I teach you how to master your money in less than 5 minutes per week. I am the host of The Personal Finance Podcast with 400K downloads monthly and the Founder of Master Money.
🤑How to Spend Money on Things That Bring You Value
Published about 2 months ago • 6 min read
What’s Poppin’,
This is the Master Money Newsletter. We help you stack cash and make it rain on the things you love.
Here’s what we have on deck today:
📗 Read: How to Spend Money on Things That Bring You Value
🎙️ Listen: He Built a Billion Dollar Real Estate Portfolio (Here’s How) With
Brandon Turner
How to Spend Money on Things That Bring You Value
Most personal finance advice focuses on what you can’t spend money on: no coffee, no eating out, no vacations. Why not just live in a cave and hoard cash while you're at it? People often sweat the small stuff—the $10 problems—while ignoring the big ticket items that truly move the needle.
Focus on What Matters
Instead of getting caught up in minor expenses, let's talk about the major financial decisions that can significantly impact your life:
Negotiating Your Salary: This can dramatically increase your income over time.
Finding the Right Spouse: A partner who shares your financial goals can make a big difference.
Saving for Retirement: Start early and contribute consistently.
Asset Allocation: Diversify your investments wisely.
Investment Fees: Keep these low to maximize your returns.
Mortgage Interest: Shop around for the best rates.
Buying the Right House: Consider your long-term needs and budget.
These big-ticket items can help you increase your income and make your money work for you.
Spend Lavishly on What You Love
Cut out the expenses that don't bring you value and spend generously on what does. Ask yourself: What do you love spending money on? Not just like, but love. Imagine being able to spend double, triple, or even quadruple what you do now on those things.
Questions to Ask Yourself
What do I want from my money?
What do I love spending money on?
How can I do this and still hit my financial goals?
The Money Values Manifesto
Give yourself permission to spend.
Decide what's important and what's not.
Spend on your passions and joy.
Plan your priorities.
Spend guilt-free.
Allocate money to your values regularly.
Don't let others influence your money values.
Increase spending on your values with every raise.
Ways to Spend Money on Your Values
Travel
Plan trips in advance and master travel hacking.
Keep a bucket list of destinations and prioritize travel spending.
Convenience
Use services like Ubers, meal delivery, and cleaning to free up time for what you love.
Health & Fitness
Invest in trainers, quality gym memberships, and healthy food.
Experiences
Spend on unique experiences like fishing charters, skydiving, and fine dining.
Freedom
Invest in assets that buy you freedom, like a business or early retirement plans.
Relationships
Prioritize spending on date nights, dinners with friends, and family gatherings.
Generosity
Give to causes you believe in and make giving a part of your financial plan.
Luxury
Indulge in quality items that you love, like designer clothes, nice cars, or fine dining.
Social
Spend on social activities that bring joy, like brunches, bars, and vacations with friends.
Self-Improvement
Invest in books, courses, and coaching to continually grow and improve.
Remember, the goal is to make your money do what you want it to do. Spend on what brings you value and joy, and cut out the rest.
⚒️ COOL TOOL: Discover Cheap Flights with PointsYeah
PS: This is not a sponsor just a tool I love.
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I have been playing with it and finding some crazy deals. Check out PointsYeah Explorer and get ready to plan your next adventure on a budget!
🎙️This Week on the Podcast: Brandon Turner
I'm thrilled to announce that this week on the podcast, we have Brandon Turner. We dive deep into his early journey and why he chose real estate over other investments. Brandon shares some fascinating stories about his early deals, where he got creative with low to no money down.
We also discuss his popular concepts: House Hacking, The Stack, and the BRRRR method. You'll hear how these strategies helped him scale his portfolio.
One key takeaway from our conversation is Brandon's mindset shift from “I can’t” to “How can I?”—a perspective that’s been transformative for him.
Brandon also talks about building his billion-dollar real estate fund, including what a real estate fund is and why he chose that route. He shares the steps he took to start his fund and the challenges he faced in scaling it.
We touch on his personal life too, exploring how he balances a massive business with being a present husband and father. His goal-setting system with his wife is particularly inspiring.
Lastly, we discuss his mission to donate a billion dollars to fight human trafficking and the importance of incorporating giving into our financial plans.
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👍 Money Articles
Long-Term Care for Seniors 🛡️👴
CBS News discusses why experts recommend that seniors invest in long-term care insurance and Medicare supplemental insurance. The article outlines the benefits of these policies in covering costs that traditional Medicare does not, ensuring financial stability and comprehensive healthcare coverage in later years.
Reducing College Tuition Costs 🎓💸
New York Magazine explores innovative strategies families are using to reduce college tuition expenses. It provides insights into legal and financial tactics that can lessen the burden of higher education costs, offering valuable tips for parents navigating the complex landscape of college funding.
Salary Calculators for Remote Jobs 💻💵
Forbes highlights eight essential salary calculators that can help remote workers determine fair compensation. The article reviews tools that factor in job title, location, experience, and industry standards, making it easier for remote professionals to negotiate salaries and ensure they are paid appropriately for their roles.
🚨DEAL FINDS THIS WEEK
AmEx and Other Card Offers at Kroger
Check your AmEx Offers for a sweet deal: get 20% back as a statement credit when you shop at Kroger, either in-store, online at kroger.com, or through the Kroger app by 10/22/2024, with a limit of $15 back.
Similar deals are available from Chase and Citi Offers:
Earn $10 back on a $50+ purchase at Kroger.com.
Earn $5 back on a $50+ Kroger purchase.
Get 5% cash back on Kroger.com purchases (up to $8.50).
Earn 10% cash back on Kroger purchases.
High-Performance Book Club 📚
I get a ton of questions from listeners and readers as to what I am reading. So we decided to let you know via the newsletter. The High-Performance Book Club will be a way to share this. If you want to be Elite in your career, business, or with your wealth, then welcome to the club. If you would like to see our previous picks, you can find them here.
I teach you how to master your money in less than 5 minutes per week. I am the host of The Personal Finance Podcast with 400K downloads monthly and the Founder of Master Money.
