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cover of episode This is the Biggeset Way People Waste Money in Retirement

This is the Biggeset Way People Waste Money in Retirement

2024/11/26
logo of podcast Ready For Retirement

Ready For Retirement
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People
J
James
领导Root Financial从小规模公司发展成为全国性公司，专注于目的驱动的财务规划。
Topics
本期节目以一位拥有巨额财富却吝啬消费的退休人士为例，探讨了人们在退休后如何避免因错误的节俭观念而浪费金钱。节目指出，金钱的价值在于其可以兑换的商品和服务以及带来的体验和快乐，而不是金钱本身。随着财富的增加，每一单位货币带来的额外满足感会下降（边际效用递减），尤其是在退休后，时间变得比金钱更宝贵。因此，退休人士应该重新评估自己的消费决策，将今天的消费与退休后的理想生活相结合，避免因过度节俭而错失享受生活的机会。节目建议听众审视自己的消费决策，评估这些决策是否符合未来的生活目标，并从未来自我的角度看待现在的消费行为，避免未来的遗憾。 本节目强调，在退休规划中，正确的金钱观至关重要。即使拥有巨额财富，如果不能正确地看待金钱的价值，并将其用于提升生活质量和创造美好回忆，那也是一种浪费。节目鼓励听众重新审视自己的金钱观和退休规划，确保消费行为与生活目标相符，才能真正享受退休生活。

Deep Dive

Chapters
James discusses a client's struggle to spend money despite having a multi-million dollar portfolio, exploring the concept of money as a tool for experiences and the diminishing marginal utility of wealth.
  • Money is a store of value and a medium of exchange, not an end goal.
  • Diminishing marginal utility of wealth means more money doesn't always bring more happiness.
  • Not spending money can be a bigger waste if it means missing out on experiences and quality of life.

Shownotes Transcript

Meet Sarah—a retiree with a multi-million-dollar portfolio, no mortgage, and all her income needs covered by Social Security. Yet, she hesitates to furnish her newly expanded home, fearing it would “waste” money. In this episode, James unpacks Sarah’s story to explore why so many of us struggle to spend, even when we're financially secure.James explores concepts like:- The Purpose of Money: Money is a tool, not an end goal—it’s meant to be exchanged for experiences and joy.- Diminishing Marginal Utility of Wealth: More money doesn’t always bring more happiness, especially as wealth grows.- Time vs. Money: Time becomes more valuable as we age, making it critical to use wealth meaningfully.- Mindset Shifts: Frugality that builds wealth can hold you back from spending in alignment with your values.- Future Self Perspective: Align today’s decisions with the life you want in retirement to avoid future regrets.This episode challenges traditional views on retirement spending, encouraging listeners to shift their mindset, embrace their financial freedom, and focus on living a fulfilling life.Questions answered:Why do we sometimes struggle to spend our money, even when we have more than enough to meet our needs?How can you reframe your mindset to align your spending with the life you truly want to live?Submit your request to join James:On the Ready For Retirement podcast: Apply Here)On a Retirement Makeover episode: Apply Here) Timestamps:0:00 - Wasting $ on furniture?1:59 - What money is3:26 - A different view of "waste"5:30 - Diminishing marginal utility8:49 - Consider what serves you11:45 - An example from Charlie Munger14:58 - Audit your decisions17:04 - Consider your future self18:55 - Conclusion

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