Dave WordenTriumph Business Solutions · Founder

MONEY MYTHS FROM MIKE MICHALOWICZ #themoneyhabit #money #getrich #moremoney #moneymanagement #cash

15 Jan 2026 · 1 min

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The speaker argues that financial deprivation is counterproductive because it triggers psychological reactance—people resist imposed restrictions. Instead of strict austerity, the speaker recommends a disciplined yet enjoyable approach: create a separate “fun” bank account (e.g., dinner, movie) and allocate a set percentage of income to it. When the account balance reaches the required amount, the activity is permitted; if not, the individual waits, providing a built‑in guardrail that satisfies the desire for fun without overspending.

Chapters

Deprivation is not a discipline, it's a trap. When it comes to your finances, we're told you can't do that. But when you're told you can't do it, your mind says, I won't adhere to that. It's called psychological reactance. We resist and retaliate against restriction. So there's a better way. Allow yourself to have fun, but you've got to set up guardrails around it. This is the exact technique to use at your bank. Add one additional account. Give it the name of the activity that gives you fun. Going out to dinner, enjoying a movie, whatever it may be. So call it a dinner account or a movie account. Then allocate a percentage of your income into that account. When it has enough funds to do activity, you can go do it. When you look in it and there's not enough money there, it's not time to do it yet.