In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award–winning financial planner, university lecturer, and writer, interviews Chad Willardson, President and Founder of Pacific Capital and best–selling author of Stress–Free Money. Chad is here to talk about how childhood perception of money can affect your money mindset for the rest of your life and how to get around those perceptions!
Episode Highlights:
- 0:59 – Chad Willardson introduces himself and his profession.
- 2:25 – How does Chad start the conversation about early–life money perceptions?
- 3:40 – Jason and Chad break down the psychological barriers of spending money.
- 6:17 – What prohibitory mindsets around money does Chad usually run into?
- 10:09 – Jason and Chad discuss the negative effects of having a scarcity mindset.
- 11:11 – What successful discussions has Chad had to help his clients move away from a scarcity mindset?
- 12:15 – Jason and Chad break down the failures of education systems around the world.
- 13:18 – Are there commonalities amongst the people that Chad can’t get through to?
- 15:49 – How often does Chad see prohibitory money mindsets passed down to kids?
- 19:33 – Chad shares the key lessons from his upcoming book, Smart Not Spoiled.
- 21:54 – What would Chad tell those who are looking to move past a scarcity mindset?
3 Key Points
- Money perceptions that are passed on from parent to child determine the mindset that people have for their entire lives.
- Chad often sees a misconception of risk where people are either extremely aggressive and risky or are so scared of taking any risk that they can’t move their money out of the bank.
- By demonstrating what people can do based on their current financial situation, Chad helps his clients move away from a scarcity mindset.
Tweetable Quotes:
- “If a muscle gets flexed long enough, it’s going to cramp and actually it’s harder to loosen up because of that.” – Jason Pereira
- “There’s a real lack of understanding of the randomness of the world in general.” – Jason Pereira
- “It’s a tragedy to me that kids graduate high school knowing how to dissect a frog or knowing all the inner parts of a cell but having no clue about personal finance.” – Chad Willardson
- “You need to actually trust the process and trust the plan and the strategy that you’ve got. That should weigh more than the fear or the scarcity emotions that you’re feeling because that’s going to hold you back from success.” – Chad Willardson
Resources Mentioned:
Transcript
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