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After The Interview: Dr. Megan McCoy
152 Plays2 years ago
In this bonus discussion, we talk about our episode 169 interview with Dr. Megan McCoy and our complex relationship with money.
To listen to the original interview, click here: https://uncommonwealth.com/podcast/financial-therapy/
Recommended
Transcript
Introduction to Dr. Megan McCoy
00:00:03
Speaker
It's time for the uncommon wealth bonus content. Hello and welcome, everybody, to the uncommon wealth podcast bonus edition with Bill Ramsey, Aaron Kramer, and we are talking about the one, the only Dr. Megan McCoy as financial therapist. This is like one of my most favorite podcast. OK, tell me what your favorite part was. Well, just like.
00:00:30
Speaker
I, because I love like the psychology of money and all that, um, she's kind of like my hero and that I know that she, this is what she does. Like she helps teach people and she is a licensed therapist. She's a CFP. She, she knows the money side at trade. I mean, she's like, she said on the podcast, she's a therapist, but
00:00:51
Speaker
She just understands the whole mindset of money so
Dr. McCoy's Impact on Financial Therapy
00:00:54
Speaker
well. It's so fun to like hear her talk and like watch all her other interviews, you know, because she is so knowledgeable about all of it. And she heard demeanor about all of it so good too. So it's it's interesting to see her take this route because I just think someone like herself that has this
00:01:11
Speaker
really good demeanor would have stayed in the practice. And then I think I don't know if she does or not. But like, oh, my gosh, I have that good of a person like heading up a department. Yeah. So probably shows you why can use such a leader in this. Yeah. I mean, they've done something right. Well, I think they're like the top five in the nation. Yeah. All right. We're going to unpack the show. Obviously, this is kind of the bonus content. But let me I do this sometimes with people like I give people like
00:01:40
Speaker
like things I think about when I think about like them. So I have three words for, I think of, for Dr. Megan McCoy. Ready for them? Approachable. She's just approachable. Like she would talk to anybody because she's passionate. So that's my second word. So approachable, passionate. She's just really passionate. Like there was a couple of times in the interview, like she was like, Oh, I can't wait to talk about this. It's attractive to like talk to somebody that way.
00:02:07
Speaker
And then the third thing for her, she's knowledgeable, right? So she is approachable, passionate and knowledgeable. Knowledgeable because like, I mean, she was like, here's a study. There's a study. This is a book I co-wrote. This is a book I wrote. Like, oh, so I was eating that up. But I think those are the three words that when I think of, you know, Megan, I think of those three words because they are all those things that make somebody uncommon in my perspective. So she's uncommon.
00:02:32
Speaker
Obviously, that's why we had her on the show. But man, really good content. And she's passionate about it because I think that it's making a difference.
Teaching and Integrating Psychology with Finance
00:02:41
Speaker
And she wouldn't be all that passionate if she knew that it wasn't making any difference. But she's starting to see CFPs come around.
00:02:47
Speaker
She started seeing FPA board kind of like engaging in this because they're starting to see how important this stuff is. And obviously K-State, she's a professor there. We never really talked about that, but I'm sure people could deduce that. But they are the tip of the iceberg here of
00:03:03
Speaker
things that are happening in a positive way to understand that there's psychology about money that needs to be talked about, needs to be part of the planning experience and something that we've always kind of gelled together with as we talked about at the first part of the show, but really cool just to see all the different things and all her different like ways that she's helped contribute to such an amazing
00:03:29
Speaker
topic, I would say. So I was really grateful to have her on the show. I loved. I love the way that you kind of kept bringing it back. Like, let's talk about the studies that she's done. I thought you did a great job with that. So. And then just to see her enthusiasm and passion about those things, it's like, I mean, this could be a three hour podcast pretty quick. So easily. I mean, especially if she was in person, like, oh, my gosh, pull up the couch because I could talk about this all day. So many different questions. And she could too. Yeah. Right. I know.
00:03:57
Speaker
That's the fun part about all of it. And to me, it's like when we're having her on, I know it's giddy to get her here because for me, I know she wouldn't think this, but to me in our world, she is kind of what we call somewhat of a celebrity. She is making a difference. She's working at a prestigious university doing prestigious studies and helping people. Right.
00:04:15
Speaker
People, she's well-known, she's known in the FPA, the Financial Therapy Association, FDA. Okay, this is something I wish I would have talked more about. I love going back to these things of like, what could you have done better? Which I could always do a lot of things better.
00:04:33
Speaker
But I love that she was a marriage and couples therapist and wanted to go into money. What I thought was interesting is one
Transition to Financial Therapy
00:04:41
Speaker
of the bigger reasons why people get divorced is money. And so I think that she was starting to see that. And then also her own experience with money, she just went straight into it. Like, I want to learn more about it. I don't feel like I'm good at it. But I also feel like she saw this need of like, but it's also important in my marriage and family therapy sessions.
00:05:03
Speaker
couples therapy, and so she just jumped into it. I wish I would've unpacked that a little bit more. We didn't, I'm kind of assuming a lot, but I kind of think I knew where she was going. I wish I would've just had her unpack that a little bit more, that's on me, but. She's a go-getter. She's a go-getter, but I loved the fact that she started with a marriage and couples therapy, and then kind of evolved into where she's at now. Yeah, I loved her story when I asked her about
00:05:30
Speaker
What she saw about financial planners coming into her program, she explained that a lot of the people coming in, they're doing that advanced studies for state planning and things like that.
00:05:45
Speaker
were really looked at to want to take these like therapy courses. But at the end, they're so bad about it. Right, right, right. Dragging into the class. Yeah, I like that. OK, here's something else that I thought was fascinating.
Anxiety in Financial Decisions
00:05:58
Speaker
The anxiety of the unknown versus the actuality. I see that a lot in our practice.
00:06:05
Speaker
I'm like oh i can't do this there's no way i can do this and then like you really start kind of putting structure around okay what's the worst case scenario for you and then start saying like all of that happens i'm totally get through it you know like.
00:06:20
Speaker
What are mine does when we don't know we go to the like. Not even the worst case scenario like this arbitrary like thing that would never happen right like i don't even know like it's very interesting when you have anxiety about something.
00:06:39
Speaker
but you don't like articulate it, what your mind does, and like you just can't break through. And so for the uncommon path and for our clients, I feel like, okay, well, let's just, let's put some structure around this. What's the worst thing that could happen? And we can talk about that. And then what are the things that would lead up to that? And then realizing like, well, that wouldn't happen overnight. Like this would happen over a long period of time where we'd be able to get our bearings straight. We'll be able to kind of look through different things, pull different levers.
00:07:07
Speaker
But having them articulate that is helpful because then we can just at least we've talked about the worst case. Do we feel like the the positive side of things would outweigh the negative? Many times it does. Yeah. But the anxiety of the unknown is like insurmountable.
00:07:24
Speaker
And I do feel like there's something that has changed with people after COVID of that. It's the anxiety of the unknown. Is there going to be a recession? Oh, I don't think the dollar, the dollar's going to go away. All these different things of like, Oh gosh, like, well, let's talk through that. Like these big companies are going to try to find a way to make it work.
00:07:44
Speaker
They're not just going to go away, you know, and like they have way more resources than we do. So if we're invested in those things, you know, like, okay, let's talk through that. But the fact of like, throw these things out. Well, what do you do with that? Like, I don't, I don't know. Like it does sound daunting. Yeah. Let's start using our reason to try to reason out that and talk to people through. Cause it is like,
00:08:05
Speaker
I mean, sometimes you're just like, oh, why are we talking about this? Well, just turn on the news. Yeah. Right. That's why we're talking about it. Right. Right. They're like trying to like, man, at least self fear. That's a whole nother
Money Anxiety: A Transnational Study
00:08:16
Speaker
podcast. Yeah, it totally is. Sorry. But I feel like it was just interesting that she kind of saw that as the anxiety of money was real in the studies that she saw. And then the Canadian to the U.S. like there is. I know, man. There's a lot of questions I have. I know.
00:08:32
Speaker
That's why this last, it's so like, it was like part two, part three, three hours later. Yeah. So it's really good stuff. I think it's all very good. And like, so here's my question to you.
Influence on Financial Advisory Practices
00:08:44
Speaker
What's your application from our, you didn't know I was going to ask this. So I was like, what's your application from our interview with Dr. McCoy? What do you take away from that? And like implement. Yeah. So I,
00:08:59
Speaker
I don't know, to me, it makes me think about what we're doing here in uncommon. In a good way or bad way? No, I think in a good way. It's a good way of what we're doing. But I think that some things that we're naturally just doing because it fits our personalities. Yeah. Right. But like how we need to lean into that a bit more and be even more intentional about it. OK, good. But how how would we do that in your in your opinion? And maybe you don't know, like this is pretty on the spot, buddy. Sorry. Yeah, no, it's.
00:09:27
Speaker
See, that's the part for young people. I know we do that. You know, I do that for the young people. You know, we do some of this stuff.
00:09:36
Speaker
But how do we do it for some of our older clients? I don't know. Okay, so one thing that I took away is data points. Like we have access to that. We don't really utilize, I bet you we utilize maybe 7% of what we have access to. So do a little bit more research on what we can maybe utilize data points in our practice. We've started and it's been a great start, but maybe how other ways that we can maybe implement some of that stuff. So that's my takeaway.
00:10:03
Speaker
Dr. McCoy, thank you so much for your wisdom and your time. Yeah. Thank you for being just approachable, for being passionate and being knowledgeable. Yeah. This is awesome. I am probably going to get the rest of the day. So good. You've been listening to the Uncoming Wealth Podcast. I've been your host, Philip Ramsey. And I'm Aaron Kramer. Thanks for listening.