049: Paul Montoy-Wilson - Using Awareness to Strengthen Your Money Mindset
Mindful Money
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Younger audiences are more like comfortable using an app on their phone, linking their bank accounts. But in terms of users that have tried out all that we've had, we've had the gamut. I have some 89 year old clients that would say, just, you know, match widths with any 25-year-old on their app. It has been so helpful for me and my wife to ground the conversation and what is important to us and what we appreciate about each other.
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Paul Montoy-Wilson is an entrepreneur with a vision of helping people with their relationship to money and their personal money mindsets. Paul developed and launched Allo, a financial wellness app that focuses on mindful money practices.
Today, Paul joins the show to discuss his personal and financial values, the relationship between spending and happiness and the importance of becoming aware of how we spend and save our money. Paul and Jonathan talk about the psychology of money as well as how the Allo app is helping others improve their financial well-being.
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Key Takeaways
00:54 – Jonathan introduces today’s guest, Paul Montoy-Wilson, who joins the show to talk about his personal and financial values, what he learned about entrepreneurship at a young age, and what inspired him to launch Allo
11:31 – How Paul shifted his own money mindset
13:05 – The relationship between spending and happiness
15:52 – Becoming aware of our values
21:03 – How Allo works
26:14 – Money in relationships
29:41 – Paul speculates on the future of Allo and exciting new tools he would like to pursue
31:49 – One piece of investment advice to heed and one thing to completely ignore
35:48 – The last thing Paul changed his mind about and Paul’s idea of a ‘perfect’ day
39:04 – Jonathan thanks Paul for joining the show today and lets listeners know where to connect with him
Tweetable Quotes
“What apps can do, which is great, is they make things much more accessible to a lot more people, and they help build habits. And so, I think that’s what we’re excited about with Allo. We’re trying to help people build a positive habit around their financial well being.” (10:31) (Paul)
“When you have money to spend - when you’re able to use it in a way in accordance with your values - you’re happier. And it’s one way in our capitalist culture that you’re able to articulate what your values are. And so, one of those ways is being generous. When you give money to others, you feel great. And that’s true in my own life. But there’s a hesitancy, I think in general, when you feel like you don’t have enough to give.” (14:08) (Paul)
“The point of the app is to effectively look at these different areas of your life asking yourself, ‘What’s important to me in each of these areas?’ And then, sort of a secondary question is, ‘How is my spending reflected in these values and can I make a change in how I’m spending my money to be more congruent with these different values?’” (17:12) (Paul)
“The core of the app is really around awareness. The point is not to optimize your net worth. The point is not to tag everything. The point is not to flag everything, it’s just to be aware.” (22:15) (Paul)
“The majority stressor, for the majority of us, is our finances.” (24:17) (Paul)
“One of the value categories that we have in Allo is called ‘future.’ It’s becoming who you want to be.” (28:51) (Paul)
“Every week or every month open up your bank app of choice, take a look at how you’re spending and saving your money, and reflect. Appreciate the ways you’re able to use your money and notice anything you want to make changes for.” (32:46) (Paul)
Guest Resources
Link to Paul’s Custom Invite to Allo
Books Mentioned:
Mindful Money Resources
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To buy Jonathan’s first book - Mindful Money: https://www.amazon.com/Mindful-Money-Practices-Financial-Increasing/dp/1608684369
To buy Jonathan’s second book – Mindful Investing: https://www.amazon.com/Mindful-Investing-Outcome-Greater-Well-Being/dp/1608688763
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Website: https://mindful.money
Jonathan on LinkedIn: https://www.linkedin.com/in/jonathandeyoe
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