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How to Curb Your Impulse to Keep Up with the Joneses
Personal Finance for PhDs
English - November 23, 2020 09:00 - 35 minutes - 67.1 MB - ★★★★★ - 46 ratingsCourses Education Business Investing debt money phd budget frugality graduateschool investing personalfinance postdoc Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: How to Identify and Change the Money Mindset You Developed in Academia
In this episode, Emily interviews Dr. Joy Lere, a licensed clinical psychologist and behavioral finance consultant on the danger of "keeping up with the Joneses." Joy explains how emotionally unsatisfying and financially damaging trying to keep up with the Joneses is and that contentment can only come from within yourself. PhDs anticipating future income jumps would do well to put off lifestyle inflation for a least a few years after their salaries increase, which will give them more career and lifestyle choices in the future.