880 Speaker 3: knowledge and exploration and just new experience, new experiences, like 75 00:04:43,920 --> 00:04:45,920 Speaker 3: there are so many ways that you can be rich 76 00:04:46,040 --> 00:04:49,640 Speaker 3: in life. Pardon the part that the way that you 77 00:04:49,680 --> 00:04:53,000 Speaker 3: spend money needs to give you a return on investment, 78 00:04:53,040 --> 00:04:55,120 Speaker 3: but that might not always be numerical. 79 00:04:55,920 --> 00:04:57,560 Speaker 1: I think what's really. 80 00:04:57,320 --> 00:05:00,719 Speaker 3: Key and important with this question is is that there 81 00:05:00,800 --> 00:05:04,200 Speaker 3: are some things that you can be rich in by 82 00:05:04,200 --> 00:05:06,760 Speaker 3: spending money, and there are some things that you cannot 83 00:05:06,760 --> 00:05:09,920 Speaker 3: be rich in by spending money. And two of these 84 00:05:09,960 --> 00:05:12,320 Speaker 3: main things is confidence and self worth. 85 00:05:12,720 --> 00:05:13,839 Speaker 1: You can't buy them. 86 00:05:14,200 --> 00:05:17,919 Speaker 2: Damn it. I know. I'm sorry to really take that 87 00:05:18,000 --> 00:05:19,279 Speaker 2: off the Christmas wish list. 88 00:05:20,680 --> 00:05:24,000 Speaker 3: Shit sight Sannie, I actually the same thing every year, 89 00:05:24,640 --> 00:05:30,280 Speaker 3: and he's like, no, So such emotions like confidence and 90 00:05:30,320 --> 00:05:33,560 Speaker 3: self worth are not something that you can buy. There's 91 00:05:33,600 --> 00:05:37,840 Speaker 3: something that you own this emotion. More so, a lack 92 00:05:37,880 --> 00:05:40,560 Speaker 3: of emotion is actually what brands and retailers try to 93 00:05:40,600 --> 00:05:42,919 Speaker 3: make you believe that you lack in in order for 94 00:05:42,960 --> 00:05:43,920 Speaker 3: you to spend your money. 95 00:05:44,440 --> 00:05:46,160 Speaker 1: And of course it's always. 96 00:05:45,839 --> 00:05:49,000 Speaker 3: Fun to try and play around with new styles, trends, 97 00:05:49,080 --> 00:05:52,279 Speaker 3: or looks. But relying on products or objects to fuel 98 00:05:52,320 --> 00:05:54,560 Speaker 3: your self worth puts you in a constant loop that's 99 00:05:54,640 --> 00:05:59,400 Speaker 3: not only depressing but expensive. Yeah, So when you go 100 00:05:59,480 --> 00:06:02,120 Speaker 3: to spend money, when you go, when it's leaving your 101 00:06:02,120 --> 00:06:04,400 Speaker 3: account with it's a tap tap tap, or a machine 102 00:06:04,560 --> 00:06:06,720 Speaker 3: or you're handing over the cash or whatever it is, 103 00:06:07,480 --> 00:06:11,080 Speaker 3: ask yourself, what will this make me rich in? 104 00:06:11,440 --> 00:06:11,520 Speaker 2: Like? 105 00:06:11,600 --> 00:06:12,919 Speaker 1: What am I going to get? 106 00:06:13,160 --> 00:06:16,200 Speaker 3: And if it's something positive like a memory or a 107 00:06:16,240 --> 00:06:19,520 Speaker 3: really enjoyful like a really joyful time with friends, or 108 00:06:20,080 --> 00:06:24,640 Speaker 3: a safe home or warmth or a comfy bed, those 109 00:06:24,720 --> 00:06:27,440 Speaker 3: things are what makes life worth fucking living. 110 00:06:28,120 --> 00:06:32,920 Speaker 1: Like you have money, you work your probably annoying. 111 00:06:32,520 --> 00:06:34,920 Speaker 3: Job at times that I'm sure you love, but like 112 00:06:35,400 --> 00:06:39,440 Speaker 3: you work to live, right, you don't live to work, 113 00:06:39,880 --> 00:06:40,960 Speaker 3: So work to live. 114 00:06:41,120 --> 00:06:43,119 Speaker 1: Spend your money and live your fucking life. 115 00:06:43,240 --> 00:06:48,200 Speaker 3: Don't get trapped in this cycle of getting scared to 116 00:06:48,320 --> 00:06:51,240 Speaker 3: even spend your money sometimes. That's definitely a thing that 117 00:06:51,400 --> 00:06:54,440 Speaker 3: is also a genuine fear and. 118 00:06:55,000 --> 00:06:56,680 Speaker 2: What we're going to go into in our next segment, 119 00:06:57,080 --> 00:07:02,360 Speaker 2: because our next tip is identifying negative emotional spending. As 120 00:07:02,360 --> 00:07:05,679 Speaker 2: we've covered in this series. Emotions often drive spending more 121 00:07:05,760 --> 00:07:10,240 Speaker 2: than we realize, and understanding this connection is absolutely key 122 00:07:10,360 --> 00:07:14,760 Speaker 2: to managing your finances. So here's how emotions influence your spending. 123 00:07:15,600 --> 00:07:20,200 Speaker 2: Number one emotional coping. Shopping can be a way to 124 00:07:20,280 --> 00:07:23,280 Speaker 2: cope with stress, sadness, or boredom. 125 00:07:23,720 --> 00:07:24,480 Speaker 1: Am I just. 126 00:07:24,320 --> 00:07:29,800 Speaker 2: Shopping because I'm bored? Because it offers a temporary emotional boost, 127 00:07:30,240 --> 00:07:35,080 Speaker 2: which often leads to guilt or regret afterwards. 128 00:07:35,120 --> 00:07:35,560 Speaker 1: Cinkle. 129 00:07:36,040 --> 00:07:40,119 Speaker 2: Honestly, buyers, remorse is the worst feeling ever. 130 00:07:40,480 --> 00:07:41,080 Speaker 1: I hate it. 131 00:07:41,360 --> 00:07:42,200 Speaker 2: Oh my god. 132 00:07:42,320 --> 00:07:45,120 Speaker 1: It's like you come out of a stupor. Is that 133 00:07:45,200 --> 00:07:47,440 Speaker 1: the worst? Yeah, and you like black out and you're like, 134 00:07:47,440 --> 00:07:48,000 Speaker 1: what did I do? 135 00:07:48,240 --> 00:07:48,440 Speaker 3: Yeah? 136 00:07:48,480 --> 00:07:50,520 Speaker 1: And then you're like, oh god, oh god, what have 137 00:07:50,600 --> 00:07:51,600 Speaker 1: I That's what I did? 138 00:07:52,000 --> 00:07:54,480 Speaker 2: And then you check the returns policy and you can't 139 00:07:54,520 --> 00:07:55,040 Speaker 2: return it. 140 00:07:55,040 --> 00:07:56,440 Speaker 1: You can't, And then you say. 141 00:07:58,080 --> 00:08:02,840 Speaker 2: Number two, positive emotions Feelings of happiness or excitement may 142 00:08:02,960 --> 00:08:07,800 Speaker 2: lead to splurging as a reward, but excessive indulgence constrain 143 00:08:07,880 --> 00:08:12,920 Speaker 2: your budget. Number three social comparison and fomo big one. 144 00:08:13,440 --> 00:08:17,000 Speaker 2: We've all been there. Seeing others purchases or lifestyles on 145 00:08:17,120 --> 00:08:22,120 Speaker 2: social media can trigger envy or insecurity prompting impulse buyers 146 00:08:22,160 --> 00:08:25,960 Speaker 2: to keep up or fit in, especially with the latest trends. 147 00:08:26,800 --> 00:08:33,160 Speaker 2: Number four instant gratification shut up. Emotional desires for immediate 148 00:08:33,200 --> 00:08:37,240 Speaker 2: satisfaction can make it hard to delay purchases, even when 149 00:08:37,280 --> 00:08:40,079 Speaker 2: saving might be the smarter choice, and we know it's 150 00:08:40,120 --> 00:08:45,960 Speaker 2: the smarter choice. Our fifth and final marketing influence. Advertisers 151 00:08:46,040 --> 00:08:49,160 Speaker 2: know how to tap into your emotions, often making you 152 00:08:49,200 --> 00:08:52,120 Speaker 2: feel compelled to buy things that you don't need and 153 00:08:52,240 --> 00:08:53,640 Speaker 2: didn't even know you want it. 154 00:08:53,800 --> 00:08:55,840 Speaker 1: My favorite one at the moment is how everything's tied 155 00:08:55,880 --> 00:08:57,320 Speaker 1: to food in what way? 156 00:08:57,640 --> 00:08:58,800 Speaker 2: Have you not noticed that? How? 157 00:08:58,880 --> 00:09:04,080 Speaker 3: Like everything mark wise is like there's food tied to 158 00:09:04,920 --> 00:09:05,880 Speaker 3: make up products. 159 00:09:05,880 --> 00:09:11,120 Speaker 2: Oh yes, cherry cherry red, yeah, doughnut, glaze, skin. 160 00:09:11,840 --> 00:09:12,040 Speaker 3: Yeah. 161 00:09:12,440 --> 00:09:16,240 Speaker 2: It's that really types into our inner child. I think 162 00:09:16,320 --> 00:09:19,679 Speaker 2: it's giving lipsmackers, am I, all the stuff that we 163 00:09:19,679 --> 00:09:22,000 Speaker 2: were really into as children. 164 00:09:22,320 --> 00:09:25,079 Speaker 3: Yeah, there's like a whole thing about it about how 165 00:09:25,160 --> 00:09:29,120 Speaker 3: food is like the seller in the marketing industry. Okay, 166 00:09:29,160 --> 00:09:33,319 Speaker 3: so here's our master Money tip presented by our sponsors MasterCard, 167 00:09:33,440 --> 00:09:35,640 Speaker 3: that we want you to walk away with this episode, 168 00:09:35,720 --> 00:09:41,240 Speaker 3: and it's to stop spending emotionally and start spending. 169 00:09:40,880 --> 00:09:44,920 Speaker 1: Authentically, which I love. It makes me feel a woman 170 00:09:45,040 --> 00:09:45,880 Speaker 1: buzzy and zad. 171 00:09:46,920 --> 00:09:49,400 Speaker 3: Going into money with the idea of Okay, I'm just 172 00:09:49,480 --> 00:09:52,480 Speaker 3: not going to spend money is not going to help either. 173 00:09:52,920 --> 00:09:56,440 Speaker 3: It isn't a good strategy as it associates guilt with 174 00:09:57,120 --> 00:10:00,439 Speaker 3: spending money. Being scared to spend money is, as we've 175 00:10:00,480 --> 00:10:03,560 Speaker 3: said earlier, a genuine fear and phobia, and we don't want. 176 00:10:03,400 --> 00:10:04,760 Speaker 1: To discredit that at all. 177 00:10:05,280 --> 00:10:09,080 Speaker 3: But being financially savvy is not about never spending your money. 178 00:10:09,080 --> 00:10:13,160 Speaker 3: It's about knowing when to spend your money. To do this, 179 00:10:13,280 --> 00:10:16,440 Speaker 3: you need to tap into what feels authentic to you. 180 00:10:16,800 --> 00:10:19,640 Speaker 3: We're not saying every single time you spend money there 181 00:10:19,679 --> 00:10:23,920 Speaker 3: needs to be this like ultimate cosmic reason. You work hard, 182 00:10:24,120 --> 00:10:27,679 Speaker 3: you earn money to live and live an enjoyable life. 183 00:10:27,720 --> 00:10:30,440 Speaker 3: So you're allowed to spend fifty dollars on a pair 184 00:10:30,480 --> 00:10:33,439 Speaker 3: of jeans if you like them and if you genuinely 185 00:10:33,520 --> 00:10:35,679 Speaker 3: love them, or a pair of cowboy boots because you 186 00:10:35,679 --> 00:10:37,440 Speaker 3: feel like a badass when you wear them. If that 187 00:10:37,440 --> 00:10:42,240 Speaker 3: feels authentic to you, that's okay. Spending authentically means you've 188 00:10:42,320 --> 00:10:45,520 Speaker 3: locked into your character and you don't get swept up 189 00:10:45,559 --> 00:10:48,040 Speaker 3: in the latest fashion trends, the new viral products, or 190 00:10:48,040 --> 00:10:50,960 Speaker 3: whatever marketing tactic is getting thrown at you. It'll be 191 00:10:51,000 --> 00:10:53,760 Speaker 3: like cheese bagel, gold hoops. 192 00:10:53,520 --> 00:11:02,560 Speaker 1: That's a new one, so fuck now, I wanted Jeze bagel. 193 00:11:03,960 --> 00:11:05,400 Speaker 2: That's authentic to act. 194 00:11:05,480 --> 00:11:09,400 Speaker 3: That's our bagels, Bagels. 195 00:11:09,080 --> 00:11:12,720 Speaker 2: That's core, that's an essential, but that's actual law like 196 00:11:12,960 --> 00:11:13,640 Speaker 2: l O I E. 197 00:11:14,679 --> 00:11:17,160 Speaker 1: That's the sound our law bagels. 198 00:11:17,160 --> 00:11:19,960 Speaker 3: Well, that is a wrap for today's episode of The 199 00:11:20,000 --> 00:11:22,840 Speaker 3: Financial Glow Up the twenty twenty five Money Reset. 200 00:11:22,880 --> 00:11:24,120 Speaker 1: We will catch you next time.