REWIND: Dr. Brad Klontz: The Truth About Savings

 In Money, Redefining Wealth PODCAST

About our Guest:

Dr. Brad Klontz is a financial psychologist who focuses on raising awareness around issues relating to financial health and financial psychology. He is the founder of the Financial Psychology Institute, an Associate Professor at Creighton University, and Managing Principal of Your Mental Wealth Advisors. He was awarded the Innovative Practice Presidential Citation, is the author of numerous books and publications, and is a personal mentor of mine.  

Episode Summary:

Today’s episode is a rewind episode with Dr. Brad Klontz. I chose this episode because it has very special significance for me. Dr. Brad Klontz is a financial psychologist, and he was one of the first guests on my show. This year we have talked a lot about getting results not just setting resolutions. One of the results I wanted for 2018 was to become a certified Behavioral Finance Specialist. Thanks to the influence of Dr. Brad Klontz, I will have my certification in financial psychology within the next month which has sparked another result I have my sights on for 2019; pursuing an MBA with a concentration in behavioral finance and financial psychology.

Cliff Notes:

  • Financial psychology is the study of our upbringing, experiences, and our beliefs and behaviors around money.
  • The goal is improving financial health by improving financial psychology.
  • Building wealth is first and foremost about your mindset.
  • Our beliefs around money are real clear indicators of our success or failure.
  • People who accept responsibility and believe they have the power to change their financial beliefs will have success.
  • You have to take responsibility if there are gaps in your wealth mindset and seek out mentors that can help you out.
  • The Banking Reimagined Savings Study proved that associating nostalgic items with savings improved rates by 67%.

Quotes from the show:

The ultimate goal of financial psychology is to help us improve our financial health by improving our psychology.” – Dr. Brad Klontz

Believe that you have the power to change your financial beliefs.” – Dr. Brad Klontz

If we can identify our beliefs around money and where they came from, we will then have the power to change.” – Dr. Brad Klontz

Only you can take responsibility if there are gaps in your wealth mindset.” – Dr. Brad Klontz

It’s not your logical brain that drives financial behaviors, it’s your emotional brain.” – Dr. Brad Klontz

Our beliefs around money are real clear indicators of our success or failure.” – Dr. Brad Klontz

Building wealth is about mindset and integrating the other pieces of our lives.” – Patrice Washington

Start with the why.” – Patrice Washington

When we talk about money in an engaging way, it makes all the difference.” – Patrice Washington

Brad’s Redefining Wealth Rapid Wisdom Questions

Define Success:

I look at success as a side effect of what happens naturally when you have an optimal mindset.

Define Wealth in 3 Words or Less:

Love, laughter, and longevity.

One Book that Has Redefined How You See Wealth:

The Richest Man in Babylon

Fill-in the Blanks… “My name is ___ and the truth about wealth is ___”:

“My name is Dr. Brad Klontz and the truth about wealth is for me it’s an evolving definition.”  


Dr. Brad Klontz: The Truth About Savings

Your Mental Wealth

OCCAM Your Mental Wealth Advisor

Dr. Brad Klontz on YouTube

@DrBradKlontz on Twitter

Books by Dr. Brad Klontz

Financial Psychology Institute

Dr. Thema: Stop Suffering in Silence

Nehemiah Davis: Create Your Circle of Greatness

Crystal Escobar: No More Shoulds

Monique Coleman: Peel Back the Layers

Glen Henry: 5 Steps to Releasing Your Genius

Getting Sentimental Could Increase Your Savings

Real Money Answers for Every Woman: How to Win the Money Game With or Without a Man


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