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22. Five Money Habits Holding You Back (and What to Do Instead) · Talk Wealthy To Me

0:00
Speaker 1: Let's know the welcome talk. We welcome Talk Wealthy to Me.
0:04
Speaker 1: I'm Michelle Taylor, founder of Women and Well and Wealth.
0:07
Speaker 1: From breaking money myths to building wealth and achieving financial freedom.
0:11
Speaker 1: We're here to empower you to create your own path,
0:14
Speaker 1: path your talk wealth. Now, join the conversation and let's
0:18
Speaker 1: change the way women think and feel about money. Are
0:22
Speaker 1: you ready? Hi? Everyone, Welcome to this exciting episode of
0:31
Speaker 1: Talk Wealthy to Me. I'm Michelle Taylor, your host and ladies,
0:35
Speaker 1: you know I am your biggest cheerleader and your biggest supporter.
0:40
Speaker 1: And with that being said, I want to talk today
0:43
Speaker 1: about all the things that I want you to stop doing.
0:46
Speaker 1: There are things that are getting in your way on
0:49
Speaker 1: your journey to building financial wealth, and it stops today.
0:54
Speaker 1: So let's dive in. Over the past decade of being
0:58
Speaker 1: in this industry and having the honor and privilege of
1:01
Speaker 1: talking to so many women and interviewing them on the
1:05
Speaker 1: things that they are doing, the things that they want
1:07
Speaker 1: to stop doing, and the questions that they have. There
1:10
Speaker 1: are always a few themes and I think we can
1:13
Speaker 1: tackle some of those together. The biggest thing, as always,
1:17
Speaker 1: is to not approach this from a place of shame
1:20
Speaker 1: or embarrassment. You are doing nothing wrong. This is all
1:24
Speaker 1: about course correcting, making small tweaks to the things that
1:28
Speaker 1: you're doing, the habits that so many of us women
1:31
Speaker 1: come by naturally to ensure that you're setting yourself up
1:35
Speaker 1: for the best win or outcome that's possible. So let's
1:41
Speaker 1: spend a few minutes breaking down what each of these
1:44
Speaker 1: dirty little habits are and figure out ways to move
1:47
Speaker 1: past them and do better in twenty twenty five and beyond.
1:53
Speaker 1: All right, So number one, if you've listened to the
1:55
Speaker 1: podcast before, you have heard me say, but hoarding cash, ladies,
2:01
Speaker 1: I know there is such a comfort in having cash
2:04
Speaker 1: and having a number that you have designated to be
2:08
Speaker 1: your comfort in an account or under your mattress, or
2:12
Speaker 1: in a safe or in a sock drawer. The reality
2:15
Speaker 1: is cash is the most expensive place to hold money.
2:20
Speaker 1: You are not keeping up with inflation, Your money is
2:23
Speaker 1: just sitting and stagnant if you will, and really, you
2:28
Speaker 1: can't win at a game that you're not playing. So
2:31
Speaker 1: I want everyone to really be aware moving into the
2:35
Speaker 1: second half of this year of what that number is
2:38
Speaker 1: that you really need. Figure out how much an emergency
2:42
Speaker 1: would really cost you and your family and plan accordingly.
2:47
Speaker 1: No emergency is you know, something crazy like thirty five
2:51
Speaker 1: or fifty thousand dollars. You want to have enough that
2:55
Speaker 1: it may not sound like a lot to you or
2:58
Speaker 1: to someone else, but the reality is it doesn't matter
3:00
Speaker 1: what anyone else is doing. It matters what you're doing
3:03
Speaker 1: and what's going to work out best for your situation. So,
3:07
Speaker 1: obviously we've talked before this number. This target is going
3:11
Speaker 1: to depend pretty significantly on what your monthly expenses are,
3:17
Speaker 1: and if you have a job that is heavily commissioned
3:22
Speaker 1: or bonus based, and if you've got dependence or young
3:27
Speaker 1: children that are counting on you to make sure that
3:30
Speaker 1: everything is paid for and accounted for and that the
3:33
Speaker 1: lights stay on. So figure out what that number is,
3:37
Speaker 1: and then you want to make sure that you've got
3:39
Speaker 1: a few months set aside that if something happens, something breaks,
3:43
Speaker 1: that we're not having to turn to credit card debt,
3:45
Speaker 1: which will have a much larger interest rate to handle.
3:50
Speaker 1: You want to have the cash set aside that you
3:52
Speaker 1: can deal with it head on and move past it.
3:56
Speaker 1: The other reason that you really want to think about
3:59
Speaker 1: no having so much in cash is because of inflation,
4:03
Speaker 1: like I just mentioned, so if you think back, I'm
4:06
Speaker 1: going to age myself a little bit here, But I
4:09
Speaker 1: remember when I was in high school, can of coke
4:12
Speaker 1: was fifty cents, and now I don't drink coke anymore,
4:15
Speaker 1: but I think they're like a dollar fifty, right. That's inflation.
4:19
Speaker 1: So if you have cash that you're sitting on now,
4:23
Speaker 1: and let's say that this number that you're comfortable with
4:28
Speaker 1: stays that number for the next five years, even three years,
4:32
Speaker 1: even one year, you are losing purchasing power. That same
4:36
Speaker 1: let's call it one thousand dollars is not buying the
4:40
Speaker 1: same amount of goods or services that it would have
4:45
Speaker 1: had you done it when you first acquired the money.
4:48
Speaker 1: So it's really important again to not let inflation be
4:52
Speaker 1: something that you're constantly fighting. When it comes to building wealth,
4:56
Speaker 1: we want to make sure that cash has a job.
5:00
Speaker 1: You want to start small, put cash in a savings
5:04
Speaker 1: account or and a money market to make sure that
5:08
Speaker 1: you're getting some growth, and then you want to start
5:11
Speaker 1: thinking about things like index funds or ETFs. Remember that
5:16
Speaker 1: these are still accounts that are considered liquid. So even
5:20
Speaker 1: if they're not really aggressive, if you needed to get
5:23
Speaker 1: to cash for an emergency. It'd be really easy to do.
5:26
Speaker 1: So pay attention to this sense, and the dollars take
5:31
Speaker 1: care of themselves. That is something that I have been
5:34
Speaker 1: taught for my entire life, and it can't be truer.
5:37
Speaker 1: When it comes to cash, don't hold on to too
5:40
Speaker 1: much because it's literally costing you money. Next is really
5:45
Speaker 1: for the ladies listening that share the responsibility of finances
5:49
Speaker 1: with a spouse or a partner. I hear all the time, Oh,
5:54
Speaker 1: my husband or my wife takes care of the finances
5:57
Speaker 1: and I just have to stay in line or I
6:00
Speaker 1: just have to figure out what I do with my budget.
6:03
Speaker 1: And I am here to tell you do not have
6:06
Speaker 1: to be driving the boat, but you need to be
6:07
Speaker 1: in the boat. So number one God forbids something ever
6:12
Speaker 1: happened to your partner or spouse. You need to understand
6:17
Speaker 1: where the money is going, how to pay your bills.
6:21
Speaker 1: I know I've told the story before, but I have
6:24
Speaker 1: had a client experience where she was well versed in
6:27
Speaker 1: understanding her finances, but when she was faced with a
6:32
Speaker 1: life changing divorce, her lights got turned off. Not because
6:36
Speaker 1: she was bad with money, but because she didn't understand
6:39
Speaker 1: or know where everything was. And all I can tell
6:43
Speaker 1: you is there comes such a sense of peace and
6:48
Speaker 1: stability when you understand the financial makeup of your household.
6:54
Speaker 1: Don't ever let one side of a relationship control all
6:59
Speaker 1: of the finance, says, control who is making the decisions
7:03
Speaker 1: and understand where those accounts are. You have got to
7:07
Speaker 1: be part of those conversations. Even if you consider yourself
7:11
Speaker 1: not great with money, and that brings me to another topic.
7:15
Speaker 1: So many of you have said in conversation that you're
7:20
Speaker 1: not a money person, you're not good at math, you
7:23
Speaker 1: don't understand investing, and ladies, that does not matter. I
7:27
Speaker 1: am here to tell you that understanding how your finances,
7:32
Speaker 1: how your money moves into your household, what your expenses are,
7:36
Speaker 1: and then how it's being spent, is something that all
7:39
Speaker 1: of us should understand, whether or not you're driving the
7:43
Speaker 1: boat right. So you really want to make sure that
7:46
Speaker 1: you empower yourself, because again, money is so much of
7:51
Speaker 1: a mind game. I hope that all of you will
7:54
Speaker 1: change that narrative. Start telling yourself that you are learning
7:58
Speaker 1: to be better with money, or you are well on
8:02
Speaker 1: your way to being an investor. Try and change the
8:08
Speaker 1: internal conversations that are happening and empower yourself to take
8:13
Speaker 1: control of your finances with and without the support of
8:20
Speaker 1: the spouse or partner in your home. One of the
8:24
Speaker 1: really amazing things that you can do to start having
8:27
Speaker 1: these conversations is set a monthly or quarterly budget or
8:34
Speaker 1: household finances discussion. So my husband and I have a
8:39
Speaker 1: state of the union that we do and it is
8:42
Speaker 1: so much fun. You guys, I know it seems probably
8:45
Speaker 1: like it wouldn't be fun, but we always will have
8:47
Speaker 1: a glass of wine, sit down and talk about how
8:51
Speaker 1: we spent money in the prior month or quarter, and
8:54
Speaker 1: then talk about what is coming up to talk about
8:57
Speaker 1: different opportunities, goals, dreams that we have that need to
9:02
Speaker 1: be addressed at this time or by the end of
9:05
Speaker 1: the year, and then understanding if things got off track
9:09
Speaker 1: or if we were more aggressive than we wanted to
9:11
Speaker 1: be with money that we were investing. All good conversations.
9:16
Speaker 1: So I would challenge you all to just start having
9:19
Speaker 1: the conversations, especially if you aren't married yet. This is
9:23
Speaker 1: the time. You don't want to wait until you are
9:26
Speaker 1: in quote unquote bed with someone in a marriage to say, Okay,
9:33
Speaker 1: how is your relationship with money? How is your credit?
9:36
Speaker 1: These are conversations that you have got to start having.
9:39
Speaker 1: Even if you're just in a serious relationship, not engaged,
9:43
Speaker 1: it still matters. So I would encourage you all set
9:47
Speaker 1: aside some time, make it a date night and have
9:50
Speaker 1: the conversation with each other. You will be amazed at
9:53
Speaker 1: how much fun it is, especially with a glass of
9:56
Speaker 1: wine in hand. So have the conversations, do not delegate
10:01
Speaker 1: the power away. Have the difficult conversations now and have
10:07
Speaker 1: a plan that you are working towards together. Okay, so
10:11
Speaker 1: here is another one that's really important. Do not put
10:15
Speaker 1: off until tomorrow what you can do today, And this
10:18
Speaker 1: goes towards finances. You delaying a decision is delaying gratification
10:24
Speaker 1: and delaying growth. You have to make the decision, so
10:27
Speaker 1: decide to do it. There is no such thing as
10:31
Speaker 1: the perfect time for anything. Whether it is the perfect
10:34
Speaker 1: time to ask for a promotion or a raise, or
10:39
Speaker 1: to start investing, or to have a baby, or to
10:42
Speaker 1: buy a bigger house or make a big move, you
10:45
Speaker 1: cannot time life. The most important thing to always consider
10:50
Speaker 1: is the time is now. So how does this relate
10:54
Speaker 1: to finances? While the longer you put off doing something
10:59
Speaker 1: that is in your financial best interest, there is no
11:02
Speaker 1: way to recapture the time that is lost. For example,
11:06
Speaker 1: if you say, well, I'm going to wait until I
11:08
Speaker 1: get to five thousand dollars in a savings account to
11:11
Speaker 1: start investing, you're losing a ton of time that would
11:16
Speaker 1: have given you the power of compounding numbers and interest
11:19
Speaker 1: in your favor that you can never get back. So
11:22
Speaker 1: I want you to try really hard to think the
11:25
Speaker 1: time is now. Don't delay doing anything for something else.
11:31
Speaker 1: We want to live in an and universe, pay off
11:34
Speaker 1: the debt, and save and invest all at the same time.
11:40
Speaker 1: The other thing I really want you to be aware
11:42
Speaker 1: of is timing the market. There is no such thing,
11:46
Speaker 1: and I know for any of you guys that have listened,
11:48
Speaker 1: you've heard me say it a million times. Time in
11:51
Speaker 1: the market is so much more important than timing the market.
11:55
Speaker 1: It's impossible to do. You never know when one new
12:00
Speaker 1: item is going to be released that is going to
12:03
Speaker 1: impact what happens that very next moment in the market,
12:07
Speaker 1: and if you're lucky enough to be invested currently, you're
12:10
Speaker 1: going to reap what you sew. Are there going to
12:13
Speaker 1: be times that it's not going to work in your favor, absolutely,
12:17
Speaker 1: But if you pull your money out because of fear,
12:20
Speaker 1: you're not going to have the money there to recover
12:23
Speaker 1: when that positive news story comes out. That will change
12:27
Speaker 1: the course of the rest of the day. So try
12:30
Speaker 1: not to think about starting to invest when times are good. Actually,
12:34
Speaker 1: you want to invest when there's room for opportunities and growth.
12:40
Speaker 1: It's everything is on sale. When the stock market is down,
12:43
Speaker 1: it feels scary and uncertain, but the reality is you're
12:47
Speaker 1: buying the same pieces of the same companies that tomorrow
12:51
Speaker 1: or next week or next month will be worth more
12:55
Speaker 1: and missing out on the opportunity to celebrate those wins
13:00
Speaker 1: as they come. When you're thinking of the stock market,
13:03
Speaker 1: I always use this analogy. Think of a man or
13:08
Speaker 1: a woman on an escalator playing with a yo yo.
13:11
Speaker 1: The yo yo is going to be more volatile. You're
13:15
Speaker 1: going to see a lot of swings up and down,
13:17
Speaker 1: but as long as the trajectory of the escalator is
13:20
Speaker 1: always going up, you are going to win. And that's
13:23
Speaker 1: exactly what the stock market is. Lots of volatility from
13:28
Speaker 1: the short and immediate news stories within the day, but
13:32
Speaker 1: in the long run, we are always on that escalator
13:35
Speaker 1: going up. Time is your friend unless you make it
13:40
Speaker 1: your enemy. So do not delay financial decisions that can
13:44
Speaker 1: benefit you, because it's only delaying financial success. Okay, So,
13:49
Speaker 1: speaking of waiting for the perfect time to ask for
13:52
Speaker 1: promotions or raises, girls, we are not big enough advocates
13:57
Speaker 1: for ourselves. So let's unpack this a little bit. If
14:02
Speaker 1: you are in a position where you feel that you
14:05
Speaker 1: deserve compensation increases, or you want to throw your hatnering
14:11
Speaker 1: for the promotion that you've heard about, don't wait, do
14:15
Speaker 1: it now. Most employers will value so much that you
14:20
Speaker 1: took it upon yourself to bring the good things that
14:24
Speaker 1: you're contributing to an organization to the table. So for
14:27
Speaker 1: any of you that are in a W two position
14:30
Speaker 1: and someone is writing you a check, be your biggest advocate.
14:35
Speaker 1: No one is going to be waiting in line, jumping
14:37
Speaker 1: up and down, waiting to give you the rays that
14:40
Speaker 1: you rightly deserve or the promotion that you've been working for,
14:44
Speaker 1: unless they're in dire straits because you've got an itch
14:48
Speaker 1: that they need to scratch. So you want to be
14:51
Speaker 1: your own advocate. Practice with a friend, write a script
14:57
Speaker 1: or an email, Just practice and get really comfortable in
15:02
Speaker 1: faking confidence. It's a hard conversation that no one is
15:05
Speaker 1: comfortable make having. But practice makes perfect. So if you think, okay,
15:12
Speaker 1: this is me, I don't even know where to start.
15:14
Speaker 1: I have a lot of resources within the women in
15:16
Speaker 1: wealth community. Drop us a message and I'm happy to
15:20
Speaker 1: send those along to you. That would be a template
15:23
Speaker 1: to help you get the juices flowing and understand the
15:27
Speaker 1: points that you want to hit on to ask for
15:30
Speaker 1: the money that you rightly deserve, because I can promise
15:34
Speaker 1: you that the boys that are sitting next to you
15:37
Speaker 1: or in the other office are asking those questions and
15:41
Speaker 1: we need to do better at asking them sooner and
15:44
Speaker 1: more frequently. And last, but not least, is the power
15:49
Speaker 1: of a spending plan. So again, this is something I've
15:52
Speaker 1: mentioned before. I'm not the biggest advocate or fan of
15:57
Speaker 1: a budget. I feel like, again, so much of this
16:01
Speaker 1: is mental olympics and budgets. I don't know about you,
16:05
Speaker 1: but they feel restrictive and I don't want you to
16:08
Speaker 1: feel that way about empowering yourself around the plan you
16:13
Speaker 1: have for the money that's coming in. If we can
16:16
Speaker 1: reframe and think of a spending plan, it gives you
16:20
Speaker 1: the permission to live the life that you want to
16:23
Speaker 1: live within the parameters that you feel our best for
16:27
Speaker 1: your situation. So I don't ever want you guys to think,
16:32
Speaker 1: and I'm sure you've heard, you know, skip the latte
16:35
Speaker 1: or don't go to Starbucks. That's not making anybody wealthy.
16:39
Speaker 1: What is making people wealthy is understanding what their priorities are,
16:43
Speaker 1: what they're working towards, and then setting a spending plan
16:47
Speaker 1: according to that plan. So, for example, if you have
16:51
Speaker 1: five thousand dollars a month coming into your home and
16:55
Speaker 1: you know that your fixed expenses are twenty five hundred dollars,
16:59
Speaker 1: everything else is to discretionary, including food in grocery shopping, and
17:04
Speaker 1: going out with your friends or partners for happy hour.
17:08
Speaker 1: And I know that can feel a little bit weird
17:11
Speaker 1: because you need food or gas to live your life,
17:14
Speaker 1: but the reality is unless somebody is going to turn
17:17
Speaker 1: off or take back something, if it's not a paid bill,
17:21
Speaker 1: it's discretionary. So going back to that example, if you
17:25
Speaker 1: spend twenty five hundred dollars a month on fixed expenses
17:28
Speaker 1: and have twenty five hundred dollars left, I would love
17:30
Speaker 1: for you to sit down and think, Okay, how much
17:33
Speaker 1: of that do you need to put aside to meet
17:37
Speaker 1: your spending goals, your savings goals, investing goals, and then
17:43
Speaker 1: debt reduction goals. And if the answer is, let's say
17:47
Speaker 1: putting five hundred dollars a month into your savings account,
17:50
Speaker 1: five hundred dollars a month into an investment account, and
17:54
Speaker 1: you have one thousand dollars or fifteen hundred dollars left
17:57
Speaker 1: at the end of the month, not fifteen hundred dollar.
18:00
Speaker 1: I want you to give yourself permission to set on fire.
18:03
Speaker 1: Not really, but if you want to go to Starbucks
18:06
Speaker 1: and treat your friends, do it, but stay within that
18:09
Speaker 1: fifteen hundred dollars. If you want to late night shop
18:13
Speaker 1: on any of your favorite websites, do it. But just
18:17
Speaker 1: make sure that that fifteen hundred dollars that you have
18:20
Speaker 1: decided is what you're comfortable spending for the month, is
18:24
Speaker 1: where your spending stops. And that will change the way
18:29
Speaker 1: you feel about how your money is moving within your
18:33
Speaker 1: life so much. I know it sounds so silly, but
18:37
Speaker 1: a budget feels so restrictive, and a spending plan feels
18:41
Speaker 1: like somebody giving you permission to live the life that
18:44
Speaker 1: you want to live. And that's what this is all about,
18:47
Speaker 1: all right. So the negative habits we've already talked about. Now,
18:51
Speaker 1: let's talk about the power moves that I want you
18:53
Speaker 1: all to make for a prosperous twenty twenty five. First
18:57
Speaker 1: things first, make sure that you are automating your investing plan.
19:03
Speaker 1: I do not care if it is twenty five dollars
19:06
Speaker 1: a month, twenty five hundred dollars a month, or twenty
19:08
Speaker 1: five thousand dollars a month. Timing your investments and making
19:13
Speaker 1: sure that you are consistently putting money towards your future
19:18
Speaker 1: is a magic bullet. Don't leave this up to I'm
19:22
Speaker 1: going to wait and see where things stand at the
19:24
Speaker 1: end of the month, because spoiler alert, none of us
19:28
Speaker 1: will do it. We get busy, life gets crazy, You
19:31
Speaker 1: will forget, and you are losing time. So go into
19:35
Speaker 1: your accounts. Set this up automatically so that every single
19:39
Speaker 1: month you are being true to your school and doing
19:44
Speaker 1: the things that are most important to you. At the
19:47
Speaker 1: end of a quarter, it's a great time to say, Okay,
19:50
Speaker 1: where do things stand. Maybe you've got more money because
19:53
Speaker 1: of commissions or bonuses, anything like that. That is an
19:57
Speaker 1: unexpected windfall that you can now play with, which is wonderful.
20:01
Speaker 1: Add those things when they're unexpected, but don't neglect the
20:06
Speaker 1: consistency of the month to month because that's where true
20:10
Speaker 1: traction happens. The other piece of this that is really
20:15
Speaker 1: important is to book a money date with yourself every
20:18
Speaker 1: single month. Like I mentioned the state of the Union,
20:21
Speaker 1: but even if it's just you, you want to make
20:23
Speaker 1: sure that you're looking at your spending every single month
20:26
Speaker 1: and hopefully you realize that you're doing better than you thought,
20:29
Speaker 1: and that is something to be celebrated. It's also a
20:33
Speaker 1: time that if you're noticing that you're getting off track
20:36
Speaker 1: or that you're spending too much in one area that
20:40
Speaker 1: you wish you weren't, you're in front of it. You're
20:43
Speaker 1: not now regretful in thinking back about where you wanted
20:47
Speaker 1: to be six months down the road instead of where
20:50
Speaker 1: you're at because you recognized a not so great habit.
20:55
Speaker 1: So book a money date with yourself. Try and do
20:58
Speaker 1: it in the very beginning of a month or the
21:00
Speaker 1: very end of a month, and just be really brutally honest.
21:04
Speaker 1: Look under the hood. It is not as scary as
21:07
Speaker 1: you think it is, and there are no monsters under
21:10
Speaker 1: the bed. Just look and take control and ownership of
21:14
Speaker 1: exactly where you are at any given time. With that,
21:19
Speaker 1: I want you to think when you're tracking of not
21:22
Speaker 1: just tracking what your income is, but also what your
21:25
Speaker 1: net worth is. Those two things go hand in hand.
21:29
Speaker 1: Oftentimes people think that you can't think about a net
21:32
Speaker 1: worth when you have not a ton of assets to
21:35
Speaker 1: your name, and while that is somewhat true, I want
21:38
Speaker 1: you to think of it this way anytime you have
21:41
Speaker 1: an asset to your name. So for anybody listening that
21:44
Speaker 1: already has a home or real estate, or a vehicle,
21:48
Speaker 1: or an investment account, anything like that, I want you
21:52
Speaker 1: to consider tracking your net worth. So that is taking
21:55
Speaker 1: what your asset is worth, and it doesn't have to
21:58
Speaker 1: be exact, but a good idea and the framework of
22:02
Speaker 1: what you could sell it for and reduce those numbers
22:06
Speaker 1: by any of the expenses that you have or that
22:09
Speaker 1: you owe to own those assets. That's going to give
22:13
Speaker 1: you your net worth. And why that's really important is
22:15
Speaker 1: because we accumulate things over time that have value that
22:19
Speaker 1: we may not consider when we're looking at the day
22:22
Speaker 1: to day of our financials. The other thing it really
22:25
Speaker 1: allows you to see the positive work you're doing. When
22:28
Speaker 1: you're paying off your debt. It may not feel as
22:32
Speaker 1: much of a win if it's not paid off entirely,
22:34
Speaker 1: but when your net worth number is going up because
22:37
Speaker 1: your debt is going down, it's still something to celebrate.
22:40
Speaker 1: And in that same vein have a salary growth plan,
22:45
Speaker 1: not just a savings plan. So you know, when your
22:49
Speaker 1: employers sit you down for an annual review and they
22:52
Speaker 1: give you a three percent increase, well, let me let
22:56
Speaker 1: you in a little secret, that is just the bare
23:00
Speaker 1: minimum to keep up with inflation. Ladies. If inflation is
23:04
Speaker 1: three percent and you are getting a salary increase of
23:07
Speaker 1: three percent, you're really not getting an increase at all.
23:10
Speaker 1: And I know that that may be a little bit
23:12
Speaker 1: of a shock to so many of you, and it
23:14
Speaker 1: was to me when I first figured it out. But
23:17
Speaker 1: the reality is it's just ensuring that one dollar spends
23:21
Speaker 1: the same way that a dollar will would have the
23:24
Speaker 1: year prior. So be ready when you're going into these
23:28
Speaker 1: conversations and these annual reviews to come back to the
23:32
Speaker 1: table with that and say that while you appreciate the
23:36
Speaker 1: three percent increase, that because of inflation, that will keep
23:40
Speaker 1: things feeling really status quo for you, and be prepared
23:43
Speaker 1: to ask for a little bit more. The worst thing
23:46
Speaker 1: that can happen is that your employer says no, and
23:48
Speaker 1: hopefully they will just think that you are a smart
23:52
Speaker 1: cookie and consider that the next time they're going over
23:56
Speaker 1: a compensation plan with you. And lastly, I want you
24:00
Speaker 1: to really think through rebranding budgeting as a spending plan.
24:05
Speaker 1: And I know I just spoke about this, but ladies,
24:08
Speaker 1: it's a game changer. A budget feels like a punishment.
24:12
Speaker 1: A spending plan feels like permission. Give yourself the permission
24:16
Speaker 1: to live the life that you want based on the
24:19
Speaker 1: fact that you work really hard for the money that
24:22
Speaker 1: you have coming in. Don't let yourself feel like you're
24:26
Speaker 1: held captive to some imaginary number because some talking head
24:31
Speaker 1: or somebody in your life has told you that you
24:33
Speaker 1: should only spend X amount of dollars on a specific
24:37
Speaker 1: category of life. That's just not realistic and it doesn't
24:41
Speaker 1: make money and mindset any more successful or fun. So
24:48
Speaker 1: think about a spending plan. Throw the word budget out
24:51
Speaker 1: the window, and lets be the architects of the lives
24:55
Speaker 1: that we want based on the income that we have
24:58
Speaker 1: and make it personal. This is not based on some
25:02
Speaker 1: imaginary number that somebody else who doesn't know you or
25:06
Speaker 1: understand your life is setting for you. These five habits
25:10
Speaker 1: may be common, but they are changeable, and it just
25:14
Speaker 1: takes a small tweak to make everything feel so much
25:18
Speaker 1: different from where you're at a month from now, a
25:21
Speaker 1: year from now, or even a week from now. I
25:24
Speaker 1: would love for all of you to listen and screenshot
25:29
Speaker 1: this episode and share your favorite power moves so that
25:33
Speaker 1: we can all continue to learn together. All right, and
25:36
Speaker 1: as we wrap this up, I hope that you have
25:38
Speaker 1: found a ton of value in this and I will
25:40
Speaker 1: say that if you are feeling like you are behind
25:45
Speaker 1: or have made a ton of these mistakes, I'm here
25:48
Speaker 1: to tell you I have also made the same mistakes.
25:51
Speaker 1: For any of you that have heard my story, I
25:54
Speaker 1: was not great with money. It was laughable to think
25:58
Speaker 1: that I would ever be sitting across from so many
26:02
Speaker 1: listeners telling you how to be more financially savvy. The
26:07
Speaker 1: reality is you are not behind. You are right on
26:10
Speaker 1: time to pivot and take yourself to the next level.
26:13
Speaker 1: I know for me, as an example, one of the
26:16
Speaker 1: things that I always struggled with was when I was
26:18
Speaker 1: trying to pay down debt from a lot of shopping
26:22
Speaker 1: that I could not financially support after being sick as
26:25
Speaker 1: a kid. I was focused so diligently on paying down
26:31
Speaker 1: my debt, which was great, but I didn't have anyone
26:34
Speaker 1: reminding me to be putting money aside for unexpected emergencies
26:39
Speaker 1: or life happenstances. And what would happen is I would
26:43
Speaker 1: make great strides and traction on debt and then something
26:46
Speaker 1: would happen and I would immediately have to put money
26:49
Speaker 1: back on a credit card. These are common mistakes, ladies,
26:53
Speaker 1: And if you get stuck in the quicksand of thinking
26:57
Speaker 1: that you've done something wrong or behind, and you're not
27:01
Speaker 1: doing any favors for yourself and your long term financial story.
27:07
Speaker 1: So in closing, please know that just wanting to do
27:12
Speaker 1: better is the first best step. You are not behind,
27:16
Speaker 1: You are right on time. Give yourself the permission to
27:20
Speaker 1: change your money story and to do better and be
27:24
Speaker 1: the creator of the most amazing financial future that you
27:28
Speaker 1: envision for yourself. I hope this was helpful. As always,
27:33
Speaker 1: like share and comment, subscribe, keep giving us great ideas
27:39
Speaker 1: of things to cover in future episodes. And of course,
27:43
Speaker 1: if there are any guests you'd like to hear from,
27:46
Speaker 1: let us know. And until next time, let's keep changing
27:50
Speaker 1: the way women think and feel about money together, Yeah,