Why A Solid Financial Foundation Matters for Everyone

04/11/24 • 65 min

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

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Making Better Money Decisions With Money & Love

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

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Why Couples Struggle With Money and How to Overcome the Challenges

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