Cognitive Behavioral Tools for FI With Jasper Lee, PhD | Ep 573

Summary of Cognitive Behavioral Tools for FI With Jasper Lee, PhD | Ep 573

by ChooseFI

1h 6m•November 17, 2025
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Overview of Cognitive Behavioral Tools for FI With Jasper Lee, PhD | Ep 573

This episode of ChooseFI features Dr. Jasper Lee (PhD, licensed clinical psychologist; assistant professor at Harvard Medical School; staff psychologist at Massachusetts General Hospital) discussing the psychological side of the Financial Independence (FI) journey. The conversation centers on how cognitive and behavioral tools from CBT (cognitive behavioral therapy) can be applied to FI challenges—especially worry, scarcity thinking, impulsive or avoidant money behaviors, and the “messy/boring middle” of the FI path. The episode is practical and action-oriented: Jasper walks through diagnostics (money scripts, activity audits) and two core skills to practice (cognitive restructuring and behavioral activation), plus next steps and resources.

Key takeaways

  • FI is largely psychological: thoughts and behaviors drive most progress and most problems; technical finance is necessary but a smaller piece.
  • Understand the origin of your money beliefs (childhood, experience) to identify unhelpful patterns.
  • Distinguish controllable problems (use problem solving) from uncontrollable ones (use cognitive and behavioral coping strategies).
  • Two core skills to practice:
    • Cognitive restructuring: identify and challenge unhelpful automatic thoughts (e.g., catastrophizing).
    • Behavioral activation: intentionally schedule activities that increase accomplishment, pleasure, social connection, and physical movement.
  • Simple, repeatable practices (activity audits, behavioral experiments, SMART subgoals) create measurable improvements and help you enjoy life along the path to FI.

Core concepts discussed

Money scripts (how you relate to money)

Jasper references the Klontz Money Script Inventory (32‑item revised scale) which breaks money attitudes into four common scripts:

  • Money avoidance — money is bad / I don’t deserve money (can cause guilt and avoidance).
  • Money worship — money will solve all problems (can drive overwork or overspending).
  • Money status — net worth defines worth (status-driven behavior).
  • Money vigilance — save, work hard, don’t talk about money (can cause over-frugality and anxiety).

Use the inventory to learn your tendencies and the signals to watch for (when those tendencies are pushing you into unhelpful action/inaction).

Controllable vs uncontrollable problems

  • Controllable: use problem solving (accounts, savings rate, tax planning, career actions).
  • Uncontrollable (e.g., market volatility, a past financial mistake already made): problem solving won’t help—use cognitive and behavioral strategies to cope.

Cognitive-behavioral triangle

  • Three linked corners: thoughts — emotions — behaviors (each influences the others).
  • Automatic negative thoughts (e.g., “I’ll never recover”) produce emotions (worry) and behaviors (over-frugality, withdrawal).
  • You can intervene at thoughts (restructure) or behaviors (activate) to change the loop.

Cognitive restructuring (practical approach)

  • Identify automatic/unhelpful thoughts (track & write them down).
  • Evaluate evidence for vs. against the thought; produce a balanced thought (e.g., “Even though X happened, Y is also true”).
  • Alternate method: consider worst-case / best-case / most-likely scenarios to get perspective.
  • Recognize common thinking traps: catastrophizing, all-or-nothing, overgeneralization.
  • For persistent rumination or true-but-distressing thoughts, acceptance-based tools (ACT) may help.

Behavioral activation (practical approach)

  • Audit how you spend time: chunk day into morning/afternoon/evening, list activities and what you get out of each.
  • Four activity categories to prioritize:
    • Accomplishment/mastery (learning, projects)
    • Pleasure (fun, hobbies)
    • Social (friends, family, community)
    • Physical (exercise/movement)
  • Rate activities (0–10) for pleasure and accomplishment; identify gaps and run behavioral experiments (try new activities, iterate).
  • Use activities to get out of your head when uncontrollable stressors arise—not as avoidance, but as healthy coping.

Practical, actionable steps (quick start)

  • This week: take the Klontz Money Script Inventory (search “Klontz Money Script Inventory revised”) to learn your money‑belief profile.
  • Activity audit (3 steps):
    1. For 7 days, chunk each day (morning/afternoon/evening) and write the main activity.
    2. For each, note what you got (pleasure, accomplishment, social, physical) and rate 0–10 for pleasure & accomplishment.
    3. Identify 1–2 low-value chunks and replace them with a behavioral experiment (new hobby, exercise, social time).
  • Cognitive experiment (1 thought): next time an automatic negative thought appears, write it down and apply evidence-for/evidence-against + create a balanced thought (try the “Even though X, Y is also true” template).
  • SMART Goal: Define one short-term FI subgoal this month (Specific, Measurable, Achievable, Realistic, Time‑oriented). Example: “Increase emergency savings by $2,000 by June 30 by cutting dining out and placing transfers on autopilot.”
  • Structure your week with “big chunks” rather than hour-by-hour planning—reserve blocks for deep work, family, hobbies, exercise.
  • If progress stalls or distress persists: consider a therapist trained in CBT or ACT. Jasper recommends Russ Harris’s The Happiness Trap for ACT basics.

Notable quotes & insights

  • “FI is attainable for everyone—psychologically we’re fighting an uphill battle because retirement is a new concept in human history.”
  • “Automatic thoughts aren’t facts. Put the coin down and look at the other side.”
  • “Behavioral activation gives you a framework to get enjoyment out of life without worrying about the problem.”
  • “We want our behavior to be goal-directed, not mood-directed.”

Resources mentioned

  • Klontz (K‑L‑O‑N‑T‑Z) Money Script Inventory — search for the revised 32-item inventory online.
  • The Happiness Trap — Russ Harris (intro to Acceptance & Commitment Therapy / practical acceptance strategies).
  • Jasper Lee, PhD — jasperleephd.com (contact form for consultations; Lee spelled L‑E‑E).

Suggested 30‑day action plan (compact)

  1. Day 1: Take the Money Script Inventory and save results.
  2. Day 2–3: Do a 2–3 day activity audit (morning/afternoon/evening; rate pleasure & accomplishment).
  3. Day 4: Pick one recurring automatic negative thought; practice evidence for/against and craft a balanced thought.
  4. Week 2: Run one behavioral experiment (new hobby class, scheduled social time, or exercise routine) for 2–3 sessions.
  5. Week 3: Set one SMART FI subgoal for the next 3 months and build small weekly tasks that support it.
  6. Week 4: Review progress, keep the practices that worked, and decide whether to consult a CBT/ACT therapist for deeper work.

When to seek professional help

  • If negative thoughts, anxiety, or avoidance significantly impair daily functioning, sleep, relationships, or work, see a licensed mental health professional (CBT/ACT experience preferred). Therapy is not about finance expertise—therapists help with thought/behavior change skills you can apply to FI.

This episode emphasizes that psychological work is the engine behind consistent FI behaviors. Small diagnostic steps (money scripts, activity audits), plus regular practice of cognitive restructuring and behavioral activation, give you concrete tools to make progress, reduce worry, and build a life you want now—not just once you reach a number.