Investing in Mortgage-Backed Securities
Episode 151: What happens when your mortgage is sold? What’s mortgage-backed security? How can you invest in mortgage-backed securities? What are the risks? We cover this and a bit about […]
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Upgrading Your Financial Operating Systems
2 Frugal Dudes
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Episode 152: How you handle your money is largely based on how you were raised, how open you are when discussing money, and the mindset that was bestowed upon you in your youth. Learn how to upgrade your financial operating system with financial coach, Lisa Duke.
What is a Financial Operating System?
A financial operating system is how you approach your money management habits. It’s the foundation of how you handle money, and is largely based in mindset.
There are various aspects that impact your financial operating system, from your relationship with your parents to how open they were when discussing finances.
Your Default Financial Operating System
People are like computers. You don’t necessarily start by choosing a program or mindset to follow— you inherit it from your environment.
For example, if you’re a software developer, the programming language you start with is likely the one your mentor or like-minded friends recommend.
The same theory applies to money management. Your default financial operating system is what you’ve learned growing up from your parents and your life situation at the time. That’s why those who have had parents who struggled with money management are likely to experience similar challenges.
Upgrading Your Financial Operating System
To make changes to how you manage money, you must start with small, repetitive steps to lay a foundation and grow. This process often starts with changing your mindset— which means upgrading your financial operating system.
How to Upgrade Your Financial Operating System
Changing your mindset about money is often a personal endeavor. As a coach, Lisa helps tune into individual challenges to help her clients identify their barriers and create strategies to work around them.
The overarching goal when upgrading your financial operating system is to identify the root of your money challenges. Why do you have the mindset you do? What actions drive your spending habits? How can you start to replace those habits with better practices?
This all ties into the theory of neuroplasticity: you can always change and learn, but your brain tends to follow the beaten path time and time again. You have to rewire your brain to follow a new path, pushing yourself until it becomes the new habit.
Show Links & Related Episodes
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Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence. This post may include affiliate links.
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