Episode•April 20, 2023•26 min

Building Wealth From The Inside Out With Dr. Michael Thomas | Ep. 222

Are money and wealth the key to happiness? Dr. Michael Thomas believes it's not that simple. In his new book "Black Financial Culture Building Wealth From the Inside Out" he dives into how financial freedom must be paired with internal wisdom for true fulfillment. Don't miss this exclusive look at how prioritizing money within a capitalistic system can be an invaluable tool for success - and why understanding the 'why' behind our financial habits is essential for unlocking true potential and power. Don't miss this chance to take charge of your finances, and make sure that money works for you! About Our Guest Michael G. Thomas Jr., Ph.D., is an Accredited Financial Counselor (AFC®) and a lecturer at the University of Georgia. His research focuses on financial empathy and self-compassion, data visualization's effects on financial behavior, and the connection between brain function and money. Dr. Thomas's philosophy on how to effectively interact with money can be summed up in his Ted Talk: Financial Empathy: Understanding the Story Beneath the Numbers. Utilizing financial empathy as a process for active listening and the creation of client-focused financial recommendations are reflected in two financial literacy and capability programs he helped create: Money Dawgs and Discovering Money Solutions. Dr. Thomas is also the founder of Modom Solutions - a virtual financial coaching service he has been providing since 2015. He is also an author of the book Black Financial Culture: Building Wealth from the Inside Out. To learn more, visit his website: www.BlackFinancialCulture.com Connect With Dr. Thomas Twitter: @ModomSolutions Instagram: @ModomSolutions Facebook: @ModomSolutions This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

Apple Podcasts Spotify YouTube Overcast Amazon Music

Key Takeaways

Money without wisdom is a liability

Money alone cannot solve internal psychological and emotional issues

Financial freedom must be paired with internal wisdom for true fulfillment

Many people secure financial success but still feel empty and unfulfilled

Unpack the 'why' behind financial habits

Saving or spending behaviors often stem from childhood experiences and fears

Fear-based financial decisions can limit life experiences and joy

Process of 'unbounding' allows separating past trauma from present agency

Abundance is a decision before it becomes a position

You must embody abundance mindset before seeing material results

Living abundantly in mindset, generosity, and controllable areas attracts more abundance

Scarcity mindset prevents sowing seeds for future growth

Financial socialization requires dialogue, not just instruction

Parents should ask children how they perceive and feel about money behaviors

Moving from 'speaking at' to 'speaking to' children creates better financial understanding

Early intervention prevents carrying childhood money scripts into adulthood

Intro

Dr. Michael Thomas discusses his book 'Black Financial Culture: Building Wealth from the Inside Out,' exploring how internal wisdom must accompany financial success for true fulfillment.

Michael G. Thomas Jr., Ph.D. is an Accredited Financial Counselor, lecturer at University of Georgia, and founder of Modom Solutions. His research focuses on financial empathy, self-compassion, and the connection between brain function and money.

Building Wealth From The Inside Out With Dr. Michael Thomas | Ep. 222

Key Takeaways

Intro

– Money Without Wisdom Is a Liability

– Unpacking the 'Why' Behind Saving and Spending

– The Missing Piece in Financial Socialization

– Abundance as Decision Before Position

Books Mentioned

Resources

Topics