Episode 49

Published on:

17th Mar 2023

049: Paul Montoy-Wilson - Using Awareness to Strengthen Your Money Mindset

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Paul Montoy-Wilson is an entrepreneur with a vision of helping people with their relationship to money and their personal money mindsets. Paul developed and launched Allo, a financial wellness app that focuses on mindful money practices.

Today, Paul joins the show to discuss his personal and financial values, the relationship between spending and happiness and the importance of becoming aware of how we spend and save our money. Paul and Jonathan talk about the psychology of money as well as how the Allo app is helping others improve their financial well-being.

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Key Takeaways

00:54 – Jonathan introduces today’s guest, Paul Montoy-Wilson, who joins the show to talk about his personal and financial values, what he learned about entrepreneurship at a young age, and what inspired him to launch Allo

11:31 – How Paul shifted his own money mindset

13:05 – The relationship between spending and happiness

15:52 – Becoming aware of our values

21:03 – How Allo works

26:14 – Money in relationships

29:41 – Paul speculates on the future of Allo and exciting new tools he would like to pursue

31:49 – One piece of investment advice to heed and one thing to completely ignore

35:48 – The last thing Paul changed his mind about and Paul’s idea of a ‘perfect’ day

39:04 – Jonathan thanks Paul for joining the show today and lets listeners know where to connect with him

Tweetable Quotes

“What apps can do, which is great, is they make things much more accessible to a lot more people, and they help build habits. And so, I think that’s what we’re excited about with Allo. We’re trying to help people build a positive habit around their financial well being.” (10:31) (Paul)

“When you have money to spend - when you’re able to use it in a way in accordance with your values - you’re happier. And it’s one way in our capitalist culture that you’re able to articulate what your values are. And so, one of those ways is being generous. When you give money to others, you feel great. And that’s true in my own life. But there’s a hesitancy, I think in general, when you feel like you don’t have enough to give.” (14:08) (Paul)

“The point of the app is to effectively look at these different areas of your life asking yourself, ‘What’s important to me in each of these areas?’ And then, sort of a secondary question is, ‘How is my spending reflected in these values and can I make a change in how I’m spending my money to be more congruent with these different values?’” (17:12) (Paul)

“The core of the app is really around awareness. The point is not to optimize your net worth. The point is not to tag everything. The point is not to flag everything, it’s just to be aware.” (22:15) (Paul)

“The majority stressor, for the majority of us, is our finances.” (24:17) (Paul)

“One of the value categories that we have in Allo is called ‘future.’ It’s becoming who you want to be.” (28:51) (Paul)

“Every week or every month open up your bank app of choice, take a look at how you’re spending and saving your money, and reflect. Appreciate the ways you’re able to use your money and notice anything you want to make changes for.” (32:46) (Paul)

Guest Resources

Paul’s LinkedIn

Paul’s Email

Allo’s Website

Allo’s App

Link to Paul’s Custom Invite to Allo

Books Mentioned:

Happy Money

Psychology of Money

Mindful Money Resources

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About the Podcast

Mindful Money
Do you struggle with money? You’re not alone.
Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration it becomes destructive. 
The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort.
Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life.
If you aren’t happy with your finances, feel like money takes more time that it should, or want to place your financial decisions into the broader context of your life, this show is for you. 
Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy, but do NOT improve outcomes.

About your host

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Jonathan DeYoe

Jonathan DeYoe is a best-selling author, speaker, financial advisor and angel investor. He is a husband, father and a practicing Buddhist. His simple underlying message brings a welcomed sense of order to financial chaos and restores a calm center to your financial life.