Aug 22, 2024
Discover the hidden pitfalls of unconscious spending and transform your financial habits for the better.
Ever wondered how those small, seemingly harmless purchases can derail your long-term financial goals?
Hear personal experiences on the dangers of both conscious and unconscious spending, and understand the power of patience and persistence through a fascinating metaphor of doubling money over 21 days.
This episode lays out the significant impact that everyday buying choices can have on your future financial stability, particularly in retirement.
Have you ever fallen prey to the enticing discounts on online shopping platforms?
I break down the psychological tactics these platforms employ to lure you into buying low-quality products. From incremental discounts to the addictive rush of decision-making, understand why shopping gives you temporary happiness and how it contrasts with the lasting satisfaction of intentional financial planning.
I also explore how shopping behaviours differ between men and women and how the convenience of online shopping, especially during the evening hours, leads to impulsive spending.
Take control of your financial future by recognising and changing your spending habits.
Using tools like the Wealth Tracker, this episode guides you through transitioning from unconscious spending to unconscious investing.
Track your expenses over a three-month period to spot patterns and make mindful choices that support your financial goals.
We'll also discuss the concept of gifting with intention, valuing time over material possessions, and how personalised gifts create lasting memories.
Finally, we'll explore how thoughtful, well-planned gifts can have a greater impact than expensive, last-minute purchases, fostering both generosity and financial prudence.
--------- EPISODE HIGHLIGHTS ---------
(0:00:11) - Beware of Wasting Money
Understanding and controlling spending habits, the impact on future financial stability, and the importance of patience and persistence in financial growth.
(0:09:12) - The Psychology of Shopping and Spending
Online shopping platforms use discounts to encourage impulsive purchases, leading to temporary happiness and gender differences in shopping behaviour.
(0:17:07) - Recognising Spending Habits for Financial Health
Unconscious spending to investing journey, using conscious and unconscious competence, recognising patterns and developing strong habits.
(0:27:47) - Conscious Spending for Financial Freedom
Gifting with intention, valuing time over material possessions, and the importance of mindful spending and investing in experiences.
(0:35:55) - Maximising Impactful Giving
Use the wealth tracker to shift mindset about money, prioritise thoughtful gifts, and balance generosity and financial prudence.
To watch this episode on YouTube:
Connect with Vicki:
Visit my website to learn more
Booking calendar - https://calendly.com/vickiwusche
Access the Wealth Tracker and other free resources:
Download the Free Wealth Tracker Here
https://vickiwusche.com/resources/
Has this podcast started you thinking about what A Wealthy Life might look and feel like for you?
Why not spend another 3 minutes and take my online audit called Readiness to Retire Wealthy based on the five principles discussed in The Wealthy Retirement Plan book and episodes of this podcast?
https://scorecard.vickiwusche.com/
The assessment provides you with a personal score and report to help you take back control of your financial future – something business owners and employees both forget – but for different reasons.
Browse Books by Vicki:
Using Other People’s Money: How to invest in property 4th edition
Make More Money from Property: From investor thinking to a business mindset 2nd Edition
Property for the Next Generation: Securing your future in uncertain times 2nd Edition
The New Estate: Insights from the 22nd century
The Wealthy Retirement Plan: A revolutionary guide to living the rest of your in style
Or read the following Ebooks on VickiWusche.com:
9 Critical Property Principles
The De-Job Yourself Manual: Break your reliance on a monthly wage
The Values Manual: Understand what your values are and how they can be key to a successful business
The Goal Setting Manual: Create meaningful and practical goals then achieve them