Mastering Money Mindset: Max Phelps on Psychology of Spending and Saving #money #wealth

Hey there, and welcome to the Rubasha Family Podcast! I'm your host, Sugira Rubasha, and in today's episode, we're diving into the world of personal finance with a very special guest - Max Phelps, the author of "Spending Fast and Slow" and "Getting Your Money Shit Together," and the founder and CEO of Golden Eggs. Max brings a wealth of knowledge and experience to the table as we explore the psychology of money and the impact of our spending habits on our financial well-being. He shares eye-opening statistics, like the fact that people tend to spend around 30% more when using credit cards compared to cash, and that Australians save a mere $0.90 out of every $100 earned. Throughout our conversation, Max offers valuable insights and practical advice for both individuals and business owners looking to take control of their finances. We discuss the importance of setting a baseline for spending, allocating specific amounts for weekly and monthly expenses, and separating business expenses from personal spending. Max also shares his personal experiences with overspending and the mindset shift that led him to write his new book. He emphasizes the prevalence of overspending in our society and the impact of different payment methods on our spending behavior. But it's not all about cutting back and living frugally. Max stresses the importance of setting aside money for holidays, fun activities, and experiences that bring joy to our lives. It's all about finding a balance and being intentional with our spending. So, whether you're an individual looking to get your finances in order or a business owner seeking to implement a structured financial management approach, this episode is packed with valuable tips and insights that you won't want to miss. So, sit back, relax, and join us as we explore the fascinating world of personal finance with the one and only Max Phelps. Let's dive in! 00:00 Observing behavior led to understanding money psychology. 05:52 Many people struggle with sticking to budgets. 15:04 Missing bills due to accidental overspending; focus on big expenses leads overspending. 17:48 Coaching reveals budgeting struggles, weekly allocation successful. 25:51 No debit card, but 3.5% interest. 31:26 Automations fixed, money building, intentional financial decisions. 37:01 She switched to cheaper shopping for priorities. 42:48 Automating dollars, real spending vs. perceived. 48:38 People stress about money until they spend it. 49:14 Spending habits affect ability to cover expenses. 57:01 Business owners should budget regardless of income. 01:01:13 Budgeting and saving for stable business growth. 01:04:44 Americans are overspending despite lower cost of living. Golden Eggs; https://goldeneggshomeloans.com.au/team/ Max's Book https://www.amazon.com.au/Spending-Fast-Slow-money-disappears/dp/1922611913 Joining our waiting list below 👇 https://sugira-eabo7mpu.scoreapp.com/ Join our whatsapp personal branding discussion group: https://chat.whatsapp.com/BjF5TcgQ0oF78vWJmPB5pK Key Person Of Influence FREE Quiz: https://etsrubashamedia.scoreapp.com/ Book your 1-2-1 with Sugira https://sugira-ejq3dwmi.scoreapp.com/ 🔗 Connect with us: Instagram: / rubashafamilypodcast Website: https://rubashamedia.com/ 🙌 Join the Conversation: Your thoughts and experiences matter! Engage with us in the comments and share your insights on social media, branding, and entrepreneurship.