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Money Tree Investing

Taming Your Money Monster with Doug Lynam

Money Tree Investing

Money Tree Investing Podcast

Stockmarket, Valuestocks, Investing, Finance, Passiveincome, Wealth, Business, Personalfinance

4.6658 Ratings

🗓️ 1 August 2025

⏱️ 61 minutes

🧾️ Download transcript

Summary

Doug Lynam is here today to share about his new book, Taming Your Money Monster. Doug shares his unconventional life journey from a Marine Corps officer to a Benedictine monk for 20 years, where he confronted the inescapability of money even in a monastery and how he later transitioned to become a professional money manager focused on teaching healthier, ethical relationships with money. He discusses how people develop "money monsters"—unhealthy money habits tied to psychological attachment styles. He stresses that while thriftiness is valuable, it should not come at the cost of compassion or love.

We discuss...

  • Doug explains his "attachment theory of money," comparing unhealthy money relationships to attachment styles in psychology, with anxious and avoidant money behaviors.
  • He highlights how people often show mixed money attachments across the four pillars of finance: earning, saving, investing, and giving.
  • Doug reflects on his monastic life as a quest to understand the meaning of life and spiritual unity, which influences his compassionate approach to money.
  • They discuss the impact of upbringing on money attitudes, using Doug’s father as an example of anxious earning and avoidant saving driven by early scarcity and trauma.
  • Kirk and Doug talk about cultural and generational influences on thriftiness and money control, including weaponizing money as a form of control.
  • They explore parenting approaches, emphasizing the importance of setting firm but loving boundaries to teach children respect for money and responsibility.
  • Doug warns against conditional love based on behavior, advocating for unconditional affection alongside clear consequences.
  • Doug introduces the Enneagram personality system as a key tool in understanding financial behaviors and emotional patterns related to money, promising to explain it further.
  • Unlike the more fixed Myers-Briggs system, the Enneagram offers a fluid growth framework that guides emotional and spiritual development over time.
  • Personal experiences with anger are shared, highlighting how generational values around toughness and self-control shape how anger is handled.
  • The Enneagram is described as having a spiritual layer that underpins common virtues found in many religions, such as honesty and courage.
  • Doug stresses that meaningful transformation takes effort and mental work—there are no quick fixes—and that sustained self-awareness and practice are essential.

Today's Panelists:

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For more information, visit the show notes at https://moneytreepodcast.com/taming-your-money-monster-doug-lynam-734 

Transcript

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0:00.0

Welcome to the Money Tree Investing Podcast.

0:04.0

Stock market, wealth, personal finance, value stocks, invest in your life.

0:10.0

Hello, Smart Money Tree Podcasts. Welcome to this week's show. My name's Kirk Chisholm and I'll be our host. So today I'm joined with Doug Linen. How you doing, Doug?

0:18.0

You're doing, Kirk. How are you?

0:20.0

Great. Well, glad to have you in the show. Doug, tell us a bit about your background for those of you who were not familiar with you. So my resume looks like it was a roller coaster designed by Salvador Daly on a sugar high. So I started off in an Afflin family, grew up fairly well off, but my family really weaponized money. And I really rebelled against that world. First, by running off

0:38.6

with the Marine Corps, I went to Officer Kane at school and graduated taught my class and then had a bit of a

0:43.3

spiritual awakening and decided that unresolved anger issues and high explosives were probably a bad

0:48.6

combination and maybe not the best career choice for me. So I took a hard pivot and I became a

0:53.7

Benedictine monk. I joined a

0:55.1

monastery for 20 years, tried to escape the world of materialism and money forever. It was a great

0:59.9

way to flabbergast my parents, actually. But in a kind of ironic twist of fate, our community went

1:05.4

bankrupt a few years after I arrived. And so I had to figure out this whole money thing. And I realized

1:09.7

you can't escape the world of money even in a monastery. And over time, it was sort of my community service to the community guests would come to a monastery with all kinds of spiritual problems. And they'd be like, would you pray for me? I'm like, oh, sure, but a budget might work a little bit better. I ended up fielding all kinds of crazy, every kind of crazy financial situation you could possibly imagine would come through the door. Over time, I ended up building all kinds of crazy, every kind of crazy financial situation you

1:28.1

could possibly imagine would come through the door. Over time, I decided that monastic life was getting

1:33.1

a little stale, and I eventually left to become a professional money manager and a partner

1:38.0

at an asset management firm here in Santa Fe. And then really try to take the wisdom and

1:42.5

tools I learned out into the world and maybe teach people how to have a healthier, more ethical relationship to money in the process. That's kind of the quick backstory. And I've got two books out. The next one comes out in about four weeks. I'm curious about your experience as a monk. You spend, what, 20 years as a monk? Correct. Tell me about that. What drew you to becoming a monk? And what was the life selling?

2:02.0

Well, I mean, I've always had a deep kind of philosophical bent and deep curiosity about the nature of reality. And so it was kind of maybe an existential crisis I was having in my early 20s and trying to figure out the meaning of life. Like, why are we here? What's it all about? I didn't really have a strong faith or anything going into the monastery.

2:00.2

It was more of it.

2:01.2

I figured if I was going to find God or the meaning of it. like why are we here? What's it all about? I didn't really have a strong faith or anything going

2:18.1

into the monastery. It was more of it. I figured if I was going to find God or the meaning of life,

2:22.3

what better place to explore those questions than in a monastic community. So proficient with all

...

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