The Importance of Values Over Products in Personal Finance

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Focusing on budgeting software and apps is like focusing on the leaf canopy of a tree, which is the most visible but least important part. The root structure of the tree is analogous to one's values, which is the fundamental aspect in personal finance. The trunk represents the philosophy of life and vision, while the branches and strategy stem from these values. Products like budgeting software are akin to the leaf canopy, which are ephemeral and less important. They can easily be replaced, unlike one's core values.

#479: Nicole’s 78-year-old mom is paying huge fees for low returns. How can Nicole help her mom make better investments?

Paul is a single dad, worried about paying his daughter’s college costs. He’s trying to figure out how to report lower income on the FAFSA, so that his daughter can get better financial aid.

Nick is in his 40’s. His long-term care insurance rate is nearly doubling. Should he stop spending on this type of insurance?

Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.

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