Making big purchases can be exciting and fun! It can also lead to stress and less wealth. Here are 8 simple rules for breaking bad spending habits and to make sure you are making the wisest choice when faced with a big purchase decision. I'm Scott Alan Turner on a mad mission up you get financial independence ultimate happiness and a life full of awesome experiences.
People who go crazy with the store credit cards or shopping at the mall every week they tend to be impulse buyers or often they are just regular people like us who I haven't started keeping track of their spending yet because as you know they don't teach this in school and they aren't alone I talked about the fever people get about big purchases the fever a new house the car new car a new opportunity like a concert weekend getaway
There are purchases that caused the endomorph ins and the serotonins and the weird brain stuff to kick in that's a fact and when that happens reason and good judgment gets kicked out your brain.
Here's 8 ways to think about buying choices so that your bad buying choices become good buying choices.
Follow these rules for breaking bad spending habits:
1. Wait. Just wait.
2. Don't go it alone
3. Don't believe you can over spin in a fix a problem later on by making more money
4. Don't spend the money before you got it. For example, don't spend the bonus before it's in the bank account that's a big no-no.
5. Don't mistake wants and needs there is a difference between the two
6. Don't be pressured into buying something you don't understand
7. Don't be pressured into buying something you don't
8. Do not ignore your gut reaction
🎙️Get the full episode here, which includes listener questions:
Additional show topics:
- When is the best time to get a teenager a credit card (Joe)
- What are some last minute interview tips (Antoinne, Atlanta, GA)
- How can I insure a baseball card collection (Presley)
- How can I stop splurging (Amaya, Kentucky)
- My husband won't cut cable because of sports (Raegan, Jacksonville, FL)
- Can I refinance a car I just bought (Athena, Maine)
- How to save money on A/C bills
- Have you done your mid-year tax review?
- Never take advice from Jim Cramer on picking stocks
- The benefit of owning a home to build wealth is forced savings
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ABOUT SCOTT
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Scott Alan Turner is the new and true voice on money in America. Scott is a former money moron, living the paycheck-to-paycheck lifestyle, losing $40k by following bad investing advice, and racking up a load of credit card debt. But by age 35, he turned it all around and became a self-made millionaire.
In a world of get-rich-quick schemes, biased advice, and financial pied pipers, Scott’s authentic, no-holds-bared approach makes it possible for anyone to absolutely rock their personal finances.
Scott is on a mad mission to help you get financial independence, ultimate happiness and a life full of awesome experiences. With his rebel style, off-beat humor, and signature life-on-your-own-terms approach, Scott’s inspiring a movement of Financial Rock Stars across the globe.
His podcast, The Scott Alan Turner Show, debuted at #1 on iTunes.
Meet him at ScottAlanTurner.com
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