Why Do You Stress About Money? The Answer May Surprise You | Guiding You Forward

In this episode of the Guiding You Forward video podcast, we talk with the behavioral finance expert at Mountain America Credit Union, Robert Steed, and discuss how our “fight or flight” responses can determine our relationship with money.

In this episode, you’ll learn:

• How your past financial experiences affect your current finances.
   

• The two ways your brain labels all expenses.
   

• Why you may have buyer’s remorse.

By now, you’ve probably heard how your past experiences around money can directly affect how you plan and execute your current finances—this is known as the study of behavioral finances.

As humans, our default wiring is to feel threatened in situations involving money. In other words, we’re predestined to stress about our financial situation! So, don’t feel bad if this is where your mind goes in these circumstances.

Watch the podcast video above to find out what Robert says is the reason for this natural reaction.

Even though money and finances seem like complicated topics, according to Robert, your brain labels all expenses in one of only two ways. Robert also explains why modern financial transactions—just tapping a piece of plastic instead of actually exchanging something tangible like cash or a check—make it much easier to blow your budget.

What about buyer’s remorse? Sometimes you may make a good purchase, but still feel guilty or unsure about it. Find out what Robert has to say about this and more.