The Psychology of Wealth: How to Start Thinking Rich with Dr. Brad Klontz

It's Not About The Money

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9d ago 55:07

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In this episode, I welcome back financial psychology expert Dr. Brad Klontz to explore his latest book "Start Thinking Rich: The 21 Harsh Truths to Take You from Broke to Financial Freedom." Unlike his previous works, this book takes a direct, no-nonsense approach to addressing the mindset barriers that keep people financially stuck.

Episode Highlights:

The Psychology Behind "Harsh Truths"

Why Dr. Klontz chose a more confrontational tone for this book
The difference between therapeutic approaches and direct accountability
How triggering language like "broke" and "rich" can break through emotional noise
The timing element: only 2 out of 10 people are ready for direct confrontation at any given time

Broke vs Poor: A Critical Distinction

"Broke" defined as a temporary state of having no money
"Poor mindset" as a dangerous mental framework that can keep you broke forever
The importance of attacking the mindset, not insulting people who lack money
How poor mindset can affect people earning £100,000+ per year

Developing a Rich Mindset

Internal vs External Locus of Control

The rare person who looks at their financial situation and says "my mindset got me here"
Why people with external locus of control often stay broke forever
The power of focusing on the 50% you can control rather than blaming external factors
How internal locus of control is the strongest predictor of future wealth

The Money Avoidance Paradox

People who believe "rich people are greedy" also tend to worship money more than others
The internal struggle: "I hate money but desperately want to be rich"
How negative beliefs about wealth create psychological barriers to achieving it

The Body-Mind Connection in Money Psychology

How financial trauma passes down through generations via DNA changes
The fight-or-flight response around money stored in our bodies
Why poverty creates survival behaviours that later keep people stuck
The importance of acknowledging ancestral trauma whilst moving beyond it

The Social Dynamics of Wealth

Why people sabotage themselves when they achieve financial success
The tribal psychology: we're wired to stay within similar socioeconomic groups
How friends and family unconsciously sabotage your financial growth out of love
Dr. Klontz's personal experience moving away geographically to manage this dynamic

Teaching Children About Money

Wealthy families have significantly more money conversations than middle-class families
Dr. Klontz's strategies with his children: emphasising giving, investing, and hard work
The importance of saying "that's not how we choose to spend our money" rather than "we can't afford it"
How digital money makes spending easier and less emotionally connected

Practical Applications

Finding role models who have achieved your goals and share your background
The strategy of asking successful people for 20-30 minutes of their time for advice
Why surrounding yourself with people who have a "poor mindset" will hold you back
The fire (Financial Independence Retire Early) movement example of extreme opposite culture

Final Thought

The key to developing a rich mindset starts with cultivating an internal locus of control. When facing any problem, ask yourself: "What red flags did I ignore? What can I do differently moving forward?" This shift from blame to personal agency is the foundation of wealth-building psychology.

Chapters

00:00 Introduction to Financial Psychology and Dr. Brad Klont

01:58 Exploring 'Start Thinking Rich' and Harsh Truths

06:29 The Difference Between Broke and Poor Mindsets

10:12 Personal Agency and Financial Mindset

15:49 The Connection Between Love and Money

20:39 Body-Mind Connection in Financial Psychology

25:16 The Impact of Social Circles on Wealth Mindset

29:59 The Psychological Impact of Financial Success

36:05 Navigating Relationships and Money

42:55 Teaching the Next Generation About Money

46:02 Cultivating a Rich Mindset

Resources:

Get my FREE book 'It's Not About The Money'

Take the Money StoryTypes® Quiz

Come to our Wealth Awakening Retreat

Become a Certified Financial Coach

337 episodes