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Episode 2996:
Dr. Leif Dahleen debunks common financial misconceptions like "free" travel with credit card points, the necessity of budgeting, and the idea that everyone needs a side hustle. He explains how credit card rewards aren’t truly free and challenges the notion that earning more is always better than spending less, especially when taxes are factored in. His insights encourage intentional spending and a realistic approach to personal finance.
Read along with the original article(s) here: https://www.physicianonfire.com/money-myths/
Quotes to ponder:
“You might be inclined to consider these flights as ‘free travel,’ but the truth is that you could have $500 cash in your pocket instead.”
“A dollar saved is better than a dollar earned. Every $1.00 that you don’t spend is about $1.60 that you don’t have to earn.”
“Side gigs can be great for non-financial reasons but a main gig ought to be enough to support you and your family financially.”
Episode references:
YNAB (You Need a Budget): https://www.youneedabudget.com/
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Optimal Finance Daily - Financial Independence and Money Advice