On this episode of Jo Franco, the hosts Xavier Jarvis and Jo Franco discuss the psychological aspects of money management, focusing on the concept of retail therapy. They delve into the negative and positive effects of compulsive buying disorder and the benefits of making choices when shopping to restore a feeling of control over one's life. They provide tips for tracking spending habits with a journaling exercise called "Money Mood Check" and emphasize the importance of self-discipline, self-control, and self-awareness to recognize harmful behavior. Let's unpack this money baggage!

Timestamps

[00:02:43] Regretful shopping for fashion and shoes.

[00:03:05] Money guilt until job required shopping.

[00:06:46] Expensive subscriptions add up, guilty of over-buying.

[00:10:39] Retail therapy can benefit mental health positively.

[00:12:27] Stressful day, shopped in sales section.

[00:15:31] Reviving stores by adding services and more.

[00:20:42] "Cons of retail therapy: money problems"

[00:22:59] Obesity and shopping addiction in Americans.

[00:27:09] "System lures us in, self-awareness key."

[00:29:14] Journaling exercise to track spending habits.

[00:33:49] Substitute bad habits with good habits.

[00:36:59] Educational podcast, not client advice or endorsement.

The Money Baggage podcast creates a community around something that affects us all: money. Through the use of personal stories, research-based facts, and third-party points of view, it is our goal to ease the immense pressure of having conversations about money. 

This podcast is sponsored by Hightower Advisors and produced by Jo Franco. Get more free financial info here.

The hosts are Jo Franco, content creator and founder of JoClub, and Xavier Jarvis, Communications Specialist at Hightower Advisors.

Submit your money baggage questions on Jo's DMs, Instagram and subscribe on YouTube.

Watch Jo's Money Mini-series here: https://youtu.be/PBM0iWW4nec

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