Rich Mind vs. Poor Mind — A Psychologist’s Guide to Building Wealth

11/25/24 • 40 min

3 Listeners

Many people think becoming wealthy is all about having the right job, inheritance, or just lucky breaks. And those things can certainly give you a leg up. But according to my guest, the biggest key to building wealth is your mindset, as research shows that even high earners can stay broke forever if they’re trapped in poor thinking patterns, while others can build lasting wealth on modest incomes by developing the right mental approach.

Dr. Brad Klontz is a financial psychologist, wealth manager, and professor, and the co-author of Start Thinking Rich: 21 Harsh Truths to Take You from Broke to Financial Freedom. Today on the show, Brad explains the critical difference between being broke and being poor, how learned helplessness keeps people financially stuck, and practical ways to develop an agentic, wealth-building mindset. We also tackle thorny issues like the role of homeownership in building wealth and how to handle relationships that might be holding back your financial future.

Resources Related to the Podcast

Connect With BradKlontz

Resources Related to the Podcast

Connect With BradKlontz

Previous Episode

Tribal Runners, Weekend Warriors, and Our Changing Relationship to Endurance Sports

Endurance activities, like distance running, have existed since ancient times. But humans' relationship to those pursuits has changed, according to time and place. In the West, we've currently turned endurance sports into a science — tracking every metric and chasing personal records through sophisticated technology and personalized training plans. But as my guest, who's spent years studying the running cultures in different societies, knows well, this modern, individualized, data-driven approach isn't the only way to pursue the art of endurance.

Michael Crawley is a competitive runner, social anthropologist, and the author of To the Limit. On the show today, we first examine how Western athletes have "workified" running through technology and social media. We then look at how other cultures approach running differently, including why East African runners emphasize group training over individual goals and how the Rarámuri people of Mexico incorporate spiritual dimensions into their running. We end our conversation with how we might rediscover more meaningful, holistic ways to approach our own physical pastimes.

Resources Related to the Podcast

Connect With Michael Crawley

Next Episode

Flying, Hosting, Regifting, and More — All Your Holiday Etiquette Questions Answered

In an age where a lot of formalized decorum has vanished, the holidays are still a time with rules, traditions, and unspoken expectations. It's also a time of heightened social interactions and increased opportunities to demonstrate warmth, hospitality, and all-around gentlemanly politeness.

Here to help us navigate the many scenarios for practicing good etiquette that the holidays present is Thomas Farley, aka Mr. Manners. Today on the show, Thomas shares the neglected aspects of flying etiquette, how to be a non-annoying houseguest, the paradoxes of party arrival punctuality, whether a dinner party host should accommodate the special dietary restrictions of guests, how to get lingering guests out of your home after a party, how to best navigate an office holiday party, the rules of regifting, guidelines for holiday tipping, and much more.