Wow I love hearing about Berto's stories! It's really cool to hear his self-discovery and be able to recall the different voices in his mind as well as a different thoughts he was having.
On my 13th birthday, way back in 1980, my dad came to me and said "we are raising your allowance to $250 a month". I thought he was joking but we sat down and he explained his proposal to me. My parents had tracked all my expenses the previous year. This included food outside the home, school cloths, medication (insulin) and everything. I don't really recall what I was thinking initially. I was probably thinking $250 was a huge amount of money so I agreed to manage my own expenses. I do recall messing up for the first several months and trying to get out of that deal but dad said we had a contract and I had to do it for a year. I figured it out after a while. In months I had extra money, I had to save it for months I had to buy cloths or pay for dance class, Dr. appointments etc. It was a little rough at first, maybe a little to much responsibility for a 13yo, but I did learn to manage my money early and that has stuck with me my entire life. Some of my friends think I am cheap now but I buy everything I really want, I just think about it first.
I grew up with my father being strict and worried about money ALL the time, now I'm 24 and I'm worried and scared of money... ALL the time. I hate it. I feel like my dad took over my brain.
As someone getting a financial therapy certification, this is my favorite episode ever! Thank you Humberto and Dr.Kirk for your openness on this episode.
This podcast makes me think about the time I was dating, and I’ve always avoided people who seem irresponsible with money or too showy with their money. I’m not a gold digger. I just purposely pick the ones who knows how to take care of themselves financially, because from what I’ve read, Finances is the # 1 thing couples fight about.
My parents never showed us when they were short on money, they’d use any excuse to not buy something without making us feel like a burden or that we had no money. Now that I’m older I really like their approach.
As someone who has worked at a high end department store… you’d be surprised how much sales associates can make (think 6 figures). In my area, a lot of the associates come from money too. Our store in particular had to put a new rule in place that they couldn’t spend more than they make in a year. Lol One more comment, I don’t think the associates think they are rich (although some are). They just have to dress nice in designer wear to match their work environment.
Compulsive spender here🖖 Mostly clothing. And yes I always think that new sequin dress is gooing to be a total life changer. 🥲 Btw just listened to an old podcast episode where Kirk tells this same allowance story 😅😅
I have a fear of purchasing things that are unnecessary. I'm always worried that if I purchase something that I don't need, I'll end up really needing that money for a life-saving purpose! Then I'll be regretting buying that synth haha. Like if I buy that synth suddenly my life is going to spiral out of control and I'll really wish I had the money instead of the synth... Then I'll hate myself and it'll be all my fault if I die or can't perform some necessary function because I foolishly spent money on something I didn't need... But the thing is, I do have the money for the synth. However I never feel safe with the amount of money I have. I keep thinking if I get to a certain number in my bank account then I'll feel safe, but when I reach it I still don't feel safe.
@@user-uq4gr5nl5o I did get the procedure done. It costs a lot of money. It’s the most money I paid on a single purchase. But I never regretted it one bit, so I do consider it my number one best purchase 😅
@@MathPiHanan that's actually the same for me, but where I'm from it cost so little relatively to other things, that it's a no brained! I wish I'd done it earlier!
I can save money but when I get depressed then I go crazy spending money and ranking up my credit card. But then off course I regret later once I see my credit card statement.
It amazes me that in US having a car loan is something normal, where I come from people do everything possible to buy a car with cash and actually, only unwise people buy cars using loans :) Just a cultural difference :)
I bet people in rural areas in your country buy cars using loans. In some places having a car is a choice, and you can wait until you can afford it before buying one. In some places not having a car means not being able to get a job or get an education, so you don't have a choice, you have to buy a car before you can afford it.
@@rabbitwho Of course they do. I did not say that car loans do not exist in my country. Still, If you red carefully, as I said it is considered UNWISE and sometimes people live without a car for some time, or just buy an older one, or smaller one just to avoid having loans. I've lived without a car for a couple of years and believe me, it is possible ;)
I'm definitely super strict with my spending habits. It has gotten so bad that I could easily live with having 250 euros a month (the minimum wage in Lithuania is around 500-600 eur.). But do I want to live like that? Absolutely not. I know this comes from the fact I had an addict in my family, who spent most of my parents income for 30+ years, and my mom was always worried about money and ways of saving it. Also, I was robbed by a so called best friend when I was a kid, and that broke me. I know that now, being almost 30, I want to have a job I would like and earn at least the minimum wage, and enjoy life for once. But because of childhood traumas I don't have the confidence to persue and keep a normal job, so I resort to saving as much as possible. It's an ongoing circle which I hope to one day break :) thanks for sharing your thoughts and stories about this topic :D
yeah I'm super frugal. It's mostly good but I do push myself to spend on experiences sometimes, or to spend that extra 20% to buy the beautiful version of the thing. Beautiful things do make me happy, I had one beautiful plate that I broke recently and I should replace. I loved eating off it. I bore people talking about waht a great bargain I got. People laugh, they are like "how was Paris?" and I am like "The entire holiday only cost 200 euro including flights, transport, food, accommodation!!!!"...or I make a profit off some trips because I go somewhere where the dentist costs so little that I save money by going on that holiday rather than paying for a filling here... and that's not what they were asking about it seems.. The idea of replacing something that isn't broken or buying something you'll only use once is kinda gross to me, like bursting a blister.. dude don't do that.
if you want to ever buy a house or rent an apartment or get a car, they're gonna need credit history and if you don't have that you'll have a harder time achieving any of those things! It's a wacky system but it's why most people have credit cards at a young age to build their credit report. Of course, if you don't pay on time and stuff those things will indicate companies not to trust you or instead give you a higher interest rate. So, you have to be responsible when you own a credit card and not own one but destroy your credit score.
Really love Humberto's authenticity when talking about his experiences with overspending. I can 100% relate
Wow I love hearing about Berto's stories! It's really cool to hear his self-discovery and be able to recall the different voices in his mind as well as a different thoughts he was having.
On my 13th birthday, way back in 1980, my dad came to me and said "we are raising your allowance to $250 a month". I thought he was joking but we sat down and he explained his proposal to me. My parents had tracked all my expenses the previous year. This included food outside the home, school cloths, medication (insulin) and everything.
I don't really recall what I was thinking initially. I was probably thinking $250 was a huge amount of money so I agreed to manage my own expenses. I do recall messing up for the first several months and trying to get out of that deal but dad said we had a contract and I had to do it for a year.
I figured it out after a while. In months I had extra money, I had to save it for months I had to buy cloths or pay for dance class, Dr. appointments etc.
It was a little rough at first, maybe a little to much responsibility for a 13yo, but I did learn to manage my money early and that has stuck with me my entire life. Some of my friends think I am cheap now but I buy everything I really want, I just think about it first.
I grew up with my father being strict and worried about money ALL the time, now I'm 24 and I'm worried and scared of money... ALL the time. I hate it. I feel like my dad took over my brain.
As someone getting a financial therapy certification, this is my favorite episode ever! Thank you Humberto and Dr.Kirk for your openness on this episode.
This podcast makes me think about the time I was dating, and I’ve always avoided people who seem irresponsible with money or too showy with their money. I’m not a gold digger. I just purposely pick the ones who knows how to take care of themselves financially, because from what I’ve read, Finances is the # 1 thing couples fight about.
My parents never showed us when they were short on money, they’d use any excuse to not buy something without making us feel like a burden or that we had no money. Now that I’m older I really like their approach.
As someone who has worked at a high end department store… you’d be surprised how much sales associates can make (think 6 figures). In my area, a lot of the associates come from money too. Our store in particular had to put a new rule in place that they couldn’t spend more than they make in a year. Lol
One more comment, I don’t think the associates think they are rich (although some are). They just have to dress nice in designer wear to match their work environment.
Compulsive spender here🖖 Mostly clothing. And yes I always think that new sequin dress is gooing to be a total life changer. 🥲
Btw just listened to an old podcast episode where Kirk tells this same allowance story 😅😅
Yes, clothing always and lately perfumes 😩 it’s so annoying, I can’t even buy one body wash, I often have like 2 or 3 at a time 🥲
“Because I FELT like I needed a credit card to be LEGIT” made me chuckle, I totally get it 😂😂
I have a fear of purchasing things that are unnecessary. I'm always worried that if I purchase something that I don't need, I'll end up really needing that money for a life-saving purpose! Then I'll be regretting buying that synth haha. Like if I buy that synth suddenly my life is going to spiral out of control and I'll really wish I had the money instead of the synth... Then I'll hate myself and it'll be all my fault if I die or can't perform some necessary function because I foolishly spent money on something I didn't need... But the thing is, I do have the money for the synth. However I never feel safe with the amount of money I have. I keep thinking if I get to a certain number in my bank account then I'll feel safe, but when I reach it I still don't feel safe.
This is incredibly powerful and life changing. Thank you for sharing .
38:40 This is so me. I move money around like crazy and spend freely; if there’s $5, I NEED to spend it.
Does anyone have the link to the survey they took for this episode?
Yay! This is one of my favourite topics - what a way to spend my Sunday!
IS= Iceland
Can lasik count as the best purchase? This is the first thing that came to my mind when I thought “what’s my best purchase?”
If you hate having to wear glasses, it is a great purchase. The procedure lasts 2 minutes and you have almost perfect eye sight in a few hours.
@@user-uq4gr5nl5o I did get the procedure done. It costs a lot of money. It’s the most money I paid on a single purchase. But I never regretted it one bit, so I do consider it my number one best purchase 😅
For me it was for me of the worst purchases! I ended up having to wear glasses/contact lenses after 4 years anyway.
@@MathPiHanan that's actually the same for me, but where I'm from it cost so little relatively to other things, that it's a no brained! I wish I'd done it earlier!
I can save money but when I get depressed then I go crazy spending money and ranking up my credit card. But then off course I regret later once I see my credit card statement.
It amazes me that in US having a car loan is something normal, where I come from people do everything possible to buy a car with cash and actually, only unwise people buy cars using loans :) Just a cultural difference :)
I bet people in rural areas in your country buy cars using loans. In some places having a car is a choice, and you can wait until you can afford it before buying one. In some places not having a car means not being able to get a job or get an education, so you don't have a choice, you have to buy a car before you can afford it.
@@rabbitwho Of course they do. I did not say that car loans do not exist in my country. Still, If you red carefully, as I said it is considered UNWISE and sometimes people live without a car for some time, or just buy an older one, or smaller one just to avoid having loans.
I've lived without a car for a couple of years and believe me, it is possible ;)
My daughter sold door to door perfumes (fake ones) in the mid 90's as her first job out of HS.
I'm definitely super strict with my spending habits. It has gotten so bad that I could easily live with having 250 euros a month (the minimum wage in Lithuania is around 500-600 eur.). But do I want to live like that? Absolutely not. I know this comes from the fact I had an addict in my family, who spent most of my parents income for 30+ years, and my mom was always worried about money and ways of saving it. Also, I was robbed by a so called best friend when I was a kid, and that broke me. I know that now, being almost 30, I want to have a job I would like and earn at least the minimum wage, and enjoy life for once. But because of childhood traumas I don't have the confidence to persue and keep a normal job, so I resort to saving as much as possible. It's an ongoing circle which I hope to one day break :) thanks for sharing your thoughts and stories about this topic :D
yeah I'm super frugal. It's mostly good but I do push myself to spend on experiences sometimes, or to spend that extra 20% to buy the beautiful version of the thing. Beautiful things do make me happy, I had one beautiful plate that I broke recently and I should replace. I loved eating off it. I bore people talking about waht a great bargain I got. People laugh, they are like "how was Paris?" and I am like "The entire holiday only cost 200 euro including flights, transport, food, accommodation!!!!"...or I make a profit off some trips because I go somewhere where the dentist costs so little that I save money by going on that holiday rather than paying for a filling here... and that's not what they were asking about it seems.. The idea of replacing something that isn't broken or buying something you'll only use once is kinda gross to me, like bursting a blister.. dude don't do that.
Oh this should be interesting!
I don't know about these categories. Maybe I'm too poor to classify as one.
Great
Berto and Beyonce: The Comeback Tour
Omg terrified to listen to this
IS is Iceland
im 24 with no credit card! i never want one! i will ruin my credit
if you want to ever buy a house or rent an apartment or get a car, they're gonna need credit history and if you don't have that you'll have a harder time achieving any of those things! It's a wacky system but it's why most people have credit cards at a young age to build their credit report. Of course, if you don't pay on time and stuff those things will indicate companies not to trust you or instead give you a higher interest rate. So, you have to be responsible when you own a credit card and not own one but destroy your credit score.
Mother of Cat and Dog i Am renting a very nice apartment and leasing a new car :)