Money Pit: Keeping up with the Joneses
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
16 min
3 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the episode about and what housekeeping notes do the hosts share?
Hey, this is Ali, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show. Welcome back. Ladies and gentlemen, you're listening to another edition of Do You Want Money? Do You Want Money? Do You Want Money? What are you shaking? What are you shaking with you? Well, let's just cut right to the nonsense and let's go right to today's subject matter. First and foremost, some housekeeping odds and ends. Follow us on all the social DIY Money podcast. The Tribe is back in action if you're not in there and you're still on Facebook. Just look up DIY Money Tribe. You'll hit us up. You got a request. I'll let you in.
It's a great group. Love to have you involved in that. DIY Money blog, DIYMoney.org. The blog is rocking. I mean, just everywhere. We're expanding tremendously. We're not worthy We're not worthy. We appreciate all the new love. Send us podcast questions. We'll get back to the questions, I promise. Podcast at DIYMoney.org. That's podcast at DIYMoney.org. If we use it on the show, we send you a $25 Amazon gift card. I feel like we haven't been saying that. I feel like we've forgotten to tell people that they get a $25 Amazon gift card. All right. We've been on this mission, which really was sparked by a headline that we read where now FHA, there's 11% of FHA mortgages, which is 6 million Americans, are behind on their mortgages.
And it's not like a 15-day behind. This is probably like three months behind. This is preliminary foreclosure status. This is no bueno. This is not good.
Why are rising FHA delinquencies and foreclosure risk motivating this conversation?
And so things can change, right? The economy could turn around. There could be some things happening. But the United States economy moves kind of like a tanker. And at least right now, that tanker is not good. headed in the right direction right and we see this we're we're watching this every day we're watching the data markets are ebbing and flowing this doesn't always correlate by the way with markets you know uh continuing to go down maybe the decline in the markets have been pricing this in i don't know that's a another food for thought but uh it doesn't change your investment strategy is what i'm trying to say or anything regarding that But it has motivated us, I would dare say, to really come back and hit upon some of the important areas of money in your life so that you don't fall susceptible to some of the challenges that many people are facing right now.
And one of those, this is qualitative, okay? So this is hard to kind of find a little meat and potatoes, but we can each share some stories. And it's the old adage of keeping up with the Joneses. Yep. The Joneses need to step off. And I would say that for your generation, you and I are 20 years apart, so basically close to a generation apart. Your generation is more susceptible to this due to... Social media. Absolutely. Influencers that are doing things, your friends, the access to credit, the access to shopping and buying things on your phone in a nanosecond. So I want to hear from you because I know you've been super disciplined. So how are you and your wife – avoiding this trap?
Yep. Number one, I'm not on social media. I mean, number one, I do not get on social media. Maybe every once in a while I'll get on Facebook or something to check on family and friends and things like that, except for our DIY money, social media. Of course. But I just don't get on it. Because if you get on social media and you look at it, if you go through 10 people's things, five of them will be somewhere someone is, someone something they bought new car new house whatever and somewhere that they're spending tons of money because that is how our generation is presenting themselves they are presenting themselves through money or things that they have and it drives me crazy and i can't do it because if i want to stay super disciplined which is kind of the theme of this entire episode is staying disciplined i
I can't see it. I can't see it constantly. And when I talk to my friends, I don't talk about money.
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Chapters
4 chapters
1
What is the episode about and what housekeeping notes do the hosts share?
0:01–1:40
2
Why are rising FHA delinquencies and foreclosure risk motivating this conversation?
1:40–11:24
3
How does social media and influencer culture increase pressure to keep up with the Joneses?
11:24–14:28
4
What specific social strategies do the hosts use to avoid comparison traps?
14:28–15:57