The #1 Money Rule to Live By: Understand The Psychology of Money

Today, you’ll learn the #1 money rule to live by to achieve financial success. 

You’ll also get the secret to stopping fear and anxiety around money for good. 

In this episode, financial expert Farnoosh Torabi will uncover major money myths that leave you feeling trapped and the steps you need to take to get good with money and build wealth. 

Whether you want to start saving, make more, or get out of debt, this episode will lay the foundation for greater financial success. 

This is an open and honest episode that will help you transform your relationship with money, and Mel candidly shares about her experience with financial fear after she found herself $800,000 in debt. 

If you want more content related to money and finances, listen to this episode next: 5 Rules of Money: How to Make It, Save It, & Be Smarter About It

Connect with Mel:

• Watch the episodes on YouTube
• Get Mel’s new book, The Let Them Theory‍
• Follow Mel on Instagram ‍
• The Mel Robbins Podcast Instagram‍
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• Disclaimer

‍In this episode:

• 2:14: Mel shares a financial lesson she had to learn after facing bankruptcy.  
• 7:13 Why does money intimidate so many of us?
• 13:15: What every woman needs to know about being financially independent.
• 15:52: How do financial dynamics shape your relationships?
• 21:00: The top 5 financial fears that keep most people up at night.
• 23:35: Farnoosh’s go-to advice for overcoming financial fear and taking control of your money.
• 31:22: How to harness your financial fear as a tool to transform your life.
• 34:45: How to let your financial fear fuel your growth. 
• 39:37: The one question to ask yourself if you have fear and anxiety around money. 

Farnoosh Torabi:

• Check out Farnoosh’s website
• Order her books, A Healthy State of Panic & When She Makes More
• Farnoosh’s podcast
• Follow her on Instagram
• Listen to her TEDx Talk
• Farnoosh’s current research

‍Additional Resources:

• Other financial experts featured on The Mel Robbins Podcast:some text
  • Tiffany Aliche: 5 Rules of Money: How to Make It, Save It, & Be Smarter About It 
  • Ramit Sethi: You’ve Got Money All Wrong: A Step by Step Guide to Living a Rich Life 
• Psychology Today: Financial Fears: It’s not Always About the Money
• Forbes: The Psychology of Money: What You Need To Know To Have A (Relatively) Fearless Financial Life
• Advances in Experimental Social Psychology: Between Hope and Fear: The Psychology of Risk
• Forbes: How Financial Independence Transforms Women’s Lives
• European Institute for Gender Equality: What’s gender equality got to do with financial independence?
• Educational Gerontology: Older Women and Financial Management: Strategies for Maintaining Independence
• Journal of Consumer Affairs: The Intergenerational Transference of Money Attitudes and Behaviors
• Journal Research on Adolescence: Financial Behaviors, Couple-Level Conflict, and Adolescent Relationship Abuse: Longitudinal Results From a Nationally Representative Sample
• Journal of Business Venturing: Aspiring to succeed: A model of entrepreneurship and fear of failure
• American Psychological Association: Take the money now or later? Financial scarcity doesn’t lead to poor decision making
• Journal of Economic Psychology: The prospective associations between financial scarcity and financial avoidance
• TIAA Institute: TIAA Institute report finds ties between financial stress and mental health
• Journal of Family and Economic Issues: The Relationship Between Financial Worries and Psychological Distress Among U.S. Adults
• Psychology Today: 2 Simple Steps to Raise Your ‘Financial Self-Esteem’
• Personality and Social Psychology Bulletin: It’s All About the Money (For Some): Consequences of Financially Contingent Self-Worth
• USA.gov: Learn about your credit report and how to get a copy
• Intuit CreditKarma: Check your credit score for free here‍
• Caroline Dooner: Tired as F*ck