Harsh But Helpful Money Truths w/ Dr. Brad Klontz & Adrian Brambila #896
Oct 23, 2024
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Join Dr. Brad Klontz, a financial psychologist and co-author of "Start Thinking Rich," alongside Adrian Brambila, a former professional dancer turned finance guru. They dive deep into the harsh truths about money, revealing how mindset shapes financial success. Discover why it's essential to eliminate toxic influences, embrace accountability, and take charge of your financial journey. With anecdotes ranging from their unique backgrounds to insights on achieving financial freedom, their candid discussion is a wake-up call for anyone looking to transform their finances.
A healthy financial mindset is crucial for success, as an unexamined poor mindset can hinder long-term financial freedom.
Diversifying income streams through side hustles and investments enhances financial resilience and helps mitigate economic uncertainties.
Evaluating lifestyle choices and time spent on trivial pursuits can significantly improve personal growth and enhance financial progress.
Deep dives
Financial Freedom Through Harsh Realities
Achieving financial freedom often requires confronting uncomfortable truths about personal finance. Many individuals need to change their mindset, as a lack of financial education frequently isn't the primary barrier to wealth accumulation. It's essential to recognize that a significant percentage of self-made millionaires have developed a mindset conducive to success, focusing on intelligent investing and working hard rather than waiting for external circumstances to improve. By embracing a practical approach to finance and combating a poor mindset, individuals can begin to make gradual progress toward a more secure financial future.
The Importance of Income Diversification
Diversifying income streams is a crucial strategy for achieving financial independence. The discussion emphasizes how earning additional income can come from various sources, including side hustles and investments. For instance, individuals can monetize their interests by creating engaging online content or investing in themselves through education and skill development. This flexibility increases financial resilience, allowing individuals to withstand economic fluctuations and enabling them to work towards their goals without the limitations of a single income source.
The Cost of Lifestyle Choices
Every lifestyle choice comes at a price, often beyond mere monetary costs. The speakers highlight that spending too much time on trivial pursuits, like binge-watching TV shows, can hinder personal growth and financial progress. They provide a thought-provoking comparison of the time invested in entertainment and how that time could be better spent developing skills or pursuing entrepreneurial ventures. By evaluating their choices, individuals can reclaim precious time and direct it toward building a healthier financial future.
Mindset Overcorrection: Blame and Responsibility
A fixed mindset can lead to a cycle of blame and stagnation when it comes to financial situations. The idea that external factors alone determine one's financial standing can be damaging. To foster a growth mindset, individuals must take responsibility for their circumstances and view challenges as opportunities to learn and grow. This self-awareness allows people to identify areas of improvement and take actionable steps toward changing their financial realities.
Investing in Future Happiness
Investing doesn't merely entail financial gains but also encompasses the life choices that contribute to long-term happiness. Finding a profession that aligns with one's passions can lead to greater job satisfaction and ultimately improve financial health. The discussion emphasizes that a fulfilling career can lessen the desire for disposable goods, directly linking personal fulfillment with financial prudence. By prioritizing meaningful work and experiences over material possessions, individuals can cultivate a life they don’t want to retire from, thus enhancing both happiness and financial stability.
“Broke is temporary, but an unexamined poor mindset can be permanent.” As we discuss with our guests today, your mindset makes all the difference and your finances are no exception. And speaking of guests, one is a CFP financial psychologist and the other is a former professional dancer for T-Pain, an unlikely pairing! Dr. Brad Klontz and Adrian Brambila are the co-authors of the new book “Start Thinking Rich: 21 Harsh Truths to Take You from Broke to Financial Freedom”. This book is all about delivering actionable solutions to increase and diversify income, to help you save what you make, and to discover ways to grow your money in your sleep. Externalizing your problems, taking a victim mentality, and constantly looking to others to provide for you are the exact wrong behaviors and the embodiment of an unhealthy mindset that will keep you from attaining your goals. Listen as we discuss some of their harsh truths like getting rid of poor friends, blaming yourself if you’re poor as an adult, and plenty more!
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During this episode we enjoyed a Jewel City by Brewyard Beer Co – a big thanks to Better Joel, JO, 5am Joel for donating this one to the pod! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!