Mick Unplugged: Uncovering Hidden Money Triggers with Bob Wheeler

Episode Title: Uncovering Hidden Money Triggers: Bob Wheeler's Financial Insights
Host: Mick Hunt
Guest: Bob Wheeler, Founder of The Money Nerve
Release Date: February 20, 2025

Introduction

In this enlightening episode of "Mick Unplugged," host Mick Hunt welcomes financial expert and comedic storyteller Bob Wheeler to delve deep into the emotional underpinnings of our financial behaviors. Bob, the founder of The Money Nerve, brings a unique blend of heart, humor, and financial acumen to the conversation, aiming to reshape how listeners perceive and manage their money.

Understanding the Money Nerve

Bob introduces the concept of the "money nerve," describing it as the embodiment of how individuals internalize and emotionally interact with their finances. Drawing from his experiences as a tax professional and his personal journey through core energetics and radical aliveness—a body-based somatic therapy—Bob explains how financial interactions often trigger deep-seated emotions.

Bob Wheeler (01:45):
"The money nerve was the embodiment of how we hold our finances within ourselves... getting into the meat and potatoes about what's the underlying drive or decision-making that's going on when we're dealing with our finances."

He emphasizes that money is not just a numerical concept but is intertwined with emotions, beliefs, and past experiences. This realization came to him when his tax meetings often turned into therapy sessions, revealing a common thread of fear, shame, and self-worth issues related to money.

Common Financial Triggers

Mick and Bob explore various triggers that influence financial decisions:

1. Imposter Syndrome: Many individuals feel undeserving of financial success, attributing their achievements to luck rather than skill or merit.

2. Shame and Embarrassment: Past financial mistakes or current financial struggles often lead to feelings of inadequacy and fear of judgment.

3. Parental Influence: Upbringing and the financial behaviors modeled by parents significantly impact one's own financial management and attitudes.

Bob Wheeler (04:22):
"There's a lot of shame around our past financial choices... most of us weren't taught by the schools, by our parents. It wasn't modeled that it's okay to talk about money."

Financial Literacy Tips for Business Owners

When addressing business owners, Bob highlights critical areas of financial literacy essential for sustainable business growth:

• Industry Knowledge: Before venturing into a new business, it's crucial to consult with industry experts to avoid pitfalls and ensure informed decision-making.

• Adaptability: The ability to pivot and adjust business strategies in response to challenges is vital. Bob shares a story of a client who struggled to leave a failing business due to parental expectations, illustrating how emotional factors can hinder practical decisions.

Bob Wheeler (09:46):
"If you're jumping into something, I want to get some people around you that can give you good solid advice... learn that, no, I gotta go all the way."

• Avoiding Sunk Costs: Encourages business owners to emotionally detach from sunk costs and make rational decisions based on current circumstances rather than past investments.

Financial Literacy for Individuals

For individuals seeking to bolster their financial foundation, Bob provides actionable strategies:

1. Self-Reflection: Begin with journaling to identify financial goals and understand personal motivations behind financial decisions.

2. Educate Yourself: Determine if you need additional education or professional advice to manage finances effectively.

3. Questioning Desires: Delve into the reasons behind financial wants and assess what one is willing to do to achieve them.

Bob Wheeler (16:17):
"What am I willing to work harder? Am I willing to change my mindset? Am I willing to ask for help?"

4. Regular Financial Check-Ups: Regularly review bank and credit card statements to identify unnecessary expenses and prevent fraud.

Bob Wheeler (17:43):
"Look for charges on a monthly basis that you don't even use... don't let it sit looking at the bank statements."

The Importance of Credit

Credit plays a pivotal role in both personal and business finances. Bob underscores the significance of maintaining good credit:

• Personal Credit Over Business Credit: Personal credit often holds more weight, especially when businesses require personal guarantees for loans.

• Impact on Financial Opportunities: Good credit can lower interest rates on loans, making financial endeavors more accessible and less costly.

Bob Wheeler (21:24):
"Credit's part of the system... you have to have money and good credit to be able to get more debt."

He advises focusing on personal credit health as a foundation for broader financial stability and growth.

The Role of Humor in Financial Counseling

Bob integrates humor into his financial counseling to ease clients' defensiveness and foster a more open dialogue about money:

Bob Wheeler (23:07):
"It's a way to disarm and get people to, to really not take everything so serious."

By sharing funny anecdotes and encouraging clients to laugh at their financial missteps, Bob helps individuals approach their finances with a lighter, more manageable mindset.

Bob Wheeler’s Current Projects and Workshops

Beyond his role as an accountant and CFO at the Comedy Store in Los Angeles and La Jolla, Bob is actively involved in several ventures:

• Hero Basics Apparel: Launched in the previous year, this brand promotes kindness and paying it forward, aligning with Bob's mission to inspire heroism in everyday actions.

• Author and Speaker: Bob has authored multiple books and conducts workshops that offer experiential learning on financial management and emotional well-being.

Bob Wheeler (26:12):
"In those workshops, we actually go in and actually have experiences around it so that we can actually embody the stuff that we've been holding."

His workshops focus on uncovering suppressed dreams, addressing parental influences, and fostering authentic self-expression through improved financial health.

Workshops and How to Access Them

Listeners interested in Bob's workshops can visit themoneynerve.com. These sessions are designed to be interactive and transformative, encouraging participants to confront and work through their financial anxieties and blockages.

Bob Wheeler (26:12):
"It's better to stay and work through it instead of avoid it."

Conclusion and Final Thoughts

As the episode wraps up, Bob imparts a final message of empowerment:

Bob Wheeler (28:19):
"You have a right to have your voice. You have a right to have your financial security and take the chance. Stop hesitating."

Mick reinforces the importance of embracing one's "because"—the core driving force behind personal and financial goals—encouraging listeners to unleash their potential through informed financial practices and emotional resilience.

Mick Hunt (29:10):
"Remember your because is your superpower. Go unleash it."

Key Takeaways

• Money is Emotional: Understanding the emotional connections to money is crucial for effective financial management.

• Financial Literacy is Essential: Both individuals and business owners must prioritize financial education to make informed decisions.

• Regular Financial Monitoring Prevents Issues: Consistently reviewing financial statements can help identify unnecessary expenses and fraud early.

• Humor Facilitates Open Dialogue: Incorporating humor into financial discussions can reduce defensiveness and promote transparency.

• Empower Through Action: Taking proactive steps towards financial goals empowers individuals to achieve security and fulfillment.

For those seeking to transform their relationship with money, Bob Wheeler's insights offer a compassionate and practical roadmap toward financial well-being and personal empowerment.