Morgan Stanley Family Wealth Advisor Bruce Stuart — Techonomics host Jason Middleton’s guest this week — nailed it on the head: “Budgeting is like dieting, no one wants to do it.” When you add the obstacle of living in an expensive city, the idea of mapping out your finances becomes that much more cringeworthy and difficult to navigate.
The traditional rules of managing money no longer apply. If you reside in the Bay Area, the struggle is all too familiar. In a recent survey, 46 percent of voters in the tech bubble reported they planned to move in the next few years, citing the high cost of living, congestion and the homeless crisis as the primary reasons.
Don’t pack up your bags and give up just yet though. In the podcast below Stuart has some tips on how to make the price tag that comes with Bay Area living more manageable. He dives into common pitfalls, simple “tests” people can utilize to stay on track and creative solutions to decrease spending. Stuart boasts an impressive lists of titles in addition to financial advising, including author, attorney and analyst!