Morgan Housel

That's like the basic model that we're taught.

And I think the truth is everybody has very different likes and wants, and price is not always a good indication of how much value that you're going to get out of it.

I think the people who have done the best job spending are people who completely tuned out any kind of social influence or what other people thought of their spending and just said, I'm going to go do my own thing.

And within that, you're going to find people, if we're looking at a wealthy person who spends way more

on this item than you would think they would and way less on other items than you would think they would.

Ramit Sethi is a perfect example of this.

And he's kind of, I think he personifies what I'm talking about, where his thing is he loves clothes.

And so he spends a lot on clothes and he dresses incredibly well.

And that's so important to him.

He's not a car guy.

And so I hope I'm getting this right, but I think he drives a Honda Accord.

And he's just like, I couldn't care less.

I couldn't care less about cars or what anyone thinks about it, but he's going to be dressed to the nines everywhere he goes.

That's his thing.

Even if you order the exact opposite, it doesn't matter what your thing is.

What I love is he's like, that's what makes me happy.

And the money that he saved on cars, he can spend on clothes.

It's the opposite of frugality.

It's, I love clothes, so I'm gonna mercilessly cut everything else.

in order to have a higher budget foreclose and encouraging everyone to do that, to figure out what their thing is.