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Financial Advisors Say The Darndest Things

Financial Advisors Say The Darndest Things

Business:Investing

Top 5 Bad Spending Habits And How To Overcome Them For Christian Retirement Success (#193)

Top 5 Bad Spending Habits And How To Overcome Them For Christian Retirement Success (#193)

2024-02-23
Download Right click and do "save link as"

Episode Summary: In this episode of "Financial Advisors, say the darndest things," host A.B. Ridgway delves into the root causes of spending habits among Americans, particularly focusing on the role of time management. With statistics and anecdotes, Ridgway emphasizes the importance of intentional spending and financial planning to achieve long-term financial goals.

Key Takeaways:

  1. Spending with a Plan: Ridgway highlights the necessity of creating a monthly budget and tracking expenses to avoid financial pitfalls. By planning ahead and identifying areas of unnecessary spending, individuals can gain better control over their finances and allocate resources more effectively.
  2. Avoiding Impulse Purchases: Through the "Five Second Rule" by Mel Robbins, Ridgway suggests taking a moment to reflect before making impulsive buying decisions. This simple strategy can help individuals assess whether a purchase aligns with their long-term financial goals and prevents unnecessary expenses.
  3. Paying for Convenience: Ridgway discusses the temptation to pay for convenience, such as fast food or pre-packaged goods, and how it contributes to overspending. By recognizing when convenience purchases are unnecessary and opting for cost-effective alternatives, individuals can save significant amounts of money over time.
  4. Tracking Expenses: Emphasizing the importance of tracking every expense, Ridgway underscores the value of understanding where money is being spent. By categorizing expenses and analyzing spending patterns, individuals can identify areas for improvement and make informed decisions about their financial priorities.
  5. Spending to Feel Better: Ridgway addresses the phenomenon of using retail therapy to cope with emotional stressors and urges listeners to seek healthier ways of dealing with their emotions. By focusing on long-term financial goals and practicing mindfulness in spending habits, individuals can achieve greater financial security and emotional well-being.

Quotes:

  1. "When you stop paying for conveniences, you're saying, I can take the time to chop up an onion. That's not worth $1.50."
  2. "The time it takes for me to cook some mashed potatoes and gravy and rice and maybe a biscuit...I'm off track here. But it's not worth the money."
  3. "Time is the factor for all five of these issues, and we can actually overcome them with understanding our time and how we manage it."

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

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