Episode 342: The Psychology Behind Your Money

Why do people continue making financial decisions they know are hurting them? For Dr. Erika Rasure, the answer often has very little to do with understanding the numbers. In this episode of Grow Your Business & Grow Your Wealth, Gary Heldt sits down with Dr. Erika Rasure, Chief Financial Wellness Advisor at Beyond Finance, Certified Financial Therapist, and Transformational Coach, to explore the emotional and behavioral side of money. Dr. Erika explains why financial habits are often emotional habits, how childhood experiences influence our relationship with money, and why traditional financial education alone may not create lasting change. Gary and Erika discuss impulse spending, debt, financial stress, inherited money beliefs, delayed gratification, and the fear many people have that they are financially behind everyone else. They also explore why people can know they should budget, save, invest, and reduce debt yet still struggle to actually do those things consistently. Dr. Erika shares how financial therapy looks at the emotional, relational, cognitive, and behavioral aspects of money and helps people understand what may be driving their decisions beneath the surface. The conversation also turns to raising financially confident children. Erika encourages parents to talk openly about money, involve children in age-appropriate financial decisions, and even share some of their own financial mistakes rather than pretending they always had everything figured out. Perhaps the most powerful idea comes near the end of the conversation, when Erika explains that financial confidence isn't built through motivation alone. It is built through evidence. Every successful decision becomes evidence that you can trust yourself to make another one. This conversation is a powerful reminder that building wealth isn't only about knowing what to do with your money. Sometimes it begins with understanding why you do what you do with it. KEY TAKEAWAYS • Money is more than math. Financial decisions are influenced by emotions, experiences, relationships, and learned behaviors. • Knowing what to do doesn't guarantee that we will do it. Many people already understand that they should save, invest, budget, and reduce debt. Behavior is often the missing piece. • Impulse spending may be solving an emotional problem. Shopping can provide an immediate dopamine response, even when the purchase conflicts with long-term financial goals. • Our money beliefs start early. Childhood experiences and family attitudes about money can continue influencing financial decisions well into adulthood. • Financial goals work better when connected to personal values. Saving an emergency fund becomes more meaningful when someone connects it to a deeper value such as security or stability. • Money shame keeps people stuck. People often avoid asking for financial help because they believe they should already know the answers or fear they are behind their peers. • Parents need to talk about money. Children benefit from seeing money discussed, practiced, and managed rather than treated as a taboo subject. • Financial confidence is built through evidence. Small successful financial decisions create proof that we can trust ourselves to make better decisions in the future. CONNECT WITH DR. ERIKA RASURE LinkedIn https://www.linkedin.com/in/erikarasure/ Beyond Finance https://www.beyondfinance.com/ Dr. Erika also recommends the Financial Therapy Association for people interested in learning more about Certified Financial Therapists. CONNECT WITH GARY HELDT https://www.sbadvisors.cc/ Listen to Grow Your Business & Grow Your Wealth for conversations with entrepreneurs, financial professionals, business leaders, and experts helping business owners build stronger companies and greater long-term wealth.