Financial Residency Financial Vitals: Understanding Your Relationship With Money
What is the behavioral component and psychology of money? How do you deal with it tactically and practically? Your relationship with money is a big deal and makes a significant impact on your day-to-day decisions.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Danielle Seurkamp, Certified Financial Planner (CFP®) and founder of Well Spent Wealth Planning. Danielle focuses on the behavioral side of financial planning and personal finance and helps individuals and families to effectively achieve their financial goals.
Topics Discussed:
• Financial Literacy: Ability to use knowledge, skills to manage financial resources
• Mental and Emotional Errors: Get in the way of ability to use knowledge/skills
• Financial Flashpoints/Money Scripts: Experiences shape relationship w/ money
• Financial Memories: Think about your past to identify your own money beliefs
• Financial Half-truths: Problems and promises can be positive or negative
• Financial Fears: Money is how you provide yourself food, shelter, and stay alive
• Financial Patterns: Be aware of reasons you spend money based on behaviors
• Awareness Exercises:
◦ Intentionally notice, track, and document feelings via journaling
◦ Make a counter-argument to push against your promises and beliefs
◦ Create genogram/chart of your family's financial history
◦ Take money script inventory quiz
◦ Gain clarity on your values
• Financial Therapy: When to seek out help with money and relationships
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