Episode 32 — How to Find Motivation in Your Fall Season

What motivates you as you make financial decisions?

To help you better understand the “why” behind your money motivations, Danielle Howard explores different money motivators and how they can impact your mindset and spending decisions. Take note of these motivators and ensure that you’re being driven by your values as you progress into your fall season.

In this episode, you’ll learn:

  • The difference between intrinsic and extrinsic motivators
  • Why we should assess the messages from media and the financial industry with a critical eye
  • The importance of being driven by your own values
  • How cooperation around money can bring us closer together
  • Danielle’s story about her own motivations
  • And more!

Tune in now to learn what motivates you, so you can optimize your financial possibilities for your fall season!

 

 

 [00:00:02] Welcome to the Wealth Done Differently Retirement Podcast. Danielle Howard a certified financial planner shares insight into the financial tools techniques and temperaments needed to make the most of your retirement dollars and relationships. Danielle bridges the gap between Wall Street and Main Street bringing complex financial topics down to earth. Danielle will educate and inspire you as you define and refine your version of prosperity.

[00:00:35] Hello and welcome to Wealth Done Differently Retirement with Danielle Howard a Certified Financial Planner. Today’s podcast is titled Finding motivation in your fall season. Good morning Danielle how are you?

[00:00:45] I’m well thank you Aric. How about yourself?

[00:00:48] I’m doing great. And we’re not in fall yet but we know it’s coming right here in full summer.

[00:00:54] Yeah and the full throes of summer and enjoying it thoroughly.

[00:00:58] Absolutely and we just know that it’s kind of been proven since time began that fall will get here eventually and that’s for everyone. Yes. All right. So now this is finding motivation in that fall season. What are we talking about today? Well what three topics do people stay away from like the plague? the big three that would be religion politics and butter versus margarine.

[00:01:25] That’s right for me. OK so three for you. All right for me.

[00:01:31] Politics sex religion and money I guess there’s four. To take a look at four four taboo topics. And since my wheelhouse is around the money issues I thought we would dig into that and look at why money is so hard to discuss.

[00:01:54] Mm hmm. What do you think? I think they’d be great. Let’s get on it.

[00:02:01] I know it’s challenging and I think a lot of it revolves around our motivation in looking at money and managing money and talking about money and the world throws out you know what we should be looking at with money. And I think that is where we hit walls with motivation. Have you ever thought about it that way.

[00:02:26] Well you know because honestly if you’re not willing to talk about something how can you possibly make changes or if you’re if you’re if you feel that you can’t talk about something I suppose is way I should say that like you said you avoid the money topic. It doesn’t help you face it head on or get motivated to do anything about it.

[00:02:43] Right. So in looking at what motivates us to even talk about it when we’re motivated by external circumstances are external you know what the media is saying or what our lives should look like. And the difference you know we want to dig in today the difference between extrinsic and intrinsic motivators whether it’s talking about money whether it’s making decisions around money. And I think that you know we’ve got to make a shift in looking at what motivator what motivates us as we look at how to optimize our, our financial possibilities in this fall’s season of life.

[00:03:24] All right sounds good.

[00:03:26] But first we get to have our fun disclosure that I appreciate everybody listening and I hope you’re sharing some of the information that you’re gleaning off of these podcasts with friends and family and that you’re personally gleaning some insight about this new season that we call rewirement these podcasts are going to be digging into different financial technical pieces and we’re going to dig in like today on quality of life in this season of retirement.

[00:03:59] And I just want to make sure that you don’t take any of this personally that your financial life is so unique. Your situations are unique. You are personally unique that you need to make sure you have an advisor that is getting to know you that understands who you are and what is going on. And you know you need to have the context around any decisions that you’re you’re going to make. So I just want to encourage people to make sure that you’re you’re working with the right folks learn something from me and ,and then bring it to fruition was somebody who can truly guide you.

[00:04:38] You absolutely find a professional to talk to and ask the questions that come up today as you listen to this podcast.

[00:04:44] Perfect. So let’s dive in. All right.

[00:04:47] All right. As we look at motivation you know that that is the process that initiates and guides and maintain our behaviors. You know to me it is about it is the why and when it comes to money in our fourth season of life many times it’s just left on autopilot or it’s in default mode. You just you know money is just a part of our life. We don’t give it much thought. It just comes and goes. And if we do think about it it’s usually in a negative context. And I think that we need to look at our why. Why do we want to have money in our fall season of life and why do we want to understand the financial tools that you have. We have to look at what is motivating us to look at our behavior.

[00:05:35] Makes sense. Absolutely.

[00:05:38] I believe my personal feeling is that we are encouraged by the media and the financial services industry to look at money externally outside of ourselves that there is a carrot and stick mentality that we are encouraged to have money motivators about. We just want you know how do we get more money or how do we post the latest and greatest things on, on Facebook to make our lives look fantastic that we or that we’re avoiding punishment avoiding you know running out of money or what are we avoiding in our financial lives.

[00:06:22] That’s basically the financial services industry that the media coming at as saying this is what your retirement should look like or this is what you need to do. You need to beat the benchmark. You need to have more. You need to build bigger buckets. You need to have bigger barns and you need to have the latest and greatest and you’re not enough unless you have this.

[00:06:48] And it is that externalities is that is you know really creating a lot a lot of discontent and a lot of disconnection and a lot of angst around your financial life.

[00:07:02] So we want to preserve that.

[00:07:05] Sorry I didn’t mean there. I think it’s because we have a tendency to compare ourselves to somebody else or to like you said there’s a certain benchmark that you should be hitting. I kind of imagined it or liken it to being in a dinner party standing around a group of people and one was talking about whether a doctor and persons a lawyer the next person’s a judge and the Supreme Court the next person’s you know some wealthy businessman and then they get to you and you say well I work in a warehouse right. You don’t feel good about that. You don’t feel like you have hit that mark that all these other people are doing. And the media just constantly like you said is dumping stuff on us saying hey this is what you should be reaching for even though that’s not any part of your goal or your dream right.

[00:07:44] It’s again allowing our net worth to be our identity instead of our self-worth. And getting the two mixed up. And I think that it is an awareness and of of what has happened in our culture that we’ve really moved away from our true values our true identity what a what our personal meaning of success is and we’ve let others influence us. How do we change that. And because when it come when it comes to money. If we’re not motivated by intrinsic what comes from inside of us you know to take a look at our why behind our behaviors from an intrinsic perspective it’s really really different that we’re going to engage in in financial behaviors whether it’s saving or spending or giving or growing because it aligns with your personally with you. It is about your integrity about your authenticity about knowing yourself and those closest to you. What brings you personal gratification. What brings you that opportunity or to explore fulfill your potential. What makes you happy. If you really connect with those intrinsic motivators you’re more likely to follow through with your financial behaviors.

[00:09:22] True very true so how do we make that shift yeah.

[00:09:25] So as we as we unpack this a little bit I think there are some areas that we can. We can look at and let’s take a look at four of them. Let’s look at the intrinsic element of challenge being challenged. So pursuing a goal with personal meeting that you know that it is it’s possible but not necessarily. Absolutely for sure that you’re going to to reach it. So there is that element of challenge behind it and it’s related to your your self esteem. And if progress or performance of feedback is available that’s that’s fantastic. There is that little element of maybe comparison with others. You know I look at this from the perspective of staying physically fit and making healthy choices as I personally you know as I age I can look around me and we all do and we see people aging in different ways. Well I like a little bit of a challenge and I get that I’m not skiing at the same capabilities that I used to when I was a lot younger. I’m not climbing this. I have a mountain or I’m not biking as far as I used to but I think I still can be challenged in what is my personal best financially. You know it isn’t having more. It’s about using it wisely. To possibly look at you know what how do I want to use financial resources to support me in staying physically fit and making healthy choices. What am I going to spend it. You know for a gym membership or what do I want for. How much is enough on a new new bicycle or what kind of food do we are going to be putting into my my basket. So taking a look at what kind of challenges do you have in your life and what are the financial implications. And I you know taking on those challenges. Yeah no that makes a lot of sense. So what would number 2 be? another one would be curiosity so an intrinsic motivator could be aligned with you know curiosity to look at something in our physical environment that grabs our attention that might be sensory curiosity that might be travel. You know I’m really I’m curious about what another part of the world looks like. It may be activities that stimulate your cognitive curiosity so learning opportunities going back to school to learn a new language or to take a hobby that you’ve kind of pursued but take it to a deeper level. When I when I look at the intrinsic motivator with curiosity I call it intentional travel I’ll have clients say wealth I want it I want to travel in retirement well fantastic. But what would it look like to feel that would about travel intrigues you. What what element of travel do you want to really explore. And do you want to dig into a culture the food or or do you want to just you know see the see the scenery. So what what element of curiosity are is going to unfold and what are the financial implications of cultivating that, that curiosity.

[00:13:00] Yeah I mean there to be both ends of the spectrum like you said I want to go see what other cultures are like where one another person is like I love just hit the road and see what, what’s around just the United States. I haven’t done a whole lot of traveling here. So those are two totally different situations. One maybe buying a full RV and being gone for six months at a time or somebody else is taking short trips but more costs because we’re hotels or planes or whatever.

[00:13:25] Everybody is going to be different and this is where people need to know themselves and kind of tap into what is truly important to them. I know and I think that’s important for any financial advisor that is out there working with the client is to help them uncover what that curiosity is is about and why. Because you could you know factor in a number for travel every year but it’s not going to be fulfilling if it’s just you know surface. But if it really is about who you are what you’re about what’s going to fulfill that curiosity in your life then an advisor is going to really help you hone into the financial elements of that and and keep it sustainable for a period of time. You know in those Gogo years You know to be able to really you know none of us at least the majority of us do not have that just an ending flow of financial resources where you can go everywhere and do everything. And we really wanted to make sure that the travel or the learning opportunities that we’re taking on to fulfill that element of curiosity in our lives is is meaningful and and does fill us up.

[00:14:46] Yeah absolutely. There may be a situation where you plan on traveling the world. Then you take three or four trips and you’re like you know what. There’s no place like home. exactly. I’ve satisfied that curiosity right. So right. Okay. Yeah. That’s curiosity.

[00:14:59] Next one would be control. And we’ve talked about this one a little bit in our previous podcast. I think it’s number 14 as we look at self-determination. You know we all want to be as much of in control of our own lives as possible and we have yet not I I get it. There are so many things coming at us in so many different directions. There are outside of our control but there are elements within our environments and the direction of our lives that we can control. So if you want to dig into that a little bit deeper Take a listen to the podcast. Number 14 this is where we you know to the best extent possible. We are in control of our lives and it’s a mindset and an attitude that we are victims instead of victims of circumstance that we take personal responsibility. Or you know for our behavior. So this is where you know financial This is where a spending plan would would come into play. We want to to know where our money is going and tell it where it’s going instead of wondering where it where it went. We want to know what is working and what is not. And that we have the capacity to make changes where we want to whether it’s with our financial decisions our you know our dietary a desires our relationships. You know there are opportunities to grow and change and if we take responsibility in all areas of our life that will that will unfold it also you know having control that it exhibits you know determination self motivation and being driven by our own values instead of other standards and circumstances outside of ourselves. And this again is where we really need to question what is coming at us with the media with what others say we should be doing. You know and and wrestle with what it means to be in charge of our ourselves and that we you know our actions are based on our values and our moral standards. Well in order for us to do that we have to know what our values and moral standards are. What are they based on. Where did they come from. Are they working or not working. And this can get into you know spiritual elements. And I think again people have gotten so far away and disconnected and so focused on external forces and they’d rather place blame and look at what’s going on outside of them and spend time there. And that’s not overly productive.

[00:17:50] I love what you said. You are controlled by your values not controlled by those external things. I think that’s that’s fantastic. I think everybody hopes to strive for that but this actually kind of puts some steps in place to help you do that. I love it.

[00:18:04] Right Next let’s look at cooperation. So we’ve had challenge curiosity control and cooperation and from that intrinsic idea of cooperation that people want to know that they are impacting others in a beneficial way. That there is something bigger than themselves that they’re working on that there are people in our lives that we can walk alongside for a common goal or that we’re in alignment with common values. And this is where I really see you know couples needing to come together and making financial decisions. Our world again can tend to to to pull us apart in this area. And you know I have the things that I want to do with my money. You have things you want to do with your money and it could we look at it differently and how can we cooperate. How could we collaborate. How could we have money draw us together instead of pulling us apart. And that will again embellish the intrinsic motivation. If we can connect with whether it’s a spouse a partner other family members on commonalities on values on common goals then we’re we’re aligning ourselves with those intrinsic motivators that help us come to fruition through financial implications and behaviors that we make with our money.

[00:19:44] Yeah absolutely. That makes little sense.

[00:19:46] Oh yeah. Just to review we’ve got that external motivation and those are the should dos those that’s the traditional financial adviser coming at you and going well you should be saving more for retirement. You should be spending less you. You should be doing this that or the other and it puts you in that position of pressure. It feels you feel guilty that you’re never going to be able to get there that you can’t keep up that you’re burdened fills you with regret. Well I should have done it 20 years ago and now it’s too late or resentful that they’re resentful of yourself or resentful of people who are telling you to do this. And you know it’s just not a pretty place to be. And I think that we can replace it with the intrinsic motivators and that puts us more in that I choose to make decisions around my financial life that that reflects that that curiosity in my life that gives me a little bit of a challenge that helps put me in a position of of of control that self-determination that I can make decisions that I can take responsibility and that I can you know move forward and in making change in my life and that I can look at collaborating or cooperating with people that are important to me or who bring value to my life. And it puts you in a position of power and and possibility and helps you fulfill your potential. And it’s an entirely different mindset around how you do your money if wildly different behaviors in your or your financial choices whether it’s in how you’re receiving it how you’re sharing it and giving it or how you’re growing it or making intentional spending decisions.

[00:21:39] Yeah absolutely.

[00:21:41] A great read is Drive The Surprising Truth About What Motivates Us. By Daniel Pink very engaging in some fantastic ideas. You know again what motivates employees. But I think it factors over into our personal life.

[00:21:59] Also check that check that out.

[00:22:02] Yeah that sounds really good and we were talking a little bit before the podcast that you actually have a story of your own about motivation. So it’s a good transition point there. Get the book and now listen to Danielle’s story what have we got.

[00:22:15] Well this is the fun I always I live in the beautiful Colorado Rocky Mountains and I always try to tie I know the analogies between our financial lives and and what I get to live in up here and I.

[00:22:30] Couple weeks ago my husband and I were wanted to go on a bike ride and we’ve been having a lot of wet weather up here this year and we had this brief three hour window check the weather app and saw that we had a quick two to three hour window with only 25 percent chance of rain and because we hadn’t gotten out too much we thought oh let’s let’s go. I was motivated by you know let’s go get some exercise some time with my husband and I was like a very motivated by a restaurant at the end of a bike ride. I happen to have a fair in town called Strawberry days in Glenwood Springs and that would be fun. Let’s go on the bike ride up the canyon and then we’ll stop at Strawberry days.

[00:23:17] Grab some grab some good food get some exercise let’s go geared up headed out get up into the canyon along the Colorado River just absolutely gorgeous ride thoroughly enjoying our day and see some clouds building in the sky. Well when I was initially motivated by that the intrinsic motivators that we talked about a little bit but before the challenge the curiosity and the control I get to go out and enjoy the day cooperation sure I get to do something that binds me together with my husband get up into the canyon cloud builds and we get a little little wet.

[00:24:00] It was refreshing to a point where we can’t go any further because we’ve got so much water coming through our rivers right now that we have part of the bike path this closed. Turn around start heading back see some really big dark clouds heading towards us.

[00:24:18] And I you know going OK we can either ride really fast and I can we can literally see the sheets of rain that are coming towards us. You know think OK we could turn around bike back to the rest area hang out there or we could just you know that I saw blue sky on the other side of it. Let’s just get wet. So we rode through that but it was coming down really really hard. And. Hurting to ride. Oh man. Pulled over pulled up under the underpass got our bikes all muddy and let the storm let the storm pass. Took about four or five minutes to let it completely go by wash our bikes off wash the shoes off in some puddles and get back on our our bikes strip off a layer of clothing that was wet and and head into town still motivated. I’ve still got you know we’ve got food ahead of us I’m really excited to get into town and check the app again. And now we’re up to a 40 percent chance of rain in the next half hour and looking down valley. There was a black cloud that made what we had just ridden through pail. And my motivation completely changed. I was no longer motivated to enjoy the day to get some exercise to spend time with my husband and to have good food. I was motivated to get home before I was so wet so cold and miserable and we decided just to go. So my my motivation my motivation shifted quite a bit. It was no longer about being motivated by something that was enjoyable in life to motivate being motivated to avoid pain. And we rode fast. We rode hard. We I could barely keep up with my husband. We pulled into the driveway about two minutes before the hail started and didn’t stop for about 40 minutes. And I was so grateful to be at home and warm and safe and yet as we were riding really fast I’m like All right let’s think about what motivates people especially in their financial lives. They can be motivated by you know doing something fun and enjoying life or we can be motivated by avoiding pain. Absolutely and that plays into it too. So I just want to encourage our listeners to look at motivation and how it plays out in your financial decisions that don’t just set it and forget it.

[00:27:08] Don’t just set money on you know on autopilot and let life happen to you. Take a look at what’s important to you and what is going to motivate you to take a look at the tools the financial tools that you have. The techniques that you’re utilizing to you know optimize all of these resources that you’ve built up over the years and are wanting now to use in your retirement season. Are there techniques that you can be creative around tax efficiencies in continuing to build up or taking money out for those joyful times or those painful transitions or whatever is going on.

[00:27:52] And there was just kind of a fun way for me to think about motivation from either that positive side or avoiding avoiding pain.

[00:28:02] So if somebody is listening to this right now that says you know what I’m motivated to avoid financial pain in the future or they’re saying I’m motivated to find a great pathway to live by my values and be controlled by my values and some somebody else’s. What’s their next step out of the reach out to you?

[00:28:19] I’m so glad you asked. Thank you. You can reach out to us and take a look at what a personalized journey of financial health would look like and you can reach us at www.wealthbydesign4u.com. We have a no new Social Security handbook that you can download on that same Web site. Www.wealthBydesign4u.com. It’s a really good Social Security piece that kind of outlines what it went to look for very professionally done. You can also look at engaging in group learning opportunities. Having me comes speak Gore. We’ve got some educational online activities you can partake in at www.daniellehoward4u.com and I appreciate feedback or comments about what you would like to hear more about or topics that would be of interest to you. Please feel free to email us at admin@WDD4u.com.

[00:29:33] Fantastic. Thank you so much Danielle. Appreciate your time Aric. And we will talk soon.

[00:29:39] Yeah. Love it. All right. And thank you all for listening to the wealth done definitely retirement podcast with Danielle Howard. If you have not subscribed to the podcast yet please click the Subscribe now button below. This way when Danielle comes out with a new podcast it’ll show up directly on your listening device. It makes it much easier to share this podcast with your friends and family. Again thanks for listening today For everyone at Wealth Done Differently Retirement. This is Aric Johnson reminding you to live your best day, every day. And we’ll see you next time.

Thank you for listening to the Wealth Done Differently Retirement Podcast click the subscribe button below to be notified when new episodes become available. The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Wealth by Design LLC. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice.  Always seek the advice of your financial adviser or other qualified service provider with any questions you may have regarding your investment planning. Danielle Howard, Certified Financial Planner is an investment adviser representative of Cambridge Investment Research Advisors a registered investment adviser. Securities offered through Cambridge investment research Inc.

A broker dealer member FINRA SIPC Cambridge and wealth by design LLC are not affiliated.

 

 

 

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