The Art of Spending Money | Prof G Markets

32: Do not go out as a “group of guys”. Socialize with women.

38: Women, like men, most of all like large amounts of top-quality sex.

I'd like to get on the sign-up sheet of crestfallen women coping with the news that Ed is not single. Also, I'm old enough to be his mother.

How many times has Scott declared bankruptcy ? Was it one bankruptcy or 2 ?

Love the reaffirmation to spend on experiences and cool story from ed. I have that rule, too, whenever I go to Nyc to overspend on unique experiences. I've too often spent on shoes, clothes, and gadgets with very little return.

Its funny how as a kid you love the holidays because you're excited about all the presents you're going to get, then as you get into adulthood you start to enjoy finding gifts for others. Took some coworkers out for thanksgiving dinner to my favorite place.

Fab pod, it has made my year :-)

It was emotional for me too listen about Scott’s father because I have the same father, cheap, miserly, would hold grudges over a few dollars. Now that I’m 40 we don’t have a relationship, a few dollars costed him this. He wasn’t there for my mother and I financially when they split up, he took the house we went to government housing. Now that I’m 40, I have such a different perspective, my husband and I practice generosity with our children, we value time and relationships. I value these more so than anything because of how my father was.

splurge your time as well as your money, when it is intentional.

Sheesh! This podcast is great! Motivating and inspiring. Two good guys.
Isn’t the background to this message…(it seems to be): Think carefully about what life can and does offer and, spend sensibly but with jo. I do agree with the have less booze message (at this age as Prof G says).
Have a fab day all - from NZ Kiwi

I was scared that this would be another Dave Ramsey session where I’m scolded for liking my $6.00 coffee. I’m 75, two years from normal expiration. I’m having the coffee and the doughnut. Coffee and doughnuts probably saved my #2 son’s life. He was really struggling in school so I started taking him out for coffee and doughnuts and talk about anything he wanted to talk about. 25 years later we still have doughnut day together.

This episode is one of the most unique financial shows I have ever watched! At times Scott is talking to a very small niche audience that I am a part of because of huge Bitcoin gains. I always wanted to be wealthy and now I am wealthier than I ever envisioned in terms of net worth, yet my behavior and outward appearance has hardly changed. I WANT to spend but I am having a very hard time doing so because of the good habits I developed in order to become rich in the first place. I have offered to take my extended family anywhere they want and to make a long story short I do not think they understand how short life is and how fast it can change. One would think they would jump on such an opportunity. Here is some advice for the young guy, he seems to care more about what others think of him than what he thinks of himself. You are not going to make it with that philosophy, "Fitting in is overrated" is one of my mottos. One reason a state like CA can keep on working when everyone says it should fail is because of guys like him. Guys in the top 2% FOREVER trying to live in the right place, send kids to the right schools, hang out at the cool clubs, etc... They spend (and get taxed) to oblivion in order to appear to move up in "status".

Why make billions when you can make millions?

Scott, love your podcasts, but I think you seriously missed the boat on check splitting. Among my fellow financially comfortable boomer friends, someone from each couple throws a credit card at the check. The waiter/waitress asks if we want to split it, everyone says 'yes'. Easy peasy. We've tried the "I'll get it this time, you get the next". It doesn't work.

Except when we travel together. The situation is different. One of the pack, usually the most compulsive, will use an app like "Cost Split". Each couple takes turns paying expenses. Someone will then pickup the dinner check. The person who makes the reservation (rental car, shared condo-air b & b, etc.) will pay the charge. Everything gets put into Cost Split. At the end the trip, the Cost Split keeper will let everyone know how much they owe each other couple. It's usually down to a few dollars each.

There is just no way to be, at 20, the men we grow into as we age.

The order of life, e.g., when we make big money, when we have kids, when we go to higher ed, etc., makes a huge difference in the quality of life.

Literally first world problems.

Scott does this sneaky thing, where he brags about spending money, but thinks that because he's honest about it, it somehow makes him less of a douche.
But he doesn't appear to realize, it doesn't.

If Scott truly wants to be generous, he should be generous with time, not money.
Being generous with something you have mountains of isn't as generous as you think.

❤

What a show this is 🙌 The experience shared is one thing, but the deep, intelligent reflections are incredible, and a source of inspiration. Thank you!

Imagine if the richest people could embrace the last segment, imagine Elon even listening to the end of the sentence without shouting some edge lord meme.

I Iove this show but this is hands down the most interesting and inspiring one so far - from a 56 year old. Nuggets to be found here❤!

Len Bias maybe?

"Drive a Hyundai and Drive your husband to Africa" - Gonna tell that to my wife today !

Love my Atlanta!!!

lol haha bonus season baby

Scott’s story about his dad and how being so cheap affected him was so important to hear, tons of wisdom from those words!

I love Scott’s brutally frankness about his personal life and situation. It’s refreshing and there are some important life experiences in what he says that are well worth passing along to my grandchildren that might save lives, time and money!!!

Completely stole the title from Morgan Housel’s new book he’s working on

I love this episode ♥️

Ugh. I came up poor and I’m the youngest. I always try to cover all the bills with my older sisters. Recently, my nasty sister has taken to mocking my efforts. At this point I dont want to spend time with them anymore. That question has been answered. Right?

Ugh. I came up poor and I’m the youngest. I always try to cover all the bills with my older sisters. Recently, my nasty sister has taken to mocking my efforts. At this point I dont want to spend time with them anymore. That question has been answered. Right?

Love these episodes

Great episode, but Scott, since you "don't buy a lot of things," how many $12,000 watches do you own again? Let's just keep it honest here, since that's something you've spoken to many times in speeches.

Wedding Industrial Complex...fantasmic

I wonder if I'm the only one who thought Ed's fondest purchase or spending experience was kind of sad. The idea that rinsing all your cash so you could rub shoulders with super rich people for one night only sounds like a pretty shallow ambition. I just think he could aspire to have more valuable experiences than being on the other side of the velvet rope.

Scott is the man. I just discovered him and am already a big fan. Looking forward to consuming more of his content.

Awesome episode , only planned to listen for a few and stayed for all.

Don’t get married, don’t have kids.

Afford yourself.

Your partner will never be satisfied.

Tell me I’m wrong, Scott.

Scott loves Florida and R policies during Covid yet did nothing but Simp for Kamala. Make it make sense.

Thanks Ed and Scott you brought tears to a 71.5 yer old person with this one with the questions and both of your reflections. Ed you are also incredible I I just wanted to to re-enforce that since Scott already knows that about himself. Scott still appreciate you too big time. All the best. Ray

Grotesque is the right description. I'm sorry for the pain you had to go through with your shitty dad. Your understanding of generosity is definitely not selfish.

Thank you for this episode. Very insightful.

Great analysis, thank you! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?

I agree with Scott's take on Covid.
I made 40k from the government via my consulting small business because of how they wrote the ppp loan rules, and I really didn't need the money that was tax free and i tossed it into the stock market and made a killing. Moreover, it made me a millionaire that year.
Very unfair

Love the podcast. Well your values are now yours not your Dads. I’m with you cheap men are disgusting. 🤮

Sadly, you can't give gifts to a large amount. It could be considered taxable income to the employee
Hence the turkey law.

Ed's best splurge; "I spent so much money at a club that I got to sit in the VIP section next to famous people." Unbelievably sad.