Motor City Hypnotist
Motor City Hypnotist
Your Bank Account Is Affecting Your Brain More Than You Realize - Part 2
The vicious cycle of financial struggles and mental health challenges affects millions of Americans, yet many suffer in silence due to shame, stigma, or simply not knowing where to turn. We're back with the second part of our deep dive into this critical but often overlooked connection.
When depression takes hold, even basic financial management feels impossible. Bills pile up unopened, bank accounts go unchecked, and the resulting financial chaos only deepens the psychological distress. For those with bipolar disorder, manic episodes can trigger devastating spending sprees, while anxiety disorders might lead to complete financial avoidance. The result? A downward spiral where money problems worsen mental health, and deteriorating mental health makes financial recovery seem increasingly impossible.
What makes this situation particularly challenging is that seeking professional help costs money – the very thing in short supply. This paradox leaves many feeling trapped with nowhere to turn. But there is hope, and it starts with small, practical steps anyone can implement regardless of their current financial situation.
We explore actionable strategies like tracking every penny spent, switching from cards to cash to make spending feel more tangible, implementing a 24-hour waiting period before purchases, and finding joy in free or low-cost activities. Perhaps most importantly, we discuss the power of compound interest working in both directions – how debt compounds destructively while savings and investments build wealth over time.
The road to recovery isn't quick, but with consistent effort and the right support, both financial stability and mental wellness are achievable goals. Whether you're currently struggling or supporting someone who is, this episode provides the practical framework for breaking the cycle and moving toward a healthier relationship with both money and mind.
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Change your thinking, change your life!
Laugh hard, run fast, be kind.
David R. Wright MA, LPC, CHT
The Motor City Hypnotist
David Wright: 0:00
In this episode of the Motor City Hypnotist Podcast we're back with money and mental health part two. If you didn't listen to part one, you can jump back an episode or catch up after this one, so either way you get all the information you need. So we're talking about again the effects of money, challenges and how that affects your mental health, and I'm going to give you some specifics on this episode of kind of what you might want to start doing or could do to kind of help yourself with that. And as usual, we're giving away free stuff. Hang in there, folks, we'll be right back this sounds like something for the authorities in detroit.
Announcer: 0:36
Well, jokes on you.
Matt Fox: 0:37
I'm living to 102 and then die at the city of detroit guys like this antique over here out of Detroit, spawned in the hellfires of Motown, take him to.
Announcer: 0:46
Detroit, no, no, not Detroit, no, no, please, anything, but that no, Stationed in Drambuie. It's worse than Detroit. We did not have, as a unit, the confidence that we felt like we needed to beat Detroit. Let's go to Detroit. Now you're talking brother. I don't think so. He plays for Detroit now. Do they have many farms in Detroit?
Matt Fox: 1:12
Detroit to. Michigan. I go to school, I know where Detroit is.
Announcer: 1:16
Get ready for the Motor City hypnotist, David R Wright. Originating from the suburbs of Detroit, Michigan, he has hypnotized thousands of people from all over the United States. David Allwright has been featured on news outlets all across the country and is the clinical director of an outpatient mental health and hypnosis clinic located just south of Detroit, where he helps people daily using the power of hypnosis. Welcome the Motor City Hypnotist. Welcome the motor city hypnotist, david r wright what is going on, my friends?
David Wright: 2:04
this is david David Wright, the Motor City Hypnotist, and we are back with another episode of the Motor City Hypnotist podcast. You know it's been a while it has been. It's been a couple weeks Again. I was traveling doing shows. You probably can catch up on that in the last episode. I won't go through my travel challenges, but anyway we're here in the podcast. Your Voice, southfield Studios. That is Matt Fox, the other voice you hear. I am so happy to be back, I'm happy to have you back Matt.
Matt Fox: 2:30
I can't wait for next week now.
David Wright: 2:32
Absolutely.
Matt Fox: 2:34
What's happening next week?
David Wright: 2:35
Easter Next Monday, oh Monday, we're doing a podcast. Do we have a guest? Oh no, we are going to have a guest. Let me tease that, terica Lewis. She's a therapist in my office. She is a licensed professional counselor and a certified sex therapist.
Matt Fox: 2:48
What? Yeah, uh-huh, yeah, uh-huh.
David Wright: 2:53
Uh-huh, hold on, I have something for you.
Matt Fox: 2:55
I just wanted to make sure that that was still happening.
David Wright: 2:59
Yeah, it's scheduled to happen. Hopefully it'll work where we have it on that, we have it on the calendar. So so next monday, terrico should be with us, perfect and um yeah, she'll tell you what what a sex therapist does I, I would love to hear this.
Matt Fox: 3:13
Yeah, it'll be very interesting.
David Wright: 3:15
So yeah, make sure if you want to watch live folks uh facebook, uh motor city hypnotist facebook page. We broadcast live every monday, every monday every monday evening when we're here.
David Wright: 3:25
Yeah, unless we're off for whatever reason. Sure, let me tell you, folks, where you can find me Website is MotorCityHypnotistcom. Check that out. A lot of cool stuff there, especially if you're looking to do a show. We're right in the midst of prom and grad season, so maybe your entertainment, maybe you haven't booked one yet, maybe somebody bailed on you Go to my website. You can get a quote in minutes and book it online. You don't even have to talk to anybody if you don't want to. Okay, my social media Facebook and YouTube are both Motor City Hypnotist, and on Snapchat, instagram and TikTok are Motor City Hypno. H-y-p-n-o.
Matt Fox: 3:59
Just trying to get my microphone as even with yours, yeah.
David Wright: 4:06
And your free hypnosis guide. We've offered this all the way. Going back to number six, episode number one I was going to say season one, but we don't do seasons here, but this is number three. This is three zero two. Oh my God. Yeah, it's crazy, we are spot on Plus two. Yes, I'm very important.
Announcer: 4:26
Cheers, I have many leather-bound books and my apartment smells of rich mahogany. I still want to know, I know.
David Wright: 4:36
That's why I played it again because Matt's trying to figure out the song in the background on that Anchorman clip. So actually you probably go to their site, go to the soundtrack.
Announcer: 4:45
Go to.
David Wright: 4:45
Soundtrack. It's probably in there. Probably I'll find out. Anyway, free hypnosis guide. Text the word hypnosis to 313-800-8510. And within a couple of minutes you'll receive a text with your hypnosis guide attached and a Google link to leave a review. It could be a review of the podcast, a review of my show, a review. It could be a review of the podcast, a review of my show, a review if you've seen me in person. But either way, leave a review. That is so helpful and it helps the show get out to other people who might be interested.
Matt Fox: 5:12
Okay, All right, we're ready. Oh, is it time, it's time.
David Wright: 5:31
That's how winning is done, all righty. So this is. This is a cool story. It's kind of sad at the same time, but but, but it's. It's very, it's very inspirational. Am I gonna cry? You might all right. Um, this is the moment a nine-year-old boy said goodbye to his local trash collector after greeting him every week on the road outside his driveway. For years, go on, noah kerrigan had waited for the same garbage man every tuesday, since he was five years old, forming a sweet friendship.
Matt Fox: 5:59
Four, years of friendship with the garbage man.
David Wright: 6:02
I love this, but when the florida county government switched to a new waste management company. Noah had to say his final goodbye on March 25th, Poor kid. His mother, Catherine Carrigan, said the tradition began after Noah became fascinated with the big green truck that arrived every week Was his mother Nancy.
Announcer: 6:24
Go on Sorry.
David Wright: 6:29
No no.
Matt Fox: 6:31
Don't shut me up, sorry.
David Wright: 6:33
Go on. It started out as something so simple. He was just fascinated by the garbage truck. For years every Tuesday he would run outside to wave and the garbage man always waved back, honked the horn and acknowledged him. The 41-year-old says Noah's father is a firefighter, so there's a lot of truck love in their home. But even as he grew older and busier with school, he'd still make time to stay, to go out and say hello.
David Wright: 7:01
In a heartfelt final meeting Noah handed the sanitary worker a handwritten note and some gifts, along with a bottle of water to thank him for his years of kindness. When we told him it was the last time he'd see the garbage man, he immediately ran inside to write a note and grab some of his old garbage truck toys to give to him. He wanted to say thank you. It was so sweet. This man had been part of Noah's life for years. It was a friendship built on the smiles and waves. It was like saying goodbye to a part of his childhood and it was so beautiful to witness that's okay, I'm not going to cry, yeah, but what did he give him as a gift besides the water?
David Wright: 7:41
Okay, so I don't have the link to the article will be in the show notes, but I'm just curious. There are pictures he had. He had a little toy garbage truck, okay, and I think there was something else. I don't know for sure.
Matt Fox: 7:53
It wasn't toilet paper rolls.
David Wright: 7:54
No, no, no no, it wasn't just so. Yeah, you know, it made me think, because I and probably all kids do Well, maybe not all, I can only speak for my own kid. But he was also fascinated. He would sit in front of the window every time the garbage came and watch them. He'd make sure he ran right to the window. He was there every week when the garbage person came.
Matt Fox: 8:19
That's great.
David Wright: 8:19
Yeah, so so I understand that I relate to it. So, yeah, it's a sweet story and, and you know I feel bad for the kid. But hey, you know he lost his garbage, I know, and now it's going to see some new schmo coming and picking up his garbage every day Stupid yellow what in places. Are you talking about Some dumb white truck, not even green, honestly.
Matt Fox: 8:48
I really enjoy, you know cause? I've raised three daughters and they all had their fascinations, right. But you know, even my, my nephews, they had this thing with machinery, whether it be garbage trucks or or washing machines or what have you? Yes, they're, they're fascinated by the obstacle, the, the, the vehicles or the contraption that does things and they get well fascinated by another thing.
David Wright: 9:16
my son, my son did when he was very little, when we, whenever we went to like lowes or home depot, yeah, the tractors, yes, you had to sit on the tractors, of course, because look at, because look at that, look at that machine with a wheel on it.
Matt Fox: 9:28
In Michigan we have a mire Growing up. There was always a mechanical horse that you would put a penny in and you would ride the horse for a minute and a half for a penny. It was brilliant for checking out.
David Wright: 9:43
Yeah, oh, absolutely Keep them occupied, sure, sure. So anyway, great story, really sweet.
Announcer: 9:51
Thank you.
David Wright: 9:51
I thought that I had to pull that out and use it.
Announcer: 9:53
Yes.
Matt Fox: 10:03
That's how winning is done, but now you're just using Win.
David Wright: 10:06
winner of the week for your own amusement, for my own thing. So back to it. So we're on part two folks of money and mental health and in in in the last episode. Again, if you jump back or you can catch up after this one doesn't matter, but we went through a lot of data, we went through a study that was done and it showed in general I'll just kind of paraphrase people with financial issues are much more likely to have mental health issues, and the cause and effect can go both ways. So just keep that in mind. So there are a lot of other things that you might want to consider and I'm going to read these things and if you feel like you fit into this, it's something definitely we can address and work on. Okay, so yeah, here's some of the common ways mental health can affect how you deal with money. If you're feeling depressed, of course you're not going to feel motivated to manage finances. That's not even going to be in your mindset because you're depressed.
Matt Fox: 11:08
You're focused on, not the catalyst to the problem.
David Wright: 11:13
Right.
David Wright: 11:13
That's a question yeah, typically when people are depressed, they lose interest in things, especially things that are required or that you need to do. Okay, I mean that that kind of goes along with depression. You just kind of get closed off. You don't want to look at things, you don't want to be overwhelmed, you don't want to have any more bad news. Quote unquote okay, um, here's the other. Here's the other thing that comes up a lot of times the mental health issues, especially with bipolar disorder, because if somebody's in a manic, one of the symptoms of a manic phase could be to overspend. Okay.
Matt Fox: 11:43
So go on a shopping spree, okay. So, speaking from experience, having the experience of waking up the next morning and realizing that there were hundreds of dollars spent on your Amazon account nothing, yeah, yeah, and it was just stuff that was stuff and not needed spent on your Amazon account on nothing.
David Wright: 11:57
Yeah.
Matt Fox: 11:58
Yeah, and it was just stuff, that was stuff and not needed, and having a spouse at the time that did that and then did not remember doing it, hmm, yeah, that's a problem. Yeah, that is a problem.
David Wright: 12:16
Yeah, that is a problem, and again, with manic episodes and bipolar disorder. I'm going to try to break it down as simply as I can. When you're in a manic phase, your judgment is affected, so you're looking for a rush, some endorphins, something. And again, sometimes, spending does that. People like to spend money and when they get something, they feel good about it. It releases endorphins into your system.
Matt Fox: 12:46
I'm all about endorphins. I love the mental release, but there's got to be a better release, if you will.
David Wright: 12:52
One of the other things that happens when you have, when your mental health is not in a great state. It affects your ability to work, so you might not work as hard, you might miss a lot of work, you might call off a lot and again this affects the bottom line going forward. And the challenge with this is a lot of times when people get into these situations especially if it's a financial situation, there is no quick fix because it's taken you years to get to this point and you can't just say, okay, I'm going to change and if I do, if I change it tomorrow, it'll fix everything. No, you gotta, it may take years to clean this up it took days to get you into this right.
Matt Fox: 13:31
It'll take years to get you out right, yeah, so and again.
David Wright: 13:35
A lot of times when people are depressed or anxious they won, they won't open bills, they won't check their bank account, that they won't go anywhere. That will give them more bad news, right and but again we know by ignoring it only going to get worse.
Matt Fox: 13:51
No, it'll just go away. I don't know what you're talking about. It'll just disappear, so seven years from now. I don't know what you're talking about. It'll just disappear, so seven years from now there are.
David Wright: 14:02
I'm trying to. I'm trying to not to like, like, go back and repeat things. Just give me a second.
Matt Fox: 14:06
You're fine, you're fine. This, this, this topic, oh, okay.
David Wright: 14:11
Go on, I'm back on track. I found my space. Sorry, good, sorry, good. So again, if you're worrying about money, what does that affect? Affects your sleep when you don't sleep well, you don't work well, you might have to take time off of work. That this is this vicious cycle of worry money issues, worry money issues, and and it just stays in that. That cyclical? Yeah, it is cyclical for sure. Here's the other, the other challenge that Sometimes, when people have mental health issues and this is going back to what you said, I think, probably last episode, matt when people feel overwhelmed, especially financially, they know they probably need to get help but they're resistant to do so because they can't afford it, can't afford it.
Matt Fox: 15:02
yes, because there there is a there's a stigma to taking care of oneself, yeah, and that does cost money.
David Wright: 15:05
Now here's the other thing I'm gonna. I'm gonna even expound on that a little bit more. It's not even just like having money to go to therapy or to get treatment, but it's gonna affect your water, physical medications and appointments. So it goes beyond just money to attend a therapy session.
Matt Fox: 15:27
Your ability to get to said therapy session. There are so many. It's a house of cards? No, it definitely is, and if one thing goes wrong, it will come down.
Matt Fox: 15:38
And if you are not mentally stable enough to handle, you need to reach out and ask for help. And if you don't have that mental capacity, I hope that you have someone in your life that will share with you their experiences and what they did to get themselves through that hump right, if you will well, and, and just on that point, one of the other, one of the other things that that are, it's next is you.
David Wright: 16:06
You might feel ashamed if you need help, because if you need support and it's financially related and a lot of people are very reticent to share that information oh very, very because they feel embarrassed about it.
David Wright: 16:17
They feel feel like, oh, I screwed up, I can't manage things. So the big thing, though, is that if you need help, you need to reach out, because if you don't, it's just going to compound. It's never going to get better unless you do something. In fact, it's only going to get worse, because every month that goes by just adds to that pile of debt. Right, yes, absolutely. The other thing is that a lot of times, people are in situations where they're supporting a partner, or supporting their kids or some external things, family or whoever and a lot of times we set boundaries as far as personal relationships, but we don't set boundaries regarding money. So, for example, say you have an I don't know. Just I'll just make up a crazy example Save a 40 year old kid living at home. He's still, you know, eating your food and using your water and using your utilities and not contributing. At some point you've got to kind of reevaluate this and say okay okay, so if you wait until they're in their 40s to I was.
David Wright: 17:25
I guess I was making up yeah, just tribes trying to think of just like a worst case scenario.
Matt Fox: 17:30
That is worst case scenario, okay if they are in their mid-20s and they are still I'm sorry to use this term, but sucking on dependence, okay, dependent, thank you. Sure, yeah, then you know that's a. That's a conversation that you really have to have, not just with the person, but with yourself Absolutely, and you have to understand where you are, because you need to be able to take care of yourself and your own mental capacity need to be able to take care of yourself in your own mental capacity.
David Wright: 18:02
But now you're you're letting this person continue to take advantage of your gracefulness, if you will the other thing that comes with money is is just feelings, because you know again I'll bring up generic examples, but all of these things I've I've experienced with clients and clients at some point, but in a general example that you're not good with money, you're not responsible, you don't budget, you're always in debt, but it's like again, it's this embarrassment and you don't feel like it just wears you down over time and the further you get into it, the more hopeless you get and even then it becomes more difficult to ask for help because you're so deep in that it's probably not likely anyone's going to help you at that point sure, because you you've made it such a large debt that no one can afford to well and the big thing is and a lot of times when people are struggling with financial issues and and and you come to see a therapist Now, therapists are not financial advisors, no.
David Wright: 19:04
But what they can address and this is the big thing is, what are your emotions around money? So let's say somebody grew up in poverty yes, they had nothing. I'm talking about severe poverty. You know food stamps and government assistance and things like that section eight types. Yeah, yeah, and then you, then you get a, a real job as an adult and you start making for, for what somebody who grew up on like twelve thousand dollars a year and you're now making eighty thousand dollars a year, that that's a huge increase. That's a huge increase.
David Wright: 19:36
That's a lifestyle and sometimes that, even though that's for a lot of people, that's a, that's a fortune. If you haven't learned how to deal with that, that could become an issue later because, because you lived in poverty, you didn't have anything. It might be easier to go overboard and say I can do anything I want now because I have all this money. It's just that it's. It's that emotional. You're trying to disconnect from the pain of childhood and being in poverty and then you go too far Once you get stable and start to make good money you can let you live in poverty at $12,000.
Matt Fox: 20:12
Okay, so the the median average income low income household is about 22,000. I'm just throwing that out there. If you make 80,000 a year, you know what? If you don't understand how to manage money, you will still live in poverty.
David Wright: 20:28
Absolutely. That's kind of the point of this. It doesn't matter if you make a million dollars a year. If you don't manage money, you will still live in poverty. It's still going to happen. You're living beyond your means. So here's some suggestions, and these are things that I want people to put into practice because it will help. And here's the thing you have to get beyond that feeling of avoidance because you don't want to be overwhelmed with it, because if you don't take action, it's only going to compound and get worse. So one of the big things is what I'd like everybody to do If you feel like you're in this situation, keep. Keep a diary of every single penny you spend. I don't care if you stopped at the gas station and picked up a Gatorade.
Matt Fox: 21:08
You know what the easiest thing to do with that and how to do that A general ledger, yep A, a go to your bank or your credit union and ask for a, a transaction record and then you write down every purchase you make on your debit card on your monthly bills. That'll help you break out exactly what you spend your money on Yep and you will see the the amount of money that you spend on groceries you will see the amount of money that you spend on your lunch.
Matt Fox: 21:37
You will see how much money you have to spend on your lunch. Yep, you will see how much money you have to pay for rent, and you know that that is going to come. And then you're looking at it going what am I going to do? How am I going to make this work? I need to cut back on a, b and c absolutely, and that you, if you I'm sure there are phone apps that can, that can do that for you.
Matt Fox: 21:56
I know there have to be, but but for me the best mental way to do it is to write it down. So you are the one that's saying I spent x amount of dollars on lunch here.
David Wright: 22:07
here's another suggestion that comes from well from mental health experts and and financial experts is, if at all possible, avoid using your debit or your credit card, because cards are plastic. When you use a card, you don't see money, you just see a card.
Matt Fox: 22:25
Just because there's checks in the checkbook does not mean there's money in the account. Well, no.
David Wright: 22:30
But it's so easy to say a dollar here, $10 there, $20 there, and if you're using a card, by the end of the month you have dollars there, twenty dollars there, and if you're using a card, by the end of the month you have you. Most people I'm gonna.
Announcer: 22:41
this is just a number I pulled out of my ass.
David Wright: 22:43
Yeah, probably 80 percent of people have no idea what they've spent in a month. Once the month ends, yeah, they just pay it, or or they pay their credit card payment or they. You know so. So using cash is going to help you be more. It's a lot harder to give somebody a 20 bill than your credit card.
Matt Fox: 23:03
Yeah, it just it's human nature because, cat listen, cash is back in the 50s and the 60s. Cash was king. It was the thing to have. Now it's about credit. Yeah, credit is what you want to have, so you know you can go out. And Now it's about credit yeah, credit is what you want to have, so you know you can go out and spend, because it's based on your income that you reported to said company to get said credit limit. Now, if you were to lose your job, unfortunately, if you were to not make as much money as you did the year prior, that credit that you have, that does not mean it's available for you.
David Wright: 23:41
No, I mean, it's there if you want to take it, but that's not the right move. No, it's not.
Matt Fox: 23:46
You don't take it because you know you should know mentally that you can't afford to pay it back.
David Wright: 23:52
Right, and that's. And again I'm going to preach to the choir because most people know this, but credit cards are a scam.
Matt Fox: 24:03
You don't say they are a financial scam.
David Wright: 24:06
These credit card companies charging 24% interest rate Keep going, keep going up. Or 30% interest rate You're getting closer. A lot of them are in that range and these companies are making billions of dollars off of debt.
Matt Fox: 24:22
There was legislation that is now being annexed, yep, because it was the previous administration that said we want to eliminate overdraft fees that banks and credit unions charge to their consumers and their members and customers, right, yep? And it couldn't be any more than $5. Yeah, that was the amount that an overdraft fee could be, and the entire finance industry went apeshit. Yeah, they said you are eliminating the ability for us to take care of our members and our customers, because we will allow them to overspend, but we want to charge them, and you're taking away all these resources. And that's where payday loans come into effect.
David Wright: 25:05
The resources that being in banking as long as I have been.
Matt Fox: 25:08
I have seen it work for folks, I have seen it work against folks. But it comes down to the member to understand their own spending habits and how it's going to affect them, which in turn, as a banker, it's going to affect them mentally. And then we sit down with somebody and we have to spell it out and and show them the primrose path back to stability over years of work.
David Wright: 25:48
Yes, well, no, but, and that's that's the issue. People just get overwhelmed by what has to be done to fix this. And it's not a short term resolution, it's not. It's it's a lifestyle change. So let me I'm going to go quickly through some specific things you can do. One is tell someone about the, about your difficulty with money. Okay, whether it be a partner, a spouse well, if it's a spouse, that's even more of an issue that we get into that that's a coming to jesus.
David Wright: 26:14
Well, yes, yes, but that needs to happen. Or a friend, or a therapist, but you need to tell somebody that you're struggling with finances and your mental health because you need to have some accountability.
Matt Fox: 26:27
Now let me ask the question. I know we're over, but I don't care, we're good. Do you start the conversation with I'm having mental health issues and that's affecting my spending, or I'm having spending issues and it's affecting my mental health? Where does that? How does that sound?
David Wright: 26:44
Yeah, I guess it depends on the individual, because it could go either way. Okay, and that's fair. One is a cause of the other and it doesn't matter which direction it is. Okay, it's still an issue.
Matt Fox: 26:55
But it comes down to your own personal and how you want to share this information with the individual.
David Wright: 27:01
Okay, well, and and now we go back to here's another thing. We go back to cards debit cards or credit cards. Um, give them to someone else to hold, put them in your freezer, in water, freeze them, I'm just saying literally, just just put them somewhere where you don't have direct access to them unless you need them. And again, this sounds silly and most people don't want to give up that they feel a little insecure without those cards, like, oh, what's what will happen? But, but, but. I'm telling you that these are the steps that you need to start taking to get recovered. Uh, don't save any of your card details on amazon or any other, any other sites that you purchase from you have to physically go in and put in the number yourself okay, and that, just that, is going to dissuade some people from doing purchases the way cell phones work.
David Wright: 27:46
Now, david, I know it's, it's it saves the information it makes it so, or delete apps or or websites on your browser that you would typically spend money on amazon, amazon, facebook and marketplace I mean.
Matt Fox: 27:56
I mean it could be stores maybe maybe you have an that you would typically spend money on Amazon, amazon, facebook and Marketplace.
David Wright: 28:00
I mean it could be stores. Maybe you have an online account at Macy's and that's where you just shop all the time.
Announcer: 28:06
That's fair, or Kohl's Just get rid of it.
David Wright: 28:12
Don't click on advertisements in social media, because I'm telling you, folks, this is real, you're targeted, they know exactly what you spend, they know exactly what you make, they know how much time you spend online. Any, anytime you open your Facebook feed, the first ad is something that you've either hinted at or looked at, or or or done something with in the past.
Matt Fox: 28:36
Have you seen the first episode of the new season of black mirror? I have not. It's called common people. It'll blow your fricking mind because it is spot on and it's so damn scary.
David Wright: 28:51
Yeah, it is, it is. It's amazing how much information the social media sites have. So again, we're talking about monopolies and controlling, but but again, that's a whole other algorithms, yeah absolutely. Um, whenever you're going to buy something, wait a day. Okay, yep, sit, sleep on it. I don't care if it's a fridge, I don't care if it's a couch, I don't care if it's a shirt, whatever it is Sure, if you feel the urge to buy it, just say I'm going to buy it tomorrow.
David Wright: 29:22
Okay, I love that Revisit it then, I love that time to think it'll be, it'll give me time to it that way. You know, it's not an impulse purchase and that is the main thing. Yep, that, that, that is. That is the big thing. Find other ways to enjoy yourself without, without spending money. Now, I, I know that sounds silly, but but you know, instead of going to the movies or out to dinner, you know know, eat at home and go for a walk.
Matt Fox: 29:52
I was going to say go for a walk.
David Wright: 29:54
Or do something that doesn't cost money. Now, there aren't many things you can do that don't cost money, but there are. But even so, let's say you're going to go to the movies. Okay, instead of going at 8 pm, let's go at 4 pm and get the matinee. 8 pm, let's go at 4 pm and get the matinee. There are decisions and things that you can do to decrease costs of things that you want to do.
Matt Fox: 30:17
Instead of buying popcorn there, take your own. Wait, did I say that, yeah, you could do?
David Wright: 30:22
that Stick it in your pocket, just kernels in your pocket and just eat them.
Announcer: 30:27
That's very loud.
Matt Fox: 30:30
That's very crunchy. What in blazes are you talking about? That's very loud. It's very crunchy. What in blazes are you talking about?
Announcer: 30:33
I'm sure.
Matt Fox: 30:33
That's crazy I'm sure, oral Wenbacher is the bane of Popcorn Society and movie beaters.
David Wright: 30:39
Oh, I'm sure. Yeah, so here's the thing, folks If you're having mental health and financial issues and again, more than not, they probably go together you have to start making changes, even incremental changes. Now, this is a hard thing for a lot of people. I don't care what it is. We're talking about finance, it could be anything.
David Wright: 30:59
If you want to make changes, you're not going to resolve everything in a day. It's like the old adage how do you eat an elephant? One bite at a time, and that's where you have to start. You just have to start making small changes, because what we want to do is we want to instill new habits, and to do a new habit, you have to engage in it regularly. And if you just start making small changes and start building on that, I will say, in a year or two, even and again, everybody's different. So that's just a random thing I threw out, but it'll take some time. But even in six months, a year, you're going to have a different lifestyle, right, You're going to. You're going to think differently, you're going to be acting differently, because now you're being more responsible.
Matt Fox: 31:47
I'm going to share this with you, and I'm very certain that it was Albert Einstein that said compounding interest was the most incredible thing the human brain has ever come up with and it goes to both sides of the coin Absolutely when you have investments, when you have debt and when you have money that gains when you have debt it's going to compound on itself Absolutely. When you have money it will compound on itself. Yes, which side of the coin do you want to be on? Right?
David Wright: 32:13
Exactly, and that's a good point, because somebody and again just with that example, matt somebody who might have $5,000 in credit card debt, say they maxed out their credit card at $5,000.
Matt Fox: 32:23
They're making their minimum payment every month, it's going to take them four years to pay it off. More I, I would guess more credit card companies are supposed to tell them, if they just make their minimum payment, it'll take x amount of years to pay it off without spending any more, yes, without adding to that debt, correct.
David Wright: 32:40
that is the big thing. But the reason I bring that up is that it takes you that long to get out of debt. It can work the other way in that same amount of time, you could make more money than what you're actually paying off if you'd invested that money instead of putting it on a credit card. Yep, and that is the big thing. If you can just kind of I'm not saying you need to get into the stock market and start, I mean, that's a whole different animal.
David Wright: 33:08
But you can still save money. Put it in a savings account even though you're only getting what 1.2% APR you know, or not even that, good luck. Yeah, well, you know what I mean. But there are places you can put it that will give you minimal return, but you're still saving it. That is the big thing.
Matt Fox: 33:27
When your head hits the pillow at night. Is your money making money or is it spending money?
David Wright: 33:32
Yes, good good point, absolutely Right. And if you can get, if you can get to the point where you're making money, even if it's, even if it's minimal, it's still more money. Because we go back to the mortgage thing If you take out a $200,000 mortgage for 30 years, how much money are you spending in that 30 years on that mortgage?
Matt Fox: 33:57
Based on the interest rate you could be up to $400,000.
David Wright: 34:00
Exactly More than double what the house costs, correct?
Matt Fox: 34:04
And I know I spoke about this earlier, but there is a way to minimize the amount of interest that you pay, and it's not about how much money the bank or credit union makes. It's about how much you save when it comes to having debt. Right, okay?
Matt Fox: 34:19
So, if you sign the dotted line saying I will go into debt for X amount of dollars and X interest rate, you take that monthly payment and you divide that monthly payment by 12. You take that smaller amount and you add it to your monthly payment and you divide that monthly payment by 12. You take that smaller amount and you add it to your monthly payment. Now you have made 13 payments in one year Instead of 12. Instead of 12, which essentially would take a 30-year mortgage and to minimize that down to 22 years. How much interest did you save? Tons, tons Tons of interest? You still paid interest. You did, but it's. How much did. Did you save Tons, tons Tons of interest? You still paid interest, you did, but it's how much did you not pay?
David Wright: 34:54
Right, and that is the whole thing. And again, your approach should be in an ideal world is that if I take out any debt installment debt, and the term is 5 or 10 or 15 or 20, don't use those terms. If it's a five-year term, make it two and a half. In your head, I have to pay this off in two and a half years. Make that your goal.
David Wright: 35:19
Yes, make that your goal, yes, but you have to take action Now. As a therapist again, I'm not a financial advisor, but we can help you as a client. Start getting more healthy habits around money. Start to feel like you're more in control.
Matt Fox: 35:37
Right, because you just let it go. It only gets worse, yeah, and you don't want to get to the point where money is controlling you.
David Wright: 35:44
Yeah, you want to have. Well and I'm sad to say, most people, a large portion of people. That's what happens.
Matt Fox: 35:53
Money is what drives our economy. It's what drives our lifestyles, what drives us to work every single day. But if you get to the point where you feel that money is controlling you again, habits where you are in more control of your own money, your own spending habits, and you have to have that. I have said it a couple of times already the past couple of episodes. You have to have that coming to Jesus moment.
David Wright: 36:16
You do and we have to put it on paper and here's how it's going to help your mental health. As bad as you feel now after years of being in debt and owing or having financial issues, think about it the opposite way. How much better are you going to feel if you get five years of good financial habits behind you? I'm telling you, your issues will be much less, you're not going to be worried as much, you're not going to be losing sleep over it. That is how you get better, fair man.
Matt Fox: 36:45
I almost want to do a part three, but I think we've.
David Wright: 36:59
Well, you know what's interesting, matt? Because I always think about how to, because when people come to therapy, they think I have to go to therapy and talk to my therapist and solve feelings. But I, for for me, as a therapist, I want, I want, I want practical things that we can do. So, honestly, I think every mental health clinic should have access to a financial advisor, a physical trainer, all of these things that you can do to make yourselves feel better.
Matt Fox: 37:21
What's holding your practice back In general. Yeah, with providing those types of services.
David Wright: 37:31
Nothing, I mean, I think it just came. It just came up to my head.
Matt Fox: 37:35
It's a brilliant. It's a brilliant idea. You, you find a partner in your community and you tell them this is what we see a lot. I can't share any information, but I want us to. I want to be able to refer to you and refer back.
David Wright: 37:49
Yeah, I think that's a relationship. I think that's a. I want to be able to refer to you and refer back. Correct, yeah, set up those relationships. I think that's a brilliant idea. I've always had this thought in my head and this is just coming out of left field because I've thought about this, Because I've owned this clinic since 2011. So what is that? 14 years.
David Wright: 38:05
To have a wellness center. A wellness center and when I say that I'm talking about having a therapist, having a chiropractor, having a massage therapist, having a financial expert having a, I'm trying to think of other areas that we can incorporate, like a yoga instructor. But having all these things in under one roof, I think would be because you're getting all the resources right there where you're at. Why you're?
Matt Fox: 38:34
talking about them and and a lot of communities have a community center and those community centers have those types of resources that are out there. Now you, as a practice, to provide that in general. That's a game changer because there's mental health behind it. There's therapists behind it. There are well-renowned therapists as well, so I think that's a brilliant idea for for you to explore as a practice to to expand and grow, and then maybe that becomes a habit with other practices.
David Wright: 39:08
Yes, and instead of because. Because here's the thing, and I and again I know we're a little bit over, but just let me take a minute. I've been doing this a long time. I've been in probably I can count 10, 12 clinics in my 32 years of practice, so I've seen a lot of different structures and organizations and but typically, this is typical I'm not saying it should be but people come in, they talk to their therapist, they go home, they talk about things such as money or or physical health, or sleeping better or, but you just tell them hey, Matt, you know, you know what's going to be good for you is if you, if you get to the gym at least once a day, or or do some meditation and then you leave. But the problem is, to a client who is overwhelmed and depressed and anxious or as bipolar, just doing that is a huge challenge. Or I could say hey, matt, on your way out, talk to Joe over here and he's going to set you up an appointment so you can go over your finances.
Matt Fox: 40:15
Okay, so that's still a challenge.
David Wright: 40:18
But it's still there. It's still there, it's right there, it's right there, yeah, yeah. So all righty folks, that's a lot. That's our episode. Before we take off, somebody needs a home. Who dat Bert? We take off. We do have an. Somebody needs a home. Who dat bert? Bert, bert, where's ernie? He was born december 2024, so he's probably three months old. Okay, puppy, puppy, mixed breed. Uh, he's a male. He'll be about 80 pounds. Dog friendly, yes, kid friendly, yes, cat friendly, unknown.
Matt Fox: 40:44
Okay, here's bert, for god okay, so three month old puppy yep, that is. He's got some big paws on him, but his paws are the same color as a snout. Yeah look at that. He's the paw. I do, I do. He is adorable. Come on.
David Wright: 41:05
Detroit dog wrestling your detroit dog rescuecom slash adopt, adopt. Bert needs a home. He was just born. He's a puppy. Look at that face if you can't adopt at least try to sponsor him for something. Yeah, yeah go, go play with him, whatever geez, yeah, it's crazy he's.
Matt Fox: 41:23
He's adorable. Yeah, I'm telling you folks, he, he is. Come on that, that face, look at that. Oh, that got to go up there. We go. Look at that, look at his paw, look at his paw. He's got five fingers and five toes. He's got four.
David Wright: 41:38
Really, yeah, I know I know all righty bert is at dog breast, detroit dog rescuecom. Slash adopt, he needsa home sorry I just hold that one more time there you go there you go.
David Wright: 41:48
Bert needs a home. Thank you all right folks. Thanks for joining in next week. Uh, join us on facebook live right around eight. I just hold that one more time. There you go. There you go, bert needs a home. Thank you All right folks. Thanks for joining in Next week. Join us on Facebook Live right around 8 o'clock. Give or take a few minutes. Our special guest will be Terica Lewis. She is a licensed professional counselor and a certified sex therapist who works in my office with me. So it'll be a great time. We'll have some great conversation. I'm sure a lot of you may have questions, so I will join us on Facebook live. You can join in the conversation If there's anything that you would like to ask we'll be here for you.