Personal Finance for Long-Term Investors - The Best Interest

Scrimping, Splurging, and Other Crazy Spending Stories - E109

Jun 18, 2025

Join humorist Joe Saul-Sehy from Stacking Benjamins and Bill Yount from Catching Up to FI as they discuss financial priorities. They dive into the iceberg principle of stealth wealth, emphasizing that true riches often lie in what you don't spend. Joe shares amusing anecdotes about financial mishaps, while Bill highlights the evolving nature of spending through life’s seasons. Together, they explore how our emotional ties to money affect our choices, encouraging listeners to align spending with personal values for greater satisfaction.

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ANECDOTE

Financial Scar Tissue Lasts Decades

Financial scar tissue from traumatic money experiences lasts decades and impacts spending habits.
This deep psychological memory often outweighs rational financial calculations, affecting life choices.

INSIGHT

Financial Blind Spots Exist

We all have blind spots in our finances caused by unconscious mental scars.
Awareness of these blind spots is crucial to address deep-rooted financial trauma and spending behavior.

ANECDOTE

Mini Bar Isn't Free

Joe Saul-Sehy mistakenly thought the minibar in a hotel room was free and consumed everything.
He faced a hefty bill later, learning mini bars always come with costs.

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Jesse explores the value of financial priorities and the balance between spending and saving with guests Diania Merriam, Justin Peters, Bill Yount, Jeremy Schneider, Doc G, and Joe Saul-Sehy. Diania highlights the “iceberg principle” of stealth wealth—how true wealth is often what you don’t see, like deferred purchases and unspent money. Justin shares a personal story about the cost and memories of boat ownership, emphasizing the lesson to buy utility and rent luxury. Bill discusses the different seasons of life in relation to frugality and spending, while Jeremy reflects on ingrained money habits persisting despite sudden wealth. Doc G and Joe Saul-Sehy add their unique perspectives on personal finance and the emotional relationship with money. Together, they unpack how financial decisions shape our lives, the importance of aligning spending with values, and the lessons learned from both scrimping and splurging.

Key Takeaways: • Financial freedom doesn’t always come with a clear sense of how to enjoy money meaningfully. • Renting luxury experiences can be more satisfying and economical than owning them. • Time, health, and family often become more valuable than money as people grow older. • Community and shared experiences often bring more satisfaction than expensive possessions. Lifestyle upgrades need to be aligned with personal values to feel meaningful. • Former spendthrifts can struggle just as much with letting go of financial vigilance. • Understanding your money story is key to shifting your habits and mindset with intention. Even the financially savvy can be blindsided by lifestyle creep and emotional spending.

Key Timestamps: (00:00) – Scar Tissue: Financial Lessons from the Past (13:59) – The Mini Bar Mishap (20:11) – The $500 Parking Ticket (23:56) – Balancing Financial Optimization and Enjoying Life (24:29) – Time vs. Money: Changing Priorities (25:50) – Keeping Up with the Joneses: A Personal Story (30:59) – The Perils of Consumerism and Stealth Wealth (44:12) – Rent Your Luxury and Buy Utility (45:20) – Frugality Habits: From Broke to Millionaire

Key Topics Discussed: The Best Interest, Jesse Cramer, Wealth Management Rochester NY, Financial Planning for Families, Fiduciary Financial Advisor, Comprehensive Financial Planning, Retirement Planning Advice, Tax-Efficient Investing, Risk Management for Investors, Generational Wealth Transfer Planning, Financial Strategies for High Earners, Personal Finance for Entrepreneurs, Behavioral Finance Insights, Asset Allocation Strategies, Advanced Estate Planning Techniques

Bill Yount: Website: https://catchinguptofi.com/ LinkedIn: https://www.linkedin.com/in/bill-yount-a8033036/

Diania Merriam: Website: https://economeconference.com/about/ LinkedIn: https://www.linkedin.com/in/dianiamerriam/

Justin Peters: Website: https://podcasts.apple.com/us/podcast/fi-minded-achieve-financial-independence-have-fun-doing-it/id1496701179 LinkedIn: https://www.linkedin.com/in/justinleepeters/

Jordan (Doc G) Grumet: Website: https://jordangrumet.com/ LinkedIn: https://www.linkedin.com/in/jordan-grumet-38a506179/

Joe Saul-Sehy: Website: https://www.stackingbenjamins.com/ LinkedIn: https://www.linkedin.com/in/joe-saul-sehy-b3426b31/

Jeremy Schneider: Website: https://www.personalfinanceclub.com/ LinkedIn: https://www.linkedin.com/in/jerschneid/

More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog

The Best Interest Podcast is a personal podcast meant for education and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.