Episode 77: Finding And Fixing Your Money Nerve, with Bob Wheeler [PODCAST]
Release Date: 02/01/2016
Today’s guest is a man of true integrity with an infectious energy. He’s the CFO of “The Comedy Store” chain of comedy clubs and a CPA who has helped many people work through their baggage and problems surrounding money. Bob Wheeler offers a simple and effective method for everyday people to create a healthy relationship with money. His crusade for holistic personal growth has cross-pollinated with his accounting practice to deliver a new approach to personal finances. Bob explores the emotions surrounding financial decisions in his recent book, The Money Nerve: Navigating the Emotions of Money. His passion is to help others gain insight on why their emotions trigger financial decisions.
How did Bob get started helping people with money issues?
While he was building his accounting practice, Bob came across client after client who not only had money problems, but those problems almost always stemmed from negative experiences or beliefs the person had relating to money. He began to experiment with simple tools to help his clients unpack the baggage they carry regarding money and has developed a witty and non-judgmental approach to personal finance that provides guidance for all to create a new path to financial freedom. You can get some insight into the way Bob approaches this complicated issue, on this episode.
Money manipulations can have a long lasting impact.
When Bob Wheeler was a child, one set of grandparents worked overtime to gain the favor of him and his siblings. They often received gifts, money, and lavish experiences from them. As a child Bob naturally thought it was great, until he began to realize that the “payoff” that was expected from his grandparents was not something he wanted hanging over him. What was the payoff? Bob tells the story so well, you’ve got to hear his rendition - and you can on this episode of Crank It Up.
The power of tracking your monthly expenditures.
Most people believe that they know where they are spending their money. But if they’ve never created an intentional way of tracking their spending, it’s likely there are leaks in their financial boat that they simply aren’t aware of. On this episode, Bob Wheeler takes us into a very practical exercise to help us become aware of those leaks and provides some simple ways those leaks can be plugged. Are you interested? Find out more on this episode.
Let go of your old story about money.
What do you really believe about money? Do you even know? Ask yourself some of the following questions: Do you think rich people are greedy? Is there enough money in the world for all the needs? Are you capable of earning more? Are you deserving of it? These kinds of questions open up the door to the beliefs you may have about money that are not serving you well. On this episode, CPA and author, Bob Wheeler, guides all of us through some of the basic ideas in his new book in an effort to turn on the lights so we can see what we truly believe about money and ourselves.
Outline of this great episode
- [0:50] David’s introduction of Bob Wheeler and this episode.
- [2:08] Bob’s experience in comedy and as a CPA.
- [4:09] Bob’s business as CFO of “The Comedy Store” clubs.
- [5:04] Things about people who become comedians that have surprised Bob.
- [6:02] How Bob wrote his book about the emotions of money.
- [8:03] The wrong beliefs that exist around money.
- [9:30] How Bob approaches the issue of “money shame” and beliefs.
- [13:50] The things Bob learned about money as a child.
- [17:45] How the school systems impact the way our children view money.
- [20:17] Examining the emotional reactions when money challenges rise.
- [23:55] Becoming aware of your bad money habits.
- [27:17] Being willing to be uncomfortable for the sake of change.
- [29:40] An example of building a “pause” into your decisions regarding money.
- [34:00] The benefit of creating an honest budget.
- [36:45] The realizations that come from tracking your expenses.
- [38:00] Looking to your financial future - short term and long term.
- [41:33] Beginning to make new choices when it comes to money for the sake of different outcomes.
- [43:00] Internal work people need to do to begin the money management process.
- [45:13] How letting go of the old story and replacing it with a new one is essential.
- [46:40] Bob’s encouragement to those wanting to change their money habits.
Resources mentioned on this episode
Bob’s website: www.TheMoneyNerve.com