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Ted Klontz. Money Mammoth
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Money Mammoth. Harness the Power of Financial Psychology to Evolve Your Money Mindset, Avoid Extinction, and Crush Your Financial Goals
About the Authors. DR. BRADLEY T. KLONTZ, Psy.D., CFP®
DR. EDWARD HORWITZ, Ph.D., CFP®, FBS, ChFC, CLU, CSA
DR. TED KLONTZ, Ph.D
Foreword
Introduction. YOUR MONEY MAMMOTH
OUR EXTINCTION LEVEL EVENT
TODAY'S REALITY
SO WHO ARE YOU?
YOU ARE WIRED TO SPEND
YOU ARE WIRED TO TRY TO KEEP UP WITH THE JONESES
ALL THE RULES HAVE CHANGED
WE MUST EVOLVE
THE WINDS OF CHANGE
A HISTORICAL MOMENT
TIME TO EVOLVE
NOTES
CHAPTER 1 Your Ancestors
THE ANCESTOR ROOM
SO WHAT'S IN YOUR ANCESTRY ROOM?
WHY AREN'T YOU RICH?
DEATH TO SAVERS
Chapter 1 Mammoth Mindset Insights
NOTES
CHAPTER 2 Your Parents
YOUR PARENTS
BECOME YOUR OWN ANTHROPOLOGIST
WHEN MONEY HELPS
WHEN MONEY HURTS
FINANCIAL ENMESHMENT
A FAMILY STORY OF FINANCIAL DESTRUCTION
PARENTS KNOW BEST?
THE 2008 HOUSING CRISIS
Chapter 2 Mammoth Mindset Insights
NOTES
CHAPTER 3 Your Children
CAN MONEY MAKE YOU INSANE?
WERE YOU A SPOILED CHILD?
THE COLLEGE ADMISSIONS SCANDAL
MONEY IS A POWERFUL REINFORCER
HUMANS ARE LAZY
FINANCIAL ENABLING AND FINANCIAL DEPENDENCE
CUTTING THE FINANCIAL UMBILICAL CORD: FIVE STEPS
RAISING FINANCIALLY HEALTHY CHILDREN
IT'S NOT SO SIMPLE
A BIG HEADS-UP
QUICK START TIPS FOR HEALTHY FINANCIAL HABITS
ALLOWANCES
Saving
Spending
Giving
Investing
A FAMILY ALLOWANCE
TALK ABOUT MONEY (BUT NOT TOO MUCH)
Chapter 3: Mammoth Mindset Insights
NOTES
CHAPTER 4 Your Mate
GENETIC DIFFERENCES?
THE GIVER VERSUS THE SAVER
INTERDEPENDENCE VERSUS INDEPENDENCE. The Story of Carla and Cody: Opposite Sides of the Tracks
The Story of Jerry and Martha: What Would You Do with $1 Million?
BOOBY TRAPS
WHERE FROM HERE?
HOW ARE YOU DOING WITH MONEY?
FINDING THE RIGHT KIND OF HELP
THE CONVERSATION INTERVENTION
SETTING THE STAGE
Chapter 4: Mammoth Mindset Insights. Money Dialogue Facilitation Questions for Partners
NOTES
CHAPTER 5 Your Tribe. YOUR EXTENDED FAMILY
THE HILL
WHAT SAVES YOU MAY KILL YOU
RELATIVE DEPRIVATION
HOW CAN WE KEEP THEM DOWN ON THE FARM
WHAT THE TRIBE EXPECTS
THE MODERN-DAY TRIBE—RISK SHARING
FEELING AT HOME IN OUR TRIBES
YOUR TRIBES
TRIBAL INFLUENCE
TRIBAL ENTITLEMENT
HOW TRIBES HANDLE SUCCESS
PROFESSIONS AS TRIBES
JIM'S REALITY MEETS PROFESSIONAL REALITY
KILL DR. PHIL
WHEN SHOULD YOU SEEK A NEW TRIBE?
USING TRIBAL EXPECTATIONS TO EVOLVE
ALEX HARNESSES HIS MONEY MAMMOTH
Chapter 5: Mammoth Mindset Insights
NOTES
CHAPTER 6 Your Instincts
MARTHA AND HER INSTINCTS
TOM AND HIS INSTINCTS
OVERCOMING MINDSETS
OUR MONEY MINDSETS
OUR FINANCIAL INSTINCTS TOWARD SAVINGS
OUR ANTI-HOARDER BIAS
THE GIVE-AWAY
THE MODERN SAVERS
THE DRIVE TO SHARE IS HARDWIRED
OUR SUBCONSCIOUS CO-PILOT
BEHAVIORAL FINANCE
Hyperbolic Discounting: Why Is It So Hard to Save?
Cognitive Dissonance: Your Convenient Psychological Discomfort Escape Hatch
Confirmation Bias: You Know You're Right and You're Ready to Prove It!
Illusion of Control
Loss Aversion
Status Quo Bias
Chapter 6: Mammoth Mindset Insights
NOTES
CHAPTER 7 Your Environment
DEMOGRAPHIC COMMUNITY
SCHOOL SIZE AND DIVERSITY
COMMUNITY JOB ENVIRONMENT
JASON'S STORY
ECONOMIC TIMING
THE STORY OF RICK AND CARRIE
THE BELIEF STEW
THE ANCHOR OF YOUR PAST
YOUR CHOSEN ENVIRONMENT
WHO TAKES CARE OF YOU?
Chapter 7: Mammoth Mindset Insights
NOTE
CHAPTER 8 Your Financial Flashpoints
ANCESTRAL FLASHPOINTS
FAMILY FINANCIAL FLASHPOINTS
YOUR FINANCIAL FLASHPOINTS
CULTURAL FLASHPOINTS
FILLING IN THE BLANKS
CORONAVIRUS FLASHPOINT
DEPRESSION FLASHPOINT
FLASHPOINT CONTEXT AND GROWTH
CONCLUSION
Chapter 8: Mammoth Mindset Insights
NOTES
CHAPTER 9 Your Money Scripts®
MONEY SCRIPTS®
THE KLONTZ MONEY SCRIPT® INVENTORY
SCORING PROCEDURES
ANALYSIS
Money Avoidance
Money Worship
Money Status
Money Vigilance
CHANGING OUR MONEY SCRIPTS® CAN BE TOUGH
REWRITING YOUR MONEY SCRIPTS®
Chapter 9: Mammoth Mindset Insights
CHAPTER 10 Your Financial Behaviors
FINANCIAL BEHAVIORS
Financial Denial
Compulsive Buying Disorder (CBD)
Hoarding Disorder
Workaholism
Gambling Disorder
FINANCIAL BEHAVIOR CHANGE STRATEGIES
The “Here I Go Again” Technique
The Ping-Pong Ball Technique
Chapter 10: Mammoth Mindset Insights
NOTES
CHAPTER 11 Your Transformation
SIX-STEP PROCESS OF CHANGE
Stage 1: Pre-Contemplation
Stage 2: Contemplation
Stage 3: Preparation
Stage 4: Action
Stage 5: Maintenance
Stage 6: Termination
CHANGE IN ACTION: RESULTS OF A FIELD TRIAL
THE EMPLOYEE RETIREMENT PLAN MEETING DILEMMA
Ask the Experts
Understanding Money Scripts®
Financial Psychology Avatars
Interviews
Key Conclusion 1: Messaging
Key Conclusion 2: Motivation to Change
Key Conclusion 3: The Status Quo
TELL ME A STORY. PAINT ME A PICTURE. SHOW ME!
The Facilitation Script
Second Thoughts…
The Study
The Intervention
The Results
SUMMARY
Chapter 11 Mammoth Mindset. Reflection/Journaling Exercise
NOTES
CHAPTER 12 Your Vision
AVOID THE “WHEN-THEN” TRAP
DISCOVERING WHO YOU ARE
ACHIEVING YOUR FINANCIAL GOALS
WHAT WE FOUND
WHAT THIS MEANS: SEVEN STEPS TO ACHIEVE YOUR FINANCIAL GOALS
Step 1: Choose Three Financial Goals
Step 2: Passion Test Your Goals
Step 3: Name Your Goals
Step 4: Timestamp Your Goals
Step 5: Picture Your Financial Goals
Step 6: Create Subaccounts
Step 7: Automate Your Success
BONUS TIP: SOCIAL PRESSURE
SUMMARY
Chapter 12: Mammoth Mindset Insights
NOTE
CHAPTER 13 Your Relationship
1. ASSUME 100% RESPONSIBILITY FOR YOUR 50%
2. SPEAK YOUR TRUTH
3. LISTEN NOW OR PAY LATER
4. KNOW THE ODDS
5. LOVE IS NOT ENOUGH
6. LOVE THYSELF
7. NO CARRY-ON BAGGAGE ALLOWED
The Carry-on Bag Story
How Complete Is Your Set of Luggage?
8. BEWARE OF INVADERS
9. CHILDREN NEED NOT APPLY
10. SAFETY FIRST
EXERCISE: CREATING YOUR RELATIONAL FINANCIAL VISION
THE SHARED VISION PROCESS
Chapter 13: Mammoth Mindset Insights
NOTES
CHAPTER 14 Your Plan
ARE YOU READY TO TAKE ACTION? (IT'S OKAY IF YOU'RE NOT)
MONEY MAMMOTH EVOLUTIONARY PATH
START HERE: BUILDING YOUR MAMMOTH FOUNDATION
SURVIVAL
Establish Will, Healthcare Directives, Guardianships, and Trusts
Track Your Income and Spending for Three Months
Month 1
Month 2
Month 3
Establish Your Emergency Fund
Take Control of Your Personal Debt
Protect Yourself
Understanding Insurance Survival
Asset and Property Protection. Homeowners and Renters Insurance
Auto Comprehensive and Collision
Sublimits and Riders
Scheduling Property
Samples of Valuation for Property Loss
Claim Loss Example of Valuation
Proof of Loss
Liability Protection. Liability Insurance Coverages
Liability Coverage Under Homeowners/Renters/Condo Policies
Liability Coverage Under Auto Policies
Personal Umbrella Liability Policy (PUP)
Disability Insurance (DI)
Benefit Period
Benefit Amount
Definitions of Disability
Riders
Long-Term Care Insurance (LTCI)
Life Insurance
HUNTING AND GATHERING
Hunting and Gathering—Highlights of Financial Best Practices. Tax Advantaged Savings
Diversification and Income Planning
Planning for Healthcare Expenses
Investing
Index Investing
Retirement Date Funds
How Do I Get Started?
ADAPTATION VERSUS EXTINCTION
Adaptation versus Extinction—Highlights of Financial Best Practices. Retirement Savings Acceleration and Allocation
Planning Social Security Income
Income Tax Planning
Planning for Healthcare Expenses
Estate Distribution and Gift Planning
PROGRESS MEASUREMENT TOOLS
Financial Health Measure 1: Your Financial Strength Is Your Net Worth
Financial Health Measure 2: Your Free Cash Flow
Chapter 14 Mammoth Mindset Insights
NOTES
CHAPTER 15 Your Success
YOUR FINANCIAL SURVIVAL GUIDE
Money Mindset 1: Put Time Between Your Impulse and Your Action
Money Mindset 2: Avoid Catastrophic Thinking
Money Mindset 3: Harness the Power of Mental Accounting
Money Mindset 4: Expand Your Frame of Reference
Money Mindset 5: The Worst-Case Scenario Exercise
Money Mindset 6: Your Future Self
Money Mindset 7: Where Is the Opportunity?
YOUR EVOLUTION
Success Theme 1: Your Financial Outcomes Are the Product of Your Money Scripts®
Success Theme 2: You Need a Clear and Exciting Vision of What You Want
Success Theme 3: If You Want Different Results, You Need to Change Your Behaviors
BECOMING YOUR MONEY MAMMOTH
IT IS YOUR TIME TO EVOLVE
THE BLUE PILL OR THE RED PILL
Index
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