Episode 105 – Stress on our Finances with Sonya Lutter
In this episode, we sit down with Financial Psychology expert Dr Sonya Lutter. Delving into the root causes of our financial decision-making, from the impact of societal expectations on our spending to the role of inner conflict and psychological stress on our financial choices. With some great exercises you can explore with your partner and yet another brilliant #tightasstommo money saving tip, this is an episode not to miss.
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What’s on Today’s Podcast?
Interview with Financial Psychologist and founder of The Financial Therapy Association in the USA, Sonya Lutter
Tight Ass Tommo
- Avoid the sneaky January price hikes with streaming services
- Ring providers to get lower costs (from Episode 95 with Paul Lewis)
Interview with Sonya Lutter
Bridging the gap between therapy, counselling, coaching and financial planning.
What is at the root of our bad money making decisions?
We act how others think we should – often in conflict with our own values.
Inner conflict and psychological stress
In fight or flight mode blood is not pumping through our brain to aid thinking – when stressed we are protecting ourselves in the moment, not thinking long term.
The disconnect between what we do, due to how we perceive others think we should act, versus acting on our own personal values.
Why it’s hard to be content with what you have
Your friends friends have more impact on your happiness than a salary increase. So pay attention to how your friends make you react.
Happiness doesn’t just happen, it takes effort
How joint bank accounts lead to better relationships – talking about money together
Exercise for couples – tell your partner about your earliest money memory
Suggestions for financial advisors to help make an impact in their clients lives
Conclusions from the guys
Get past superficial thoughts and get deeper understanding of your core values
Another exercise for couples
- talk about your values individually
- compare each others values to find common ground and outliers
- compare common ground with current spending
Dr Sonya Lutter is Director of Financial Health and Wellness Director of Financial Health and Wellness at Texas Tech University School of Financial Planning and founded the ELITE academy to help bridge the gap between financial planning and mental health.
Come and connect with Dr Sonya Lutter on LinkedIn for more information.