This week on Prof G Markets, Scott breaks down the best and worst purchases he’s ever made, and why he prefers spending money on experiences rather than things. He also shares how his childhood still impacts the way he thinks about spending. Scott and Ed then discuss how to navigate spending in common situations such as dinners with friends, weddings, and the holidays. Ed asks for advice about how to prepare for the cost of having children. And Scott also explains why it's important to make sure your spending lags behind your income.

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Timestamps:
00:00 Today's number
00:21 Today's episode
01:55 What is the worst purchase you’ve ever made?
04:49 Have you ever splurged on something you didn’t regret later?
10:53 What’s the best purchase you’ve ever made?
13:31 Are there any spending categories that you refuse to skimp on?
16:59 Do you look at the price tag when you buy things?
17:44 What distinguishes a good purchase from a bad one?
18:24 How has the psychology of spending money changed for you as you’ve gotten richer or poorer?
27:32 Ad Break
30:13 Would you cover the bill if someone orders a lot?
33:42 What's your approach to spending during the holidays?
36:18 Who are you supposed to get presents for and how much are you supposed to spend?
40:29 Break
40:52 What can’t you live without, and how do you budget for it?
42:56 Did you ever cut back on your lifestyle for financial reasons?
47:48 How would you handle uncomfortable expenses for a friend's bachelor party and wedding?
49:28 Did kids cost more than you expected? How do you budget for them?
53:06 Is philanthropy essential to you at this point in your life?

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