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In this episode, Mike discusses money scripts - our hidden and often subconscious beliefs and stories we tell ourselves about money. He explores the impact of these scripts on our financial wellness, highlighting scripts which are correlated with lower net worth, lower income, and higher revolving debt. Mike highlights how our feelings about money are often uncorrelated to our actual money numbers due to the money scripts we unquestioningly follow. In this episode, Mike provides a framework for discovering and exploring the money scripts which may be holding you back from financial wellness.

Takeaways

• Money scripts - hidden drivers of financial behaviors
• Klontz Money Script Inventory
• Scripts: money avoidance, money status, money worship, and money vigilance
• Remit Sethi's money types
• Money types: avoider, optimizer, worrier, dreamer
• How you feel about money is uncorrelated to your financial numbers
• High professional achievement does not necessarily correlate to rational financial decisions

References

• Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory
• Discover the 4 Types of Money Scripts! (Video)
• How Clients' Money Scripts Predict Their Financial Behaviors
• Money Scripts: Why Do We Make Poor Money Choices?
• Evaluating the Klontz Money Script Inventory with a Diverse Sample
• Money For Couples
• Remit Sethi's 4 Money Types

Music: Perpetual Motion by Amarent via FMA (public domain)

Contact: rehabyourfinances@drmichaelpowers.com

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