Episode 1075: Your Money Mindset

[00:00:00] Scott Maderer: Thanks for joining me on episode 1075 of the inspired stewardship podcast.

[00:00:07] Seun Adhami: My name is show idea me. I'm a Christian financial advisor. I'm the host of the dollar savvy podcast, and I challenge you to invest in yourself. Invest in others, develop your influence, impact the world by using your time, your talents and your treasures to live out your calling.

[00:00:26] Find your path to financial. And one way to be inspired to do that is to listen to my friend. Scott made her be inspired, stewardship podcasts.

[00:00:38] Scott Maderer: The truth is that it means that your both the problem and the solution to that problem. You can address your own psychology. You can address those memories of the past. You can sit down and you can write out your story and examine the narratives and the beliefs that you've created in yourself [00:01:00] about money.

[00:01:00] And then you can decide welcome. And thank you for joining us on the inspired stewardship podcast. If you truly desire to become the person who God wants you to be, then you must learn to use your time. And your treasures for your true calling in the inspired stewardship podcast. We'll learn to invest in yourself, invest in others and develop your influence so that you can impact the world.

[00:01:29] In today's episode about impacting the world through stewarding your treasures. I talk with you about what a money mindset is. I talk about why understanding this is way more important than the mechanics of money management. And I also talk about how understanding this can help you reduce worry and anxiety as we talk about stewarding your treasures.

[00:01:50] Wouldn't it be great. If you could support this podcast and do it without costing yourself an extra dime. It turns out you can. All you have to [00:02:00] do is use inspired stewardship.com/amazon. When you're ready to make a purchase via Amazon and a small commission, we'll come back to support the show. If you enjoy the show, when you're ready to buy from Amazon, just use inspired stewardship.com/.

[00:02:17] The truth is when it comes to our money, we like to think of ourselves as logical, rational beings. We just deal with our money in a factual way. We sit down and we make a spending plan. We take our paycheck and we follow a budget and we do these things because logically it's in our best interest.

[00:02:41] And yet the truth is. That none of us are ever entirely rational when it comes to our money, we often end up putting off doing the budget or not paying attention to it, or hiding certain things from ourselves and others. When it comes to our money, we [00:03:00] feel guilt, shame and other emotions. We sometimes get reckless or exuberant and spend too much money.

[00:03:07] That way we have these complex relationships. With our money and our personal finance, because this is a very complex sort of thing that is made up of a lot of psychology around it. That then affects both our present decisions and our future decisions about our money. It's an evolving relationship. That truly starts in our past and leads to our future.

[00:03:39] That is really our money mindset. Our money mindset is that idea of how our psychology affects our money and how our money affects our psychology and how there's a feedback loop between these two things. The [00:04:00] truth is that we have emotions around our money. We feel things like I haven't got enough money.

[00:04:06] I spent too much money. I'm always bad with money. I've never got a safety net when I need it. I spend too much on the things that I don't really need. We have thoughts and anxiety that creates us to avoid touching and talking about our money. We just try to put it out of our mind. We don't talk about it.

[00:04:27] We oftentimes will not look at bank statements or not look at credit card bills because somehow ignoring them makes it better. And the truth is. We look at these things and these emotional effects that we have around money and we feel fear or guilt or shame. And yet we don't actually address those feelings because we don't actually sit down and think about what's going on in our money.

[00:04:56] Instead, we just assume that we're [00:05:00] always been this way and we always will be this way. We create the exact thing that we're trying to avoid because we make it true. Our perception makes it that way. The truth is to your upbringing, affects your money mindset, the idea of how you were raised and how you saw your parents deal with.

[00:05:24] That story. And that narrative started all the way back. When you were a child who controls the money, who makes the decisions, is there enough or is there not, do we hide our finances or do we talk about them over. We become defined by our money story because that emotional connection is actually something that is deep inside us.

[00:05:51] And oftentimes we don't even examine it. And that's why this is almost more important or is more [00:06:00] important than actually understanding the mechanics of. You're understanding how to invest and how to budget and how to control your spending and all of the little practical tips that everyone always shares of using cash envelopes or doing this thing or doing that thing, or the 70, 20 10 kind of budget or whatever it is, whatever tool technique, trick, or tip that you've read recently that you said to yourself, this is it.

[00:06:28] This is the thing that's going to solve my money problems. It's probably not the thing. And it's probably not going to solve your money problems because it's usually focused on the mechanics of money management, not the psychology of money management. And when it comes to personal finance, that personal world is more important than the finance word.

[00:06:53] The truth is that it's about behavioral finance and we're the behavior. And when you [00:07:00] recognize that. At first, that may seem overwhelming. That may seem like this is a cause for even more worry and more anxiety, but think about it. Cause it means that you have control. The truth is that it means that your, both the problem and the solution to that problem, you can address your own psychology.

[00:07:22] You can address those memories of the past. You can sit down and you can write out your story and examine the narratives and the beliefs that you've created in yourself about money. And then you can decide, are these true? Are they adding value to my life? Or should I change them? Because you have the power to change.

[00:07:45] That is the truth. Understanding your money. Psychology can actually help reduce your worry and your anxiety. If you recognize that it means that you have the power to change. [00:08:00] And out of that power to change comes the power to actually do better, do more. To succeed in a way that really adds value to your life.

[00:08:13] Thanks for listening.

[00:08:15] Thanks so much for listening to the inspired stewardship podcast as a subscriber and listener, we challenge you to not just sit back and passively listen, but act on what you've heard and find a way to live your call. If you liked this episode on the stewardship of treasures, you can sign up for our treasures tips by going to inspired stewardship.com/treasures or text in the U S 4 4 2 2 2 treasures tips.

[00:08:52] And we'll send you five weeks of our best tips on stewarding your treasures until next time. [00:09:00] Invest your time. Your talent and your treasures develop your influence and impact the world.