So Money with Farnoosh Torabi

Amy Morin, a psychotherapist and bestselling author known for '13 Things Mentally Strong People Don’t Do,' dives into five crucial lifestyle mistakes that impede mental and financial growth. She shares her journey from a rural cabin to living on a sailboat, emphasizing the link between mental fortitude and financial health. Morin discusses the importance of emotional awareness, self-care, and recognizing toxic situations. She also highlights how prioritizing physical health can enhance resilience, fostering empowerment in both life and finances.

In this engaging discussion, Anne Tergesen, a Wall Street Journal reporter, shares insights from her article on living solely off Social Security. She reveals the daily realities for retirees relying on an average monthly check of $1,900. Listeners will explore personal stories highlighting the importance of budgeting and community support. The conversation touches on adaptations that enhance quality of life, and the vital role of financial literacy for a secure retirement. Anne’s expertise brings a heartfelt perspective to the pressing challenges faced by many seniors.

Today’s show is about managing and making the most of an inheritance and other windfalls. The Great Wealth Transfer is unfolding, with a record number of assets passed down from generation to generation. Members of our audience have specific questions about this, and to help answer our questions, we have Pam Krueger, who is the founder of Wealthramp, a platform that matches you with qualified, pre-vetted, fee-only financial advisors that fit your priorities and preferences. Also joining is Marienela Collado, CFP and CPA for Tobias Financial Advisors.This episode aired originally on July 12, 2024. Hosted on Acast. See acast.com/privacy for more information.

We’re talking about the art of traveling smarter, not pricier, and why right now might be one of the best times to find travel deals. Joining is Dan Rodriguez, a travel expert who has turned his decades of globe-trotting into a career helping people earn and maximize points and miles.Dan is a certified travel advisor with Fora Travel, where he helps clients unlock VIP perks and luxury experiences. He also writes the Substack Holy Trip, You Guys at holytripyouguys.com, and you can find his day-to-day insights on Instagram at @holyshityouguys.This conversation was originally recorded inside the So Money Members Club this summer, where Dan joined us for an in-depth workshop on mastering travel rewards. Consider it a sneak peek of the kind of learning and access you get inside the Club. Hosted on Acast. See acast.com/privacy for more information.

Ever wonder why we take on debt knowing it will cost us — or why flashing a credit card can feel like flashing status? It’s not just poor math or bad habits. It’s biology, psychology, and marketing, all tangled together.In today’s episode, we unpack the psychology of spending with Wright State University professor and author John Dinsmore, whose new book The Marketing of Debt: How They Get You breaks down the subtle — and not-so-subtle — ways marketers capitalize on our optimism, impulsivity, and desire for status.We talk about:Why your brain underestimates the pain of future debtHow credit card companies brand products to play on our egosWhy handling money can make us less generousThe hidden costs of “quiet luxury” and keeping up appearancesAnd how Dinsmore’s own research found that just touching $20 bills increased testosterone and reduced charitable givingThis episode is a replay. Hosted on Acast. See acast.com/privacy for more information.

In this engaging discussion, financial transparency in relationships takes center stage, underscoring the importance of open money conversations. The impact of proposed tariff rebate checks and the housing market’s potential reset are explored. Notably, childcare is reframed as a career investment amidst rising costs. Creative solutions for navigating financial pressures, like nanny shares, are highlighted. Listeners also learn how to prepare for economic uncertainty and the implications of part-time jobs on college aid eligibility.

Delve into the dynamics of wealth, class, and privilege in a captivating discussion. Explore how the ultra-wealthy wield their status and the concept of 'stealth privilege.' Discover the psychological toll of affluence on empathy and relationships. Hear about the unique pressures faced by youth in elite environments and the paradox of casual wealth. Uncover the emotional struggles of the privileged and why wealth often fails to guarantee happiness. This insightful conversation challenges our perceptions of status and fulfillment.

Kim Perell, an entrepreneur and angel investor, shares the wisdom she's gained from her journey to a $235 million company sale. She argues that mistakes are invaluable assets for growth. Kim discusses the freeing '70% rule' from the Marine Corps, battling perfectionism, and the myth of job security. Delving into the importance of personal relationships in business, she emphasizes that trust trumps transactions. With personal anecdotes, she inspires listeners to embrace failure as a vital step toward success.

This discussion tackles the costs and rules for moving investments into a Roth IRA. It highlights the risks of relying on a single bank for all accounts. Millennials' emotional financial struggles despite their assets are examined. Smart spending through AI is explored alongside the hidden costs of return policy abuse. The dangers of 'feminine energy' dating advice are unpacked, and practical tips for financial safety in relationships are shared. Lastly, the implications of playful money trends like 'Girl Math' are critically assessed.

Meg Wheeler, CPA and founder of the Equitable Money Project, dives into the pitfalls of 'girl math' and its implications on women's financial confidence. She passionately argues that financial knowledge trumps wealth in building true independence. Together, they explore the importance of political engagement as a strategic financial tool and demystify the cultural conversations surrounding money. The chat wraps up with Meg sharing her summer spending joys, proving that financial awareness can be both empowering and fun.