Business
In the second instalment of the escape plan series, Ryan and Terry delve into what makes the difference between savers and spenders. Along the way, they explore the reasons why saving seems to be harder than ever and the false dichotomy inside our mind that stops us from even trying. Terry explains why the way you spend is the most important determinant of saving, and what you can do to flip the script and change the game. Also in this episode:The anatomy of an impulse purchase, and the one crucial strategy for breaking the cycle. What empathy has to do with saving and investing. The little known law of behavioural economics that can be leveraged to make you more resourceful and minimise mindless spending. How to spend and get what you want in a way that makes saving more rewarding. The one lifestyle item you must prioritise for liberal spending if you are to succeed at sustainable saving (and a simple tool to discover what it is)Two universal principles all successful savers apply relentlessly and the specific systems and structures that must exist to support them. If you've tried and failed to save successfully in the past, this episode can explain why. If you've set an intention to get better with managing your money, this episode will help you figure out what you need to do and how to do it.