In this insightful episode of The Leadership Pause, hosts Neil Jacobs and Dr. Taylere Markewich delve into the topic of money psychology and its profound influence on leadership. The hosts begin by sharing their own money scripts, the psychological narratives around finances formed in their childhoods. Their personal revelations set the stage for an illuminating conversation with guest expert Dr. Kathleen Gounaris, an executive coach and clinical and financial psychologist with over 25 years of experience specializing in behavioral finance.
Dr. Gounaris explains how financial psychology operates as an invisible hand influencing decisions, which can follow two common patterns: risk-taking leaders becoming overconfident and susceptible to confirmation bias, or overly cautious leaders being perceived as pessimistic despite necessary prudence. She discusses why money is such a hot button issue, noting its deep connection to self-identity and self-worth regardless of whether one grew up with abundance or scarcity. Throughout the interview, Dr. Gounaris offers practical advice for leaders on acknowledging economic diversity within teams, creating space for conversations about organizational finances, and helping team members focus on what they can control during times of economic uncertainty. She emphasizes that developing financial self-awareness begins with reflecting on earliest money memories and observing one's behavior and language around finances with curiosity.
The episode also features the hosts' monthly pause, with Taylere sharing insights from her restorative trip to Europe and Neil discussing his work with a client examining the disconnect between stated values. The conversation highlights how money psychology influences not just personal financial decisions but organizational leadership styles as well. The hosts announce that next month's episode will focus on knowing your why and how understanding personal motivations impacts leadership effectiveness. Listeners are encouraged to email their questions and show suggestions to info@mindsopen.co.
Credits
Show editing by Jack Taylor
