7 Maxed Out Credit Cards to Money Expert by Making a BIG Mental Shift

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 21 January 2025

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you building wealth but feel like you can never enjoy it? Do you struggle with money, fearing you carry the same poor financial habits as your parents? Whether you’ve got a lot of money or a little, many of us face the same mental financial challenges—anxiety, shame, and stress—but it doesn’t have to stay this way. Today’s guest is living proof that change is possible. After completely turning his financial life around, from maxed-out credit cards, a rock-bottom credit score, repossessions, and empty bank accounts, to achieving financial success, he now teaches others how to do the same. Steven Hughes, a money therapist, focuses on uncovering the financial beliefs shaped during childhood. Steven recognized that the negative money mindset affecting him in his youth also impacted countless others. To address this, he founded the non-profit “Know Money” to help people cultivate a stress-free, anxiety-free, and guilt-free perspective on money, empowering them to achieve true wealth—both mentally and financially. Do you feel like, even though you’ve got money, you’re constantly worrying or unable to keep a cent in your bank account? Steven provides practical tools to help you finally break free from an unhealthy money mindset. In This Episode We Cover How to find the “root” of your money fears and address it once identified Why some people with extraordinary incomes struggle to save money Healthy vs. unhealthy financial emotions and ways to stop feeling guilty about success Tools to manage your emotions around money so you can truly enjoy your wealth The “family fund” that empowers you to give generously without being taken advantage of And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: [email protected] Email Scott: [email protected] BiggerPockets Money Facebook Group Steven’s Website Steven’s Affirmations Groove Money Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine Grab Your Copy of “The Richest Man in Babylon (BiggerPockets Edition)" Find an Investor-Friendly Agent in Your Area How to Use Your Financial Fears to Build Wealth Better (00:00) Intro (01:13) 7 Maxed Out Credit Cards?! (05:56) Teaching Others to Avoid His Mistakes (07:34) Identifying Your Money "Root" (10:08) Getting Out of Debt (11:55) Financial Therapy (16:28) Mental Money Challenges (18:53) Healthy vs. Unhealthy Money Emotions (22:24) What to Do AFTER FIRE (25:46) Tools to Manage Money Emotions (32:34) Family Asking for Money? (38:34) Connect with Steven! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-600 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Are finances impacting your mental health?
0:03.0	You're not alone.
0:04.5	In today's episode, we're joined by financial therapist Stephen M. Hughes, and we'll unpack
0:10.0	the often overlooked ways our financial habits affect our mental well-being.
0:15.7	We'll discuss where money struggles typically begin, exploring how the pressures of debt,
0:20.8	spending patterns, and how
0:21.9	financial uncertainty can lead to cycles of stress, anxiety, and depression. Stephen will offer
0:28.0	insights on recognizing these patterns and how to create healthier relationships with money,
0:33.6	even if you consider yourself good with money. Hello, hello, hello, and welcome to the Bigger Pockets Money podcast.
0:39.3	My name is Mindy Jensen and with me as always is my therapeutic co-host, Scott Trench.
0:45.3	Thanks, Mindy. Great to be here and to join you with our goal on Bigger Pockets Money of helping you shrink your financial anxiety.
0:52.3	You are in the right place if you want to get your financial house in order because we truly believe financial freedom is attainable for everyone, no matter
0:57.7	when or where you're starting, or what your emotions around money are like. Stephen, we are so
1:02.9	excited to have you on the Bigger Pockets Money podcast today. Thank you so much for joining us. Yes,
1:07.2	thank you for having me. It's surreal being here. I've loved the show for a long time,
1:11.4	longtime listener, so let's get into it. Yes, let's get into it. And specifically, Stephen,
1:15.5	I want to know about your money background. Where did your journey with money begin?
1:20.2	So my journey, I would say, began in Jamaica. Both of my parents are from Jamaica. They
1:25.7	immigrated here and I was born in New York.
1:29.3	But like a lot of people, we didn't grow up talking about money and we also grew up with some humble beginnings.
1:34.3	It was eight of us in a three bedroom house, sometimes ten, depending on who is here from Jamaica.
1:40.3	And because we didn't talk about money, I went to college and made every money missed
	...

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