Hey pal,
Thanks to all the folks that replied to last week’s newsletter to share their thoughts, feelings, and ideas about the economics of “enough.” I loved reading the stories that helped shape people and their ideas about how money works in the world. This reminds me of a recent interaction I had with a friend who is in the process of moving.
My friend and I were having lunch and she was updating me on her life. She was rolling out a new business offering and moving from an apartment to a three-bedroom townhome. I inquired about whether she was renting or buying, and how much she was paying. She replied that she’s renting at a rate just shy of $4,000 a month. We both nodded our heads to signal that the price tag was unsurprising given the amount of space, the state of the market in LA, and the fact that it was 72 degrees and sunny in February.
She mentions how a friend of hers, a homeowner whose parents helped with her downpayment, reacted to the same information she just shared. “That’s basically a mortgage. You may as well just buy,” her friend said.
What fascinates me about this interaction, is both the unsolicited financial advice and the assumption about access to resources. This isn’t about judging my friend’s friend - it’s about how a quick, throw-away comment reveals what she believes, likely based on what she’s experienced. We all do this all the time; we reveal our ideas about how money works in the world through the little things we say to each other, and to ourselves.
This is how we can start to unpack our own cognitive biases, narratives, stories and beliefs about money. It’s in our knee-jerk reactions and the throw-away comments that we reveal ourselves to ourselves. So what have you learned about yourself lately?
