[Ep. 412] Why You Need to Start Thinking Rich with Dr. Brad Klontz and Adrian Brambila

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Do you have a rich mindset when it comes to money? Or are you unconsciously holding yourself back from financial freedom? As the data shows, many people are in fact holding themselves back, and financial psychologist Dr. Brad Klontz knows this all too well. That’s why, after writing several amazing books on psychology and money, including Mind Over Money and Psychology of Financial Planning, he’s teamed up with entrepreneur Adrian Brambila to share how you can break free and start thinking rich by reading their new book: Start Thinking Rich: 21 Harsh Truths to Take You from Broke to Financial Freedom.

I’m gonna be honest, if you want a book that sugarcoats things, this is not the book for you. It’s full of home truths that may be uncomfortable to hear, but sometimes they need to be heard if nothing else has been able to make an impact for you. Nevertheless, at the core of the book, the message is that you deserve a better financial life, you are capable of changing your future, and there’s never been a better time than right now to take that first step into the rest of your life.

Timestamps

00:00 Introduction
03:36 Being Poor Sucks
17:50 Only Poor People Think the System is Rigged
18:22 Your Teachers Can’t Teach You How to Get Rich
18:39 You Don’t Deserve More. You’re Getting Paid What You’re Worth
23:06 The Power of Mindset
26:24 Flexibility in Thinking
31:06 Entrepreneurship vs. Employment
34:25 Overcoming Learned Helplessness
41:20 Being Rich vs. Being Wealthy
46:50 The Importance of a Rich Mindset
47:47 The Three Pillars of a Wealth Skill Set
49:11 Frugality and the Wealthy
53:26 Flexing Luxury Brands: A Sign of Insecurity
01:01:31 Owning Time: The Ultimate Wealth
01:04:03 Breaking Free from Being Broke

Takeaways

The book ‘Start Thinking Rich’ takes a blunt and in-your-face approach to delivering financial advice.
The authors tested their ideas on social media to gauge reactions and refine their message.
The book challenges common beliefs about wealth and provides practical strategies for building wealth.
The goal of the book is to empower readers to change their financial beliefs and behaviors. The mindset is the most important factor in achieving financial success.
Being open-minded and flexible in thinking is crucial for wealth accumulation.
Entrepreneurship is not the only path to becoming a millionaire; employees can also achieve financial success.
Learned helplessness can be overcome by taking personal responsibility for financial mistakes and learning from them.
Being rich and being wealthy are two different skill sets: earning income and saving/investing it. Developing a rich mindset is crucial for achieving financial freedom.
A comprehensive wealth skill set includes earning, saving, and investing.
Living below one’s means is essential for building wealth.
Wealthy individuals often describe themselves as frugal and downplay displays of wealth.
Investing and using passive income to fund experiences and purchases is a key strategy for achieving financial goals.
Being broke is a temporary state, while having a poor mindset can perpetuate financial struggles.

Things I Mentioned in the Episode

Buy a copy of Brad and Adrian’s book Start Thinking Rich: 21 Harsh Truths to Take You from Broke to Financial Freedom
Learn more about their book at StartThinkingRich.com
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!

Follow Dr. Brad Klontz

Follow Adrian Brambila

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Transcript

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