This mindset shift can make a big difference in your financial life.
Transcript:
CAROLINE WOODS: Carl, you say pay attention to money and your relationship with it will change. How so?
CARL RICHARDS: Yeah, super interesting question. I have, you know, a good comparison to this is how many of us have seen people who are wearing continuous glucose monitors. And I saw the other day some research around people losing weight while wearing continuous glucose monitors when weight loss was not the goal. And the summary of the research was just simple attention to the paying attention. Simple awareness about what you eat affects your blood sugar actually led to weight loss, right? And weight loss wasn’t the goal. And so I think if we just pay attention, the best way to do this is with spending.
I had this crazy experience where I went into Jimmy John’s, and this was years ago. I went into Jimmy John’s, and I had gone in and bought the number nine Unwich 100 times or whatever. And I realized as I was walking out the door that if somebody was standing outside and said, how much did you just spend on that sandwich? I wouldn’t have known what to tell them. I would have known it was not less than $5 in not more than $12, but I wouldn’t have known. And the next time I went, I paid attention. You know, $9.72 or whatever. It was just simple awareness about our spending with no, no shame, no blame, no goal to change your behavior. But I’ve noticed that when I pay attention to the most frequent interaction with money is spending, I start to spend a little differently. And the way I spend a little differently is I get more aligned right, and I actually end up happier. So that’s one way you can bring awareness into your relationship with money is just simply through your spending.
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