Episode #41- What is Your Story With Money?

Wealth Decisions Podcast Transcript for Episode #41: What is Your Story With Money?

Listen to this episode on Apple Podcasts or Spotify

Welcome to The Wealth Decisions Podcast, where each week I take 15 minutes or less to discuss crucial wealth decisions and mindset hacks to help you live a richer life.

I'm your host, Brian Muller, and I've been in the financial services industry for over 25 years, and I'm also a certified life and health coach.

And I have a passion for helping people make better decisions around their money and their life.

So for the sake of time, let's dive right into it.

In today's episode, we're going to be talking about your relationship with money and how it shapes your life and how it shapes your financial decisions.

We all have some type of unique narrative when it comes to money.

It's a story that's been kind of shaped by our upbringing, our experiences, and our beliefs.

And these narratives often kind of operate silently in the background.

And they influence our financial decisions, sometimes without us even realizing it.

Today, we're going to explore five of the common money narratives that people often hold.

And as we go through these, I encourage you just to reflect on which one kind of resonates with you.

The first narrative revolves around the idea that money is scarce.

It's what they call the scarcity narrative.

This is the belief that there's never enough money to go around.

People with this narrative often feel anxious about their finances, even if they're doing well.

They might hoard money.

They might be afraid to spend or invest, and they're always kind of preparing for a rainy day that may never come.

This narrative often stems from kind of growing up, maybe in a financially unstable environment, or maybe you've experienced significant financial setbacks.

While being cautious with money isn't, you know, inherently bad, an extreme scarcity mindset can lead to maybe missed opportunities, and really just unnecessary stress.

You know, if you find yourself constantly worrying about money running out, even when your basic needs are met, you might be kind of operating under this narrative.

The second narrative operates under using money as freedom.

It's what they call the freedom narrative.

This is a narrative that views money as the key to independence and choice.

People with this mindset often prioritize kind of earning and saving.

They're always seeing it as a path to kind of escape the rat race, whether it's a job they dislike or living a situation they've outgrown or maybe just even kind of societal expectations they want to break free from.

The freedom narrative can be, you know, highly motivating.

It's what drives people to work harder and make smart financial decisions.

However, it can also lead to kind of this endless pursuit of more, and always wanting more and more, you know, where the goalposts for enough, you know, keep moving.

If you find yourself thinking, once I have X amount, then I'll be free to do what I really want.

You might be operating under this narrative.

The third narrative is, you know, centers around money as status.

And this is the status narrative.

In this narrative, money is seen, you know, just as a way to gain respect, admiration, or maybe just feel like a sense of importance.

You know, people with this mindset might focus on kind of visible displays of wealth, like luxury cars or designer clothes or high-end experiences so they can have something to share on Instagram or Facebook.

This narrative often leads to comparing yourself to others and can result, you know, in overspending or taking on debt to maintain a certain image.

It can be particularly strong in cultures or communities where material success is highly valued, like we have in the United States.

You know, if you find yourself making financial decisions based upon how they'll be perceived by others rather than your own values or goals, you might be influenced by this type of narrative.

The fourth narrative is centers around money as security.

This is the security narrative.

This narrative kind of sees money primarily as a buffer against, you know, life's uncertainties.

And people with this mindset often prioritize stability over growth, you know, preferring safe investments or steady jobs over riskier, but potentially more rewarding, you know, opportunities.

This can lead to sound financial practices like, you know, maintaining an emergency fund and planning for retirement.

But it also can result in missed opportunities if taken kind of to an extreme.

Individuals that have a security narrative might avoid taking financial risk, even when it may be beneficial in the long term.

If your primary financial goal is to feel safe and protected, which is a noble goal from maybe potential hardships, you might be operating under this security narrative and you might miss opportunities.

And finally, the fifth narrative is using money as a tool.

This is the tool narrative.

This narrative views money not as an end in itself or a means to an end, but a means to achieve other goals.

You know, people with this mindset tend to have a more neutral emotional relationship with money.

They see it as something to be used kind of strategically, whether it's to fund experiences or support causes they care about or invest in personal growth.

This narrative can lead to a very balanced approach to finances where money is important, but it's not, you know, all consuming.

It allows both for enjoying money in the present and planning for the future.

You know, if you find yourself thinking of money primarily in terms of what it can help you achieve or experience, rather than as something to be accumulated just to accumulate, you might be operating under this narrative.

So it's really just important to remember that these narratives aren't mutually exclusive.

Many of us hold a combination of these beliefs, and they can shift over time as our circumstances and maybe even our perspectives change.

The key is to become kind of aware of the stories we tell ourselves about money.

And once we recognize kind of our narratives, we can examine whether they're serving us.

Are they serving us well?

Or are they holding us back from achieving our financial goals or our life goals?

So I'd encourage you to take some time to reflect on your own money story.

You know, what narratives did you recognize in yourself, you know, and how have they influenced your financial decisions?

And most importantly, you know, are these narratives ones you want to carry forward?

Or is it time to start writing a new story around money for you?

Just remember, awareness is the first step towards change.

And by understanding your money narrative, you can make more conscious, aligned choices about your finances and ultimately your life.

Next week, we're going to be digging into this a little bit more and understanding your money personality and how that can help you make better financial decisions, maybe reduce money-related stress, improve your relationships, especially when it comes to financial matters and set some realistic financial goals.

So, that's it for today's episode.

What is your story with money?

And if you like this episode, please rate the episode, make some comments and hit the notification bell to get updated on future Wealth Decisions Podcasts.

And please, if you could, share it with a family member or a friend.

My goal with the Wealth Decisions Podcast is to reach over 100,000 people by the end of the year in the Twin Cities and beyond, so that people can make better wealth decisions to live a richer life.

If you'd like to schedule a discovery call with me, you can go to my website at momentouswealthadvisors.com and I'll spend some time to get to know you a little bit and find out if I might be able to steer you in the right direction or help you with your financial future.

Once again, thanks for listening and have a great weekend.

Listen to this episode on Apple Podcasts or Spotify


-Brian D. Muller, AAMS® Founder, Wealth Advisor

Momentous Wealth Advisors in a fee-only fiduciary advisory firm

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