Episode•April 20, 2023•26 min

Building Wealth From The Inside Out With Dr. Michael Thomas | Ep. 222

Are money and wealth the key to happiness? Dr. Michael Thomas believes it's not that simple. In his new book "Black Financial Culture Building Wealth From the Inside Out" he dives into how financial freedom must be paired with internal wisdom for true fulfillment. Don't miss this exclusive look at how prioritizing money within a capitalistic system can be an invaluable tool for success - and why understanding the 'why' behind our financial habits is essential for unlocking true potential and power. Don't miss this chance to take charge of your finances, and make sure that money works for you! About Our Guest Michael G. Thomas Jr., Ph.D., is an Accredited Financial Counselor (AFC®) and a lecturer at the University of Georgia. His research focuses on financial empathy and self-compassion, data visualization's effects on financial behavior, and the connection between brain function and money. Dr. Thomas's philosophy on how to effectively interact with money can be summed up in his Ted Talk: Financial Empathy: Understanding the Story Beneath the Numbers. Utilizing financial empathy as a process for active listening and the creation of client-focused financial recommendations are reflected in two financial literacy and capability programs he helped create: Money Dawgs and Discovering Money Solutions. Dr. Thomas is also the founder of Modom Solutions - a virtual financial coaching service he has been providing since 2015. He is also an author of the book Black Financial Culture: Building Wealth from the Inside Out. To learn more, visit his website: www.BlackFinancialCulture.com Connect With Dr. Thomas Twitter: @ModomSolutions Instagram: @ModomSolutions Facebook: @ModomSolutions This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

Apple Podcasts Spotify YouTube Overcast Amazon Music

Key Takeaways

1
Money without wisdom is a liability
Money alone cannot solve internal psychological and emotional issues
Financial freedom must be paired with internal wisdom for true fulfillment
Many people secure financial success but still feel empty and unfulfilled
2
Unpack the 'why' behind financial habits
Saving or spending behaviors often stem from childhood experiences and fears
Fear-based financial decisions can limit life experiences and joy
Process of 'unbounding' allows separating past trauma from present agency
3
Abundance is a decision before it becomes a position
You must embody abundance mindset before seeing material results
Living abundantly in mindset, generosity, and controllable areas attracts more abundance
Scarcity mindset prevents sowing seeds for future growth
4
Financial socialization requires dialogue, not just instruction
Parents should ask children how they perceive and feel about money behaviors
Moving from 'speaking at' to 'speaking to' children creates better financial understanding
Early intervention prevents carrying childhood money scripts into adulthood

Intro

Dr. Michael Thomas discusses his book 'Black Financial Culture: Building Wealth from the Inside Out,' exploring how internal wisdom must accompany financial success for true fulfillment.
Michael G. Thomas Jr., Ph.D. is an Accredited Financial Counselor, lecturer at University of Georgia, and founder of Modom Solutions. His research focuses on financial empathy, self-compassion, and the connection between brain function and money.

Website Instagram Twitter

– Money Without Wisdom Is a Liability

Money and wisdom can get you almost anything in life, but wisdom is the only thing that can save your life.
– Dr. Thomas

Dr. Thomas explains that securing financial success doesn't guarantee fulfillment - many people feel empty despite having 'the bag.'

The key is balancing emphasis between money and wisdom, addressing both external circumstances and internal psychological needs.

– Unpacking the 'Why' Behind Saving and Spending

Dr. Thomas shares how his own saving behavior was born from childhood fear - lights being cut off, cold showers, housing instability - rather than joy or intentional planning.

The 'unbounding' process involves recognizing that past limitations (agency, resources, knowledge) no longer apply, allowing different choices today.

I literally had to take some time to go back and to think about how I was bounded then and to unwind that boundedness by speaking to the truth and reality of my now.
– Dr. Thomas

– The Missing Piece in Financial Socialization

Parents often model financial behaviors without checking how children internalize those messages.

The shift from 'speaking at children' to 'speaking to children' involves asking: 'What do you think about that? How does it make you feel?'

This relational approach can prevent carrying unexamined money scripts from childhood into adult financial decisions.

– Abundance as Decision Before Position

If you want to have abundance, you have to be it before you become it.
– Dr. Thomas

Using agricultural metaphor: farmers sow seeds expecting abundance; without abundant spirit, seeds are never sown.

Abundance manifests through mindset, generosity, and controlling what you can - abundance begets abundance like compound interest.

Books Mentioned

Black Financial Culture: Building Wealth from the Inside Out by Michael G. Thomas Jr., Ph.D.

Resources

Financial Empathy: Understanding the Story Beneath the Numbersvideo
Money Dawgs
Discovering Money Solutions

Topics

financial psychologymoney mindsetfinancial empathywealth buildingfinancial socializationabundance mindsetchildhood money scriptsfinancial coachingself-compassioninternal wisdom