Get Wired For Wealth – The Recession Proof Money Makeover

Wired For Wealth: Change the Money Mindsets That Keep You Trapped and Unleash Your Wealth Potential by Brad Klontz, PSY.D., Ted Klontz, PH.D., & Rick Kahler, CFP.

Wired for Wealth is a book that will make you think hard about your beliefs about money, and it will help you to confront any unhealthy beliefs that are detrimental to your financial goals. The main idea in the book is that we all have money scripts, whether we are aware of them or not, and many of them have been passed down to us from our families.  If left unchecked, these money scripts can create problems and prevent us from reaching our potential.

In order for us to develop positive money scripts, we need to be honest with ourselves about what we really believe about money.

The book is full of real-life stories of people whose money scripts passed down from their families significantly impacted their own behaviors, and ultimately their entire life direction. The interesting thing is that most people are not even aware of their money scripts, but it’s essential to become aware of them in order to promote positive change.

The authors also discuss the fact that extreme money scripts lead to extreme behaviors.  Some people deliberately do the opposite of the money scripts they were taught as a child, and this can result in something equally detrimental.  For example, children of parents that spent their money frivolously, could either follow the pattern of their parents and do the same, or do the exact opposite and be extreme savers, not spending even on the necessities.  Obviously neither behavior is healthy.

Money scripts can keep us stuck in a rut by blocking our ability to take in information that conflicts with what we believe is true about money.  Our money scripts can prevent us from believing that change is necessary.  Near the end of the book, the authors walk the readers through a five step process in changing money mindsets and unleashing wealth potential.  The steps are:

1.  Face your fear.

2.  Visit your past.

3.  Understand your present.

4.  Envision your future.

5.  Transform your life.

The book also has some great tips on how to raise financially healthy children and how to deal with financial conflicts in marriage.

Here are some examples of money scripts used in the authors’ research:

* Your self worth equals your net worth.

* It is okay to keep secrets from your partner around money.

* More money will make you happier.

* It takes money to make money.

* You can’t trust people around money.

* I will never be able to afford the things I want in life.

*Things would get better if I had more money.

* If you are good your financial needs will be taken care of.

Here are the top five money scripts that the authors found to be prevalent among people who are wealthy:

1.  It is important to save for a rainy day.

2.  Giving money to others is something people should do.

3.  Money buys freedom.

4.  I have to work hard to be sure I have enough money.

5.  I deserve money.

If you are struggling financially and would appreciate some insight as to what might be going wrong, I would highly recommend that you read Wired For Wealth and examine your own beliefs about money.  The book is interesting and insightful and contains many stories and examples based on research studies of ordinary people from all ages and walks of life.