Sedona Arizona

Mental health and money

Mental health is a key factor in financial health. The money beliefs that you internalized during your formative years, known as personal money scripts, can shape your financial decisions throughout your life. Awareness of these money scripts and their influence can help you avoid hasty financial choices when you’re under duress.

Money scripts can hijack logical financial decisions by subconsciously guiding our behavior towards money. These deep-seated beliefs can lead us to make impulsive or irrational financial choices that don’t align with our long-term goals.

For example, someone with a scarcity mindset may hoard money and avoid investing it, even when the logical decision would be to invest for growth. Recognizing and understanding our money scripts can help us break free from their grip and make more informed financial decisions.

Recently, I’ve noticed a shift in people’s attitudes toward money matters since the pandemic hit. People appear to be hesitant to make significant financial decisions, yet they are more prone to prioritize security during times of economic uncertainty. Did the pandemic bring about a fundamental change in our values, or did it simply reinforce our pre-existing money scripts?

In this episode of the Financial Purpose Podcast, I’m joined by Jamie L. Born, LCSW, CCTP to discuss how the continuum of mental health plays a role in money decisions. We discuss “Big T” and “little t” trauma, when you might be reacting from heart vs business (emotion vs logic), and when to seek help from a counselor.

Listen to Financial Purpose Podcast Ep 17 The Continuum of Mental Health and Money

Learn more about Jamie and Born Counseling here.

Learn more about the Life Moves Wealth approach here.


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Author: Dale Shafer II, CFP®, APMA®, CDFA®

The National Association of Personal Financial Advisors
The Society of Advice

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