Imagine the power of understanding your relationship with money. Join us, Jake and Kirk, on a journey to discover our money scripts and how they shape our financial decisions. From sharing personal anecdotes to hearing from a certified financial planner, you'll gain insights that could potentially revolutionize your approach to money management.
Have you ever considered that your approach to money could be categorized into a 'money personality'? We delve into the personalities of money vigilance, money worship, money avoidance, and money status, discussing the traits and behaviors associated with each. From learning how to balance a relationship where partners have different money personalities to understanding the emotional responses evoked by financial decisions, this episode is a treasure trove of financial wisdom.
Our special guest, a certified financial planner, offers his unique insights on the most common money scripts he encounters with his clients and how he guides them to adopt beneficial traits from different money scripts. To cap it all, we explore the complex relationship between money and personality, a discussion that can help you gain a deeper understanding of your financial habits and behaviors. So, tune in and start a journey to redefine your financial future.
Imagine the power of understanding your relationship with money. Join us, Jake and Kirk, on a journey to discover our money scripts and how they shape our financial decisions. From sharing personal anecdotes to hearing from a certified financial planner, you'll gain insights that could potentially revolutionize your approach to money management.
Have you ever considered that your approach to money could be categorized into a 'money personality'? We delve into the personalities of money vigilance, money worship, money avoidance, and money status, discussing the traits and behaviors associated with each. From learning how to balance a relationship where partners have different money personalities to understanding the emotional responses evoked by financial decisions, this episode is a treasure trove of financial wisdom.
Our special guest, a certified financial planner, offers his unique insights on the most common money scripts he encounters with his clients and how he guides them to adopt beneficial traits from different money scripts. To cap it all, we explore the complex relationship between money and personality, a discussion that can help you gain a deeper understanding of your financial habits and behaviors. So, tune in and start a journey to redefine your financial future.
Okay, we're gonna go ahead and get started. If you guys can have a seat, please, and if my camera woman can tell me if I'm in the frame, I'm in the frame, okay, thank you. All right, everybody. I know some of you may not have finished your tests, but we we thought we'd give you some homework this time, because what's third Thursday with a bunch of objectives without some homework? Thank you guys, all it for, as always, for coming. As I always say, the food is free and I got. I don't know if there's any fish and chips last or left. There's fish and chips, pizza, not pizza, hamburgers and sausages. The food is free. Drinks are not free. Reserving this venue is not free, so, please, there's the tip jar, venmo, paypal, whatever you can do, very much helps and we're gonna go ahead and get started, okay. So, first off, who has been able to actually finish the test?
Speaker 3:Yay who was able to see the test without assistant I'm just kidding without the help of a magnifying glass or your iPhone light.
Speaker 1:Okay, so, by the way, this is Jake Nuno Jake and I so welcome Jake to your first third Thursday.
Speaker 3:Thank, you Glad to be here. Kirk and I produce a podcast called the Jacob all trades show.
Speaker 3:I'm a certified financial planner in San Antonio, but I also have a passion for financial education, and Kirk and I have very different backgrounds and very different knowledge skill sets, and so he provides amazing philosophical Aspects of money management that I have a lot of office to a lot of office quotes, and so it's a real treat to have him as a co-host on the show, because we get to have really interesting conversations about Subjects beyond just investing and retirement and the boring stuff that financial planners typically talk about. So today we're gonna talk about money scripts, which is more so psychology than it is finance, but it helps ultimately in how you make financial decisions every single day.
Speaker 1:Well, just as a quick thing though. So we started doing this show when I was living in an RV in a park in San Antonio. So I was living in an RV in San Antonio, my finances were not great and that's nothing nothing connecting to that, I don't think but so you came over, we did this show together and I, you know I I'll talk a little bit about my money script and I were interested in anybody who's willing to share your money scripts. Or if you just want to ask a question for a friend, we'll do that too. I know a lot of people may be a little shy about that. That's fine, but I've learned a lot about finances. I've basically Really, I've paid off all my debts. I bought a house. I have everything in order. I actually have a retirement plan Stuff. When I was a younger, all I did was Figure out like I'm just gonna somehow be a best-selling author and make millions of dollars.
Speaker 3:I don't know how it's gonna happen. It's still gonna happen.
Speaker 1:It's not happening, but it wasn't necessarily the greatest financial plan of all time, but I've become a lot better through, you know, interacting with Jake over the years. Basically, the show for the first three years is him solving my life problems and finances Over and over again.
Speaker 1:So I got free financial advice by producing this show for Jake yeah, so that's a little bit of exaggeration, but there's a lot of truth to that. So today we're gonna talk about money scripts, which I found to be a fascinating. The psychology of money. What kind of behaviors do you have underlying how you save, how you think about money, how you spend money. And you know one of the.
Speaker 1:I just listened to a podcast and they told this really interesting story about Jack Welsh, the famous 1980s CEO. When he was, he had a heart attack. He's on his way to the ambulance or is in the ambulance dying. And they asked him later like what was he thinking about? And the thing that he thought about was damn, I wish I had spent more money. And it's an interesting perspective of, like you know, I like the idea of we should die broke. Like I like the idea that we shouldn't. Like why would you have a lot of money in your bank account when you die? Now, obviously you don't want to die like in destitute poverty, but my point is that you you know we how we think about this, is very important to the way we live our lives.
Speaker 3:Yeah, absolutely so I Forgot what I was gonna say. It just escaped me you were talking about. We don't want to die destitute, so I think it's it's. That's one of the unique things about the dynamic between Kirk and I and our show is that we really place an emphasis on Financial behaviors that matter, like in the interim, because a lot of when you think about financial planning and investing, it's always for the future, and while that is an important component, we also need to respect what's happening in the moment, and so it was interesting. I wanted to have this quiz with this group of people Because one Kirk told me that objectivists are going to analyze the hell out of these questions and not be able to answer them Just point blank, which he was spot on about. But the other thing was you have a very interesting and Direct approach and philosophy on money.
Speaker 3:We had a good episode where we talked about Einrann's money speech a couple of episodes on Einrann's money speech and Andrew Carnegie's gospel of wealth essay, and we talked about the dynamics and the differences between those two, and so I think the money script exercise is Critical, because these are typically things that are unconscious to us and so they just manifest in unique ways, and there are absolutely Benefits to having and knowing some of these money scripts, because, as we'll talk about some of the definitions, it sounds negative, but as long as you're aware of it, you can use it to your benefit. So that's one of the reasons why I want to do this with this particular group.
Speaker 1:Yeah, so does. Just out of curiosity, is anybody willing to share their, their? You are. Well, what was your dominant money script? And we could start there with the four. So, everybody, if you have one of these, you should be able to see the, the four money. So, although one of them is, one of them is incorrect, the there's a miss.
Speaker 3:There's a yeah, yeah, Sure yeah yeah, so the one that is incorrect because I made this and I shouldn't be making stuff like this.
Speaker 3:I should leave it to somebody who's better at doing this the one that was incorrect is the money status, so it kind of sounds like what it is. But so people who hold money status scripts see net worth and self-worth as being synonymous. They may pretend to have more money than they do and, as a result, are at risk of overspending. In an effort to give people the impression that they are financially successful, they believe that if they live a virtuous life, the universe will take care of their financial needs and that people are only as successful as the amount of money they earn. They have lower net worth, lower income and tend to grow up in families with a lower socioeconomic status. People with money status beliefs are more likely to be compulsive spenders, be dependent on others financially and lie to their spouses about spending. Holding the money status script is also predictive of pathological gambling, indicating individuals may gamble in an attempt to win a large sum of money to prove their worth to themselves and others.
Speaker 1:So unfortunately I scored really high on this one.
Speaker 3:This was Kurt's highest.
Speaker 1:No, no, no no, my highest was money worship.
Speaker 3:Oh, that's right, so I was one point higher.
Speaker 2:That tracks right.
Speaker 1:But yeah, so like. By the way, one of the other benefits of this is not just understanding yourself, but there's quite a few couples in here and, as anybody know, the number one reason why people get divorced Money.
Speaker 5:Finances. That's what they put on.
Speaker 1:It's finances, usually related to communication, but it's finances generally speaking, and this is a good example people hiding how they spend their money from their spouse. So it's very helpful to understand the kind of person you're with, not because you're gonna judge them, but you need to understand, like, how to open those lanes of communication Right.
Speaker 5:So, on the money status, what effect?
Speaker 3:do you have? On the way to the point of that, yes, that is the correct scale, threshold.
Speaker 1:Yeah, the scale's right. What's wrong with it? You said something wrong.
Speaker 3:What's wrong with it? Oh no, nothing's wrong with the other, it's the same. The description on money worshiper is the same as the. It's just the wrong description, because I copied and pasted and then I forgot to change it. Yeah, that's on me.
Speaker 1:Okay. So Hillary, what was your dominant one?
Speaker 2:Money worship, money worship. So let's talk about money worship.
Speaker 1:Yeah, so anybody else be willing to share that? They got money? Worship as number one. Nice, Okay so we have but bunch of yeah yeah. Which one's the dominant is the one that scored the highest.
Speaker 3:Yeah, so it's the strongest attribute that you demonstrate.
Speaker 1:Yeah, yeah, I got a 40 on that one.
Speaker 5:Yeah.
Speaker 1:So I'm pretty high. I think a lot of us probably scored pretty high, especially in this group. That makes sense because that's a lot of the questions of like. People with money are good essentially. They're not evil. They're not, you know, they're not trying to corrupt people and dominate the world.
Speaker 3:Also, money worship is a lot about the pursuit of money and money creation, and so sometimes we can see it as like ideological. But it is in some sense ideological because that is a driving force for you and your behavior. So sometimes money worshipers will be the entrepreneurs. They tend to have riskier investment portfolios, they take more risks because the trade-off is worth it and the worship aspect is what's most important to them.
Speaker 1:So what are some ways you can identify, like how does this affect you on a day-to-day basis? Do you think to be a money worshiper? Is it just like the how you invest specifically? Or do you? Because, like I'm high on this and I think there's some downfalls to this? I think part of it is your behavior over time can tend toward taking too many risks which can end up in an RV in a park in San Antonio.
Speaker 1:So like there's like different sides to this, right yeah so that I think money worship is a good thing overall, but you have to also balance and be careful.
Speaker 3:Yeah, like I've seen, people who have a high money worship trait. They're usually not always more predominantly single, because their pursuit of wealth and working tends to overcompensate for any type of a relationship Can we raise?
Speaker 1:those hands again, right Okay. Wait wait, wait. Okay, that was single. Or find a fellow worshiper, yeah, or find a fellow worshiper. I think that makes sense, yeah you can pursue it together. That's actually a really good thing. That was your number two, oh man. Okay, I need a neutral glove or I don't care and I don't care. Well, but the point is it's forcing you to make evaluations which I know is hard sometimes, but we got this Okay. So anything else about money worship.
Speaker 3:That's really, I think, the two, and it's hard to say downfall, because a lot of people live very successful lives, single right. That's a way you can totally live. I think, though, if it's always been a priority to have a family and you have money worship traits, you need to be aware of those so that that's not always being a driving force behind decision making that puts someone else on the back burner, right, just as an example. I think another thing is just like the risk you're willing to take, not only with investments, but career right. So one of the things that was spot on for Kirk is that he is like, not afraid to like throw caution to the wind and try a new gig and hope it works out, and he makes money to live, whereas some of us that are like money vigilant or like, ooh, I would love my salary, my consistency. So there's some risk there as well, and you just have to be willing to accept it, and most money worshipers are, but that's not always the case.
Speaker 1:Okay, so that's money worshipers. Now do you have? What are the traits?
Speaker 3:the emotional traits to have those so.
Speaker 1:I found it interesting there are corresponding emotional traits that goes with these worshipers.
Speaker 3:So money worshipers tend to be a little more anxious, manic, obsessive, flashy, fun, compulsive. Well, not all of these are accurate, like I don't think I'm very flashy. No, these are again. These are very. These are very general characteristics. I don't think I'm very flashy, I don't even have a watch.
Speaker 1:I'm very flashy yeah.
Speaker 3:And Kirk's not very fun either. Yeah, definitely not fun. We get to talk about that, I guess.
Speaker 1:yeah because maybe the flashy ones are the fun ones.
Speaker 3:I don't know. Oh so money worshipers tend to exhibit being anxious or manic, obsessive, flashy fun, compulsive and then oftentimes single.
Speaker 1:Well, 38 years, so yeah, it worked out. Okay. So anything else on Money, wish Up, yeah, and then like you know their financial situation.
Speaker 3:From my perspective as a planner, sometimes that looks like they don't actually have a lot of savings, sometimes because they're willing to push the limits as far as what they're willing to invest in and take risks on. They spend a lot on life experiences, travel you know all of those things. Sometimes they have credit card debt. Sometimes they manage it well. They always have a new car, typically, or like the newest piece of technology that's necessary. They travel a lot and sometimes they can be a shopaholic. So those are some of the traits that I've identified when working with a money worshiper.
Speaker 1:Okay. So, by the way, when you get them like when someone comes into your office as a you know, hire you as a CFP, do you have them take this test?
Speaker 3:I don't usually have them take this test. Okay, so you.
Speaker 1:But can you identify like this person's problem?
Speaker 3:Usually when I, but it's really hard to do because you didn't get mine quite right.
Speaker 1:You thought I was money avoidant.
Speaker 3:I did, I did.
Speaker 1:Who is? Is anybody willing to say money avoidance is their top? Is anybody willing to share? Okay, no one, that's okay. So, yeah, I'm not surprised that there's lots. I had a feeling people were not gonna share this one.
Speaker 3:I'm not surprised there's not many money avoiders in this crowd.
Speaker 1:Yeah, for sure. What is money avoidance?
Speaker 3:So money avoidance is really like you feel scorned about people who are wealthy. You can be bitter, resentful, a little anxious, paranoid when it comes to money. But also money avoidance can be ignoring aspects of your financial life and just letting them sort of play out as they do.
Speaker 1:So that's why you were thinking this is me.
Speaker 2:Cause I did that for like 25 years yeah, Like yeah.
Speaker 3:Yes those can be characteristics for somebody who's a money avoider.
Speaker 1:No money. Worshipers, I think, are happy. They're just happy by themselves. I don't like their they're happy with, with, yeah, With, yeah, yeah, they're just living an RV, so it's.
Speaker 3:that's an interesting. That is an interesting comment that you made, because this, this survey, is written by a PhD financial planner, so I didn't come up with this, and so it's kind of interesting because, if you think about, like, the narrative they're trying to create is that the money vigilant person is going to be the one who saves, the one who invests, the one who behaves right, and so it's the words they use to create that narrative is relatively interesting. But that's where I think we talked about it earlier today. Like there are aspects of each of these that can be beneficial as well. It's not just, you know, there's something to be said about being oblivious about certain aspects of your financial life because it gives you too much stress, right, I wouldn't recommend it, but it can give you a sense of, you know, comfort, and so I think there's benefits to all of these, even though the language around the definitions is, like you said, it's very negative, with the exception of the vigilant.
Speaker 1:Well, you should definitely know yourself, yeah, and if so, part of the point of this isn't that this is 100% accurate about who you are, but it's important to think about, like, how you act around money, because if you, I think, if you don't realize it you're going to start taking actions, getting with people making the wrong decisions that will bite you in the butt later in life, and it's and so my my thought with that I mixed idioms that one of my thoughts with this, with Objectivist, is that because we're Objectivist and we have a particular ideal of what we think is the right answer for a lot of these things, we may not actually answer them to the emotional responses that we will have, which is a kind of way of avoiding the way that we actually might operate.
Speaker 1:So, like, you may have an idea in your head on some little, and again, this is just. I'll just talk for me. I think I did this with, like you know, do you know? Do our poor people lazy? I was like pretty harsh about that one, but I was wondering, like, like, maybe they're not, I don't know, you know. So my point is the point of these types of things. I'm just saying they may not be lazy.
Speaker 3:That's all.
Speaker 5:That may not be the only but you like.
Speaker 1:The point is to have a. You know, try to. If you already answered it, it's great, but try to have a clearest, almost honest, emotional response.
Speaker 2:Because there's no wrong answer.
Speaker 3:Be careful about emotional response Think, think, regression Right.
Speaker 1:Okay. So this is a okay okay, no, no. I think emotions are not easy at all. Yeah, but yeah the point is that you want to experience that emotion so that you can honestly see your own assessment and then you can assess it later, but this is a whole nother issue on psychology that we need. We'll bring Gina back to do this, okay. So who's got? What was yours, by the way, what was your dominant one? Vigilance let's talk about strong second with worship. Okay, all right, let's. Who got okay, who got money? Vigilance who?
Speaker 3:was high on money vigilance. No, who's dominant on?
Speaker 1:money vigilance, just out of curiosity, okay, and is willing to do it.
Speaker 3:Yeah.
Speaker 1:One, two, okay, okay. Well, thank you for sharing.
Speaker 4:What is money vigilance?
Speaker 3:So money vigilance is about being overly protective of not only the money you accumulated but your ability to continue to produce. It's also about being conservative in decision making. So some of the common traits with those are someone who's cautious, steady, consistent, predictable, boring. Typically they're very independent, research oriented, so they're gonna look things up and dissect stuff. So think of, like an engineer as a common career track for someone who's money vigilant. And they're typically very well informed about every aspect of a decision that they need to make.
Speaker 3:But the interesting thing on a financial picture is that sometimes that overprotection can work against you. So, like what I've seen in practice is a lot of times money vigilant people have like way too much cash instead of taking more risk with their investments, so they miss out on some of those opportunities. They usually have a lower allocation to stocks. In just very broad terms, they're very, very well diversified of the portfolio that they do own. So to some extent and the exact opposite of the worshiper, which is always kind of interesting if you have those two characteristics, there's like a competing factor inside of you that you wanna take the risk, but something's overpowering you, right? They typically have a really high income, but it's a stable income. So they're high level manager of a corporation not always an entrepreneur Typically don't have any debt, very predictable spending, and they're good at setting long-term goals, sticking to them and funding them. So these are the people that are definitely like maxing out that 401k, yeah.
Speaker 1:Maxing out the 401k. What if they have a 401k?
Speaker 3:If they have a 401k, you know they're saving for retirement, right? They don't? Yeah, that is priority number one.
Speaker 1:I don't know. Yeah, yeah, maybe, yeah, so do you think that a money worshipers should marry a money vigilante?
Speaker 3:Is that an optimal way? I mean, I think there's like a good balance right Does anybody want to marry a money avoider?
Speaker 1:Who wants to marry a money? Sorry, that's why I figured nobody would want to answer money avoidance, since there are no money avoiders here. Yeah, since there's no money avoidance, at least they're not admitting it, I know, yeah.
Speaker 3:They're like oh, I'm not, I'm not admitting, I'm a money avoider. Yeah, yeah, I think actually marrying a money worshiper and a money vigilante would be the two of you right, sort of, those are your two, so you already exhibit those characteristics.
Speaker 1:Marco, you're a vigilante right.
Speaker 3:Well, he hasn't done it yet, but I bet he's vigilante.
Speaker 1:Yeah, he's vigilant. Yeah, yeah, we did a show called the Tortoise and the Hair. He was the tortoise, I was the hair, because we were business partners. It was super long term. Let's do this over. Slow down, kurt. We got this sorry.
Speaker 3:I did this a lot yeah.
Speaker 1:But success methodical, and he's building stuff and great. So I think that's a good match that makes sense.
Speaker 3:So I'm curious of the couples in the room if you did it together, did it? Or what's your philosophy, if you're willing to share on how you communicate about money, because it's often very different perspective. It's not common that both partners in a relationship have the same objectives and the same perspective on how to handle money, how to talk about money. So did this bring up any I don't know thoughts about? Oh, that's actually a characteristic that you've exhibited for years, right?
Speaker 2:I would say with us. There really wasn't a surprise. I don't know how many people are familiar with the Myers-Griggs personality test and I like it. It's pretty well validated, I think. But Marty's pretty in and so that's very conceptual in head and would make a good auditor, whereas I'm more of an SJ, which is more of a census and judgmental from S&P. I'm much more of a risk taker as far as investing in things that might not be able to afford initially but eventually purchase the money.
Speaker 4:So he's an entrepreneur and more into status.
Speaker 3:I'm a little bit more individual but not enough to override, oh boy, Not enough to override his worship.
Speaker 1:Yeah, okay, Since I got the worship going on to obviously we both got some of the avoidance going on as well, so let's talk about avoidance. That's the one we haven't talked about yet. I don't think no we talked about avoidance.
Speaker 3:I think the only one we didn't talk about was the one that's not there, which is status oh, the status, okay, so let's finish off with status this is actually one. Does anybody have status as their highest trait?
Speaker 5:No Number two for me.
Speaker 4:That's your second, so that was number two for me, as well, 39.
Speaker 3:Yeah, I was vigilant and status, but they were almost equal. So there's an interesting part of the definition for status which is like part of the money status script means like coming from a low socioeconomic background, which I did, and we listened to this podcast about money scripts where the guy talked about the idea of being snubbed and the word snubbed stuck out to me because it's less so about like deprived, because we're not really deprived. If you were poor growing up, right, you still had what you needed. But there's an aspect to the word snubbed which is like the cool people in school didn't invite you to their party because you had the crappy house or you know.
Speaker 1:You're like on the bus and you see the kid with the BMW and going across, and so as I've grown into adulthood and made my own way.
Speaker 3:I have identified at certain times in my life making financial decisions and saying, is this a rational decision or is this because now I use that terminology snubbed? Because I was snubbed so much as a kid and now I feel like, well, no, I want that because I get to have it, because I can right. And in that same podcast they talked about how sometimes there's characteristics of the money, the Like admiring you're talking about, like the Lambo eggs, yeah, yeah, so there's an interesting idea about what we admire about friends, like if you're in the money status category which it doesn't look like a lot of people here are.
Speaker 5:No.
Speaker 1:Except for me and Jake, I guess. Oh and Ann. Okay, so three of us with the money status folk. I look like money status obviously.
Speaker 1:My crappy jeans, but yeah. So like the idea, though, and some of the examples is somebody who you look at, someone in Lamborghini and you want to achieve that Lamborghini status. But really, what's interesting about the example is most people who see a guy in a Lamborghini aren't actually really admiring the guy in the Lamborghini. What they're really doing internally is they're picturing themselves there, which is a kind of irony where you, like the guy in the Lamborghini, thinks everyone's admiring him and they're not. They're really just seeing themselves in that status position. Right, he's irrelevant, like he didn't do anything. The status is irrelevant, it's just that he's like a placeholder for other people, essentially, and achieving something, and I think that's a really interesting way to think about money status, and I know money status is probably not a popular thing. I'm an objectivist because of the books we've read, but because it sounds a little bit secondhander. I think is why, but I would be willing to bet some of us may have. You know, maybe I have it a little bit more than I. Why have it 39 points?
Speaker 1:So like it's there a little bit and it may be in and there a little bit in terms of, you know, wanting to seek that status, and I think, like you're saying, the snubbing part is part of it, where you kind of always looking up at something and that's what you're trying to reach for.
Speaker 3:But you did give a good example today about a money status of someone that you interacted with a long time ago. That was a successful person at a dinner Right.
Speaker 1:Oh yeah, so I had this. So this was actually. So this, but this is a little bit more positive. I don't know if this was a snub.
Speaker 3:Well, maybe it's not. No, that's what I'm saying. I'm flipping the. Maybe this is my money status yeah, that's what I'm saying. I'm flipping the script on status.
Speaker 1:Yeah, when I was like 15, 16 years old, my mom was working at a company. The CEO took us all out to this really fancy dinner as a whole bunch of us, and I remember I was like 16 years old and you know, everyone's ordering drinks and dinner and the waiter comes along and he the CEO. This goes like this.
Speaker 1:And when I was 16, you know so like another round when I was 16, I was like oh, I wanna do that one day, like I thought that was really cool, and I think that's part of the status thing, though, of like wanting to achieve that level of like you know, like being a pillar in that sense that's a little more positive. I think the Lambo's a little superficial no if it's, if anybody has a Lambo, sorry, good for you.
Speaker 5:That's great. You have a Lambo. Congratulations, Congratulations that is an achievement.
Speaker 3:Yes it is, but it is. I just wanna buy everyone a round of drinks. Yeah, that's just another. So we'll look for the finger, but that's just another example.
Speaker 2:I'm not there yet, so don't worry, no, no finger, Give me the tips give me the tips, but one day.
Speaker 1:I will go like this and he will be like oh, okay, maybe. Yeah, questions, yeah, so we just wanted to share this with you guys, who had some questions I found myself five.
Speaker 1:I think that's a good point and I think it's important to differentiate a real goal that you've internalized as something you want to achieve versus it comes because of this inner script of you were snubbed and you want to get it If you really start. I think the point is to always try to get to what you really want and it's not you're doing it for other people or to rectify your parents didn't buy you the pony you wanted or whatever. Like you're trying to actually find the deep values that you have. So if you love sailing, if you find you love being on the ocean, I think figuring out how to get a sailboat, a yacht, as a goal in life is really admirable and I admire people who do it. But I think a lot of people get yachts probably do it to impress other people. They just sit there over and over again.
Speaker 1:There's a story of from the 1800s of one of the Vanderbilt sons who spent millions of dollars on like a 16,000 square foot. I don't remember what it was. It was a crazy size house. He never went in it. It was not made for living. It just almost made this multi-millionaire in the 1800s bankrupt. But he did it for other people and you hear those types of stories all the time.
Speaker 1:The issue is just kind of trying to get to your own inner values, not doing it for other people. That's why I think being aware of these things is important. Maybe you are more status driven, so you need to be aware of that so you can say wait, do I really want this $80,000 car? Is this really the value that I need in my life, or is it like I'm striving for this and maybe I can invest in a business because I really want to work for myself? Those are the kinds of questions that these types of things help you and for me, help you do it. What kind of life do you want to live? The whole point of our show is to help people become the CEO of their life, which means you're not going to be a master of everything, you're not going to know how to do everything, but you want to know how to get the right people on your team to help you make the right decisions and get the right amount of knowledge for your life.
Speaker 4:I was just talking about my material things like having things at home or at a yacht or whatever. Sometimes there's also the other things that you have, like experiences you should have, whether it's a degree, education, travel, having a career. These are kind of financial goals too, because you spend money, time and effort to achieve them and make similar kind of a pressure, maybe better impressions on people as material things themselves.
Speaker 3:It's a very good point.
Speaker 4:But financial things doesn't just apply to the things we buy, but the experiences, education, even the knowledge and the things that we buy with our time and effort and money.
Speaker 1:But I think that can even be money status like I always wonder if people who go to Harvard for certain degrees that aren't maybe necessary.
Speaker 4:That could be part of it.
Speaker 3:Do they do?
Speaker 4:it for a status? Do they do it for themselves or for a?
Speaker 1:status Now if you got into Harvard, you know not trying to.
Speaker 2:I didn't get into Harvard, so I'm not, you know I did not try, but I would not have they would not have taken me.
Speaker 1:I promise you that. But point is that I think anything could be money status. The point is to understand your motivations for doing certain things, so that way you could better understand the kind of decisions you make. Yeah, did you have a question? Yes, what do you think of a?
Speaker 2:couple, what's a couple of psychology that cannot put a budget?
Speaker 3:Woo, the first thing I would say is good for you because you're communicating about it. Right. That's the first check mark. Right, because you probably will never come to an understanding, especially if your money scripts are different right From the start. Yeah, but at least you're communicating about it, because that's the mistake that most couples make and I think sometimes you have to reside in the fact that you'll never come to an agreement on that and we just use the benefit of frequent touch-ins about the concept as progress.
Speaker 4:Yeah, but now my daughter needs some help and I said, oh, we can help you with the budget and we looked at each other and went I can't do that, yeah, yeah.
Speaker 3:Tell her to use an app or something. Yeah, Well, there's two things when you're having a budget and you're just having a budget.
Speaker 1:Yeah, sure, yeah, that's a totally different thing. I think each one has to separate by bit, and it's a no-budget for us, and it's the three of us together on the better side. In other words, you're not alone. Yeah this is a common thing, I know, jake. You deal with this all the time. It's your clients. Oh yeah, yeah, yeah.
Speaker 3:Couples are never I shouldn't say never, rarely on the same page, right, and so I always say, like it's good that you're here because we're having these discussions, right. So it just airs everything on the table. We may not solve it, but you're aware of the other person's perspective on it, how they're spending money. Those are all good things, yes.
Speaker 5:This has been great. Jake, I know you typically. I know that you typically focus on younger generations with the people that you work and you help and guide With the people that you work with. What money script do you more commonly see and then, what is the money script attributes that you commonly encourage in the people that you work with?
Speaker 3:I see a lot of vigilance, because I think people who solicit advice from a financial planner are more.
Speaker 3:They fall in that category right, and those are some of the traits that I do try to instill in them, because it has to do with very consistent advice.
Speaker 3:Save this amount for this purpose right Now. There is some pieces of money worship that I think are beneficial from a goal setting perspective, because money worshipers, when they put caution to the wind, they're able to better manifest exactly what they wanna do with their money, and that's the best way that you end up. Accomplishing a financial goal is to connect with it, not just to say it's retirement or it's a house, but it's like oh no, this is like my house in Denver or this is my two-year sabbatical across the world. Those types of ideas don't always come to a money-vigilant person, because that's not the way their brain is wired, and so if we can take some of the benefits of worshiping money and viewing it in a different lens, then they're more likely to make achievements in their financial goals rather than just kind of yep, this is what I do, I put this money here and buy this mutual fund and this is what it does. It's just a bit more of a connected plan than the kind of yeah, every time, every time.
Speaker 1:Well, I guess we'll end here. One of the things I've learned in working with Jake as kind of my CFP over the last six years is the value of having someone like that on your team for anybody, because my conception of a CFP was that you would basically go to them and they would tell you don't do that Like Kirk, don't quit your job and try to be a writer, like that's the kind of thing. But really what I've learned is like they just help you understand yourself, to make the right decisions over time and try to guide you into maybe have these kind of strategies, tips and really how to think emotionally about your finances and investment and you're gonna live a long time how do you think about retirements and what do you wanna do with retirements and things like that.
Speaker 1:So I've gained a lot of value out of it and I've really enjoyed the doing this show.
Speaker 3:Thank you. So, you guys, there's a QR code at the back of your thing. You can get our website and a link to the show on YouTube if you wanna subscribe and check out a couple episodes. But thank you very much for your attention. Thank you for completing the quiz and your participation.
Speaker 1:All right, thank you everybody. Just a couple of quick things about so. Just so you know, L-SID is being performed by Austin Shakespeare this Saturday at the University of Texas, this Saturday at the University of. Oh, we're going to the University of Texas. We'll like we'll have to meet up. We'll have to meet up. I love you all. Thank you, the University of Texas. So this Saturday is Greg's telling me, the area at the University of Texas is putting on decentralized medicine. So the American medicine, Desocializing American medicine. Thank you, that's this Saturday at the University of Texas. I do have a meetup. Yes, I do have an event on Sunday for L-SID. I'm out of tickets so you're on your own, but basically L-SID is going on till next week, I think. And I think those are the only big events going on and that's it. So thank you guys. Enjoy, have a sausage. See you next time.