December 07, 2022

Self-Care Culture is Making Us Broke, with Chelsea Fagan

53 minutes

It was only a matter of time before The Money with Katie Show tackled the Goopification of wellness (even “wellness” seems like a term that’s been co-opted in the last decade). In the US, this industry is worth $212 billion—and growing 11% annually. People be spendin’ some money.

What if commercialized self-care is really just a millennial pink Band-aid for the problems endemic to our hyperspeed lives? Are we trapped in a cycle of deadlines and bath bombs and existential dread? (Just me?)

This week’s episode explores the commodified self-care industrial complex and how it’s awfully reminiscent of other industries marketed specifically toward women, but with the purported benefit of being ~good for you~.

Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.

Transcripts can be found at https://www.podpage.com/money-with-katie-show/.

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Mentioned in the Episode

High-maintenance spending habits: https://moneywithkatie.com/blog/high-maintenance-is-expensive-how-i-went-from-a-320mo-girly-budget-to-a-negligible-one

That Girl: Wellness Shouldn't Be Work: https://www.youtube.com/watch?v=0hVlxNGPvDo

Wellness industry analysis: https://www.statista.com/outlook/dmo/ecommerce/beauty-health-personal-household-care/personal-care/worldwide

Aisha Harris's A History of Self-Care: http://www.slate.com/articles/arts/culturebox/2017/04/the_history_of_self_care.html

Global Wellness Economy: https://www.hospitalitynet.org/news/4108643.html

Millennials and the American Dream: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000578662240

What is the American Dream Now?: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000579420509

Bootstrapping #Fail: Why the American "Solution" to Systemic Problems Keeps Falling Short: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000582372410

Statistic on adult anxiety disorders in the US: https://www.nami.org/About-Mental-Illness/Mental-Health-Conditions/Anxiety-Disorders

Chelsea Fagan's 7 Common Self-Care Tips That Actually Make You More Stressed: https://www.youtube.com/watch?v=CfkM6pM6HvI

U.S. News & World Report survey on financial anxiety in Americans: https://money.usnews.com/credit-cards/articles/two-thirds-of-americans-experiencing-financial-anxiety#:~:text=Survey%3A%20More%20Than%2067%25%20Are,Anxiety%20%7C%20Credit%20Cards%20%7C%20U.S.%20News

Research on poverty & the developing brain: https://dana.org/article/poverty-and-the-developing-brain/#:~:text=Children%20growing%20up%20in%20poverty,adaptive%20behavior%20patterns%2C%20and%20learning.

Financial Independence Tracker: https://moneywithkatie.com/new-2023-wealth-planner

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