Inner Wealth: The Psychology of Financial Stability

The Most Hated F-Word

With Dr. Moira Somers | Psychologist | Family Wealth Consultant | Author | Summary In this insightful conversation, Dr. Moira Somers offers insights on how to enhance our financial stability. She discusses the intricate relationship between money and health, stressing the significance of financial well-being and its impact on our overall health. Dr. Somers emphasizes the need for a paradigm shift in the financial services sector, advocating for a more empathetic and supportive approach. She highlights the pivotal role of self-reflection and social support in achieving financial stability and sheds light on how our personality traits and self-belief influence our financial decisions. Dr. Somers brings such a calming yet thought-provoking tone to the conversation. Every time I speak with her, I find myself thinking deeply about whichever topic we discuss, and I hope you feel the same after listening to this conversation. Takeaways Financial stability is crucial for overall well-being and can have a significant impact on health. Financial advisors play a key role in helping clients achieve stability by understanding their unique circumstances and building on their existing financial skills. Both financial advisors and clients need to take a good look at themselves and have confidence in their abilities to make smart money choices. Stress can significantly impact financial decision-making. Practicing self-care and seeking support are important strategies for managing financial stress. Financial advisors play a vital role in helping individuals achieve financial wellness. There is a strong connection between mental health and financial wellness. Chapters 01:33 The Relationship Between Money and Health 03:03 The Impact of Money on Well-Being 08:32 The Goal of Financial Stability 14:08 Building Financial Stability 20:11 The Impact of Financial Stability on Individuals 23:08 The Need for Self-Reflection 31:04 The Importance of Self-Efficacy 37:49 The Power of Social Support 43:30 Moving Beyond Stability to Thriving 50:30 The Importance of Financial Wellness LINKS: Dr. Moira Somer's Website: CLICK HERE Dr. Moira Somer's Book: CLICK HERE