Dr. Brad Klontz
speaker
51 appearances
2 recordings
1 series
first heard Apr 2023
last heard Apr 2023
Dr. Brad Klontz’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, first of all, we're wired to do it all wrong.
So when we see a group of people doing one thing, we have a panic response, a survival response.
So we're very, very inspired to do the same thing, whether it's good or bad when it comes to finances.
And then add on that our own individual financial psychology that we got from our parents, from our grandparents.
We develop beliefs around money, which in our studies we call money scripts.
And these beliefs have a profound impact on our spending decisions and basically all aspects of our relationship with money.
And these beliefs we also inherit have to do with home ownership.
So what did your parents teach you?
What did they tell you about whether you should own a home or not own a home?
And because these things have a profound impact on us and they can be passed down through the generation.
So I'd be curious about what your grandparents thought about home ownership, because these beliefs will set you up emotionally to decide whether you're doing the right thing in life around money or you're not, or you're missing out based on those beliefs and those early messages we get around home ownership.
Well, one of the things that happens in just about every area of investing or purchasing decisions is FOMO, fear of missing out.
This is hardwired into our brains.
We saw this back in 2008, where people were doing what in retrospect seemed like crazy behaviors.
They were doing all sorts of things that in normal times you wouldn't even consider doing because they saw other people buying homes.
We saw this happen with cryptocurrency too, where all of a sudden people are engaging in these behaviors that didn't make a lot of sense.
And it comes down to our wiring.
To our ancestors, being left behind meant that you were going to die.
So essentially, if the tribe is moving in one direction and you're standing still, you got picked off by a predator or by an enemy from another tribe.
And so it's really, really difficult to sit still and to think rationally
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