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Money Mammoth
Harness The Power of Financial Psychology to Evolve Your Money Mindset, Avoid Extinction, and Crush Your Financial Goals
Brad Klontz (Author), Edward Horwitz (Author), Ted Klontz (Author)
9781119636045, Wiley
Hardback, published 25 February 2021
288 pages
23.1 x 16 x 2.8 cm, 0.476 kg
A look at the psychological barriers to financial success and how to create a better financial future When it comes to our relationship with money, we are in the Stone Age. Despite the relentless barrage of information and warnings from financial experts, the average American is in terrible financial shape. It turns out that human beings are just not wired to do the right things around money—such as saving and not overspending. That’s why financial success is so difficult to attain. When it comes to our financial instincts, we are no more evolved than our ancestors who hunted the Woolly Mammoth 400,000 years ago. Recent findings from the field of financial psychology could help the many Americans who know what they need to do but just can’t seem to make it happen. If you fall into this category, consider Money Mammoth: Evolve Your Money Mindset and Avoid Financial Extinction. This book looks at financial well-being from a psychological and evolutionary perspective. It reveals the obstacles that prevent people from taking their first critical steps towards financial wellness. It examines how our instincts and beliefs about money influence our financial behaviors. It explores money beliefs, how they develop, and how they drive our money behaviors As the world’s leading experts in financial psychology, authors Dr. Brad Klontz, Dr. Ed Horwitz, and Dr. Ted Klontz can help you: In Money Mammoth, the authors reveal the secrets to harnessing the power of your psychology to reach your financial goals.
About the Authors xiii Foreword xvii Introduction xxi Part I Your Origins 1 Chapter 1 Your Ancestors 3 The Ancestor Room 4 So What’s in Your Ancestry Room? 6 Why Aren’t You Rich? 7 Death to Savers 8 Notes 10 Chapter 2 Your Parents 11 Your Parents 12 Become Your Own Anthropologist 13 When Money Helps 14 When Money Hurts 15 Financial Enmeshment 15 A Family Story of Financial Destruction 16 Parents Know Best? 19 The 2008 Housing Crisis 19 Notes 21 Chapter 3 Your Children 23 Can Money Make You Insane? 24 Were You a Spoiled Child? 25 The College Admissions Scandal 26 Money Is a Powerful Reinforcer 28 Humans Are Lazy 29 Financial Enabling and Financial Dependence 30 Cutting the Financial Umbilical Cord: Five Steps 31 Raising Financially Healthy Children 33 It’s Not So Simple 34 A Big Heads-Up 35 Quick Start Tips for Healthy Financial Habits 35 Allowances 36 A Family Allowance 38 Talk About Money (But Not Too Much) 38 Notes 40 Chapter 4 Your Mate 43 Genetic Differences? 44 The Giver versus the Saver 44 Interdependence versus Independence 46 Booby Traps 50 Where from Here? 50 How Are You Doing with Money? 51 Finding the Right Kind of Help 52 The Conversation Intervention 52 Setting the Stage 53 Notes 55 Chapter 5 Your Tribe 57 Your Extended Family 57 The Hill 57 What Saves You May Kill You 58 Relative Deprivation 59 How Can We Keep Them Down on the Farm 59 What the Tribe Expects 60 The Modern-Day Tribe—Risk Sharing 61 Feeling at Home in Our Tribes 63 Your Tribes 64 Tribal Influence 65 Tribal Entitlement 66 How Tribes Handle Success 67 Professions as Tribes 69 Jim’s Reality Meets Professional Reality 69 Kill Dr. Phil 70 When Should You Seek a New Tribe? 71 Using Tribal Expectations to Evolve 73 Alex Harnesses His Money Mammoth 74 Notes 75 Part II Your Adaptations 77 Chapter 6 Your Instincts 79 Martha and Her Instincts 84 Tom and His Instincts 84 Overcoming Mindsets 85 Our Money Mindsets 85 Our Financial Instincts Toward Savings 86 Our Anti-Hoarder Bias 87 The Give-Away 87 The Modern Savers 88 The Drive to Share Is Hardwired 89 Our Subconscious Co-Pilot 89 Behavioral Finance 90 Notes 98 Chapter 7 Your Environment 101 Demographic Community 102 School Size and Diversity 103 Community Job Environment 103 Jason’s Story 104 Economic Timing 105 The Story of Rick and Carrie 106 The Belief Stew 108 The Anchor of Your Past 109 Your Chosen Environment 109 Who Takes Care of You? 110 Note 115 Chapter 8 Your Financial Flashpoints 117 Ancestral Flashpoints 117 Family Financial Flashpoints 119 Your Financial Flashpoints 120 Cultural Flashpoints 122 Filling in the Blanks 123 Coronavirus Flashpoint 124 Depression Flashpoint 125 Flashpoint Context and Growth 126 Conclusion 127 Notes 129 Chapter 9 Your Money Scripts® 131 Money Scripts® 132 The Klontz Money Script® Inventory 134 Scoring Procedures 137 Analysis 137 Changing Our Money Scripts® Can Be Tough 139 Rewriting Your Money Scripts® 140 Chapter 10 Your Financial Behaviors 143 Financial Behaviors 143 Financial Behavior Change Strategies 151 Notes 157 Part III Your Evolution 159 Chapter 11 Your Transformation 161 Six-Step Process of Change 161 Change in Action: Results of a Field Trial 163 The Employee Retirement Plan Meeting Dilemma 164 Tell Me a Story. Paint Me a Picture. Show Me! 170 Summary 173 Notes 174 Chapter 12 Your Vision 175 Avoid the “When-Then” Trap 175 Discovering Who You Are 176 Achieving Your Financial Goals 178 What We Found 179 What This Means: Seven Steps to Achieve Your Financial Goals 179 BONUS Tip: Social Pressure 183 Summary 183 Note 184 Chapter 13 Your Relationship 185 1. Assume 100% Responsibility for Your 50% 185 2. Speak Your Truth 186 3. Listen Now or Pay Later 187 4. Know the Odds 188 5. Love Is Not Enough 189 6. Love Thyself 190 7. No Carry-on Baggage Allowed 191 8. Beware of Invaders 193 9. Children Need Not Apply 194 10. Safety First 194 Exercise: Creating Your Relational Financial Vision 195 The Shared Vision Process 196 Notes 199 Chapter 14 Your Plan 201 Are You Ready to Take Action? (It’s Okay If You’re Not) 202 Money Mammoth Evolutionary Path 203 Start Here: Building Your Mammoth Foundation 203 Survival 204 Hunting and Gathering 221 Adaptation versus Extinction 227 Progress Measurement Tools 230 Notes 231 Chapter 15 Your Success 233 Your Financial Survival Guide 234 Your Evolution 239 Becoming Your Money Mammoth 241 It Is Your Time to Evolve 241 The Blue Pill or the Red Pill 243 Index 247
Subject Areas: Finance & accounting [KF]
