Show notes
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Episode 3606:
Dori Cameron challenges five common mental shortcuts that make unnecessary purchases feel justified, from assuming you can return an item to believing it can always be stored, repaired, donated, or resold later. By exposing the hidden costs in time, money, and effort behind these rationalizations, she offers a practical framework for making more intentional buying decisions and reducing clutter before it starts.
Read along with the original article(s) here: https://www.becomingminimalist.com/myths-that-cause-overspending/
Quotes to ponder:
"If you are thinking “I can always return it,” the item may not be something worth purchasing in the first place."
"A rule of thumb when making a purchase is to assume it has no resale value."
"When you are in buying mode, ask yourself where in your house the object will likely be a year from now."
Episode references:
eBay: https://www.ebay.com
Craigslist: https://www.craigslist.org
Poshmark: https://poshmark.com
Wealthfront’s high-yield Cash Account: https://wealthfront.com/OFD
This experience may not be representative of other Wealthfront clients, and there is no guarantee of future performance or success. Experiences will vary. The Optimal Finance Daily Podcast, Diana Merriam (collectively "Media Partner") are not clients of Wealthfront. The Media Partner receives cash compensation from Wealthfront Brokerage for this paid endorsement placed in their video, creating a conflict of interest. More details available via the referral link. The Direct Deposit Plus Investing Program from Wealthfront Advisers LLC and Wealthfront Brokerage LLC provides eligible clients a 0.25% APY increase above the base APY on eligible Cash Account balances (up to an overall boosted rate of 4.30% for a limited time when including the 0.75% APY boost for new clients) when you direct deposit $1,000 a month, plus open, fund, and maintain an investing account. Wealthfront may change or end the program at any time and determine eligibility at its discretion. Terms apply. Full details at wealthfront.com/promo-terms.
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