Subscribe Apple | Google | Spotify | Stitcher | iHeart Helping others suffering from Narcissist Abuse through her own experiences This week I am interviewing Tracy Malone, a leading voice in the subject of narcissist abuse. We talk about her journey of...
Ep91 Transcript: Change Your Money Mindset – Quick Fix Friday
Hey, late starters, are you worried about your retirement and financial future? It’s a very common issue, and in this episode of Quick Fix Friday, I’m going to dive a little bit deeper into your money mindset and creating a financial budget and plan.
Hello Dreamers. Welcome to the Late Starters Club, giving you the inspiration mindset and tools you need to start something midlife and beyond. Remember, it’s never too late to follow your dreams.
In episode 89, I talked to Kathleen Adams, founder of Second 50 Financial, and while she couldn’t give financial advice, I was really thinking about the fact that a lot of people are worried about their financial future at this time. Maybe you aren’t sure about even starting something new because you feel like it would be a little bit less secure than the job you have now. Or maybe you’ve been laid off and you’re a little bit concerned about your financial future.
Well, I think there are two main components to thinking about your finances, and I’ve done a ton of work in this area because I definitely had a lot of money blocks. I always felt that I wasn’t really great with budgeting, and you can just ask my ex-husband.
Nope, that is true. She was not good at budgeting.
But I’ve gotten a lot better and I’ve really done a lot of work around these money blocks, and I think that is a crucial piece before you even get to setting a budget. Because if you have some ideas around money, if you think that money is difficult to come by or that it’s shameful to have money or to ask for what you’re worth, then you probably need to do money mindset work before you even get to the budget.
Obviously we can start with a little of both, but I like working on the money mindset first. So I have read a lot of great books around this. I’ve done a lot of work with Denise Duffield-Thomas, both with reading her book Get Rich Lucky Bitch, and also Her Money Bootcamp.
And I think reading books is a great way to start. It’s important to understand where your money blocks lie. If it is some story that you’re telling yourself about money, about how maybe you have to work really hard for your money or money doesn’t come easily to you, or whatever it might be, there’s always not enough money. And do that kind of deeper work.
I’m going to list some of my favorite books around abundance money Mindset in the show notes here, so you can take a look and see which one calls to you.
I think there’s a lot of different ideas out there, and it might help to read a couple of different books because there might be one that speaks to you in a different way.
One of my biggest money blocks that I am still working with is just the idea of charging enough for my services. Sometimes I’m undercharging for my services. And that comes down to really valuing what I am worth. So I’ve done a lot of work around that and still improving all the time.
So the next thing is really diving into a budget and what really works for you in terms of tracking.
I’ve tracked money all different ways. I’ve used QuickBooks pretty extensively and. Entered every single transaction so we can really break it out and look exactly where that money is going. I don’t do as much of that lately but I think tracking your money in some way is really, really beneficial.
One of the things that I am going to start doing is tracking, just a really high level, expenses and income for everything for both my personal and business life. Because I definitely already do that with my business life, but I haven’t been doing as much of that personally. And I think that’s going to be a great way for me to reach some of my income goals and savings goals that I have as well.
And one of the books I’m reading is “Your Money or Your Life”. And some of these books are a little bit older. This one actually has been around for a long time and they just released a new edition.
Another book I like for business tracking is “Profit First.” And I’ve talked about this book before. I like this for your business expenses. If you are running a business, it’s helpful to understand that concept of taking out that profit ahead of time before you do the expenses.
Another book I like about budgeting is “Buy This, Not That.” It’s got a little bit different view around spending your money and saving your money. It’s a little bit challenging sometimes because he’s pretty meticulous around saving money.
But that’s a good thing. I think as long as you’re tracking your money in some way, you’re going to really understand how the money is flowing in your life.
And I definitely believe it is an energy flow that can sometimes get blocked by certain things you’re thinking about. But it also brings a little bit more awareness around to where it’s going when you track it a little bit more meticulously.
So I would encourage you to work on those two areas, and I think you’ll find that even if If you are worried about saving for retirement. If you’re worried about your financial situation, it can really turn around. We have a lot of time in our lives and we have options for earning money longer, and I think that’s a great thing. Starting up a side hustle, starting something that’s going to bring in some income each month even into your seventies and eighties is a great way to mitigate that risk around saving enough by the time you are 65 and time to retire whatever retirement means.
Hope that was helpful, and make sure you grab the free guide. Top Tools for Late Starters on the website at latestartersclub.com and let’s turn dreaming into doing.
Join the conversation.
Let us know what you think about this episode.
Never miss an episode.
Subscribe to the podcast
You may also enjoy…
[00:00:00] Welcome Tracy Malone Andrea Vahl: My guest today has gone from a marketing professional to an international leading voice in the subject of narcissist abuse in the span of about eight years. It isn't necessarily where she wanted to be, but it is a mission...
Andrea Vahl: From accountant to corporation to full time comedian in New York to now a CEO of an online comedy streaming platform. That's an unlikely journey, but my guest today, Leanne Linsky has done it all. Listen to how her view of failure has changed the way she...
Andrea Vahl: Tune in. As we listen to Paul Baron talk about how he has partnered with a firm in China to bring this product to the U. S. Hello, dreamers. Welcome to the late starters club, giving you the inspiration, mindset, and tools you need to start something...