What is a Health Relationship with Money?

05/25/20 • 52 min

Episode #4: “What is a Healthy Relationship with Money?” with Financial Therapist Ed Coambs CFP®, LMFTA Owner of Healthy Love and Money Important Insights from the Episode: How your unconscious money beliefs impact......everythingHow to continuously update your money beliefsHow to gain control over your thoughts, emotions and beliefs around moneyHow to recognize shame, envy, jealously etc....around moneyHow to use empathy to succeed with your money and lifeIf you aren’t engaged with your money, nothing mattersTwo largest risks around your moneyDivorceDysfunctionHow Ed uses money as nutrition in his life Links: Website: https://www.healthyloveandmoney.com/Book Recommendation:The Art of Money by Bari Tessler: A Life-Changing Guide to Financial Happinesshttps://www.amazon.ca/Art-Money-Life-Changing-Financial-Happiness/dp/1941529208Ed’ Family Tree Online Course:https://www.healthyloveandmoney.com/family-factor-video-optinQuote from Ed:"Life is too short for financial conflict" - Edward Coambs Edward Coambs is a prestigious money and marriage therapist, who takes two taboo topics of Finance and therapy into his stride and manages to help many couples who deal with money related problems in their daily lives. He is based in North Carolina and has various accomplishments to his credit including a master’s in counseling, and an MBA in finance. He is currently pursuing a Ph.D. in financial planning and has his own website, company and has also launched his own course, which aims to educate and help people on such matters. He is someone who has paved a great career for himself, moving on from being a firefighter to a financial therapist Shaun gives a brief introduction about Edward Coambs, and his professional journey [00:01] Ed explains how to reach him, and elaborates on his work and on the new course he is launching [02:11] Ed discusses money beliefs and how they impact the people [04:05] Ed talks about macro-level messages [06:10] Ed voices his opinion about shame and Envy, and how it influences consumer behaviour or a person's financial life in general [09:00] Ed talks about what role a financial therapist plays, in the life of people [11:50] Ed shares what financial therapy is, and how couples can benefit from it [16:26] Ed explains how therapy helps people deal with their financial trauma and emotions [ 19:00] Discussion on the actual definition of trauma, and how social expectations causes different behavioural changes [21:30] Discussion on how our personality changes according to our situations and surroundings [28:26] Ed explains how as a therapist, he deals with the trauma in his internal life and in his married life [30:44] Discussion on how financial therapy, stands out from other forms of therapy [34:24] Ed shares the different steps that couples can take when they are facing issues related to money management [37:09] Ed talks about how it is important to face the emotional side first when it comes to money management among couples [38:35] How to avoid dysfunction and become at ease with the finances [41:30] Discussion on financial anorexia [44:00] Ed recommends books, that will help people derive more knowledge into the topic [47:15] Importance of a healthy relationship with money [48:48] Ed talks in detail about his course [50:00]

Previous Episode

Podcast Episode #4: The Inner Game of Money

Derek F. Hagen is the founder of the moneyhealthsolutions , which is a firm that helps people simplify money matters and take up their own financial responsibility . Brought up in a poor family, he decided to take matter into his own hands and become the extremely successful person he is today. He has various certifications up his sleeve, including those in Financial planning, Financial Therapy, Financial analysis and much more. He is also a lively and enthusiastic person who loves adventure, camping and kungfu. To sum up he knows the ins and outs of financial investment and is the perfect guide to help you out in the financial planning sector. Key Points: Main Points: Why Derek decided NOT to retire at age 42Why knowing financial information is not enoughWhat’s the difference between interior and external financeThe importance of having clarity around your values and designing a life around themYOU are the expert of YOURSELF when seeking financial healthHow to understand your money scriptsHow growing up in poverty impacted Derek’s “perspective” of moneyHow floating around life doing what “I think others want me to do” impacts so many people Links: Derek's Website: www.moneyhealthsolutions.com Derek’s Book Recommendations: "How to fail at almost everything and still win big" - https://www.amazon.ca/How-Fail-Almost-Everything-Still-ebook/dp/B00COOFBA4 "Tiny Habits" Tiny Habits: The Small Changes That Change Everything Book by BJ Fogg https://www.amazon.ca/Tiny-Habits-Changes-Change-Everything/dp/0358003326 Start with WHY by Simon Sinek https://www.amazon.com/Start-Why-Leaders-Inspire-Everyone/dp/1591846447 Linkedin Profiles: Derek F. Hagen: https://www.linkedin.com/in/derekhagen Shaun Maslyk: https://ca.linkedin.com/in/shaun-maslyk-cfp%C2%AE-b-comm-cip-566a1a17 Shaun Maslyk reads out Derek F. Hagen's profile [0:29] Derek Explains why he chose not to retire even though he had the opportunity to do so [2:50] Derek discusses the risk of alzheimers and dementia in people who choose an early retirement plan [4:40] Talk on the psychology of finance and his own firm [5:50] Shaun Maslyk enquires about internal, external finances and the problems faced by Canadians [8:22] Derek explains what urged him to shift away from a highly prestigious post into forming his own firm [10:28] Derek explains how he helps people deal with their own finances, and make important financial decisions [14:49] Derek gives out a set of introspective questions that will help everyone follow a planned financial path to reach their goal [19:25] discussion on money script [19:55] Derek explains about his own money script growing up, and how it influenced his life and career [25:06] Derek talks about what happens when you realize that the job you have been working for, is not giving you much joy or satisfaction [30:53] Derek's perspective on how much of the "rebuttal to change oneself" , occurs due to inner conflicts vs other reasons like the demographic and external problems [35:45] Derek explains "why he makes money?"[40:35] Discussion on how money is a tool to support the life everyone wants for themselves [43:17] How to balance being content in the present and at the same time working for your goal [46:52] Derek's anecdote on a real estate agent [51:35] Derek's book recommendations [57:30] Discussion on good and bad money habits [59:15]

Next Episode

Racism & Money

During this solo podcast I talk about the learnings and unlearnings for me over the past three weeks. I talk about some of the origins that have caused systemic racism that persist in our financial systems. I share learnings from the following podcasts and books: Journey to Launch with host Jamila Souffant Episode 137 The Black Tax with Shawn RochesterPodcast 1619 specifically episode 1 & 2So You Want to Talk About Racism by Ijeoma Oluo How to Be an Antiracist by Ibram X. Kendi The Black Tax: The Cost of Being Black in America By Shawn Rochester Links: So You Want to Talk About Racism by Ijeoma Oluo CLICK HEREHow to Be an Antiracist by Ibram X. KendiCLICK HERE The Black Tax: The Cost of Being Black in America By Shawn RochesterCLICK HEREJourney to Launch Podcast Episode #137CLICK HEREPodcast 1619CLICK HERE