CORRECTION/CLARIFICATION FOR RICH GIRL ROUNDUP: 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. I apologize for the confusion.
Loving your thought process, Katie. I was a single mom (essentially a teenage mother), and consistently was fighting racial & societal stereotypes. So for me, my identity was tied to being able to well provide for my child and having a great lifestyle despite these stereotypes. I am simplifying, pursuing my artistic & investment pursuits, while really learning and applying better financial literacy to my life. Also, love the stoics, and appreciate Tim Ferris’s keep doing what you are doing. Great content
I love this episode! I grew up very poor, there were days with no food in the house, and my money from a part-time fast food job fed my 4 sisters those days. I had to work and watch over my sisters while going to high school to help provide food for our family. Both my parents worked long hours and multiple jobs. My school was filled with well-off families where designer clothes, all the "cool" things, and new cars for birthdays were common. After relentlessly being teased and ostracized for my homemade clothes or hand-me-downs that never quite fit, discount lunches and so much more that teenagers find so important at the time; poverty was associated with my self-worth, being deserving of friends, and enjoying life as a kid versus taking on adult responsibilities. Money for me to get the things I wanted was seen as greedy in my home and best served by giving it to the family. Money meant no, no I don't have enough money to buy the food I wanted, the basic bathroom products I needed, or even that outfit I found at the thrift shop that actually fit me. I made a promise to myself to "Make more money than both my parents combined by 25" thinking this was the answer. Fast forward to today, 44 yrs old and I am making enough money to achieve savings goals and always have the essentials..(a full refrigerator is the best feeling), something I'm inherently afraid of losing. To this day, I feel extremely guilty and punish myself after doing anything or purchasing anything for myself. Mindfulness and self-exploration of emotions have helped curb some of this but it's a problem I struggle with constantly. Now that my income keeps going up, I can afford to take care of my family, pay all the bills, hit my savings goals, and do things for myself. Like, get that new rescue puppy I've wanted for the last 6 years, buy that book I've wanted to read and has been on my Amazon wish list for 8 months. When you brought up the question, is it ok to now spend more since it doesn't take away from my financial well-being/goals, I said to myself, "It isn't just me!" Thank you Katie for always covering topics that really consider the entire picture of FI. From navigating finances, investing, and savings, to living your own version of your "rich life" with a focus on finding emotional fulfillment along the way.
Stumbled upon you from your money confidential appearance. My wife and I really appreciate your work. Props to being the first financial podcast we can both listen to 😎💰
Glad this was in this morning's Morning Brew. Sometimes it's hard to define the reason why money can easily become the biggest stressor in our lives. Not that I used it to keep up with anyone, but I learned recently it's because I feared money. My father was the one who had a status to keep up growing up. He put us into so much debt to the point they had to file for bankruptcy. He forced my mom to take out part of her retirement when things got too bad. When the housing market crashed, our house was foreclosed on. At one point he had vehicles repossessed. But he still had a status to uphold. Going into adulthood, I just wanted enough to pay bills. But then obsessed over it, which then turned into filling the void with buying things because I *could* afford it, then the slippery slope of the rush of how good it did feel to buy things because I could., mixed with the fear that it could all go away in the blink of an eye like it did growing up...so the scarcity mindset set in and led to a deeper spiral of materialism. Looking back, there is so much confusion, fear, and anxiety related to my own financial wellness. This is a topic that definitely needs to be talked about more--especially in the way you two presented it.🖤
Your school years remind me of mine, except I instead shifted to a somewhat toxic mindset of not caring how I looked and clowning on “pretty girls” lol. Totally not driven by frugality (although my mom is very frugal) but just my toxic way to explain why I didn’t look like other girls lol. That changed a little before heading to college though when I realized that my mindset was kinda dumb and I could admit finally that I do sorta care. After spending all my time not really wanting to wear makeup, I felt like I had to learn how to use it. Then with freedom of being away from home, and stress from college I indulged a bit much haha and probably still do to be honest. I still don’t have friends that are into beauty or fashion so I’m not 100% sure why I still spend my fun money on this stuff now, other than just finding it fun. You’re right though, when I do feel spendy these days I research a bunch and stare at my carts for weeks, it’s such a waste of time! I will be thinking more about the existential side of this going forward. Luckily i learned how to save so I’ve almost always managed to save a bit, maybe not as much as I want, this resonated with me. while I’m not into FI/RE and don’t save as much relatively as you, I appreciate your content since I care about financial stability.
Why do you consider it a privilege to attend the private school when it created such stressful inferior feelings. Maybe you could reframe that with the lens that things might have been better for you if you had attended a public school in your neighborhood.
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CORRECTION/CLARIFICATION FOR RICH GIRL ROUNDUP:
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. I apologize for the confusion.
Loving your thought process, Katie.
I was a single mom (essentially a teenage mother), and consistently was fighting racial & societal stereotypes.
So for me, my identity was tied to being able to well provide for my child and having a great lifestyle despite these stereotypes.
I am simplifying, pursuing my artistic & investment pursuits, while really learning and applying better financial literacy to my life.
Also, love the stoics, and appreciate Tim Ferris’s keep doing what you are doing. Great content
I love this episode! I grew up very poor, there were days with no food in the house, and my money from a part-time fast food job fed my 4 sisters those days. I had to work and watch over my sisters while going to high school to help provide food for our family. Both my parents worked long hours and multiple jobs. My school was filled with well-off families where designer clothes, all the "cool" things, and new cars for birthdays were common. After relentlessly being teased and ostracized for my homemade clothes or hand-me-downs that never quite fit, discount lunches and so much more that teenagers find so important at the time; poverty was associated with my self-worth, being deserving of friends, and enjoying life as a kid versus taking on adult responsibilities.
Money for me to get the things I wanted was seen as greedy in my home and best served by giving it to the family. Money meant no, no I don't have enough money to buy the food I wanted, the basic bathroom products I needed, or even that outfit I found at the thrift shop that actually fit me. I made a promise to myself to "Make more money than both my parents combined by 25" thinking this was the answer.
Fast forward to today, 44 yrs old and I am making enough money to achieve savings goals and always have the essentials..(a full refrigerator is the best feeling), something I'm inherently afraid of losing. To this day, I feel extremely guilty and punish myself after doing anything or purchasing anything for myself. Mindfulness and self-exploration of emotions have helped curb some of this but it's a problem I struggle with constantly.
Now that my income keeps going up, I can afford to take care of my family, pay all the bills, hit my savings goals, and do things for myself. Like, get that new rescue puppy I've wanted for the last 6 years, buy that book I've wanted to read and has been on my Amazon wish list for 8 months.
When you brought up the question, is it ok to now spend more since it doesn't take away from my financial well-being/goals, I said to myself, "It isn't just me!"
Thank you Katie for always covering topics that really consider the entire picture of FI. From navigating finances, investing, and savings, to living your own version of your "rich life" with a focus on finding emotional fulfillment along the way.
Stumbled upon you from your money confidential appearance. My wife and I really appreciate your work. Props to being the first financial podcast we can both listen to 😎💰
Glad this was in this morning's Morning Brew. Sometimes it's hard to define the reason why money can easily become the biggest stressor in our lives. Not that I used it to keep up with anyone, but I learned recently it's because I feared money.
My father was the one who had a status to keep up growing up. He put us into so much debt to the point they had to file for bankruptcy. He forced my mom to take out part of her retirement when things got too bad. When the housing market crashed, our house was foreclosed on. At one point he had vehicles repossessed. But he still had a status to uphold.
Going into adulthood, I just wanted enough to pay bills. But then obsessed over it, which then turned into filling the void with buying things because I *could* afford it, then the slippery slope of the rush of how good it did feel to buy things because I could., mixed with the fear that it could all go away in the blink of an eye like it did growing up...so the scarcity mindset set in and led to a deeper spiral of materialism.
Looking back, there is so much confusion, fear, and anxiety related to my own financial wellness. This is a topic that definitely needs to be talked about more--especially in the way you two presented it.🖤
I love this!!! So relatable
Your school years remind me of mine, except I instead shifted to a somewhat toxic mindset of not caring how I looked and clowning on “pretty girls” lol. Totally not driven by frugality (although my mom is very frugal) but just my toxic way to explain why I didn’t look like other girls lol. That changed a little before heading to college though when I realized that my mindset was kinda dumb and I could admit finally that I do sorta care. After spending all my time not really wanting to wear makeup, I felt like I had to learn how to use it. Then with freedom of being away from home, and stress from college I indulged a bit much haha and probably still do to be honest. I still don’t have friends that are into beauty or fashion so I’m not 100% sure why I still spend my fun money on this stuff now, other than just finding it fun. You’re right though, when I do feel spendy these days I research a bunch and stare at my carts for weeks, it’s such a waste of time! I will be thinking more about the existential side of this going forward.
Luckily i learned how to save so I’ve almost always managed to save a bit, maybe not as much as I want, this resonated with me. while I’m not into FI/RE and don’t save as much relatively as you, I appreciate your content since I care about financial stability.
Enneagram 7w8? I really enjoy you and your theses.
Also what do you have to say about capital gains losses?
Why do you consider it a privilege to attend the private school when it created such stressful inferior feelings. Maybe you could reframe that with the lens that things might have been better for you if you had attended a public school in your neighborhood.