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All of us have money beliefs that we acquire growing up from our family, friends, and culture. Beliefs that may or may not serve us. Your money beliefs are more appropriately called ‘money scripts’ because you’ve been pre-programmed a certain way. And that’s where your money mindset comes in.
Do you have a scarcity mindset or an abundance mindset? We all want to have an abundance mindset so we can have an abundant life. Listen to this episode with Derek Hagen, founder of Money Health Solutions, a financial therapy, and coaching firm based outside of Minneapolis. He is a speaker and a writer and he writes about the psychology of money on the Money Health® newsletter using personal stories and simple drawings.
In this episode, Derek discusses what money scripts are and how important it is for us to become aware of them because they can lead us to either a scarcity mindset or an abundance mindset. He will teach us how to develop the right money mindset that invites abundance.
He also shares how to set boundaries around money while preserving our integrity and relationships. Find out how to deal with difficult financial situations like when someone is borrowing money or when friends want us to dine in an expensive restaurant, and we really want to say no to protect/preserve our spending habits. Derek shares useful tips for these awkward money situations.
Tune in now and learn how you can design your life and create the best financial plans around your values to live the best life possible for you.
What You Will Learn From This Episode
- Money beliefs, money scripts, and money mindset and how our self-awareness of them is very important
- Abundance mindset over scarcity mindset
- Changing your money scripts and beliefs and how gratitude mindset brings positivity
- How to set boundaries around money with family and friends – healthy money conversations
- How to design your life and create the best financial plans around your values
“Awareness gets you 80% of the way there. As soon as you become aware of it, that gets you well ahead of most people. And doing some exploration, looking inside yourself, figuring out what beliefs do you have first and where do they come from, can get you a lot of the ways towards where you want to be ideally.” – Derek Hagen
“If you start to view the world through gratitude, all of a sudden, it kind of shifts your mindset slowly but surely.” – Derek Hagen
“Look how far I’ve come. Turn around and see, look how far I’ve come.” – Derek Hagen
“Most people don’t actually know or care what we say or do. We think they do because we’re at the center of our own universe, but they often don’t care. So, if you said, ‘no thank you’, that’s gonna feel more awkward to you than it’s gonna sound to them.” – Derek Hagen
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Timestamps
02:26 – What are money beliefs, money scripts, and money mindset and why it’s important for us to become aware of them
04:45 – How culture and upbringing affect our money scripts plus what are financial flashpoints
08:23 – Acknowledging and understanding your deep-rooted money beliefs/scripts to get to your ideal money mindset
11:03 – Abundance mindset versus the scarcity mindset – what mindset do you have and what you can do about it
16:25 – The positive vibes and change in perspective that a gratitude mindset can bring you
22:03 – Some common money scripts and how can they be dangerous
25:03 – The guilt, shame, and regrets that can go with money scripts and how to deal with them
34:33 – Three tips on setting boundaries around money with your partner
39:18 – Setting boundaries around money with friends – how to say ‘no’
45:13 – On giving money if someone borrows – what is ‘financial enabling’ and how to set yourself up from not doing it and helping the borrower in the process
49:39 – How to identify values that will set you up with the right money mindset so you can have the best life possible
52:59 – Derek’s advice and resources where you can seek help regarding the emotional side of money
Resources and People Mentioned
- The Go-Giver: A Little Story About a Powerful Business Idea by Bob Burg and John David Mann
- Dr. Ted Klontz
- Dan Ariely
- Financial Therapy Association
- Financial Psychology Institute
- Money Health® Newsletter
Connect with Derek
Connect with Melanie
- mentalhealthandwealth.com
- melanielockert.com
- Contact: mentalhealthandwealthshow@gmail.com
