Forever35 Podcast - Episode 357: Self-Reflection About Money with Amanda Clayman
Release Date: June 16, 2025
Hosts: Doree Shafrir & Elise Hu
Guest: Amanda Clayman, Financial Therapist
Introduction
In Episode 357 of Forever35, hosts Doree Shafrir and Elise Hu delve into the nuanced relationship many have with money, featuring expert insights from Amanda Clayman, a renowned financial therapist. This episode, part of their ongoing "Money Month," explores how our internal perceptions and societal changes influence our financial behaviors and decisions.
Guest Introduction
Amanda Clayman reappears on the show after her initial appearance in 2018. Recognized for her groundbreaking work in financial therapy, Amanda helps individuals decode the emotional and psychological factors that shape their financial choices. She is also the author of The $19,000 Haircut and hosts the podcast Emotional Investment.
Self-Care and Financial Wellness
The conversation begins with Amanda sharing her current self-care practices, emphasizing the importance of somatic therapies. She mentions a technique she’s recently adopted:
"I'm literally just learning how to shake my body. It looks super weird, but boy, let me tell you, it is effective for a kind of physiological reset. Just 30 seconds." [14:20]
Amanda highlights how physical movements can help reset the body's stress responses, a crucial aspect of maintaining overall financial wellness.
Impact of Societal Changes on Financial Attitudes
Amanda reflects on the societal shifts intensified by the COVID-19 pandemic, which forced many to reassess their financial priorities and security measures:
"A lot of people are evaluating the trade-offs they've made in the name of security and safety... What is the system? Helps us develop and change and refine these systems." [19:22]
She discusses how the unpredictability revealed by the pandemic has led individuals to question long-held financial strategies and seek more meaningful and secure financial practices.
Trends in Financial Management: Loud Budgeting vs. Budget-Free Approaches
The hosts and Amanda explore emerging trends in financial management, particularly among younger generations:
Loud Budgeting
Amanda explains "loud budgeting," a trend where individuals publicly share their budgeting practices to increase accountability and visibility:
"Loud budgeting is a way of really bringing visibility and accountability to our financial choices and making that public." [23:48]
While Amanda appreciates the motivational aspects of this trend, she cautions against the potential for financial practices to become mere performances for social media recognition.
Budget-Free Financial Management
Contrastingly, Amanda discusses the philosophy advocated by financial writer Dana Miranda, which promotes a budget-free approach:
"I really like the ethos of that. We cannot be paying attention to money sometimes." [26:32]
Amanda supports this approach for individuals who experience anxiety around constant financial monitoring, emphasizing the importance of aligning financial management with personal well-being.
Understanding Money Dysmorphia
A significant portion of the episode addresses "money dysmorphia," a concept Amanda describes as a distorted perception of one's financial status:
"Money dysmorphia is about a fundamental misreading of a situation that from the outside looks one way and from your own personal experience feels very different." [28:05]
She compares it to body dysmorphia, where individuals have an inaccurate perception of their body image. Amanda explains that money dysmorphia involves intense emotional responses to one’s financial situation, which may not align with actual financial data. Her approach focuses on addressing the emotional roots of these perceptions rather than the financial figures themselves.
"It's solving an emotional problem, not a financial problem." [28:28]
Listener Questions
1. Teaching Kids About Money:
A listener named Emily from Nashville inquires about best practices for teaching children financial responsibility. Amanda recommends Ron Lieber's The Opposite of Spoiled, highlighting its effective strategies for instilling good financial values in children.
"Ron is a great writer... The purpose of allowance is so that they learn how to make decisions with money." [37:24]
She discusses different models of allowance—whether it's tied to chores or given as a means for children to manage their own money—and emphasizes the importance of aligning the approach with family values and financial goals.
2. Prioritizing Financial Goals:
Another listener question addresses the dilemma of choosing between aggressively paying off a mortgage before retirement versus saving for a child’s college education. Amanda advises:
"It's something that would be outside of my training and licensure to answer as a financial question... it's about priorities in terms of what is the most important outcome that we want to prepare for." [41:27]
She suggests creating models to visualize the long-term impacts of each choice, facilitating informed decisions that balance both immediate and future financial needs.
Conclusion
Amanda Clayman's insights in this episode offer a profound exploration of the emotional dimensions of financial decision-making. By understanding concepts like money dysmorphia and evaluating contemporary financial trends, listeners are better equipped to cultivate a healthier relationship with money.
Connect with Amanda Clayman
For those interested in learning more about Amanda’s work in financial therapy and emotional investment:
- Website: amandaclayman.com
- Podcast: Emotional Investment
- Courses: Available on LinkedIn Learning
Stay Connected with Forever35:
- Website: forever35podcast.com
- Instagram: @forever35podcast
- Patreon: patreon.com/forever35
- Email: forever35podcast@mail.com
- Phone: 781-591-0390
Tune in next week for more insightful discussions on self-care and personal growth.