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How to Avoid Becoming a Miserable Financial Miser

Don’t become an asset hoarder that distorts the benefits of being financially responsible.

Are you or your spouse someone who sucks all the fun out of the family finances? Even if the actions of being financially responsible are well-intentioned, a spending scrooge can damper any enthusiasm toward saving money or reaching financial goals.

At the Money Guy Show, you know we are huge fans of hyper-savers, and it is even a financial pillar we harp on routinely on the show and with our wealth management clients. Even so, we want to free you from the type of overzealous saving habit that casts a dark cloud over your financial enjoyment.

In this intervention, we mean episode, we are going to help you (or someone you know) from becoming a miserable financial miser. We give you a few tools that will allow you to experience joy and contentment while also striving for financial independence.

In this episode, we offer these helpful tools and tips:

  • The method behind forced scarcity
  • How to clearly define the purpose for your savings
  • How to calculate how much money you actually need to save
  • Effective ways to fund your financial goals without delaying all gratification
  • Our recommendations for setting your retirement income needs
  • Ways to stress test your estimated retirement income needs
  • What an intentional tax strategy can do for your finances
  • Why generosity is such a powerful financial tool

Resources mentioned on the show:

Fidelity Contribution Calculator

Fidelity Charitable

Schwab Charitable

Related Money Guy Show content:

How Much Money Do You Need to Retire? (U.S. News)

Setting the Amount You Need for Retirement the Right Way (Money Guy Podcast)

How to Stress Test Your Financial Plan (Money Guy Blog)

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