The Psychology of Money: How to Change Your Money Mindset for Success

EPISODE SUMMARY

In this episode of Chan with a Plan, Max Speaks with Brandon Neely, cash flow specialist at Wealth Wisdom Financial.

During this conversation Brandon discusses his journey in financial field, how to improve your financial decisions, and why mental health is more important than money.

QUOTES FROM BRANDON

• “Well, I think one thing is it's good to be an optimist. That's helpful, but also realize that volatility happens. The reality is life is messy. Things happen. Things happen big like covid.”
• “Start building the healthy habits that are going to impact you in so many other ways, psychologically, mentally, emotionally.”
• “The numbers tell me do I deserve it or not? That's why I love Profit First. That's why I love thinking about the envelope system. The numbers are going to tell us if we can do it or not. And not just say, ‘I'll just use a credit card. That's my emergency fund.’ That's not healthy.”

 

TIMESTAMPS

• [01:20] Brandon’s journey into finance
• [04:08] Save smartly
• [06:48] Preparing finances in case of a layoff
• [09:02] Common mistakes causing you to live paycheck to paycheck
• [11:14] Power of the envelope system
• [15:22] Finances and the housing market
• [17:41] Instant gratification delays long term wealth
• [18:39] Stay the course without getting distracted
• [20:20] Mental health obstacles and finances
• [26:07] Getting couples on the same page with finances
• [28:34] Take away action steps
• [30:31] Don’t look at the dollars, look at the percentages
• [32:22] One big financial challenge Brandon has overcome

 

RESOURCES & RELEVANT LINKS

• Brandon Neely on Social Media:
  • LinkedIn
• Chan With A Plan
• Max Chan on Social Media