When I was 22, I’d yet to conquer “needs versus wants” and was living beyond my means. My monthly credit card statement was often a source of anxiety and regret.

But young adults today don’t quite harbor the same emotions when it comes to debt. A new study suggests the more credit card debt and college loans a young person carries, the more proud and confident they feel. They actually believe they have more control over their lives.

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It’s easier to cling to old jalopy beliefs than change and start driving a Porsche.

I admire Roger Kerr, the giant-brained, pixie-faced policy wonk who’s been the Business Roundtable’s long-time executive director. Kerr not only has a formidable intellect, but also great personal courage.

Even wets who don’t share his devotion to the market must surely admire his unfaltering commitment year in and year out, like a mad Pink Floyd fan going to see The Wall every Sunday night.

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A while back, I got to interview Dr. Brad Klontz about H&R Block’s new Dollars & Sense program for teaching kids about money. While not everyone agreed with him, most readers did agree that we need to be doing something, whether it’s through the schools or at home, to educate our children about smart money practices. (See also: 6 Random Things I Have Taught My Kids About Money)

Beth Kobliner, author of “Get a Financial Life” and a member of the President’s Advisory Council on Financial Capability, is taking another tactic. She’s the brains behind Sesame Street’s latest efforts to help parents teach even their very young children basic financial principles. I got a chance to talk to her about the importance of financial education, how to start early, and what it was like working with Elmo.

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A new study finds that what you believe about money may hamper your wealth. Brad Klontz, financial psychologist and co-author of “Mind Over Money,” and three other researchers examined the “money scripts” of 422 people, and identified three categories of money beliefs that are associated with lower income and lower net worth. The study was published last month in the Journal of Financial Therapy. If you want to boost your net worth, banish these attitudes:

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Have you heard of money scripts? Before I go on to that, let’s first talk about things you’ve heard about money. I know this is cliché, but some of you might have heard that money is the root of all evil. Some of you might have been told that wealthy people rigged others hence, the rich’s material affluence. Some feel that all else will fall in its rightful place once a financial windfall moves to their direction.

Others feel extremely bad – to the point of depression – when they see friends travel around the world and they don’t; or when their friends sport the latest luxury items that they don’t have. I had a friend who views money as a status conferring necessity and would rant about things she couldn’t have because of lack of money. I tried to bear with her at one point, but it dragged on and on that every time we talk her depressing tirade was non-stop. Her speech involved lines like “I wish I could do this or do that; have this or have that only if I have the money.” I stopped talking to her.

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Most financial planners say it’s a good idea to talk to your kids regularly about money. But you can go too far. If you’re sharing too much information, or if you’re getting your kids directly involved your financial problems, you’re probably causing more harm than good.

“When children are inappropriately exposed to adult financial problems and conflicts, they are left feeling anxious and insecure,” says financial psychologist Brad Klontz, who wrote “Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health.” “It can be very damaging.”

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By Allie Johnson

Turning your finances around is never easy — but mental money traps can keep you mired in money woes.

Whether you’re trying to get out of debt, improve your credit score or build your savings, experts highlight five common money mindsets that can hinder your progress.

Mental money trap No. 1 — All-or-nothing thinking

“All-or-nothing thinking is an absolute — either I do everything perfectly, or I’m just going to give up,” says Mary Gresham, an Atlanta-based psychologist who specializes in financial issues. All-or-nothing thinking is especially common when it comes to creating — and sticking to — a spending plan, according to Gresham. “People can get pretty perfectionistic about this,” Gresham says.

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Our money beliefs help to determine our net worth and our net income, according to a new study published in The Journal of Financial Therapy. The study, conducted by financial psychologist and author Dr. Brad Klontz, identifies patterns of beliefs that are associated with wealth. He examined the money scripts of more than 400 people and identified three categories of money beliefs that are associated with lower income and lower-net-worth individuals.

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What Money Really Buys

There are four basic attitudes to money, according to Brad Klontz, a research associate professor at Kansas State University. He calls them “money scripts”: money avoidance, money worship, money status and money vigilance.

The first three are rather simple to grasp. Those who avoid money may believe that they do not deserve it or they fear the dangers of having it. Either way, not surprisingly, they tend to have low incomes and net worth. Interestingly, they also tend to be younger, which probably reflects their inexperience.

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We worship shoes here on YNS but for some women, shoes are a cause of shame.

According to ShopSmart magazine’s survey of over 1,000 American women, about 1 in 7 (14 percent) have felt so guilty about a shoe purchase that they had to hide it from their significant other.

A 2010 survey by CESI Debt Solutions backs up those findings. They’ve already discovered that about 80% of married people hide some purchases from their mates, but the number one purchase that women hide from their husbands? Shoes, clothing and accessories!

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