In this episode: the pain of paying, anchoring, relative value, sunk costs, response to stimulus, and opportunity cost. On this installment of the Book Club, we are joined by Clint Murphy and Ginger to discuss some of our favorite takeaways from Dan Ariely and Jeff Kreisler's "Dollars and Sense: How We Misthink Money and How to Spend Smarter," We often mention on this podcast the importance of actionable steps you must be willing to take while on the journey to FI, and this book is chalk-full of actionable tips and examples that could possibly be applied to many areas of your life, not just personal finance. While we know that personal finance is not unilateral and there are no correct steps and decisions that ensure success for everyone, we believe this book can help you better understand the decision making processes that goes into taking actionable steps on your FI journey!  Book Club Selection: "Dollars and Sense: How We Misthink Money and How to Spend Smarter" by Dan Ariely and Jeff Kreisler Timestamps: 1:21 - Introduction 4:20 - Reducing The Pain Of Paying 11:42 - Anchoring 19:01 - Opportunity Cost and Saying No 25:40 - Relative Value 30:20 - Why We Don't Understand Fairness and Value 38:49 - Sunk Costs 46:31 - Overvaluing What Your Already Have 50:07 - Spreading The Gap Between Stimulus and Response 57:21 - Conclusion Resources Mentioned In Today’s Episode: The Growth Guide Podcast Clint's Twitter: @IAmClintMurphy FI is Fun The Great Man Within "Die With Zero: Getting All You Can from Your Money and Your Life" by Bill Perkins "Predictably Irrational, Revised and Expanded Edition: The Hidden Forces That Shape Our Decisions" by Dan Ariely Subscribe to The FI Weekly! More Helpful Links and Resources: Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence Keep learning or start a new side hustle with one of our educational courses Commission-Free Investing with M1 Finance

Ginger, a savvy traveler and financial independence enthusiast, joins the discussion on overcoming life’s challenges while maximizing travel rewards. She shares insights on the importance of facing discomfort and personal growth through adventurous outings, like hiking. The conversation highlights the reality of retirement taxes, dispelling common myths about tax burdens. Ginger also celebrates listener success stories, emphasizing community engagement and the significance of recognizing milestones on the journey to financial independence.

Ginger, a returning guest known for her insights on community connections and overcoming financial anxieties, joins Brad to explore vital topics like overcoming fears related to financial independence. They discuss the significant benefits of building community ties and share actionable strategies for tackling financial anxieties. Listeners learn about the new 529 plan regulations and how to maximize them for future education. The conversation is filled with inspiring community wins and emphasizes the importance of relationships in achieving financial goals.

Ginger, an expert in frugality and travel rewards, joins the discussion to revive the joy of financial independence journeys. They dive into essential travel rewards tips and the clever use of companion passes for flights. Listeners gain insights on intentional spending, the joys of family travel, and the importance of navigating expenses strategically. Ginger and Brad also share personal stories from their travels, alongside tips for maximizing rewards and minimizing costs, making this a treasure trove for anyone looking to make frugality fun!

Friend of the pod Ginger talks about FI events, travel rewards, companion passes, and mini retirements. Topics include events, community, travel rewards, meditation, mini retirements, travel wins, and travel points. Interesting discussions on habits, e-bike subsidies, car-free communities, and mini retirements for work-life balance.