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Episode 105 – What’s Your Money Story? Childhood Beliefs That Still Shape Your Wallet

We all carry financial baggage—and most of it was packed before we turned ten.

In Episode 105 of Last Paycheck, Rob and Archie Hoxton explore how unconscious beliefs formed in childhood shape our adult financial habits. These “money scripts,” as defined by financial psychologist Brad Klontz, are emotional blueprints for how we think, feel, and behave around money.

Whether you’re a compulsive saver, impulsive spender, or anxious budgeter, this episode peels back the layers to help you understand why.

Money Memories That Stick

Archie shares his first financial memory: cutting grass for cash. Rob recalls matching Archie’s car savings, only to watch him game the system using gift money. These stories might seem small, but they reflect formative ideas—“Money is earned,” “Money can be leveraged,” or even “Money makes people anxious.”

Rob encourages listeners to ask themselves:
“What’s your first memory of money?”

The answer may reveal more than you think.

The Four Money Scripts

  1. Money Avoidance
    1. Belief: Money is bad or undeserved.
    2. Typical behavior: Chronic under-earning, guilt around wealth.
  2. Money Worship
    1. Belief: More money = more happiness.
    2. Typical behavior: Overspending, never feeling secure.
  3. Money Status
    1. Belief: Net worth equals self-worth.
    2. Typical behavior: Lifestyle inflation, keeping up appearances.
  4. Money Vigilance
    1. Belief: Always save, avoid risk.
    2. Typical behavior: Hoarding money, fear of spending—even when safe.

Rob and Archie stress that these scripts aren’t destiny. With awareness, reflection, and support, you can rewrite your narrative.

Why This Matters

Money scripts influence:

  • How you budget (or avoid it)
  • How you invest (or hoard cash)
  • How you talk to your spouse (or don’t)
  • How you prepare for retirement—or delay it entirely

Understanding your script doesn’t just help you manage money better. It helps you make decisions from clarity, not fear or habit.

Start With Reflection

  • What beliefs about money were modeled for you?
  • How do those show up in your life today?
  • Are they helping—or holding you back?

If your answers reveal patterns you’d like to change, you’re not alone. Rob and Archie recommend working with a financial advisor or therapist trained in financial behavior. The Financial Therapy Association (financialtherapyassociation.org) is a great resource.

Final Thought

You can’t change what you don’t acknowledge. But once you understand the money story you’ve been telling yourself—maybe since childhood—you can begin writing a new chapter.

Ever wonder why you save compulsively, overspend emotionally, or freeze when facing financial decisions?

It might trace back to beliefs formed in childhood. Download our Financial Baggage Self-Audit to uncover the money scripts that drive your decisions—and start rewriting your money story.
Download the Self-Audit
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.