The Most Hated F-Word

Dr. Ted Klontz Ph.D | Associate Professor | Researcher | Author | Speaker Intro: In this episode, we have a conversation with Dr. Ted Klontz, who is often referred to as "The People Whisperer". He is an associate professor of Practice and Financial Psychology at Creighton University, a professional consultant for major entertainment management groups, an international speaker, a published researcher and author who has contributed to 6 books, and the Director of the Financial Psychology Institute®. Why You Should Listen: This episode is a must-listen for anyone who wants to understand the power of listening and how it can help us change our money story. Dr. Klontz discusses the importance of embracing the discomforts that present themselves around money instead of fleeing or avoiding the discomfort. He shares how listening is the most important part of helping people change and how experiences, and not telling, are the most effective ways to make meaningful change. Dr. Klontz provides practical insights and tools that can help listeners understand and change their money story. He emphasizes that if we learn to listen to our own truth, the money will take care of itself. Dr. Klontz also suggests music is one of the most powerful ways to communicate with our authentic selves. When we hear the words being sung back to us, it’s like no other feeling to be heard. It’s a way people can feel heard. Highlights: - The power of first money memories and how they shape our beliefs about money - The importance of understanding our financial flashpoints - Embracing discomfort around money and learning from it - The importance of listening and how it can help us change our money story - How to take off the armour we have built up around our money story - Why engage with experiences over "being told" what do to is most effective at changing money beliefs - Dr. Klontz explains how the authentic part of us speaks in metaphors and analogies, pictures; it is a sensory voice, and music excites more areas of the brain than anything else Quotes: “If you can learn to honour your own truth, the money will take care of itself” Dr. Ted Klontz “Every kind of tear has a message” Dr. Ted Klontz "Telling is not teaching" Dr. Ted Klonz “We run out of life before we realize it’s not about the money” Dr. Ted Klontz Links:- Dr. Ted Klontz's website: CLICK HERE - John Fox's poem "When Someone Deeply Listens to You" 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

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 Judy Oppenheim BIO: Judith (Judy) Oppenheim has a BA in psychology and an MBA in marketing. With over 20 years of experience in consumer insights, research, marketing, strategy, and product development, she has worked with major financial services companies and leading advertising and digital agencies. In 2019, Judith obtained her certification as a Happiness Trainer from Tal Ben Shahar's Happiness Studies Academy. She is actively involved in the education committee and is a founding member of the HSA business club. In this episode, Judy dives into the age-old question of whether money truly brings happiness. Why Your Should Listen: Embark on an emotional and captivating journey as we delve deep into the question that has intrigued humanity for ages: Does money truly buy happiness? In this episode, we are joined by Judith (Judy) Oppenheim, an expert in consumer insights and a certified Happiness Trainer. Through her wealth of experience and extensive research, Judy uncovers the fascinating scientific relationship between money and happiness. Get ready to challenge your preconceptions, gain invaluable insights, and unlock the secrets to a happier and more fulfilling life. Key Highlights: The Classic Kahneman Study: Explore the groundbreaking study that revolutionized our understanding of happiness, revealing a surprising threshold beyond which money has diminishing returns. The Killingsworth Study: Discover a fresh perspective on the correlation between money and happiness as Judy unveils a study that sheds new light on the connection. The SPIRE Model: Uncover a powerful framework that integrates spiritual, physical, intellectual, relationship, and emotional dimensions into your financial decisions, offering a roadmap to greater happiness. Escaping the Hedonic Treadmill: Dive into the concept of hedonic adaptation and uncover strategies to break free from its grip, enabling you to sustain long-term happiness. Experiences vs. Material Possessions: Challenge the age-old debate and learn how investing in experiences can enhance your overall well-being, fostering profound personal growth. Overcoming Scarcity: Gain a profound understanding of how financial stability and meeting basic needs impact your happiness, empowering you to make wiser choices. Quotes: "Unlocking happiness isn't a direct path; it's an intricate journey of self-discovery." - Judy Oppenheim. "To truly find happiness, we must transcend the pursuit of mere contentment and embark on the profound work of self-improvement." - Judy Oppenheim. "Happiness isn't a constant state, but by embracing certain practices, we can cultivate more moments of joy and fulfillment." - Judy Oppenheim. "It's not about being happy all the time; it's about embracing strategies that lead to a happier life overall." - Tal Ben Shahar. In the words of James Clear, author of Atomic Habits, "True wealth lies not in monetary possessions but in the freedom to shape our lives, unburdened by obligations, toxic relationships, and societal pressures." "By fostering financial literacy, we can empower individuals to unlock a happier future." - Judy Oppenheim. "Uncover the hidden truths beyond the headlines; expand your understanding through deeper exploration." - Judy Oppenheim. Books Mentioned: Remember: The Science of Memory and the Art of Forgetting" by Lisa Genova Amazon link Stumbling on Happiness by Daniel Gilbert. Amazon link The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel: Amazon link Happier by Tal Ben Shahar: Amazon link Judy's Contact: 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