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Episode 2801:
Setting a personal budget often feels restrictive and tedious, but U-Ming Lee offers a refreshing perspective by highlighting the importance of incorporating fun into the process. By allocating a portion of your budget for small, enjoyable indulgences, you can transform budgeting from a burdensome task into a pleasurable activity that helps maintain financial discipline while ensuring happiness.
Read along with the original article(s) here: https://themakingofamillionaire.com/personal-budgets-fail-because-they-arent-fun-here-s-how-you-fix-that-1acb40efbd02
Quotes to ponder:
"Allowing myself to incorporate fun into my personal budgeting completely transformed my relationship with the process."
"The delayed gratification logic of 'sacrifice now, gain more later' only works when the gain is guaranteed."
"Experiences have time value as well. You might not remember how much you paid to attend that awesome party, but the warm memories will last a lifetime."
Episode references:
Hedonic Adaptation: https://positivepsychology.com/hedonic-treadmill/
Compound Interest: https://www.investopedia.com/terms/c/compoundinterest.asp
Time Value of Money: https://www.investopedia.com/terms/t/timevalueofmoney.asp
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