The Jordan Harbinger Show 712: Brad Klontz | Harnessing the Power of Financial Psychology
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Aug 16, 2022 Dr. Brad Klontz, a financial psychologist and Managing Principal at Your Mental Wealth Advisors, dives deep into the psychology of money. He discusses why so many Americans lack savings despite national wealth and tackles the societal stigma around earning what one's worth. Klontz emphasizes the importance of financial education in schools and the impact of family histories on financial habits. He also calls for open conversations about money to combat shame and improve financial literacy, especially in the age of social media.
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Psychologists and Money
- Psychologists often struggle to discuss money effectively, hindering their ability to help others with financial issues.
- This difficulty stems from their own money avoidance and negative associations with wealth.
American Savings Paradox
- Americans have low savings rates despite living in the wealthiest country during prosperous times.
- This contrasts with countries like Japan, where savings rates are historically much higher.
Financial Enabling
- Be cautious about overcompensating for past financial hardship by giving children everything.
- This can create financial dependence and enable unproductive behaviors, as money reinforces preceding actions.
