Rich Mind vs. Poor Mind — A Psychologist’s Guide to Building Wealth

Many people think becoming wealthy is all about having the right job, inheritance, or just lucky breaks. And those things can certainly give you a leg up. But according to my guest, the biggest key to building wealth is your mindset, as research shows that even high earners can stay broke forever if they’re trapped in poor thinking patterns, while others can build lasting wealth on modest incomes by developing the right mental approach.

Dr. Brad Klontz is a financial psychologist, wealth manager, and professor, and the co-author of Start Thinking Rich: 21 Harsh Truths to Take You from Broke to Financial Freedom. Today on the show, Brad explains the critical difference between being broke and being poor, how learned helplessness keeps people financially stuck, and practical ways to develop an agentic, wealth-building mindset. We also tackle thorny issues like the role of homeownership in building wealth and how to handle relationships that might be holding back your financial future.

Brad‘s previous appearance on the AoM podcast: Episode #529 — The Money Scripts That Are Holding Back Your Financial FutureAoM Podcast #321: How to Think About MoneyAoM Podcast #536: How to Achieve a “Rich Life” With Your FinancesAoM Article: Taking Control of Your LifeAoM Article: Avoiding Learned HelplessnessAoM Article: A Young Man’s Guide to Understanding Retirement Accounts — IRAsCompound Interest Calculator 

Start Thinking Rich website Brad‘s website