Money On My Mind Money On My Mind

Heather Brito is an experienced trauma psychologist and coach who helps people understand the connection between their mind and their financial behavior. She uses her expertise in psychology to uncover the things that need to be changed in order to become mentally and financially healthy and she is with us today to talk more about the importance of your mindset to your financial situation. 
 
Listen now to learn more about financial psychology, the real reason we struggle with finances, and what we can do to get ourselves in better financial situations!
 
Key Talking Points of the Episoder
 
00:00 Introduction
01:13 Who is Heather Brito? 
02:06 How does the lack of financial literacy hold people back from success?
06:07 What is negative cognition and how does it affect your finances?
09:24 What is the real reason for emotional spending?
14:24 How can you overcome your negative cognition?
21:10 What is the importance of understanding the psychology behind your finances?
22:15 How does negative cognition trigger impulsive behavior?
26:44 What are the psychological barriers that hold people back from financial success?
28:58 What can people do to change their financial future?
31:40 What is the reality behind what people see as “rich”?
34:14 Why is it important to be intentional with your finances?
39:29 How do cognitive biases hold you back from making better financial decisions?
42:52 How will awareness of your negative cognition help you overcome cognitive biases?
45:54 What is Heather’s advice for people who want to get to better financial situations?
46:13 How can you connect with Heather?
 
Quotables
 
“If I don’t know something and I wanna learn a little more about it or I feel dumb, I’m probably gonna get a book, join a webinar – I’m gonna do something like that to get a little more knowledge if it’s something I’m struggling with.”
 
“It’s perspective, it’s at no fault of anyone. It’s what someone perceives.”
 
“If it’s a strong positive fact, you usually can’t argue with it. That will shift you out of the part of the brain that holds the negative cognition.”
 
Links
 
Website: Heather Brito
https://www.heatherbrito.com/

Welcome back to another insightful episode of "Money On My Mind" with me, Brennan Schlagbaum. Today, we delve deep into the core challenges hindering financial success. Joined by Tom, a skilled student success manager from Budget Dog Academy, we explore the five pivotal barriers that often hold many back from financial prosperity. This episode is tailored for anyone from high earners who underestimate the power of budgeting to individuals trapped in the paycheck-to-paycheck lifestyle, providing actionable insights and practical tips to revolutionize your financial journey.
Episode Highlights [00:40] - Unpacking Financial Challenges: Tom introduces the five critical obstacles to achieving financial success. [02:10] - The Budgeting Myth: High earners often neglect budgeting. Tom explains why it's essential, regardless of income. [03:28] - Journey from Budgeting to Wealth: Real-life success stories demonstrating the transformative power of effective budgeting. [09:30] - Mastering Cash Flow: Strategies for managing newfound cash flow and the importance of purposeful investing to avoid financial stagnation. [14:13] - Avoiding Investment Mistakes: Common errors in investment strategies that can impede long-term growth. [22:45] - Navigating Investment Risks: The importance of understanding and managing risks to maintain and grow wealth. [33:44] - The Psychological Side of Finance: How emotional factors impact financial decisions and overall financial health. [38:19] - Living for Today and Tomorrow: Tom shares a poignant story highlighting the necessity of enjoying life while securing a financial future. [43:05] - Conquering Financial Shame: Tips on how to confront and overcome the shame and guilt associated with financial struggles. [45:30] - Steps to Financial Recovery: Practical advice for anyone feeling financially left behind. Links & Resources Budget Dog Academy: https://budgetdog.com/ Closing Thoughts If you're aiming to break free from financial constraints and step towards a life of abundant wealth, don't miss this episode. Make sure to subscribe, follow, and share "Money On My Mind" if you find this discussion beneficial. Your ratings and reviews help us reach and help more people like you achieve financial freedom. Tune in next week for more empowering financial insights!

In this conversation, Lindsay Stamp shares her journey of overcoming debt and achieving financial freedom. She discusses her upbringing and the money mindset she developed from her parents' hard work. Lindsay talks about the impact of a traumatic event on her perspective on life and money. She emphasizes the importance of being willing to make sacrifices and take action to achieve financial goals. Lindsay also highlights the significance of open communication and alignment with a spouse or partner when it comes to money management. In this conversation, Brennan and Lindsay discuss the potential for Lindsay to start her own business in personal finance and wealth building. Lindsay expresses her desire to create and build something for herself and feels pulled to teach people how to handle their finances. Brennan encourages her to pursue this path, highlighting her communication skills and relatability. He shares his own experience of building a business and emphasizes the potential for multiple revenue streams. They also discuss the dynamics of the Wealth Squad community and the different perspectives on Bitcoin within the group. Overall, the conversation inspires Lindsay to take action and pursue her passion for personal finance.
Lindsay Stamp's Twitter: @lindsaystamp3

In this conversation, Brennan discusses the shame and embarrassment that many people feel around money. He shares an email he sends to students who have fallen off track in their financial goals, emphasizing the importance of not feeling ashamed or embarrassed. Brennan highlights the need to set realistic goals and avoid self-blame when they are not achieved. He explains that our beliefs and behaviors around money can be rewired, and that success is within reach if we change our mindset. Brennan encourages listeners to disconnect their emotions from financial success and focus on building a new set of programs for financial freedom.
 
Takeaways: Shame and embarrassment around money can prevent people from addressing their financial issues. Setting realistic goals and avoiding self-blame is crucial for financial success. Our beliefs and behaviors around money can be rewired to achieve different results. Disconnecting emotions from financial success can lead to empowerment and freedom. Financial success is possible regardless of upbringing or past experiences with money.
Chapters:
 
00:00: Shame and Embarrassment Around Money
03:24: The Importance of Setting Realistic Goals
06:11: Overcoming Self-Blame and Shame
09:23: Rewiring Our Beliefs and Behaviors
11:21: Disconnecting Emotions from Financial Success

In this episode, Brennan shares his journey of paying off his mortgage at a young age and the reasons behind this decision. He discusses how he and his wife paid off their non-mortgage debt first and then started considering paying off their mortgage for financial freedom. Brennan emphasizes the importance of being prepared for life's challenges and how paying off the mortgage provided them with the flexibility to navigate unexpected situations. He also highlights the limitations of relying solely on spreadsheet math and the need to consider other assumptions in financial decision-making.

Takeaways:
Paying off non-mortgage debt before the mortgage can provide a solid foundation for financial freedom.
Paying off the mortgage can provide the flexibility to pursue other goals and navigate unexpected challenges.
Life is unpredictable, and it's important to be prepared for unexpected events.
Spreadsheet math is valuable, but it should be complemented with an understanding of real-life assumptions and considerations.

Chapters:
00:00: Introduction
00:55: Paying off Non-Mortgage Debt
01:53: Considering Paying off the Mortgage
03:11: Paying off the Mortgage for Financial Freedom
04:35: The Decision to Pay off the Mortgage
06:02: Life Happens After Paying off the Mortgage
07:27: The Importance of Being Prepared for Life's Challenges
09:24: Quitting the Nine-to-Five Job
10:24: The Challenges of Parenting a Medically Complex Child
13:59: Moving Across the Country
17:03: The Limitations of Spreadsheet Math
18:32: The Importance of Considering Life's Assumptions
19:28: Conclusion

In this episode, Brennan shares his journey of paying off his mortgage at a young age and the reasons behind this decision. He discusses how he and his wife paid off their non-mortgage debt first and then started considering paying off their mortgage for financial freedom. Brennan emphasizes the importance of being prepared for life's challenges and how paying off the mortgage provided them with the flexibility to navigate unexpected situations. He also highlights the limitations of relying solely on spreadsheet math and the need to consider other assumptions in financial decision-making.
Takeaways Paying off non-mortgage debt before the mortgage can provide a solid foundation for financial freedom. Paying off the mortgage can provide the flexibility to pursue other goals and navigate unexpected challenges. Life is unpredictable, and it's important to be prepared for unexpected events. Spreadsheet math is valuable, but it should be complemented with an understanding of real-life assumptions and considerations.
 
Chapters: 00:00Introduction
00:55Paying off Non-Mortgage Debt
01:53Considering Paying off the Mortgage
03:11Paying off the Mortgage for Financial Freedom
04:35The Decision to Pay off the Mortgage
06:02Life Happens After Paying off the Mortgage
07:27The Importance of Being Prepared for Life's Challenges
09:24Quitting the Nine-to-Five Job
10:24The Challenges of Parenting a Medically Complex Child
13:59Moving Across the Country
17:03The Limitations of Spreadsheet Math
18:32The Importance of Considering Life's Assumptions
19:28Conclusion