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October 31, 2025
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Good morning! In today’s issue, we’ll dig into the all of the latest moves and highlight what they mean for you right now. Along the way, you’ll find insights you can put to work immediately
— Ryan Rincon, Founder at The Wealth Wagon Inc.
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Today’s Post
🧠 The Psychology of Money — How Your Mind Shapes Your Wallet
Ever wonder why you know you should save but end up buying that new gadget anyway? Or why you feel good splurging one day, then guilty the next? That’s not bad math — that’s psychology. Understanding the psychology of money helps you see how your thoughts, emotions, and habits shape every financial move you make.
Let’s unpack why money behavior isn’t just about numbers — it’s about mindset.
💡 1. Money Is Emotional, Not Logical
We’d like to think we make “smart” financial choices — but the truth is, money triggers emotion before reason.
Think about it:
Spending feels like freedom for some and anxiety for others.
Saving can feel responsible, but also restrictive.
Investing excites some people but terrifies others.
According to a 2024 study by the American Psychological Association, money stress remains the #1 cause of anxiety in U.S. adults, more than work or relationships.
Our brains are wired to avoid pain and seek pleasure — and money decisions trigger both instantly. Recognizing that helps you make calmer, more intentional choices.
💬 2. “Money Scripts” — The Beliefs You Don’t Even Know You Have
Everyone has a money story shaped by upbringing, culture, and experience. These hidden beliefs are called money scripts, a term coined by financial psychologist Brad Klontz.
Here are four common ones:
Money Avoidance – Believing money is bad or greedy people have it.
Money Worship – Thinking money will solve every problem.
Money Status – Equating net worth with self-worth.
Money Vigilance – Obsessively saving, afraid to spend even when it’s fine.
These beliefs often form in childhood and quietly drive adult behavior.
Example: if your parents fought about money, you might avoid discussing it altogether — even with your partner. Recognizing your “script” helps you rewrite it.
🧩 3. Why We Overspend (Even When We Know Better)
Here’s something fascinating: our brains process buying like a small emotional reward. Dopamine — the “feel-good” chemical — spikes when we anticipate pleasure, not when we actually get it.
That’s why:
Online shopping feels exciting before the package even arrives.
Sales like “Limited Time Only” push urgency, not need.
Subscriptions add up because they don’t feel like spending.
In behavioral finance, this is called present bias — we value pleasure now over security later. Recognizing it doesn’t mean never buying things — it means giving your logical brain time to catch up.
Try this hack: Wait 24 hours before any non-essential purchase over $100. That pause lets impulse fade and clarity return.
💸 4. The Power of Mental Accounting
Another quirk: people treat dollars differently depending on where they come from.
For example:
Tax refund? “Free money.”
Work bonus? “I earned this — I deserve to spend it.”
Investment gain? “That’s not real until I cash out.”
But every dollar is the same in reality. Behavioral economists call this mental accounting, and it often leads to uneven choices — saving from one paycheck while splurging from another.
👉 Fix: Treat all income equally. Funnel windfalls (like refunds or bonuses) through your financial plan first — then spend guilt-free from what’s left.
🧠 5. How to Build a Healthier Money Mindset
Improving your relationship with money doesn’t require therapy (though it can help!). It starts with awareness and small shifts.
Here’s a 4-step mindset upgrade:
Track without judgment. Write down where your money actually goes for one week. You can’t change what you don’t see.
Name your emotions. When spending or saving, ask: “What am I feeling?” (stress, boredom, excitement?). Awareness weakens impulse power.
Define what “enough” means. Without your own definition, society’s version (bigger, faster, shinier) takes over.
Celebrate progress, not perfection. Money mastery isn’t about getting rich overnight — it’s about steady, mindful improvement.
🧭 Final Thoughts: Your Brain Is Your Greatest Asset
As author Morgan Housel wrote in The Psychology of Money, “Financial success is not a hard science — it’s a soft skill, where how you behave is more important than what you know.”
The numbers matter, yes — but your mindset determines how well you use them.
Learn your habits, watch your emotions, and remember: you’re not bad with money — you’re just human.
Once you master your psychology, the spreadsheets get a lot easier.
That’s All For Today
I hope you enjoyed today’s issue of The Wealth Wagon. If you have any questions regarding today’s issue or future issues feel free to reply to this email and we will get back to you as soon as possible. Come back tomorrow for another great post. I hope to see you. 🤙
— Ryan Rincon, CEO and Founder at The Wealth Wagon Inc.
Disclaimer: This newsletter is for informational and educational purposes only and reflects the opinions of its editors and contributors. The content provided, including but not limited to real estate tips, stock market insights, business marketing strategies, and startup advice, is shared for general guidance and does not constitute financial, investment, real estate, legal, or business advice. We do not guarantee the accuracy, completeness, or reliability of any information provided. Past performance is not indicative of future results. All investment, real estate, and business decisions involve inherent risks, and readers are encouraged to perform their own due diligence and consult with qualified professionals before taking any action. This newsletter does not establish a fiduciary, advisory, or professional relationship between the publishers and readers.