Podcast Summary: The Stacking Benjamins Show – "Are You On Speaking Terms With Your Wallet?" (SB1642)
Release Date: February 10, 2025
Hosts: Joe Saul-Sehy and OG
Guest: Shawna Game, Certified Financial Planner
Introduction and Episode Overview
In episode SB1642 of The Stacking Benjamins Show, hosts Joe Saul-Sehy and OG delve into the intricate relationship individuals have with their wallets—their financial lives. Joined by special guest Shawna Game, a certified financial planner and author of Unraveling Your Relationship with Money: Ditch Your Money Trauma So You Can Live an Abundant Life, the trio explores how emotions and personal experiences shape financial behaviors. The episode is particularly timely, coinciding with Valentine's Day week, drawing parallels between romantic relationships and financial relationships.
Main Discussion: Relationship with Your Wallet
Analogies Between Dating and Financial Relationships
Joe and OG kick off the discussion by likening the relationship one has with their wallet to romantic relationships. Shawna emphasizes the importance of viewing money as a partner rather than a mere tool, highlighting the emotional bonds people form with their finances.
- Joe Saul-Sehy (06:00): "What if your wallet is hung over after this weekend and you're yelling at it, wondering why those credit cards got all surly. How's your relationship with your wallet? Do you guys talk to your wallet nicely or do you guys not do that?"
Emotional Aspects of Money
Shawna dives deep into the emotions tied to money, explaining how past experiences, upbringing, and societal pressures influence financial decisions and attitudes. Both hosts share personal anecdotes illustrating their struggles and growth in managing financial emotions.
- Shawna Game (16:35): "I just realized one day, like, this has got to change. Like, this is completely unhealthy, and I'm helping other people not do this, right?"
Strategies to Improve Relationship with Money
The conversation shifts to actionable strategies for listeners to mend their relationship with money. Shawna introduces the concept of creating a "money manifesto," akin to a personal credo, to define how one wishes to interact with their finances.
- Shawna Game (24:58): "I started thinking about this kind of correlation between dating someone and our relationship with money and then thinking that, oh, wow, we actually have a say. So in this, we can actually decide what we want this to look like."
Guest's Personal Stories and Insights
Shawna shares her personal journey of overcoming financial anxieties, including her experiences with divorce and managing large financial decisions like purchasing an expensive vehicle. These stories underscore the episode's central theme of emotional healing and proactive financial management.
- Shawna Game (18:14): "I bought the BMW because I am self-employed and I owed a fair amount in taxes. It ended up saving me a ton of money on my taxes. It was brilliant. But the downside was that it was a thousand-dollar-a-month payment."
Headlines and Financial News Insights
Impact of AI on the Stock Market
The hosts transition to discussing recent financial headlines, particularly focusing on the emergence of Chinese AI chatbot DeepSea Deep6 surpassing OpenAI’s ChatGPT in App Store downloads. They analyze the immediate market reactions, such as significant stock declines in major AI-related companies like Nvidia and Oracle.
- OG (44:20): "Chinese AI chatbot DeepSeek has displaced OpenAI's ChatGPT as the most downloaded app on the App Store, leading to a market panic. Stocks for major AI-connected companies like Nvidia fell big time that Monday morning following the news."
Media's Role in Financial Perceptions
Joe criticizes the financial media's tendency to sensationalize news for better headlines, often creating unnecessary panic or hype around transient events.
- Joe Saul-Sehy (52:14): "The financial news industry knew what a great headline this was. They’re even doubling down and hoping that you'll pay to get the quote hidden secret that we're all looking for that doesn't exist."
Importance of Diversification in Investing
Shawna and OG discuss the significance of diversification, especially in volatile markets. They argue that a well-diversified portfolio can withstand market fluctuations better than one heavily invested in a single sector.
- OG (57:55): "If your goals don't change, your portfolio doesn't change. If you're looking at the day-to-day news and thinking you have to react, you're doing it all wrong."
Community Segments
Book Recommendations
The hosts highlight Aaron Wade’s Mac and Cheese Millionaire and Seth Godin’s Strategy as top picks from Porchlight Books’ 2025 list. They discuss the entrepreneurial spirit showcased in these books and congratulate the authors on their recognition.
- Joe Saul-Sehy (63:36): "Aaron Wade’s book was prominently displayed at the bookstore, even though it came out in September. Good stuff."
Listener Reviews
They share positive listener feedback, likening the show to a "morning drive time show" that balances financial advice with entertainment.
- Shawna Game (65:11): "It’s like a morning drive time show, which is awesome because that’s kind of what we’re going for."
After Show: Light-Hearted Stories
In the after-show segment, Joe, OG, and Shawna engage in humorous conversations about unrelated topics, such as dinosaur fossils and quirky COVID-era memes. This segment provides a relaxed conclusion to the episode, showcasing the hosts' camaraderie and ability to blend financial discussions with everyday humor.
- Joe Saul-Sehy (71:29): "They were obsessing with something called chip dip. No idea what was going on there."
Key Takeaways
- Emotional Connection with Money: Understanding and healing the emotional aspects of one's financial relationship is crucial for healthy money management.
- Proactive Financial Strategies: Creating a personal financial manifesto can guide positive interactions with money.
- Media Literacy in Finance: Being cautious of sensationalized financial news can prevent unnecessary panic and promote better investment decisions.
- Diversification is Key: A diversified investment portfolio is more resilient against market volatility.
- Balanced Financial Education: Integrating financial advice with entertainment makes financial literacy more accessible and enjoyable.
Notable Quotes
- Joe Saul-Sehy (06:00): "How's your relationship with your wallet? Are you romantically involved or not even on speaking terms?"
- Shawna Game (24:58): "We actually have a say. So in this, we can actually decide what we want this to look like."
- OG (44:20): "Chinese AI chatbot DeepSeek has displaced OpenAI's ChatGPT as the most downloaded app on the App Store, leading to a market panic."
- Shawna Game (57:55): "If your goals don't change, your portfolio doesn't change."
This episode of The Stacking Benjamins Show masterfully intertwines personal finance discussions with relatable analogies and engaging storytelling, making complex financial topics accessible and entertaining for listeners.