June 29, 2021 • 18 mins
Hello! and welcome to Everyday Finance and Economics with the Siglers! The podcast where we discuss what you need to know about personal finance and economics and give you practical advice on how to get started and be smart with your money.
This episode is a deep dive into money attitudes! What they are, common debilitating attitudes towards money and how to work through them. There are many extreme actions taken because of people's attitudes towards money that are not beneficial to their financial lives, but fortunately, they can be changed! Learn how on this week's episode of Everyday Finance and Economics with the Siglers. And be sure to join us next week when we start talking about retirement!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:09):
Hello, and welcome to everyday finance and economics
with the Sigler's the podcastwhere we discuss what you need
to know about personal financeand economics, and give you
practical advice on how to getstarted and be smart with your
money.
We are your hosts, Glenn andChristina.
Speaker 2 (00:25):
So Christina, what's going on in the economy this
week.
Speaker 1 (00:29):
What matters this week?
Dad is Microsoft.
As of last week, Microsoftbecame the second us publicly
traded company to close above a$2 trillion market
capitalization, their roads tobecoming one of the most
valuable stocks in the marketcan be attributed to their new
focus on cloud-based systems andacquiring other companies like
LinkedIn.
(00:50):
Also, the demand for Microsoftteams really pushed them through
this pandemic.
Uh, the reveal of the newwindows 11 update, uh, helped
too.
And it was what pushed them overthe edge as their new app store
is going to let developers keepall the revenue from third-party
sources, as opposed to apple andGoogle play stores, 30% fees.
And our economic term of theepisode is market capitalization
(01:13):
or market cap.
Is it as more commonly known, uh, which is the market value of a
publicly traded companies,outstanding shares.
So basically the price of oneshare times the number of shares
that there are total.
All right, dad, I think it'stime to get into this week's
topic.
What are we talking about today?
Today?
We're talking about money,attitudes, money attitudes.
(01:35):
What is a money attitude?
Tell us a little bit more debt.
Speaker 2 (01:39):
Well, everyone has a month attitude towards money for
some money is a central issuesfor other money is just a tool
yet some use money to controlthings and people.
How do you develop moneyattitude?
Your past experiences andenvironments are the biggest
factors to, to, uh, in, in theformation of your money
(01:59):
attitude.
The good news is that your moneyattitude is a learned behavior
and what is learned can also beunlearned.
So if you have a good moneyattitude, you know, keep, keep
on with it.
If your money attitude isleading you to some, some, uh,
bad behaviors or some badjudgments, then those things can
be adjusted through learning.
(02:20):
Yeah.
Speaker 1 (02:21):
Why is understanding my money attitude important
Speaker 2 (02:26):
Given the fact that money affects many areas of our
lives.
It's important for us tounderstand and have good, have a
good understanding of our ownindividual money attitudes.
Have you ever taken the time tofigure out your emotions about
money?
If not, this is the perfect timeto analyze your money attitude,
(02:47):
to get a better understanding ofyour perceptions of money.
How do you feel about it?
You know, people often havecomplicated relationships with
money or attitudes toward it.
Um, uh, have a major on ourfinancial outlook, an unhealthy
perspective, combined with poorspending and saving habits may
make it difficult for you tomove your life in the right
(03:09):
direction.
Financially.
Fortunately, you can startmaking changes simply by being
more conscious of the way thatyou view money.
Speaker 1 (03:18):
This kind of sounds like more money, more problems
dead.
Speaker 2 (03:22):
Uh, that's probably an apt description description
of, but, but think about it.
Yeah.
More money, more problems withpeople who don't have money,
right.
Have problems with money aswell.
So it's a psychological.
Absolutely.
Absolutely.
Speaker 1 (03:43):
Do you have any examples of like bad or like
avoidance?
Speaker 2 (03:47):
Well, you pick that you picked up on one of the key
ones, which is avoidance.
Um, avoidance is not just abehavior about money.
Um, it's, it's, it's a behaviorthat, that people fall into when
there's something that theythink is bad that they don't
want to, they don't want to dealwith, you know, your tooth
(04:09):
hurts, you should go to thedentist, but you don't want to
go yeah.
Something your, your back hurts,but you don't want to go to the
doctor, you, or you want toignore it and hope it all goes
away.
Um, that's not how people oftenavoid thinking about their money
problems entirely rather thantrying to work through them,
just like those other issues.
Speaker 1 (04:30):
So how do people overcome this avoidance trap?
Speaker 2 (04:34):
Well, there's, there's a few ways to address
it, but it may not be, uh, B itmay not be easy.
Uh, first you really gotta behonest with yourself, uh,
reviewing your F you know, youknow, a lot of people, um, try
to avoid opening their bills orfinancial statements.
Well, you've got to go and takean, uh, an earnest assessment of
(04:57):
where you are, where yourspending is, where your counts
may be.
Um, it's a necessary step towarda better financial future future
understanding where you are.
The earlier you move past yourfears and start being realistic
about your financial situation,the easier we'll, uh, be to turn
things around, letting badhabits go unchecked only makes
(05:19):
it tougher to change them lateron.
I'm going to be honest, you mayneed to talk to some folks about
this to help, to help you getover it.
So, uh, uh, you know, anothercouple of things that you can
can work on is look, start withsmall meaning.
If you're having problems with,uh, with a certain issue, start
with small manageable goals,don't try to change your
(05:40):
financial life.
You know, once start withsomething small, you'll have a
better idea of problem areas andwhat you can do, uh, look,
understand your, your spendinghabits, evaluate them.
You'll get a better idea of whatyou can change.
Don't overwhelm yourself bytrying to change everything.
(06:02):
Yeah.
Gradual changes.
The way to fail is trying totake on too much at once, right.
And, and not setting unrealisticgoals.
And the other thing is, I said,you know, you might need some
outside help.
Well, there are things likeaccountability, partners,
somebody to help you make surethat you, you do the things that
(06:22):
you need to do.
This, this works in weight loss.
This works in a lot of otherthings.
Um, and it, it can help peoplewith their finances as well.
And so that person's gotta besomebody that you trust, right?
Somebody you can have earnest,open, honest conversations with
and someone that can, you know,th that, you know, when they say
(06:45):
something that can call you outand you will listen.
Yes, absolutely.
So that's the type of person youneed.
Speaker 1 (06:53):
What is another attitude that people struggle
with?
Speaker 2 (06:57):
Well, one of the, one of the easier ones is
overspending that that's an easyhabit to fall.
You know, overspending oftengoes with avoidance.
I didn't see my credit cardbill.
So it can't be that bad
Speaker 3 (07:10):
So I can continue to spend.
Speaker 2 (07:13):
Um, but it's, it's, it's a distinct attitude that
affects each person differently.
And while spending too muchmoney on status, symbol items,
such as fashion or cars, uh,others overspend on things like
eating out, going out fordrinks, small, you know, those
small expense items they add up,they add up yeah.
Speaker 1 (07:35):
$5.
A coffee adds up fast.
Yes.
Speaker 2 (07:39):
So when you spend too much money, uh, uh, too much of
your paycheck, it's easy to fallinto debt or have money, have
trouble saving money because youcan't, you can't spend or save
the same dollar twice.
So if you spend it, you don'thave to say saving more money
each month allows you to get outof debt and build an emergency
(08:01):
fund to cover some of thoseunforeseen expenses that happen
to people in life.
Yeah.
Speaker 1 (08:07):
You can't have your cake and eat it too.
How do we overcome thischallenge of focusing on
immediate needs?
Because it's really hard.
Like you have the, the, thewebsite up with the, whatever
you're buying up right now, andyou can, you have your number
memorized, so you could just putit in right now and get it.
So how do we curb that andovercome the challenge of
(08:30):
instant gratification?
Speaker 2 (08:32):
Well, for, for the, one of the more, um, relevant
steps is to make savings apriority, take that longterm,
um, savings or investing goaland take that money off the
table first.
Right?
So
Speaker 4 (08:50):
You get a chance to use it.
That's
Speaker 2 (08:51):
The invest invest in yourself first.
So take that, pick it off thetable.
Yes.
You have less money to S to, to,to spend each month, but that's
really what the objective is.
Yeah.
You you've taken money, you'vetaken it off the table.
It's going towards yourlong-term goal.
Now you've got to manage therest of the, the, the everyday
(09:13):
functioning of your life withthe money that's left over.
So we've talked about that in,in our budgeting, uh, episode,
we've talked about the 50, 30,20 rule.
It's a popular trend.
You don't have to save 20%.
You know, if you're startingout, start out with 3%, five,
whatever, it just start, startwith some percentage.
(09:35):
And then, you know, grow thatover time.
Something, you know, even ifit's three or 5% starting with
that is always better thannothing.
And giving, getting startedgives you something to build on
in the future.
We've talked about startinginvesting again, start, you
know, w through work, um, youknow, through, uh, 401k plans.
(09:56):
But if, if you don't have that,you can still start investing.
Um, you can, you know, you can,you use apps, you can, um, you
can put money in the bank, eventhough that's the old fashioned
way, but go ahead and getstarted, you know, with whatever
it is is a$10 a week,$25 a week,$50 a month, whatever the amount
(10:18):
is just like I said before, um,you just need to get into that
habit and making it a regularpart of your, uh, of your, um,
financial behavior, and thentake advantage of your company's
match.
If you work for a company thatoffers a 401k or, or any of
(10:38):
those types of, uh, ofretirement plans, what you want
to do, if you can, if they matchthe first 3% that you
contribute.
Well, your first goal is where,where do I put my first, uh, 3%
of my money?
You put it so that you get thatmatch because that in essence
(11:00):
that's free money.
Yeah.
So if you put in 3%, you get anautomatic 3%, why not take,
that's a hundred percent gain onyour money.
Uh, and if you want to, if youcan put in more do that, because
there's other advantages to you.
But if, if you can't just knowthat there's, um, that there's
(11:21):
extra money out there when youcan, uh, match or, or, or, or
max out on that company match,
Speaker 1 (11:32):
What if I just want more, what if there are things
that I know I want now that Ijust can't afford today?
Why shouldn't I have them?
Speaker 2 (11:41):
Yeah.
Look wanting more is notinherently bad in itself.
Uh, those thoughts often driveus to strive for more, to, to,
to do more now, how do we do,what do we do?
We acquire that more responsiblywithin our budget means, do we
(12:01):
set out a plan to go out andachieve those?
You know, that, that's whatwe're talking about here.
Uh, not, not just going out andacquiring, just because you have
credit card while you may haveblown up your budget for the
next two months.
Well, is there another way, canyou save for it first?
Speaker 1 (12:19):
Yeah.
So you don't mess up your messup your budget
Speaker 2 (12:24):
And, and, and doing that and doing it in that manner
allows you to not worry aboutthe other aspects of your
financial life.
Speaker 1 (12:34):
How should folks address this money attitude?
Speaker 2 (12:38):
First, I'm always a proponent of people looking to
improve themselves and advancetheir careers to help them reach
their full potentialprofessionally and financially,
of course, as I said before,there's a balance to be struck
here.
If you find yourselfconsistently needing more money,
money, there's probably noamount of money that would fix
(12:59):
your problem, right?
If you always have to have more,no matter how much money you
have, that that's a differentissue.
Um, rather than blaming yourcurrent financial situation, you
gotta be realistic about yourincome and the kind of lifestyle
you can afford for some people,the need for money stems, from a
deeper insecurities that gobeyond personal finances.
(13:22):
You know, you, we always, um,um, take the position that your
money should work for you, notthe other way around.
Right.
Um, in those cases, you know,some people might want to talk
to an experienced therapistabout your financial impersonal
situations.
If you have trouble managingthem on your own, secondly,
don't just spend money moremoney because you can't, you
(13:45):
know, if you don't budget wellon your currently salary on your
current salary, a raise may notmake things any better.
You just keep having lifestylecreep and you know, that that's
natural.
I make more money.
I should be able to have, youknow, better things, nicer
things, you know, uh, go onnicer trips and so on and so
(14:08):
forth.
That's part of the goal.
But again, did you, did you doit responsible?
Um, okay.
Speaker 1 (14:15):
Yeah.
So do some people just haveanxiety about their fi financial
conditions?
Speaker 2 (14:21):
Yes.
Um, money and current financialcon conditions can be constant
source of problems and anxiety.
Some people just have tendenciesto worry about money more than
others, but, you know, look,there are people that are just
have more anxiety, um, anxietyabout money, affects people in
(14:42):
many ways and impacts both yourfinancial and your mental
health.
Many people with anxieties feelguilty about spending too money
or not saving enough.
They may hide their financialstruggles from their friends or
family that creates friction initself.
You know, if you're going outshopping and buying a whole
(15:02):
bunch of stuff and then hidingthe purchase or hiding the
records or hiding bills yeah.
That isn't, you know, asignificant challenge to the
trust within the familyrelationship over time, these
attitudes can lead todysfunctional relationships, not
(15:23):
just with money, but with thepeople that we share our lives
with, um, money is a commontrigger for people with anxiety
disorders and, and each one canmake the other more difficult to
manage overspending or even oversaving, you know, we're where
people just won't spend anymoney, uh, and other bad
(15:45):
financial habits often stem frommoney-related anxieties.
Speaker 1 (15:51):
So what are solutions to these situations that seems a
little bit more than just moneyrelated.
Yeah.
Speaker 2 (15:58):
Uh, yeah.
Th those, you know, a lot ofthose issues that I just
mentioned are, are more thanmoney related and mom access to
money.
Won't solve those problems.
Um, this may be, uh, aboutcreating some additional
discipline or dealing with the,the, some of the root issues.
(16:20):
Right.
Um, that, that you're facing.
Um, but yeah, but you've got anF first, you've got to identify
that there's a problem.
Um, and, and so again, there,you might need to talk to some,
some people, you know, aboutyour financial situation and
about your personal situation.
Speaker 1 (16:40):
Can people go too far with budgeting and financial
control?
Speaker 2 (16:46):
Um, the short answer to that is, yes.
Some folks have mastered thebasics of budgeting and are
easily able to establish alifestyle that's comfortable and
they're on their way toachieving their goals, financial
independence, early retirement,charitable endeavors, just to
name a few.
Um, yet there's some people whohave to hold on to every dollar
(17:11):
because of what not having themoney means to them.
Sometimes even at their ownexpense, living so far below
their means that you might thinkthat they're impoverished, you
know, while living below yourmeans is a key part of financial
discipline.
Uh, yeah.
Don't, don't spend every dollarthat you have, but taken to the
(17:35):
extreme, just like a lot ofother things can lead to, uh, a
can reflect unhealthy attitudes.
And the question you've got toask yourself is why are you
accumulating all that well, forthe benefit of whom the pursuit
and of wealth, you know, shouldnot be an end to itself in
itself.
Yeah.
(17:55):
Now what are you some of therichest, you know, there's some
folks in certain industries whodisagree with that,
Speaker 4 (18:03):
But, but
Speaker 2 (18:05):
For our purposes, and I V I take the view that money's
a tool and, um, you're, you'redoing it to enrich the lives of
you and your family.
That doesn't mean I have to haveevery last dollar there is in
the universe in order to makethat order.
Right.
(18:26):
All right.
That's our show for today.
Thank you so much for listeningand be sure to, uh, to join us
again next time when we discussretirement planning.
Yes.
Speaker 1 (18:35):
And if you have any questions for us, you can email
us@efespodcastatgmail.com andfollow our Instagram at EFS
podcasts.
And you can now find us onFacebook.
They use so much for listening,everyone.
Hello, and welcome to everyday finance and economics
with the Sigler's the podcastwhere we discuss what you need
to know about personal financeand economics, and give you
practical advice on how to getstarted and be smart with your
money.
We are your hosts, Glenn andChristina.
Speaker 2 (00:25):
So Christina, what's going on in the economy this
week.
Speaker 1 (00:29):
What matters this week?
Dad is Microsoft.
As of last week, Microsoftbecame the second us publicly
traded company to close above a$2 trillion market
capitalization, their roads tobecoming one of the most
valuable stocks in the marketcan be attributed to their new
focus on cloud-based systems andacquiring other companies like
LinkedIn.
(00:50):
Also, the demand for Microsoftteams really pushed them through
this pandemic.
Uh, the reveal of the newwindows 11 update, uh, helped
too.
And it was what pushed them overthe edge as their new app store
is going to let developers keepall the revenue from third-party
sources, as opposed to apple andGoogle play stores, 30% fees.
And our economic term of theepisode is market capitalization
(01:13):
or market cap.
Is it as more commonly known, uh, which is the market value of a
publicly traded companies,outstanding shares.
So basically the price of oneshare times the number of shares
that there are total.
All right, dad, I think it'stime to get into this week's
topic.
What are we talking about today?
Today?
We're talking about money,attitudes, money attitudes.
(01:35):
What is a money attitude?
Tell us a little bit more debt.
Speaker 2 (01:39):
Well, everyone has a month attitude towards money for
some money is a central issuesfor other money is just a tool
yet some use money to controlthings and people.
How do you develop moneyattitude?
Your past experiences andenvironments are the biggest
factors to, to, uh, in, in theformation of your money
(01:59):
attitude.
The good news is that your moneyattitude is a learned behavior
and what is learned can also beunlearned.
So if you have a good moneyattitude, you know, keep, keep
on with it.
If your money attitude isleading you to some, some, uh,
bad behaviors or some badjudgments, then those things can
be adjusted through learning.
(02:20):
Yeah.
Speaker 1 (02:21):
Why is understanding my money attitude important
Speaker 2 (02:26):
Given the fact that money affects many areas of our
lives.
It's important for us tounderstand and have good, have a
good understanding of our ownindividual money attitudes.
Have you ever taken the time tofigure out your emotions about
money?
If not, this is the perfect timeto analyze your money attitude,
(02:47):
to get a better understanding ofyour perceptions of money.
How do you feel about it?
You know, people often havecomplicated relationships with
money or attitudes toward it.
Um, uh, have a major on ourfinancial outlook, an unhealthy
perspective, combined with poorspending and saving habits may
make it difficult for you tomove your life in the right
(03:09):
direction.
Financially.
Fortunately, you can startmaking changes simply by being
more conscious of the way thatyou view money.
Speaker 1 (03:18):
This kind of sounds like more money, more problems
dead.
Speaker 2 (03:22):
Uh, that's probably an apt description description
of, but, but think about it.
Yeah.
More money, more problems withpeople who don't have money,
right.
Have problems with money aswell.
So it's a psychological.
Absolutely.
Absolutely.
Speaker 1 (03:43):
Do you have any examples of like bad or like
avoidance?
Speaker 2 (03:47):
Well, you pick that you picked up on one of the key
ones, which is avoidance.
Um, avoidance is not just abehavior about money.
Um, it's, it's, it's a behaviorthat, that people fall into when
there's something that theythink is bad that they don't
want to, they don't want to dealwith, you know, your tooth
(04:09):
hurts, you should go to thedentist, but you don't want to
go yeah.
Something your, your back hurts,but you don't want to go to the
doctor, you, or you want toignore it and hope it all goes
away.
Um, that's not how people oftenavoid thinking about their money
problems entirely rather thantrying to work through them,
just like those other issues.
Speaker 1 (04:30):
So how do people overcome this avoidance trap?
Speaker 2 (04:34):
Well, there's, there's a few ways to address
it, but it may not be, uh, B itmay not be easy.
Uh, first you really gotta behonest with yourself, uh,
reviewing your F you know, youknow, a lot of people, um, try
to avoid opening their bills orfinancial statements.
Well, you've got to go and takean, uh, an earnest assessment of
(04:57):
where you are, where yourspending is, where your counts
may be.
Um, it's a necessary step towarda better financial future future
understanding where you are.
The earlier you move past yourfears and start being realistic
about your financial situation,the easier we'll, uh, be to turn
things around, letting badhabits go unchecked only makes
(05:19):
it tougher to change them lateron.
I'm going to be honest, you mayneed to talk to some folks about
this to help, to help you getover it.
So, uh, uh, you know, anothercouple of things that you can
can work on is look, start withsmall meaning.
If you're having problems with,uh, with a certain issue, start
with small manageable goals,don't try to change your
(05:40):
financial life.
You know, once start withsomething small, you'll have a
better idea of problem areas andwhat you can do, uh, look,
understand your, your spendinghabits, evaluate them.
You'll get a better idea of whatyou can change.
Don't overwhelm yourself bytrying to change everything.
(06:02):
Yeah.
Gradual changes.
The way to fail is trying totake on too much at once, right.
And, and not setting unrealisticgoals.
And the other thing is, I said,you know, you might need some
outside help.
Well, there are things likeaccountability, partners,
somebody to help you make surethat you, you do the things that
(06:22):
you need to do.
This, this works in weight loss.
This works in a lot of otherthings.
Um, and it, it can help peoplewith their finances as well.
And so that person's gotta besomebody that you trust, right?
Somebody you can have earnest,open, honest conversations with
and someone that can, you know,th that, you know, when they say
(06:45):
something that can call you outand you will listen.
Yes, absolutely.
So that's the type of person youneed.
Speaker 1 (06:53):
What is another attitude that people struggle
with?
Speaker 2 (06:57):
Well, one of the, one of the easier ones is
overspending that that's an easyhabit to fall.
You know, overspending oftengoes with avoidance.
I didn't see my credit cardbill.
So it can't be that bad
Speaker 3 (07:10):
So I can continue to spend.
Speaker 2 (07:13):
Um, but it's, it's, it's a distinct attitude that
affects each person differently.
And while spending too muchmoney on status, symbol items,
such as fashion or cars, uh,others overspend on things like
eating out, going out fordrinks, small, you know, those
small expense items they add up,they add up yeah.
Speaker 1 (07:35):
$5.
A coffee adds up fast.
Yes.
Speaker 2 (07:39):
So when you spend too much money, uh, uh, too much of
your paycheck, it's easy to fallinto debt or have money, have
trouble saving money because youcan't, you can't spend or save
the same dollar twice.
So if you spend it, you don'thave to say saving more money
each month allows you to get outof debt and build an emergency
(08:01):
fund to cover some of thoseunforeseen expenses that happen
to people in life.
Yeah.
Speaker 1 (08:07):
You can't have your cake and eat it too.
How do we overcome thischallenge of focusing on
immediate needs?
Because it's really hard.
Like you have the, the, thewebsite up with the, whatever
you're buying up right now, andyou can, you have your number
memorized, so you could just putit in right now and get it.
So how do we curb that andovercome the challenge of
(08:30):
instant gratification?
Speaker 2 (08:32):
Well, for, for the, one of the more, um, relevant
steps is to make savings apriority, take that longterm,
um, savings or investing goaland take that money off the
table first.
Right?
So
Speaker 4 (08:50):
You get a chance to use it.
That's
Speaker 2 (08:51):
The invest invest in yourself first.
So take that, pick it off thetable.
Yes.
You have less money to S to, to,to spend each month, but that's
really what the objective is.
Yeah.
You you've taken money, you'vetaken it off the table.
It's going towards yourlong-term goal.
Now you've got to manage therest of the, the, the everyday
(09:13):
functioning of your life withthe money that's left over.
So we've talked about that in,in our budgeting, uh, episode,
we've talked about the 50, 30,20 rule.
It's a popular trend.
You don't have to save 20%.
You know, if you're startingout, start out with 3%, five,
whatever, it just start, startwith some percentage.
(09:35):
And then, you know, grow thatover time.
Something, you know, even ifit's three or 5% starting with
that is always better thannothing.
And giving, getting startedgives you something to build on
in the future.
We've talked about startinginvesting again, start, you
know, w through work, um, youknow, through, uh, 401k plans.
(09:56):
But if, if you don't have that,you can still start investing.
Um, you can, you know, you can,you use apps, you can, um, you
can put money in the bank, eventhough that's the old fashioned
way, but go ahead and getstarted, you know, with whatever
it is is a$10 a week,$25 a week,$50 a month, whatever the amount
(10:18):
is just like I said before, um,you just need to get into that
habit and making it a regularpart of your, uh, of your, um,
financial behavior, and thentake advantage of your company's
match.
If you work for a company thatoffers a 401k or, or any of
(10:38):
those types of, uh, ofretirement plans, what you want
to do, if you can, if they matchthe first 3% that you
contribute.
Well, your first goal is where,where do I put my first, uh, 3%
of my money?
You put it so that you get thatmatch because that in essence
(11:00):
that's free money.
Yeah.
So if you put in 3%, you get anautomatic 3%, why not take,
that's a hundred percent gain onyour money.
Uh, and if you want to, if youcan put in more do that, because
there's other advantages to you.
But if, if you can't just knowthat there's, um, that there's
(11:21):
extra money out there when youcan, uh, match or, or, or, or
max out on that company match,
Speaker 1 (11:32):
What if I just want more, what if there are things
that I know I want now that Ijust can't afford today?
Why shouldn't I have them?
Speaker 2 (11:41):
Yeah.
Look wanting more is notinherently bad in itself.
Uh, those thoughts often driveus to strive for more, to, to,
to do more now, how do we do,what do we do?
We acquire that more responsiblywithin our budget means, do we
(12:01):
set out a plan to go out andachieve those?
You know, that, that's whatwe're talking about here.
Uh, not, not just going out andacquiring, just because you have
credit card while you may haveblown up your budget for the
next two months.
Well, is there another way, canyou save for it first?
Speaker 1 (12:19):
Yeah.
So you don't mess up your messup your budget
Speaker 2 (12:24):
And, and, and doing that and doing it in that manner
allows you to not worry aboutthe other aspects of your
financial life.
Speaker 1 (12:34):
How should folks address this money attitude?
Speaker 2 (12:38):
First, I'm always a proponent of people looking to
improve themselves and advancetheir careers to help them reach
their full potentialprofessionally and financially,
of course, as I said before,there's a balance to be struck
here.
If you find yourselfconsistently needing more money,
money, there's probably noamount of money that would fix
(12:59):
your problem, right?
If you always have to have more,no matter how much money you
have, that that's a differentissue.
Um, rather than blaming yourcurrent financial situation, you
gotta be realistic about yourincome and the kind of lifestyle
you can afford for some people,the need for money stems, from a
deeper insecurities that gobeyond personal finances.
(13:22):
You know, you, we always, um,um, take the position that your
money should work for you, notthe other way around.
Right.
Um, in those cases, you know,some people might want to talk
to an experienced therapistabout your financial impersonal
situations.
If you have trouble managingthem on your own, secondly,
don't just spend money moremoney because you can't, you
(13:45):
know, if you don't budget wellon your currently salary on your
current salary, a raise may notmake things any better.
You just keep having lifestylecreep and you know, that that's
natural.
I make more money.
I should be able to have, youknow, better things, nicer
things, you know, uh, go onnicer trips and so on and so
(14:08):
forth.
That's part of the goal.
But again, did you, did you doit responsible?
Um, okay.
Speaker 1 (14:15):
Yeah.
So do some people just haveanxiety about their fi financial
conditions?
Speaker 2 (14:21):
Yes.
Um, money and current financialcon conditions can be constant
source of problems and anxiety.
Some people just have tendenciesto worry about money more than
others, but, you know, look,there are people that are just
have more anxiety, um, anxietyabout money, affects people in
(14:42):
many ways and impacts both yourfinancial and your mental
health.
Many people with anxieties feelguilty about spending too money
or not saving enough.
They may hide their financialstruggles from their friends or
family that creates friction initself.
You know, if you're going outshopping and buying a whole
(15:02):
bunch of stuff and then hidingthe purchase or hiding the
records or hiding bills yeah.
That isn't, you know, asignificant challenge to the
trust within the familyrelationship over time, these
attitudes can lead todysfunctional relationships, not
(15:23):
just with money, but with thepeople that we share our lives
with, um, money is a commontrigger for people with anxiety
disorders and, and each one canmake the other more difficult to
manage overspending or even oversaving, you know, we're where
people just won't spend anymoney, uh, and other bad
(15:45):
financial habits often stem frommoney-related anxieties.
Speaker 1 (15:51):
So what are solutions to these situations that seems a
little bit more than just moneyrelated.
Yeah.
Speaker 2 (15:58):
Uh, yeah.
Th those, you know, a lot ofthose issues that I just
mentioned are, are more thanmoney related and mom access to
money.
Won't solve those problems.
Um, this may be, uh, aboutcreating some additional
discipline or dealing with the,the, some of the root issues.
(16:20):
Right.
Um, that, that you're facing.
Um, but yeah, but you've got anF first, you've got to identify
that there's a problem.
Um, and, and so again, there,you might need to talk to some,
some people, you know, aboutyour financial situation and
about your personal situation.
Speaker 1 (16:40):
Can people go too far with budgeting and financial
control?
Speaker 2 (16:46):
Um, the short answer to that is, yes.
Some folks have mastered thebasics of budgeting and are
easily able to establish alifestyle that's comfortable and
they're on their way toachieving their goals, financial
independence, early retirement,charitable endeavors, just to
name a few.
Um, yet there's some people whohave to hold on to every dollar
(17:11):
because of what not having themoney means to them.
Sometimes even at their ownexpense, living so far below
their means that you might thinkthat they're impoverished, you
know, while living below yourmeans is a key part of financial
discipline.
Uh, yeah.
Don't, don't spend every dollarthat you have, but taken to the
(17:35):
extreme, just like a lot ofother things can lead to, uh, a
can reflect unhealthy attitudes.
And the question you've got toask yourself is why are you
accumulating all that well, forthe benefit of whom the pursuit
and of wealth, you know, shouldnot be an end to itself in
itself.
Yeah.
(17:55):
Now what are you some of therichest, you know, there's some
folks in certain industries whodisagree with that,
Speaker 4 (18:03):
But, but
Speaker 2 (18:05):
For our purposes, and I V I take the view that money's
a tool and, um, you're, you'redoing it to enrich the lives of
you and your family.
That doesn't mean I have to haveevery last dollar there is in
the universe in order to makethat order.
Right.
(18:26):
All right.
That's our show for today.
Thank you so much for listeningand be sure to, uh, to join us
again next time when we discussretirement planning.
Yes.
Speaker 1 (18:35):
And if you have any questions for us, you can email
us@efespodcastatgmail.com andfollow our Instagram at EFS
podcasts.
And you can now find us onFacebook.
They use so much for listening,everyone.
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