Brad Klontz - Money mammoth: Harness the Power of Financial Psychology to Evolve Your Money Mindset, Avoid Extinction, and Crush Your Financial Goals

1. Chapter 5

by

Dr. Brad Klontz

Dr. Ed Horwitz

and

Dr. Ted Klontz

Copyright 2021 by Brad Klontz, Ed Horwitz, and Ted Klontz. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data

Names: Horwitz, Ed, author. | Klontz, Brad, author. | Klontz, Ted, author. | John Wiley & Sons, Ltd., publisher.

Title: Money mammoth : harness the power of financial psychology to evolve your money mindset, avoid extinction, and crush your financial goals / by Dr. Ed Horwitz, Dr. Brad Klontz, & Dr. Ted Klontz.

Description: Hoboken, New Jersey : John Wiley & Sons, Inc., [2021] | Includes index.

Identifiers: LCCN 2020028689 (print) | LCCN 2020028690 (ebook) | ISBN 9781119636045 (cloth) | ISBN 9781119636069 (adobe pdf) | ISBN 9781119636052 (epub)

Subjects: LCSH: Finance, PersonalPsychological aspects. | MoneyPsychological aspects. | Financial security.

Classification: LCC HG179 .H598 2021 (print) | LCC HG179 (ebook) | DDC 332.024001/9dc23

LC record available at https://lccn.loc.gov/2020028689

LC ebook record available at https://lccn.loc.gov/2020028690

Cover Design: Wiley

Cover Images: (Wooly Mammoth): CSA Images/Getty Images (Money Bag): Wiley

Dr. Brad Klontz

Dedicated to you, the reader, for having the courage to tackle the most stressful topic in the lives of three out of four people. IF you evolve your money mindset, you CAN transform your financial life.

Dr. Edward Horwitz

I would like to dedicate this book to my wife, Chris, for her love, support, and insights throughout the writing process, and along our road in life together. I would also like to dedicate this book to the millions of people who struggle with money issues. Over decades of seeing the generational financial devastation caused by mishandling personal financial decisions, my passion for finding a solution burned. Too many families and children have been destroyed by bitter divorce simply because their parents didnt know how to engage in positive money discussions or guide their children with correct financial wisdom. Therefore, I dedicate this book, and a lifetime of thoughts, reflection, research, and experiences, to all of you. I sincerely hope you find the insights and solutions to discover financial security and contentment for you and all your financial relationships.

Dr. Ted Klontz

To my friend and wife, Margie, and to my children, who remain my best teachers, and to the countless folks who have allowed me to walk with them on their journey of finding peace in their relationship with money. To all those who wonder if they are the only ones who dont do well with money: The answer is a resounding NO. May this book help you find your way.

Bradley T. Klontz, Psy.D., CFP, is an expert in financial psychology, financial planning, and applied behavioral finance. He's an associate professor of practice at Creighton University Heider College of Business, co-founder of the Financial Psychology Institute, and Managing Principal of Your Mental Wealth Advisors. In addition to Money Mammoth (Wiley, 2020), Dr. Brad Klontz is co-author/co-editor of Facilitating Financial Health (NUCO, 2008; 2016), Financial Therapy (Springer, 2015), Mind Over Money (Broadway Business, 2009), Wired for Wealth (HCI, 2008), and The Financial Wisdom of Ebenezer Scrooge (HCI, 2005; 2008).

Dr. Klontz is a Fellow of the American Psychological Association, and a former president of the Hawaii Psychological Association. He was awarded the Innovative Practice Presidential Citation from the American Psychological Association for his application of psychological interventions to help people with money and wealth issues and his innovative practice in financial psychology for practitioners across the country.

Dr. Klontz has been a columnist for the Journal of Financial Planning, On Wall Street, and PsychologyToday.com. His work has been featured on ABC news shows 20/20, Good Morning America, and in USA Today, The Wall Street Journal, The New York Times, The Washington Post, The Los Angeles Times, Time, Kiplinger's, Money Magazine, National Public Radio, and many other media outlets and professional magazines and journals.

In 2019, he was appointed to the CNBC Financial Wellness Council and in 2018 received the Montgomery-Warschauer Award from the Journal of Financial Planning, honoring the most outstanding contribution to the betterment of the financial planning profession. He has partnered with organizations including Capital One, JP Morgan Chase, Mutual of Omaha, and H&R Block in efforts to help raise public awareness around issues related to financial health and financial psychology.