You might not think of your money as a flock of sheep, but Dr. Martha Beck does. And it makes more sense than you’d imagine. In this episode of Motley Fool Money, the best-selling author and life coach joins Motley Fool contributor Brian Stoffel to discuss:
- Why you should ask yourself, “How much is enough?”
- How to align your investments with a personal mission statement.
- Financial lessons from Gandhi, Dante, and chimpanzees.
To catch full episodes of all The Motley Fool’s free podcasts, check out our podcast center. To get started investing, check out our quick-start guide to investing in stocks. A full transcript follows the video.
This video was recorded on May 15, 2022.
Martha Beck: [MUSIC] I had a study, several actually, where they had chimpanzees, and they would give them food directly, or they started giving them these tokens. I think they were poker chips or something. They had to trade those for food. When they just fed them, the chimps behaved normally. As soon as it became a token economy, they went nuts. They started killing each other for tokens. They were hoarding them. They were obsessed with them. [MUSIC]
Chris Hill: I’m Chris Hill. That was Dr. Martha Beck, best-selling author and life coach. Her latest book, The Way of Integrity, was recently selected for Oprah Winfrey’s Book Club. Think of this episode as a way to help you think about what your investments represent beyond stock tickers and maybe create a healthier connection between you and your money. Motley Fool contributor Brian Stoffel talked with Dr. Beck about why you should ask yourself how much is enough, how to align your investments with your own personal mission statement, and financial lessons from chimpanzees. [MUSIC]
Brian Stoffel: I was hoping that you could talk a little bit about, because you’ve coached so many people, and you’ve got so many interesting stories about coaching people who we might look at and say, “They’ve got it all.” You have the inside story where you’re, like, “That’s not quite the case.” Can you relay some of those stories, especially the one you tell a lot I think is very apropos to this about the young man whose company went public.
Martha Beck: He made, I think, $400 million in one day, and they had this huge party because the company went public, and they all made a huge windfall. They’d hired a famous rock band, and they were in this hotel room, suite. The rock band was playing in the suite, it was absolutely deafening. It was three in the morning, and this guy called me, …….