Mindful Money

In this episode of Mindful Money, we'll talk about the first step in the modular financial planning process. Contrary to common advice, financial planning should begin with understanding what is worth seeking in life. It's important to go through a process of self-discovery and introspection before setting financial goals. We'll explore the eight pillars of happiness and how they form the foundation for lasting happiness and effective financial planning. Join me as we learn how to align our financial decisions with what truly matters, ultimately leading to a fulfilling and satisfying life.

In this episode:

• (00:00) - Intro
• (01:08) - Life lessons from my father
• (01:53) - Challenging materialism
• (02:49) - The importance of self-discovery
• (06:11) - Eight pillars of happiness
• (06:15) - Health: The foundation of happiness
• (07:21) - Engagement: Active participation in life
• (08:15) - Relationships: The key to happiness
• (10:56) - Meaning: Finding purpose in life
• (12:09) - Accountability: Staying true to yourself
• (13:16) - Generosity: The joy of giving
• (15:55) - Optimism: The power of positive thinking
• (17:15) - Gratitude: Appreciating what you have
• (18:52) - Conclusion and next steps

Get full show notes and links at https://mindful.money. 

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.

In this episode of Mindful Money, I'm introducing a new nine-part series about modular financial planning, and why I think it's the best approach for getting started. Specifically, we'll discuss the importance of having a financial plan, comparing the in-depth and all-encompassing nature of comprehensive plans to the simplified and focused approach of modular plans. A financial plan acts as a roadmap, helping to achieve long-term goals, optimize investments, manage debt, and even provide psychological benefits such as reduced anxiety. The next nine episodes will explore the modular financial planning process in detail, starting with understanding your values and priorities. Join me for this series as we aim to normalize the money conversation and use financial planning to build a life of stability, purpose, and joy.

In this episode:

• (00:00) - Intro
• (00:55) - Exploring financial planning approaches
• (01:50) - Why having a financial plan is essential
• (04:25) - Setting long-term financial goals
• (05:51) - Coping with the psychological impacts of managing money
• (07:04) - Two approaches to creating a financial plan
• (07:16) - Comprehensive financial planning
• (09:22) - Modular financial planning
• (12:41) - The steps of a modular financial plan
• (14:29) - Adopting a savings habit
• (16:38) - What’s in store for this series

Get full show notes and links at https://mindful.money. 

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.

Matt Wilkerson is the CEO and co-founder of Extern, a company on a mission to help anyone discover and launch their career through real professional experiences. Extern has created externships for leading companies such as AT&T, HSBC, Meta, PwC, Home Depot, and National Geographic, serving more than 35,000 students and career switchers.

In this episode, I talk with Matt about the externship model and its impact. Matt shares his journey from growing up in Atlanta, to attending MIT, and eventually founding Extern. He discusses the challenges students face in gaining practical work experience, particularly in the current landscape where traditional internships are becoming more scarce. We also discuss broader issues in higher education, such as the misalignment between academic training and real-world job requirements, and how Extern’s model seeks to reimagine the pathway from education to employment. 

In this episode:

• (00:00) - Introduction to Extern’s vision
• (01:05) - Meet Matt Wilkerson
• (01:49) - Matt’s early life and career aspirations
• (03:02) - Entrepreneurial beginnings
• (05:33) - The journey to MIT and beyond
• (09:15) - Founding Extern
• (15:15) - Challenges in higher education and employment
• (25:11) - Skills-based hiring
• (26:24) - Challenges in internship programs
• (29:30) - Introducing the externship model
• (30:36) - Scaling externships for broader impact
• (41:06) - Measuring success and future plans
• (45:38) - Final thoughts and advice for graduates

Get full show notes and links at https://mindful.money. 

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.

Mark Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the No. 1 financial security professional in NJ and #15 nationwide. Additionally, his book, The Ultimate Investment, is a No. 1 bestseller and new release on Amazon.

In this episode, I talk with Mark about his journey from financial adversity in his youth to a successful career in financial services. We discuss the importance of protecting entrepreneurial confidence, differentiating between owning a job and running a business, and the concept of transformational versus transactional investments. Mark also shares his philosophy of investing in oneself and shares his “Ikigai” framework for finding passion and purpose in one’s career.

In this episode:

• (00:00) - Welcome to Mindful Money
• (00:59) - Meet Mark Murphy
• (01:55) - Mark’s early life and lessons on money
• (04:02) - Career journey: From college to CEO
• (05:43) - Insights from The Ultimate Investment
• (06:26) - The difference between buying a job and running a business
• (08:45) - Entrepreneurial mindset and confidence
• (10:17) - Transformational vs. transactional investments
• (13:55) - The Ikigai test: Finding your path
• (19:43) - Advice for entrepreneurs
• (22:55) - Mark’s perfect day
• (23:52) - The last thing Mark changed his mind about

Get full show notes and links at https://mindful.money.

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.

Scott Rick is a marketing professor at the University of Michigan’s Ross School of Business. He holds a PhD in Behavioral Decision Research from Carnegie Mellon University, where he was a National Science Foundation graduate research fellow. He has published research in premier journals spanning marketing, psychology, economics, and neuroscience. At the University of Michigan, he has won awards for both research and teaching. Rick's research has been covered extensively in outlets such as The New York Times, The Wall Street Journal, The Washington Post, and NPR. His first book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, was published in January 2024 by St. Martin’s Press.

In this episode, I talk with Scott about common financial advice myths, how money occupies more space in our lives than it should, and the psychological factors that shape our spending personalities. Scott shares his personal experiences growing up with financial disparities and how those experiences influenced his financial behavior. We also dive into the dynamics of finances in relationships, addressing how couples can navigate financial conflicts to foster healthier relationships.

In this episode:

• (00:00) - Welcome to Mindful Money
• (01:05) - Meet Scott Rick: Behavioral decision researcher
• (02:04) - Scott’s early life and money lessons
• (04:57) - Teaching kids about money
• (06:30) - The story behind tightwads and spendthrifts
• (10:36) - Understanding tightwads and spendthrifts
• (13:02) - Psychological and neurological factors in spending
• (16:17) - Can financial personalities change?
• (17:43) - Navigating financial behaviors in relationships
• (20:48) - Opposites attract: Advice for financially mismatched couples
• (22:00) - Setting up joint and separate accounts
• (23:53) - Handling financial conflicts
• (29:04) - And one thing couples should stop doing
• (32:16) - Final thoughts and takeaways

Get full show notes and links at https://mindful.money. 

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.

Vicki Robin is a prolific social innovator, writer, and speaker. She is the co-author with Joe Dominguez of the international best-seller and classic, Your Money or Your Life: Transforming Your Relationship With Money and Achieving Financial Independence, and author of Blessing the Hands That Feed Us: Lessons from a 10-Mile Diet. She is the co-founder of Conversation Cafes and of the 10-Day Local Food Challenge, and hosts the podcast/YouTube interview series, What Could Possibly Go Right?, inviting cultural scouts to shine a light on what’s emerging as the pandemic, climate, the economy, and polarization unravel the old normal. Currently, she blogs on aging on her Coming of Aging Substack.

In this episode, Vicki discusses her journey with frugality, consciousness in spending, and applying the concept of “enoughness” to financial independence. We explore Vicki’s life experiences, from growing up in Long Island to her time in various roles, including her innovative efforts in promoting sustainable living. She shares her insights on the current economic system, the importance of sufficiency over constant growth, and the evolving cultural awareness surrounding financial independence. We also discuss her reflections on aging, sustainability, and her efforts to adapt her home to address affordable housing challenges.

In this episode:

• (00:00) - Intro
• (01:01) - Meet Vicki Robin
• (02:12) - Vicki’s early life and lessons on money
• (04:29) - The journey to writing Your Money or Your Life
• (09:20) - Cultural shifts and financial independence
• (15:32) - Reflections on social change and aging
• (23:52) - Embracing serenity and acceptance
• (26:44) - Resilience and adaptation in times of collapse
• (28:43) - Affordable housing solutions
• (33:50) - Rethinking retirement and work
• (38:42) - Personal reflections and impact of travel

Get full show notes and links at https://mindful.money. 

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.

Dr. Darla Bishop, affectionately known as the FinanSis, is the Founder of Finansis LLC, a boutique consulting firm based in Lansing, Michigan, and the author of How To Afford Everything. Motivated by her own challenging childhood in Detroit, Dr. Bishop’s unique gift lies in her ability to motivate individuals to transcend limiting beliefs about wealth and cultivate a positive financial mindset. She firmly believes that empowering individuals with financial knowledge is pivotal in creating prosperous and resilient communities.

In this episode, I talk with Darla about her journey to becoming a renowned financial coach and professor. We discuss essential steps for financial awareness, the importance of mindset in managing money, and practical approaches to budgeting, debt management, and building multiple income streams. Darla also shares actionable tips on tracking expenses, changing financial mindsets, and achieving financial freedom through incremental wins.

In this episode:

• [00:00] - Intro
• [01:03] - Meet Darla Bishop
• [02:48] - What Darla learned about money management growing up
• [05:24] - The impact of financial advice from family
• [07:10] - Darla's journey to financial literacy
• [11:22] - Writing a book on personal finance
• [14:27] - The importance of mindset in financial success
• [15:13] - Identifying and changing unhelpful financial mindsets
• [20:40] - Practical budgeting tips
• [23:41] - Tackling debt
• [28:57] - Multiple income streams
• [33:49] - How to change your finances today
• [35:11] - Redefining success
• [37:14] - Travel and personal growth

Get full show notes and links at https://mindful.money. 

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.

Jessica Perrone is a seasoned finance expert with more than 16 years of experience. As a mom of three teenage girls and a passionate advocate for financial education, she is dedicated to empowering young people with knowledge about money and investing. Jessica’s innovative and relatable approach has led her to develop a curriculum that makes finance approachable, fun, and relatable for teens of all backgrounds.

In this episode, I talk with Jessica about her passionate advocacy for financial literacy, especially among young women. Jessica shares her unique approach to smarter spending, emphasizing the importance of removing emotion from financial decisions. We dive into her personal upbringing and how it shaped her financial teaching methods, including how she educates her three teenage daughters about budgeting and work ethic. We cover crucial credit management strategies, generational differences in handling credit, and the role of credit scores in long-term financial health. Jessica and I also discuss empowering women in finance, challenging societal norms, and practical strategies for taking control of your financial destiny.

In this episode:

• [00:00] - Intro
• [01:19] - Meet Jessica Perrone
• [01:50] - Jessica's background and family life
• [04:04] - Financial lessons learned from childhood
• [08:38] - The importance of credit scores
• [14:20] - Jessica's financial journey
• [20:39] - Three ways to invest
• [22:23] - The inspiration behind Her Financial IQ
• [23:20] - Empowering women through financial education
• [27:42] - Mindfulness in financial decisions
• [32:44] - Choosing the right financial advisor
• [39:11] - Advice for young women on financial success
• [42:06] - Final thoughts and how to connect

Get full show notes and links at https://mindful.money. 

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.

Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into 14 languages. His third book, The Behavioral Investor, was Axiom's best investment book of 2019 and is a comprehensive look at the neurology, physiology and psychology of sound financial decision-making. His latest book, The Soul of Wealth, will be published in October of 2024. When he's not decoding market psychology, Daniel is a father of three, a fanatical follower of the St. Louis Cardinals, an explorer of the American South, and an amateur hot sauce chef.

In this episode, I talk with Daniel about his fascinating journey from psychology to finance, the importance of understanding evolutionary biases in financial decision-making, and the real value that financial advisors bring beyond mere investment advice. Daniel shares insights from his books, particularly his forthcoming work, The Soul of Wealth, which focuses on finding meaning and happiness beyond monetary wealth. 

In this episode:

• [00:00] - Intro
• [03:06] - Daniel's early lessons on money and entrepreneurship
• [08:54] - The arc of Daniel's writing and research
• [14:11] - Understanding evolutionary influences on decision-making
• [24:09] - The four meta biases
• [29:50] - The real value of financial advice
• [33:17] - Defining true wealth
• [35:29] - The power of generosity
• [39:51] - How to build greater financial success
• [41:56] - One thing people should stop doing
• [44:03] - The last thing Daniel changed his mind about

Get full show notes and links at https://mindful.money. 

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.

W. Ben Utley, CFP®, not only serves as the Service Team Leader at Physician Family Financial Advisors but also co-hosts their podcast of the same name. Well-recognized for his expertise, Ben has been featured in The New York Times and listed among the "150 Best Financial Advisors for Doctors" by Medical Economics Magazine. As a Certified Financial Planner, Ben provides physician clients with solutions that extend beyond achieving financial freedom, ensuring they also have the time to enjoy it.

In this episode, I talk with Ben about his journey from a chemistry background to becoming a renowned financial advisor. We discuss the harmful effects of hustle culture, identifying and preventing burnout, and establishing work-life balance. We also dive into the importance of core habits like reading, writing, exercising, cooking, and how mindfulness or faith can serve as a foundation for financial success. Ben emphasizes the value of knowing “how much is enough” and shares insights into providing a positive impact through financial advising.

In this episode:

• [00:00] - Intro
• [02:04] - Ben’s early life and entrepreneurial journey
• [04:08] - Transition to financial advisory
• [10:55] - Balancing work and personal life
• [13:44] - Understanding burnout and workaholism
• [16:28] - Finding balance in a market economy
• [20:07] - The FIRE movement: A critical perspective
• [23:27] - Embracing career longevity
• [25:16] - Finding fulfillment in work
• [34:50] - Core habits for personal and financial success
• [35:47] - The importance of relationships and service
• [38:07] - What’s important to know about Ben

Get full show notes and links at https://mindful.money. 

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.