How Your Money Anxiety Might Actually Help Build Wealth

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 21 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

According to an APA 2022 Stress in America Survey, 87% of respondents listed inflation as a source of significant stress—and the researchers say no other issue has caused this much stress since the survey's launch. Money anxiety or "financial fear" is common, and to an extent, it can be healthy. If fear about inflation and running out of money prevents you from blowing every dollar on fast casual dining, and instead urges you to save and invest for the future, that fear directly benefits Future You. But if fear prevents you from investing in the stock market because it feels too risky, well…now we’re letting misplaced, data-refuted concerns interfere with our ability to build wealth over time. Understanding your own deeply held beliefs and fears about money can help unlock your next-best step, and it’s not one-size-fits-all. We're joined by Mariel Beasley, Principal at the Center for Advanced Hindsight at Duke University and Co-Founder of the Common Cents Lab (https://advanced-hindsight.com/commoncents-lab/) to discuss financial psychology and what behaviors we can unlearn (or double down on) when it comes to money anxiety. — Mentioned in the Episode Download the free Money Management Routine resource: https://education.morningbrew.com/budget Farnoosh Torabi's So Money: https://podcasts.apple.com/us/podcast/1348-how-fear-can-drive-financial-excellence-with/id955939085?i=1000558577525 The importance of an abundance mindset: https://moneywithkatie.com/blog/shifting-your-money-mindset-from-scarcity-to-abundance "Risk is what you don't plan for": https://www.youtube.com/watch?v=LM-s_HxLzNY ChooseFI: https://www.choosefi.com/listen/choose-fi-podcast/ Why Hitting "Half FI" is More Like 75%: https://moneywithkatie.com/blog/why-hitting-half-fi-is-more-like-75 Financial resources mentioned: LISC, Digit, Qapital — Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie - TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew - Sign up for free today: https://bit.ly/morningbrewyt Follow The Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Have you ever experienced fear around money before, like the idea that you could lose
0:05.9	it all one day, whether due to a lost job, economic downturn, or reckless spending, despite
0:13.0	being in a pretty stable place financially?
0:16.3	If so, I am here to tell you, financial fear can actually be pretty damn useful.
0:22.4	It can help us reign in our spending, prioritize saving, and focus on wealth accumulation.
0:28.7	But we also need to know when that fear becomes paralyzing, or makes us live a smaller
0:34.4	life than we could be, and a little hint, my guess today is going to help us understand
0:39.7	just that.
0:46.7	Welcome back rich girls and boys to The Money with Katie Show.
0:49.7	I'm your host, Katie Gattie Tossan, and today we are diving into a topic that doesn't
0:54.8	get enough attention in my opinion.
0:57.2	Financial fear.
1:05.7	Financial fear, anxiety around money, is really common, and it can inhibit you from
1:11.6	living your life to its fullest.
1:13.8	For many of us, we learn these fears and internalize these anxieties early in life.
1:19.8	It's like learning to speak when you're a kid, when you're young and impressionable,
1:24.0	you soak in the language, the culture, the belief systems of the adults around you.
1:29.9	Your attitudes about money are no exception.
1:32.7	So combine your own background with legitimate financial concern around things like inflation
1:39.2	or the stock market, and you could find yourself in a situation where your financial anxiety
1:45.6	manifests itself in avoidant behavior.
1:49.8	Here's a quote from a health line article.
	...

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