On today’s episode of Framework, Jamie talks with Dr. Joy Lere, a licensed clinical psychologist with a focus on behavioral finance. Dr. Lere helps patients upgrade their lives, financially and otherwise.
Joy was raised by parents who intentionally introduced financial literacy. She remembers bringing margarine containers to church with the word, “give” splashed on a small strip of tape. At home sat two other bottles labeled “spend” and “save.”
Itching to return to school after undergrad, Joy landed in clinical psychology and eventually found her way into the financial space. Regardless of someone’s reason for attending therapy, Dr. Lere quickly noticed that money was always a stressor and often the most taboo. With a built-in awareness about money’s tremendous impact, she flourished.
Dr. Lere talks with Jamie about the financial and behavioral impacts of 2020, the power of self-awareness, and why those on top must lead by example for change to manifest.
(39:37) “There’s a lot of power in practicing what you preach. And I think holding on to that is really important because then you can draw from your own experience and people pay attention. They notice what we do. They may not say it, but people notice far more than we give them credit for. And if you think about how you really develop trust in a relationship, if there is a discrepancy between what someone is saying and how they are showing up, that’s going to erode trust. And if you think about that from a business vantage point, you are shooting yourself in the foot.” ~ @joylerepsyd
- Economic theory is insufficient in helping people make real behavioral changes. Self-awareness is the first step to implementing meaningful change, especially when it comes to financial behavior.
- Rather than simply being prescriptive, advisors and firm leaders must lead by example to gain client trust and create meaningful change within a firm. When it comes to client management, there’s power in practicing what you preach.
- As humans, we’re naturally resistant to change. Systems lean on familiarity and it’s normal for us to feel held back by the systems that bind us.
- Being intentional with your life can spark incredible behavioral changes.
Links and Important Mentions
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