Episode 1090: What Influences Your Money Behavior?

[00:00:00] Scott Maderer: Thanks for joining me on episode 1090 of the inspired stewardship

[00:00:05] Wade Galt: podcast. I'm Wade Galt. I challenge you to invest in yourself, invest in others, develop your influence and impact the world by using your time, your talent and your treasures to live out your calling, having the ability to live towards.

[00:00:22] Instead of working to live is key. And one way to be inspired to do that, listen to this, the inspired stewardship podcast with my friend Scott Mader.

[00:00:32] Sure.

[00:00:33] Scott Maderer: There are some best practices and there are some things that are good rules of thumbs that worked the best in most situations. But at the same time, personal finance is very. Personal. And if you don't recognize that and recognize that you need to examine your own personal beliefs and how you interact with money, then you'll never really make changes in your money behavior.

[00:00:59] Welcome [00:01:00] and thank you for joining us on the inspired stewardship podcasts. If you truly desire to become the person who God wants you to be, then you must learn to use your

[00:01:09] Wade Galt: time, your talent 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

[00:01:23] Scott Maderer: can impact the world.

[00:01:25] And today's episode about developing your influence through stewarding your treasures. I talk with you about three main influences of your money behavior. I share what you can do to recognize these influences on your life. And I also share some tips on what you can do to improve those influences over time.

[00:01:43] As we talk about stewarding your treasures, wouldn't it be great if you could support this podcast and do it without costing yourself an extra day. It turns out you can't. All you have to do is use inspired stewardship.com/amazon. [00:02:00] When you're ready to make a purchase via Amazon and a small commission, we'll come back to support the show.

[00:02:06] If you enjoy the show, when you're ready to buy from Amazon, just use inspired stewardship.com/amazon. Just every area of your life, the way you behave with money has influences that act on you and that you act on the truth is when you think about your money behavior or your money habits, the things that you do with money that oftentimes you don't even think.

[00:02:34] You have these patterns about spending and saving, investing, budgeting that often come from your family of origin that come from past events that come from building up habits over time. That now you think that action is the only way that you can behave with money. And the truth is they come from three main areas, your family, the media, and our.

[00:02:59] The [00:03:00] truth is how we relate to our money is deeply affected by our family. By the way we grew up, not just, I grew up rich or I grew up poor, I grew up middle-class. But even how did your parents talk about money? How did they exhibit behavior around their comfort? Being open and honest about money.

[00:03:22] Did they have a spending behavior that you could observe that was responsible and was effective or did they do things. I ended up causing problems in the relationship or in the family. Did you witness a place where there was a lot of positivity around debt and taking on loans and living beyond your means?

[00:03:46] Or was it a family that lived well under their moon MI? That's spectrum of behaviors that our families have when we grow up and the way we see our parents communicate around money, the way we see them [00:04:00] dealing with having enough or not having enough, or having too much, the way that we see them interact and communicate, and the emotions that we pick up.

[00:04:09] And by the way, they don't even necessarily have to be a hundred percent real or accurate. It's our perception and memory of these things that affect. Similarly, the media has an effect on us because we see commercials and TV and marketing and all of these things in movies and television, social media, all of these things that are geared towards consumerism, towards the idea of having beautiful homes, nice cars, new things, best clothing, all of these things.

[00:04:41] And they emphasize that to be successful. You have to have the latest and greatest of everything. And that affects our ideas around what success looks like. This is the idea of, if I look like I'm having a successful life, if that facade is there, [00:05:00] if I'm keeping up with the Joneses, then it's okay. I've worked with people that actually had the nicest house in the nicest car, on the block, but inside the house, they never invited anyone in because.

[00:05:13] Furniture because they couldn't afford it. It was all about the appearance, not the reality that they were living in, by the way, after working with them for awhile, that what they understood, what was going on and made changes in what was going on. The last category is one of cold. The truth is the attitudes and perceptions we have about money is influenced by our larger culture.

[00:05:37] If you're in the us, you've grown up in a culture of consumption and a coach culture of buy now pay later. And you only live once. That's true in other parts of the world as well. But then there are other places where the cultural norms around money and consumption are completely. Different. And so where you grew up in the [00:06:00] culture, you're immersed in much like your family and the media affects how you behave with money.

[00:06:08] So when you look at these areas again, what can you do to recognize these influences? And the first step is actually to become aware of it, to start paying attention to what are you allowing into your mind? What are the scripts that you have running that tell you this is what the right way to behave with money is.

[00:06:29] Anytime you find yourself talking about this is the only way or the best way or the perfect way you want to challenge that and make sure that's not an assumption, but that's actually something that beyond just habit beyond just, it's always been this way. If it feels like that's the only way to do it, because that's the only way you've ever done it.

[00:06:52] It's probably something you need to exist. And what you can do is over time, as you begin to identify areas where there's [00:07:00] limiting beliefs and areas where there's these habits and these beliefs that have built up over time, you begin to break them down and ask what if that wasn't true. What if this thing that I believe is the only way to do it?

[00:07:13] What if it wasn't that way? What if debt wasn't the only way to get a car? What if debt wasn't the only way to go to school? What if. Look good and not have to spend more than I make. What if I could get a better job? What if I. Learn a new way of behaving with money. That's different than the way my parents did and improves the communication I have with my spouse.

[00:07:40] This is one of the reasons that working with a coach can be so helpful in these areas because the coaches outside of your situation, they aren't emotionally connected to the beliefs and the habits. Plus if there's someone that's been doing it for a while, like I have, I've been exposed to a lot of different beliefs and a lot of different things.

[00:07:59] [00:08:00] From a lot of different people and I no longer think that there's only one way to do it. That there's one perfect way. Sure. There are some best practices and there are some things that are good rules of thumbs that work the best in most situations. But at the same time, personal finance is very personal.

[00:08:20] And if you don't recognize that and recognize that you need to examine your own personal beliefs and how you interact with money, then you'll never really make changes in your money behavior. Thanks for listening.

[00:08:36] Thanks so much for

[00:08:37] Wade Galt: listening to the inspired stewardship podcast. As a subscriber

[00:08:42] Scott Maderer: and listener, we challenge you to not just sit back and passively listened, but act on what you've heard and find a way to live your calling. If you like this episode on the

[00:08:54] Wade Galt: stewardship of treasures,

[00:08:57] Scott Maderer: you can sign up for our treasures [00:09:00] tips by going to inspired stewardship.com/.

[00:09:06] Treasures or

[00:09:07] Wade Galt: text in the U S 4 4 2 2 2 treasures tips. And we'll send you five weeks of our best tips on stewarding your treasures until next time, invest your time, your talent and your treasures. Develop your influence and impact the world.