Mastering the Art of Spending Money

**Brian Buffini** (0:01)
You got a minute? I want to talk to you about the art of spending money. There's three elements to spending money, just like my man Morgan Housel says. First of all, it's the psychology. The psychology of why you spend your money on what you spend. The next thing he talks about is the status trap. It doesn't matter if you have your name in lights, there's a status that can be associated with it, and an identity you can find in it. And then ultimately, he talks about the happiness equation. You know, people say money can't buy you happiness. Morgan Housel actually has a happiness formula and how your money can buy it. So join me today in our today's episode on The Art of Spending Money.
In today's blueprint, I'm going to talk about the art of spending money. Now, there's art and there's science. Many of you know, I'm a great friend of Dave Ramsey. I've been on the Ramsey Show dozens of times. I was just there a couple of weeks ago. And Dave Ramsey is more of the science of spending money. He's the guy cut up the credit card, get the budget, stop doing stupid stuff with your money. Okay. And so he's very much the science of it. Here's the numbers. Here's the reasons to do it. Here's the logical stuff. And he's the best at that in the world. Today I'm going to focus on the art of spending money. And I got three major points for you, as I always do. I'm going to talk about the psychology of spending. So we're going to talk about psychology more than we are about tactics. Then we're going to talk about the status trap, which is exactly now it's psychology into identification. And then I want to talk about the ultimate goal of money. Perhaps I can give it to you. Maybe you've never heard it before. I'd never heard it said so well until I read this book. Now again, like Dave Ramsey is one of my best friends. So here I'm talking about someone who wrote a book on money. They have to be good, so I don't tick off Dave. So his name is Morgan Housel. The book is The Art of Spending Money. For those of you watching on YouTube, you'll see him holding up the book. And by the way, those of you who just listened to the podcast, why don't you join us on YouTube? I'd love to have you. We shoot all these now for you. They're all done live. They're all broadcast format. So it's a really fun watch. So check us out. I have Morgan Housel in a couple of weeks coming to our Buffini Coaching Live. And so for those of you who ever experienced that, you know that I'll have 20,000 or 30,000 people join in virtually. And at this amazing studio we go to in Vegas, and it's this totally interactive experience. I'm going to do a great message on how to succeed in the second half of this year. But I'm also bringing in Morgan, and he is brilliant, and he covers the art of spending money, not just the science. So July 30th, 9 a.m. Pacific, once you set your calendars, and then register. So register so you can join in live. Just go to The Brian Buffini Show, all one word, thebrianbuffinishow.com, and then slash BCL, and the BCL stands for Buffini Coaching Live. And you'll get to hear Morgan, and he's one of the most sought after speakers in the world. I paid 100 grand to get him there. You get to hear him for free. So why don't you join thebrianbuffinishow.com/bcl, July 30th, and come spend 60 minutes with Morgan, come spend another 60 minutes with me, and we'll get you right for the rest of the year. So let's talk a little bit about what Morgan's going to teach. And the first thing he's going to talk about is the psychology of spending. You know, spending has a complete psychology to it. Do you know that there's actually a chemical release in your body when you spend money? It actually releases the serotonin, the feel good, the feel good juice, the feel good hormone, it surges through the body. Some argue, not me, but some argue, that that hormone runs stronger with women than it does with men. However, tell me that a man at a truck store buying a new truck is not getting the serotonin and I'll call you a liar, right? So we all like to spend money. It feels gratifying. It feels like you're making progress. Even people who are broke, behind on their bills, will spend money for that little hit. I know I'm behind, I know I shouldn't, but I need to do something for myself. And so there's a whole psychology of spending. And what Morgan does in the book and what he'll do live at our Buffini Coaching Live is he explores past experiences. Our past experience shape our psychology. It also brings up our insecurities, how we feel about ourselves, how we think people are feeling about us or judging us. And then the emotions that shape our fundamental desires. And so ultimately spending is deeply personal rather than a mathematical equation. And that's why you need both. You need art, you need science. You know, someone says, Brian, how did you become so driven? Well, I was always a driven little guy. I had a job when I was eight years old, so I was always driven. How did I become so driven like I am today? Well, there's a lot of influences. And I'm not going to say this is a psychosis, but I'll tell you a story when I was 12 years old. And I'm going to change the person's name because he's still alive.