Financial Psychologist Reveals: The Secret To Building Wealth

This is another shining example of why the Erika Taught Me Podcast is my favorite finance podcast. I discovered Dr. Klontz's writings several years ago, but his ideas really came to life through Erika's questions. Can't give enough praise... thanks for showering us with valuable knowledge!😌

Wow, this is one of the most touching interviews I've listened to around money. So much empathy. I will adapt this way of talking and thinking on the subject.

I have an awful relationship with money. I make six figures now, but I don't even want to spend money on a vacation now. I'm debt free, 35 and single and just looked at all the number's for flights, rental, nights stay and thought to myself I should just stay home and find a better avenue for that money. I want to go but I also don't want to spend. Money trauma, arguments between my parents and growing up. My dad was all about saving and investing and my mom wanted to spend everything. I remember the arguments, I felt so guilty about them spending that when they asked me where I wanted to go for my birthday I said Lone Star Steak House because I knew everyone liked it...I got a hotdog because I knew it was the cheapest menu item and I was only 9. They made me get a steak 😆

This really hit home for me, growing in Asia seeing my parents constantly fought about money. It was painful and on the top of that people around us cared so much about financial status. Spending the $$$, we did not have including my family. All of these make me be a frugal person. I am very careful about money due to my upbringing, I started saving at a very young age. Screwed up many times, live and learn, older and wiser (I hope). Later I moved to US and you are right many Americans label $$$as evil. For me, I want to make more so I can take care of my mind, my fam and give back to communities more. Such a wonderful talk, Erika. Again congratulations on your Times Square Billboard! You are amazing.

Never tell people you have enough money especially when there are people who are trying to sue you. Know you have money and live your life as comfortably as possible and keep some things to yourself, there is no shame in that. Love your podcast.

Coming from a working class background I observed just how hard my family worked to keep us comfortable. I see how easy people spend money on things that do absolutely nothing for them long term. They miscalculate value but do absolutely nothing with regards to making their money work for them. If I really want something I just buy it but typically there aren't many material things that interest me. It's all about experiences. The money I make mostly gets invested or spent on experiences and so far that has worked well for me.

Hi Erika and Dr. Brad, thanks for this video, I am 65 years of age and I had to ask myself what am I going to believe about my life what can I change and how can I overcome incorrect messages I have heard to better my world? And I did I grew up on farm my parents use to save everything, and I wore hand me down cloths being almost at the end of 12 siblings. In my 40's I denounced old believes and took on new one the one that help me the most was I am not poor no more my finances when from barely living on $1,700.00 a month to having left over money at the end of the month just from one change of thinking. It was so surprising to me. So, I seen firsthand our internal believes have a lot to do with our wealth or lack of wealth that was super surprising yet pretty amazing at the same time. Again, thank you both for sharing this video I hope it helps many people out.

The interview is insightful! Looking forward to more videos like this. Thank you!

This interview was the best thing ever regarding money for me. I will be able to forgive myself being poor and set up a visual plan on how & why I am investing. Thank you Erika for having this guest🙏

Wow, my first episode ever and I feel like I am on a whole new journey. Thank you, Erika and Dr.Brad

❤❤Very informative and love the glimpse into the psychology of money, in how to look at your beginnings to understand where you are at, to understand where you want to be, and how to get there.

Thank you Eric The that was a great podcast. Lots of information, I appreciate your accountant and keep making and bring him with me. Thank you thank you thank you!🙏👍👏👏❤️❤️

One of the best pod casts I've listened to...... we need to start talking more about psychology of money😊

Keeping Secrets by Suzanne Summers came out in 1988. I grew up in financial scarcity due to an alcoholic father. She talks about growing up in alcoholic family. She said something that has really stuck with me. She said she grew up in chaos and so as a young adult on Three’s Company she was creating her own chaos. That is when I realized I created my own chaos by financial stress and crisis. I still struggle with it to this day, but I am aware of it and actively try to curb the urge to create chaos in my life.

Dr. Brad and Erika!! The two GOATs!!!! 🙌🏼🙌🏼🙌🏼

Some really interesting and helpful points, thank you!

Thank you for this conversation!

Geesh every week u are bringing in AMAZING guest! Thank you!🙌🏾🙏🏾

Your guests are always so amazing!👏🏼👏🏼👏🏼 Thank you SO MUCH for bringing these expert perspectives to us ❤

I honestly don't feel like I spend to impress others. I plan big purchases based on problems I want to solve in my life. I appreciate this perspective but I feel like I never hear about planning for luxury purchases because that service really will solve a problem for you, but it happens to be a status item. For example, saving for an EV because I'm tired of worrying about gas prices and oil changes. I guess I fall into Ramit Seth's camp of being frugal in a lot of places to spend on what you really value instead of being frugal for no other reason but to get a number to go higher and higher until you die... edit: Nvm, he touched on that when he talked about saving according to a vision 😊