#71 Hacking Money Habits | How to Engineer Powerful Personal Change

01/18/23 • 44 min

Getting smarter about money is not the same as being more skilled with money. And the research clearly shows that financial outcomes are mediated moreso by behaviour than intelligence. Yet the vast majority of people relentlessly seek information and neglect to take action.

In the first episode of their new series, Ryan and Terry discuss why this is, and share some of their biggest learnings from helping others take action and build skills and habits to improve their money lives.
Also in this episode

The one thing most money experts get wrong about behaviour when prescribing personal finance solutions.
A simple model that explains why we do or don’t take an action.
The least understood component of the behavioural equation.
The six sources of influence you can use to engineer powerful personal change.

👉 Level up with CompassGet started using the only habit formation system for personal finance.

Show notes:
Click here to see notes on this show and all resources & links mentioned.

Private podcast community:
Click here to get to know us better, debrief episodes and access our top 100 resources.

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Ask us a question or suggest a topic 🤙

The one thing most money experts get wrong about behaviour when prescribing personal finance solutions.
A simple model that explains why we do or don’t take an action.
The least understood component of the behavioural equation.
The six sources of influence you can use to engineer powerful personal change.

👉 Level up with CompassGet started using the only habit formation system for personal finance.

Show notes:
Click here to see notes on this show and all resources & links mentioned.

Private podcast community:
Click here to get to know us better, debrief episodes and access our top 100 resources.

Previous Episode

#70 How to Spend Guilt Free AND Smash Your Long Term Goals

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The ability to anticipate the impacts of saving and spending decisions on long term goals and progress is a personal finance superpower. And in this episode Ryan and Terry deep dive into the most important practice for cultivating this skill: forecasting.
Also in this episode:

The two sources of stress that are eliminated when you learn to forecast
The big decision many people make after getting as a result of the clarity they get after forecasting.
What forecasting is and isn’t. And how it works.

👉 Level up with Compass

Get started using the only habit formation system for personal finance.

Show notes:
Click here to see notes on this show and all resources & links mentioned.
Other Links

Next Episode

#72 John Demartini | How to Defeat Self Doubt Achieve Your Financial Potential

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When it comes to catalysing personal transformation, John Demartini has very few peers. In this episode, here shares some of his most profound wisdom on how and why we change. He also shares his story of overcoming learning difficulties and financial illiteracy to becoming financially independent 'many times over'.
What you’ll learn:

The role your personal values play in dictating your destiny.
The simple discipline that led John to financial freedom in less than 10 years.
The mindless decision that leads us to devalue ourselves virtually guarantees we’ll never reach our financial potential (and what to do about it).
The investing reframe to transcend the fear, uncertainty and doubt that comes with volatility and uncertainty in markets.

👉 Level up with Compass

Get started using the only habit formation system for personal finance.

Show notes:
Click here to see notes on this show and all resources & links mentioned.

Money Minded - #71 Hacking Money Habits | How to Engineer Powerful Personal Change

Transcript

Ryan00:01:15.865

Terry. Hello mate. How you doing?

Terry00:01:18.555

I'm all right. How you going, mate? You got that tooth back yet?

Ryan00:01:21.775

Nah, I am in about an hour and a half. So we've got a window here before I go fix my smile, mate. So any of that final banter that you wanna throw at me, get it outta the way.

Terry00:01:31.955

Well, you know why I scheduled