Rask - Financial superpower: improving your relationship with money, with therapist Marie Verkakis
The conversation explores the significance of self-reflection in managing finances and personal relationships. It highlights that understanding oneself is crucial for setting and achieving financial goals. The discussion introduces the concept of behavioral economics, emphasizing that financial success is not just about earning money but also about understanding one's emotions and behaviors related to money. The guest, a therapist, shares insights on how therapy can help individuals and couples improve their relationships with money by addressing underlying emotional issues and communication barriers. Practical advice includes starting small with financial conversations, using tools like journals for self-reflection, and seeking professional help when needed. The importance of open communication in relationships, whether with partners or family, is stressed, with suggestions on how to approach sensitive topics like money without causing defensiveness.
Key Points:
- Self-reflection is key to understanding financial behaviors and setting goals.
- Behavioral economics shows that emotions influence financial decisions.
- Therapy can help address emotional issues related to money and improve communication.
- Start financial conversations small and use tools like journals for reflection.
- Open communication in relationships is crucial for financial and personal well-being.
Details:
1. 📜 Introduction and Disclaimer
- The content presented is limited to general financial information.
- The video may include specific financial topics, but these are not explicitly detailed in the introduction.
- There is a disclaimer regarding the limitations and scope of the financial guidance provided.
2. 🔗 Meet the Guest: Marie's Return
- Marie returns to share insights on financial planning, underscoring the importance of consulting a financial planner for personalized advice.
- She emphasizes the need to refer to financial services guides for comprehensive guidance tailored to individual needs.
- Marie illustrates how engaging with professional financial advice can lead to better decision-making and improved financial outcomes.
- Listeners are encouraged to apply these insights to their personal financial strategies to enhance effectiveness and security.
3. 🌦️ Weather and Personal Finance Insights
3.1. Impact of Weather on Personal Mood and Financial Decisions
3.2. Verification of Environmental Factors
4. 🔍 Understanding Money and Self-Reflection
- Financial success is deeply rooted in self-reflection, which is essential for understanding personal money management habits.
- Self-reflection helps prevent the metaphorical 'sieve' effect, where money flows out as quickly as it comes in, despite high earnings.
- Developing a strong self-relationship is crucial for setting realistic and meaningful financial goals.
- Integrating emotional intelligence with financial planning leads to more effective and sustainable outcomes.
- Behavioral Economics highlights the role of psychological factors in financial decisions, emphasizing the need for self-reflection.
5. 👥 Meet Marcus: Therapy and Mental Health
- Marcus is a therapist and an accredited Mental Health social worker, specializing in couple and family therapy.
- He emphasizes initiating practical and meaningful conversations to address mental health issues.
- His role is distinct from financial counseling, highlighting a dedicated focus on mental health and therapy.
- Marcus employs evidence-based practices to improve client outcomes, tailoring his approach to individual needs.
- He is actively involved in continuing education to stay updated with the latest therapeutic techniques and trends.
- Marcus has a track record of improving client well-being through personalized therapy plans and interventions.
6. 🎙️ The Impact of Therapy and Podcasting
- The Melbourne-based Therapy Hub offers various mental health and wellbeing workshops tailored for schools and corporate events, establishing a strong presence under the marcus.com brand.
- The podcast 'This Complex Life' has been highly praised for its soothing audio quality, distinguishing itself among over 2,000 podcast episodes produced by the creator.
- A specific episode with guest Kate garnered significant positive feedback, encouraging increased listener engagement and interaction with the podcast content.
7. 🧠 Therapy Techniques and Self-Improvement
- The 'Get Ready for Therapy' journal, available for free on the therapy Hub website, offers prompts like 'why now', 'what they're looking for', and 'what their goals are', helping individuals prepare for therapy sessions effectively.
- On average, individuals often wait five to seven years before seeking therapy, particularly in couple therapy, highlighting a significant delay in addressing mental health issues.
- Finding a mental health professional who meets you where you are is crucial for effective therapy.
- Self-reflection can be initiated through reputable books, blogs, or podcasts, providing accessible entry points for personal growth and understanding.
- Seeking help for mental illness is essential, akin to consulting an optometrist for glasses or a dentist for dental care, underscoring the importance of professional support in mental health.
8. 💬 Communication and Relationship Dynamics
- Couple therapy provides valuable insights by allowing therapists to observe how partners interact in real-time, which is essential for understanding how comments are interpreted and phrased, offering a perspective that solo therapy might miss.
- Engaging with community members such as pastoral care, chaplains, or elders can also offer significant support and guidance, illustrating the importance of community-based mental health resources.
- Understanding the variety of support options, similar to consulting different specialists for physical health issues, is crucial in mental health care, emphasizing the need to identify and choose the appropriate type of support for specific needs.
9. 🏥 Exploring the Value of Relationships
9.1. The Importance of Therapy
9.2. Impact of Relationships on Health
10. 🛠️ Tools and Techniques in Counseling
10.1. Different Types of Talk Therapies
10.2. Communication Issues in Couples
10.3. Mental Health and Wellness
10.4. Individual Work in Counseling
11. ⚖️ Personal Growth and Financial Awareness
- Support networks are crucial for individuals with mental illness, underscoring the role of mental health in financial well-being.
- Strong personal relationships can positively impact financial health, highlighting the need for a supportive environment.
- Recognizing adverse relationships with money is essential. Signs include discomfort discussing finances and feeling incapable of financial management.
- Many people believe they are bad with money due to family influence, but financial literacy is a skill that can be developed.
- Discomfort in discussing money with partners may indicate deeper financial attitude issues.
- Individuals hold various beliefs about money, whose utility can vary.
- Wealth includes financial, physical, and mental health; deficiency in any area impacts overall well-being.
- Personal stories reveal challenges in setting financial goals due to past instability but show self-awareness can make goal setting empowering.
- Understanding oneself can transform financial goal setting into a strength, leading to positive outcomes.
- Strategies for improving financial literacy include seeking educational resources, setting achievable goals, and engaging in open discussions about money.
- Examples of overcoming adverse financial relationships involve learning from past mistakes, creating a budget, and establishing a clear financial plan.
12. 🔄 Behavioral Patterns and Financial Habits
- Childhood observations, such as parents using cash instead of credit cards, play a critical role in forming early beliefs and norms about money management.
- Understanding one's financial habits requires introspection into observed parental behaviors and the emotional narratives attached to money.
- Layaway systems teach financial patience and anticipation, offering a contrast to the instant gratification culture fostered by credit cards and online shopping.
- Individuals often face challenges in financial planning due to emotional ties and psychological barriers, rather than a lack of financial goals.
- The concept of sublimation explains how unresolved emotional issues can lead to overcompensating behaviors like excessive academic achievements to counteract financial insecurities.
- Using money for identity and status can lead to financial strain if not managed with awareness of underlying emotional drivers, suggesting a need for self-awareness.
- Financial goals without a clear plan and understanding of emotional motivations often result in failure, highlighting the need for aligning goals with psychological insights.
- Effective financial planning and adherence require understanding the emotional and psychological reasons behind spending and saving habits, similar to strategies in behavior change therapy.
13. 🗣️ The Role of Podcasts in Financial Discussions
- Understanding personal habits and mindsets is crucial as people often struggle to adhere to plans and goals without this understanding.
- Personal quirks, such as not letting others pay for things, can impact relationships and trust, both in personal and professional contexts.
- It's essential to recognize and address these quirks in a way that fits the context, like openly discussing them with a team to avoid misunderstandings.
- Podcasts on finance and money have gained many millions of downloads and views because they address a topic that is still considered taboo, offering a private way to engage with these discussions.
- Specific podcasts, such as 'The Dave Ramsey Show' and 'Planet Money,' have played significant roles in reshaping public perceptions of financial management by providing relatable content and actionable advice.
14. 🔧 Navigating Conflict and Financial Conversations
14.1. The Role of Podcasts in Addressing Uncomfortable Topics
14.2. The Benefits of Professional Mediation
14.3. Empowering Individuals to Manage Conflict
14.4. Engaging Partners in Financial Conversations
14.5. Strategies for Partner Engagement
15. 🧩 Effective Communication Strategies
15.1. Using Specific Language in Invitations
15.2. Expressing Complex Emotions
15.3. Inviting Collaboration Through Uncertainty
15.4. Applications in Personal and Professional Settings
16. 💬 Addressing Anxiety and Financial Conversations
- Adopt a coaching or therapy approach to support individuals in financial conversations, demonstrating a willingness to assist.
- Schedule financial discussions at a convenient time when the individual is ready to engage, reducing anxiety.
- Start with small, manageable topics to prevent overwhelming the individual, ensuring gradual comfort with the subject.
- Implement workplace strategies such as sending an agenda beforehand to set clear expectations and reduce anxiety.
- Encourage individuals to seek additional support if financial discussions significantly impact their well-being.
- Emphasize the necessity of understanding financial basics to mitigate risks and maintain control over personal finances.
17. 👪 Parental Guidance and Financial Education
17.1. Effective Communication in Relationships
17.2. Building Strong Foundations with Adult Children
17.3. Strategies for Financial Support and Guidance
18. 🔄 Changing Family Financial Dynamics
18.1. The Impact of Conditional Contributions
18.2. Role Reversal in Financial Conversations with Parents
19. 🗝️ Encouraging Financial Conversations with Parents
19.1. Initiating Conversations
19.2. Seeking Permission
19.3. Feedback and Openness
19.4. Modeling Conversations for Kids
19.5. Embracing Imperfection
20. 👨👩👧👦 Teaching Kids About Money
- Utilize budgeting tools like Pocketsmith to foster bonding and create positive experiences around financial planning.
- Conduct budget discussions in enjoyable settings, such as during walks or at cafes, to reduce stress and increase engagement.
- Incorporate financial discussions into regular routines to ensure both partners prioritize these conversations.
- Use the end of the year as an opportunity to reflect on financial goals and accomplishments, akin to a 'year in review'.
- Establish a 'relationship reset' using reflective questions to evaluate both personal and financial aspects annually.
- Provide structured questions for financial discussions to help couples maintain productive and focused conversations year after year.
21. 🌟 Creating Positive Financial Routines
- Regular financial check-ins are essential to prevent misunderstandings and resentment. Set dedicated time for reviewing financial strategies over the past year, such as a weekend discussion.
- Ask specific questions during financial evaluations to gain actionable insights. For example, inquire about three specific changes desired rather than general satisfaction.
- Refer to the book 'Eight Dates' by the Gans, which offers structured discussions on relationship topics, including finances, to facilitate better understanding and conflict management.
22. 📚 Structured Conversations for Relationship Building
- A book is recommended for couples to strengthen their relationship through structured questions and examples from other couples.
- The book is available in audio format, with each chapter lasting approximately 30 minutes, making it convenient to use regularly.
- The speaker and their partner scheduled eight monthly dates to follow the book's guidance, highlighting planned and structured relationship building.
- The concept of structured conversations can be extended to friendships and family units, not just romantic relationships.
- The financial system often benefits couples, and effective communication within a couple can serve as a financial advantage.
- The speaker plans to create a YouTube series to share experiences from these structured dates, suggesting potential for community sharing and learning.
23. 📺 Conclusion and Call to Action
- Encourage viewers to engage with partners by asking new questions, enhancing communication and understanding.
- Prompt viewers to like and subscribe to the channel to receive daily videos on business, finance, and investing, promoting continual learning and engagement.