BiggerPockets Money Podcast 7 Maxed Out Credit Cards to Money Expert by Making a BIG Mental Shift
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Jan 21, 2025 Stephen M. Hughes, a financial therapist, shares his inspiring journey from maxed-out credit cards to financial success. He highlights how childhood experiences shape adult money beliefs and the importance of recognizing one's personal money narrative. Hughes discusses the emotional struggles tied to wealth, offering practical tools to overcome anxiety and guilt. He emphasizes cultivating a healthier relationship with money and introduces strategies for financial growth, making wealth both attainable and enjoyable.
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Financial Journey
- Steven Hughes's money journey began with humble beginnings and financial missteps, including maxed-out credit cards and repossessions.
- A mentor's book, "The Richest Man in Babylon," inspired a financial turnaround, leading him to volunteer in financial education.
Shift to Financial Therapy
- Starting with financial literacy, Steven Hughes realized education wasn't enough for lasting change.
- He shifted to financial psychology and therapy, recognizing the importance of addressing underlying money mindsets.
Focus on the Root
- To improve finances, focus on the "root" of your money fears, not just surface-level spending habits.
- Explore your money story, including childhood influences and family experiences, to understand your current mindset.
