In this episode, we are joined by Shannon Lee Simmons—Certified Financial Planner, Chartered Investment Manager, bestselling author, and founder of the New School of Finance—for a wide-ranging conversation about the emotional side of money. Drawing on more than two decades of working directly with Canadians, Shannon explains why financial stress has become so pervasive, how social comparison shapes spending habits, and why a well-built financial plan can be one of the most powerful antidotes to money anxiety.
We also explore decision-making during financial crises, the psychology of regret, why traditional budgeting often fails, and how couples navigate money differently—particularly in retirement. Shannon shares practical frameworks for aligning spending with personal values, avoiding emotional financial mistakes, and helping households make confident decisions through life's biggest transitions.
(0:03:56) Why people worry about money—and why financial uncertainty often feels like uncertainty about life itself.
(0:04:24) Why so many middle- and upper-income Canadians still feel broke despite earning good incomes.
(0:05:18) The importance of having a financial plan and reducing harmful social comparison.
(0:06:55) How social media fuels overspending, comparison, and "financial dysmorphia."
(0:08:35) Why cashless spending has fundamentally changed our relationship with money.
(0:11:52) How perceived life milestones—especially home ownership—shape financial decisions and expectations.
(0:13:36) Practical ways to manage financial stress, restore confidence, and build resilience.
(0:15:55) The growing "spending arms race" and how rising expectations have redefined what's considered normal.
(0:18:09) Why Shannon dislikes traditional budgeting—and what to do instead.
(0:20:32) Her four-bucket framework for worry-free spending and maintaining financial flexibility.
(0:22:35) A practical test for deciding whether a large purchase is truly affordable.
(0:25:01) Aligning spending decisions with personal values using an "emotional return on investment."
(0:28:12) Helping couples navigate different financial priorities without turning disagreements into conflict.
(0:30:28) Separating good decisions from bad outcomes to overcome financial regret.
(0:33:48) The major financial decision crises people commonly face—from divorce to illness to retirement.
(0:35:16) Using "micro financial plans," guardrails, and scenario planning during periods of uncertainty.
(0:37:45) The three phases of a financial decision crisis and how planners can help through each stage.
(0:41:41) Why retirement often reveals differences in couples' relationships with money that never surfaced while saving.
(0:45:19) The psychological challenge of withdrawing from investment portfolios after decades of accumulation.
(0:46:41) Using cash wedges and realistic retirement projections to reduce anxiety around spending in retirement.
(0:49:42) How saver-versus-spender dynamics can evolve into power struggles during retirement.
(0:53:12) The question almost every client is really asking: "Am I going to be okay?"
(0:54:41) Why planners should ask about clients' hidden DIY investment accounts.
(0:56:21) The risks of becoming emotionally attached to concentrated investment gains.
(0:57:16) The most impactful parts of a financial plan: realistic spending projections and actionable next steps.
(0:58:25) How often financial plans should be updated—and when life events require immediate revisions.
(1:01:08) Who benefits most from fee-only planning and who may be better served with ongoing advice.
(1:07:00) Why implementation—not recommendations—is often the hardest part of financial planning.
(1:10:00) The strengths and trade-offs of fee-only planning versus assets-under-management advice models.
(1:15:05) Shannon's advice for improving financial well-being: build a plan, focus on your own values, and stop comparing yourself to everyone else.
Links From Today's Episode:
Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p
Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/
Rational Reminder on YouTube — https://www.youtube.com/channel/
Benjamin Felix — https://pwlcapital.com/our-team/
Benjamin on X — https://x.com/benjaminwfelix
Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/
Shannon Lee Simmons – https://shannonleesimmons.com/
New School of Finance – https://www.newschooloffinance.com/
Worry-Free Money – https://www.amazon.ca/Worry-Free-Money-guilt-free-approach-managing/dp/1443454451
Making Bank: Money Skills for Real Life – https://www.amazon.ca/Making-Bank-Money-Skills-Real/dp/1443469815
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
