Relationships with money & growing wealthy, ft. therapist Marie Verkakis
Dec 30, 2024
auto_awesome
Marie Verkakis, an experienced therapist and mental health educator, shares insightful perspectives on the psychology of money. She discusses how our relationship with money affects investments and management. Marie emphasizes identifying personal money issues and the financial superpower that comes from a strong relationship. Listeners learn practical tips for discussing finances with partners and family members, as well as strategies to unpack harmful money habits, ultimately promoting healthier financial interactions.
A positive relationship with money is fostered through self-reflection, enabling individuals to understand their financial behaviors and challenges.
Open communication about finances, approached with sensitivity and collaboration, is essential for maintaining healthy relationships and preventing misunderstandings.
Parents can significantly influence their children's financial literacy by involving them in conversations about budgeting and saving in age-appropriate ways.
Deep dives
Understanding GARP: Balancing Growth and Value
Growth at a Reasonable Price (GARP) is presented as a compelling investment strategy that seeks to combine the advantages of growth and value investing. GARP investments focus on acquiring shares in companies that have solid growth potential while still being available at reasonable prices. By integrating both elements, this approach aims to minimize risk while providing potential for substantial returns. Consequently, GARP can serve as a strategic addition to an investor's portfolio, allowing for more diversified investment opportunities.
The Importance of Self-Reflection in Financial Relationships
Developing a positive relationship with money often hinges on an individual's ability to engage in self-reflection. Recognizing personal feelings, motivations, and habits related to finance can significantly impact one's financial stability and goals. By emphasizing self-awareness, individuals can better understand their financial behaviors and how these are influenced by their upbringing and past experiences. This practice ultimately aids in identifying areas for growth and improvement in their financial practices.
Seeking Professional Help for Financial Anxiety
Many people avoid addressing their financial issues due to anxiety and discomfort surrounding money conversations. Professional help, such as therapy or financial counseling, offers a supportive space to discuss these challenges without judgment. Understanding the importance of external perspectives allows individuals to view their circumstances more objectively and identify potential solutions. Seeking help can also empower individuals to overcome their anxieties about money, enabling them to make informed financial decisions.
Effective Communication About Money in Relationships
Open and honest communication about finances is crucial for maintaining healthy relationships. It is essential to approach discussions regarding money with sensitivity, using language that expresses understanding and collaboration rather than blame. By suggesting scheduling a dedicated time to talk about financial matters, couples can create a more comfortable environment for meaningful conversations. This proactive approach can help address underlying issues before they escalate and fosters greater financial harmony between partners.
Teaching Financial Literacy to the Younger Generation
Parents play a vital role in shaping their children's understanding of money and financial literacy. By engaging children in discussions about budgeting, saving, and spending in an age-appropriate manner, parents can help demystify financial concepts. Incorporating learning opportunities, such as setting budgets for family outings or joint activities, can develop their money management skills over time. Such lessons promote a culture of open conversation about finances, equipping children with the tools needed for lifelong financial success.
In this Australian Investors Podcast episode, your host Owen Rask speaks with Marie Verkakis, an experienced therapist, mental health and relationship educator, and host of the This Complex Life Podcast.
In this podcast with Marie Verkakis, Owen and Marie discuss:
How our relationship with money impacts our investments and money management
How to identify our own issues with money
The financial superpower that comes with a strong relationship
How to talk to your partner, kids or parents about money
DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg