Randall: In this video, Let us talk about the value of money. How important is money to you? Emily?
Emily: Uh, well, money does play a big role in my life a lot because I’m trying to take care of my family and make sure there’s enough food on the table and that, you know, the lights are on. And also, it’s really nice to go and do fun things and go on vacation.
Randall: Right. Right. Absolutely, and I think that’s trying to find that balance. I mean, if we had a lot of money or someone was earning a lot of money, how do you go about balancing that? In other words, is too much money too much? To what extent does it impact the rest of your life? Any thoughts on that?
Emily: Well, I’ve never been in a situation where I’ve had too much money, but I’ve heard statistically that after you earn I think it’s $80,000, your happiness doesn’t increase.
Randall: So, uh, Aubrey, your thoughts on the value of money? How important is that? To what degree does it drive what you do, what you think, how you act and so forth?
Aubrey: I think it drives it maybe a little bit more than it should. Um, I definitely think about money a little bit differently since I got a degree in accounting, which I don’t do, by the way. So nobody asked me to do your taxes.
Randall: Ok
Aubrey: Um, but it’s like, you know, if I’m if you ask me to go on vacation with you, I’m not only gonna think about, okay, you know, how much is that vacation gonna cost? But it’s like, oh, how much money am I losing by not going to work? You know, what’s the opportunity cost of this vacation, right? Or, you know, if you want me to come down and do something with you, it’s like, okay, but that’s going to cost me $50 just to drive to you, right? And then it’s like and it’s going to cost me 2 1/2 hours. And that’s like, you know, my time, is my time worth driving 2 1/2 hours to do whatever it is you wanted me to do. You know, and the answer might be yes, but the answer might be no. You know.
Randall: So you’re processing all of those things in your mind as you’re making choices.
Aubrey: Now, sometimes I make bad choices. Like, I write my budget up every month in Excel, and then I usually don’t follow it.
Randall: And any reason? What could impact, uh, you know, the choices that you make and so forth?
Aubrey: Uh, because it’s on sale.
Emily: Having a bad day.
Aubrey: Having a bad day, or like, I’ll go on Facebook marketplace and I’ll be like, Hey, there’s the thing I totally need and it’s only $10.
Randall: Okay? And let me think about that and hold that idea. Uh, Emily in terms of how you shop and again, we’re talking about the value of money, how does that affect where you shop, how you shop when you shop? How do you make those decisions?
Emily: Oh, well, I look at the ads for the week, and since my husband is ridiculously picky, we have a very small selection of meals that we rotate through and I will shop based on the sales and what my husband and I will eat, and my son, of course but he’s picky like my husband, and then I find where I can get the stuff cheapest.
Randall: But let me also ask both of you, what about, for example, special needs, where some of the things are, uh, maybe it’s more expensive, let’s say a food item, but it’s just something I can’t live without physically, mentally, emotionally, health-wise. What about some of those thoughts? Aubrey?
Aubrey: Well, it’s like my asthma medicine. My daily inhaler costs about $100 a month with insurance. And, you know, I don’t know how much it is. If I was uninsured, I mean, I guess I’m blessed that it is what it is. But, I have to buy it because otherwise I’ll die.
Randall: Okay, Emily, any other thoughts on that?
Emily: I kind of agree with Aubrey. My son Odin also has asthma, and his medication is about the same cost a month. Um, and then there are other nutritional needs. He has a hard time getting enough food, um, because he thinks eating is really boring. So I’ll buy higher protein or, and, higher caloric foods for him, um, to get some nutrition in him.
Randall: Okay. And the last thought is when you were growing up, for example, when we were doing activities with you and so forth, in your mind, how much did let’s say we went on a trip or went on an activity or bought a meal, how much in your 10-year-old brain, 11-year-old brain, not your 14-year-old brain. But when you were younger, were you calculating in your mind of how much the things cost that we were buying for you?
Aubrey: No, that was a you problem.
Emily: No, not usually, no.
Randall: Okay. When you say a you problem, what do you mean Aub?
Aubrey: You’re the ones putting the money. It doesn’t affect me as a 10-year-old is what I would feel like. I mean, obviously, as I get older, you know, I understand that it’s more complicated than that, but it’s like you’re the one choosing to spend the money.
Randall: Yeah. All right. Well, thank you very much on talking about the value of money.
