What’s the driving force behind your money habits? Where did you learn your beliefs and values about money? What are some of the psychological hurdles you’ve encountered most of your life, preventing you from reaching your full financial potential? I discuss these questions and more with financial psychotherapist Vicky Reynal, author of Money on Your Mind: The Unconscious Beliefs That Sabotage Your Financial Well-Being and How to Break Free.
In her book, she shares client stories, case studies, and her professional expertise on how to overcome those psychological barriers, find their root causes, and develop a path forward to achieve a brighter financial future.
Timestamps
- 00:00 Introduction
- 02:29 Guest Background
- 08:20 Understanding Overspending
- 14:17 Childhood Influences on Financial Behavior
- 20:18 The Psychology of Scarcity and Deprivation
- 26:28 The Impact of Social Media on Financial Behavior
- 31:33 Money vs. Happiness: The Illusion of Wealth
- 36:34 The Power of Relationships Over Money
- 43:28 Understanding Your Money Attitude
- 49:28 Navigating Salary Negotiations and Self-Worth
Takeaways
- The psychology of money is often overlooked in traditional financial advice.
- Overspending can stem from emotional issues like loneliness or boredom.
- Understanding the root causes of financial behavior is crucial for change.
- Childhood experiences significantly shape our relationship with money.
- Financial anorexia is a term used to describe extreme under spending.
- Social media often promotes extreme financial behaviors, leading to unhealthy comparisons.
- Therapists can help clients explore their feelings about money.
- Finding balance in financial choices is essential for well-being.
- Many people feel guilty about spending money they have earned.
- It’s important to ask the right questions about our financial habits. Finding balance in life is a universal struggle.
- The idea of ‘enoughness’ is often overlooked.
- Money does not guarantee happiness or fulfillment.
- Strong relationships are the key to happiness and longevity.
- Self-worth should not be tied to financial worth.
- Generosity can stem from various motivations, not all positive.
- Understanding your financial behavior requires curiosity and self-reflection.
- Negative childhood experiences can impact financial confidence.
- Salary negotiation challenges often relate to self-worth issues.
- Recognizing subconscious money habits is crucial for change.
Things I Mentioned in the Episode
- Grab a copy of Vicky’s book Money on Your Mind: The Unconscious Beliefs That Sabotage Your Financial Well-Being?and How to Break Free.
- I’m giving away copies of all the books featured in this season of the podcast! To enter, visit jessicamoorhouse.com/contests
- My free resource library, where you can find budget spreadsheets & more!
- Apply to enroll in my investing course Wealth Building Blueprint for Canadians
- Register for the next cohort of my Budgeting Together Accountability Group
- Check out my shop!
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Looking for Financial Help?
Looking for some financial help? Check out my investing course, budget spreadsheets, accountability group and more on my shop page
Transcript
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