Podcast Summary: Here's Where It Gets Interesting Episode: Introducing: What We Spend Release Date: May 7, 2025
Introduction
In the premiere episode titled "Introducing: What We Spend," host Sharon McMahon delves into the intricate relationship Americans have with money. This episode serves as an introduction to a new podcast project called "What We Spend," hosted by Courtney Harris. McMahon sets the stage by emphasizing the importance of understanding personal finances within the broader context of history and societal influences.
Introducing "What We Spend"
Sharon McMahon begins by highlighting the significance of history in shaping our understanding of social, cultural, intellectual, and emotional landscapes. She transitions to the contemporary relevance of examining personal finances, introducing "What We Spend" as a podcast that explores the multifaceted relationship individuals have with money.
Key Points:
- Purpose of History: Understanding the factors that shape actions and how history is written.
- Transition to Personal Finances: Exploring how personal financial decisions are influenced by broader societal factors.
Courtney Harris on "What We Spend"
Courtney Harris, the host of "What We Spend," is introduced with enthusiasm. She discusses the universal curiosity people have about others' financial lives, often fueled by observing others' spending habits, lifestyles, and financial achievements.
Notable Quotes:
- Courtney Harris (01:08): "I think we should be talking about money more and all the ways, big and small, that it impacts our lives."
- Courtney Harris (02:00): "Money is always about more than your balance."
Podcast Concept:
- Weekly Profiles: Each episode features a new individual from diverse backgrounds across the country.
- Financial Documentation: Guests document a full week of their financial activities, including income, expenses, and the emotions tied to their spending habits.
- Deep Dive into Finances: The podcast aims to provide an intimate look at how money influences daily life, decisions, and long-term goals.
Case Study: Kelly's Financial Journey
The episode features Kelly, a 32-year-old resident of Salt Lake City, who shares her personal financial story, shedding light on the challenges faced by many Americans with student loan debt and aspirations for homeownership and family planning.
Background:
- Personal Details:
- Kelly (03:50): "I turn 32 in one week, and I live in Salt Lake City."
- Employment:
- Kelly is the Director of Client Experience at a medical spa and also serves as an online mental wellness coach.
- Her husband, Ben, is an engineer earning approximately $78,000 annually.
Financial Overview:
- Income:
- Kelly earns around $50,000 annually before taxes and insurance.
- Combined, their household income is just below the average for married couples in Salt Lake City.
- Debt:
- Total debt amounts to $202,728, primarily from student loans.
- Kelly (03:04): "I have 150,000. I had more. I had 300,000 after my master's."
Relationship with Money:
- Kelly describes her relationship with money as "all-consuming," likening it to an addiction that is always present and difficult to escape.
- Kelly (05:00): "It feels like—Cause you just can't get away from it. It's just clinging and it's present with you all the time."
- She strives to maintain control but feels perpetually caught in a tug of war with her finances.
Budget and Expenses: Kelly meticulously manages her expenses through a detailed spreadsheet, categorizing her monthly expenditures to maintain financial stability.
Breakdown of Monthly Expenses (06:06):
- Rent and Utilities: $2,800
- Gym Memberships: $108
- Car Insurance: $254
- Gas: $125
- Phone Payment: $75
- Pet Insurance: $76
- Physical Therapy: $250 (for chronic back pain and osteoarthritis)
- Groceries: $600 (including toiletries)
- Medications and Supplements: $650
- Hair Care: $40
- Streaming Platforms: Minimal, as they rely on family accounts
Total Regular Expenses: Approximately $4,800 per month, excluding debt payments.
Student Loan Debt: Kelly shares the burden of $202,728 in student loan debt, reflecting a common struggle among her generation to balance educational aspirations with financial stability.
- Kelly (09:00): "The math doesn't make much sense."
Emotional Impact: Kelly expresses a mixture of anxiety and curiosity about tracking her finances more closely.
- Kelly (10:37): "I'm feeling nervous because maybe I will just realize through tracking every expense that I'm actually just a dum dum."
- Despite her fears, she remains curious about the insights this detailed tracking might provide.
Conclusion
Sharon McMahon's inaugural episode of "Here's Where It Gets Interesting" effectively sets the tone for a deep exploration into personal finances through the lens of "What We Spend." By introducing Kelly's compelling financial narrative, the episode underscores the pervasive impact of money on everyday life and personal well-being. Listeners are left with a heightened understanding of the complexities surrounding financial management and the emotional toll it can take, laying the groundwork for future episodes that will continue to unveil the diverse financial stories of Americans across the nation.
Final Thoughts
This episode emphasizes the importance of open conversations about money, challenging societal taboos and encouraging a more informed and thoughtful approach to personal finances. As Sharon McMahon and Courtney Harris embark on this journey, they invite listeners to reflect on their own financial habits and the broader implications of money in shaping individual lives and collective history.