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Editor’s Note: This episode initially aired on Jan. 26, 2023. It may contain some details that are out of date.
We’ve all heard the dismal statistics. Most people who set New Year’s resolutions abandon them by February. What gives? Why is it so hard to follow through on our goals? And most important: What can we do to succeed?
Let’s find out.
In this week’s podcast, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. This week’s special guest is Dr. Brad Klontz, psychologist, professor and managing principal of Your Mental Wealth Advisors.
Brad is going to help us understand why we sometimes get in our own way when it comes to money and building financial health.
Remember, even though we sometimes talk about money and specific investments on this show, don’t take them as recommendations. Before investing in anything or making any other money moves, do your own research and make your own decisions.
You can watch this episode below, or if you’d prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts:
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Don’t forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos.
Also, don’t forget to check out our podcast sponsor, Tellus, for the opportunity to supercharge your savings with an account backed by real estate. Use the code MONEYTALK and a special interest rate for seven days with a $125 minimum deposit.
Understanding your mental wealth and money scripts
One of the things Brad talks about on his website is “money scripts.” We cover some of the realities surrounding why it’s so difficult for us to set realistic money goals and then accomplish them.
Listen to the episode to learn how to beat your evolutionary programming and become better with your money.
In the meantime, here are some resources about money mistakes — and how to avoid them.
- 15 Mistakes People Make With Roth IRAs
- 10 Dumb Mistakes Nearly Everyone Over 40 Makes
- 9 Costly Mistakes to Avoid While Grocery Shopping
- The 3 Mistakes Nearly Every Investor Makes
- 5 Costly Mistakes People Make When Paying Bills
- 5 Big Financial Regrets That Haunt Older Americans
- 6 Things You’re Wasting Your Money On – and How to Stop
- 5 Medicare Mistakes to Avoid for a Healthy Retirement
- 7 Mistakes Guaranteed to Ruin Your Retirement
- 6 Estate Planning Mistakes to Avoid
- 9 Common and Costly Tax Mistakes
How to make the most of your money
You don’t have to set resolutions to succeed with your money. Instead, it’s about figuring out what matters to you and then building a plan around that. If you’re interested, Miranda has a post about how she still has a purpose for her money without setting financial new year’s resolutions.
Here are some other resources to learn about financial planning, setting money goals and building your wealth.
- 15 Money Moves for a Richer New Year
- Your Top 6 Money Moves for 2023
- 9 Tips to Tackle Your Financial Goals and Still Have Fun
- 5 Critical Money Moves to Make Before Your 40s Are Over
- The 17 Best Retirement Investments to Achieve Your Financial Goals
- Set Financial Goals: It’s the Secret to a Prosperous and Secure Future
- How to Set Retirement Goals by Age
- How to Set Smart Goals for Your Investments
- 6 Competing Retirement Investing Goals and How to Balance Them
- 10 Tips to Help You Keep Your New Year’s Resolutions
- 15 Products That Will Help You Keep New Year’s Resolutions
- 4 Reasons People Stuck to Their Money Resolutions in 2022
Meet this week’s guest, Dr. Brad Klontz
Bradley T. Klontz, Psy.D., CFP, is an expert in financial psychology, financial planning and applied behavioral finance. He’s an associate professor of practice at Creighton University’s Heider College of Business, co-founder of the Financial Psychology Institute, and managing principal of YMW Advisors.
Dr. Brad is co-author or co-editor of eight books on the psychology of money, a fellow of the American Psychological Association and a former president of the Hawaii Psychological Association. He was awarded the Innovative Practice Presidential Citation from the American Psychological Association for his application of psychological interventions to help people with money and wealth issues and his innovative practice in financial psychology for practitioners across the country.
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About the hosts
Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.
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