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“You have to know how [to invest], but personal finance it’s not enough just to know how. We also need to be able to take and apply these things we learn and make them real in our lives.” – George Grombacher
When it comes to money, there seems to be very few people who don’t have at least a few struggles associated with it (in earning enough, saving, investing in a smart way, spending it consciously and wisely, and more). As today’s Finding Brave expert guest reveals, often the key to overcoming financial challenges ties directly to addressing internal blocks that are holding us back from earning and having exponentially more money. However, it’s not enough to just learn about and know what to do specifically with your finances; it’s also about knowing how to make these principles real in your life, via a sustainable practice to follow daily.
George Grombacher has worked in personal finance for 20 years and has been named a top 100 financial advisor in the US by Investopedia for the past three years. He’s working hard to encourage, empower, and entertain others with critical and compelling information to help them create more financial success and live as they wish to.
George is the President of Financial Consulting Professionals, the Founder and Chief Community Officer of Money Alignment Academy and the host of the LifeBlood podcast, which I had the great pleasure of joining recently.
We’d love to hear from you! What’s your most difficult financial challenge and what is your biggest takeaway from our conversation today? If you’ve taken an action step towards addressing your internal blocks around money, or you plan to, we’d love to hear! Please reach out below and let us know how you are using George’s tips to expand your financial success.
Highlights from this Episode:
- The most common internal money blocks that George has observed in others, and how similar these blocks are between demographics [4:18]
- Why it’s so important to meet his clients where they are right now in terms of their money situation, with compassion and understanding [4:57]
- What led him to pursue work in the financial world, and how he was able to get connected to what was more purpose-drive work for him [8:23]
- George’s own experiences with money growing up and how it resulted in him avoiding the subject of money later on in his life [10:23]
- How George sees that it’s just not enough for us to learn or know about financial concepts, we have to live them in a real way. [11:56]
- What is really keeping us stuck financially, even if we know what to do, and the importance of having somebody to “pull it all together for us” [16:27]
- The big internal block that George himself has faced when it comes to money, and my own experience having a feeling of unworthiness [20:21]
- What he says are some of the common external blocks and “unforced errors” that people also encounter when being unable to keep the money that they earn [24:00]
- How to vet your financial advisor so that your financial interests are best protected, including the specific questions to ask them [26:40]
For More Information:
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Other resources mentioned:
George’s Goals Course (Free Access)
The Big Leap by Gay Hendricks
Submit your “Ask Kathy” questions here
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QUOTES FROM TODAY’S SHOW:
“I think part of the human experience is that we are consciously competent in some areas, and unconsciously incompetent in other areas.” [4:21]
“If you were raised in a positive money environment, where your folks talked about money all the time and there was plenty of it, then your experience is going to be different than if you were raised in a house where the family was broke and money was a source of tension.” [4:33]
“What I try to do is something that we are all trying to do, which is meet people where they are.” [4:55]
“We all go through the same [money] stuff, whether you appear to be super-affluent from the outside looking in, or if you look like you don’t have two nickels to rub together but you’re a millionaire.” [5:35]
“If you don’t know what you’re supposed to be looking for, or you don’t know how to look into the psychology of why you’re interacting with money the way that you are, then it’s pretty easy to see why you’re not good at budgeting or investing.” [11:35]
“I can know personal finance, and I can be a whiz in it, but if I’m not doing the things [that I need to be doing], then I’m not going to break through and have the kind of success I want to have.” [12:30]
“It’s so incredibly complex. Every area of personal finance requires an immense amount of learning, of knowledge, of know-how.” [12:44]
“There’s got to be somebody who’s driving that process. You could have done everything right, you could have set up your business correctly and same with all your taxes and investing, but 9 times out of 10 there’s going to be inefficiencies that are within each of these.” [17:04]
“A lot of the time there’s going to be gaps or even holes in the whole planning process, and that’s just because in the financial industry it’s difficult to scale sophistication and expertise.” [17:18]
“I had a feeling that I wasn’t worthy of the kind of success that I wanted, or to be somebody who was listened to or paid attention to.” [20:34]
“I’m very much of the mind that cost is what you pay and value is what you get, because I know it to be true, and I think that great professionals should be paid greatly.” [24:02]
“Our brains, while they’ve kept us alive for a very long time, are terrible at helping us to invest. The same part of our brain that responds to mortal danger is the part of our brain that responds to financial loss.” [25:11]
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