The Stacking Benjamins Show Overcome Financial Trauma and Thrive - LIVE From FinCon 2024 (SB1595)
Nov 1, 2024
Wendy Wright, a licensed therapist specializing in financial therapy, joins certified planner Lawrence Sprung and finance expert Paula Pant for a deep dive into financial trauma. They discuss how emotional wounds impact financial decisions, from neglecting budgets to hoarding cash. The trio highlights the importance of recognizing symptoms and addressing behaviors with compassion. Personal stories reflect on the scarcity mindset shaped by past experiences, urging listeners to seek help and find balance between saving and enjoying life.
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Financial Trauma Behaviors
- Financial trauma can manifest as rigid or chaotic money behaviors.
- These behaviors are coping mechanisms for overwhelming financial events.
Scarcity Mindset Example
- Lawrence Sprung's grandmother, affected by the Great Depression, held a scarcity mindset.
- She never felt financially secure, regardless of her bank balance.
Trauma vs. Experience
- Cultural experiences (like the Depression) and individual events can both cause financial trauma.
- Trauma is the internal reaction to the event, not just the event itself.