Human beings are complex; we have needs, desires, and psychological biases. We have also, over time, developed an emotional relationship with money. Functional MRIs show that the way we feel about money is the same way we feel about life-or-death situations. Each of us has a “money script;” a narrative relating to money which has formed as a result of various influential factors in our lives, some of which we may not even be aware of. Unhealthy narratives can often result in a sense of shame, which prevents us from talking openly about our finances, and this can have dire consequences on an individual and societal level.
That is why Michelle Arpin Begina, author, speaker, nationally-recognized financial advisor, activist, and our guest on today’s show, has developed a humanistic approach to helping people handle their money, and their feelings about their money. She calls it financial therapy, and in this episode, you’ll hear what her approach entails, some of the major recent trends she has noticed amongst her clients, as well as the challenging journey that Michelle took to get to the point where her financial status and her state of mind are aligned, making it easy for her to talk about money. And she can help you do it too!
What you’ll learn about in this episode:
- How Michelle and her business have fared during the COVID-19 pandemic.
- The goal that Michelle has to positively impact people’s lives, and how she is currently doing that.
- A great reset that Michelle has seen occur as a result of the pandemic.
- What functional MRIs tell us about the feelings we have towards money.
- Michelle explains the concept she calls self-serve financial therapy.
- The strategy Michelle uses when she has to attend online conferences.
- What Michelle’s approach to financial therapy entails.
- Behavior biases and how these impact our financial decisions.
- How a humanistic approach differs from a holistic approach.
- What the question, “What does wealth mean to you?” reveals about someone.
- The acronym used to describe the main elements of positive psychology.
- How the definition of success has changed over time.
- A shift in the way people are thinking about financial planning that Michelle has noticed.
- Meaning as a key part of the non-financial aspects of financial planning.
- The taboo that still exists around having conversations about money.
- Examples of the types of underlying “money scripts” that people have.
- Michelle shares her personal experience with money while she was growing up, and how her parents’ financial decisions impacted her life.
- Four different types of will.
- Where conversations about money need to begin, and why it is so important to have these conversations.
- The fine line between a moderate scarcity mindset and a moderate abundance mindset.
- Where you can find Michelle’s Success Formula Guide, and how this can help you.