Podcast Summary: IMO with Michelle Obama and Craig Robinson
Episode Title: Change Your Relationship with Money with Steven Bartlett
Host/Authors: Michelle Obama and Craig Robinson
Guest: Steven Bartlett
Release Date: June 4, 2025
Podcast Platform: Higher Ground
Podcast Description:
Michelle Obama and her brother Craig Robinson offer their unique insights to help listeners navigate personal dilemmas ranging from everyday issues to profound life challenges. Each episode features special guests who provide practical advice, relatable stories, and humor to topics such as relationships, parenting, and financial planning. In this episode, the focus is on transforming one’s relationship with money, featuring entrepreneur and media influencer Steven Bartlett.
1. Introduction to Financial Conversations
Timestamp: [00:35 - 02:32]
Michelle Obama and Craig Robinson open the episode by discussing their own financial upbringing. They describe growing up in a financially constrained household where their father was the sole breadwinner as a blue-collar worker in Chicago. Despite limited disposable income, their mother remained actively involved in their upbringing, emphasizing the importance of financial stability and responsible money management.
Michelle Obama:
“We grew up pretty... I would say we grew up poor.”
[02:23]
Craig Robinson:
“Our father worked as a city worker... He focused on never stretching or using credit.”
[02:44]
This segment sets the stage for the episode’s main theme: understanding and improving one’s relationship with money by reflecting on personal financial backgrounds and lessons learned from parents.
2. Guest Introduction: Steven Bartlett
Timestamp: [04:52 - 05:45]
Craig Robinson introduces the guest, Steven Bartlett, highlighting his entrepreneurial journey and achievements, including his popular podcast "Diary of a CEO" and his media investment company, Flight Story.
Craig Robinson:
“Stephen Bartlett is an entrepreneur and one of the most influential voices in modern business and media… His background was very much like ours.”
[05:04]
Steven Bartlett joins the conversation, providing a personal touch with anecdotes from his life, including his time playing professional basketball in Manchester, England.
3. Steven Bartlett’s Financial Upbringing and Relationship with Money
Timestamp: [07:44 - 12:00]
Steven Bartlett shares his early life experiences, moving from Botswana to the UK, and growing up in a predominantly white, middle-class area where his family struggled financially. This environment significantly influenced his perception of money, viewing it as an antagonist due to his family's financial instability.
Steven Bartlett:
“I internalized this belief that I was less than. And I believed… money was the antagonist in my life.”
[08:30]
He delves into how his parents’ business failures and lack of financial education led to his family’s financial decline, reinforcing his anxious and avoidant relationship with money. This segment explores how early financial stressors shape adult financial behaviors and attitudes.
4. Personal Experiences with Debt and Financial Literacy
Timestamp: [12:00 - 16:08]
Michelle and Craig pose a listener question from April about living paycheck to paycheck and understanding what wealthy people know about money management. Steven Bartlett candidly discusses his own struggles with debt due to a lack of financial literacy.
Steven Bartlett:
“When I got my student loan, I took half of it and I bet it on a football game.”
[00:00]
(Revisiting his earlier joke as part of his debt story)
He recounts how, at 18, his lack of understanding about credit led him to accumulate multiple credit card debts, ultimately resulting in severe financial distress, including dropping out of university and damaging his credit rating.
Michelle Obama:
“Debt is just an endless abyss… What did you do to educate your children on setting up for financial success…”
[12:09]
Steven’s story underscores the critical importance of financial education and the devastating impact of financial ignorance.
5. Lessons from Parental Guidance on Money
Timestamp: [16:08 - 23:28]
Craig Robinson shares personal anecdotes about their father's approach to money management, emphasizing the habit of "paying yourself first" and understanding the true meaning of wealth beyond just income. Steven Bartlett reflects on the stark contrast between his upbringing and Michelle and Craig's, highlighting how their father's transparency about finances provided them with a secure relationship with money.
Craig Robinson:
“Pay yourself first. And I have been doing that ever since.”
[21:13]
Steven Bartlett:
“Your dad pulled back the curtain and gave you a direct relationship with money, as if you think of it like a person and showed you how they operate.”
[22:00]
This section highlights the impact of parental financial habits and the value of transparent financial education from a young age.
6. Strategies for Building a Healthy Relationship with Money
Timestamp: [23:47 - 37:40]
Steven Bartlett outlines actionable strategies to improve one’s financial health, particularly focusing on wealth creation through small, incremental improvements—a concept he ties to the power of compounding returns.
Steven Bartlett:
“Compounding returns is the eighth wonder of the world… obsessive focus on small marginal improvements.”
[33:06]
He introduces the concept of the "1% rule," emphasizing that small, consistent actions lead to significant long-term gains. Bartlett also discusses the importance of building rare and complementary skills, networking, and maintaining a good reputation as foundational elements for financial success.
Michelle Obama:
“We have to practice the behaviors that we want to. How we want to live out our lives.”
[43:37]
Bartlett advises young people to focus on knowledge, skills, networking, saving, and reputation, breaking down these elements into manageable actions that compound over time to create substantial wealth and stability.
7. Overcoming Poor Financial Relationships through Self-Awareness
Timestamp: [36:19 - 44:38]
The conversation shifts to overcoming negative relationships with money. Bartlett emphasizes the role of self-awareness and practices like journaling to understand and change one’s financial behaviors.
Steven Bartlett:
“Nearly every trauma… came from writing… It gives you this almost third person view.”
[42:30]
Michelle Obama echoes the sentiment, stressing the importance of practicing desired behaviors incrementally to build confidence and change intrinsic relationships with money.
Michelle Obama:
“We have to practice who we want to be every day in these small, little incremental ways.”
[43:40]
This segment underscores the psychological aspect of financial management, advocating for introspection and gradual behavior change to foster healthier financial habits.
8. Navigating Economic Instability and Future Financial Planning
Timestamp: [44:38 - 50:27]
Michelle Obama raises concerns about current economic instability, such as Brexit and its implications, asking Bartlett to compare economic climates between the UK and the United States. Bartlett advises implementing a "pre-mortem" strategy—anticipating potential financial failures and planning accordingly, such as building a rainy day fund and focusing on continuous wealth creation despite economic uncertainties.
Steven Bartlett:
“A pre mortem… If you're able to build that up and… start thinking a little bit about your spending.”
[45:50]
He emphasizes leveraging available resources like the internet for self-education, stressing the importance of adaptability and proactive financial planning in a rapidly changing global economy.
9. Takeaways and Final Advice for Listeners
Timestamp: [44:38 - 50:27]
Before concluding, Michelle Obama and Craig Robinson distill the conversation into key takeaways for listeners, particularly addressing the original question about managing debt and building financial success.
Steven Bartlett:
“Think about the rare skill that's going to be complimentary that her industry values and start compounding there… Every conversation is a seed that will blossom.”
[37:40 - 38:30]
Michelle Obama:
“The real work is with self and then finding purpose that is bigger than self.”
[48:01]
Bartlett advises focusing on personal development, building valuable skills, networking, and maintaining disciplined financial habits. Both hosts emphasize patience and the importance of long-term thinking over quick financial fixes.
10. Conclusion and Future Outlook
Timestamp: [50:27 - End]
The episode wraps up with reflections on the importance of financial literacy and secure financial habits. Steven Bartlett shares his intention to pass on the lessons learned to his future children, ensuring they develop a healthy relationship with money from an early age.
Steven Bartlett:
“I would invite money into the room and I'd sit them down at the table and I'd explain to my children exactly where money comes from.”
[49:59]
Michelle Obama and Craig Robinson express their gratitude to Bartlett, highlighting his impactful insights and encouraging listeners to implement the discussed strategies to achieve financial stability and success.
Michelle Obama:
“You have to build a life where you give more than you take in order to get anything in life.”
[48:01]
The episode concludes with a reaffirmation of the importance of self-awareness, purposeful financial planning, and the enduring value of patience and incremental progress in transforming one’s relationship with money.
Notable Quotes:
-
Steven Bartlett:
“Compounding returns is the eighth wonder of the world.”
[33:06] -
Craig Robinson:
“Pay yourself first.”
[21:13] -
Michelle Obama:
“We have to practice who we want to be every day in these small, little incremental ways.”
[43:40] -
Steven Bartlett:
“Every conversation is a seed that will blossom.”
[37:40]
Key Insights:
- Financial Upbringing Shapes Behavior: Early experiences and parental guidance play a crucial role in shaping one’s financial habits and attitudes.
- Importance of Financial Literacy: Understanding credit, debt, and money management is essential to avoid financial pitfalls.
- Incremental Progress: Small, consistent actions compound over time, leading to significant financial growth and stability.
- Self-Awareness: Reflecting on personal financial behaviors and beliefs is key to transforming one's relationship with money.
- Adaptability in Economic Uncertainty: Proactive planning and continuous education are vital in navigating changing economic landscapes.
Conclusion:
This episode of IMO with Michelle Obama and Craig Robinson, featuring Steven Bartlett, offers profound insights into developing a healthy relationship with money. Through personal anecdotes, professional experiences, and actionable advice, listeners are equipped with the knowledge and motivation to transform their financial lives. The discussion emphasizes the importance of financial education, incremental progress, self-awareness, and adaptability, providing a comprehensive guide for anyone looking to improve their financial well-being.