The Really Rich Podcast with Nicholas Crown
The Worst Money Habits
Oct 30, 2023
Learn how to avoid social spending and following fashion trends. Explore the worst money habits in fashion, technology, and automobile purchases. Get advice on developing a personal style and spending money on what is meaningful.
06:30
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Quick takeaways
- Prioritizing smaller rewards over big purchases can increase overall happiness without accumulating debt.
- Critically evaluating spending habits and setting boundaries with friends can help save money and cultivate contentment with what we own.
Deep dives
Focus on Long-Term Thinking and Small, Frequent Rewards
Many people in the United States struggle with money because they prioritize short-term pleasures over long-term financial stability. They become 'penny smart and pound foolish,' worrying about small expenses like daily coffee and pastries while ignoring large expenses like extravagant vacations or bottle service at clubs. The key to breaking this cycle is to shift our mindset and prioritize smaller rewards that can be enjoyed more frequently. By cutting out the big purchases we can't afford and instead treating ourselves regularly in smaller ways, we can increase our overall happiness without accumulating overwhelming debt.
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