Do You Have Money Dysmorphia?
A fascinating interview Dr. Han Lim Kim - a clinical psychologist from NYC to discuss the strong connection between mental and financial health and how to break free.
Welcome to issue #6
Financial education and learning how to become financially successful should mostly be taught in a psychology class.
Dr. Han Lim Kim joins me in studio to discuss money dysmorphia and how cognitive behavioral therapy (CBT) can help anyone overcome limiting beliefs about money and yourself.
Just like your money DNA formed from age 8-18 you can gain a new sense of confidence in yourself and how you manage money in short order. As always, I learn from all of my guests and I hope you do too. Enjoy the interview.
Market update
The S&P 500 (where most of the stocks in your ETF’s and mutual funds are located) is down 2.1% as of March 3, 2025.
Worries over tariffs and perhaps a slowing economy is weighing on stocks in the short term.
Many tech stocks coming down from all time highs (ATH) with Tesla (TSLA) feeling the biggest decline of nearly 40% from it’s ATH.
Bitcoin trades around $83,000 so it’s down about 25% from its ATH of $109,000.
Top alt coins Ethereum, Solana, XRP and Chainlink trade at $2,073, $137, $2.39 and $13.75 respectively with the total crypto market cap at $2.85 trillion - about $1 trillion from an ATH.
The Trump administration stated that they will be looking at procuring a crypto strategic reserve which may include Bitcoin, Ethereum, Solana, XRP and Cardano. Meaning the U.S. government would begin purchasing these digital assets to store or use in the future. That initially sent crypto prices up significantly within 24 hours only to drop back down after many crypto leaders were not happy with this initial plan. Many had thought Bitcoin would be the only digital asset in this reserve. More clarity will be forthcoming.
My portfolio (stocks and crypto)
I share my personal investments of stocks and crypto and any sales or buys (if any) that I make each week and my reasons for those decisions. I automatically invest weekly or monthly into my Roth IRA, SEP-IRA and one of my personal investment accounts.
Stocks
ROTH IRA (held with Robinhood)
I recently moved my Roth IRA from T. Rowe Price to Robinhood because I simply like the ease of Robinhood (both desktop and app) to buy and sell stocks or ETF’s in my Roth. I also like how quickly on their app I can buy and sell in this account - with no tax implications.
I own the following ETF’s: VOO (tracks 500 stocks that make up the S&P 500 index), VTI (total stock market that tracks 4,000 U.S. stocks) and VYM (tracks high dividend paying stocks).
I own the following individual stocks: Marathon Holdings (MARA), Robinhood (HOOD) and Tesla (TSLA)
SEP-IRA (held with the Acorns saving and investing app) - this is my 401(k) because I’m self-employed
Vanguard S&P 500 ETF (VOO)
iShares Core S&P Mid-Cap ETF (IJH)
iShares Core S&P Small-Cap ETF (IJR)
iShares Core Total International Stock ETF (IXUS)
iShares Core U.S. Aggregate Bond ETF (AGG)
Personal investment accounts (Acorns, Robinhood, E*Trade)
Moderately aggressive portfolio (mix of stock and bond ETFs) inside my Acorns account along with individual stocks of Tesla (TSLA), Nvidia (NVDA), Stryker (SYK), Adobe (ADBE) and Visa (V). This is another long term investment account and I do not trade in this account because it does not allow you to (which is a good thing).
MARA Holdings, VXX and Money Market (cash) inside my E*Trade account. Another long term investment account and I do not trade very often in this account.
I’m sitting on cash for now in my Robinhood personal investment account. This is an active trading account for me.
Basic tenet of investing in stocks - when you automatically invest weekly or monthly into solid growth stock ETF’s and mutual funds you don’t have to worry about the ups and downs of the stock market. Time, based on historical evidence of the U.S. stock market, does the heavy lifting of wealth creation for you. Stocks are one of your foundational investments to winning the money game.
Over the last 150+ years the U.S. stock market has given investors nearly 10% annual ROI. Over the last 50 years, the annual ROI has been closer to 12%. Fantastic annual returns that compound into significant wealth.
Young Money University (owner of DMD) has an exciting partnership that gives anyone a $40 bonus just for opening up their first Acorns investment account (as long as you set up at least a $5 weekly or monthly recurring investment). I have two Acorns investment accounts (Acorns Invest -personal and Acorns Later - my SEP-IRA) so I am walking the talk. Here’s the link to get started - $40 Acorns Bonus
Crypto
Bitcoin (BTC)
Chainlink (LINK)
Ripple (XRP)
Ondo Finance (ONDO)
Internet Computer Protocol (ICP)
Immutable (IMX)
Render (RNDR)
Parsiq (PRQ)
Basic tenet of investing in crypto. Crypto is a high risk/high reward asymmetric investment which means you can risk a small amount of money ($1000 - $2000) for the potential of higher outpaced gains than traditional investing in stocks. Taking the time to research and investigate new blockchain tech related projects/organizations that are being used for legit long term use cases and value for the world we live in.
Crypto is no different then if you invest into little known publicly traded stocks that are trading below $10 per share that you have conviction in. Knowing ahead of time, however, that you could lose your entire investment.
Money Moves
#1. Per the interview with Dr. Kim above. If you feel you can relate to having money dysmorphia - irrationally insecure about your finances - you are certainly not alone. Steps to overcome it include being aware of triggers and the false beliefs we store in our heads.
Decide today that you are going to begin to change your money mindset by creating a new monthly spending plan (budget). This leads to a feeling of more control that will help you feel good about a money plan you are putting together
Develop money awareness - keep reading DMD, watch our podcast interviews, read other financial resources, ask us questions and engage with us to help you gain more financial confidence.
#2. Create two named savings accounts with your bank or credit union.
View DMD Issue #2 that speaks of a few named savings accounts that may line up with your life that you can feel good about and the possibility of moving to a credit union.
Then begin automatic transfers from your checking account to your new named savings accounts on a preferred day of the month.
#3. Share the love about Do Money Differently.
Thank you in advance for sending this issue to others who could benefit from DMD so we can help thousands more reach life goals.
Coming Soon
On April 2 you will see a new look and feel of the DMD newsletter including written pieces from other contributing writers in the areas of side hustle/entrepreneurship, money hacks and personal development.
Thanks for being a valued subscriber to DMD and choosing the path of financial rebellion to create a better life for you and others.
TR