131: Your Mental Wealth with Dr. Brad Klontz

Today’s guest is Dr. Brad Klontz. Brad is a clinical psychologist turned financial planner. He’s the Founder of the Financial Psychology Institute® and an Associate Professor of Practice in Financial Psychology at Creighton University Heider College of Business. He’s also a Managing Principal of Your Mental Wealth® Advisors, a Fellow of the American Psychological Association, and a Former President of the Hawaii Psychological Association, and the co-author and editor of five books on the psychology of money.

After attempting to eliminate his student debt by investing in the stock market and losing big, Brad did a deep dive into his family history, the mental health of financial planners. He discovered that this aspect of mental health had long gone unaddressed, and has dedicated his career to the concept of what he calls Mental Wealth ever since.

Brad joins today’s podcast not just to share his story, but to help you better understand how your beliefs around money influence your financial behaviors, net worth, credit card debt, and more – and how to reassess and rethink what might not be serving you well, especially at this tumultuous time in our financial history.

In this podcast interview, you’ll learn:

  • Why psychologists and other mental health professionals have a tendency to be money avoidant – and how this led Brad to conduct groundbreaking research that revealed behavioral patterns when it comes to people and money.
  • What we can learn from our grandparents’ and great-grandparents’ beliefs, hangups, and experiences when it comes to money – and why it’s so hard for some people to change their behavior, even when circumstances are constantly changing.
  • Why emotions aren’t “good” or “bad” when it comes to investing, but simply part of the deal – and how to work to disconnect your feelings from your actions.
  • The powerful forces that keep us working and accumulating wealth, rather than spending – and the thought processes people go through as they think about retirement.
  • Why no one wants to budget – and how to talk to reframe budgeting in a more emotionally acceptable and fun way.
  • How couples therapy reveals our inability to have normal conversations about topics that shouldn’t be taboo – and what often goes wrong when couples talk about money.
  • Ways to use allowance to teach kids about money.

Inspiring Quote

  • “The belief that once I get this, then I’ll be happy and relaxed, is a fallacy. You’re never going to actually get there.” – Brad Klontz

Interview Resources

Read The Transcript