Celebrity Estates: Wills of the Rich and Famous Ep 50 – Warren Buffett – What Is Your Subconscious Relationship With Money? With Rick Kahler
Jun 7, 2021
Rick Kahler, president of Kahler Financial Group and expert in financial therapy, joins the discussion on the complex relationship with money, spotlighting Warren Buffett. They explore how childhood beliefs shape our financial decisions through 'money scripts.' Kahler explains how these scripts can become rigid and the challenges clients face in adapting during retirement. He also highlights the role of frugality in wealth accumulation and offers insights on transforming deep-seated money beliefs through awareness and financial therapy.
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Warren Buffett's Frugality And Giving
- Warren Buffett lives frugally: he eats cheap McDonald's breakfasts, clips coupons, and still lives in his 1958 Omaha home.
- He pledged to give away 99% of his wealth and stresses environment matters more than limiting inheritance.
Money Scripts Form Early And Run The Show
- Money scripts are subconscious beliefs about money that form by age 10 and drive most decisions.
- Rick Kahler says people typically carry 50–200 scripts operating constantly.
Scripts Break When The Play Changes
- Money scripts behave like memorized lines in a play and can become dysfunctional when life changes.
- Kahler warns that people often double down on old scripts when circumstances shift.
