Rachel Wolfe
speaker
900 appearances
20 recordings
1 series
first heard Mar 2022
last heard May 2024
Rachel Wolfe’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Why Americans Are Choosing to Splurge Instead of Save · 6 Oct 2023
podcast
It's that they're prioritizing the experiences that make them happy now over perhaps longer-term saving goals.
In some cases, they're willing to give up some degree of financial security and wealth in order to be happy in the moment.
It's not that people are being reckless.
It's that they are intentionally prioritizing the things that make them happy despite all of the potentially dissuading factors.
So I spoke to one person who's living in New York City.
He recently got engaged and turned 30, and he was expecting to start saving to buy a house around now.
But he realized that the $3,000 a month he was paying for his Brooklyn apartment would translate to over $5,000 a month in a mortgage after $200,000 down.
And he joked that it wasn't even that nice of an apartment.
And so he just didn't see the value there of...
Being a homeowner himself, you know, he said maybe one day, maybe if things change, but right now he's going to buy a ticket to Taylor Swift's Air Tour and pay for a trip to Ibiza for a bachelor party that costs $3,500.
And he can afford this because it's coming at the cost of saving for that down payment, which he just doesn't think is the best place to put his money right now.
I don't think that economists are concerned.
They would be concerned if people weren't being intentional in their behavior.
And, you know, there is definitely reason for worry with levels of credit card debt.
But it's not entirely clear that these two things are concerned.
related.
But the financial advisor that I spoke to said that, you know, yes, putting short-term needs and goals above long-term ones is different.
And somebody at Wells Fargo told me that it's not a regret-filled spur-of-the-moment decision.
It's the opposite of that, where I would regret not having done it.
And he cautions that it's too soon to say whether the spate of spending is a fleeting moment or a new normal, but it's definitely different from how things have been in the past.
Showing 321–340 of 900 · page 17 of 45
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