Taming Your Money Monster with Doug Lynam

Money Tree Investing

Doug Lynam is here today to share about his new book, Taming Your Money Monster. Doug shares his unconventional life journey from a Marine Corps officer to a Benedictine monk for 20 years, where he confronted the inescapability of money even in a monastery and how he later transitioned to become a professional money manager focused on teaching healthier, ethical relationships with money. He discusses how people develop "money monsters"—unhealthy money habits tied to psychological attachment styles. He stresses that while thriftiness is valuable, it should not come at the cost of compassion or love.

We discuss...

• Doug explains his "attachment theory of money," comparing unhealthy money relationships to attachment styles in psychology, with anxious and avoidant money behaviors.
• He highlights how people often show mixed money attachments across the four pillars of finance: earning, saving, investing, and giving.
• Doug reflects on his monastic life as a quest to understand the meaning of life and spiritual unity, which influences his compassionate approach to money.
• They discuss the impact of upbringing on money attitudes, using Doug’s father as an example of anxious earning and avoidant saving driven by early scarcity and trauma.
• Kirk and Doug talk about cultural and generational influences on thriftiness and money control, including weaponizing money as a form of control.
• They explore parenting approaches, emphasizing the importance of setting firm but loving boundaries to teach children respect for money and responsibility.
• Doug warns against conditional love based on behavior, advocating for unconditional affection alongside clear consequences.
• Doug introduces the Enneagram personality system as a key tool in understanding financial behaviors and emotional patterns related to money, promising to explain it further.
• Unlike the more fixed Myers-Briggs system, the Enneagram offers a fluid growth framework that guides emotional and spiritual development over time.
• Personal experiences with anger are shared, highlighting how generational values around toughness and self-control shape how anger is handled.
• The Enneagram is described as having a spiritual layer that underpins common virtues found in many religions, such as honesty and courage.
• Doug stresses that meaningful transformation takes effort and mental work—there are no quick fixes—and that sustained self-awareness and practice are essential.

Today's Panelists:

• Kirk Chisholm | Innovative Wealth
• Barbara Friedberg | Barbara Friedberg Personal Finance
• Douglas Heagren | Pro College Planners

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For more information, visit the show notes at https://moneytreepodcast.com/taming-your-money-monster-doug-lynam-734