Episode 86: Avoid the FOMO, Retire Better

Barenaked Money

Navigating Financial Strain: Tackling Rising Mortgage Costs

In this episode of the Bare Naked Money podcast, hosts Josh Sheluk and Colin White of Verecan Capital Management discuss the impact of rising mortgage rates on personal finances. They provide practical advice on how to cope with increases in monthly payments, such as budgeting, cutting unnecessary expenses, and prioritizing needs over wants. The discussion includes leveraging tools like ChatGPT for financial tips, the psychological aspects of spending, and the importance of being realistic about one's financial situation.

This episode is a must-listen for those facing financial pressure due to rising interest rates.

00:00 Introduction to Bare Naked Money Podcast

00:19 The Mortgage Renewal Dilemma

00:55 Understanding the Financial Impact

05:49 The Philosophy of Needs vs. Wants

11:27 Tracking and Budgeting Tips

17:40 The Psychology of Spending

23:00 The Hidden Costs of Siloed Decisions

25:14 Balancing Joy and Financial Responsibility

27:57 The Reality of Budget Cuts

28:52 Financial Stress Across Income Levels

29:51 The Impact of Social Media on Spending

33:16 Making Informed Financial Decisions

36:28 Practical Tips for Saving Money

42:15 The Unyielding Nature of Math

43:14 Conclusion and Final Thoughts