![2660: [Part 2] The Stages Of Financial Management by Andrea Joy of Saving Joyfully on Paying Down Debt](https://is1-ssl.mzstatic.com/image/thumb/Music113/v4/ed/9d/8a/ed9d8aa9-ba6f-e74c-50ec-af14a7cf68b0/source/250x250bb.jpg)
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Episode 2736:
Lisa Harrison of MadMoneyMonster.com encourages the frugal to selectively invest in essentials that enhance life quality without compromising financial goals. She outlines five critical areas where spending smartly can significantly benefit one's health, education, nutrition, living environment, and personal experiences, ensuring a fulfilling yet financially sound lifestyle.
Read along with the original article(s) here: https://madmoneymonster.com/2018/04/06/5-things-every-frugal-person-should-spend-money-on/
Quotes to ponder:
"Frugality is a major component of our overall plan to achieve financial independence and give ourselves the OPTION to retire early."
"Anyone who has dealt with major health issues or had a big scare can tell you that the quality of your health can have a tremendous impact on your mood and outlook."
"Spending money on experiences makes us happier than spending money on STUFF."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2735:
Discover the refreshing perspective Chris of KeepThrifty.com offers on personal finance by redefining the concept of wants. Learn why aligning your spending with your values rather than cutting out wants can actually lead to more meaningful and fulfilled living. This episode unpacks how prioritizing values-based wants can transform your financial habits and enhance your overall quality of life.
Read along with the original article(s) here: https://www.keepthrifty.com/spend-on-wants/
Quotes to ponder:
"It’s not having what you want. It’s wanting what you’ve got." -Sheryl Crow
"Money is a tool. A tool that is meant to be exchanged for things that are of value."
"Once we were able to look at our spending at a high level, we quickly saw that we had more than enough to spend on our wants - at least the wants that really added value to our lives."
Episode references:
The Hope Effect: https://www.hopeeffect.com/
World Vision: https://www.worldvision.org/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2734:
Explore how our quirky brains influence our financial decisions in Kristin Wong's enlightening piece. Delve into the psychological triggers behind spending habits, and learn about the strange ways our environment and even the condition of our money can impact our financial behaviors. Gain useful insights to help you harness this knowledge for better financial management.
Read along with the original article(s) here: https://www.getrichslowly.org/weird-ways-our-brains-control-our-money-habits/
Quotes to ponder:
"If you speak a language that doesn’t distinguish strongly between the present and the future, you save a lot more because the future feels closer. If you speak a language that separates present and future events, the future feels more distant, which makes it harder to do things to care for your future self like save money, exercise, and eat better."
"In experiments the authors found that people in a cluttered room were more likely to pay higher prices for products, such as a TV or movie tickets, compared with people in an organized room."
Episode references:
Keith Chen's exploration of how language affects savings behavior is well captured in his TED Talk: https://www.youtube.com/watch?v=lw3YTbubyjI
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2733:
Discover how to detach ego from your financial decisions with insights from the latest article by Tiny Buddha. Learn practical strategies to make money choices more mindfully and less emotionally, which can lead to greater happiness and financial peace.
Read along with the original article(s) here: https://tinybuddha.com/blog/the-top-4-ways-to-take-the-ego-out-of-money-decisions/
Quotes to ponder:
"Money often triggers our deepest insecurities, leading us to make decisions that might not align with our true needs."
"When we detach our self-worth from our net worth, we open ourselves up to making decisions that are not only smarter but also healthier."
"Recognizing that our ego often speaks first and loudest in matters of money can be the first step towards changing our financial narrative."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2732:
Darrow Kirkpatrick’s "Running Low in Retirement: Income Strategies - Part 2" explores the viability of reverse mortgages for retirees seeking to enhance their income. Kirkpatrick articulates the complexities and potential downsides of reverse mortgages, including substantial fees and the risk of losing one's home. However, for those "house poor" with substantial home equity but limited cash flow, this financial tool offers a critical income stream to maintain their lifestyle in retirement.
Read along with the original article(s) here: https://www.caniretireyet.com/running-low-in-retirement-income-strategies/
Quotes to ponder:
"Reverse mortgages could be a lifesaver for retirees low on income, providing a stream of cash but at a high cost."
"Government insurance protects you if the bank has problems, ensuring you'll never owe more than your home's value."
"Used for long-term planning rather than emergencies, reverse mortgages are likely to become a major tool for many Americans."
Episode references:
The Mortgage Professor: https://www.mortgageretirementprofessor.com/homepage/
National Reverse Mortgage Lenders Association (NRMLA): https://www.nrmlaonline.org/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2731:
Explore vital strategies for securing a stable retirement income with Darrow Kirkpatrick as he delves into methods beyond the traditional work paradigm. Learn how to utilize annuities and other assets effectively to safeguard your financial independence in the later years, ensuring peace of mind amidst the uncertainties of retirement.
Read along with the original article(s) here: https://www.caniretireyet.com/running-low-in-retirement-income-strategies/
Quotes to ponder:
"Running out of money before you run out of life. It’s the biggest fear many retirees face."
"To be realistic, a retirement backup plan needs to be entirely under your control."
"When you purchase an annuity, you can usually increase your effective investment income yield by several percentage points, depending on your age."
Episode references:
ImmediateAnnuities.com: https://www.immediateannuities.com/
Vanguard’s Intermediate-Term Bond Index Fund (VBIIX): https://investor.vanguard.com/investment-products/mutual-funds/profile/vbiix
Improving Retirement Income Efficiency Using Reverse Mortgages" by Wade Pfau, Retirement Researcher: https://retirementresearcher.com/improving-retirement-income-efficiency-using-reverse-mortgages/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2730:
Discover how optimizing your chewing can transform your eating experience and enhance digestion. Erica Cirino of Healthline.com explores the "32 chews" rule, detailing how it aids nutrient absorption, reduces food intake, and can help prevent digestive problems. The article provides actionable insights into the simple act of chewing to improve overall health.
Read along with the original article(s) here: https://www.healthline.com/health/how-many-times-should-you-chew-your-food
Quotes to ponder:
"When you chew your food, it gets broken down into smaller pieces which are easier to digest. When mixed with saliva, chewing allows your body to extract the greatest possible amount of nutrients from the food you eat."
"Chewing your food many times at a slower pace can reduce your overall food intake."
"Experts found that chewing almonds between 25 and 40 times not only suppressed hunger but also increased people’s ability to absorb nutrients from the almonds."
Episode references:
Healthline.com: https://www.healthline.com/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2729:
Jeremy Jacobson delves into the versatility and everyday impact of money's fungibility in his enlightening article "Money is Fungible." He explores the practical implications of money's interchangeable nature through relatable scenarios ranging from handling coins to managing finances for early retirement. Jacobson's insights help simplify complex financial decisions, reinforcing the principle that every dollar holds the same value.
Read along with the original article(s) here: https://www.gocurrycracker.com/money-is-fungible/
Quotes to ponder:
"Money is fungible, meaning no dollar is unique or special and they are all fully interchangeable."
"A dollar is a dollar if you ignore the social ramifications."
"I’d pay off the credit card debt with the emergency fund. Should an emergency arise before replenishing the savings, the zero-balance credit card IS the emergency fund."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2728:
Explore how to safeguard your retirement against uncertainties with Kathleen Coxwell’s insights on NewRetirement.com. Discover why a robust Plan B, possibly your own home equity, could be the key to a worry-free retirement. Learn from financial experts about effective fallback strategies, including reverse mortgages, to ensure financial stability no matter what life throws your way.
Read along with the original article(s) here: https://www.newretirement.com/retirement/does-your-retirement-need-a-plan-b/
Quotes to ponder:
"A good retirement plan involves sufficient savings, strategies for spending, drawing from IRAs, taxation and health care. But there also needs to be a contingency plan, just in case the initial plan you set forth goes awry."
"Having a Plan B is all about securing an income stream to sustain you in retirement. And while payments through Social Security, pensions or products like annuities can offer guaranteed protection, so can tapping home equity."
"It’s a good thing to have that reverse mortgage line of credit open. It’s there if you need it, and it makes a lot of sense to have that credit line open for emergencies as a Plan B that’s waiting in the wings."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2727:
Discover Liz Davidson's fresh perspective on balancing frugality and practicality in her latest article on Frugalwoods.com. Liz shares a candid look at why she chooses disposable diapers over cloth for Babywoods, despite their frugal lifestyle. This reflective piece explores the broader implications of knowing and respecting personal limits, making it a must-read for anyone seeking a sustainable approach to frugal living.
Read along with the original article(s) here: https://www.frugalwoods.com/2016/02/01/every-once-in-awhile-were-less-frugal/
Quotes to ponder:
"Knowing our limits is a crucial element of our successful and joyful frugal existence."
"In order to be a (relatively) peaceful, sane person I need time, space, and wine - I mean yoga."
"Living a luxuriously frugal life is all about knowing what you can frugalize happily and what will make you downright frustrated to frugalize."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2726:
Erik Carter of FinancialFinesse.com explains often overlooked aspects of financial planning, beyond the basics of debt, savings, and retirement. He highlights critical but commonly neglected areas such as life insurance, investment diversification, umbrella liability insurance, long-term care insurance, and estate planning, illustrating how being proactive in these areas can safeguard your financial future.
Read along with the original article(s) here: https://www.financialfinesse.com/2013/02/21/whats-probably-missing-from-your-financial-plan/
Quotes to ponder:
"Too often, people just have whatever their employer provides to them, which is usually equal to their salary. The bad news is that if you need to provide income to dependents, this won’t be enough."
"One of the biggest investment mistakes I see is having too much in company stock."
"Just as we don’t like to think about death, we don’t like to think about having to spend time in a nursing home someday. But if we live until age 65, the odds are more likely than not of needing long-term care at some point in our lives."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2725:
Explore the profound impact of cognitive biases on our decision-making processes, especially in high-stakes scenarios like financial investments. This episode, inspired by a Mad Fientist article, delves into everyday examples and psychological experiments that reveal our subconscious preferences for risk over certainty, influenced by how choices are framed.
Read along with the original article(s) here: https://www.madfientist.com/cognitive-bias/
Quotes to ponder:
"If the problem is framed as a loss, as it is in the island #1 scenario, we become risk-seeking."
"Your brain is useful when setting up an investment plan but it’s not useful when you execute that plan."
Episode references:
The Simple Path to Wealth by JL Collins: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926
Predictably Irrational by Dan Ariely: https://www.amazon.com/Predictably-Irrational-Revised-Expanded-Decisions/dp/0061353248
You Are Not So Smart by David McRaney: https://www.amazon.com/You-Are-Not-So-Smart/dp/1592407366
Thinking, Fast and Slow by Daniel Kahneman: https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555
Sources of Power: How People Make Decisions by Gary Klein: https://www.amazon.com/Sources-Power-People-Make-Decisions/dp/0262611465
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2724:
J. Money shares his journey and insights on achieving the first $100,000 in net worth, a pivotal financial milestone. He emphasizes the overhaul of mindset and financial habits necessary to reach this goal and how this foundation sets the stage for further financial successes. Highlighting the importance of patience and perseverance, this episode provides actionable advice for anyone looking to improve their financial situation.
Read along with the original article(s) here: https://www.budgetsaresexy.com/the-first-100-thousand-is-the-hardest/
Quotes to ponder:
"You can’t make it to a million or a billion without first hitting $100,000, but even more than that - it requires a complete overhaul of both your money and your mindset."
"It took me 28 years to finally start paying attention."
"Once you’ve got your mind right it’s all a matter of pouring in the fuel and letting time (and sometimes luck) take over from there."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2723:
Delve into the story of Bill Hwang and his astonishing $20 billion loss through Nick Maggiulli's insightful exploration, "When Wealth Isn’t Real." Maggiulli challenges our perceptions of wealth, illustrating through Hwang's debacle and other examples that much of what we consider financial substance may be mere illusion, prompting a rethink on what truly counts as economic value.
Read along with the original article(s) here: https://ofdollarsanddata.com/when-wealth-isnt-real/
Quotes to ponder:
"In some cases, wealth isn’t what it seems. We can see it. We can count it. We can write it down on a piece of paper. But as soon as we go to touch it, it disappears."
"Warning against the use of 5x leverage would be like warning against the dangers of getting injured while playing in the NFL. It is a risk, but not one that 99.9% of people have to worry about."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2722:
Amy Ongaro's "Overcoming Procrastination With The Habit Rule Of Half" offers a unique take on tackling procrastination through a simple, yet profound, strategy: the Habit Rule of Half. By consistently breaking down tasks into smaller, more manageable pieces, Ongaro introduces a compassionate approach to productivity that respects our internal resistances and promotes sustained progress.
Read along with the original article(s) here: https://www.breakthetwitch.com/habit-rule-of-half/
Quotes to ponder:
"Writing things down on a to-do list helps me to prioritize and stay organized and productive."
"If a task is left uncompleted at the end of the day, cut it in half and add it to the next day's list."
"The Habit Rule of Half can be a more compassionate approach to making progress on the things we feel resistant towards."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2721:
Explore the significant benefits and potential drawbacks of refinancing your student loans with Travis Hornsby's comprehensive guide. Discover if this financial strategy fits your personal circumstances to potentially save thousands and simplify your debt management.
Read along with the original article(s) here: https://www.jackiebeck.com/refinance-student-loans/
Quotes to ponder:
"Student loan refinancing is simply getting a new private student loan at a new interest rate that will replace the old one."
"If your student loan interest rate is above 5%, explore what’s available through refinancing."
"Refinancing your student loans could cut thousands if not tens of thousands of dollars off your student loan debt."
Episode references:
The Student Loan Planner: https://www.studentloanplanner.com/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2720:
Amanda Brownlow's article "5 Tips to Have a Successful No-Spend Month" offers practical strategies for reducing monthly expenses by avoiding non-essential spending. With personal anecdotes and easy-to-follow tips, Amanda guides readers through the process of planning and enjoying a no-spend month, emphasizing the benefits of saving money and enjoying simple pleasures.
Read along with the original article(s) here: https://hellobrownlow.com/2018/06/04/5-tips-to-have-a-successful-no-spend-month/
Quotes to ponder:
"Wedding season is upon us and events like birthdays and anniversaries can sneak up on us."
"I just realized how amazing the library system in our county is."
"Shopping and going out takes up a lot of time."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2719:
Explore Helene Massicotte's incisive take on the long-term pitfalls of choosing to carry a mortgage into retirement. Massicotte argues against the common belief that having a mortgage for life is manageable or desirable, highlighting the financial and psychological freedom that comes with being mortgage-free. This episode delves into the reasons why freeing yourself from perpetual debt is not just feasible but fundamentally liberating.
Read along with the original article(s) here: http://www.freetopursue.com/blog/2015/5/28/the-poor-house-again
Quotes to ponder:
"Being mortgage-free (read debt free) is just about the best feeling in the world, second only to being in love."
"You pay double for your housing when you count all the interest you pay over your lifetime."
"Your home will never be yours. It will always belong to the bank."
Episode references:
Happy Money" by Elizabeth Dunn and Michael Norton: https://www.amazon.com/Happy-Money-Science-Happier-Spending/dp/1451665075
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2718:
Leasing a car often appeals to those wanting new technology and safety without the financial burden of buying. Vicki Cook and Amy Blacklock explore practical reasons like lower monthly costs and minimal repair responsibilities, revealing why leasing, despite its drawbacks, can be an attractive option for modern consumers.
Read along with the original article(s) here: https://womenwhomoney.com/best-reasons-lease-car/
Quotes to ponder:
"Leases are an attractive option because payments average over $100 less per month than finance payments on a new car purchase."
"Since a vehicle lease is usually for three years, it's always under warranty, so significant repairs and costly maintenance is generally avoided."
"If your budget can’t support buying your dream car and you aren’t willing to scale back or buy used, leasing may be a better option than purchasing."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2717:
Paula Pant of AffordAnything.com explores the value of outsourcing to balance work and life. She examines the financial logic behind outsourcing mundane tasks to maximize productivity and personal time, making a strong case for investing in your well-being through strategic delegation.
Read along with the original article(s) here: https://affordanything.com/when-should-i-outsource/
Quotes to ponder:
"The more you outsource, the more you trade money for the most valuable possession on earth: time."
"Parkinson’s Law states that work expands to fill the time you give it. Spend fewer hours working, and you’ll be able to do more in less time."
"Limit your hours, outsource at work, and value your time."
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