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The Psychology of Spending: Unraveling the Influences Behind Our Financial Choices
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In Episode 47 of "Inspired Money," host Andy Wang and a panel of experts explore "The Psychology of Spending: Unraveling the Influences Behind Our Financial Choices." Dr. Judith Wright and Dr. Bob Wright share insights on how psychological triggers shape spending, Dr. Megan McCoy discusses emotional factors in financial decisions, and Maggie Klokkenga, CFP™, offers practical strategies to build healthier money habits.
🕒 Timestamps 🕒
00:00 - Introduction to the Psychology of Spending
01:08 - How Our Minds Influence Financial Choices
02:20 - Host's Personal Financial Habits
03:53 - Introduction of Panelists
05:00 - Dr. Judith and Dr. Bob Wright’s Expertise on Emotional Intelligence
06:02 - Megan McCoy on Financial Therapy
06:15 - Maggie Clen on Aligning Financial Strategies
06:37 - Segment 1: Psychological Triggers in Consumer Behavior
07:09 - How Marketers Use Cognitive Biases and Scarcity
08:04 - Dr. Judith on How Marketers Tap into Emotions
09:22 - Bob Wright on Aspirational Spending and Social Pressures
10:51 - Megan McCoy on Couples' Financial Interactions
12:23 - Maggie Clen’s Practical Strategies to Avoid Marketing Traps
14:07 - Megan McCoy on Social Media's Influence on Spending
15:03 - Segment 2: Emotional Spending and Its Triggers
16:15 - Megan on Substituting Healthier Coping Mechanisms
17:45 - Maggie's HALT Method to Avoid Emotional Purchases
19:29 - Dr. Judith on Soft Addictions and Neuroscience of Spending
20:54 - Dr. Bob on Opportunity Costs of Addictive Spending
22:20 - Neuroscience: Two Different Pleasure Centers
24:00 - Segment 3: Childhood Beliefs and Money Scripts
26:00 - Megan McCoy on Mental Shopping Dates for Couples
29:03 - Dr. Judith on Shifting from Scarcity to Abundance
31:03 - Maggie on the Thought Ladder for Shifting Money Beliefs
33:34 - Bob Wright on Limiting Beliefs and Expanding Financial Identity
35:52 - Megan's "Three Good Things" Exercise to Build Abundance
42:12 - Segment 4: Financial Literacy and Its Importance
43:29 - Maggie’s Favorite Resources for Financial Education
45:52 - Bob on tracking and measuring your money
47:04 - Megan on using technology to enhance financial literacy
48:18 - Judith on self-awareness in financial literacy
50:09 - Bob on the value of a profit and loss statement
51:00 - Megan on family money dynamics and communication
51:18 - Bob on reviewing personal financial decisions
52:10 - Segment 5: Practicing mindful spending
53:02 - Cash envelope system and spending diaries
54:00 - Judith’s story from a grocery store
55:03 - TV segment on shopping addiction and emotional spending
56:26 - The "Math of More" for conscious spending
57:26 - Maggie’s practical tip for mindful grocery shopping
59:59 - Megan’s story of Diderot’s robe and the cycle of consumerism
1:01:29 - Bob on spending in alignment with life missions
1:03:16 - Megan on automating finances for mindful spending
1:04:11 - Judith’s closing thoughts on psychology of spending and new beliefs
1:05:32 - Maggie’s closing advice: choose one thing to improve
1:06:30 - Andy's final reflections and call to action
🌟 Meet Our Esteemed Guests 🌟
Dr. Judith Wright is a world-renowned educator, best-selling author, and expert in transformational leadership and relationships, known for her pioneering work in human potential and emotional intelligence.
Dr. Bob Wright is a leading expert in human development, co-founder of the Wright Foundation, and an internationally recognized executive coach, author, and educator known for his revolutionary Integrative Model of Human Growth and Development.
Dr. Megan McCoy, Ph.D., LMFT, AFC®, CFT-I™, is an Assistant Professor at Kansas State University’s Department of Personal Financial Planning, where she specializes in financial therapy, financial well-being, and the dynamics of couples' financial interactions, and has published extensively on these topics while also contributing as a board member of the Financial Therapy Association and co-editor of the Financial Planning Review.
Maggie Klokkenga is a Certified Financial Planner™ and financial coach who specializes in helping individuals and families develop personalized financial strategies to achieve their long-term goals and improve their financial well-being.
#InspiredMoney #DrJudithWright #DrBobWright #DrMeganMcCoy #MaggieKlokkenga #InspiredMoneyPodcast #psychologyofspending #financialchoices #moneymindset #emotionalspending #financialliteracy #moneyhabits #consumerbehavior #spendingtriggers #moneypsychology #moneyscripts #personalfinance #InspiredMoneyLive #Eaglesvision
🎥🌍📢 Co-Creating Podcasting Experiences!
Creative Collaborative Media Design
Episode Credits:
Transmedia Producer / Live Stream Editor: Bradley Jon Eaglefeather
Show & Segment Scripting / Edits: Bradley Jon Eaglefeather & Andy W
Animation and Design: Chad Lawrence
🕒 Timestamps 🕒
00:00 - Introduction to the Psychology of Spending
01:08 - How Our Minds Influence Financial Choices
02:20 - Host's Personal Financial Habits
03:53 - Introduction of Panelists
05:00 - Dr. Judith and Dr. Bob Wright’s Expertise on Emotional Intelligence
06:02 - Megan McCoy on Financial Therapy
06:15 - Maggie Clen on Aligning Financial Strategies
06:37 - Segment 1: Psychological Triggers in Consumer Behavior
07:09 - How Marketers Use Cognitive Biases and Scarcity
08:04 - Dr. Judith on How Marketers Tap into Emotions
09:22 - Bob Wright on Aspirational Spending and Social Pressures
10:51 - Megan McCoy on Couples' Financial Interactions
12:23 - Maggie Clen’s Practical Strategies to Avoid Marketing Traps
14:07 - Megan McCoy on Social Media's Influence on Spending
15:03 - Segment 2: Emotional Spending and Its Triggers
16:15 - Megan on Substituting Healthier Coping Mechanisms
17:45 - Maggie's HALT Method to Avoid Emotional Purchases
19:29 - Dr. Judith on Soft Addictions and Neuroscience of Spending
20:54 - Dr. Bob on Opportunity Costs of Addictive Spending
22:20 - Neuroscience: Two Different Pleasure Centers
24:00 - Segment 3: Childhood Beliefs and Money Scripts
26:00 - Megan McCoy on Mental Shopping Dates for Couples
29:03 - Dr. Judith on Shifting from Scarcity to Abundance
31:03 - Maggie on the Thought Ladder for Shifting Money Beliefs
33:34 - Bob Wright on Limiting Beliefs and Expanding Financial Identity
35:52 - Megan's "Three Good Things" Exercise to Build Abundance
42:12 - Segment 4: Financial Literacy and Its Importance
43:29 - Maggie’s Favorite Resources for Financial Education
45:52 - Bob on tracking and measuring your money
47:04 - Megan on using technology to enhance financial literacy
48:18 - Judith on self-awareness in financial literacy
50:09 - Bob on the value of a profit and loss statement
51:00 - Megan on family money dynamics and communication
51:18 - Bob on reviewing personal financial decisions
52:10 - Segment 5: Practicing mindful spending
53:02 - Cash envelope system and spending diaries
54:00 - Judith’s story from a grocery store
55:03 - TV segment on shopping addiction and emotional spending
56:26 - The "Math of More" for conscious spending
57:26 - Maggie’s practical tip for mindful grocery shopping
59:59 - Megan’s story of Diderot’s robe and the cycle of consumerism
1:01:29 - Bob on spending in alignment with life missions
1:03:16 - Megan on automating finances for mindful spending
1:04:11 - Judith’s closing thoughts on psychology of spending and new beliefs
1:05:32 - Maggie’s closing advice: choose one thing to improve
1:06:30 - Andy's final reflections and call to action
🌟 Meet Our Esteemed Guests 🌟
Dr. Judith Wright is a world-renowned educator, best-selling author, and expert in transformational leadership and relationships, known for her pioneering work in human potential and emotional intelligence.
Dr. Bob Wright is a leading expert in human development, co-founder of the Wright Foundation, and an internationally recognized executive coach, author, and educator known for his revolutionary Integrative Model of Human Growth and Development.
Dr. Megan McCoy, Ph.D., LMFT, AFC®, CFT-I™, is an Assistant Professor at Kansas State University’s Department of Personal Financial Planning, where she specializes in financial therapy, financial well-being, and the dynamics of couples' financial interactions, and has published extensively on these topics while also contributing as a board member of the Financial Therapy Association and co-editor of the Financial Planning Review.
Maggie Klokkenga is a Certified Financial Planner™ and financial coach who specializes in helping individuals and families develop personalized financial strategies to achieve their long-term goals and improve their financial well-being.
#InspiredMoney #DrJudithWright #DrBobWright #DrMeganMcCoy #MaggieKlokkenga #InspiredMoneyPodcast #psychologyofspending #financialchoices #moneymindset #emotionalspending #financialliteracy #moneyhabits #consumerbehavior #spendingtriggers #moneypsychology #moneyscripts #personalfinance #InspiredMoneyLive #Eaglesvision
🎥🌍📢 Co-Creating Podcasting Experiences!
Creative Collaborative Media Design
Episode Credits:
Transmedia Producer / Live Stream Editor: Bradley Jon Eaglefeather
Show & Segment Scripting / Edits: Bradley Jon Eaglefeather & Andy W
Animation and Design: Chad Lawrence
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