Saturday, December 5, 2015

"Mind Over Money" Book Review

I just finished the book “Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health” by Ted Klontz and Brad Klontz, so I thought that I would write up a quick review of the book.

The main purpose of this book is, just like the title says, to help people to overcome any of the money disorders that they might have so that they will be able to develop a better relationship with money. They discuss several of the main money disorders that exist and help us to understand how these disorders can develop.

They use the term “Money Scripts” to describe the deep rooted beliefs that we hold about money. Their belief is that, if we understand our money scripts and the events from our past that have created those money scripts, we can rewire our brain to overwrite the incorrect beliefs we have about money, thus, attaining a more healthy relationship with money.

When I first started the book, I knew that I had money issues, but I didn’t realize how many disorders I exhibit in regards to money. One thing that I thought was really helpful is that they use lots of examples. They have their patients tell their stories to you. When they would first mention the characteristics of a disorder my initial response would usually be, “This one doesn’t apply to me.” But after hearing them tell someone’s story where it is obvious to see how that disorder can affect people’s actions I would eventually end up saying, “I can definitely see that tendency in myself” or “That sounds like something I could see myself doing/thinking”.

They spend a considerable amount of time delving into how the brain works, most of which seemed way too deep for me, but I’m sure that some of you will appreciate knowing about how each portion of the brain connects to the other and how studying those connections has advanced medical research. While the neural pathways and electronic pulses of the goblingotta-something-or-other didn’t make much sense, I was able to understand and appreciate the more third grader terms and analogies that they used, such as Monkey Mind.

This book helped me to understand that basically everyone has some sort of money disorder that they are dealing with, whether they know about it or not. (Yes, apparently over saving is a disorder that can be very unhealthy if you let it get out of control.) After helping us to understand which disorders we might hold on to, they help us dig into our past to understand why we have developed this disorder. They do this because understanding our past is the first step to overcoming it.

They give the reader several exercises that they can do to begin to overcome the negative money memories that they have been holding onto. They help you to understand that it is possible to change your money scripts (no matter how deeply rooted they might be) and live a more healthy life.

I almost passed up this book because it seemed too different from all the other money books that I have read. Instead of focusing on acquiring wealth or what to do with the wealth that you have already acquired, this book focuses on the behavioral psychology of money and developing a healthy relationship with it so that you can set and achieve goals that aren’t clouded by the lenses of false conceptions.

It has helped me to evaluate why I am making the financial decisions that our family makes. In questioning these decisions I have been able to better understand what our financial goals actually are. It has helped me to better understand what money concepts I want to pass down to my children and how to go about doing that on purpose.

Overall, I strongly suggest this book to everyone. Because we are all affected by money everyday, we can all benefit from understanding our money scripts and consciously working to create more healthy ones. I might even be willing to go as far as suggesting that this be the next, if not the first, money book that you read.

And remember to give your scientist the control over your crocodile and your monkey. 

* For more financial books that I would recommend check out my Suggestions page.