Episode 45: Emotions and Money

In this episode, we ask: What do emotions have to do with money? Did you know that people spend more when they’re sad? Have you heard of tulip mania? How does shame or fear play into buying decisions? How does greed affect us? What about buy-and-hold index funds and strategies? What about the emotions with...

In this episode, we ask:

What do emotions have to do with money?
Did you know that people spend more when they’re sad?
Have you heard of tulip mania?
How does shame or fear play into buying decisions?
How does greed affect us?
What about buy-and-hold index funds and strategies?
What about the emotions with Bitcoin?
Do you feel shame when you don’t understand money?
Do you feel shame when you lose money in the market?
Do you feel scared of making another mistake?
How are arrogance, greed, shame and fear all the same?
How about emotions about money at work?
How does this reveal the human heart?
Have you felt that pit in your stomach?
What forces you to face the raw stuff of life?
What training did you receive around how to manage emotions around money?
What happens with a sizable loss in your investments? Can it lead to a shorter lifespan?
What is a wealth shock?
How is wealth shock like heart disease?
Has your physician asked you how money is affecting your (the patient’s) health?
How has the digital era ushered in new conveniences in spending?
What about saving for retirement and future plans?
How do your emotions affect your relationships with money?
How does Wall Street use emotion?
What are the two types of money we interact with?

How do we emotionally respond to fast money?
How do we emotionally respond to slow money?

How do we deal with money for future needs?
Do you have an underlying anxiety around money?
What is a current of discontent?
What are the primary emotions associated with slow and fast money?

Borrowed money = guilt
Purposeful money (retirement, education, vacation) = underlying anxiety
Experimental money = excitement
Emergency fund / saving / responsibility = peace of mind / kindness

Have you written your future self a letter?
Where would you like to be in 30 years? 20 years? 10 years? 5 years?
What’s a common source of stress in relationships?
What about different risk tolerance levels within a relationship?
What about emotions agreement on spending within relationship?
What about emotions around micromanaging another person?
What tool will significantly eliminate financial stress?
What two words added together sound just terrible?
Why do budgets need to be active?
What about budgeting with kids?
What did Holly learn about practicing budget meetings with her husband?
What self imposed limits do you have on spending?
 What builds resentment in a relationship long term?
What do you need to buy for yourself?
How is budgeting like an improv session?
Should you budget your savings?
How can you come in with agreement that you will make it through the challenge together?
In relationships: you’re either fighting or loving each other…
If there is any blame or anger, the couple needs to work through that before budgeting.
How can you view this as a challenge?
How can you communicate your feelings (negative and positive) instead of shutting down or withdrawing?
What are the two sides to fear?
How do you get from fear to excitement? Take a deep breath.
Have you read Carol Dweck’s book Mindset?
Did you know that couples who return to a state of positivity tend to get through challenges?
Are you solutions oriented?
How do you keep your emotions in check?

Visualize – focusing on a visual image of your goal makes it easier to put blinders on; carry around a picture of that goal or set up a digital board
Talk with your partner – spouses don’t even realize that they differ on goals
Know How Much You’re Spending – people tend to grossly underestimate how much you’re spending
Do a Brain Dump – Uncover those long term goals, take the time to make a plan
Share Your Goals with Others – research has shown that people benefit from sharing their goals to get the support they need