Jan. 13, 2021

27. Know Yourself, Know Your Money with Rachel Cruze

27. Know Yourself, Know Your Money with Rachel Cruze

Rachel Cruze is a #1 New York Times bestselling author, financial expert and host of the Rachel Cruze Show. On this episode of CFO at Home Rachel and Vince discuss her new book Know Yourself Know Your Money, how the lessons we learn about money...


Rachel Cruze is a #1 New York Times bestselling author, financial expert and host of the Rachel Cruze Show. On this episode of CFO at Home Rachel and Vince discuss her new book Know Yourself Know Your Money, how the lessons we learn about money growing up shape how we handle money, our money tendencies, the impact of fear on our financial lives, and more.

 

  • Key Takeaways

 

 

    • Four types of money classrooms: Anxious, Unstable, Unaware and Secure.

 

      • The Anxious Money Classroom

 

  •  Emotionally stressed and verbally closed—You observed your parents’ money habits, but money wasn’t talked about.

 

      • The Unstable Money Classroom

 

  • Emotionally stressed and verbally open—Money was a source of conflict in your family.

 

      • The Unaware Money Classroom

 

  •   Emotionally calm and closed—You didn’t hear or see much about money growing up.

 

      • The Secure Money Classroom

 

  • Emotionally calm and verbally open—Your family was in control over their finances and open to discussion about money.
  • Major Money Tendencies 
  • Experiences or Things
    • What you prefer to buy (example: vacation or something tangible)
  • Safety or Status
    • Why you want money. 
      • Safety people - Peace of mind.
      • Status people - Personal achievement. Benchmark of success.
    • The impact of fear on our financial lives 
        • Lack of security 
          •  Top money fear for women. You’re plagued with the “what ifs.
        • External forces
          • Circumstances you can’t control.
            • Job loss
            • No one taught you about money growing up.

 

        • Fear of past mistakes

 

  • What you can control - The money you do have
    • Get on a budget, live below your means.
  • Getting on the same page with your partner on money 
    • How You Talk About It
    • Explain Your Why