Rich, Fit and Happy Show
Crystal O'Connor is the creator of 'Moxie Entrepreneur' and programs like High Ticket Mastery, Rich Fit and Happy and Ageless Ambition. Author of Unleash Your Moxie endorsed by Barbara Corcoran from Shark Tank. Crystal teaches women and small business owners all over the world how to create 6 & 7 figure incomes by applying online strategies to grow your database and business' presence.
Rich, Fit and Happy Show
63 | The Money Mindset Maven: Getting over your money issues for the Rich Life
What if your money mindset could be the key to unlocking true wealth and abundance in your life?
Today I talk with the President and Founder of The Wealth Coach for Women, Inc., she’s a featured author of the Amazon Bestseller "Overcoming Mediocrity, Limitless Women", the online course "Six Weeks To Financial Freedom", and “The Money & Life Playbook – 5 Simple Steps To Get Control of your Money”. Featured on national media platforms, her motto is “Live your life by design and not by default”.
You can find her here:
- Website: https://wealthcoachforwomen.net/media-mentions/
- Facebook: https://www.facebook.com/theresernicklascfp/
- Linkedin: https://www.linkedin.com/in/theresernicklascfp/
- Youtube: https://www.youtube.com/channel/UCOTBQdBP0bj6vsRr-jDuUfQ
Sign up with Ageless Ambition by visiting https://www.AgelessAmbition.com
You can also schedule a call with me or one of my team members at https://www.calendly.com/wealthy-wellness
Health and Wellness practitioners: you can learn more at http://www.WealthyWellnessAcademy.com
I was very lucky that I'd go over there on Sunday morning as we prepare for it. We always had a big family dinner and she prepared it And we would talk about the old country and different stories. So she was like my balance. Where I came from a household with six days a week. I listened to people fight about money, and this one day a week. This person, who had way less than my parents did And she and my grandfather never fought about money. She just felt that whatever we need, we'll be able to create. She had that kind of confidence in herself And when she saw somebody that was doing better than her like that had more than her she would bless them because she had that abundance mentality. She had no fear about being able to create. And that, to me, was such a lesson, because anyone that I've met along the way and I've studied this for many years but the folks that are successful are the ones that have an abundance mentality with money.
Speaker 2:Welcome to the Rich Fitting Happy podcast. I'm Crystal O'Connor, where we want to take you from drab to fab in this beautiful life. Let's go. Hello, hello. This is Crystal. I'm with Rich Fitting Happy. This is for Money Monday, by the way, and I brought you someone that is a financial expert, and I love that she's a woman, because we women have many different mindsets around money I think just humans in general do But I've noticed working with women over the years that women certainly have a variety of different mindsets and she's going to help us with that, because overcoming your money mindset, i think, is one of the biggest hurdles And it makes it just easier to bring in more income in your business. So I brought on Trace Nicholas. She's the president and founder of the Wealth Coach for Women. She has, on Amazon, three books. One is an e-book. We're going to talk about that today. We're going to talk about money mindset first. to start us off, trace, welcome. Thank you, i'm so glad to be here, crystal. So what is your money mindset? Let's start there.
Speaker 1:My money mindset has actually evolved over the years And growing up I had a very limited money mindset And the reason for that is my parents fought constantly over money. So as a little kid especially for most children before the age of eight we see things in black and white. There's like no gray area, there's no sorting things out. It's either it is or it isn't, and I felt that money must be this awful thing because people fight over it. Now, complete contrast.
Speaker 1:I was blessed by my paternal grandmother who had an abundance mindset. She grew up in Sicily, very, very poor. I mean, if you looked up dirt boy, you'd probably see her picture, though she was very clean and her house was always spotless. But she grew up. They were like serfs to the land, they were almost like slaves. My grandparents And she knew that the only way that her family would progress is to come to the United States. And when my grandfather wanted to marry her, she gave him two ultimatums. She said I will marry you as long as you take me to America and let me manage the money.
Speaker 2:And he agreed, so she had something in her that she wanted more and she was going to go get it.
Speaker 1:Exactly, you've got it. And she was the most humble, low key, gentle person you'd ever want to meet, but inside of all of that was a dynamo And I was so blessed to have that as a role model. So her mindset around money, even though she didn't have any, was she felt very confident that she could always produce whatever she needed And she shared that with me. I was very lucky that I'd go over there on Sunday morning as we prepare, for we always had big family dinner and she prepared it And we would talk about the old country and different stories. So she was like my balance.
Speaker 1:Where I came from a household with six days a week I listened to people fight about money And this one day a week. This person, who had way less than my parents did And she and my grandfather never fought about money. She just felt that whatever we need, we'll be able to create. She had that kind of confidence in herself And when she saw somebody that was doing better than her, like that had more than her, she would bless them because she had that abundance mentality. She had no fear about being able to create And that to me was such a lesson, because anyone that I've met along the way and I've studied this for many years. But the folks that are successful are the ones that have an abundance mentality with money. They don't take it personally. They don't think it's a tool that you use every day. It's not something that has any emotion attached to it. Where my parents money was very emotional, it was a power struggle.
Speaker 2:So a power struggle. Did your mom work outside of the home?
Speaker 1:No, okay, no, she did not, and my father didn't want her to.
Speaker 2:So this grandmother from Sicily, was it your mom's mom? No, my dad's mom. Okay, so I wonder what it was about your grandmother's mindset that didn't pass on to your dad. I don't know.
Speaker 1:That's the million dollar question.
Speaker 2:Okay, So they fought over money and it seemed like a power struggle. but you feel like maybe you got a little bit of something from your grandma in your mindset.
Speaker 1:I got a lot from my grandmother. I did, and anytime I struggled with money, anytime I was in a maybe living hand to mouth, so struggling, living paycheck to paycheck, which I spent a good part of my adult life doing, it didn't bother me. I mean, it isn't that it didn't bother me like, oh, who cares, i didn't worry about it. I've never worried about money.
Speaker 2:And.
Speaker 1:I think that was because my grandmother that I felt confident that I will be able to create what I need. I might not have a lot extra, but I'll always be able to create what I need, and I got that from her. And then, as I developed in years on on, i was able to create more than what I needed.
Speaker 2:And that probably made you take note of the emotions attached to abundance mindset versus scarcity mindset.
Speaker 1:You've got it Exactly. And anyone that I saw that had that negative attitude, that scarcity, that jealousy when somebody has more than them. All they did was struggle because they didn't manage what they had. Well, they didn't respect it, and I saw it with my father in particular. My father could spend money like he would not believe And yet he would complain about my mother. My mother's spending was she had six children, she bought all the clothes, she bought all the food, she did all the things that you have to do to run a household, and he didn't give her a lot to work with And he didn't appreciate that, that she was able to do all the things that she did on a shoestring. All she saw was the money leaving the checkbook. But not give me a breakdown of how much went to food or how much went to clothes or anything like that. It was just oh, it's not there.
Speaker 2:So when did you actually start your company called the Wealth Coach for Women?
Speaker 1:I started this company in 2016. Prior to that, i worked for other firms, but I always had a strong sense of helping women. I saw along my path women really needed the most help And I felt that the industry was really ignoring them. What industry? The financial services industry.
Speaker 2:Financial services. Okay, So you created programs. You have what? Two or three different programs to choose from? So are they on different income levels? How did you differentiate these two? Tell me about the first program you started and the one that or I'm assuming the first one you started is the one that you still have, or one of them at least, that you still have.
Speaker 1:No, the first program that I started was way back when I started doing financial planning And I recognized that the financial planning tools that we were given were really insurance driven Like they were designed so that you'd show people they didn't have enough insurance and sell them insurance and everyone's happy.
Speaker 1:Yes. So I said that's wrong And this is like more than 20 years ago And I created a program that in that very beginning stage of why don't we take this tool and use it as a teaching tool to show people how to really manage money, and not only manage money but developed a healthy mindset around money, so they're inspired to manage money, they don't keep letting that little itty bitty committee in their head keep telling them that they live paycheck to paycheck or worse, or money flies out of my hand. The more you tell yourself that, the more that becomes your reality. So my process morphed into a coaching program more than a financial planning program, and I went through the Jack Canfield success principles training program. So I learned life coaching from him and I took those concepts, merged it with the financial planning concepts and came up with wealth coaching.
Speaker 2:Oh, i like it And I love Jack Canfield, so I don't know right off the top of my head what some of his principles are, but you took those principles. You put them into your program. So when you say that you're a financial planner or was a financial plan, you're still managing people's money, right? No, i don't manage assets anymore. You just teach them basically how to become more. Do you teach them how to become more independent with managing their money and working with financial planners, or just managing all of their money themselves?
Speaker 1:Well, it's a combination. It really depends on the individual. A lot of the folks that I work with had assets that were tied up in the 401k, so they weren't necessarily working with an outside financial advisor, they were just their money was all tied up in their company plan. So I would help them understand how much they should be putting into that plan and how to allocate it. But I wasn't managing it for them. I was guiding them on what to do with it. The thing that I really focus on is helping them understand what it is that they really want out of life and what that's going to cost. So once they have that clarity, then they can now be inspired to save towards that. I found that when people don't have a target, money tends to just evaporate because they don't really care. It's like, oh, who cares, i'm not saving it.
Speaker 2:So it's like they're living in the moment instead of striving for something Correct, because they have nothing to strive for and they don't see what they're striving for Right. Okay. So when you are helping them manage their own money, do you have a preference over stocks insurance? I know life insurance can be. I know it's not supposed to be looked at as an investment, but sometimes it is. I've heard little techniques that people use, but let's break down maybe some modules or some pieces from one of your courses that you actually teach.
Speaker 1:Okay, So the course that I have what I do is I created an online program. So for somebody who either doesn't want to talk to a financial advisor because maybe there's a lot of shame around money but they know they need to straighten out a few things or somebody that doesn't feel like they can afford to hire a financial advisor, i created a DIY program and it's called Six Weeks to Financial Freedom. It's an online that they can access at any time and it has six modules to it. One of the modules is your money mindset. So in that module we do a deep dive into where your money story is coming from and we have some techniques and tools to help them reverse engineer that. I bet they have a healthier one.
Speaker 2:Yeah, I bet that's really powerful.
Speaker 1:It is When people actually do the work. I know it literally changed my life When I went through. In order to be certified as a money coach, i had to go through the coaching process and that's where I discovered all of my hidden messages and things that had to do with my father and things that I had forgotten. Life goes on, you forget things And in going through, it just pulled everything forward And I said, oh, now I get why I have that insecurity or that fear or whatever it might be One of my issues and I don't mind sharing this with the audience.
Speaker 1:This was like getting hit by a baseball bat when I discovered this piece, and it was that as a kid growing up, they told you my parents fought all the time about money, so I had this fear that if you had money, somebody was going to take it away from you. That somehow I developed that mindset And when I was a kid, i was working with my father. He had his own business and he paid me very little And his thing was oh, someday this business will be yours, which it never was. So I thought, ok, right there, i'm not worthy. So I had negative worth issues that built from that And then there was an incident that one of his clients had given him.
Speaker 1:Instead of giving him a cash chip, she bought him a really nice bottle of wine and gave him that as a gift, which was nice. So he brought that home and gave everybody a little glass of the wine And he and my mother finished the rest of the bottle. So the next time I saw the client not thinking, i just said, oh, that was really a nice gesture, you know getting that wine, we really enjoyed it. And for some reason my father took real offense to that. I mean, he went ballistic How dare you? Like that was mine, i chose to share it. And who are you to say thank you? like it was yours, wow. And then he said to me I think from now on I'm going to take away all your tips. Okay.
Speaker 2:So he kind of had a selfish problem or something going on there? Oh, he had a lot of issues there.
Speaker 1:And I think when he said that that was a trigger that, oh, if I accumulate too much or somebody knows that I've accumulated too much, he's going to come along and take it away from me, and that prevented me from really developing like my I don't want to say my value, but getting compensated in the way that I deserve to be compensated I held back And I once I went through that coaching process and I could see that I said this is what happens. It's like I get to a certain point and I stop. It's like I sabotage myself. And it was because of that messaging that I had from when I was a child. Okay, so what did you do to change it?
Speaker 2:I'm so glad you asked. There are exercises.
Speaker 1:So in our head I called it the itty bitty committee And that subconscious limiting belief messaging is like a tape recorder running all the time. So in order to change that, you have to rewrite the tape. You've got to rewrite the script. So what I do are affirmations, and the affirmation model is very simple. It may sound lengthy but it's really simple, and there's words in it that are key. So it starts off with I am, which is very powerful so happy and grateful. So when you say those things, your endorphins go up. It's like everything. It stimulates a lot of good juju when you say that So I am so happy and grateful Now that so you're always talking in the present tense. I am blank. So whatever you want that blank to be So in my case it's I am so happy and grateful Now that I know how to create more than enough for these in grace.
Speaker 2:And this is what changed your mindset. Yeah, and how long do you feel like you had to do this mantra or affirmation?
Speaker 1:I think it took me 30 days And anytime I felt like that little slipping backwards, like you'd have that negative thought. You have to train yourself to stop, to just hit pause like no, i'm not going there, and you replace it with the positive one And that's a habit that you have to build And it's not a tough one, but you just. It's what it's doing, crystal, is it's making you conscious of the unconscious? Does that make sense?
Speaker 2:Yeah, and they say your subconscious is running your mind More than 90%.
Speaker 1:More than 90%, wow Yeah, more than 90% of your outcome in your life is due to your subconscious.
Speaker 2:So what is maybe a story or an example of a client that you've worked with that kind of broke past that and feel like that understanding her money story and overcoming it changed everything for her.
Speaker 1:Oh, i've got a bunch of them, but I have one. That's really it's hard for me to say without crying. Ok, so this woman.
Speaker 2:You think you can do it. Do you need to get a tissue?
Speaker 1:I've got a box right next to me, so if I need it I'll grab them, but thank you. This woman came to me She was around 42 at the time when we started working together And she showed up broken I think that's the only way I can describe it Sweet, kind, compassionate. But you could see in her eyes that she was like a broken spirit And we talked for a long time and I went through the money coaching process with her And, prior to her hiring me, i really wanted to be certain that she had what it took to do the work, because paying me isn't the answer. You have to be committed to doing the exercises. And she said I cannot go on like this anymore. And I said well, what does that mean? She said I live. I have so much debt. It's ridiculous. I don't even know how I accumulated all this debt. She's driving a broken down car. Her job was a disaster. I mean, it was just like one thing after the other. So we peeled back the layers and discovered that a lot of this was triggered by her parents, who were devoutly religious, but to the point where they would give, give, give to the church or charities or whatever, and yet they didn't have enough money to buy food And that disturbed her. That triggered her. That for some reason was a trigger for her. So she gets married. Married a disaster. He left her with a two-year-old, so now she has to raise this two-year-old by herself. Didn't have that great of a job. Story goes on and on. She starts accumulating debt. She's like really in financial trouble. She comes to me So we peeled back all the layers of the onion to discover the root of the problem.
Speaker 1:And when we discovered what the root of the problem was and her self-worth issues, i started doing those affirmation exercises with her to help her reverse that. And it took a lot but she was determined. So one of the areas that we discovered was a real sticking point for her was she was making horrible money And she had a good job. I mean, she had credentials where she should have been making more, but it's self-worth. And I kept telling her where I work with a lot of women, i work with a lot of people in her profession. And I said I really think you should be making twice what you make. And I said I'm just so convinced of it. It's ridiculous. And she said to me well, i'd rather walk down the street naked than look for another job. She really liked her job? No, she didn't. She hated it. But it was self-worth, it was putting herself out there. It's all that fear.
Speaker 1:So I did a series of exercises with her to walk her through an interview process. Pretend we're doing an interview. We did a lot of mock stuff And that helped build her confidence. And I worked with her like once a week we'd get together after work and I'd do these exercises with her. And then I said now we're going to go online and we're going to look for a job. And I found a company that I knew of. I had already done the work beforehand, so she didn't know that. But I said we're going to go on this website And there were 21 openings in her field.
Speaker 1:And I said we're going to apply. You apply right online. And I said I can feel that one of those jobs at least is going to have your name on it. Well, sure enough, she got the interview. Now she's freaking out because she has to go on an interview. And I said no, we're going to walk, we're going to take care of this, we've got this. So I pretended I was the interviewer and I said these are the top 10 questions that an interviewer will ask. I'm going to ask you these questions and I want you to really be solid with your answers, be like just convinced, so that you are convincing. And she went on the interview. They asked her eight out of those 10 questions. So she had practiced them so many times that she was very comfortable. Bottom line she got the job. She doubled her income.
Speaker 2:Doubled her income, and she was probably just blown away by that She was completely blown away.
Speaker 1:So then you know we're still working together. It gets to the end of the year. She came in to show me her W2. And she showed me. She just walked in. She said I got something to show you. She showed me the year before and the current one And she said to me this should have your name on it, because if it wasn't for you, i wouldn't have this. And I said no, i'm just driving the bus. You made the choice to get on and you didn't get off until you were ready And you did the work. You could pay me all day long. But if you're not willing to do the work, nothing is going to change. And you were willing. And every time we get together, when she does this exercise and she comes in with her W2, she comes in with her 401K and all the other things. So her net worth has gone up exponentially. She's saving regularly, her debt's gone, she's got a much better job. But you want to know what the best part of all of this was.
Speaker 1:She was in the break room and there was this coworker who made a very snarky, snide remark to her And she turned and she said to her that wasn't the kind thing to say. Why would you say that to me? And the woman said to her oh, you're just way too sensitive. And she turned back and she said no, i think the problem is that you're way too insensitive and I don't want her to hear you talk to me or anyone else like that again. And with that the other woman turned and a half and left And she told me this story and she said I have never stuck up for myself, ever, and I'm almost 50 years old. And I said why do you think you stuck up for yourself? And she said I think having a paycheck that reflects my worth has helped me with my self-worth. And I said well, there's a direct correlation between your self-worth and your net worth. And you just proved it.
Speaker 2:So it's really just all in your mind.
Speaker 1:It is, it's all in your head, so you change your mind, you change your results.
Speaker 2:But often it's hard to do it by yourself. I don't think it really matters what age you are either, it doesn't. I mean it might take some doing because you've created it. If a person is a little bit older, they've created a habit. But I also was thinking that what I know about the neurology of the brain and new research that proves that your brain, they can take a picture of it and actually see that your thoughts affect your brain Absolutely And your pathways. Sometimes those neural pathways are pretty deep, yes, with thoughts, certain thoughts. So what is your toughest case? My toughest case was a family.
Speaker 1:And I think this is why I switched to working with women alone. Well, the wife was a spendaholic. She literally could not hold on to money. It was like was on fire. She had not that her husband was any bargain either, but she had, like all the you know, lv purses and the this and the that. I mean she had more stuff than you can shake a stick And they would do crazy things, like one year they had a Christmas Eve party where they hired a circus to perform on their front lawn. We're in the Northeast. Who the heck High as anybody to do anything on your front lawn in December?
Speaker 2:So what was this attached to, i wonder?
Speaker 1:it was attached to showing off like they wanted to go.
Speaker 1:Yeah, we're so well off with doing all these nutty things. What they wears broke as they come to the point where they kept like refinancing their house to pay off credit cards, and that was like an 0708 like around that time. Well, they got to the point where they were so underwater with their house that they couldn't do anything. Wow. And I was trying to educate them on this spending and the frivolous spending and all of that, and they just didn't want to hear it. So one day the husband came in and he had this shoe box, like a really big shoe box, filled with receipts, and he literally threw it at me Here, this is what we're paying you to fix. And I looked at it It's nobody treats me like that Picked up the box, handed it back to him And I said no, that's not what you hired before. You didn't hire me to be a punching bag. And I pointed to the door, gave him his money back and something on their way.
Speaker 2:So there are people that you won't work with because your own self-esteem That's good And that makes your life easier. And he probably would have been a real tough case to even help because it didn't sound like he wanted to help himself, that's exactly right.
Speaker 1:So that's why I like to emphasize with people to be willing to do the work. I don't have. they don't give me a magic wand in a crystal ball. Those are tools that I just don't have, and I'm not a therapist. So you have to show up ready and willing to work. I know I can guide anyone that wants to be guided. There isn't a money problem that I have come across, that I can't come up with a solution one way or the other, but you have to take the action. It may mean a sacrifice. It may mean you have to do something differently, because if you keep doing the same thing, you're going to keep getting the same results. If you want different results, we have to do things differently. I will tell you what those different things are that I can do and I'm happy to do that And I will pull out of you what it is that you really want and show you how to get it. You have to do the work.
Speaker 2:So what is another topic or module in one of your programs? It sounds like mindset is the number one most important thing. And then what's the next?
Speaker 1:The next one is a word that a lot of people don't like. It's called budgeting How to create a budget, and I did actually create a whole mini program on that, and I call it intentional spending, because that's really what a budget is. It's God reels. You know it's a roadmap in God reels And when you stopped seeing a budget as something that's confining and constraining and just like you're driving on the highway you get. God reels on both sides Doesn't mean you can't go on the highway, it just wants you to prevent you from going over the ditch. And that's what a budget does in showing people how to estimate what their monthly expenses are. For some discretionary spending, i mean, fix things we know and how to live within that. How much is a good number for your debt? Like, what percentage of your income should be? like? no more than that should be debt. How much should you be saving? What's a good savings ratio? All of those things and understanding that the reason that we have these guidelines is so that if you have an emergency, you're not jumping out in front of a bus. If you want to do something really special, you want to have an epic experience. You've got the money to do it. You have the resources to do that. You know you want to do something, maybe.
Speaker 1:I work with a lot of single successful women And one of the things that I come across a lot is that they want to leave deep footprints in the sand. Often they don't know what that really means. They don't know exactly, but they know they want to make a difference so that when they leave this earth it meant something that they were here. So how do we fund that? How do we allocate resources for that? So I have a woman. I've been working with a lovely woman who had owned several pieces of real estate and made a decision that she was going to start selling some. She had the most rentals and all that So, and she had a really good income and her family was pretty well off. Most of the people in her family were like at the same income level that she was. So she's put in her estate plan together and she said you know, there isn't one member of my immediate family that needs anything that I have. They're all very well off. I feel like I could be doing something differently And I said well, that's great.
Speaker 1:I said do you have a cause or an issue or a problem in society that really means something to you, for whatever reason, tugs on your hot strings, that you would like to make a difference. And she said absolutely. She said battered women. I said really. And she said I come from a long history of battered women. I never would have known that if she didn't tell me that.
Speaker 1:So I said what do you think about setting up a foundation that can support, you know, helping battered women and maybe getting your whole family involved? Well, with that she, we were talking it out, going through the paces with it, what that would involve, and she just started to sob. And I said why are you sobbing? She said it's like a sense of relief, because it's I guess this has always been in the back of my mind that this problem should be addressed. I didn't know how I could possibly do it And I said well, you don't have to do it alone. There are resources. You could either, you know, contribute to an organization that already exists or you could start your own and have your own parameters, and that's for her and a family in the process of doing.
Speaker 2:That's wonderful, yeah. So she is doing something good for her own money because of the foundation, but also and probably growing it in a different way that she didn't even know possible, being kind of like feeling like that she has a because it runs like a 501c3, right, right, and then she feels like she has her own business and being more selective of who she can give the money to. I love that, yeah.
Speaker 1:Exactly. But I think the biggest thing for her was she works hard, she's been very successful. And sometimes you know, especially as a woman, you know we have to do 10 things at once. So you hop on the hamster wheel every day, you run like crazy, you jump off at the end of the day and you collapse and you get up the next day, do the same thing, and she felt like that's all she was doing, was working. There was like what am I doing all this? for? What am I working this out, for What am I accumulating all this money for?
Speaker 1:And now she has this sense of purpose. Yeah, she knows this is why God gave me the talent to be able to create this kind of forge, if you will, you know, and now I have a purpose for it. Now it's like re-energized her to get up and go to work every day. Yes, things that she does, you know. She's like coming out of now, instead of a sense of, oh, i have to go to work today, you come from a sense of joy that you are creating something wonderful for somebody else And that you're working to solve a big problem that is very near and dear to you And you're getting your family involved. So now this is a family activity on top of everything else.
Speaker 2:Yes, I love it. So, okay, your program sound great And, by the way, I don't know if I'd actually ask this the way I'm going to ask it now. Your two programs. there are two levels. Do they both have the money mindset piece And are they different in that income has to do with some of it?
Speaker 1:No, the income really doesn't have anything to do with any of it, because at any income level, you can manage your money better. Okay, so I have the online program that has a component that's the money mindset. I also have one that's just about you know, looking for ways that you might be wasting money, so that does not have the money mindset. The budget book that I mentioned, the intentional spending financial planner, does address it. There is a section in there that just mentions it, and I do have another one that goes into more depth. This is like a freebie that I give away just to get people started. When I work one on one coaching, it's all incorporated into that, and then I am in the process of developing a group coaching model And it will be part of the group coaching program as well.
Speaker 2:Okay, i love that. Okay, so let's leave our listeners with something. So what are three things that people can do today to help break a bad money habit that they might have now?
Speaker 1:Okay, one of the bad money habits that's really simple is go through your credit card statement or statements. Look for things that are on autopilot, that you buy that you never use. So, for example, subscriptions, like you know. Maybe you subscribe to, saying I'm not putting down any organization, but let's say it's Netflix and you never use Netflix. Or you know a magazine or something to that effect.
Speaker 1:I did this. I do this four times a year Generally, especially right after the first of the year. I did that this year. I saved $300 a month. I'm going through my credit card saying all these different memberships or software tools at this side of the other, that's $3,600 in a year. That took me like 15 minutes. That's a vacation. I mean I can use $3,600 and go on a nice vacation. That's true. So I said that was a good use of my 15 minutes.
Speaker 1:So that's a number one thing is really being mindful of what you're buying, and if you're buying something and you're not using it, then cancel it, okay, so number one. Number two is being aware of how much you're saving from your income If you don't have a regular, routine savings strategy set one up, if you can set up saving on autopilot, whether it's funding a 401k at work, savings account at home. If you're on a payroll, if you're a W2 employee, they normally have enough payroll slots that they can have money go to your checking account and a savings account without any problem. So that's second thing is autopilot savings. And the second thing is understand if you have the capacity to fund a Roth IRA. So that is income level driven. If your income is over a certain amount, then you can't fund a Roth IRA. But if you can, highly recommend it because I only expect income taxes to go up as we get older And if you have the ability to create tax free savings, i highly recommend it.
Speaker 1:Plan B, if you don't qualify for a Roth, would be to have an investment account. That is what I call an individual. It's a non IRA or non retirement investment account That would have capital gain associated with it if you sold something out of gain. But it's still more tax favorable than an IRA. Oh, i love that.
Speaker 1:The fourth thing would be really understanding how your IRA is going to impact you when you retire. Just get your arms around that And if it's something that's confusing or kind of over your head because I know the 401k thing has really been pushed on us since the late 80s when they started. I think having that understanding of everything is really important and work with a professional, even if he can just get a free consult or something just to get you started. But don't be afraid to hire someone to help you, because you don't get many repeat opportunities to build wealth And if you haven't been able to do it on your own, then get help to do it, because if you can do it on your own, you would have done it by now.
Speaker 2:Okay, really good stuff And just from those three little things could make a huge difference. That's just the tip of the iceberg. I could imagine that a person could make drastic changes in their financial outlook and their life even their lifestyle really quick by just doing one of your programs. I think everybody should be doing this, sooner the better. So did I hear you say you had a six week program.
Speaker 1:Yes, the personal coaching is three months And when I set up the group coaching program, which is going to come out very soon, that'll be a six month program. So if anyone is interested in that, they can go on my website and they can shoot me an email and just say put me on your waiting list, okay, Okay, so listeners go to the show notes, because I have all of her links and your website is and it'll also be in the show notes as well.
Speaker 2:but I'll just say it's the wealth coach for womennet, correct, wealth coach for women.
Speaker 1:They don't have to use the word the.
Speaker 2:I don't, i'm so sorry. Wealth coachnet Okay, perfect, and they can find out more and they can get that free ebook and read that right.
Speaker 1:Right, i'm going to have two. Actually, i'm going to give you a series of freebies for just for y'all the listeners. So this is going to be a special toolkit that I'm going to put together for you, and I will send you the link for that. It's going to include the money and life playbook, which goes through all the things that we've talked about. It's a great companion to the six week program Actually, i built a six week program off of that. Okay, and the other thing I'm going to give you is my free find money without sacrifice five day program. I'll give you that for free, and I'm also going to give you the financial freedom planner that I created. That's just a little quick. You wouldn't you don't need more than a fourth grade education and you'd be able to create a really simple, super easy to use budget.
Speaker 1:That's something that you don't feel it's painful, so that's coming to very nice.
Speaker 2:Okay, so that'll be in the show notes, that link that she's referring to for all your freebies. And you know the dollar was shrinking If that's even, i don't know how much smaller it could get at this point, but it's not getting any cheaper to live. It's pretty sad. I live in the Naples area And I belong to some Facebook groups and I see the struggle and I hear the stories and they just basically have to move or get a roommate, and it just. When I say they, i mean the younger people, even 20s and 30s. It's just, it's almost like not feasible for them to live in a lot of cities And what they have to put down to rent an apartment or a condo is outrageous. It is. It's really sad. It's like I'm in Boston too. It's really sad.
Speaker 2:But making some tweaks can give you a different outlook and give you some hope and get you into a better position so that you can't get in, you know, into the condo house. Whether you want to own or rent, there's different opinions about that. But thank you so much for being here, trice and everyone. Go to the show notes and get started with her right away. Thank you so much, it's been a pleasure. Bye bye everyone. Bye Trice, bye bye.
