In the opening episode of The Psychology of Money series, Erik Garcia, CFP®, ChFC®, BFA™ and Dr. Matt Morris, LMFT explore one of the most overlooked drivers of financial success: mindset. Long before people learn how to invest, budget, or build wealth, they develop internal “money scripts” — subconscious beliefs shaped by childhood experiences, family dynamics, culture, and personal history.
Together, Erik and Matt unpack how these invisible beliefs influence everything from spending habits and lifestyle expectations to fear, scarcity, ambition, and financial anxiety. Through relatable stories, humor, and real-world examples, they explain why wealth-building is often less about intelligence and more about the mental filters through which we interpret money. The episode challenges listeners to begin identifying the stories they carry about money — and whether those stories are helping or hurting their future.
Episode Highlights:
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Erik explains how mindset functions as a constant background filter for the way people think about and approach money. (03:00)
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Dr. Matt discusses how scarcity mindset surfaces in couples when partners feel they will never have enough or get ahead. (08:50)
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Building awareness and changing behavior are the keys to rewiring a money mindset. (14:40)
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Erik shares how the most valuable client conversations focus on mindset and behavior rather than technical financial advice. (16:50)
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Dr. Matt shares a starting point for exploring money scripts by reflecting on what a family communicated about money. (18:20)
Key Quotes:
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“Building wealth, having financial success has as much to do with behavior, with managing emotions, all that psychology stuff than it does with the technical stuff about money” – Erik Garcia, CFP®, ChFC®, BFA™
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“There’s a script running in the background. We don’t just act rationally with money. We are acting out a story about our beliefs about money.” – Dr. Matt Morris, LMFT
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“We’re using mindset and script synonymously, so take time to understand your money scripts. They probably came from your family of origin, so take some time. If you have a spouse, take some time to understand theirs also.” – Dr. Matt Morris, LMFT
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