Shang Saavedra, a former high-achieving Harvard graduate and corporate professional, now works as a money coach helping clients transform their relationship with money. After years of anxiety and burnout, she emphasizes that mental health is the foundation of financial success.
The Journey from Anxiety to Abundance
Saavedra, born in rural China and raised in Boston, excelled academically and financially, earning six figures and investing heavily. However, the pressure to meet her parents' high standards led to anxiety and strained her marriage. Through therapy, she learned to shift her mindset from scarcity to abundance.
"Wealth comes from having a positive mindset around money," Saavedra says. "If you have a healthy mind, you have better executive functioning skills to handle money well."
First Steps to Financial Peace
Saavedra advises clients to start by tracking income and expenses, then committing to a savings goal for three months. This builds habits and opens up possibilities. She stresses that depression and anxiety can hinder clear thinking, making it harder to set goals.
"You only have one brain and one body," she notes, urging people to prioritize mental health spending. She recommends seeking in-network therapists, sliding scale services, or community support groups to reduce costs.
Practical Tips for Money Management
Saavedra uses the "Trigger, Action, Reward" approach to identify unhealthy spending patterns. For example, a client who shopped online when bored at work replaced that habit with applying for new jobs.
She also advises against conventional wisdom like skipping coffee, focusing instead on larger expenses like rent. Her best purchase was a $3,000 Louis Vuitton bag for her 40th birthday, which satisfied her desire for luxury without ongoing cost.
Key Takeaways
- Cultivate a positive mindset about money.
- Join a community to feel less alone in financial struggles.
- Consider Health Savings Accounts for fertility treatment savings.
- Renting can be better than buying a home.
Saavedra's book, Wealth Is a Mindset, details her philosophy. She believes that beyond a safety threshold, more money doesn't increase happiness, and that investing in relationships is more valuable.
