July 18, 2024

How to Be Good with Money: Financial Literacy for Changing Times with Michelle Arpin Begina

55 minutes

Have you ever wondered why your bank account doesn't reflect your hard work? Do you find yourself asking, "Where did all my money go?" It's a tough pill to swallow.

Today on the Rachel Lang Show, Rachel sits down with Michelle Arpin Begina, a distinguished financial literacy advocate and the author of "Be Good with Money," to delve into the transformative effects of financial literacy on personal well-being.

During the sit-down, they dive deep into their own financial journeys, addressing topics like financial self-sabotage, secrecy bias, and the emotional challenges tied to money management. Michelle introduces concepts such as "money hood" and the theory of self-determination, emphasizing the importance of understanding personal values and early money memories. The episode offers practical insights and encourages open conversations about finances to achieve financial freedom.

Don't miss out on this enlightening conversation! Tune in, reflect on your own financial beliefs, and start your journey towards financial freedom today.

In This Episode:

[01:39] - Introduction to Michelle Arpin Begina

[02:32] - Introduction to today’s topic on financial literacy

[04:32] - Michelle's personal story

[09:57] - The impact of secrecy and shame related to money decisions

[11:59] - Financial deja vu and emotional triggers

[19:22] - Understanding financial self-sabotage

[20:33] - Breaking patterns of financial self-sabotage

[21:29] - The theory of self-determination and its three components

[22:39] - The concept of autonomy and rebellion

[24:43] - The implications of financial habits passed down through generations

[29:55] - Money hood and childhood influences

[32:00] - Soft saving

[33:17] - Current money beliefs, the impact of the COVID-19 pandemic, doomsday prophecies

[38:39] - Financial advisor's role and observations

[42:30] - First memory of money growing up

[44:13] - First memory of talking about Money

[45:10] - Understanding clients' financial and emotional aspects

[46:34] - Money scripts and self-reflection

[50:46] - Impact of breaking secrecy bias

[51:41] - Power of spoken words

[54:01] - Call to action and book promotion

[54:11] - Cosmic call to action

Notable Quotes

[30:04] “Moneyhood is the social, cultural, financial, emotional upbringing, and psychological upbringing that we are exposed to growing up.”-Michelle

[32:17] “It's not the amount of money allegedly that makes us happy or not, It's how we use the money.”-Michelle

[34:13] “I think there's a doomsday scenario too about the economy that it often takes people a while to catch up on the real economic facts of the situation.”-Michelle

[34:54] “I’m a big believer in controlling the controllables because at the end of the day, that is all we can do—control what we think and how we act.”-Michelle

Our Guest

Michelle Arpin Begina is a Financial Advisor, Author, and TEDx Speaker who joined Snowden Lane Partners in 2017 as a Managing Director and Financial Advisor, merging wealth management with financial therapy. She began her career with American Express Financial Advisors, guiding high net worth individuals, and held significant roles at Northwestern Mutual Life, Merrill Lynch, and Smith Barney/Morgan Stanley. Growing up “yacht poor” shaped her understanding of financial literacy, which she champions today. Michelle holds a CFP® and CIMA®, and has been named one of Worth Magazine’s Best 250 Financial Advisors. In 2020, she launched MichelleAB, providing financial education and emotional intelligence tools, and influenced NJ’s pioneering financial literacy curriculum for students.

Resources and Links

The Rachel Lang Show

The Rachel Lang Show

Rachel Lang

Website

Michelle Arpin Begina