Wealthyist E81 |What Do I Want This Money to Do? From Accumulation to Intention with Deanna Tillisch

So I want to ask you a psychological question here for a moment.

Neither of us are therapists or psychologists, but we see this in behavioral finance a lot.

We will see maybe a matriarch or patron.

Usually it's a matriarch.

Usually it's the woman who is left behind, who has this fear of being a burden, this bag lady syndrome.

Heck, it doesn't stop with what you'd think, oh, just a few million or she's got more than enough.

Oprah Winfrey has admitted that she has bag lady syndrome.

She's afraid of being left destitute and a burden, right? So this burden is like a psychological drag.

It's a lot of our money scripts that we were told when we were a kid, you know, don't spend what you don't need to.

But you have to kind of psychologically change your brain to say, I'm going to commit to this capital campaign and X amount while I'm alive.

It's one thing to leave it after we're gone.

But we're talking about here doing something right.

that actually can make us feel good while we're still here.

I think there's great power in that.

Absolutely.

And I had great role models with my parents because that's precisely what they have done by giving significant money to their alma mater, the University of Indianapolis.

And my father has since passed, but they have served on the board.

My mother is still on the board.

She has brought me on the board.

It is really looking at ways that you can extend education your impact.

And I think doing that during your lifetime is incredibly powerful because, hey, it does feel good to give.

I met with the students that are recipients of funds from the University of And oh my gosh, what a rewarding experience to hear their story.

Oh, sure.

And what a difference that they've been able to travel abroad as part of the school program.

And some of them have just never been out of the United States.

So I want to ask you a psychological question here for a moment.

Neither of us are therapists or psychologists, but we see this in behavioral finance a lot.

We will see maybe a matriarch or patron.

Usually it's a matriarch.

Usually it's the woman who is left behind, who has this fear of being a burden, this bag lady syndrome.

Heck, it doesn't stop with what you'd think, oh, just a few million or she's got more than enough.

Oprah Winfrey has admitted that she has bag lady syndrome.

She's afraid of being left destitute and a burden, right? So this burden is like a psychological drag.

It's a lot of our money scripts that we were told when we were a kid, you know, don't spend what you don't need to.

But you have to kind of psychologically change your brain to say, I'm going to commit to this capital campaign and X amount while I'm alive.

It's one thing to leave it after we're gone.

But we're talking about here doing something right.

that actually can make us feel good while we're still here.

I think there's great power in that.

Absolutely.

And I had great role models with my parents because that's precisely what they have done by giving significant money to their alma mater, the University of Indianapolis.

And my father has since passed, but they have served on the board.

My mother is still on the board.

She has brought me on the board.

It is really looking at ways that you can extend education your impact.

And I think doing that during your lifetime is incredibly powerful because, hey, it does feel good to give.

I met with the students that are recipients of funds from the University of And oh my gosh, what a rewarding experience to hear their story.

Oh, sure.

And what a difference that they've been able to travel abroad as part of the school program.

And some of them have just never been out of the United States.