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Navigating Financial Freedom: Insights from Brandon Clark on the Two Piers Podcast
In a recent episode of the Two Piers Podcast, hosted by Erica D'Eramo, guest Brandon Clark shares his journey from public accounting to financial planning and money mindset coaching. The conversation touches on the importance of mindset, holistic financial planning, and the psychology behind money decisions.
From Accountant to Financial Planner: Brandon Clark's Journey
Early Career in Public Accounting
Brandon Clark begins by recounting his career path, which included roles at both a big four firm and small businesses. These experiences eventually led him to discover his true passion—financial planning.
The Role of Coaching in Personal Development
Brandon credits his transformation to working with coaches who helped him address his money mindset and personal development, paving the way for a fulfilling career in financial planning.
Differentiating Financial Planning from Coaching
Erica D'Eramo adds to the conversation by distinguishing between financial planning and coaching, emphasizing how coaching focuses on reflecting clients' perspectives and guiding them toward decisions that align with their goals.
Financial Freedom and Mindset: More Than Just Returns
The Holistic Approach to Financial Planning
The discussion moves toward the concept of financial freedom, with Brandon highlighting the importance of considering not just returns, but also costs, taxes, and the broader impact on one's life.
Financial Freedom Defined
Erica defines financial freedom as a blend of money management and mindset, exploring the barriers that prevent individuals from feeling empowered to achieve their goals.
Coaching for Marginalized Communities
Erica also stresses the importance of coaching skills in financial planning, particularly for marginalized communities who may face judgment and shame in their financial journeys.
The Psychology of Money: Beliefs, Trauma, and Wealth
Beliefs That Influence Wealth Accumulation
Erica discusses how deeply held beliefs can shape the way individuals accumulate wealth, often influenced by past experiences and societal pressures.
The Impact of Trauma on Financial Decisions
Referencing a documentary on Paris Hilton, Erica explains how Hilton's pursuit of wealth was driven by a need for safety rooted in past trauma. Brandon agrees, noting that while money can create safety, therapy and internal work are also crucial.
Money Mindset: Myths and Reflections
Common Money Myths
The conversation shifts to debunking common myths about money, with Erica sharing her own experience of taking financial risks and feeling the pressure to constantly accumulate more wealth.
Reflecting on Personal Financial Experiences
Listeners are prompted to reflect on their own financial experiences, including the mistakes and warnings passed down by caregivers, as a way to better understand their current money mindset.
Simplifying Money Management: Overcoming Limiting Beliefs
Starting with Simple Financial Principles
Brandon suggests beginning with basic principles, like spending less than you earn, to demystify the process of money management.
Reframing Negative Beliefs About Work
The discussion also covers the limiting belief that work is inherently unpleasant, with both Erica and Brandon advocating for a mindset shift towards finding fulfillment in one's career.
Personal Agency in Difficult Situations
Recognizing Agency in Financial Decisions
Erica emphasizes the importance of acknowledging personal agency when making difficult financial decisions, noting how this recognition can improve mental well-being.
The Impact of Choices on Well-Being
By understanding the choices available and their potential outcomes, individuals can better navigate challenging situations and move towards a more secure financial future.
Cultural Influences and Limiting Beliefs Around Money
The Role of Cultural Narratives
Erica and Brandon discuss how cultural and societal beliefs, like the Protestant work ethic, shape our views on money and work, often leading to limiting beliefs.
Childhood Memories and Money Attitudes
Both speakers reflect on their childhood memories and how their upbringing influenced their attitudes toward money, shedding light on the origins of their current financial perspectives.
Saving vs. Spending: Planning for the Future
The Balance Between Saving and Spending
Erica and Brandon explore the importance of balancing saving and spending, with Erica sharing her experience of growing up in poverty and how it shaped her financial habits.
Tailoring Financial Plans to Individual Circumstances
Brandon emphasizes that financial plans should be customized to reflect individual circumstances, as money is a deeply personal matter.
Finding Happiness Through Connection and Impact
Focusing on Connection and Impact
Brandon encourages listeners to prioritize connection and impact over material possessions as sources of lasting happiness.
Determining What Is "Enough"
He also suggests that determining when you have "enough" can serve as a foundation for building towards future goals, allowing for a more content and fulfilling life.
Final Thoughts: Financial Freedom and Planning for the Future
Understanding and Overcoming Money Scripts
The episode concludes with a discussion on financial freedom, highlighting the importance of recognizing and understanding one's money scripts—unconscious beliefs about money that can influence financial decisions.
A Forward-Focused Approach to Financial Planning
With a focus on empathy and forward-thinking, Erica and Brandon agree that making empowered financial choices involves concentrating on the present and future, rather than dwelling on past regrets.
For those seeking a deeper understanding of their money mindset, Brandon recommends the Money Scripts assessment by Brad Klontz, providing a valuable tool for anyone on the journey to financial freedom.
Resources
Reflection Prompts
What mistakes have you made with money? What mistakes did your caregivers make with money? What warnings do you remember your caregivers saying about money?
What were the conversations or memories from your childhood around work?
What’s your first memory of money? What’s your most vivid memory of something that money buys?
What would you do with the proceeds if you won the lottery?
Links
Coaching Practice: Reexamine Wealth
Financial Advising: Toler Financial Group
Disclosures:
Toler Financial Group and Cambridge Investment Research do not provide tax or legal advice.
Any discussion of markets and economic factors are general information only, and no claim is made regarding future performance or trends.
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, Member FINRA/SIPC. Advisory Services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Toler Financial Group and Cambridge are not affiliated.