#542: Are We All Financial Hypochondriacs? Why We Feel Broke, Even When Our Bank Accounts Are Full

Ever feel like you’re never doing enough with your money, even when your finances look good on paper?

You’re not alone.

Katie Gatti Tassin, host of the Money with Katie podcast, dives into a phenomenon called “money dysmorphia” in today’s interview.

She shares how she got flooded with responses when she asked her listeners about money dysmorphia. Folks with hefty savings and investments still worry they’re not doing enough. It’s like they’re always waiting for the other shoe to drop.

Where does this come from? Katie points to a few culprits. Social media is an obvious scapegoat. But traditional media plays a role too. Think about all those TV shows where “normal” families live in massive houses and drive fancy cars. It skews our perception of what’s average.

Location matters too. Katie talks about how moving from Dallas to Fort Collins changed her spending habits. Different cities have different vibes and social norms around money.

The conversation takes an interesting turn when Katie shares her own experience buying a Porsche. She felt conflicted, worried her FIRE (Financial Independence, Retire Early) community would judge her. It highlights how even personal finance experts grapple with these issues.

They also touch on how the pandemic shook up financial priorities. When faced with uncertainty, some people realized saving for a far-off future might not be the only goal worth pursuing.

Katie and Paula discuss the importance of balance. It’s good to save, but not at the expense of living your life now. They suggest seeking out voices in the personal finance world to get a more rounded perspective.

Travel comes up as a way to gain financial perspective. Seeing how people live in other parts of the world can make you appreciate what you have or show you where your own country could improve.

Katie and Paula offer food for thought on how to navigate our complex relationship with money. It’s a conversation that might make you think differently about your own financial mindset.

Timestamps

Note: Timestamps will vary on individual listening devices based on dynamic advertising run times.

0:00 – Introduce Katie Gatti Tassin, host of the Money with Katie podcast

1:13 – Define money dysmorphia concept

2:22 – Social media’s influence on financial perceptions

3:57 – Traditional media’s impact on financial normalcy

6:03 – Wealth displays in TV and movies

9:52 – Regional cultures affect spending habits

11:35 – Social engineering in consumer culture

14:36 – TV shows shape perceptions of normal lifestyles

17:19 – Lower-income portrayal in media

20:22 – Social circles influence financial habits

23:35 – Importance of balance in financial perspectives

26:34 – Travel’s role in gaining financial perspective

29:12 – Key takeaways about money dysmorphia

31:30 – Media’s influence on financial normalcy perception

33:46 – Balancing future planning with present enjoyment

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Source: Afford Anything