110: The Spending Trap: Escape the Psychology of Broke

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Mar 24, 2025

Dive into the psychology of spending as the hosts tackle the common traps that keep people financially stuck. They emphasize redefining your identity and wealth beyond materialism, while introducing practical strategies like the 48-hour rule to curb impulsive buying. Listeners learn the power of small, consistent habits in building wealth and the benefits of smart investing, including art and index funds. Plus, discover how relocating can open new career opportunities and the importance of managing your finances from a young age.

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ANECDOTE

Robert's Spending Shift

Robert Croak overspent in his 20s on luxury items like Rolex watches and cars.
He later realized the importance of saving and investing, shifting his identity to focus on financial growth.

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ANECDOTE

Wealth is Quiet

Robert Croak recalls a story about a farmer who paid cash for a Corvette.
This highlights that wealth isn't always outwardly visible and shouldn't be tied to material possessions.

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ADVICE

Redefine Rich

Rethink your definition of being rich; it's not just about spending on validation.
Build an authentic life based on your values, not societal expectations.

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Redefining Identity and Financial Mindset

01:51 • 7min

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Redefining Wealth: Authentic Living vs. Societal Expectations

08:45 • 5min

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Understanding Spending Psychology

13:19 • 14min

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Building Wealth Through Small Habits

27:14 • 5min

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Navigating Career Opportunities: The Power of Relocation

32:00 • 5min

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Investing in Your Future: Art and Wealth Building

36:48 • 5min

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Investment Strategies: Choosing Roth IRAs and Index Funds Over Target Date Funds

41:31 • 4min

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In this week’s episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz share their perspectives on how to escape the three most common spending traps.

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