Holly Trantham

Beyond Getting By

Money & Investments

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Money & Investments19 min read

Beyond Getting By

by Holly Trantham

The Financial Diet's Guide to Abundant and Intentional Living

Published: June 12, 2024

3.4 (36 ratings)

Read Summary

what’s in it for me? achieve financial stability and personal fulfillment without sacrificing joy or well-being.

de-shaming your finances for a balanced life.

understanding the happiness threshold in personal finance.

rethinking cheapness and achieving financial security.

overcoming imposter syndrome and negotiating your worth.

rethinking success and workplace advocacy.

final summary

Book Summary

This is a comprehensive summary of “Beyond Getting By” by Holly Trantham. The book explores the financial diet's guide to abundant and intentional living.

what’s in it for me? achieve financial stability and personal fulfillment without sacrificing joy or well-being.#

Introduction

holly trantham, beyond getting by, the financial diet's guide to abundant and intentional living.

picture this.

you've been striving to get your finances in order, following every budgeting tip you come across.

yet, despite your best efforts, something feels off.

you're exhausted from cutting back, and the joy you hoped to find in financial stability remains elusive.

sound familiar?

here's why.

the key to financial well-being isn't just about strict budgeting or relentless saving.

it's about aligning your financial choices with your life values and goals.

in this chapter, you'll learn to redefine your approach to personal finance.

you'll explore how to balance financial management with personal fulfillment, hear practical strategies for setting and negotiating fair pay, and learn how to tackle imposter syndrome.

you'll also discover how to avoid the pitfalls of extreme frugality, making financial decisions that truly enhance your life.

by embracing a balanced approach to money, you can achieve a secure and enjoyable life, free from the constraints of financial stress.

let's get started.

disshaming your finances for a balanced life financial health starts with understanding the relationship between money and well-being.

de-shaming your finances for a balanced life.#

when you think about being good with money, it might evoke images of strict budgeting and relentless saving.

however, a philosophy rooted in constant deprivation often leads to frustration, unplanned spending, and eventual abandonment of financial goals.

this approach is ineffective, much like unsustainable fad diets that lead to eventual failure.

american culture has long been influenced by shame-based ideals, particularly in financial matters.

these ideals can be traced back to puritanical roots and are prominently seen in the advice of financial figures like dave ramsey.

his financial strategies, while helpful to some, are based on principles of extreme frugality and avoidance of debt, often rooted in evangelical christian beliefs.

ramsey's advice includes avoiding all debt, not using credit cards, and cutting out any fun spending while paying off debt.

this approach suggests that financial success is solely about personal responsibility and hard work, disregarding systemic issues that contribute to financial struggles.

lindsay bryan podvin, a licensed financial therapist, suggests a more shame-free approach to personal finance.

using shame to motivate financial behaviour is counterproductive, leading to feelings of unworthiness and a negative feedback loop.

women, in particular, are more susceptible to the harmful effects of shame.

instead of shaming yourself for occasional indulgences, it's more effective to practice compassionate budgeting, recognising and celebrating small victories rather than focusing on perceived failures.

for practical budgeting, focus on three core principles.

pay your bills on time, avoid debt for lifestyle expenses, and invest in long-term financial goals.

a useful method is the 50-30-20 rule.

allocate 50% of your income to needs, 30% to wants, and 20% to financial goals.

of course, this method can be adjusted based on individual circumstances and living costs.

an alternative approach frames budgeting through the concepts of ego, superego, and it.

your financial ego covers essential expenses like housing, healthcare, and groceries.

the financial superego focuses on long-term goals, such as saving for retirement or paying off debt.

the financial it allows for discretionary spending on non-essential but enjoyable activities.

this method encourages a balanced approach, ensuring you meet your needs and goals while also allowing for personal enjoyment.

moving beyond shame-based budgeting means recognising that financial management should enhance your life, not restrict it to constant deprivation.

aim to create a budget that supports both your current wellbeing and future security, fostering a healthy relationship with money, free from shame.

this balanced approach will help you live more abundantly and focus on what truly matters in your life.

understanding the happiness threshold in personal finance.#

understanding the happiness threshold in personal finance did you know that nearly half of americans cannot cover a $500 emergency?

having savings is a significant privilege, and traditional budgeting strategies often overlook the realities faced by those struggling to meet basic needs.

many financial tips suggest ways to cut spending, such as growing your own vegetables, taking in a roommate, or moving to a cheaper area.

sounds great, but these suggestions assume a level of privilege that includes having a garden, an extra room, or a job that allows for relocation.

for those starting from zero, cutting expenses further isn't an option.

sometimes what's necessary is a change in perspective.

introducing the happiness threshold this refers to the idea that up to a certain income level, more money increases happiness, but beyond that point, additional income yields diminishing returns.

studies have suggested various thresholds, but these numbers don't account for individual circumstances and values.

for instance, a single person in manhattan will have different financial needs and happiness levels than a family in nebraska.

what do you really need to be happy?

the harvard study of adult development highlights the importance of strong relationships, while other studies emphasize the role of autonomy and living according to personal values.

these factors, although not directly tied to money, require time and resources that financial stability can provide.

contrary to what one might expect, wealthy individuals often report lower happiness levels.

higher incomes can lead to increased isolation and less time with family and friends.

studies show that rich people spend more time alone and are less empathetic, as they tend to self-select social circles similar to their socioeconomic status.

money addiction, similar to process addictions like gambling, can lead to social withdrawal and mental health issues.

the phenomenon of golden handcuffs describes how high salaries and benefits can trap individuals in unfulfilling jobs, leading to lifestyle inflation and the perception of needing more to be happy.

defining your happiness threshold involves understanding your core values and ensuring your spending aligns with them.

to define your own happiness threshold, assess your spending habits and compare them with your values.

determine if your current income allows you to cover essential expenses and discretionary spending aligned with your core values.

regularly reassess your financial situation to ensure it meets your evolving needs and circumstances.

ultimately, achieving financial stability should support a balanced life where money is a tool, not the end goal.

by focusing on personal values and maintaining flexibility, you can create a fulfilling life that goes beyond mere financial success.

re-evaluate your financial goals periodically to ensure they continue to align with your life circumstances and personal values.

rethinking cheapness and achieving financial security when making financial decisions, it's often easy to confuse cheapness with frugality.

rethinking cheapness and achieving financial security.#

while avoiding unnecessary spending is wise, our culture's obsession with cutting costs has gone to extremes.

this mindset encourages mindless consumption, often at the expense of quality, ethics and environmental sustainability.

fast fashion epitomises this problem.

brands like shine offer incredibly cheap clothing with thousands of new items listed daily.

this rapid production cycle, combined with low prices, fuels a cycle of excessive consumption.

however, the cost savings come at a significant ethical and environmental price.

shine's labour practices involve exploitative conditions and the fast fashion industry contributes massively to global carbon emissions.

despite the ethical concerns, fast fashion's appeal lies in its affordability.

for some, it may be the only option for acquiring necessary clothing.

yet, for many, the attraction is the ability to buy more for less, often leading to waste and a diminished appreciation for quality.

achieving financial security means distinguishing between an abundance mindset and an excess mindset.

an abundance mindset is about feeling secure with your resources, confident enough to spend on what truly matters without overindulging.

in contrast, an excess mindset leads to unnecessary accumulation of goods, driven by fear of missing out.

balancing financial goals and personal desires is key.

financial therapist lindsay bryan podvin advocates a both-and approach, encouraging people to pursue their financial goals while also enjoying life's pleasures in a balanced way.

this involves mindful spending, understanding core values and making informed financial decisions.

understanding different types of cheapness can help you reassess your spending habits.

material cheapness prioritises low cost over quality and ethics, leading to frequent replacements and a lack of satisfaction.

transactional cheapness means underpaying for services or skimping on tips, which can harm service workers who rely on fair compensation.

social cheapness occurs when people view social interactions as transactions, which can damage relationships and create unnecessary tension.

relationship cheapness is seen in imbalanced financial contributions within romantic relationships, often leading to inequitable divisions of labour and resentment.

planning ahead with sinking funds or savings set aside for specific purposes can facilitate thoughtful spending without financial strain.

for example, having a sinking fund for travel allows for spontaneous trips without disrupting your overall budget.

breaking cheap habits takes time and effort.

start by focusing on one area where you want to live more abundantly.

maybe start setting aside a small amount each week for a specific purpose or unfollow brands that tempt you into unnecessary purchases.

remember, it's a gradual process, but committing to mindful and ethical spending can lead to a more fulfilling and balanced financial life.

overcoming imposter syndrome and negotiating your worth.#

overcoming imposter syndrome and negotiating your worth boosting your income requires not just a plan, but the confidence to negotiate effectively.

imposter syndrome, a common barrier, often undermines this confidence.

originating from a 1978 study by clance and imes, imposter syndrome describes the persistent feeling of being a fraud despite evident achievements.

while it affects many, it is notably prevalent among women and marginalised groups, making the path to higher earnings even more challenging.

the impact of imposter syndrome is significant.

for instance, 75% of female executives have experienced it at some point.

age also plays a role, with over half of women aged 25 to 34 affected.

additionally, systemic issues in the workplace exacerbate these feelings, particularly for women of colour, who often have to prove their competence more frequently than their peers.

building confidence involves recognising and combating these internal doubts.

understanding that many successful individuals benefit from systemic advantages can help reframe feelings of inadequacy.

meritocracy, the idea that success is solely based on talent and hard work, is largely a myth.

many people succeed due to their inherent advantages, not just their skills.

developing a strategy to negotiate effectively is helpful here.

this can include maintaining a career journal to track achievements and preparing for performance reviews.

cultivating strong workplace relationships can make negotiations feel less transactional.

remember, companies act in their own best interest, and so should you.

negotiating for better pay is essential because companies rarely offer more than what you ask for.

even small raises can significantly impact long-term earnings due to compounding.

for example, pushing for an additional $2,000 at the start of your career can result in a substantial increase over time.

if you're a freelancer, setting the correct rates means considering all associated costs, including administrative tasks and additional expenses not covered by a traditional job.

avoid underselling yourself and find a balance that reflects your worth.

in hourly roles, leverage opportunities to gain skills and build relationships, even if direct wage negotiation isn't possible.

taking on additional hours or assignments can showcase your abilities and lead to future opportunities.

additionally, look for non-salary benefits, like tuition reimbursement, and be willing to move to competitors if they offer better pay.

regularly check in with your manager, track your achievements, and prepare for performance reviews.

explore better-paying opportunities within and outside your current company.

performance is not a switch you can turn on instantly.

it's built over time through consistent self-advocacy and strategic planning.

by understanding your value and advocating for yourself, you can overcome imposter syndrome and achieve your financial goals.

rethinking success and workplace advocacy.#

success is often defined by societal standards that glorify relentless ambition and accumulation of wealth.

however, this relentless pursuit can lead to toxic work environments and personal dissatisfaction.

it's time for a re-evaluation of these traditional metrics of success.

true fulfillment comes from aligning your career with your values and advocating for a healthier, more inclusive workplace culture.

the kardashian-jenner family is a prime example of this flawed success model.

while kim kardashian's advice to get your effing ass up and work reflects a hard work ethos, it ignores the significant advantages she and her family had.

from private schooling to early media exposure, their rise to fame was far from the typical american experience.

people who have worked for the kardashians have noticed the stark contrast between their immense wealth and the low wages paid to their employees.

kylie jenner's status as a self-made billionaire further illustrates the problem.

her success, largely attributed to her massive social media following, was initially exaggerated by forbes.

despite claims of self-made status, her privileged background and built-in audience played crucial roles in her business success.

the broader issue is the exploitation and unrealistic standards perpetuated by the kardashian brand.

their ventures in beauty and fashion sell an unattainable image that requires significant financial investment in cosmetic procedures.

this model of success, focused on appearance and wealth, is not only misleading but also harmful.

moving away from the kardashians, unpaid internships are another example of systemic privilege disguised as meritocracy.

these opportunities are often accessible only to those who can afford to work without pay, perpetuating inequality.

in reality, many successful individuals owe their positions to connections and support rather than sheer talent or hard work.

advocating for better workplace conditions and fair compensation is essential for creating a more equitable work environment.

managers need to support their employees, pushing for raises and fostering positive feedback.

advocacy should extend to fair hiring practices, avoiding exploitation and supporting those less experienced.

unions represent the pinnacle of workplace advocacy, providing better pay, benefits and working conditions.

organising a union involves building peer relationships, seeking external support and gaining legal recognition.

while challenges exist, the benefits of a union can significantly improve workplace fairness and employee satisfaction.

redefining success means moving beyond traditional metrics of wealth and power.

by advocating for equitable practices and supporting collective well-being, we can create work environments where everyone has the opportunity to thrive.

final summary#

Conclusion

the main takeaway from this chapter to beyond getting by by holly trantham is that financial stability stems from aligning your finances with your values and life goals.

by distinguishing between frugality and cheapness, managing imposter syndrome and advocating for fair workplace practices, you can achieve a balanced and fulfilling financial life.

this approach encourages mindful spending, self-advocacy and an abundance mindset, leading to both financial security and personal well-being.

embrace these strategies to improve your financial health and enhance your overall quality of life.

ok, that's it for this chapter.

we hope you enjoyed it.

if you can, please take the time to leave us a rating.

we always appreciate your feedback.

thanks for listening and see you in the next chapter.

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