Meet with PWL Capital: https://pages.pwlcapital.com/en-ca/contact-us?utm_source=content&utm_medium=youtube&utm_campaign=rationalreminder_yt Avoid Online Scams https://pwlcapital.com/stay-safe-online/ Ben Felix or any PWL employee will never reach out to you on social media platforms or WhatsApp to give financial advice. These are scammers trying to commit fraud. In this episode, we are joined by Shannon Lee Simmons—Certified Financial Planner, Chartered Investment Manager, bestselling author, and founder of the New School of Finance—for a wide-ranging conversation about the emotional side of money. Drawing on more than two decades of working directly with Canadians, Shannon explains why financial stress has become so pervasive, how social comparison shapes spending habits, and why a well-built financial plan can be one of the most powerful antidotes to money anxiety. We also explore decision-making during financial crises, the psychology of regret, why traditional budgeting often fails, and how couples navigate money differently—particularly in retirement. Shannon shares practical frameworks for aligning spending with personal values, avoiding emotional financial mistakes, and helping households make confident decisions through life's biggest transitions. Timestamps: 0:00:00 Intro 0:04:33 Why everyone is worried about money 0:07:58 How social comparison affects people's spending 0:13:31 The effect perceived milestones have on people's finances 0:15:27 How people can avoid feeling stressed about falling behind their peers or their own milestones 0:20:44 The value of budgeting 0:25:36 How people should determine whether they can afford something 0:34:41 How Shannon coaches people to deal with regrets about past financial decisions 0:38:30 The kinds of decision crises Shannon sees people having to work through 0:43:06 The phases of a decision crisis 0:47:39 How household financial management dynamics change in retirement 0:50:21 Why couples are often unaware of each other's relationships with money until they retire 0:56:53 The effect one person being the primary saver has on retiree household dynamics 1:01:09 The question people most often want answered 1:07:21 How frequently a typical household needs to update their financial plan 1:10:33 Whether there are people who are not well-suited to getting fee-only financial planning advice, and then implementing things on their own 1:19:14 Why the industry is so slow to embrace the power of indexing 1:22:14 The aspects of the financial planning process that are unlikely to be replaced by AI 1:27:42 Shannon defines success in her life 1:29:02 Disclaimer Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Shannon Lee Simmons – https://shannonleesimmons.com/ New School of Finance – https://www.newschooloffinance.com/ Worry-Free Money – https://www.amazon.ca/Worry-Free-Money-guilt-free-approach-managing/dp/1443454451 Making Bank: Money Skills for Real Life – https://www.amazon.ca/Making-Bank-Money-Skills-Real/dp/1443469815