Modern Financial Wellness

Welcome to another episode of Modern Financial Wellness, where we dive into the psychology of money to help you feel better about your finances. I'm your host, Jim Grace, CFP®, guiding you through today's discussion on understanding the emotional aspects of financial decisions, especially during retirement.

I am thrilled to have Dan Haylett join us today. Dan is a multifaceted financial planner and the head of growth at TFP Financial Planning in the UK. He's also the mastermind behind "Humans versus Retirement," a podcast and content hub for anyone looking to live a retirement filled with purpose and experience true wealth.

In today's episode, Dan and I explore the crucial transition into retirement and the psychological shift required to go from accumulating wealth to spending it. We dive into Dan's latest white paper, "The Skill of Spending Money in Retirement," and discuss how retirees can overcome the ingrained habit of saving to truly enjoy their retirement.

We highlight how important it is to start planning for the second half of life and how retirees can embrace the opportunities and address the emotional barriers they face. Our conversation also underscores the importance of not just preparing financially for retirement but also considering the mental and emotional preparations needed to spend and enjoy your hard-earned money.

5 Key Takeaways:

1. The Fragile Decade: Dan emphasizes the importance of the five years leading up to and following retirement, referred to as the fragile decade. This period is critical for transitioning mindset and planning how to spend retirement savings effectively.
2. Identity Shift: Retirement marks a significant shift in identity. Recognizing and preparing for this change is essential, as it involves moving from a mindset of saving and accumulating to one of spending and enjoying.
3. The Human Element and Spending Habits: Our conversation highlights the fear many retirees have of running out of money, leading them to underspend. Dan argues for the importance of transitioning from a saving habit to a spending mindset, backed by evidence showing many retirees die with more money than they started with.
4. Retirement Phases: We discuss the phases of retirement—exploring, nesting, and reflecting—that reflect changes in health, time, and financial needs. Understanding these phases helps retirees spend their money when it can provide the most benefit and joy.
5. Creating Memories: Dan talks about "memory dividends," which are the lasting emotional returns of spending money on experiences that create memories with loved ones. This concept encourages retirees to use their financial resources to build experiences that enrich their lives.

Thank you for joining us in this episode of Modern Financial Wellness. I hope today's conversation provides you with valuable insights into making the most of your retirement. Please remember to subscribe, rate, and review the podcast. Until next time, take care.

In this episode, I'm joined by Dave Giesleman, founder of Become Limitless Flow State Mindset Coaching and Limitless Flow Breathwork. Our conversation centers around stress management and how tools like breathwork and achieving a flow state can enhance mental clarity and decision-making, particularly in a financial context. Dave shares insights from his experience transitioning from a high-stress career as a chef to teaching others how to manage stress healthily. He emphasizes the importance of understanding how the body's stress response works and using techniques to calm the mind and body.

We also talk about the different types of breath work, including intervention, daily practice, and long-form breath work sessions, to help manage stress and improve overall well-being. He explains how breathwork can help people recalibrate their physiological responses to stress, improve executive functioning, and access the flow state, where peak performance can be achieved. We also discuss how stress management and financial well-bing are connected, and how you can achieve balance in clarity in all aspects of your life. 

You can connect with Dave at: www.become-limitless.com

Key Topics Discussed

• The relationship between high performance and high stress
• Physiological responses to stress and their impact on the mind and decision-making
• Implementation of breath works to manage stress and enter a flow state
• Connections between stress management and financial decision-making
• Tools such as intervention breath work, daily practice, and extended breath sessions
• The importance of achieving clarity in financial and personal life to alleviate stress

In this episode, I welcome Gordan Stein, author of "Cash Flow Cookbook: $2,000,000 of Financial Freedom in 60 Easy Recipes." Gordon shares his unique journey from a career in tech to becoming an author and speaker focused on personal finance. Our conversation centers around practical ways to improve cash flow without significant sacrifices. Gordon discusses how small changes in everyday expenses can accumulate into substantial savings over time, emphasizing the importance of mindset in achieving financial freedom.

Gordon also provides actionable steps to start a journey towards financial wellness. He suggests examining fixed monthly bills first and then moving on to discretionary spending. He also shares some of his favorite tips from the book, such as improving credit scores and being mindful of healthcare costs. 

To find out more or connect with Gordon, visit: https://cashflowcookbook.com

Key Topics Discussed:

• The concept and origin of the Cash Flow Cookbook
• Importance of understanding and improving cash flow
• Strategies for reducing fixed monthly expenses
• Practical tips for discretionary spending
• Importance of mindset in financial planning
• Real-life examples of cost-saving measures
• Broader aspects of well-being, including health and creativity
• Upcoming Cash Flow Cookbook course

In this episode, I welcome Brian Page to discuss the interconnectedness of financial management and home management. Highlighting the importance of delegation to reduce stress and improve happiness, Brian shares his journey about using meal delivery services and budgeting with his kids. He talks about intentional communication with his wife, utilizing tools like Tiller and shared calendars for efficient household and financial coordination. The conversation also covers evolving gender roles, advocating for shared responsibilities at home to match changing workforce dynamics. Brian’s initiative, Modern Husbands, offers resources to help couples manage finances and home life as a team, underlining the value of systemized task delegation to alleviate mental load and promote well-being.

The episode also explores the significance of consistent financial communication among couples. Brian touches upon financial practices within relationships, addressing differences in spending habits and the concept of financial translucency.  We also discuss the disparity between social perceptions and financial realities and the necessity of focusing on individual household needs.

To find out more and connect with Brian, visit: https://www.modernhusbands.com/

Key Topics Discussed:

• The overlap between money and home management
• Setting up regular financial and household management meetings with spouse
• Delegating tasks to reduce mental load
• The Fair Play system and task ownership
• The impact of changing gender roles in marriage
• The importance of understanding long-term financial implications
• Combining finances for marital happiness

In this episode, I welcome back Jen Reid, but I also talk to Julie Costa to talk about their unique and reciprocal professional relationship that has profoundly influenced their personal and client journeys.

Jen shares her path to recognizing and overcoming subconscious blocks through Julie's Anchored program, while Julie, in turn, became Jen's client, showcasing the value of mutual learning. We discuss their fascinating techniques like subconscious reprogramming, hypnosis, and NLP (neuro-linguistic programming) to dig deeper into people's issues around money.

Julie talks about helping people transform their financial anxieties into empowering beliefs. Learn how consistent habits, visualization, and practical financial planning can lead to true financial wellness. Plus, Julie and Jen share actionable insights on integrating these practices into everyday life for sustained positive change.

To learn more about Jen, visit: https://www.baseplanning.co/
And to learn more about Julie, visit: https://www.juliemcosta.com/

Key Topics Discussed:

• Subconscious influences on financial behavior
• NLP techniques and hypnosis for reprogramming beliefs
• Demonstration of the "Swish pattern" exercise
• Continuous management of subconscious feelings in finance
• The role of repeated visualization and positive affirmations
• Combining subconscious programming with practical financial planning
• Habits and consistency in financial behaviors
• Personal anecdotes about overcoming limiting beliefs
• Importance of content-free moments for better decision-making
• Recommendations for resources on hypnosis and subconscious reprogramming

In this episode of Modern Financial Wellness, I talk to Jonathan Ainsley to explore the concept of flourishing longevity and how it relates to rethinking retirement. We talk about the importance of planning for not just financial stability but also personal well-being and purpose as people age. With people living longer, Jonathan challenges traditional retirement stereotypes and discusses a more dynamic vision that encompasses meaningful activities, health, mindset, and community involvement.

Jonathan has spent many years in the financial services industry in practice management and helped advisors help their clients plan for aging longer.  Along the way, he realized that most advisors and planners weren't working with clients on their plans for longevity and developed his own platform to help people change their mindset around retirement and aging and go into their later years with intention.

Jonathan also talks about the four main pillars of flourishing longevity: finance, mindset, health, and purpose. By addressing these pillars, individuals can enhance their quality of life and find fulfillment beyond their professional careers. We also discuss studies on aging and how mindset and lifestyle choices significantly impact overall health.

To find out more and connect with Jonathan, visit: https://longevityplanning.me/

Key Topics Discussed:

• Common perceptions and misconceptions about retirement.
• People living longer and questioning their potential achievements in later years.
• The four pillars of flourishing longevity: Mindset, Health, Purpose w/ Passion, and Community beyond family.
• Rethinking retirement, emphasizing financial independence and meaningful activities.
• Low levels of daily joy among high net-worth individuals.
• The role of purpose and identity post-career.
• Impact of mindset and environment on health.
• Combating ageism both structurally and personally

In this episode, I talk to Jen Reid, the CEO and financial consultant at BASE Financial Planning, Consulting, and Education. Jen discusses her transition from a traditional financial setting, where her role was primarily to sell life insurance, to becoming an independent financial coach and licensed hypnotherapist. She shares her dissatisfaction with the commission-based model and how it motivated her to focus on addressing clients' broader financial issues, like debt, investments, and college savings.

Jen explains her approach to financial coaching, which includes monthly meetings with clients to focus on budgeting and life coaching aspects. She emphasizes the importance of understanding clients' goals, motivations, and life aspirations. Jen introduces the concept of money dates and talks about the importance of accountability in achieving financial stability. The episode also touches on the role of social influences on spending and the benefits of open financial communication, along with a discussion on various tools and methods she employs, including hypnotherapy and emotional freedom techniques.

To learn more or connect with Jen, visit: https://www.baseplanning.co/

We talk about:

• Challenges with commission-based sales models
• The importance of monthly meetings for budgeting and lifestyle coaching
• Role of financial systems and managing spending and goals
• Concept of "money dates" for accountability
• Introducing budgeting tools like Monarch
• Handling social pressure and financial priorities among peer groups
• The metaphor of financial sobriety
• Importance of open communication about finances
• Differences between therapy and coaching, focusing on forward movement
• The role of fitness in financial and emotional well-being
• Social media's impact on financial perceptions
• Techniques like hypnotherapy and emotional freedom tapping for addressing financial anxiety

In this episode, I welcome Adrian Brambila and Dr. Brad Klontz to discuss their new book, "Start Thinking Rich: 21 Harsh Truths to Take You from Broke to Rich" and to talk about the mindset that may be keeping you poor.

Dr. Brad Klontz is a clinical psychologist and Certified Financial Planner, and Adrian is a former professional dancer, now entrepreneur, YouTuber, and self-made millionaire. They discuss how they met, and why this book was so important for them to write. From Dr. Klontz's beginnings, growing up in a low-income household, and how his early experiences with financial struggles and debt influenced his career in financial psychology, to Adrian's rise to success and learning to navigate letting things go and feeling he deserved it.

We discuss the significance of mindset in achieving financial success and the importance of questioning and often challenging entrenched beliefs about money. We also explore essential mindset shifts for financial wellness. Adrian highlights that true wealth is about freedom of time and choice rather than material possessions. Dr. Klontz discusses the importance of intermittent retirements and the perils of viewing retirement solely as an end goal and working your life away to get there. We also discuss the value of mentorship and continual learning in financial growth.

To pre-order your copy of the book and grab some bonuses like a masterclass and access to their online community, please go here: https://www.startthinkingrich.com/podcast?am_id=jim_ModernFinancialWellness

We Talk About:

• The psychology of money and its impact on financial decisions
• Importance of mindset shifts for financial success
• Insights from "Start Thinking Rich: 21 Harsh Truths to Take You from Broke to Rich"
• Concept of wealth beyond material possessions
• Importance of intermittent retirements for maintaining purpose and happiness
• Role of mentorship and continual learning in financial growth
• Using money to enhance life experiences
• Advice on outsourcing tasks to better utilize time

So many are working towards retirement, but will you feel fulfilled when work no longer defines you?

In this episode, I talk to Jeff Bernier, a seasoned financial planner, Founder of Tandem Growth Financial Advisors, and host of the "Money & Meaning" Podcast. Jeff brings over 37 years of experience and shares insights from his book, "The Money in Meaning Journey, a Guide to Clarity, Financial Confidence, and Joy."

Jeff shares how his personal experiences, like his father's struggle with finding purpose post-retirement, shaped his holistic approach to financial planning. We explore the psychological and emotional facets of financial decisions, including the importance of self-awareness, core values, and purpose.

Jeff also discusses his transition from focusing solely on the technical side of financial planning to addressing the deeper aspects of clients' lives.

Jeff also shares the three most important things people need to do to figure out how to align their meaning and purpose, which are:

1. Figure Out Who You Are
2. Understand the Context of Your Situation
3. Work On Your Capacity to Fund a Meaningful Life

To connect with Jeff, visit:
www.tandemgrowth.com
www.jeffbernierauthor.com

Key Topics Discussed:
- Balancing Finances With Joy
- Learning to Define 'Enough'
- Discovering Spiritual and Financial Well Being
- Holistic Financial Planning
- Why it's so Important to Understand Your Core Values and Identify

In this episode, I talk to Kim Jones, who shares her journey from a senior executive role in a Fortune 250 company to becoming a coach dedicated to helping individuals align their careers with their values and purpose. We discuss the psychological and emotional aspects shaping financial decisions and career paths, highlighting the prevalent issue of feeling unfulfilled in traditional corporate roles. Kim talks about reconciling financial stability with work that holds meaning and purpose, using frameworks like Ikigai and Clifton Strength Finders to guide her clients through transformational career changes.

Kim also shares valuable insights on the contemporary job market, discussing the biases in the recruitment process and the importance of soft skills such as resilience, adaptability, and problem-solving. She provides success stories of clients who have made meaningful career transitions, breaking through limiting beliefs, and emphasizes the importance of creating an intentional life and making important career decisions. We also talk about the essential role of coaching in providing clarity and support to individuals looking to make career changes, with personal practices like meditation and journaling aiding in the pursuit of well-being and purpose.

We Talk About:

• Career Misalignment and Burnout
• Shifting Values Over Time
• Balancing Financial Stability with Meaningful Work
• The Sole Ego Continuum
• Kim’s Transition to Coaching
• Importance of Soft Skills in the Modern Workforce
• Use of Ikigai and CliftonStrengths Frameworks
• Role of ChatGPT in Career Exploration
• Biases and Challenges in Recruitment Processes
• Success Stories of Career Transitions
• Personal Practices for Well-Being
• Recommendations for Further Resources

 READ+LISTEN+LEARN:
Kim had a great list of items that have helped her in her career change.

1. Books & Resources
   • Adam Grants Work
     • Podcast -  “Work life”  https://adamgrant.net/podcasts/work-life 
     • “Rethinking” -  https://adamgrant.net/podcasts/rethinking/
     
     
   • Other Podcasts
     • Brene Brown - Unlocking Us & Dare To Lead - https://brenebrown.com/podcasts/ 
     • We Can Do Hard Things - https://wecandohardthingspodcast.com/
     
     
   
   
2. Wellbeing and Music:
   • 42 minute mark - morning routine meditation journaling and taking a walk , being conscious of her energy level and looking for a boost
   
   

Links & Socials

• Kimjonesalliance.com
• https://www.linkedin.com/in/kimberleesjones/

ABOUT ME:
 
 My name is Jim Grace. I am a CFP®️ (Certified Financial Planner) and the Director of Wealth Management at Silver Pine Capital, LLC, (www.silverpinecapital.com) a registered investment advisory firm in Medfield, Massachusetts. 
 
 In my spare time I host a podcast and write about Financial Wellness & Wellbeing.  Check out some of my other work @  www.ModernFinancialWellness.com. On the website I try to unpack each episode a little further and also spotlight any other resources I think might be helpful to anyone trying to feel better about their finances.