BiggerPockets Money Podcast

7 Maxed Out Credit Cards to Money Expert by Making a BIG Mental Shift

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.

46:31

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Episode guests

Stephen M. Hughes

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Episode notes

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Quick takeaways

Identifying and addressing childhood financial beliefs can significantly transform one’s current financial attitudes and behaviors.

Transitioning from traditional financial literacy to financial therapy promotes lasting change by integrating emotional awareness with money management strategies.

Deep dives

The Impact of Financial Struggles on Mental Health

Financial difficulties often lead to significant mental health challenges, including stress, anxiety, and depression. Many individuals may not recognize how their money struggles, such as debt and uncertain financial futures, contribute to these emotional stressors. For instance, people might feel overwhelmed by spending patterns that do not align with their income, leading to cycles of financial insecurity. Understanding the connection between financial habits and mental wellbeing can encourage individuals to address their financial issues proactively.

Intro

3min

From Struggle to Success: A Financial Journey

7min

Understanding Your Money Story

12min

Maximizing Your Financial Growth: Tools and Strategies for Investment

4min

Emotional Finance: Navigating Feelings and Wealth

6min

Redefining Financial Non-Negotiables and Emotions Around Money

6min

Navigating Family Finances

9min

Are you building wealth but feel like you can never enjoy it? Do you struggle with money, fearing you carry the same poor financial habits as your parents? Whether you’ve got a lot of money or a little, many of us face the same mental financial challenges—anxiety, shame, and stress—but it doesn’t have to stay this way.

Today’s guest is living proof that change is possible. After completely turning his financial life around, from maxed-out credit cards, a rock-bottom credit score, repossessions, and empty bank accounts, to achieving financial success, he now teaches others how to do the same.

Steven Hughes, a money therapist, focuses on uncovering the financial beliefs shaped during childhood. Steven recognized that the negative money mindset affecting him in his youth also impacted countless others. To address this, he founded the non-profit “Know Money” to help people cultivate a stress-free, anxiety-free, and guilt-free perspective on money, empowering them to achieve true wealth—both mentally and financially.

Do you feel like, even though you’ve got money, you’re constantly worrying or unable to keep a cent in your bank account? Steven provides practical tools to help you finally break free from an unhealthy money mindset.

In This Episode We Cover

How to find the “root” of your money fears and address it once identified

Why some people with extraordinary incomes struggle to save money

Healthy vs. unhealthy financial emotions and ways to stop feeling guilty about success

Tools to manage your emotions around money so you can truly enjoy your wealth

The “family fund” that empowers you to give generously without being taken advantage of

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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