The Psychology of Life & Money – Transcript
Tim Mullooly: In episode 101, we’re going to talk about the most important thing, your happiness.
Welcome to the Mullooly Asset Show. I’m your host for today, Tim Mullooly. This is episode number 101 of the show. Today, we just wanted to touch on some topics that were covered in this week’s upcoming episode of Living with Money.
That’s a podcast I put out every Thursday for those of you who aren’t aware. Definitely head over to livingwithmoney.com. That’s a website where you can find all the different episodes that we’ve had so far.
On this week’s episode, we talked with Anthony Cinelli, who is a school counselor in the area, has his degrees in psychology. So we wanted to touch on some of the psychological aspects that play into the financial decision making in people’s everyday lives. One of the first things that we touched on was self-compassion. Self-compassion is pretty much talking to yourself the way that you would talk to a friend if you were consoling them.
When a friend makes a mistake, you’re always there for them, and you want to be positive and bring them back and get them back on track and pick them off their feet. But for some reason when we personally have a setback, we’re really harsh on ourselves, and it shouldn’t be that way. How that ties into finance, you’re going to make some bad investments along the way. If you have a financial plan, eventually sometimes you might stray from that plan and that’s okay. Self-compassion is being able to realize that you’re human, you make mistakes, and ultimately being able to accept those mistakes and just get back on track and keep heading towards that end goal.
Another concept that we talked about, kind of an overarching theme for the entire podcast, was just being self-aware. That’s extremely important when it comes to finance, being self-aware, knowing how you react to moves in your account or in your investments, or when you log in and you see that your investments went up or they went down, being self-aware to understand your emotions, and also being self-aware to understand your goals. Without having your goals set out and know what money is for, having a financial plan is pretty pointless.
So you need to be able to be self-aware enough to understand what your goals actually are and how you can realistically achieve them. When it comes down to it, you shouldn’t let money hold you back or stress you out. Money weaves its way in and out of our lives on a day-to-day basis, and it should really work alongside you to help you get to your goals and not really hold you back and be a burden.
So if you want to know more about what we talked about, definitely head over to livingwithmoney.com on Thursday for the full episode. It’s a full 40 minute conversation. We dive deep into these topics that I touched on and much more. So definitely be sure to check that out.
That’s going to do it for this episode of thee Mullooly Asset Show. Thanks for watching, and we’ll see you on the next one.
If you would like a PDF version of this transcript, please follow this link for a download!
...And We Deliver!
Get our updates delivered right to your inbox.
Sign up and get a copy of our report: The Eight Big Mistakes Many Investors Make.