Afleveringen
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Cara Macksoud, FBS® | CEO of Money Habitudes |
Summary:
Cara Macksoud discusses her journey from playing ice hockey on an all-boys team to working on Wall Street and eventually transitioning to nonprofit work. She highlights how her upbringing influenced her financial mindset, the impact of her parents' teachings, and her own experiences with money.
The conversation covers key topics like the correlation between input and output, the pain of paying, and the importance of teaching children basic job skills. Cara also reflects on pivotal moments that led her to shift from a high-energy Wall Street lifestyle to parenting and seeking flexibility and autonomy.
Her work with unbanked kids and transition to financial education and psychology therapy culminated in her role as CEO of Money Habitudes. Throughout, Cara emphasizes the importance of understanding one's relationship with money, decision-making complexities, financial independence, and the pursuit of happiness.
BIO:
Cara Macksoud, FBS® is the CEO of Money Habitudes. After a 15 year career as a trader on Wall Street and stint as a CFO for a NYC nonprofit, Cara transitioned into the behavioral finance space. She completed the Financial Therapy Graduate Certificate at Kansas State University and holds a BS in Finance from NYU Stern School of Business. She is a Certified Financial Behavior Specialist® and a member of the Financial Therapy Association where she serves on the board as the Chair of Student Engagement. Additionally, she is a member of the Association of Financial Counseling and Planning Education (AFCPE) and is an AFC candidate.
Takeaways
The influence of upbringing and family on financial mindset and career choices
The transition from a high-energy Wall Street lifestyle to parenting and the challenges of staying home led to a realization of the need for flexibility and autonomy.
Cara's work with unbanked kids and the shift to financial education and psychology therapy played a significant role in her career transition to becoming the CEO of Money Habitudes. Understanding one's relationship with money is crucial for financial well-being and personal fulfillment.
Balancing work, family, and personal fulfillment is a complex and ongoing challenge.
The pursuit of happiness and fulfillment evolves over time, and it's important to adapt and reassess one's goals and priorities.
Time is a valuable and finite resource, and making the most of it is essential for a fulfilling life.
LINKS:
Cara Macksoud LinkedIn: CLICK HERE
Money Habitudes: CLICK HERE -
With Dan Haylett | Director of Growth | Financial Planner | Podcaster
Summary:
In this conversation, Dan and Shaun unravel the common misconceptions about retirement. They share personal experiences and explore how true wealth involves much more than money—it's also about having time, strong social connections, and freedom. They discuss how retirement should be a mix of relaxation, meaningful activities, and personal growth. Dan breaks down retirement into three phases: the active "go-go years," the slower "go-slow years," and the quieter "no-go years," stressing the importance of planning your finances to fit these stages. Dan touches on the challenges of shifting from saving to spending and highlights the importance of thoughtful planning about what you're retiring to. Dan encourages finding a trusted financial planner to help make the most of retirement, reminding us that time is priceless, and it's crucial to consider how we use it and who we share it with.
BIO:
Dan Haylett is dedicated to inspiring retirees to embrace life and experience true wealth. As a co-director of TFP, his driving purpose is to help clients focus their time and money on what truly matters. With a deep understanding of the emotional, behavioural, and financial challenges that come with life after work, Dan is uniquely positioned to guide retirees toward the freedom and confidence they need to fully enjoy their retirement years. His commitment ensures that every client can take full advantage of the gift of their retirement years.
Takeaways
Retirement is not just about leisure activities; it should involve meaningful work, personal growth, and learning.
Wealth is not solely defined by money; it includes time, social connections, and freedom.
Clients have the answers; financial planners should listen and create a safe space for deeper conversations.
Helping clients define what true wealth means to them is crucial for a fulfilling retirement.
Retirement is a new era for personal growth and pursuing passions that may have been put on hold.
The concept of retirement as a finish line and decline is flawed; it should be seen as a start line for a new chapter in life. Retirement is an opportunity to explore who we want to be and spend our time and money on our passions.
Retirement can be divided into three phases: the go-go years, go-slow years, and no-go years.
Time is worth more than money, and it is important to prioritize how we spend our time and who we spend it with.
Quotes:
"Wealth doesn't mean money."
"The answer to how much is enough is so much lower than what they thought it was."
"Retirement allows feeling free and being curious about exploring who we want to be."
"Our spending pattern should be in line with how our healthy years and longevity will be."
"Moving from a savings habit to a spending mindset is one of the most challenging things in retirement."
LINKS:
Dan's Website: CLICK HERE
Dan's Podcast Humans vs Retirement: CLICK HERE
Dan's Social: X -
Zijn er afleveringen die ontbreken?
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With Dr. Jordi Quoidbach | Behavioural Scientist | Professor | Speaker
Summary:In this episode, Dr. Quoidbach explores the relationship between money and happiness. He points out that while money does impact happiness, its influence is surprisingly limited, especially at higher income levels. He notes that financial stress significantly affects happiness among those with lower incomes.
Dr. Quoidbach recommends seeking jobs that offer meaning, connections, and growth opportunities. He also suggests outsourcing unenjoyable tasks to free up time for more rewarding activities and emphasizes the importance of maintaining strong social ties for overall well-being.
He further discusses how wealth can reduce our ability to appreciate the smaller joys in life, as constant access dulls our enjoyment. Taking breaks from constant consumption and temporarily giving up pleasures can enhance our capacity to savour life.
The episode also touches on the benefits of happier individuals engaging more effectively in challenging discussions and negotiations, enhancing their happiness. Lastly, Dr. Quoidbach highlights research showing that happier companies perform better in the market and discusses the cognitive costs associated with poverty.
Takeaways
There is a correlation between money and happiness, but it is much lower than people think.
Money matters more at lower income levels, where financial hardship can cause stress and negatively impact happiness.
Pursue jobs that provide meaning, connection, and opportunities for growth.
Social connections are a significant predictor of happiness.
Money can act as a buffer against stress, but its impact on happiness diminishes beyond a certain point.
There is a cognitive cost to poverty. As income increases, the ability to savour the little things in life decreases.
Reminding ourselves that life is unpredictable and that access to things may not last forever can enhance our ability to savour.
Taking breaks from consumption and giving up something we enjoy for a period of time can help reset our savouring level.
Happy people are more likely to engage in tough conversations and negotiations, which can lead to overall happiness.
Quotes:
"Money offers psychological freedom to be not so much short-term focused and maybe think outside the box."
"The more you went to fine dining, the more you went to Michelin star restaurants in your life, the less likely they were to savour these things."
Links:
Dr. Quoidbach Website: CLICK HERE -
With Dennis Harhalakis | Certified Money Coach (CMC)® | Founder of Cambridge Money Coaching
Summary
Dennis shares his journey from knowing a lot about money to realizing he didn't know much about money and himself. He discovered his inherited money anxiety and how it affected his behaviours and beliefs (unconscious to himself). Self-forgiveness and self-compassion played a crucial role in his journey of change. Money coaching is different from financial coaching in that it focuses on the why behind financial behaviours and helps individuals understand their money patterns and beliefs. It involves reaching out to clients, validating their feelings, and building trust and connection.
Dennis discusses the importance of creating a safe space for clients to talk about money and building trust with them. He emphasizes the need to meet clients where they are and normalize their feelings about money. Dennis also highlights the significance of understanding a client's money history and beliefs in order to help them make financial decisions. He explores the idea of having a healthy relationship with money, which is based on positive feelings about oneself, money, and money in oneself.
Highlights:
Money coaching focuses on understanding the why behind financial behaviours and beliefs.
Self-forgiveness and self-compassion are essential in the journey of change.
Inherited money anxiety can affect behaviours and beliefs around money.
Money coaching involves reaching out to clients, validating their feelings, and building trust and connection. Create a safe space for clients to talk about money and build trust with them.
Meet clients where they are and normalize their feelings about money.
Understand a client's money history and beliefs to help them make financial decisions.
Develop a healthy relationship with money based on positive feelings about oneself, money, and money in oneself.
Recognize one's own worth and sufficiency.
Quotes:
"I knew a lot about money, but not much about money and myself." - Dennis Harhalakis
"Self-forgiveness and self-compassion play a role in the journey of change." - Dennis Harhalakis
"People want to talk about money desperately. We haven't always had the environment or the trusting person that we feel like we can share." - Dennis Harhalakis
Links:
Dennis' Website: CLICK HERE -
With Todd Kashdan Ph.D.| Best Selling Author | Professor | Clinical Psychologist
BIO:
Todd B. Kashdan, Ph.D. is a Professor of Psychology at George Mason University, and a leading authority on well-being, curiosity, courage, and resilience. He has published over 200 scientific articles, his work has been cited over 32,000 times, and he received the American Psychological Association’s Award for Distinguished Scientific Early Career Contributions to Psychology.
His books Curious? and The Upside of Your Dark Side has been translated into over 15 languages. His writing has appeared in the Harvard Business Review, National Geographic, and other publications, and his research is featured regularly in media outlets such as The New York Times, The Atlantic, Fast Company, and Time Magazine.
He’s a twin with twin daughters (plus one more), with plans to rapidly populate the world with great conversationalists.
Highlights:
Curiosity can help us unlock creativity and become a principled rebel
How curiosity and the art of insubordination can help us re-write our money stories
The power contained within asking questions to “seek to understand” before judging
How money can increase your well-being……..when used in the proper ways
How the three temporal dimensions (parts of time) of buying experiences provide towards our well-being (anticipation, being on the trip, post mortem)
How cultivating psychological flexibility can help us gain clarity over our money stories
Why acceptance and honouring our dark emotions is beneficial to our well-being
Links:
The Art of Insubordination Book CLICK HERE
Todd’s website CLICK HERE -
With Dr. Rick Scott | Behavioural Scientist | Author | Associate Professor
Summary:
This episode explores the psychology of money and our relationships with money, beginning with a debt prioritization study that even caught the eye of financial guru Dave Ramsey, who called Dr. Scott an 'egghead'. The discussion broadens to include personal stories about how family influences and past experiences shape our spending habits.
We also examine the contrasting spending styles of 'tightwads' and 'spendthrifts,' revealing the emotions behind each approach and their impact on financial decision-making. Emphasis is placed on the importance of self-awareness in recognizing our own fears and anxieties about money.
Dr. Scott then explores how couples handle finances, discussing the benefits of joint bank accounts for fostering trust and minimizing financial disputes. It introduces the concept of financial translucency—maintaining a healthy awareness of each other’s financial activities without needing detailed oversight. Challenges arising from different spending habits are considered, highlighting how mutual understanding and compromise, particularly in gift-giving, can lead to greater relationship satisfaction and happiness.
Takeaways
The psychology of money is influenced by both mathematical and emotional factors.
Personal experiences and family stories play a significant role in shaping our views and behaviours around money.
Tightwads and spendthrifts have different orientations towards spending, but both can experience regret and anxiety.
Understanding our tendencies and emotions around money can help us make more informed financial decisions.
Joint bank accounts can promote trust and reduce scorekeeping in couples. Financial transparency and trust are crucial in a relationship.
Mismatched spending habits can be challenging, but there is potential for happiness with mindful approaches.
Finding balance and happiness in financial matters requires individuality and joint decision-making.
Privacy and secrecy can coexist in a relationship, but certain secrets can be destructive and need to be addressed.
Links:
Dr. Rick Scott's Website: CLICK HERE
Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships -
With Dr. Jenny Olson | Assistant Professor of Marketing |
Summary:
Dr. Jenny Olson explores the complexities of financial decision-making among couples. She talks about why people with different spending habits often end up together and what challenges that brings. Dr. Olson also explains 'financial infidelity'—that's when someone hides or lies about money matters.
Dr. Olson discusses the reasons people might hide their spending or debts, from wanting more control to simply trying to dodge an argument. She highlights the importance of having open conversations, really understanding your partner's financial perspective, and getting to the heart of their concerns.
She also sheds light on how income affects how generous we are and how we view our partners financially. Towards the end, she offers some practical tips on managing money better together, aiming for a relationship where both partners are on the same page financially.
BIO:
Dr. Jenny Olson serves as an Assistant Professor of Marketing at Indiana University’s Kelley School of Business. Her academic research delves into consumer behaviour within interpersonal settings, focusing particularly on two main areas: consumer financial decision-making—exploring how romantic couples navigate their financial choices—and social cognition and inferential processes—investigating how individuals assess others' consumption decisions. Dr. Olson’s influential work has been featured in esteemed journals such as the Journal of Consumer Research, the International Journal of Research in Marketing, and the Journal of the Association for Consumer Research. Her research has also attracted widespread attention from the media, with coverage in major publications including The Atlantic, Boston Globe, Chicago Tribune, Forbes, Huffington Post, New York Times, NPR, Time Magazine, and the Wall Street Journal, highlighting her significant contributions to the field of consumer behaviour.
Takeaways
Opposites often attract in financial decision-making within partnerships, leading to lower financial harmony and potential tension.
Confidence and perceived control play significant roles in influencing financial decisions within relationships.
Open communication and transparency are crucial for achieving financial harmony and aligning goals and values.
Financial infidelity, defined as intentionally engaging in disapproved financial behavior and actively concealing it, can have negative impacts on financial well-being and relationship satisfaction.
LINKS:
Dr. Jenny Olson's Website: CLICK HERE -
With Emily Burnett | Writer | Consultant |
Summary:
Emily shares her journey from collecting insects for money as a teenager to understanding the impact of her entrepreneurial family on her financial mindset. She reflects on the wisdom of her 94-year-old grandmother, who values relationships and dreams over material wealth. Emily discusses the significance of facing reality and being intentional in life and money management. She highlights the benefits of making peace with your financial plans, such as finding peace and control in an often chaotic world.
Emily also discusses the resistance to budgeting and the importance of creating a personal financial oasis. She shares insights on helping those overly focused on budgeting and emphasizes the importance of embracing spending while being intentional. Additionally, Emily explores how shyness can affect financial decisions and the need to examine our financial roots.
At the end, Emily talks about her upcoming book, 'Dear Fellow Dreamer,' aimed at helping individuals who feel trapped in safe corporate jobs.
BIO:
Emily Burnett is a writer, consultant, and intentional money + life enthusiast. She spent years working in tech as a marketing technologist all the while dreaming of building her own thing. Emily left corporate in 2022 to travel and grow her financial coaching practice. Pursuing it full-time revealed that more than coaching she loves writing, speaking, and meeting people. She is the author of Dear Fellow Spender, written for the spender who typically avoids personal finance books, and is currently writing Dear Fellow Dreamer. She's on a mission to help entrepreneurs and dreamers get and stay intentional about what they're creating whether it's a meaningful life or a business of their dreams.
Takeaways
Money stories are powerful and can shape our mindset and relationship with money.
Having entrepreneurial role models can inspire and influence our own entrepreneurial spirit.
Prioritizing relationships and dreams can lead to a rich and fulfilling life.
Being intentional in both living and managing money can bring peace and control. Create an oasis of control in your personal finances to feel grounded and empowered.
Embrace spending and be intentional about how you spend your money.
Examine your roots and understand how your past experiences and beliefs shape your relationship with money.
Take risks and build a strong foundation to support your financial and personal growth.
Links:
Emily's Website: CLICK HERE
LinkedIn: CLICK HERE -
With Abby Davisson | Author | Speaker | Entrepreneur |
Summary
In this conversation Abby Davisson explores the interconnection of love and money, challenging the flawed socialization that separates the two. It delves into the historical context of marriage and money, highlighting the importance of transparent conversations about money in relationships. The influence of upbringing and parents' careers on money mindset is discussed, along with the power of passing on stories. The journey of co-authoring a book and the impact of collaboration between individuals from different backgrounds is explored. The creation of a framework for decision-making, known as the Five C's, is introduced, with a focus on the challenging step of clarifying what's important. Abby discusses the importance of clarifying values and intentions in relationships, particularly when it comes to money. She emphasizes the need for individuals to understand their own values and communicate them effectively to their partners. Abby also highlights the impact of a lack of clarity on relationships and the importance of having difficult conversations. She shares insights from her work at the Money and Love Institute, which aims to help financial advisors integrate the elements of money and love in their conversations with clients.
BIO:
Abby Davisson has dedicated her career to helping others achieve their goals, first as a social innovation leader and now as an author, speaker, and entrepreneur. Prior to founding the Money and Love Institute, she spent nearly a decade driving social impact at global retailer Gap Inc., where she served as president of the Gap Foundation and co-founded the company’s employee resource group for working parents. Abby’s prior professional experience includes strategy-focused roles at Tipping Point Community, the NYC Department of Education, and The Bridgespan Group, as well as experience serving as an alumni career advisor and coach at Stanford Graduate School of Business. Abby holds a BA from Yale University and an MBA and MA in Education from Stanford University. She lives with her husband (who also studied with Myra at Stanford) and their two sons in San Francisco.
Takeaways
Love and money are deeply intertwined, and it is important to recognize and address their connection in relationships.
Transparent conversations about money in relationships are crucial for making holistic and informed decisions.
Upbringing and parents' careers have a significant influence on individuals' money mindset.
Passing on stories and values to future generations is a powerful way to shape their relationship with money.
The Five C's framework (Clarify, Communicate, Broaden Choices, Check with Trusted Resources, Consider Consequences) provides a structured approach to decision-making that considers both love and money.
LINKS:
Abby's Website for her book: CLICK HERE
Love & Money Institute: CLICK HERE -
With Dr. Cahit Guven | Global XSBI Econometrician | Senior Lecturer in Economics
Summary
In this conversation, Dr. Guven discusses the relationship between happiness and financial decisions. He explores the impact of happiness on savings, consumption, risk-taking, and perception. Dr. Guven also highlights the collaboration between economists and psychologists in understanding the complex interplay between emotions and financial choices. The conversation delves into the role of self-control, the influence of unpredictable weather on happiness and financial behaviour, and the potential of using big data to improve well-being. Ultimately, the discussion raises thought-provoking questions about the connection between money and happiness and the importance of prioritizing happiness in financial decision-making.
Takeaways
Happiness has a significant impact on financial decisions, including savings, consumption, and risk-taking.
Collaboration between economists and psychologists is crucial in understanding the complex relationship between emotions and financial choices.
Perception plays a vital role in financial decision-making, and changing perceptions can lead to better financial outcomes.
Focusing on happiness and well-being can improve financial decision-making and overall life satisfaction.
LINKS:
Dr. Guven's Website: CLICK HERE
Dr. Guven's LinkedIn: CLICK HERE -
With Brendan Frazier | Podcaster | Chief Behavioural Officer |
Summary:
In this conversation, Brendan Frazier discusses his relationship with money and how his beliefs and perspectives have evolved over time. He reflects on the influence of his upbringing, including religious and cultural beliefs, and how they shaped his views on money. Brendan also shares his experiences navigating money conversations with his spouse and the importance of involving a third party for guidance. He explores the concept of the inner money critic and the desire for recognition and validation. Brendan discusses the balance between following financial planning rules and embracing the unknowns of life, emphasizing the importance of flexibility and intention in financial decision-making. Brendan emphasizes the importance of sharing personal money stories and destigmatizing conversations about money.
Takeaways
Navigating money conversations with a spouse can be challenging, and involving a third party can provide guidance and support.
The desire for recognition and validation can influence our relationship with money and our spending habits.
Money can serve as a reflection of our fundamental needs and desires as human beings.
Balancing financial planning rules with the unknowns of life requires flexibility and intention in decision-making.
Being open-minded about spending money can lead to a more fulfilling life.
Reflecting on one's money story and beliefs can help make intentional financial decisions.
Sharing personal money stories can help others feel less alone and provide valuable lessons.
LINKS:
The Human Side of Money Podcast: CLICK HERE
Wired Planning: CLICK HERE -
With Chris Budd | Expert on The Relationship Between Money and Happiness | Author |
Summary:
In this chat, Chris discusses why feeling good about money matters and how we can rethink what success means when it comes to our finances. He shares his own journey to feeling financially secure and why having a sense of purpose is key to finding joy. Chris challenges the idea that setting specific money goals is always the best approach and introduces his four pillars of financial well-being: understanding what's true for everyone, what's true for you personally, what holds us all back from feeling happy, and what's stopping you individually from feeling happy. He also talks about how giving yourself permission to be happy is crucial, the benefits of financial coaching, and how money can be a tool for living a meaningful life. Plus, he gives us a sneak peek into his upcoming project, the Financial Well-being Pulse, which aims to shift the focus of financial advice from just dollars and cents to overall well-being.
BIO:
Chris Budd founded Ovation Finance Ltd, a financial planning practice, in 2000. In 2018, he sold a majority stake to an Employee Ownership Trust (EOT).
Chris now provides coaching and consultancy to owners and employees seeking to grow and develop. He authored "The Eternal Business," published by Harriman House in September 2018, and leads The Eternal Business Consultancy, offering advice and assistance to businesses aiming for long-term sustainability beyond the current owners.
Chris is a qualified business coach (Advanced Diploma in Coaching And Mentoring from the European Mentoring And Coaching Council), an author of novels and "The Financial Wellbeing Book," and the founder of the Institute for Financial Wellbeing.
He hosts the Financial Wellbeing podcast and is a seasoned speaker, addressing topics such as coaching skills for professionals, financial well-being, and employee ownership.
Takeaways
Financial well-being is about finding happiness and purpose, not just accumulating wealth.
Goals should be seen as steps towards purpose and happiness, not as the ultimate objective.
Success should be redefined to focus on personal fulfillment and making a positive impact.
Knowing oneself and challenging assumptions is crucial for achieving financial well-being. Take the time to understand what truly makes you happy and permit yourself to pursue it.
Money should be seen as a tool to support a happy and meaningful life, rather than the sole source of happiness.
Financial advice should prioritize clients' well-being and focus on their lives, rather than solely on investment portfolios.
Retail therapy and impulsive spending may provide short-term happiness, but developing healthier spending habits can lead to greater long-term well-being.
Building a happy and healthy relationship with money involves being kind, compassionate, and mindful of one's values and priorities.
Music experiences can be powerful sources of joy and can teach us valuable lessons about presence, connection, and the pursuit of happiness.
LINKS:
Chris' Books: CLICK HERE
Chris' LinkedIn Profile: CLICK HERE
Chris' podcast: CLICK HERE -
With Dr. Mike Rucker | Organizational Psychologist | Behavioural Scientist | Author |
Summary:
This conversation is all about identifying and taking the steps to get out into the world to have more fun and how we can use our money as ways to allow more fun in our lives (and it does not need to cost lots of money). In this conversation, Dr. Rucker and Shaun discuss the importance of fun in life and how it can be pursued independently of money and power. They explore the limitations of pursuing happiness through external factors and the need for emotional flexibility. The conversation also touches on the challenges of finding fun in a busy life and the role of surprises and unexpected moments in bringing joy. They discuss the concept of the Fun Pyramid and how money can be used as a tool to facilitate authentic fun. Additionally, they emphasize the importance of finding fun in everyday life and how it can improve relationships and overall well-being. They also highlight the importance of being deliberate about incorporating fun into daily routines and the consequences of neglecting it. Finally, they talk about the importance of time affluence and creating lasting memories through fun experiences.
BIO:
Dr. Mike Rucker is an organizational psychologist, behavioral scientist, and charter member of the International Positive Psychology Association. He has been academically published in publications like the International Journal of Workplace Health Management. His ideas about fun and health have been featured in The Wall Street Journal, Washington Post, Fast Company, Psychology Today, Forbes, Vox, Thrive Global, Mindful, mindbodygreen, and more. He currently serves as a senior leader at Active Wellness and is the author of 2023’s top-rated happiness book, The Fun Habit, which is out now.
Takeaways
Finding fun in everyday life can improve relationships and overall well-being.
Learning how to spend your money on fun activities.
How fun is a key driver to living a good life.
Positional economics can help people access experiences they may not be able to afford on their own.
Being deliberate about incorporating fun into daily routines is important for overall happiness and productivity.
Creating lasting memories through fun experiences is valuable and can enrich one's life.
LINKS:
Website: Dive into the world of fun and exploration at Michael Rucker's website.
Twitter: Follow Michael Rucker on Twitter @performbetter for daily doses of inspiration and fun!
Facebook: Join the fun-loving community on Facebook at Mike Rucker, Ph.D.'s page.
Instagram: Explore the wonders of fun on Instagram with @thewonderoffun.
LinkedIn: Connect with Michael Rucker on LinkedIn at Michael Rucker's profile for insightful discussions and updates.
Pinterest: Get inspired by Mike Rucker, Ph.D.'s Pinterest boards at mikeruckerphd.
Simon & Schuster: Check out Michael Rucker's book, "The Fun Habit," on Simon & Schuster.
Substack: Join the Fun Habit newsletter on Substack at funhabit.substack.com for exclusive content and tips on incorporating more fun into your life. -
With Dr. Moira Somers | Psychologist | Family Wealth Consultant | Author |
Summary
In this insightful conversation, Dr. Moira Somers offers insights on how to enhance our financial stability. She discusses the intricate relationship between money and health, stressing the significance of financial well-being and its impact on our overall health. Dr. Somers emphasizes the need for a paradigm shift in the financial services sector, advocating for a more empathetic and supportive approach. She highlights the pivotal role of self-reflection and social support in achieving financial stability and sheds light on how our personality traits and self-belief influence our financial decisions. Dr. Somers brings such a calming yet thought-provoking tone to the conversation. Every time I speak with her, I find myself thinking deeply about whichever topic we discuss, and I hope you feel the same after listening to this conversation.
Takeaways
Financial stability is crucial for overall well-being and can have a significant impact on health.
Financial advisors play a key role in helping clients achieve stability by understanding their unique circumstances and building on their existing financial skills.
Both financial advisors and clients need to take a good look at themselves and have confidence in their abilities to make smart money choices.
Stress can significantly impact financial decision-making.
Practicing self-care and seeking support are important strategies for managing financial stress.
Financial advisors play a vital role in helping individuals achieve financial wellness.
There is a strong connection between mental health and financial wellness.
Chapters
01:33 The Relationship Between Money and Health
03:03 The Impact of Money on Well-Being
08:32 The Goal of Financial Stability
14:08 Building Financial Stability
20:11 The Impact of Financial Stability on Individuals
23:08 The Need for Self-Reflection
31:04 The Importance of Self-Efficacy
37:49 The Power of Social Support
43:30 Moving Beyond Stability to Thriving
50:30 The Importance of Financial Wellness
LINKS:
Dr. Moira Somer's Website: CLICK HERE
Dr. Moira Somer's Book: CLICK HERE -
With Bruce Sellery | CEO of Credit Canada | Author | Television Host |
Summary:
Bruce Sellery discusses his background in financial journalism and his transition to becoming the CEO of Credit Canada. He shares insights from his interviews with high-profile individuals and the impact of their stories. Bruce also reflects on his personal experience with money and the importance of creating a context for financial decisions. He emphasizes the need for a shift from financial literacy to financial coaching, focusing on the root causes of debt and holding individuals accountable for their financial well-being. Bruce discusses the importance of uncovering hidden values and moving from past-based to future-based conversations in financial planning. He highlights the Credit Canada Gold program, which focuses on accountability and coaching to help individuals achieve their financial goals. Bruce emphasizes the need for a judgment-free environment and coaching based on the client's desires. He also discusses the importance of being relentless in pursuing client goals and having tough conversations when necessary. Bruce shares his excitement for the expansion of financial coaching programs and concludes with the key theme of creating a life worth living using money as a tool.
BIO:Bruce Sellery, a dynamic business journalist, TV host, and CEO of Credit Canada, is dedicated to enhancing financial literacy. Known for his bestselling book "Moolala: Why Smart People Do Dumb Things with Their Money," Sellery's engaging approach makes him a sought-after keynote speaker, emcee, and host. His roles include being CBC Radio's national money columnist, a Cityline contributor, and host of the Moolala radio show and podcast on SiriusXM. With a rich background that includes hosting on the Oprah Winfrey Network and anchoring for BNN Bloomberg, Sellery's work spans TV, radio, and writing, including two bestselling books. He contributes his expertise as an advisor to the Smith School of Business at Queen’s University and holds positions on boards, reflecting his commitment to community and financial empowerment.
Takeaways
Uncover hidden values and have future-based conversations in financial planning.
Create a judgment-free environment and coach based on the client's desires.
Be relentless in pursuing client goals and have tough conversations when necessary.
Use money as a tool to create a life worth living.
LINKS:
Credit Canada: CLICK HERE
Bruce Sellery's LinkedIn: CLICK HERE -
With Dr. Hal Hershfield | Professor | Author |
Summary:
In this conversation, Hal Hershfield discusses the concept of future selves and the challenges of balancing future orientation with embracing the present. He explores the importance of creating emotional connections with our future selves and shares research on how to motivate future-oriented decisions. The conversation also touches on the significance of endings and how they can impact motivation. Finally, Hershfield discusses the decision-making process around end-of-life and retirement, highlighting the need for thoughtful planning and meaningful transitions.
Shaun and Hershfield discuss the importance of transition (like retirement) and the importance of maintaining identity and happiness during transitional phases of life. They explore the factors that predict a successful transition and how individuals can implement strategies to ensure a positive experience. They also discuss the relationship between changing selves and identity, and how understanding this connection can impact one's approach to retirement. Ultimately, they emphasize the key to a happy and healthy relationship with money: using it as a tool to fund contentment and finding joy in both the present and future.
BIO:
Hal Hershfield is a Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA’s Anderson School of Management and holds the UCLA Anderson Board of Advisors Term Chair in Management.
His research, which sits at the intersection of psychology and economics, examines the ways we can improve our long-term decisions. He earned his PhD in psychology from Stanford University.
Hershfield publishes in top academic journals and also contributes op-eds to the New York Times, Harvard Business Review, the Wall Street Journal, and other outlets.
Takeaways:
Balancing future orientation with embracing the present can lead to a more meaningful and satisfying life.
Creating emotional connections with our future selves can help motivate future-oriented decisions.
Endings can evoke mixed emotions, but they can also provide opportunities for growth and new beginnings.
Maintaining a sense of identity and happiness in retirement is crucial, and individuals who have interests and strong social connections tend to thrive.
Understanding the relationship between changing selves and identity can help individuals navigate transitions more effectively.
Writing letters to future selves can provide valuable insights and guidance for living a happy and healthy life.
Balancing living in the present with planning for the future is essential, as both contribute to overall well-being.
LINKS:
Dr. Hal Hershfield Website: CLICK HERE
Your Future Self: How to Make Tomorrow Better Today by Hal Hershfield: CLICK HERE -
Dr. Erika Rasure | Educator | Researcher | Holistic Financial Wellness |
Summary
In this conversation, Dr. Erika Rasure and Shaun Maslyk discuss the human experience of money and the importance of storytelling in understanding our money stories. Dr. Rasure shares her journey from aspiring estate lawyer to a personal financial planner, driven by her desire to help people with their money. They explore the role of compassion in financial conversations and the need to take the shame out of money. They also discuss the power of self-discovery and the importance of trusting oneself in making financial decisions. The conversation emphasizes the need to slow down, lean into discomfort, and let go of perfectionism to find peace and contentment in our relationship with money. Dr. Rasure explores the importance of finding 'home' within ourselves and the power of sharing our stories. The conversation concludes with a theme of not losing sight of the magic in life and the importance of finding joy in the little things.
BIO:
Dr. Erika Rasure is an internationally recognized leader, educator, and researcher in holistic financial wellness. For almost two decades, she has practiced financial therapy and coaching. Among her achievements is helping to create National Financial Practice Week, which she is co-founder as Chief Financial Wellness Advisor at Beyond Finance. Dr. Rasure also serves as Chair of the Research Board for the Financial Therapy Clinical Institute. Additionally, she is a member of the Financial Review Boards for Investopedia, The Balance, VeryWell Family, and VeryWell Parents. Her insight and interviews have been featured in several prestigious national outlets, such as Barron’s, CNN, Forbes, Fox Business, Marketwatch, NBC News Now, USA Today, and Yahoo! She is a Certified Deep Transformational Coach and holds a PhD in Personal Financial Planning from Kansas State University.
Takeaways
Money stories are a fundamental part of being human and can emotionally connect us.
Compassion is crucial in financial conversations and can lead to clarity and transformation.
Taking the shame out of money is essential for gaining clarity and making progress.
Self-discovery is a powerful tool for understanding our relationship with money and finding peace.
Trusting ourselves and seeking internal validation are key to making financial decisions aligned with our values.
Sharing our stories with kindness and compassion helps us feel more connected and whole.
Don't stop believing in the magic of life and find joy in the little things.
LINKS:
Dr. Rasure's LinkedIn: CLICK HERE -
With Dr. Jordan Hutchison | VP of Technology | Financial Planning & Behavioral Finance Adjunct Professor | Podcast Host |
BIO:
Dr. Jordan Hutchison, a leading figure in financial technology and planning, serves as the Vice President of Technology at RFG Advisory and an adjunct professor at Kaplans College for Financial Planning. With a wealth of experience, numerous certifications, and advanced degrees, Jordan focuses on pushing RFG to the forefront of wealth technology. He collaborates with advisors to integrate cutting-edge solutions, cultivate relationships with industry leaders, and innovate strategies that elevate both client and advisor experiences. Jordan also hosts the RFG Disruption Blueprint podcast's monthly feature, Game Film with Dr. J, where he explores topics at the intersection of technology, education, and innovation in the financial industry.
Why You Should Listen:
Dr. Hutchison as he explores the question "What Makes Life Worth Living?" through the lens of financial planning. Dr. Hutchinson discusses the concept of flow and its integration into financial planning. Flow is a state of deep absorption that is intrinsically motivating, has clear goals, and provides immediate feedback. It is a unique and fulfilling experience found in various aspects of life, including work and personal activities. Understanding flow can help individuals navigate life transitions and find fulfillment. Integrating flow into financial planning involves having conversations about what makes life worth living and identifying activities that bring engagement and enjoyment. Flow can enhance overall well-being and contribute to a meaningful and fulfilling life. The conversation explores the concept of flow and its impact on well-being, relationships, and financial decisions. It emphasizes the importance of finding flow in various aspects of life and being purposeful in creating opportunities for flow. The chapters cover topics such as the impact of flow on well-being, the power of play and simple pleasures, the spillover effect of flow, flow in work and relationships, flow in group engagement, and understanding the rhythm of life.
Takeaways
Flow is not just a pleasant experience, but it also has a positive impact on wellbeing and happiness.
Play and simple pleasures can be sources of flow and happiness.
Flow can have a spillover effect, leading to more energy and vigor in other areas of life.
Finding flow in work and relationships can enhance fulfillment and happiness.
Group engagement can create flow experiences.
Being purposeful and intentional in creating opportunities for flow is important.
Understanding the rhythm of life and balancing saving and experiencing life's pleasures is crucial for a happy and healthy relationship with money.
Using financial resources to address the fundamental question, "What makes life worth living?"
Links:
Jordan's LinkedIn: Click Here
RFG Advisory: Click Here -
Dr. Matt Goren CFP® | PVP - Financial Planning Education |
BIO:
Dr. Matt J. Goren, CFP® has created educational programs and taught courses on topics ranging from the psychology of personal finance to investing, global financial planning, cultural psychology, and statistics. As CeriFi's Product Vice President - Financial Planning Education, he oversees educational program development and administration, including the popular Dalton Education and Dalton Review programs for students pursuing the CFP® designation. Formerly, he served as Director of Knowledge for Practice at CFP Board. His past affiliations include The American College of Financial Services, UC Berkeley, and The University of Georgia. Matt lives in Chicago and is a regular world traveler, hiker, and news junky.
Summary:
In this conversation, Dr. Matt Goren discusses the role of emotions in decision-making and how they can be used as tools to make better financial decisions. He emphasizes the importance of listening to both negative and positive emotions and using them to guide financial choices. Matt also explores biases such as the anchoring bias, status quo bias, overconfidence bias, and the Dunning-Kruger effect. He suggests strategies for managing these biases, including providing relevant anchors, segmenting accounts, and creating controlled environments for testing investment strategies. Overall, the conversation highlights the need to understand and work with our emotions to achieve financial well-being. The conversation explores the shift towards psychology in financial planning and the declining importance of technical skills. It highlights the simplification of technical aspects in finance and the need for financial planners to focus on the human element. The blurring of roles in financial planning is discussed, as well as the evolution of financial planning education. The integration of subjective and objective thinking is emphasized, along with the importance of emotional skills in financial planning.
Takeaways
Emotions are a tool that can be used to make better financial decisions.
Listening to negative emotions can provide valuable information and help avoid destructive decisions.
Positive emotions can also guide financial choices, but it's important to be aware of their potential pitfalls.
Technical skills in financial planning are becoming less important due to advancements in technology.
Simplification of technical aspects in finance, such as budgeting and insurance products, is making financial planning more accessible.
Financial planners must focus on the human element and develop coaching and counselling skills.
The future of financial planning involves a blending of roles, with all planners needing to be coaches and therapists to some extent.
Financial planning education is evolving to include more content on emotions and communication.
Meeting clients where they're at and recognizing their individual needs is crucial in financial planning.
The integration of subjective and objective thinking is essential in the field of financial planning.
LINKS:
Dalton Education
CERIFI
Dr. Matt Goren Linkedin: CLICK HERE -
With Dr. Jennifer Guttman | Clinical Psychologist | Author |
BIO:
Dr. Jennifer Guttman, a clinical psychologist with practices in NY and Connecticut, specializes in cognitive behavioral therapy, positive psychology, and her motivational brand, sustainable life satisfaction. With over 30 years of clinical practice, she challenges the pursuit of happiness and leads a satisfaction revolution. Author of "Beyond Happiness: The 6 Secrets of Lifetime Satisfaction," Dr. Guttman offers a workbook, course, and YouTube channel dedicated to satisfaction. A regular contributor to Psychology Today and Thrive Global, she is also a sought-after guest on health, wellness, business, and happiness podcasts.
Summary
Dr. Jennifer Guttman discusses the difference between happiness and satisfaction, and how focusing on satisfaction can lead to a more fulfilling life. She shares her personal story of facing challenges and finding resilience and introduces the concept of being defiantly resilient. Dr. Guttman also outlines the six techniques for sustainable life satisfaction, including avoiding assumptions, facing fears, and making decisions. She emphasizes the importance of reducing people-pleasing and codependency and encourages individuals to cultivate agency within themselves, to find their authentic voice. Dr. Guttman's work can be found on her website, guttmanpsychology.com, and her book is available on Amazon and Barnes & Noble.
Takeaways
Focus on satisfaction rather than happiness, as satisfaction is more enduring and can be controlled from within.
Avoid making assumptions about money and challenge the assumptions you have by asking for concrete evidence.
Face your fears and make decisions that align with your values and goals, rather than seeking external validation.
Reduce people-pleasing and codependency by learning to trust yourself and make autonomous financial decisions.
Build resilience by facing challenges and developing a sense of effectiveness and self-worth.
Write a letter to future generations, encouraging them to learn themselves, quiet the noise, and be their own person.
Chapters
00:00 Introduction
00:37 The Story of JFK Customs
03:16 The Difference Between Happiness and Satisfaction
05:31 Shifting Focus to Satisfaction
08:18 The Middle Path of Satisfaction
10:14 The Shift to a Satisfaction Revolution
13:15 Becoming Defiantly Resilient
19:07 Overcoming Challenges and Building Resilience
22:56 The Six Techniques for Sustainable Life Satisfaction
23:57 Assumptions, Facing Fears, and Making Decisions
27:56 Avoiding People Pleasing and Codependency
32:50 Writing a Letter to Future Generations
41:08 Where to Find Dr. Jennifer Guttman's Work
LINKS:
• Dr. Guttman's Book: CLICK HERE• Dr. Guttman's website: CLICK HERE - Laat meer zien
