Brad and Ted Klontz's Mind Over Money: Overcoming the Money Disorders that Threaten Out Financial Health
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I chose to do my book review on Brad and Ted Klontz’s “Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health” because I have observed, and participated in, bad financial decisions that have greatly impacted my family for decades. I’ve taken many personal steps to attempt to break the cycle of destruction that ended my parents’ marriage, and to raise my children in a debt free environment. Unfortunately, it has not been an easy task. I have read many financial self help books and attended seminars on the subject. This book caught my attention when it said that simply learning how to budget and pay off debt isn’t enough, that one has to first understand our psychological relationship to money, and then move beyond the financial constraints we put on upon ourselves. For years I had struggled with debt and money management. I had always assumed it was my lack of education that held me from moving forward. Reading this book has been a welcome eye-opener.
Part One: The Big Lie
Chapter 1: Information Is Not Enough
The authors, Brad and Ted Klontz, show that money is identified as a major source of stress in our lives. “In a modern, industrialized society, money is one of the only things that touches on and impacts each and every one of our needs”. Money is not only essential to get our basic needs met, it is also very closely linked to emotional needs such as success, love, acceptance, security, atten¬tion, and the two are often inseparable.
Using imagery of a tilted table with three legs, the authors have us visualize a situation in which one leg is shorter than the other two causing the table to tilt. We can affect a quick fix by putting something under the shorter leg. When we experience emotions such as...
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...my financial hardships are a result of my own doing, but I can also see how I was influenced a child to lead me into that direction.
Chapter 10: Financial Therapy
With the recent studies that show our rational brain can actu¬ally regenerate cells and form new associations and connections throughout life, old patterns of thinking and reacting can be changed, or unlearned, once we are able to adequately identify them. To help support the change to healthier financial behaviors, the authors suggest techniques to identify and rewrite unwanted money habits. They suggest those with financial issues to look for “social support, encouragement, feedback, account¬ability to others, professional facilitation, and advice”, as well as identifying one’s emotions and become attuned to what their body is telling them and prac¬tice belly breathing and mindfulness meditation.