Uncovering Money Memories to Shape Financial Behavior
Explore the significance of understanding individuals' money memories and how they influence financial behaviors. Learn why and when to ask about these memories, and how they can be pivotal in guiding clients towards positive change.
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Presentation Transcript
Whats Your Earliest Money Memory? Helping Clients Change
Agenda What are money memories? Why ask about money memories? When to ask about money memories? How to ask about money memories? Example Conclusions
What Are Money Memories?
What are money memories? Memory about money. Financial flashpoint.
What are money memories? We have many of them and they very often disagree.
Inform our believes (usually subconscious) about money. What are money memories?
What are money memories? If they inform believes they ultimately inform behavior (or lack there of)!
Why Ask About Money Memories?
Why Ask About Money Memories? Change is hard and sometimes we get stuck!
Understanding the self, making the subconscious conscious, can help people to adapt their own behavior. Why Ask About Money Memories?
Why (Not To) Ask About Money Memories? Relationship Make you closer to the client. Sales Blame Diagnose the client. Show you are different.
When To Ask About Money Memories?
When To Ask About Money Memories? For best results, after you have an established relationship with the client.
When To Ask About Money Memories? When you have prepped the client.
When To Ask About Money Memories? When they are stuck assuming you have introduced the idea before. Discover, not diagnose.
When the client feels safe enough to share When To Ask About Money Memories?
How To Ask About Money Memories?
How to Ask About Money Memories? Set the meeting up. Use an agenda that provides context pre- meeting. Use a video. Consider SOME self-disclosure, reciprocal vulnerability.
Money Memory What is your earliest money memory? Many of our memories are important in shaping our world view. The earliest memories we have relating to money can help us clarify our own attitudes and beliefs that create our version of the world today. Insights What do these memories mean to you? What do they mean to your behavior today? Many of our memories that stand out often have a significant impact on what we do today. Thinking about these memories and discussing them can be beneficial to understanding our current behavior in new ways. Actions What do we want to do with our insights? With more insight into how certain financial behaviors may be affected by our past memories, we can decide whether we want to continue those behaviors or consider other behaviors and solutions to our money challenges. How to Ask About Money Memories?
Pick a version of the question that feels natural to you? What was the first big purchase you ever made? Tell me about your first job. How did money play a part in your childhood? If you could change one thing about what you were taught as a child about money what would it be? If you could amplify one thing that you were taught about money as a kid what would it be? Tell me what you learned from your parents/grandparents/guardians about money. How to Ask About Money Memories?
How to Ask About Money Memories? Keep the dialog going for those insights! Discover not diagnose. Thank you for sharing _____. I hear you saying that this was very ______ for you. Is that correct? Would it be fair to say that you were feeling ______ at that moment? How did this moment/feeling shape your world view moving forward? In what ways do you see those feelings/beliefs in your life today?
Example: Me! Marriage advice from my father.
Conclusions Money memory questions are powerful and can have many benefits for the client as well as the client-advisor relationship. Money memory questions take effort/structure to use effectively. Money memory questions are discovery tools, not diagnostic tools.
