In this episode of The Mel Robbins Podcast, Mel Robbins and Lewis Howes explore financial well-being through the lens of their personal experiences. Both share their stories of financial hardship—including Robbins' $800,000 debt and Howes' period of housing insecurity—to illustrate how common money struggles are, with one-third of working adults living paycheck to paycheck.
The discussion examines how childhood experiences shape our relationship with money and presents practical approaches to improving financial health. Robbins and Howes outline strategies for developing a healthy money mindset, including expressing gratitude for financial obligations, setting clear financial goals with deadlines, and building beneficial habits. They also address the value of continuous financial education and maintaining social connections that support financial growth.
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In a revealing discussion, Mel Robbins and Lewis Howes share their personal experiences with financial hardship. Robbins opens up about being $800,000 in debt at age 41, while Howes describes his journey from sleeping on his sister's couch to achieving financial freedom. Their stories highlight that financial struggles are common, with one in three working adults living paycheck to paycheck.
Howes discusses the concept of "money wounds" - childhood experiences that shape our relationship with money. He shares personal stories of stealing and paying for friendship, which led to feelings of shame and unworthiness. Both hosts emphasize the importance of shifting from negative money attitudes to gratitude. Robbins suggests expressing appreciation even for bill payments, while Howes advocates for viewing financial obligations as opportunities for thankfulness rather than burdens.
The hosts emphasize the importance of developing a purposeful approach to money. Howes explains how his desire to interview and share knowledge led him to podcasting, demonstrating the value of aligning financial goals with personal values. They recommend setting short-term money missions, such as debt reduction or financial education, with clear deadlines and actionable steps. Howes shares his early goal of earning $5,000 from a single speech, which he achieved through dedicated practice and free workshops.
Both hosts provide actionable advice for financial improvement. Howes emphasizes developing a habit of gratitude around money and suggests being selective about social connections that might hinder financial growth. They stress the importance of continuous learning through podcasts, books, and financial advisors. Robbins encourages taking proactive steps like networking and communicating with creditors, while Howes highlights the value of learning from successful individuals and following their guidance.
1-Page Summary
Mel Robbins and Lewis Howes openly discuss their past monetary struggles, offering personal insights into overcoming debt and creating a brighter financial future.
Mel Robbins talks candidly about being $800,000 in debt at 41, a situation that felt inescapable. She adds one in three working adults lives paycheck to paycheck, a state of affairs that's all too common. Similarly, Lewis Howes shares his journey from sleeping on his sister's couch to financial freedom, highlighting the universal struggle with managing finances.
Robbins describes her methodical journey out of debt over 15 years, emphasizing the importance of confronting financial problems. Her advice begins with simply opening bills, calling credit card companies, and scrutinizing bank statements for unnecessary expenditures. Robbins underscores the power of difficult family discussions about money and the need to reassess and eliminate non-essential costs.
Lewis Howes echoes Robbins' sentiment by taking contr ...
Overcoming Past Struggles With Money and Debt
Lewis Howes and Mel Robbins delve into the intricacies of one's relationship with money, discussing the significance of "money wounds" and the need for a positive money mindset.
Howes shares intimate details about his own experiences with money-related stress and inadequacy from a young age. He talks about his past, revealing incidents where he stole money and candy bars, later feeling a deep sense of shame when caught. Howes also recalls a time when he was desperately trying to make friends, going as far as paying children to be part of their group, which later resulted in feelings of insincerity and worthlessness.
These events left a significant mark on Howes, shaping his attitude toward money into one intertwined with feelings of being dumb and unworthy. Howes suggests that young people often struggle with chaos in their emotions and lack purpose because of their misunderstanding of money and its management. He underscores the importance of recognizing these "money wounds"—painful past experiences with money that continue to impact current financial behaviors and attitudes.
Lewis Howes discusses the necessity of shifting the mindset from stress and resentment when dealing with money matters to one of gratitude and appreciation. He highlights the importance of having a thankful attitude for money that comes in, as well as for the ability to pay bills and taxes. Robbins adds that expressing gratitude for paying off debts, like student loans, can help acknowledge the education received and the fact that you are capable of making the payments.
Howes also advocates for instilling gratitude in everyday payments, such as phone bills, by appreciating the services afforded, like staying in touch with loved ones. He believes that by changing how one relates to spending money—seeing it as an opportunity for thankfulness rather than a burden—one can foster a healthier and more positive relationship with finance.
Understanding Your "Story" for a Healthy Money Mindset
Lewis Howes and Mel Robbins discuss the importance of having a "meaningful money mission" that aligns with personal values and offers a sense of purpose in both personal and professional life.
Howes had a heart's desire to interview smart people and share that information with others, which fueled his decision to enter podcasting. He expressed that podcasting "would fuel [his] heart's desire," signifying a money mission aligned with his personal values and vision to help both himself and others. He stresses planning how money can serve oneself, family, and eventually be used to help others.
Mel Robbins agrees and emphasizes the need for a powerful reason tied to values, rather than just desiring to acquire and spend money as seen on social media. Howes discusses the importance of having a "meaningful money mission" beyond merely making money, as it adds a sense of purpose and reduces stress.
Lewis Howes and Mel Robbins propose setting a short-term money mission, like taking a job to get out of debt, for the next three months.
Howes defines his early money mission to get out of college debt, get off his sister's couch, and be able to pay for his own rent. He then applied a clear focus to impact and inspire others. Mel Robbins implies that following simple steps and habits can result in a positive financial change within three months, such as learning more about mo ...
Creating a "Money Mission" for Financial Goals
Financial success doesn't come overnight—it's a blend of small, consistent steps, shifts in mindset, and the company you keep. Both Mel Robbins and Lewis Howes share insights on building a positive relationship with money, seeking supportive relationships, and constantly expanding financial knowledge.
Lewis Howes discusses the importance of developing a habit of thanking money as it comes and goes, which can foster a generous spirit and a grateful heart. He believes that by cultivating an emotional appreciation for the things money allows us to do, we can start feeling emotionally safe around money, hence improving our relationship with finances. He suggests this shift in energy can change one's financial situation from stress to peace. Habitual positive affirmations related to money can contribute to fostering a positive view and gaining more control over one’s financial circumstances.
Lewis Howes talks about the sometimes painful process of changing financial habits, which can lead to losing friends who do not support or understand your goals. He underscores that making sacrifices and ignoring what others think of these changes is necessary for growth. Mel Robbins also advises to be aware of the content consumed on social media, indicating that it influences your relationship with money. Therefore, one should engage with content that improves one's financial knowledge, rather than content that encourages unnecessary spending.
Robbins and Howes stress the importance of seeking out mentors and educational resources, including podcasts like The School of Greatness, which features financial experts and successful individuals sharing advice. Lewis Howes, through his own experiences, illustrates the power of incremental wealth-building over time, highlighting the importance of seeking advice from ...
Practical Strategies and Habits For Achieving Financial Success
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