Exciting news: Joel Larsgaard is in the house — figuratively speaking, of course.
Joel and his best friend Matt loved talking about money. They also loved drinking craft beer. Naturally, the next step was to find a way to enjoy both passions at the same time.
Fast forward nearly a decade, and that idea has grown into How To Money — an award-winning podcast with 45+ million downloads where Joel and Matt talk about personal finance while enjoying a craft beer. They also circulate a popular weekly newsletter (reading it is a highlight of my Tuesday mornings), and host a live radio show. If you want financial advice that’s smart, down-to-earth, and fun, this is your show. Their tagline? Rich living on less money.
Sign me up.
Aside from plenty of cool accolades, including being named a Forbes (yes, that Forbes) Advisory Board Member, Joel is as passionate about helping people make better money choices as he is about riding bikes, trail running, exploring with his family, and, of course, hunting down the perfect craft beer.
When I thought it might be an interesting idea to explore the relationship between personal finances and gratitude, Joel immediately came to mind. Happily, he agreed to stop by and have a virtual chat with us today.
Welcome, Joel!
Q. How do you think practicing gratitude (or not) influences people’s approach to spending and saving?
We live in a world where spending money has become second nature. Have a problem? There’s gotta be something I can buy that will solve it! Feeling down? An impulse purchase from my favorite online retailer will put a smile on my face!
But that happiness boost doesn’t last long.
David Foster Wallace’s metaphor of the fish saying, “What the hell is water?” is apt here. Like that fish, we often fail to realize the waters of consumerism we swim in. They’ve become pervasive and familiar. [I couldn’t resist inserting a few pictures of my favourite 9-year-old fisherman.]
That lack of perspective often leads to an attitude of entitlement, which makes gratitude almost impossible. The more closely we equate spending more with greater levels of satisfaction, the less gratitude we’ll be able to feel.
If we can get our heads above the consumeristic waters we find ourselves in, it will be easier to experience gratitude for what we already have. And that sets off a virtuous cycle. We find that we don’t need many of the things we once thought we did.
Q. What strategies do you use to resist the urge to make impulse purchases when you’re feeling negative emotions? Do you ever fall into that trap? If so, how do you break free from it?
None of us is immune to the gravitational force of impulse buying. You’d have to join a monastic order to completely get away from it!
So yes, I have fallen prey (and still do sometimes) to the siren call of an impulse purchase. BUT, that happens far less these days.
I used to be obsessed with buying things on sale. I loved getting a great deal! But I finally realized that paying substantially less for an item I didn’t need wasn’t a winning proposition. And it took away from other, higher uses those dollars could achieve. [It’s a subtle but massive mindset shift – like Dieter Rams’ motto: “Less, but better.”]
Once I realized that the increased range of options financial margin could provide, I became more inclined to save and invest than to spend. But that also doesn’t mean you stop spending altogether.
I recommend folks do some soul searching and figure out what their ‘craft beer equivalent’ is. Mine is craft beer because I thoroughly enjoy hazy IPAs!
It’s so much easier to say no to frivolous spending when you are purposefully and proactively spending on the items and experiences you truly care about.
Q. What five things are you grateful for in this exact moment? How much do you estimate each thing cost?
You asked about things, so I won’t mention my family, haha.
My Adidas running shoes ($85). I started trail running about 18 months ago. A decent pair of trail runners won’t break the bank, but the value and joy they help create are off the charts. [I buy 95% of my clothing second-hand — gotta love a good thrift store — but I now try to buy running shoes (sneakers? trainers? tennies?) new. My knees thank me.]
My Radwagon electric cargo bike ($1500). I’ve had it for years, and I’ve ridden it many thousands of miles. I take my son to school most days on that bike. We’re creating awesome memories. I’ve gotten my money’s worth out of this purchase!
My Shokz headphones ($100). I love to listen to music and podcasts. So my headphones are with me everywhere I go.
My Garmin watch ($150). I’m not a fancy watch guy, but the functionality and data I get from this watch are nothing short of incredible. It’s been a surprisingly motivational part of my fitness journey.
My art collection (Thousands over the years!). I love folk art. And I spend $500+ a year on new works to fill our home. All of those pieces have a unique story and bring a smile to my face. They provoke conversation when people enter our home. I’m so thankful we’ve prioritized art in our budget over the years. [Original art has become our go-to souvenir when we travel. It’s a tangible reminder of our trip and it brings joy and beauty to our living spaces. I also want to give a shout-out to thrifted art! We have all sorts of second-hand pieces on display in our home. We go out of our way to support artists directly, but if you’re just starting a collection or want to decorate on a budget, second-hand finds can be a goldmine.]
Q. Is there anything (money wise) you’ve learned to appreciate more as you’ve gotten older that you didn’t care about when you were younger?
That saving and hoarding are two different things. I grew up with a scarcity mindset, which caused me to want to save as much as humanly possible. But while that can be great for your bottom line, it breeds its own set of problems, including a lack of gratitude. [This!!! Yes! My parents had limited means, and I was raised to resist any superfluous spending and save every possible penny — literally. That mindset helped build financial stability, but it also came with baggage: scarcity-driven fear and guilt over every “unnecessary” purchase. Even now, I can be out enjoying a rare restaurant meal and catch myself thinking, “I could have made this for a quarter of the price at home.” That inner voice is still in my head… but these days, it speaks more gently. I’ve written about this journey over at The Frugal Girl…]
I have come to appreciate the art of intentional spending and seeking to strike a healthy balance between being prepared and living in fear of not having enough.
Q. How do you think gratitude shapes people’s view of success – financially and personally?
A lack of gratitude is often what causes us to pursue more, no matter the cost. More money, greater acclaim, additional possessions.
The more gratitude we can experience for what we currently have in every area of our lives, the more likely we will be to see our current successes for what they are, and the less likely we’ll be to pursue the path of more. Its appeal will hold far less sway.
Q. How has your understanding of money evolved to give you more contentment in life?
Realizing that what I wanted more of wasn’t money was a magical realization. I came to see that I wanted more free time, deeper relationships, and engaging hobbies.
We’re often forced to trade time to accrue more money. But when your desire for life’s other delights increases and your need to continue to grow your pile of money at the same rate decreases, you can afford to work less and buy your time back. That’s powerful.
Q. Can you think of a time when being grateful helped you make a smarter financial choice?
Yes! One of my favorite Avett Brothers songs is called Untitled #4. He sings, “I don’t need another collar, I don’t need another hat…I’m happier with nothing.” [I have now been humming Ain’t No Man for hours.]
I remember that line when I hop over to my favorite clothing retailer’s website. I flee far more often without making a purchase these days. I’ve got plenty of shirts. And my favorite hat is irreplaceable.
Gratitude for what I have has prevented me from more expensive upgrades to my car (a 20-year-old SUV) and our house, too. Not upgrading in the way your peers do is a financial cheat code. Paid off cars and affordable homes are far more satisfying in the long run. They’ll reduce stress and give you more freedom over your time.
Now, what’s an interview on my blog without a few get-to-know-you questions?
Q. What’s something – food, skill, adventure – you’ve always wanted to try, but haven’t yet? What’s holding you back from trying it?
I’ve always wanted to go for a ride in a hot air balloon. I guess I just don’t know where to go to do it! I really need to look into that because it can’t be that difficult, right!? [From an Atlantic Canadian perspective, I have some suggestions. There’s a hot air balloon festival in New Brunswick in early September, and where I live in Nova Scotia we have East Coast Balloon Adventures. While the latter is already sold out for the 2025 season, they offer champagne on landing…and I bet you could arrange for a substitution of craft beer, of which there is plenty here in Nova Scotia. It’s an especially beautiful part of the world!]
Q. Do you have a go-to reset when you’re feeling overwhelmed or struggling to stay focused?
Go for a walk around the block. 20-30 minutes outside settles me down and allows me to re-engage in the task at hand.
Q. If you could eat only one meal on repeat for a week, what would you choose?
BBQ. Particularly smoked brisket. I could eat it for breakfast, lunch, and dinner. [Bold!]
Q. What song is most likely to put a smile on your face?
Anything by Billy Strings. If I have to name a specific song, I’ll say In The Morning Light. It makes me think of my wife. His bluegrass stylings make me happy as a clam.
Q. If you had to choose a completely different career tomorrow, what would it be?
I don’t even know if there is such a thing as a professional philosopher, but I’d be keen to try it. The existential questions fascinate me to no end.
Thanks, Joel.
Now it’s your turn.
- How has your view of success — financial or personal — shifted over the years? Has gratitude played any role in that change?
- What’s one inexpensive (let’s say under $25) thing you’re grateful for today?
- What’s your “craft-beer” equivalent?
- Do you have a song that makes you think of someone you love — spouse, friend, child?
Discover more from The Optimistic Musings of a Pessimist
Subscribe to get the latest posts sent to your email.
mbmom11
I think my financial mental shift has made me realize that I have enough and more money wouldn’t change life much as I live it.
My cell phone case is purple and sparkly and makes me happy. Not bad for $9.
My craft-beer equivalent is a fountain soda on the way to work. I need the caffeine and it tastes great.
Songs- Home by Phillip Phillips. It was on the radio a lot when my youngest daughter was born and sent to NICU in big city an hour away. We waited over 2 weeks to bring her home. She Will Be Loved by Maroon 5 played a lot then too – that line “out on the corner in the pouring rain” reminds me of waiting at the light to turn into the hospital, looking up at the windows of the NICU – ” she will be loved” we would bring her home eventually and care for her. Lots of feelings in these 2 songs.
Birchie
Team Hazy IPA here! The way that I think about it, intentional spending more than pays for the expensive beers that I prefer.
Riding in a hot air balloon is on my bucket list. Now that you mention it, it’s been too long since I had BBQ.
If anyone needs me, I’ll be downloading Joel’s podcast.