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EP 135 | 3 Costly Financial Disorders to Avoid with Dr. Brad Klontz

EP 135 | Profit Boss® Radio

Welcome to Profit Boss® Radio. Today, we are having a very valuable conversation with Dr. Brad Klontz, CFP® warning us about three very costly financial disorders.

All of us hold certain beliefs and biases about money that impact how we behave with our money. Sometimes our money beliefs are obvious to us but in many instances, these money beliefs can be a subconscious force driving our financial decisions without us even realizing it.

This episode is a full statement on the psychology of money and how the way our brains think about money can, and does, manifest our financial reality.

Where does our thinking go wrong that can get us in trouble financially? If you have ever wondered why you think and feel a certain way about your finances, or want to better understand how your personal beliefs may be holding you back from reaching your financial potential, be sure to tune in to this week’s episode!

What You’ll Find Out in this Episode:

  • How your subconscious beliefs can sabotage your relationship and reality with money
  • The difference between money and wealth
  • Which money beliefs lead to a devastating impact on your financial life
  • Why it’s so easy to get stuck in self-defeating money beliefs
  • How poorly the human mind makes financial decisions and why
  • Ways you can override the emotional pull to do finances wrong in order to do it right
  • Why you can’t trust your instincts when it comes to investing because humans can’t stay objective and logical when it comes to money
  • Several money biases that contribute to people’s propensity to fail financially
  • What “narrow frame of reference” is and why investors need to understand this concept for their financial well-being
  • How you can measure your own biases and beliefs about money, and what you can do to zero in on money disorders flags you may have
  • What Hilary herself was flagged for after taking Brad’s assessment!
  • An overview of the financial disorders identified by Brad Klontz’s research
    • Money worshipping
    • Money avoidance
    • Money hoarding
  • The behaviors associated with the money disorders
  • What the solution is to overcoming money disorders
  • Why it is so important to confront where your money beliefs come from
  • If you can shift your beliefs about money, you can change your financial outcomes
  • How relational money disorders rattles the foundation of trust and can ruin your most important relationships
  • At what point can giving money away hurt your financial plan
  • What financial enmeshment is and how to talk to your kids about money with plenty of examples

About Dr. Brad Klontz, CFP®

Bradley T. Klontz, Doctor of Psychology., CFP® is an expert in the science and practice of financial psychology, financial planning, and applied behavioral finance. He is an Associate Professor of Practice at Creighton University Heider College of Business, Co-Founder of the Financial Psychology Institute™, and a Managing Principal at Your Mental Wealth Advisors™. Dr. Klontz is co-author/co-editor of several books including Financial Therapy: Theory, Research & Practice, Mind Over Money, Wired for Wealth, and The Financial Wisdom of Ebenezer Scrooge.

Ways to Connect with Brad

Social media links:

Resources and Related Profit Boss® Content Mentioned in this Episode

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Call for Listener Stories

Hey Profit Boss® Radio listeners! If you reach a financial goal you’re proud of, tell me about it! I will continue to share listener win stories throughout 2019. Remember, the Profit Boss® community is here to support you and that includes celebrating with you when you accomplish something incredible.

  • If you crush a specific financial goal, I want to hear from you.
  • If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
  • If you are making big financial or career plans, I want to hear from you!

Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them throughout the year on Profit Boss® Radio.

Email your audio clip to [email protected]. And we’ll be in touch if we plan to air your story. Thanks, ladies!

#AskHilary

And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.

  • So, what’s that top of mind money question that’s been pinging around in your brain?
  • Where have you been stopped?
  • What have you been arguing with your spouse or significant other about?
  • What tip or tool aren’t you sure about?
  • Do you have questions about saving? Spending? Budgeting? Investing?

Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.

Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to [email protected].

I can’t wait to hear your questions!

Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. We also do not feature testimonials or endorsements about our services.