52: Gaining Money Confidence with Dr. Betsy Chung
Money Confidence with Dr. Chung
Listening back to the interview with today's podcast guest, Dr. Betsy Chung reminds me that it's almost always easier to see someone else's strengths than to see our own.
See, Betsy shared how she doesn't feel super comfortable with money.
She's getting there.
She understandings what purchases she enjoys and which one's she's kinda "meh" about. She's challenging her internal thoughts about how to set her fee in her practice.
I could hear how her money confidence is growing, even though she didn't say it.
And it's the reminder that so many of us push our strengths aside, downplay them, or can't see them until someone else holds a mirror to us.
When you find yourself wondering why you "aren't that good at money," try this little trick and ask yourself, "What would a friend say to me about this?"
That's it--that's the itty bitty change you can bring into your world the next time you feel less than great about something you are working on.
Dr. Betsy Chung is a clinical psychologist in Southern California. She specializes in helping people achieve healthy relationships with the self and others by empowering them with a deep understanding of how past life experiences contribute to current struggles. In this episode, we cover saving money during the pandemic, the paradox of knowing vs. doing, and her current journey to spend in alignment with her values.
Takeaways from Besty Chung
Knowing vs. Doing
The paradox of knowing what to do financially versus making those behavior changes is huge. So often, people get stuck in their thoughts (what they think they should be doing) that they don’t move to the place of actually taking action.
Gaining Money Confidence
Money confidence, sometimes known as financial confidence, is a combination of a few things. Money confidence is comprised of people’s abilities to make smart financial choices, how they are able to follow through on those choices, and their intention behind those choices. Dr. Betsy shared how her lack of confidence crept into her business, manifesting as charging much lower rates for her psychotherapy services than her colleagues. Check in to see if your money confidence, or lack of it, is impacting your ability to make intentional, wise, financial choices.
Value-Based Budgeting
A values-based budget or spending plan means looking at the way discretionary spending is or isn’t in alignment with a person’s values. I also think it’s important to include value-based saving here; for example, if it’s a value like it is for Betsy to travel with your partner to deepen a sense of connectedness, have fun and adventures together, saving up for a trip, and spending on it would be a great example of values-based saving and spending.
More about Dr. Betsy Chung
Betsy is a clinical psychologist in Southern California. She has over 10 years of experience as a clinician in the mental health field. She specializes in helping people achieve healthy relationships with the self and others by empowering them with a deep understanding of how past life experiences contribute to current struggles. In addition to providing psychotherapy in private practice, Dr. Chung maintains a professional social media account on Instagram @LoveAlways.DrBetsy where she shares insights about tips about self-esteem and relationships. Dr. Chung also contributes her time and expertise to various media outlets including "Tyla on TikTok" and "Share Care, Inc." and has been featured in magazines like "Cosmopolitan" and "Health" magazine. Learn more at her website.