Your Past Financial Mistakes Are Not Your Identity
Stuff About Money They Didn't Teach You In SchoolShow Notes
Everyone has financial regrets. In this episode, Erik and Dr. Matt tackle the emotional weight people carry from past financial decisions — debt, overspending, failed investments, divorce, financial scams, and seasons of instability. The real danger, they explain, isn’t the mistake itself; it’s allowing the mistake to become an identity.
Dr. Matt introduces the difference between guilt and shame: “I made a bad decision” versus “I am bad with money.” Together, they explore how language, self-perception, and emotional patterns influence future behavior. Erik shares examples of clients who rebuilt their financial lives after major setbacks, proving that financial mistakes can become chapters of growth rather than permanent labels. The episode is ultimately about hope, ownership, and reclaiming the belief that your financial story is still being written.
Episode Highlights:
Dr. Matt discusses the range of financial mistakes he sees in his practice, including overspending and secret debt kept from a spouse. (03:11)
Dr. Matt shares the costly timeshare he and his wife bought while on their honeymoon in Mexico. (04:38)
A language strategy for separating personal identity from a past financial mistake. (07:52)
Dr. Matt mentions that reframing a mistake as "a chapter, not the whole story" is a simple but powerful shift. (10:54)
Erik shares an analogy about his CrossFit coach calling him an athlete and how that language shaped his choices. (12:01)
Erik concludes that a past financial mistake doesn't determine your future and that it's never too late to build wealth. (14:19)
Key Quotes:
“There is a difference between a bad decision and feeling some regret about that decision versus shame over that decision.” - Dr. Matt Morris, LMFT
“You want to start separating yourself from the problem. And the first way to do that is linguistically, using your language.” - Dr. Matt Morris, LMFT
“If you make a small plan and you strategize on small wins and you celebrate those small wins as you go, that reinforces this idea that, hey, I can do this. I can overcome this, that that is a chapter. The story is still being written.” - Erik Garcia, CFP®, ChFC®, BFA™
Resources Mentioned:
Dr. Matt Morris, LMFT
Dr. Matt Morris & Associates
Erik Garcia, CFP®, ChFC®, BFA™
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
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