Money Mammoth

BRAD KLONTZ, PSY.D, CFP, is a Certified Financial Planner and a financial psychologist who helps individuals and families understand their views about money. He is Associate Professor of Practice in Financial Psychology and Behavioral Finance at Creighton University's Heider College of Business. EDWARD HORWITZ, PHD, CFP, FBS, is a Certified Financial Planner and a Financial Behavioral Specialist with expertise in financial planning, risk management, and creating financial psychology solutions for organizations. He is an Associate Professor of Practice at Creighton University's Heider College of Business and holds the Mutual of Omaha Chair in Risk Management. TED KLONTZ, PHD, is Associate Professor of Practice in Financial Psychology and Behavioral Finance at Creighton University's Heider College of Business and a founder of the Financial Psychology Institute.

• About the Authors xiiiForeword xviiIntroduction xxiPart I Your Origins 1Chapter 1 Your Ancestors 3The Ancestor Room 4So What’s in Your Ancestry Room? 6Why Aren’t You Rich? 7Death to Savers 8Notes 10Chapter 2 Your Parents 11Your Parents 12Become Your Own Anthropologist 13When Money Helps 14When Money Hurts 15Financial Enmeshment 15A Family Story of Financial Destruction 16Parents Know Best? 19The 2008 Housing Crisis 19Notes 21Chapter 3 Your Children 23Can Money Make You Insane? 24Were You a Spoiled Child? 25The College Admissions Scandal 26Money Is a Powerful Reinforcer 28Humans Are Lazy 29Financial Enabling and Financial Dependence 30Cutting the Financial Umbilical Cord: Five Steps 31Raising Financially Healthy Children 33It’s Not So Simple 34A Big Heads-Up 35Quick Start Tips for Healthy Financial Habits 35Allowances 36A Family Allowance 38Talk About Money (But Not Too Much) 38Notes 40Chapter 4 Your Mate 43Genetic Differences? 44The Giver versus the Saver 44Interdependence versus Independence 46Booby Traps 50Where from Here? 50How Are You Doing with Money? 51Finding the Right Kind of Help 52The Conversation Intervention 52Setting the Stage 53Notes 55Chapter 5 Your Tribe 57Your Extended Family 57The Hill 57What Saves You May Kill You 58Relative Deprivation 59How Can We Keep Them Down on the Farm 59What the Tribe Expects 60The Modern-Day Tribe—Risk Sharing 61Feeling at Home in Our Tribes 63Your Tribes 64Tribal Influence 65Tribal Entitlement 66How Tribes Handle Success 67Professions as Tribes 69Jim’s Reality Meets Professional Reality 69Kill Dr. Phil 70When Should You Seek a New Tribe? 71Using Tribal Expectations to Evolve 73Alex Harnesses His Money Mammoth 74Notes 75Part II Your Adaptations 77Chapter 6 Your Instincts 79Martha and Her Instincts 84Tom and His Instincts 84Overcoming Mindsets 85Our Money Mindsets 85Our Financial Instincts Toward Savings 86Our Anti-Hoarder Bias 87The Give-Away 87The Modern Savers 88The Drive to Share Is Hardwired 89Our Subconscious Co-Pilot 89Behavioral Finance 90Notes 98Chapter 7 Your Environment 101Demographic Community 102School Size and Diversity 103Community Job Environment 103Jason’s Story 104Economic Timing 105The Story of Rick and Carrie 106The Belief Stew 108The Anchor of Your Past 109Your Chosen Environment 109Who Takes Care of You? 110Note 115Chapter 8 Your Financial Flashpoints 117Ancestral Flashpoints 117Family Financial Flashpoints 119Your Financial Flashpoints 120Cultural Flashpoints 122Filling in the Blanks 123Coronavirus Flashpoint 124Depression Flashpoint 125Flashpoint Context and Growth 126Conclusion 127Notes 129Chapter 9 Your Money Scripts® 131Money Scripts® 132The Klontz Money Script® Inventory 134Scoring Procedures 137Analysis 137Changing Our Money Scripts® Can Be Tough 139Rewriting Your Money Scripts® 140Chapter 10 Your Financial Behaviors 143Financial Behaviors 143Financial Behavior Change Strategies 151Notes 157Part III Your Evolution 159Chapter 11 Your Transformation 161Six-Step Process of Change 161Change in Action: Results of a Field Trial 163The Employee Retirement Plan Meeting Dilemma 164Tell Me a Story. Paint Me a Picture. Show Me! 170Summary 173Notes 174Chapter 12 Your Vision 175Avoid the “When-Then” Trap 175Discovering Who You Are 176Achieving Your Financial Goals 178What We Found 179What This Means: Seven Steps to Achieve YourFinancial Goals 179BONUS Tip: Social Pressure 183Summary 183Note 184Chapter 13 Your Relationship 1851. Assume 100% Responsibility for Your 50% 1852. Speak Your Truth 1863. Listen Now or Pay Later 1874. Know the Odds 1885. Love Is Not Enough 1896. Love Thyself 1907. No Carry-on Baggage Allowed 1918. Beware of Invaders 1939. Children Need Not Apply 19410. Safety First 194Exercise: Creating Your Relational Financial Vision 195The Shared Vision Process 196Notes 199Chapter 14 Your Plan 201Are You Ready to Take Action? (It’s Okay If You’re Not) 202Money Mammoth Evolutionary Path 203Start Here: Building Your Mammoth Foundation 203Survival 204Hunting and Gathering 221Adaptation versus Extinction 227Progress Measurement Tools 230Notes 231Chapter 15 Your Success 233Your Financial Survival Guide 234Your Evolution 239Becoming Your Money Mammoth 241It Is Your Time to Evolve 241The Blue Pill or the Red Pill 243Index 247