The central thesis for this episode is that when you think you have a spending problem, what you probably have is a purpose problem.
This week, we’re getting philosophical—and I’m diving into a series of realizations I had when transitioning from Spendy McSpenderson to Sally Saver, about the role money played in my life pre- and post-”baptism by FI/RE.” (See what I did there?) I also chat with mindset and manifestation expert Haley Hoffman Smith (https://www.haleyhoffmansmith.com/) on the void money creates and what we should be aiming for instead.
It’s one of the more vulnerable episodes I’ve published, but my hope is that it’ll inspire you to reflect in a way you haven’t before about your relationship with materialism and its role in your sense of self.
Thanks to an email from astute listener Emily T., it has come to my attention that my answer for today’s Rich Girl Roundup could be a bit misleading to the point of being wrong depending on how you inherited your individual stock. The answer given in the video is relevant *if the relative who gifted you stock is still alive.* If your relative who gifted you stock has passed away, then your cost basis actually receives something called the “stepped-up cost basis” treatment, which means the amount you inherit at the time they pass is the new cost basis. If you were to sell that immediately, you’d incur no capital gains taxes.
We have re-recorded a clarification that’s now live in the episode, but we apologize for the confusion.
Mentioned in the Episode
- The Hot Girl Hamster Wheel: https://www.instagram.com/reel/Cc5dZNLvRNN/ and https://moneywithkatie.com/blog/high-maintenance-is-expensive-how-i-went-from-a-320mo-girly-budget-to-a-negligible-one
- Brad Yates: https://www.tapwithbrad.com/
- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/
- Read Money with Katie: https://moneywithkatie.com/
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