How to Master the Skill of Spending With Jen Smith

13 snips

Dec 9, 2024

Jen Smith, author of "Buy What You Love Without Going Broke" and co-host of the Frugal Friends Podcast, dives into the art of spending wisely. She discusses how to shift from frugality to values-based spending, aligning financial choices with personal values. Jen shares practical strategies for mindful spending amidst societal pressures and explores the impact of life changes on financial habits. With insightful stories, she highlights the path to responsible spending even while in debt, urging listeners to embrace progress over perfection.

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ANECDOTE

Debt Payoff Hangover

Jen and her husband prioritized paying off $78,000 of debt after marriage.
They achieved this in two years through intense deprivation but experienced a "debt payoff hangover".

INSIGHT

Frugality's Downside

Traditional frugality often focuses on minimizing spending, creating a "race to the bottom".
This can lead to guilt, especially for women who are often primary household spenders.

INSIGHT

Values-Based Spending

Values-based spending prioritizes psychological and self-fulfillment needs, like family and friends.
Start by meeting these needs without spending, then gradually incorporate spending aligned with them.

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The Nightingale

Kristin Hannah

The novel tells the story of Vianne and Isabelle, two sisters living in France during World War II. Vianne, the older and more responsible sister, tries to maintain a sense of normalcy and protect her family, while Isabelle, young and rebellious, joins the French Resistance. Isabelle adopts the codename 'The Nightingale' as she risks her life to help Allied airmen escape to Spain. The story delves into the sisters' different paths and the impossible choices they must make to survive the war, including dealing with Nazi occupation, personal losses, and the harsh realities of war. The novel also explores themes of family, love, and survival under extreme conditions[2][4][5].

Buy What You Love Without Going Broke

Jen Smith

Dopamine Nation

Finding Balance in the Age of Indulgence

Anna Lembke, MD

In 'Dopamine Nation,' Dr. Anna Lembke delves into the scientific discoveries that explain why overindulgence in high-reward, high-dopamine stimuli leads to pain. The book combines personal narratives from her clinical practice with the latest psychology research to illustrate how to find contentment and connectedness by keeping dopamine in check. Lembke discusses the impact of modern addictions, such as those related to smartphones, food, and other behaviors, and provides strategies for managing consumption and transforming lives. The book emphasizes the importance of balancing the science of desire with the wisdom of recovery[1][3][5].

I will teach you to be rich

Ramit Sethi

This book, updated for a new era, provides a simple and powerful 6-week program to manage finances. Ramit Sethi focuses on behavioral psychology to help readers save more, earn more, and automate their finances. Key lessons include focusing on big wins rather than small savings, automating financial tasks, and spending guilt-free on things you love while cutting back on unnecessary expenses. The book also covers topics like crushing debt, setting up high-interest bank accounts, and long-term investing in index funds.

The Simple Path to Wealth

JL Collins

Pete Adeney

JL Collins

In 'The Simple Path to Wealth,' JL Collins provides a clear and accessible roadmap to financial independence. The book, written in a conversational style, emphasizes the importance of living below your means, avoiding debt, and investing in broad-based index funds, such as Vanguard's Total Stock Market Index Fund. Collins discusses key financial principles like the 'F-You Money' concept, the 4% rule, and the dangers of engaging investment advisors. He shares his personal journey and investment mistakes, making the book relatable and inspiring. Although the book is heavily focused on the U.S. market, its underlying principles are applicable to a wide range of investors.