Prof G Markets
How to Make the Most of Your Money in the New Year — ft. Morgan Housel
Dec 19, 2024
Morgan Housel, a New York Times bestselling author and partner at Collaborative Fund, joins to discuss navigating financial stress during the holidays. He shares insights on changing your mindset about money in the new year, the significance of bonuses, and what it means to spend wisely. Housel emphasizes the connection between happiness and genuine relationships over material wealth and critiques the reliance on New Year's resolutions, advocating for consistent financial habits that prioritize well-being.
45:40
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Quick takeaways
- The holiday season induces financial stress due to societal pressures on gift-giving, often overshadowing the importance of meaningful relationships and experiences.
- Shifting your mindset around money involves recognizing the psychological influences of spending, prioritizing genuine connections over material wealth for greater fulfillment.
Deep dives
Financial Stress During the Holidays
The holiday season is a significant source of financial stress for many Americans, with nine out of ten individuals reporting significant anxiety related to expenses. This stress is compounded by societal expectations surrounding gift-giving, where the pressure to find the perfect gift for loved ones often leads to disappointment and financial strain. Unlike holidays such as Thanksgiving, which focus on family and gratitude without monetary expectations, Christmas can turn into an emotional and financial burden. As personal social circles expand, the obligation to give presents increases, resulting in additional stress regarding the financial implications of these gifts.
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