Financial therapist Megan McCoy answers burning financial questions in this episode, including navigating financial differences with friends, talking to avoidant partners about money plans, making big career decisions, and learning how to curb spending. The episode dives into research studies on happiness from spending money on others, making life decisions, and the impact of money on happiness.
Understanding personal money attitudes influences financial well-being.
Spending on others can promote happiness, but self-care is crucial for personal well-being.
Deep dives
Understanding Financial Therapy and Money Scripts
Financial therapist Megan McCoy discusses the importance of understanding our history and values related to money to create financial goals and achieve financial peace. She highlights the emotional side of money and how unconscious beliefs, known as money scripts, can influence our financial behaviors. Megan categorizes people into four groups based on their money attitudes: money avoidance, money worship, money status, and money vigilance, explaining how these attitudes impact financial well-being.
Overcoming Fear of Spending on Oneself
A listener named Miss B shares her fear of spending on herself despite financial stability. Megan suggests that spending on others can lead to happiness but emphasizes the importance of self-care. She encourages self-reflection to combat feelings of scarcity and suggests setting specific financial goals to prioritize personal well-being.
Navigating Financial Differences Among Friends
Megan advises transparency and open conversations about money values with friends to navigate financial differences. She discusses how mutual understanding and shared values can enrich relationships. The importance of addressing anticipatory anxiety and reframing discussions about finances positively is emphasized to foster healthier financial conversations within friendships.
A while back, we asked you to share your money struggles, and we heard from many of you! In today’s episode, we booked a session with financial therapist Megan McCoy to answer your burning financial questions — everything from navigating financial differences among friends and talking to an avoidant partner about money plans, to making big career decisions and learning how to curb spending.
As promised, here are some of the research studies and articles discussed in this episode: