Undoubtedly, one of the most critical parts of starting a business or just living our lives is properly managing our finances. With that in mind, we’ve decided to dissect a concept that will help you take better charge of your finances and explain a lot of your behaviour when it comes to one of life’s most important resources—money. This concept is called mental wallet.

In this episode of The Big Picture Podcast, you’ll learn what mental wallet really is, how it affects you and your life, and how you can make it work for you. In addition, we’ll also talk about this pattern we saw in ourselves, in our friends, and in other people and how we are being unconsciously influenced as we go about living our lives.

If you’re looking for guidance when it comes to properly managing your finances, this is one episode you can’t afford to miss!

Listen to the Podcast Here

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Show Nuggets:

• What mental wallet is
• The baseline of that “safety amount” in your head
• How people differ when it comes to the amount they have in their mental wallets
• How your mental wallet affects your decisions and relationships
• The importance of being conscious of your mental wallet
• Your reaction when your “actual money” differs from the amount in your mental wallet
• Recognising the actions you make when your “actual money” does not match with what’s in your mental wallet
• Increasing your awareness

Quotes:

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Watch the Video Here:

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