Young Investing – Page 3 – Wealth on the Move

Money Dysmorphia: When Wealth Perception Doesn’t Match Reality (Episode 3)

By Wealth on the Move | November 7, 2024

Summary: In this episode, hosts Will Hoffman and Brynn Tarbuck delve into the concept of money dysphoria, exploring how feelings and perceptions about money can lead to a profound sense of dissatisfaction. They discuss the impact of generational experiences, the role of social media in shaping financial perceptions, and the importance of creating a balanced financial plan. The conversation emphasizes the need for honest discussions about financial goals and the significance of having a plan in place to navigate financial uncertainties. Resources for mental health and financial advice are also shared to help listeners manage their financial well-being.

Takeaways:

Money dysphoria refers to a profound sense of dissatisfaction with one’s financial situation.
Lifestyle creep can lead to overspending and financial stress.
Younger generations are more concerned about financial stability due to past economic crises.
Social media can distort perceptions of wealth and success.
Having a financial plan is essential for peace of mind and financial independence.
It’s important to differentiate between needs and wants in financial planning.
Creating a budget helps in understanding cash flow and spending habits.
Regularly revisiting financial plans can help alleviate irrational fears about money.
Resources are available to support mental health in relation to financial concerns.
Balance in spending and saving is key to enjoying life while being financially responsible.

Resources:

Cash Flow Calculator: https://www.hoffman-wealthmanagement.com/resource-center/money/what-is-my-current-cash-flow
Mental Health & Money Advice: https://www.mentalhealthandmoneyadvice.org/en/

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Understanding Lifestyle Creep: How to Keep Your Spending in Check and Build Wealth (Episode 2)

By Wealth on the Move | October 24, 2024

Summary In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck discuss the concept of lifestyle creep, particularly how increased income can lead to increased spending. They emphasize the importance of financial planning, aligning spending with personal values, and preparing for potential financial setbacks. The conversation also covers strategies to combat lifestyle creep, the significance of insurance, and the necessity of making informed financial decisions. The hosts encourage listeners to take action against overspending and to plan for a financially secure retirement.

Takeaways

Lifestyle creep occurs when income increases lead to increased spending.
It’s important to enjoy your money while also saving for the future.
Financial independence requires a balance between spending and saving.
Understanding your values is crucial in financial decision-making.
Debt can become a significant issue if lifestyle spending is not controlled.
Having a financial plan helps in managing cash flow effectively.
Insurance should be updated to match your financial situation.
Acknowledging overspending is the first step to addressing it.
Long-term planning is essential for a secure retirement.
It’s never too late to start a financial plan.

Get your copy of “The Great Spending Balance” by clicking the link here: https://www.fmgwebsites.com/af1def90-2c76-4c9d-a296-95eeb9c6b878/the-great-spending-balance-love-your-life-today-whilelove-your-life-today-while-saving-for-tomorrow

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