Skip to site content
The Show

What Wealthy People Know About Spending Money

When is it OK to spend money? It’s very common for people who prioritize building wealth to shudder at the notion of spending it. After all, we as a tribe have self-selected out of this culture of consumerism and embraced a lifestyle of forced scarcity to help us reach financial goals and, ultimately, financial independence.

But spending money isn’t inherently bad. In fact, once you get to a place where your net worth is increasing faster than your income, you have likely reached a critical tipping point in your financial journey that allows you to start making a transition from saver to spender.

Tune in to this week’s episode of The Money Guy Show as we give you clear direction on what, when, and how you can spend better and still stay on your path to building lasting wealth.

Here’s what we cover in this show:

  • The guardrails and filters you can use to spend wisely when you’re just starting out to get on the right track
  • How to spend money on the essentials like housing and transportation
    • What your total transportation costs should be in your 20s vs when you have increasing net worth
    • Main things to think about before making a luxury car purchase
    • The downpayment and the percentage of income your housing costs should stay within in your 20s vs 30s and beyond
    • How to understand your ‘why,’ the primary motivation for buying your house, and the role it plays in your purchasing decision
    • The ongoing housing costs every homebuyer should be aware of and consider before selecting your forever home
  • What you need to know about spending on the “non-essential” items of life that tend to cause the greatest amount of guilt
    • How to manage the push and pull of saving vs spending
    • How to set grounding principals for non-essential purchases
    • What you can do to successfully plan and enjoy travel
    • Furniture is disposable and why this can help you make money-smart decisions when buying it
    • When you can buy the “toys” without it being a financial mistake
    • Why it’s better to rent vacation property than own vacation property
  • How to understand where you stand financially and how powerful this knowledge can be in your life

 

Resources mentioned in this episode:

Enjoy the Show?

Where You Can Watch and Listen:

Subscribe on these platforms or wherever you listen to podcasts for new episodes every Friday, live streams every Tuesday at 10am CT, and new highlight clips throughout the week.

Related Content

Free Resources

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Tax Guide 2023

Updated for 2023! Ever wonder what the highly trained professionals use to tax plan? Wonder no more! We’ve assembled the…

View Resource

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Articles

I Have a Lot of Money, but I Don’t Feel Wealthy!

, ,

Read More

Where Should You Invest? (A Beginner’s Guide to Investing in 2024)

, ,

Read More

What Is The Best Way To Buy A Home In An Expensive State?

, ,

Read More

Financial FAQs

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-book.png

Millionaire Mission (Brian’s Book)

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-math.png

Know Your Number Course

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-pencil.png

The Money Guy Net Worth Tool

Buy Now

Recent Episodes

It's like finding some change in the couch cushions.

Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.

LIVE ASK WifeWorkLonger

Should I Make My Wife Work Longer?

Watch Now
FULL HowToBecomeAMillionaire B

How to Become a Millionaire By Age (2024 Edition)

Watch Now
Laid off

I Just Got Laid Off! What Now?

Watch Now