Sarah Fejfar 0:00
Our financial success is driven more by how we think and behave than we actually realize, and how behavior beats knowledge every single time. And I want you to just like, let that sink in. Like, what we do beats what we know, and money is a funny thing, right? It's very emotionally charged. And this book is all about the understanding the soft skills that are at play in the world of finance. How are entrepreneurs like us daring, bravely to build a stage, ditch the sweatpants and step up to the mic. How do we create our own transformative events so we can get our message out into the world in a bigger way? It's not only profitable, but it's actually something we can be proud of.
That's the question, and the answers are inside this podcast. My name is Sarah fafer. Welcome to Greenroom Central.
Okay, for the next few months, this podcast can be a little different. I spoiler alert, am moving this summer, which is going to be so fun, and we're taking our sixth annual fafer family road trip, summer road trip. And so because of all that, I knew my life was going to be crazy, and so I decided not to do interviews for you this summer. But what I wanted was for you to still get a fresh hot now episode every single week. So I decided to look at my audible and my or my apple Notes app, which is where I take notes on every book that I've read and put together a book review series for you. And each week, I'm going to bring you a new book that I love and recommend, and hopefully you'll find something in here that you want to pick up.
So without further ado, here's this week's book. Ooh, wait, this is going to be a good one. Have you ever noticed how often people do the opposite of what they know is best with their money? So we're going to talk about the psychology behind the like the psychology that drives our choices, and how you can use those, ahas, really, to improve your own money management. We're going to talk all about the book, the psychology of money, by Morgan Housel today. I loved this book so so much. I saw this on a post by Chalene Johnson. She recommended a stack of money books, and I it caught my eye, and I picked it up, and I read it on a road trip, and I had just the best time it. It's all about how our financial success is driven more by how we think and behave than we actually realize, and how behavior beats knowledge every single time. And I want you to just like, let that sink in.
Like, what we do beats what we know, and money is a funny thing, right? It's very emotionally charged. And this book is all about the understanding the soft skills that are at play in the world of finance. And this book is all about the understanding the soft skills that are at play in the world of finance and yeah, we can have all that technical knowledge, but if we're not aware of other factors at play that are more emotional, more behavioral mindset, then we don't have the whole picture on what's going to happen, what we're going to decide to do or not do with our money. So super critical to read this. It gives like this brief history of the financial system in like, the least kind of, it's like, it's so clear.
It's the least, least obnoxious, least boring way it's, it's so, dare I say, fun to hear and and then it goes into all of these concepts that we just have to know, but from more of like the how to think, kind of how so that it actually changes our behavior or impacts our behavior in the direction we want it to, like, go. So and concepts of safety nets and what kind of margin of safety you personally need. And this, it, this book really is all about understanding that your temperature, what what you're going to need, what your tolerances are going to be for your they call it a margin of safety. And it's it's all like I think, I think I need to read it a bunch more times. I think that's why it's hard for me to articulate how valuable this is, because it's all like stuff that isn't like ones and zeros.
This isn't all about how 10 plus 10 equals 20. It's, it's way more kind of up in the clouds umbrella than that. It's, it's like, why we do things, even though we know that's not the right decision. So I think you have to read it. I think that's, that's what I'm gonna say. There's also, so there's this whole, there's this whole talk in the book about it is, you know, we talk, I mentioned whole, the whole kind of safety net, margin of safety, and kind of understanding your tolerance. It also talks about emotional endurance and kind of that same way, as well as playing your own game, and, like, putting blinders on so that we we know, okay, yeah, that is what that person's doing.
And that is like, what is like, traditionally known as like, acceptable and smart. But for me, I need a bigger safety net than that in order to feel like free to think. And so for me, my threshold has to be this, or whatever it's like. They give an example in the book about owning a home versus buying and how in most places and almost everyone says it's like smarter to rent than it is to own. However, for some people, there's just this emotional thing where they feel safe ist if they own their home and have paid it off. And while that may not make sense at all, it's just what they need like that's the that's the safety net they need to build for themselves in order to feel at peace and not worried.
And so there's all these different examples they give like that, of how to understand ourself in various different aspects of this, like the financial world and what we need in order to feel safe and free our mind to make, dare I say, better decisions financially. It's like, what bubble do we need around ourselves in order to play like, for example, we might have to feel like we have to have 100,000 in the bank in cash before we could even consider investing in the stock market.
Because, you know, to us, stock market just feels risky, and so we don't want to put our money there, but we would if we knew we had a big enough safety net, like in cash on hand or whatever this book is all about pointing out all those different places in our financial lives where we're just making decisions that are contrary to like what's widely as accepted as the right thing to do, because it is in favor of our kind of, say, psychological safety net. I I want you to read it. I want you to read it because, and then I want to give myself the homework to reread it. Everyone I've given this to has been like, oh my gosh, that's brilliant. Wish I Knew it sooner. When you read it, would you like drop me a DM and tell you, tell me what your biggest aha was, because this one just really got to me and made me feel.
Like who I'm so glad I know that, because it's going to help me make so many better decisions. That's all I'm going to say about that. Pick up the book. Send me a note when you've read it. Tell me what you think, and next week, we're going to talk about the Coaching Habit by Michael. I'm going to butcher his back. Last Name Bungay Stanier, I think, is how you pronounce it. It's some really great questions to help you be a better coach, whether that's as a parent or as a business coach or a coach in sports like this is such a cool framework for asking better questions and getting better answers and being a better Coach. So until next time, same place, same time. I'll see you here next week. Make it an outstanding rest of the day. Take care.
Thank you for listening to the green room central podcast. If you loved this episode, then please take a screenshot on your phone and post it to Instagram, and be sure to tag at Sarah fejfar and let me know why you liked it and what you'd like to hear or who you'd like to hear from in the future, that'll help me know what to create for you. The number one thing I'm asked by CEOs, whether it's their first event or their 20th, is, Sarah, how do I get more butts in seats? And so I put together a guide for you. Head over to filling events.com for your free copy of 107 ways to fill your event, I want to help you quickly master event marketing and fill your events, even if you've never done it before.
I've scoured the online business world and found 107 of my favorite strategies working right now to fill your next in person or virtual event, create the event promotion plan you need from these easy to implement, customizable strategies for free. Over at filling events.com. I appreciate your commitment to leveling up and learning the mindset and strategy of live events. Keep going. Keep learning. If you want more, head over to greenroom central.com For Show Notes and all the Links from today's episode. You
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