1 00:00:00,240 --> 00:00:03,560 Speaker 1: Wellness does not have anything to do with the numbers. 2 00:00:03,920 --> 00:00:08,800 Speaker 1: It's more about the confidence, clarity, and stability that. 3 00:00:08,640 --> 00:00:10,760 Speaker 2: We feel with our money. 4 00:00:11,200 --> 00:00:14,040 Speaker 1: The opposite of financial wellness is always being in a 5 00:00:14,120 --> 00:00:20,400 Speaker 1: state of feeling scared or anxious or nervous or uncomfortable 6 00:00:20,480 --> 00:00:24,400 Speaker 1: with our money. So really it's how we feel about 7 00:00:24,560 --> 00:00:27,960 Speaker 1: ourselves and about the money that we have in our 8 00:00:28,000 --> 00:00:34,920 Speaker 1: future goals. 9 00:00:43,040 --> 00:00:46,720 Speaker 3: Hey Hurdlers, Emily ABOUTI here bringing you another installment of 10 00:00:46,920 --> 00:00:51,159 Speaker 3: Hurdle Moment from Hurdle this week in honor of what 11 00:00:51,360 --> 00:00:55,440 Speaker 3: should be the classic tax day on April fifteenth, which 12 00:00:55,480 --> 00:00:59,520 Speaker 3: has now been moved to Monday, May seventeenth. I'm getting 13 00:00:59,480 --> 00:01:03,200 Speaker 3: ahead of the game and bringing in some reinforcements. I 14 00:01:03,240 --> 00:01:08,240 Speaker 3: am chatting with Comiko Love, otherwise known as the Budget mom. 15 00:01:08,760 --> 00:01:13,160 Speaker 3: We are chatting all things financial wellness. Now. I know 16 00:01:13,480 --> 00:01:17,120 Speaker 3: that money can feel a little bit taboo to talk about, 17 00:01:17,240 --> 00:01:20,440 Speaker 3: but on today's episode, Love is talking us through the 18 00:01:20,480 --> 00:01:23,840 Speaker 3: importance of our financial health and what that really means 19 00:01:24,120 --> 00:01:27,840 Speaker 3: being that your debts are payable, you have emergency funds, 20 00:01:28,000 --> 00:01:32,119 Speaker 3: retirement funds in the works. Basically, you can handle any 21 00:01:32,319 --> 00:01:36,840 Speaker 3: financial crisis that may come your way. She talks us 22 00:01:36,840 --> 00:01:41,680 Speaker 3: through her seven best practice tips for better financial wellness 23 00:01:41,920 --> 00:01:46,080 Speaker 3: and gives so many great takeaways, everything from the importance 24 00:01:46,160 --> 00:01:49,320 Speaker 3: of knowing where you're at, being upfront and honest with 25 00:01:49,400 --> 00:01:53,240 Speaker 3: yourself about the current state of your finances, to the 26 00:01:53,320 --> 00:01:56,600 Speaker 3: importance of being prepared for emergencies and how we can 27 00:01:56,640 --> 00:02:01,440 Speaker 3: better take care of our future selves aka retirement. I'm 28 00:02:01,480 --> 00:02:04,920 Speaker 3: telling you this episode is chalked full of so many 29 00:02:05,040 --> 00:02:08,600 Speaker 3: excellent takeaways. I'm so, so, so grateful to me Go. 30 00:02:08,919 --> 00:02:13,119 Speaker 3: I love that nickname for all of her insight and wisdom. 31 00:02:13,320 --> 00:02:16,000 Speaker 3: I'm super amped because a week from today we are 32 00:02:16,360 --> 00:02:19,880 Speaker 3: gathering to talk about the art of gathering for book club. 33 00:02:19,880 --> 00:02:21,240 Speaker 2: It's at eight pm Eastern. 34 00:02:21,320 --> 00:02:24,000 Speaker 3: Link to sign up for the book club is in 35 00:02:24,040 --> 00:02:26,600 Speaker 3: the show notes, and there are a few days left 36 00:02:26,600 --> 00:02:28,640 Speaker 3: for you to enter for your chance to win a 37 00:02:28,760 --> 00:02:32,200 Speaker 3: month of athletic Greens by clicking the leave me a 38 00:02:32,280 --> 00:02:35,360 Speaker 3: voicemail link in the show notes and asking me a 39 00:02:35,480 --> 00:02:38,799 Speaker 3: listener question. I will pick one lucky Hurdler to win 40 00:02:39,000 --> 00:02:42,240 Speaker 3: this giveaway on this coming Friday. Make sure you're following 41 00:02:42,280 --> 00:02:45,079 Speaker 3: along on social It's at Hurdle Podcast. I'm over at 42 00:02:45,120 --> 00:03:00,400 Speaker 3: Emily a Body and with that, let's get to hurdling. Today, 43 00:03:00,440 --> 00:03:03,639 Speaker 3: I am sitting down with Kamika Love, known to her 44 00:03:03,800 --> 00:03:08,040 Speaker 3: over six hundred and sixty five thousand Instagram followers and 45 00:03:08,080 --> 00:03:10,200 Speaker 3: many more as the budget Mom. 46 00:03:10,680 --> 00:03:11,519 Speaker 2: How you doing today? 47 00:03:12,400 --> 00:03:13,200 Speaker 1: Doing really good? 48 00:03:13,520 --> 00:03:15,440 Speaker 2: I'm so excited to have you on the show. 49 00:03:15,880 --> 00:03:20,919 Speaker 3: I wanted to connect with someone that, man, I don't know. 50 00:03:21,040 --> 00:03:22,919 Speaker 3: I mean, I feel like just to say that you're 51 00:03:22,960 --> 00:03:26,799 Speaker 3: good with money would be would be an understatement. So 52 00:03:26,800 --> 00:03:30,840 Speaker 3: someone that can help educate us on finances and everything 53 00:03:30,840 --> 00:03:33,840 Speaker 3: that goes hand in hand with that, especially because tax 54 00:03:33,919 --> 00:03:34,760 Speaker 3: Day is upon us. 55 00:03:35,240 --> 00:03:38,480 Speaker 1: Yes, yes, it is not a little bit of an extension, 56 00:03:38,560 --> 00:03:40,800 Speaker 1: but not too much, not too much. 57 00:03:40,960 --> 00:03:43,560 Speaker 2: So tell me tell the hurdlers a little bit before 58 00:03:43,600 --> 00:03:46,560 Speaker 2: we get into some of your best practice tips for 59 00:03:46,640 --> 00:03:49,040 Speaker 2: financial wellness, talk to me a little bit about how 60 00:03:49,120 --> 00:03:53,840 Speaker 2: you got so interested in finance, in money and ultimately 61 00:03:54,040 --> 00:03:57,000 Speaker 2: got to this place where you're educating millions of people 62 00:03:57,080 --> 00:03:58,880 Speaker 2: all around the world about it on the regular. 63 00:03:59,360 --> 00:04:02,960 Speaker 1: Well really started from my own struggles with money management. 64 00:04:03,160 --> 00:04:07,440 Speaker 1: It came from a place of personal experience. Really, what 65 00:04:07,520 --> 00:04:10,640 Speaker 1: happened to me was I went through a divorce. I 66 00:04:10,720 --> 00:04:15,640 Speaker 1: went from having two incomes down to one, and it 67 00:04:15,680 --> 00:04:20,159 Speaker 1: was also, you know my struggle with finding my identity again, 68 00:04:20,680 --> 00:04:22,880 Speaker 1: not just as a wife or as a mom, but 69 00:04:23,240 --> 00:04:27,080 Speaker 1: as an individual, as a woman. And I had to 70 00:04:27,200 --> 00:04:29,839 Speaker 1: learn how to tackle my finances because I knew that 71 00:04:30,040 --> 00:04:32,680 Speaker 1: ultimately I could not provide the life I needed to 72 00:04:33,160 --> 00:04:35,800 Speaker 1: for my son as a single parent. I didn't know 73 00:04:35,800 --> 00:04:38,760 Speaker 1: anything about finances or money. And it's funny because I 74 00:04:38,800 --> 00:04:42,400 Speaker 1: actually graduated with a finance degree. I worked nine years 75 00:04:42,400 --> 00:04:46,800 Speaker 1: in the finance industry with a financial advisor all around investments, 76 00:04:47,080 --> 00:04:51,039 Speaker 1: but I had no clue about personal finance. And so 77 00:04:51,120 --> 00:04:54,159 Speaker 1: I started sharing my journey. And really it was out 78 00:04:54,160 --> 00:04:58,120 Speaker 1: of desperation to connect with other single moms who felt 79 00:04:58,160 --> 00:05:01,080 Speaker 1: like I did, who I cand go to and ask 80 00:05:01,200 --> 00:05:05,120 Speaker 1: questions and talk about my thoughts and money fears without 81 00:05:05,120 --> 00:05:08,520 Speaker 1: feeling judged or feeling like I was a bad mom 82 00:05:08,560 --> 00:05:11,000 Speaker 1: because I didn't know how to budget sayer back to 83 00:05:11,000 --> 00:05:12,800 Speaker 1: school supplies for my kiddo. 84 00:05:13,360 --> 00:05:13,960 Speaker 2: So when I. 85 00:05:13,920 --> 00:05:17,920 Speaker 1: Started sharing my journey, this amazing community was built, and 86 00:05:17,960 --> 00:05:19,960 Speaker 1: that's really how I became the budget mom. 87 00:05:21,240 --> 00:05:23,839 Speaker 3: Well, it is pretty special, especially because I think so 88 00:05:23,880 --> 00:05:26,760 Speaker 3: many people can feel alone, like you said, in their 89 00:05:26,800 --> 00:05:30,359 Speaker 3: financial struggles. Right, It's like it's one of those taboo 90 00:05:30,400 --> 00:05:33,760 Speaker 3: topics like sex. I'm sure you hear that analogy all 91 00:05:33,800 --> 00:05:38,200 Speaker 3: of the time. But you approached this new chapter of learning, 92 00:05:38,560 --> 00:05:41,279 Speaker 3: like you indicated, with a fair amount of debt. Talk 93 00:05:41,320 --> 00:05:44,480 Speaker 3: to me about how you managed to pay that off. 94 00:05:45,640 --> 00:05:48,880 Speaker 1: Yeah, so that the whole journey started with learn trying 95 00:05:48,880 --> 00:05:50,880 Speaker 1: to pay off all of my debts so I can 96 00:05:50,920 --> 00:05:54,599 Speaker 1: find some type of financial stability in my life. I 97 00:05:54,800 --> 00:05:58,320 Speaker 1: ended up paying off my debt by There's a lot 98 00:05:58,360 --> 00:06:00,480 Speaker 1: of ways. There's a lot of reasons why I paid 99 00:06:00,480 --> 00:06:06,039 Speaker 1: off my debt, but mainly it was self examination. And 100 00:06:06,440 --> 00:06:11,240 Speaker 1: it was more importantly I think above self examination was 101 00:06:11,960 --> 00:06:16,120 Speaker 1: asking the hard questions and being able to honestly answer myself. 102 00:06:17,040 --> 00:06:19,480 Speaker 1: It was looking at not just paying off my debt, 103 00:06:19,520 --> 00:06:21,279 Speaker 1: but why the heck was I in debt in the 104 00:06:21,320 --> 00:06:24,240 Speaker 1: first place? What got me to this moment, to this 105 00:06:24,320 --> 00:06:27,160 Speaker 1: point of desperation where I couldn't even hardly put food 106 00:06:27,160 --> 00:06:30,320 Speaker 1: on the table for my child. So it was awareness 107 00:06:30,400 --> 00:06:33,680 Speaker 1: number one, and then it was implementing and staying dedicated 108 00:06:33,680 --> 00:06:37,480 Speaker 1: to a plan. I had to fight every day for 109 00:06:37,520 --> 00:06:41,200 Speaker 1: an emotional purpose, and what I mean by that is 110 00:06:41,520 --> 00:06:43,880 Speaker 1: every day I had to wake up and know exactly 111 00:06:43,920 --> 00:06:46,440 Speaker 1: what I wanted to accomplish with my money and tackle 112 00:06:46,480 --> 00:06:48,080 Speaker 1: it in little steps. 113 00:06:47,720 --> 00:06:48,200 Speaker 2: At a time. 114 00:06:48,800 --> 00:06:51,680 Speaker 3: Wow, and we're not just talking about, like, you know, 115 00:06:51,839 --> 00:06:54,120 Speaker 3: a small amount of debt either. I think I read 116 00:06:54,120 --> 00:06:56,560 Speaker 3: that it was something close to eighty thousand dollars. 117 00:06:56,800 --> 00:06:57,839 Speaker 1: Yes, that's correct. 118 00:06:58,000 --> 00:07:01,039 Speaker 3: Wow. Okay, So what an impressive feet for you to 119 00:07:01,120 --> 00:07:04,680 Speaker 3: come back from that, which now makes me not surprised 120 00:07:04,680 --> 00:07:07,400 Speaker 3: at all that you have become such an expert in 121 00:07:07,440 --> 00:07:08,040 Speaker 3: this area. 122 00:07:08,200 --> 00:07:09,640 Speaker 2: So now what we're. 123 00:07:09,520 --> 00:07:13,000 Speaker 3: Talking about today talking about financial wellness, as I said, 124 00:07:13,040 --> 00:07:16,520 Speaker 3: something that you know plenty about. Before we get going, really, 125 00:07:16,680 --> 00:07:20,000 Speaker 3: why don't we kind of like establish a broad definition 126 00:07:20,120 --> 00:07:22,800 Speaker 3: for what financial wellness really is. 127 00:07:23,280 --> 00:07:26,840 Speaker 1: So really, when people think about financial wellness, it's really 128 00:07:26,920 --> 00:07:31,240 Speaker 1: easy to gravitate towards numbers, right, our income, how much 129 00:07:31,240 --> 00:07:33,400 Speaker 1: money we have saved in the bank, how much money 130 00:07:33,400 --> 00:07:36,880 Speaker 1: we have saved for retirement. But really wellness does not 131 00:07:37,000 --> 00:07:40,680 Speaker 1: have anything to do with the numbers. It's more about 132 00:07:40,840 --> 00:07:46,320 Speaker 1: the confidence, clarity, and stability that we feel with our money. 133 00:07:46,760 --> 00:07:49,600 Speaker 1: The opposite of financial wellness is always being in a 134 00:07:49,680 --> 00:07:55,960 Speaker 1: state of feeling scared or anxious or nervous or uncomfortable 135 00:07:56,040 --> 00:08:00,120 Speaker 1: with our money. So really, it's how we feel about 136 00:08:00,120 --> 00:08:03,520 Speaker 1: ourselves and about the money that we have in our 137 00:08:03,560 --> 00:08:04,360 Speaker 1: future goals. 138 00:08:04,760 --> 00:08:06,960 Speaker 3: Okay, so now I know we're going to go through 139 00:08:07,040 --> 00:08:13,440 Speaker 3: seven different best practice strategies to have better financial wellness, 140 00:08:13,440 --> 00:08:16,600 Speaker 3: and our first one knowing your starting place. 141 00:08:16,680 --> 00:08:17,840 Speaker 2: Talk to me a little bit about that. 142 00:08:18,160 --> 00:08:20,960 Speaker 1: This comes down to the self examination. It can be 143 00:08:21,120 --> 00:08:26,720 Speaker 1: really hard to look at your overall debt balances and 144 00:08:26,800 --> 00:08:30,040 Speaker 1: get over just paying the minimum payments. So this is 145 00:08:30,040 --> 00:08:33,720 Speaker 1: what I mean by knowing your starting place. It's knowing 146 00:08:33,800 --> 00:08:37,400 Speaker 1: exactly where you stand with your overall debt, where you 147 00:08:37,440 --> 00:08:40,760 Speaker 1: stand with your savings, where you stand as far as 148 00:08:40,760 --> 00:08:45,400 Speaker 1: you're spending. You have to know the clear starting point 149 00:08:45,559 --> 00:08:48,280 Speaker 1: at which you are beginning this journey in order to 150 00:08:48,400 --> 00:08:51,280 Speaker 1: grow and make progress. So that's like one of the 151 00:08:51,280 --> 00:08:53,600 Speaker 1: first little hurdles, and that can be really. 152 00:08:53,360 --> 00:08:54,960 Speaker 2: Scary, oh for sure. 153 00:08:55,080 --> 00:08:57,760 Speaker 3: And I mean I think to your point here, this 154 00:08:57,920 --> 00:09:01,400 Speaker 3: can be so applicable to so many things in our lives. 155 00:09:01,480 --> 00:09:03,480 Speaker 3: Right Like when we want to make a change, you 156 00:09:03,520 --> 00:09:06,400 Speaker 3: have to confront where it is that you're at so 157 00:09:06,440 --> 00:09:10,520 Speaker 3: that you can actually move forward with changing what's happening 158 00:09:10,640 --> 00:09:12,960 Speaker 3: in this moment right exactly. 159 00:09:13,040 --> 00:09:16,160 Speaker 1: And like I said, you know, it's all about that 160 00:09:16,360 --> 00:09:21,319 Speaker 1: self examination mode and really looking at your financial journey 161 00:09:21,640 --> 00:09:25,319 Speaker 1: as a financial transformation, one that has a starting point. 162 00:09:25,480 --> 00:09:26,600 Speaker 2: I love that. I love that. 163 00:09:26,760 --> 00:09:29,160 Speaker 3: Now the next tip that we're going to talk through 164 00:09:29,160 --> 00:09:33,520 Speaker 3: here where is your money going? Tracking your spending? And 165 00:09:33,559 --> 00:09:36,959 Speaker 3: this reminds me of keeping a food journal when you're 166 00:09:37,000 --> 00:09:39,640 Speaker 3: trying to examine a little bit about what you're putting 167 00:09:39,640 --> 00:09:40,080 Speaker 3: into your. 168 00:09:39,960 --> 00:09:42,200 Speaker 2: Body and why why am I not feeling so good? 169 00:09:42,200 --> 00:09:44,400 Speaker 2: It's the same thing with your money, it really is. 170 00:09:44,720 --> 00:09:49,360 Speaker 1: It's all about being able to make informed decisions and 171 00:09:49,520 --> 00:09:54,640 Speaker 1: take that knowledge to take action. So the worst thing 172 00:09:54,679 --> 00:09:56,959 Speaker 1: that we can do is to go out and do 173 00:09:57,280 --> 00:10:00,000 Speaker 1: take all this action and put in all this fift 174 00:10:00,000 --> 00:10:03,640 Speaker 1: effort if we don't have a clear understanding of where 175 00:10:03,720 --> 00:10:06,240 Speaker 1: our money is going. Because what happens is we could 176 00:10:06,280 --> 00:10:08,840 Speaker 1: be throwing our money at things that we don't value, 177 00:10:09,160 --> 00:10:12,360 Speaker 1: that doesn't bring us joy, things that don't align with 178 00:10:12,440 --> 00:10:15,200 Speaker 1: our financial goal. So we just did all this work 179 00:10:15,600 --> 00:10:19,559 Speaker 1: without truly understanding where our dollars are going. I think 180 00:10:19,600 --> 00:10:23,880 Speaker 1: that tracking your spending is by far the most critical 181 00:10:24,000 --> 00:10:27,360 Speaker 1: step when you are creating a budget or a financial plan. 182 00:10:27,679 --> 00:10:30,400 Speaker 3: That's a really good takeaway and I think oftentimes when 183 00:10:30,440 --> 00:10:33,280 Speaker 3: you take the time to stop and keep a food diary, 184 00:10:33,640 --> 00:10:36,520 Speaker 3: you don't realize what it is that you're putting into 185 00:10:36,559 --> 00:10:39,800 Speaker 3: your body until you're tasked with keeping track of all 186 00:10:39,840 --> 00:10:42,280 Speaker 3: of it. So same goes with your spending, right. It's 187 00:10:42,280 --> 00:10:45,040 Speaker 3: like you might not notice even that you are spending, 188 00:10:45,400 --> 00:10:47,640 Speaker 3: you know, three to four dollars five times a week 189 00:10:47,679 --> 00:10:49,839 Speaker 3: on a coffee. It's just kind of like second nature. 190 00:10:49,880 --> 00:10:52,880 Speaker 3: It's become part of your practice. But when you stop 191 00:10:53,040 --> 00:10:55,199 Speaker 3: and look at your spending and see what all this 192 00:10:55,320 --> 00:10:57,400 Speaker 3: money is going to and see how it adds up, 193 00:10:57,679 --> 00:10:59,040 Speaker 3: it makes such a big difference. 194 00:10:59,480 --> 00:11:01,920 Speaker 1: It's a huge different I call it the slap in 195 00:11:01,960 --> 00:11:05,800 Speaker 1: the face moment. It's that moment where you're like, oh 196 00:11:05,840 --> 00:11:09,040 Speaker 1: my gosh, I just spend one thousand dollars this month 197 00:11:09,080 --> 00:11:13,839 Speaker 1: on new clothes and I don't even value like clothing. 198 00:11:14,120 --> 00:11:17,360 Speaker 1: I would rather travel than spend all this money on clothes. 199 00:11:17,720 --> 00:11:19,640 Speaker 1: And so it's just a big eye opener. 200 00:11:20,440 --> 00:11:23,120 Speaker 3: Oh for sure, for sure. So that brings us to 201 00:11:23,160 --> 00:11:27,680 Speaker 3: your next recommendation here, don't just create a budget, implement one. 202 00:11:28,080 --> 00:11:28,880 Speaker 2: Talk to me about that. 203 00:11:29,320 --> 00:11:32,679 Speaker 1: So one of the number one mistakes that I see 204 00:11:32,720 --> 00:11:35,520 Speaker 1: with people who are creating budgets in their lives, is 205 00:11:35,559 --> 00:11:39,079 Speaker 1: that they're creating their budget around what they want to spend, 206 00:11:39,720 --> 00:11:44,000 Speaker 1: not what they're realistically spending. This is the difference between 207 00:11:44,040 --> 00:11:47,400 Speaker 1: a budget that works and one that does not. The 208 00:11:47,440 --> 00:11:50,000 Speaker 1: only way to have a successful budget in your life 209 00:11:50,000 --> 00:11:53,280 Speaker 1: that you can truly stick to is if you come 210 00:11:53,360 --> 00:11:57,760 Speaker 1: from a place that's realistic. Now, it may not be 211 00:11:57,840 --> 00:12:02,240 Speaker 1: a place that you're happy about, but that's the starting point, 212 00:12:02,440 --> 00:12:05,320 Speaker 1: is what you are truly spending, and then you can 213 00:12:05,400 --> 00:12:09,440 Speaker 1: tweak and perfect as you go along. It's the number 214 00:12:09,520 --> 00:12:11,840 Speaker 1: one reason why I tell people, Hey, if you're spending 215 00:12:11,840 --> 00:12:14,080 Speaker 1: one thousand dollars a month on food and you don't 216 00:12:14,160 --> 00:12:16,959 Speaker 1: like that, don't just cut your grocery budget to five 217 00:12:17,040 --> 00:12:20,679 Speaker 1: hundred dollars, because that's a huge jump to go from 218 00:12:20,760 --> 00:12:24,760 Speaker 1: one thousand to five hundred. Do it in small, incremental, 219 00:12:24,920 --> 00:12:28,680 Speaker 1: achievable steps that you can dwindle down and get to 220 00:12:28,720 --> 00:12:32,280 Speaker 1: the budget that you want, but it also works for you. 221 00:12:32,840 --> 00:12:35,720 Speaker 3: This is like going back to that idea of setting 222 00:12:35,760 --> 00:12:39,080 Speaker 3: smart goals. I mean, obviously smart goals can be in 223 00:12:39,200 --> 00:12:43,280 Speaker 3: any subject, any topic area, but here you're really homing 224 00:12:43,320 --> 00:12:46,479 Speaker 3: in on making sure that your financial goals are specific, 225 00:12:46,520 --> 00:12:49,960 Speaker 3: They are measurable, attainable, relevant, and time bound. These are 226 00:12:50,000 --> 00:12:53,000 Speaker 3: all very central to it seems like what you're getting 227 00:12:53,040 --> 00:12:57,520 Speaker 3: at here, Yes, exactly. Okay, So now let's talk a 228 00:12:57,559 --> 00:13:00,280 Speaker 3: little bit about emergencies. 229 00:12:59,800 --> 00:13:03,959 Speaker 1: All of us I think have experienced, especially during the pandemic, 230 00:13:04,360 --> 00:13:10,560 Speaker 1: how important savings really is, and even small businesses not 231 00:13:10,760 --> 00:13:15,120 Speaker 1: being prepared with enough cash flow to keep up with 232 00:13:15,160 --> 00:13:19,160 Speaker 1: the expenses in our lives. So having an emergency fund 233 00:13:19,280 --> 00:13:21,760 Speaker 1: is critical because the last thing that we want to 234 00:13:21,800 --> 00:13:27,600 Speaker 1: do is derail our financial transformation and progression with something 235 00:13:27,640 --> 00:13:31,880 Speaker 1: that unexpected that pops up. So we really need to 236 00:13:31,960 --> 00:13:37,760 Speaker 1: make sure that we focus on preparing for the unexpected. Now, 237 00:13:37,800 --> 00:13:41,280 Speaker 1: preparing for the expected and the planned is a different story, 238 00:13:41,400 --> 00:13:46,680 Speaker 1: but really what's critical is the unexpected expenses or life 239 00:13:46,679 --> 00:13:50,320 Speaker 1: events that pop up. So having an emergency fund I 240 00:13:50,320 --> 00:13:54,200 Speaker 1: would say three to six months worth of necessary living 241 00:13:54,240 --> 00:13:58,800 Speaker 1: expenses saved. That way, we are prepared in the moments 242 00:13:58,800 --> 00:14:01,840 Speaker 1: that we need it. Because let's be honest, real life 243 00:14:01,880 --> 00:14:05,200 Speaker 1: is going to happen. If it's not this pandemic, then 244 00:14:05,240 --> 00:14:07,280 Speaker 1: it's going to be something else in the future. And 245 00:14:07,559 --> 00:14:10,760 Speaker 1: the best way to find stability in our lives is 246 00:14:10,800 --> 00:14:16,080 Speaker 1: to give ourselves options on when we need them. 247 00:14:16,480 --> 00:14:18,920 Speaker 3: Such a good tip. And you said three to six 248 00:14:19,160 --> 00:14:22,440 Speaker 3: months of living expenses, So why don't we just get 249 00:14:22,480 --> 00:14:25,080 Speaker 3: a little bit more specific on what that might entail 250 00:14:25,120 --> 00:14:27,760 Speaker 3: because someone might hear that and think, okay, just like 251 00:14:28,080 --> 00:14:31,360 Speaker 3: three months rent. But it's bigger than that, right, it 252 00:14:31,400 --> 00:14:32,080 Speaker 3: really is. 253 00:14:32,200 --> 00:14:37,680 Speaker 1: Now what quote unquote living expenses? These are your necessityes live. 254 00:14:37,720 --> 00:14:40,600 Speaker 1: It's your rent, it's your food. It's transportation to get 255 00:14:40,600 --> 00:14:43,800 Speaker 1: to your guaranteed paycheck that you're going to receive. It's 256 00:14:43,840 --> 00:14:46,960 Speaker 1: to put you know, clothes on your children's back so 257 00:14:47,000 --> 00:14:51,320 Speaker 1: they can go to school. So those are my necessities 258 00:14:51,360 --> 00:14:55,560 Speaker 1: for living. But my emergency fund is very different. I 259 00:14:55,680 --> 00:14:59,520 Speaker 1: want to continue the same lifestyle that I have now, 260 00:15:00,240 --> 00:15:04,840 Speaker 1: say if I lose my income, So my emergency fund 261 00:15:05,280 --> 00:15:09,680 Speaker 1: is funded with enough money to include you know, oh, 262 00:15:09,920 --> 00:15:13,880 Speaker 1: I'm super tired tonight. I don't feel like cooking. Crap happens, 263 00:15:13,880 --> 00:15:16,760 Speaker 1: life happens. I'm going to eat out, you know, Oh, 264 00:15:16,800 --> 00:15:20,360 Speaker 1: my my son was invited to a birthday party this month. 265 00:15:20,800 --> 00:15:22,920 Speaker 1: I have it in my emergence. So it's those type 266 00:15:22,920 --> 00:15:26,600 Speaker 1: of things. So essentially, mine is what's in my budget. 267 00:15:26,720 --> 00:15:30,440 Speaker 1: Right now three to six months worth. But it depends 268 00:15:30,440 --> 00:15:33,080 Speaker 1: on the person as well and what you're comfortable with. 269 00:15:33,120 --> 00:15:36,320 Speaker 1: But I would say the bare minimum is those essential 270 00:15:36,400 --> 00:15:38,680 Speaker 1: living costs three to six months worth. 271 00:15:38,920 --> 00:15:41,480 Speaker 3: I do want to touch back for a second on 272 00:15:41,920 --> 00:15:44,720 Speaker 3: the idea of a budget. I think that so often 273 00:15:44,800 --> 00:15:46,920 Speaker 3: we hear like you should make a budget, and it 274 00:15:47,080 --> 00:15:50,720 Speaker 3: just feels super overwhelming. I know that I've been to 275 00:15:50,720 --> 00:15:53,000 Speaker 3: your website, I know that you have some great tools there, 276 00:15:53,080 --> 00:15:55,280 Speaker 3: But talk to me about like, if you had to 277 00:15:55,320 --> 00:15:59,720 Speaker 3: offer one the biggest tip to someone who's like starting 278 00:15:59,760 --> 00:16:02,520 Speaker 3: from scratch with a budget, what would that be? 279 00:16:04,280 --> 00:16:07,800 Speaker 1: I think the gosh, I have so many tips. The 280 00:16:07,840 --> 00:16:14,360 Speaker 1: biggest tip would be to remember that your budget is 281 00:16:14,400 --> 00:16:20,680 Speaker 1: an organizational tool, it's not an implementation tool. And what 282 00:16:20,720 --> 00:16:24,160 Speaker 1: I mean by that is you have to do all 283 00:16:24,280 --> 00:16:29,040 Speaker 1: the hard work of knowing how you're going to tack 284 00:16:29,080 --> 00:16:32,880 Speaker 1: your debt, what priorities, your savings goals are in ordering 285 00:16:32,960 --> 00:16:36,880 Speaker 1: them in order of importance, knowing where your income is 286 00:16:36,920 --> 00:16:39,120 Speaker 1: coming in and where it's coming from, where are your 287 00:16:39,120 --> 00:16:41,680 Speaker 1: expenses going out. You have to do all that hard 288 00:16:41,720 --> 00:16:44,720 Speaker 1: work before you put numbers on a piece of paper, 289 00:16:45,360 --> 00:16:48,160 Speaker 1: because it's all of that hard work that's going to 290 00:16:48,280 --> 00:16:51,000 Speaker 1: answer your questions when you get to creating a budget. 291 00:16:51,000 --> 00:16:53,800 Speaker 1: What are my budget categories? What should I assign for 292 00:16:53,880 --> 00:16:57,880 Speaker 1: my budget limits? What debt do I tackle first? Oh, 293 00:16:57,960 --> 00:17:00,880 Speaker 1: I came into some extra income, where does it need 294 00:17:00,920 --> 00:17:04,040 Speaker 1: to go? If you do all the hard work, then 295 00:17:03,760 --> 00:17:07,280 Speaker 1: your budget can be the tool, your roadmap on where 296 00:17:07,320 --> 00:17:10,000 Speaker 1: you need to throw your money so you can assure 297 00:17:10,119 --> 00:17:13,160 Speaker 1: that it's going to the places that matter most to you. 298 00:17:13,680 --> 00:17:14,040 Speaker 2: Smart. 299 00:17:14,160 --> 00:17:18,960 Speaker 3: Smart, And I think again you're talking personalization right. It's like, yes, 300 00:17:19,040 --> 00:17:21,520 Speaker 3: you can go to a website and get a tool 301 00:17:21,600 --> 00:17:24,119 Speaker 3: that can be super helpful, but then to implement that 302 00:17:24,280 --> 00:17:26,560 Speaker 3: into your life, you need to We're going to keep 303 00:17:26,600 --> 00:17:29,680 Speaker 3: going back to this theme, be honest and upfront about 304 00:17:29,680 --> 00:17:30,840 Speaker 3: where you're at so that you. 305 00:17:30,800 --> 00:17:33,000 Speaker 2: Can be smart about where you're going. 306 00:17:33,600 --> 00:17:38,840 Speaker 1: So really, what I learned on my financial transformation, especially 307 00:17:38,880 --> 00:17:41,720 Speaker 1: around the world of retirement, is it was really easy 308 00:17:41,800 --> 00:17:46,240 Speaker 1: to detach myself from my future self. It was very 309 00:17:46,320 --> 00:17:48,640 Speaker 1: easy for me to say and look at it like, well, 310 00:17:48,640 --> 00:17:51,240 Speaker 1: that's a really long ways away, I can't relate to 311 00:17:51,320 --> 00:17:55,320 Speaker 1: that individual. But what I realized is is that we 312 00:17:55,480 --> 00:17:59,520 Speaker 1: are basically preparing and saving and investing for retirement. Now 313 00:18:00,320 --> 00:18:03,760 Speaker 1: this younger version of myself, so I can give a 314 00:18:03,840 --> 00:18:07,840 Speaker 1: paycheck to the older version of myself. And that's the 315 00:18:07,880 --> 00:18:10,639 Speaker 1: way I like to look at it as retirement. I 316 00:18:10,680 --> 00:18:15,480 Speaker 1: am taking care of me in the future, and that 317 00:18:15,600 --> 00:18:18,840 Speaker 1: made it a little bit more easier, I think, for 318 00:18:19,000 --> 00:18:21,359 Speaker 1: tucking away money when sometimes it can feel like, well, 319 00:18:21,359 --> 00:18:22,919 Speaker 1: I'm not going to be able to access this for 320 00:18:22,960 --> 00:18:25,760 Speaker 1: a very long time. I have a really long time, 321 00:18:25,840 --> 00:18:28,680 Speaker 1: so what's the point. So that's what I mean by 322 00:18:28,760 --> 00:18:32,359 Speaker 1: taking care of yourself in the future, and I always 323 00:18:32,480 --> 00:18:36,120 Speaker 1: recommend the earlier that you can start, obviously the better, right, 324 00:18:36,160 --> 00:18:39,640 Speaker 1: we have compound interest on our side when it comes 325 00:18:39,720 --> 00:18:43,320 Speaker 1: to saving and investing for retirement. It's the number one 326 00:18:43,400 --> 00:18:47,199 Speaker 1: reason I recommend that even if you have debt. Now, 327 00:18:47,240 --> 00:18:49,359 Speaker 1: that's the number one question I get, Miko, Should I 328 00:18:49,720 --> 00:18:53,439 Speaker 1: invest for retirement even though I have debt? Yes, and no. 329 00:18:54,240 --> 00:18:57,560 Speaker 1: You should invest and save for retirement up to the 330 00:18:57,600 --> 00:19:01,400 Speaker 1: employer match that you are given. Anything outside of that 331 00:19:01,440 --> 00:19:04,160 Speaker 1: can go towards your higher interest debt. But the worst 332 00:19:04,160 --> 00:19:06,600 Speaker 1: thing that we can do is not only leave free 333 00:19:06,640 --> 00:19:09,760 Speaker 1: money on the table, but really, if you think about 334 00:19:09,800 --> 00:19:14,680 Speaker 1: an employer match, that's your pay for what you do, 335 00:19:16,280 --> 00:19:20,480 Speaker 1: that's your contribution for the value you bring to your employer. 336 00:19:20,520 --> 00:19:23,520 Speaker 1: You should take it. It's there, they're offering it to you. 337 00:19:24,359 --> 00:19:26,960 Speaker 1: So that's my only one exception. When you have debt, 338 00:19:26,960 --> 00:19:29,320 Speaker 1: and if you're wanting to invest for retirement, always do 339 00:19:29,440 --> 00:19:31,560 Speaker 1: up to what your employer is willing to match. 340 00:19:31,880 --> 00:19:34,000 Speaker 2: Now, what if you're a contract worker. 341 00:19:34,080 --> 00:19:36,479 Speaker 3: I mean I know that I don't have one boss, 342 00:19:36,520 --> 00:19:39,520 Speaker 3: So what do you say to someone who is working 343 00:19:39,680 --> 00:19:42,400 Speaker 3: off of ten ninety nine's for example? Right? 344 00:19:42,600 --> 00:19:45,520 Speaker 1: So I always say, hey, if you can at least 345 00:19:45,640 --> 00:19:48,399 Speaker 1: do you know this isn't speaking. If you have debt, 346 00:19:48,720 --> 00:19:53,720 Speaker 1: try to do at least seven percent start there, give 347 00:19:53,760 --> 00:19:57,560 Speaker 1: yourself a realistic number, and give yourself some grace, and 348 00:19:57,720 --> 00:20:01,320 Speaker 1: remember that fifty dollars a month is better than nothing. 349 00:20:02,200 --> 00:20:04,440 Speaker 1: So if you're putting in fifty dollars a month and 350 00:20:04,520 --> 00:20:06,880 Speaker 1: you say to yourself, well, you know what, geez, that 351 00:20:06,960 --> 00:20:10,159 Speaker 1: person or that person is doing like fifteen percent of 352 00:20:10,200 --> 00:20:14,399 Speaker 1: their income, that's okay. Everyone has to start somewhere in 353 00:20:14,520 --> 00:20:17,680 Speaker 1: your realistic starting place is at fifty dollars a month, 354 00:20:17,840 --> 00:20:21,240 Speaker 1: and that's still taking action, which I still consider a win. 355 00:20:22,320 --> 00:20:25,479 Speaker 3: Now, when you say like seven percent or fifteen percent 356 00:20:25,520 --> 00:20:29,040 Speaker 3: of your of your paycheck or your annual income. For 357 00:20:29,119 --> 00:20:32,320 Speaker 3: those that may not be saving just yet. When you 358 00:20:32,359 --> 00:20:34,320 Speaker 3: say putting that aside, are you putting that into a 359 00:20:34,320 --> 00:20:37,000 Speaker 3: bank account? Are you putting that into an IRA? What 360 00:20:37,040 --> 00:20:37,760 Speaker 3: are you doing with that? 361 00:20:38,480 --> 00:20:42,520 Speaker 1: Well, you can put it into your employer sponsor retirement account. 362 00:20:42,520 --> 00:20:45,080 Speaker 1: That could look like a four toh one K. If 363 00:20:45,119 --> 00:20:49,040 Speaker 1: you're self employed, that could look like a wroth IRA 364 00:20:49,320 --> 00:20:52,119 Speaker 1: that you were managing on your own through a platform 365 00:20:52,200 --> 00:20:57,320 Speaker 1: like Fidelity or Vanguard or td Ameritrade or schwab. So 366 00:20:58,200 --> 00:21:02,000 Speaker 1: it could be any of those things. When I say invest, 367 00:21:02,640 --> 00:21:07,840 Speaker 1: I'm usually talking about your retirement, remember, preparing to take 368 00:21:07,880 --> 00:21:11,480 Speaker 1: care of ourselves. You can also invest outside of retirement, 369 00:21:11,920 --> 00:21:14,399 Speaker 1: but I really do think that's a later goal. We 370 00:21:14,480 --> 00:21:17,919 Speaker 1: need to be focusing on our retirement goals first. And also, 371 00:21:18,160 --> 00:21:20,520 Speaker 1: like I said, your emergency savings, which can be in 372 00:21:20,560 --> 00:21:22,800 Speaker 1: your checking or in your savings account, or in like 373 00:21:22,800 --> 00:21:24,360 Speaker 1: a high yield savings account. 374 00:21:33,440 --> 00:21:36,280 Speaker 3: Taking a break from today's episode to talk to you 375 00:21:36,359 --> 00:21:40,239 Speaker 3: about my new sponsor at super Coffee. Now you know 376 00:21:40,640 --> 00:21:46,280 Speaker 3: that I take my caffeinating seriously. I am, oh my goodness, 377 00:21:46,359 --> 00:21:50,840 Speaker 3: a caffeine fiend. Within moderation. Of course, I love myself 378 00:21:50,920 --> 00:21:53,840 Speaker 3: a little espresso first thing in the morning, and there 379 00:21:53,880 --> 00:21:56,560 Speaker 3: is nothing that tastes better to me when I'm in 380 00:21:56,640 --> 00:22:00,560 Speaker 3: my midday slum than a nice sip of job. And 381 00:22:00,640 --> 00:22:03,800 Speaker 3: this is where super Coffee comes in. They have a 382 00:22:03,920 --> 00:22:08,080 Speaker 3: ton of different offerings, ranging from their coffee grounds which 383 00:22:08,119 --> 00:22:12,280 Speaker 3: I make with my chemics, to their pre made options 384 00:22:12,320 --> 00:22:16,000 Speaker 3: in so many delicious flavors, from mocha and blueberry latte 385 00:22:16,160 --> 00:22:20,000 Speaker 3: to vanilla and caramel. They come packed with what they 386 00:22:20,040 --> 00:22:23,240 Speaker 3: refer to as super ingredients. I'm talking monk fruit, which 387 00:22:23,280 --> 00:22:27,080 Speaker 3: is then naturally occurring sugar free car free sweetener, and 388 00:22:27,119 --> 00:22:30,199 Speaker 3: milk protein isolate, which is a high quality protein that 389 00:22:30,240 --> 00:22:33,720 Speaker 3: helps build strength and keep you feeling full. 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The best part Super Coffee has a sixty 398 00:22:59,400 --> 00:23:01,840 Speaker 3: day money guarantee you, meaning if you don't love it, 399 00:23:02,160 --> 00:23:06,000 Speaker 3: you get your money back, No questions asked Again, Head 400 00:23:06,000 --> 00:23:09,920 Speaker 3: on over to Drinksupercoffee dot com. Slash hurdle or use 401 00:23:10,000 --> 00:23:13,120 Speaker 3: code Hurdle at checkout to get twenty five percent off 402 00:23:13,280 --> 00:23:26,480 Speaker 3: your entire first purchase today. I know our second to 403 00:23:26,560 --> 00:23:29,320 Speaker 3: last tip here having a clear plan to pay off 404 00:23:29,359 --> 00:23:32,560 Speaker 3: debt and save for financial goals. Let's talk for a 405 00:23:32,600 --> 00:23:37,199 Speaker 3: second about setting financial goals. Any best practice tip that 406 00:23:37,240 --> 00:23:40,000 Speaker 3: you can offer to someone who's maybe never really set 407 00:23:40,040 --> 00:23:41,320 Speaker 3: a financial goal before. 408 00:23:42,359 --> 00:23:45,240 Speaker 1: Yes, And like, I love when you talked about smart 409 00:23:45,240 --> 00:23:48,080 Speaker 1: goals because I am the smart goal person. I do 410 00:23:48,160 --> 00:23:51,280 Speaker 1: it in every aspect of my life, not just for 411 00:23:51,400 --> 00:23:55,040 Speaker 1: my finances. I'm a huge believer that they have to 412 00:23:55,080 --> 00:23:59,439 Speaker 1: be descriptive and they have to be specific. If you 413 00:23:59,560 --> 00:24:02,239 Speaker 1: come out and say, Mico, I want to buy a 414 00:24:02,280 --> 00:24:06,399 Speaker 1: new car, well, that's a fantastic goal, but we didn't 415 00:24:06,400 --> 00:24:08,879 Speaker 1: give a lot of detail to that goal. When do 416 00:24:08,960 --> 00:24:11,160 Speaker 1: you want to buy the car, Why do you want 417 00:24:11,160 --> 00:24:14,080 Speaker 1: to buy the car? How much can you realistically save 418 00:24:14,200 --> 00:24:16,800 Speaker 1: to buy the car, which is going to determine maybe 419 00:24:16,800 --> 00:24:20,199 Speaker 1: what type of car you get. What are the values 420 00:24:20,240 --> 00:24:24,119 Speaker 1: around the car. Are you looking for dependability or what 421 00:24:24,160 --> 00:24:26,639 Speaker 1: are you looking for? Are you looking for size a vehicle? 422 00:24:26,680 --> 00:24:32,160 Speaker 1: Maybe your family has grown, so descriptive goals come first. 423 00:24:32,880 --> 00:24:36,000 Speaker 1: The next important thing that comes with financial goals is 424 00:24:36,040 --> 00:24:38,360 Speaker 1: you have to prioritize them in. 425 00:24:38,520 --> 00:24:39,960 Speaker 2: Order of importance. 426 00:24:41,000 --> 00:24:45,119 Speaker 1: This is really critical because it answers the question, Miko, 427 00:24:45,560 --> 00:24:48,680 Speaker 1: what do I do next? I paid off my debt? 428 00:24:48,720 --> 00:24:49,359 Speaker 2: What now? 429 00:24:50,680 --> 00:24:53,440 Speaker 1: Right? Or Miko, I got a bonus from work, where 430 00:24:53,440 --> 00:24:56,720 Speaker 1: do I do with it? I got a third paycheck 431 00:24:56,800 --> 00:24:59,960 Speaker 1: this month? Where does it go? Well, if you prioritize 432 00:25:00,200 --> 00:25:03,760 Speaker 1: your goals in order of importance, you know exactly the 433 00:25:03,840 --> 00:25:06,200 Speaker 1: game plan on where your money needs to go when 434 00:25:06,200 --> 00:25:07,879 Speaker 1: you have extra income. 435 00:25:08,680 --> 00:25:09,320 Speaker 2: Right right? 436 00:25:09,400 --> 00:25:11,919 Speaker 3: So I think that some people probably struggle with like 437 00:25:12,119 --> 00:25:15,760 Speaker 3: prioritizing which goal comes first, right, or which thing is 438 00:25:15,800 --> 00:25:18,879 Speaker 3: the most important. It's like, yeah, my retirement's important, but 439 00:25:18,920 --> 00:25:21,159 Speaker 3: so is like my mental health, And like sometimes I 440 00:25:21,160 --> 00:25:24,040 Speaker 3: want to think about putting money into an account for X, 441 00:25:24,080 --> 00:25:26,320 Speaker 3: and then money into a different account for why. Something 442 00:25:26,320 --> 00:25:30,080 Speaker 3: that I've started to exercise is actually having different bake 443 00:25:30,119 --> 00:25:33,720 Speaker 3: accounts for different goals. So I have and I've talked 444 00:25:33,720 --> 00:25:35,560 Speaker 3: about this on the show before, But I have like 445 00:25:35,600 --> 00:25:37,960 Speaker 3: an Italy account that's just like waiting for me to 446 00:25:37,960 --> 00:25:40,199 Speaker 3: go to Italy whenever I can go back there. I 447 00:25:40,240 --> 00:25:44,040 Speaker 3: obviously have a I as a contractor, I have a 448 00:25:44,119 --> 00:25:47,040 Speaker 3: roth Ira like, so I have different things that I'm 449 00:25:47,040 --> 00:25:50,399 Speaker 3: mindful of what I'm contributing to them. But I think 450 00:25:50,440 --> 00:25:52,760 Speaker 3: that again, it's hard to make that priority list when 451 00:25:52,760 --> 00:25:54,640 Speaker 3: you're like, there's just so many things I want to do. 452 00:25:55,119 --> 00:25:57,119 Speaker 1: Yeah, let me give you my biggest tips with that. 453 00:25:57,359 --> 00:26:01,320 Speaker 1: So that's so true, Miko. How to so I save 454 00:26:01,440 --> 00:26:06,720 Speaker 1: for things or have financial goals when everything seems this important, 455 00:26:07,400 --> 00:26:12,080 Speaker 1: everything seems equally important. Here is my number one tip. 456 00:26:13,080 --> 00:26:18,640 Speaker 1: Go at your financial goals with trade offs, understanding that 457 00:26:19,359 --> 00:26:23,640 Speaker 1: if you prioritize one goal over another, you are essentially 458 00:26:23,720 --> 00:26:26,480 Speaker 1: just you're making the conscious decision to spend your money 459 00:26:26,520 --> 00:26:29,520 Speaker 1: one way instead of another. What are you gaining and 460 00:26:29,560 --> 00:26:33,679 Speaker 1: what are you losing? So when you have a clear 461 00:26:34,000 --> 00:26:38,040 Speaker 1: picture of your trade offs, it might become clear to 462 00:26:38,080 --> 00:26:41,520 Speaker 1: some individual what's really most important when we get down 463 00:26:41,560 --> 00:26:45,560 Speaker 1: to the nitty gritty. But like you said, it's also important. 464 00:26:45,720 --> 00:26:48,760 Speaker 1: I'm a huge believer and recommend that people have a 465 00:26:49,000 --> 00:26:52,760 Speaker 1: dedicated purpose for the money of that they're saving or 466 00:26:52,800 --> 00:26:58,440 Speaker 1: that they're investing. Like you, I have fifteen different savings accounts. 467 00:26:59,000 --> 00:27:01,880 Speaker 1: Yes I do, I have, and that's you know, I'm 468 00:27:01,920 --> 00:27:04,280 Speaker 1: debt free. So my goals might look a little bit 469 00:27:04,320 --> 00:27:05,280 Speaker 1: different than others. 470 00:27:05,840 --> 00:27:06,840 Speaker 2: But I did that. 471 00:27:07,040 --> 00:27:09,959 Speaker 1: So when I go and spend money for the Disneyland 472 00:27:10,000 --> 00:27:13,000 Speaker 1: trip for my son, and I go to spend it on, 473 00:27:13,080 --> 00:27:16,560 Speaker 1: say a new jacket, I know, and it's clear I 474 00:27:16,600 --> 00:27:20,439 Speaker 1: am giving up part or a lot more time of 475 00:27:20,480 --> 00:27:22,879 Speaker 1: me saving for that goal for my Disneyland trip with 476 00:27:22,920 --> 00:27:27,600 Speaker 1: my kiddo to get a purse. Am I okay with that? Well, 477 00:27:27,640 --> 00:27:29,919 Speaker 1: then then you're going to make that personal decision on 478 00:27:30,000 --> 00:27:32,520 Speaker 1: what you're okay with and what you're not by. But 479 00:27:33,040 --> 00:27:36,880 Speaker 1: dedicating your savings goals gives you that clear trade off. 480 00:27:37,119 --> 00:27:40,680 Speaker 3: And I love your last tip here for better financial wellness. 481 00:27:40,800 --> 00:27:43,840 Speaker 3: Recognize your earning potential. I think this is something that 482 00:27:43,920 --> 00:27:48,560 Speaker 3: a lot of people do not do at all, especially 483 00:27:48,920 --> 00:27:52,600 Speaker 3: for those that may, you know, feel really satisfied with 484 00:27:52,920 --> 00:27:56,800 Speaker 3: their regular day job. If you happen to be, you know, 485 00:27:56,840 --> 00:27:59,840 Speaker 3: a full time employee, you don't often take a step 486 00:27:59,840 --> 00:28:02,720 Speaker 3: back and ask yourself what else could I be doing 487 00:28:02,880 --> 00:28:05,440 Speaker 3: to you? Know, make some sort of additional revenue stream. 488 00:28:05,520 --> 00:28:07,680 Speaker 3: So talk to me a little bit about this last 489 00:28:07,720 --> 00:28:08,480 Speaker 3: tip right here. 490 00:28:09,200 --> 00:28:12,880 Speaker 1: Yeah, So for a really long time, I restricted myself 491 00:28:14,119 --> 00:28:18,560 Speaker 1: basically by my regular paycheck. I told myself, this is 492 00:28:18,600 --> 00:28:21,000 Speaker 1: how much I earn, and this is what it is, 493 00:28:21,480 --> 00:28:25,000 Speaker 1: and what I earn is dictated by what my boss 494 00:28:25,000 --> 00:28:27,439 Speaker 1: decides to give me, and it just is what it is. 495 00:28:27,840 --> 00:28:28,080 Speaker 2: Right. 496 00:28:28,720 --> 00:28:31,560 Speaker 1: It wasn't until after my divorce and I was forced 497 00:28:31,880 --> 00:28:34,200 Speaker 1: to come up with different ways to pay off my debt. 498 00:28:34,240 --> 00:28:36,280 Speaker 1: I knew that if I wanted to be debt free, 499 00:28:36,760 --> 00:28:38,880 Speaker 1: my income that I was making was not going to 500 00:28:38,920 --> 00:28:44,840 Speaker 1: cut it. I was literally pressured into finding additional income streams. 501 00:28:45,120 --> 00:28:47,080 Speaker 1: What that looked like for me was getting out of 502 00:28:47,080 --> 00:28:50,160 Speaker 1: that scarcity mindset and thinking to myself, you know what, 503 00:28:50,800 --> 00:28:55,400 Speaker 1: I am capable of earning money outside of my day job. 504 00:28:56,600 --> 00:29:00,320 Speaker 1: I have that value. I have the skills and knowledge 505 00:29:00,400 --> 00:29:03,840 Speaker 1: to learn a new skill. I can do that, and 506 00:29:03,880 --> 00:29:06,520 Speaker 1: that's what I did. I had a passion and love 507 00:29:06,560 --> 00:29:11,080 Speaker 1: for photography. I taught myself how to do real estate photography, 508 00:29:11,080 --> 00:29:13,680 Speaker 1: and in fact, that's how I made my first extra 509 00:29:13,720 --> 00:29:16,800 Speaker 1: debt payment ever was from side income that I made 510 00:29:16,800 --> 00:29:20,480 Speaker 1: from taking pictures of houses, you know, so I sold 511 00:29:20,520 --> 00:29:23,640 Speaker 1: my own artwork for a long period of time. So 512 00:29:24,520 --> 00:29:27,640 Speaker 1: when I say you have to learn, you have to 513 00:29:27,920 --> 00:29:33,960 Speaker 1: learn and recognize the opportunities when they present themselves for 514 00:29:34,040 --> 00:29:36,880 Speaker 1: you to make more money. And my biggest thing with 515 00:29:36,960 --> 00:29:40,880 Speaker 1: this is if you feel like any skills, hobbies, or 516 00:29:40,920 --> 00:29:44,200 Speaker 1: passions that you're currently doing will not bring value to others, 517 00:29:44,600 --> 00:29:48,680 Speaker 1: that they're not worth paying for, that's how you feel. 518 00:29:49,080 --> 00:29:53,160 Speaker 1: But I guarantee that people will value and there is 519 00:29:53,200 --> 00:29:54,800 Speaker 1: a market. Like I get a lot of people that said, 520 00:29:54,800 --> 00:29:57,160 Speaker 1: when we go, you know, I make these handmade bigs, 521 00:29:57,200 --> 00:30:01,360 Speaker 1: but no one's gonna want them. Well, you don't know that, 522 00:30:01,560 --> 00:30:05,560 Speaker 1: don't undervalue yourself, and so that that's really what I'm 523 00:30:05,600 --> 00:30:10,040 Speaker 1: talking about here, is recognizing the opportunity and your true 524 00:30:10,040 --> 00:30:12,080 Speaker 1: growth potential when it comes to your income. 525 00:30:12,920 --> 00:30:16,280 Speaker 3: I think also like making sure that however you could 526 00:30:16,440 --> 00:30:20,280 Speaker 3: make money is something that actually feels really purposeful for 527 00:30:20,440 --> 00:30:23,080 Speaker 3: you as well, something that brings you joy if you're 528 00:30:23,160 --> 00:30:28,720 Speaker 3: just chasing dollars, and that's you know, a guaranteed recipe 529 00:30:28,760 --> 00:30:30,840 Speaker 3: to burn out rather quickly. 530 00:30:31,080 --> 00:30:33,560 Speaker 1: Right exactly. You know, That's how I started the budget mom. 531 00:30:33,960 --> 00:30:37,520 Speaker 1: It was out of true passion and a sense of purpose, 532 00:30:37,680 --> 00:30:40,160 Speaker 1: like I felt like I was put on this earth 533 00:30:41,040 --> 00:30:43,560 Speaker 1: to share this knowledge and what I learned to help 534 00:30:43,680 --> 00:30:46,640 Speaker 1: other people. And it was that passion that got me 535 00:30:46,720 --> 00:30:49,880 Speaker 1: through some of the hardest moments on my business journey. 536 00:30:50,600 --> 00:30:54,440 Speaker 1: And so I definitely think passion plays a role because 537 00:30:54,480 --> 00:30:58,240 Speaker 1: you ultimately get to decide which is wonderful. 538 00:30:57,760 --> 00:31:02,080 Speaker 3: Aside from paying off nearly eighty thousand dollars worth of debt, 539 00:31:02,160 --> 00:31:04,520 Speaker 3: what would you say has won has been one of 540 00:31:04,560 --> 00:31:08,880 Speaker 3: the biggest financial wins for you over the last handful 541 00:31:08,920 --> 00:31:09,720 Speaker 3: of years. 542 00:31:10,680 --> 00:31:15,080 Speaker 1: Yeah, So, you know, it's funny, you know my story. 543 00:31:15,200 --> 00:31:17,960 Speaker 1: I just this last year, I hit one of the 544 00:31:18,000 --> 00:31:21,440 Speaker 1: biggest goals that I had, and that was to buy 545 00:31:21,480 --> 00:31:25,080 Speaker 1: my dream home with cash, and I got to reveal 546 00:31:25,120 --> 00:31:27,240 Speaker 1: that to my kiddo, which I think, to me that 547 00:31:27,480 --> 00:31:31,760 Speaker 1: moment outside of the goal was probably the most rewarding. 548 00:31:31,840 --> 00:31:35,480 Speaker 1: Was seeing the look in tears just streaming down his face, 549 00:31:35,600 --> 00:31:39,000 Speaker 1: just so happy that I was able to, you know, 550 00:31:39,240 --> 00:31:41,560 Speaker 1: hit this goal because he was there with me when 551 00:31:41,560 --> 00:31:43,760 Speaker 1: I was working through this goal. My son was with 552 00:31:43,800 --> 00:31:47,080 Speaker 1: me on the whole journey. That was a huge milestone. 553 00:31:47,200 --> 00:31:49,840 Speaker 1: But when I look back at it, I think that 554 00:31:50,000 --> 00:31:54,080 Speaker 1: one of the most rewarding things was all the skills 555 00:31:54,200 --> 00:31:57,800 Speaker 1: and knowledge that I've learned along the way that I'm 556 00:31:57,840 --> 00:32:01,440 Speaker 1: now able to implement in the fit into the future 557 00:32:01,640 --> 00:32:05,280 Speaker 1: and pass down to my child. You were talking about 558 00:32:05,840 --> 00:32:12,200 Speaker 1: changing our family story generational wealth, right, and it starts 559 00:32:12,240 --> 00:32:16,640 Speaker 1: with knowledge, and I'm passing that down onto my kiddo, 560 00:32:16,640 --> 00:32:18,520 Speaker 1: which will pass that down to his kids and so 561 00:32:18,600 --> 00:32:20,800 Speaker 1: forth and so on. I think that for me, knowing 562 00:32:20,840 --> 00:32:22,320 Speaker 1: that is the most rewarding. 563 00:32:22,640 --> 00:32:25,280 Speaker 3: As we stated earlier, aside from being a little bit 564 00:32:25,320 --> 00:32:28,120 Speaker 3: taboo to talk about money, money can definitely be something 565 00:32:28,120 --> 00:32:32,160 Speaker 3: that causes a lot of anxiety for people. So do 566 00:32:32,200 --> 00:32:35,240 Speaker 3: you have any you know, recommendations or thoughts when it 567 00:32:35,320 --> 00:32:38,480 Speaker 3: comes to taming the anxiety that can go hand in 568 00:32:38,560 --> 00:32:39,800 Speaker 3: hand with our finances. 569 00:32:40,240 --> 00:32:46,600 Speaker 1: Absolutely, with that support is number one. It's the reason 570 00:32:46,760 --> 00:32:50,719 Speaker 1: I started the budget Mom community someone to talk to. 571 00:32:51,800 --> 00:32:55,320 Speaker 1: And you know, I have a wonderful private Facebook group 572 00:32:55,320 --> 00:33:01,280 Speaker 1: that's over one hundred thousand amazing individual rules, mostly women 573 00:33:01,320 --> 00:33:03,640 Speaker 1: who are on this journey to get better with managing 574 00:33:03,640 --> 00:33:09,720 Speaker 1: their finances. And even if it's a friend, or maybe 575 00:33:09,800 --> 00:33:14,440 Speaker 1: it's a parent or a sibling, but community and support 576 00:33:14,520 --> 00:33:18,880 Speaker 1: is key. You can't hold this in, and you don't 577 00:33:18,960 --> 00:33:22,800 Speaker 1: have to do it alone. I felt alone for a 578 00:33:22,960 --> 00:33:27,120 Speaker 1: very long time and it was very scary, and I 579 00:33:27,160 --> 00:33:30,240 Speaker 1: got into some moments of desperation where I didn't think 580 00:33:30,280 --> 00:33:33,920 Speaker 1: I was going to come out. And so you don't 581 00:33:33,960 --> 00:33:37,520 Speaker 1: have to do alone. Find a community, even if that's online, 582 00:33:38,040 --> 00:33:41,000 Speaker 1: even if that's one person, that's going to help a lot. 583 00:33:41,480 --> 00:33:45,600 Speaker 1: My next recommendation is, don't focus on all of the 584 00:33:45,640 --> 00:33:48,080 Speaker 1: things that you feel like you have to do. Create 585 00:33:48,120 --> 00:33:51,480 Speaker 1: a plan of attack for your debt, budget, save, save 586 00:33:51,520 --> 00:33:54,719 Speaker 1: for retirement, investment. You don't worry about about all that. 587 00:33:55,560 --> 00:33:59,560 Speaker 1: Focus with one thing at a time, and that's knowing 588 00:33:59,600 --> 00:34:03,640 Speaker 1: your STUF place. I think once you take that first 589 00:34:03,760 --> 00:34:08,200 Speaker 1: initial step, a lot of that anxiety and stress goes 590 00:34:08,239 --> 00:34:10,880 Speaker 1: away because all of a sudden you're aware of the 591 00:34:10,920 --> 00:34:16,239 Speaker 1: mountain you need to climb. I always say the unknown 592 00:34:16,760 --> 00:34:22,000 Speaker 1: is so much worse than knowing. The unknown is what 593 00:34:22,200 --> 00:34:27,520 Speaker 1: causes fear and anxiety. So when we know, then we 594 00:34:27,560 --> 00:34:31,280 Speaker 1: can take steps to grow and to change and to transform. 595 00:34:32,200 --> 00:34:34,720 Speaker 1: And so those are my two biggest recommendations. 596 00:34:34,960 --> 00:34:39,440 Speaker 3: And again releasing this around April fifteenth tax season, a 597 00:34:39,480 --> 00:34:42,960 Speaker 3: lot of people when doing their taxes talk about anxiety. 598 00:34:43,120 --> 00:34:46,879 Speaker 3: Either have to pay money that maybe they weren't prepared for, 599 00:34:47,120 --> 00:34:50,440 Speaker 3: or could be getting back some money that they didn't expect. 600 00:34:50,640 --> 00:34:54,319 Speaker 3: So for either of those circumstances, what would you What 601 00:34:54,360 --> 00:34:56,560 Speaker 3: do you tell people when they're like, oh, shoot, this 602 00:34:56,680 --> 00:34:57,480 Speaker 3: time of year. 603 00:34:57,400 --> 00:34:58,919 Speaker 2: Right right? 604 00:34:59,320 --> 00:35:02,160 Speaker 1: So my thing is always try to plan ahead. Now 605 00:35:02,160 --> 00:35:04,360 Speaker 1: I know what your taxes. Sometimes you're not going to 606 00:35:04,480 --> 00:35:08,080 Speaker 1: know exactly right. You're not going to know the exact 607 00:35:08,120 --> 00:35:11,759 Speaker 1: dollar amount, but you have a good idea if you're 608 00:35:11,800 --> 00:35:15,160 Speaker 1: going to owe or if you're going to receive. Now 609 00:35:15,280 --> 00:35:18,120 Speaker 1: what I say when if you're going to receive money 610 00:35:18,120 --> 00:35:19,480 Speaker 1: back people ask me, what do I do with my 611 00:35:19,560 --> 00:35:25,319 Speaker 1: tax return? Go back to your listed financial goals. Take 612 00:35:25,440 --> 00:35:29,520 Speaker 1: care if you're behind on bills, take care of your bills. Next, 613 00:35:29,760 --> 00:35:34,879 Speaker 1: make sure you have that emergency fund established. And then 614 00:35:34,880 --> 00:35:36,839 Speaker 1: with the rest of the money I could, I would say, 615 00:35:36,960 --> 00:35:39,439 Speaker 1: throw it out your number one financial goal, whether that's 616 00:35:39,480 --> 00:35:42,800 Speaker 1: paying off debt or investing or saving for a specific 617 00:35:42,840 --> 00:35:47,920 Speaker 1: financial goal. If you owe money, this is the great time. 618 00:35:48,000 --> 00:35:51,200 Speaker 1: Like I said, I especially if you're completely blindsided and 619 00:35:51,239 --> 00:35:53,760 Speaker 1: you had no idea you were going to owe money. 620 00:35:54,280 --> 00:35:59,880 Speaker 1: This is why that emergency fund is so important. Financial options, 621 00:36:00,160 --> 00:36:04,000 Speaker 1: the freedom to choose. It's the worst feeling in the 622 00:36:04,000 --> 00:36:07,840 Speaker 1: world to be put up into a corner and feel 623 00:36:07,840 --> 00:36:11,520 Speaker 1: like the only option you have is to use debt 624 00:36:11,920 --> 00:36:14,520 Speaker 1: or to use a credit card. You want to give 625 00:36:14,560 --> 00:36:18,359 Speaker 1: yourself cash options to prepare and so also, you know, 626 00:36:18,960 --> 00:36:24,680 Speaker 1: make sure that when you're doing your taxes to not 627 00:36:24,760 --> 00:36:27,000 Speaker 1: only one keep those documents for seven years. I have 628 00:36:27,000 --> 00:36:28,799 Speaker 1: a lot of people who say, well, I don't like 629 00:36:28,840 --> 00:36:32,320 Speaker 1: they just shred them, They're just gone. So organization plays 630 00:36:32,320 --> 00:36:34,640 Speaker 1: a huge key into doing your taxes. The more that 631 00:36:34,680 --> 00:36:39,040 Speaker 1: you're organized, the less anxiety you're going to feel. It 632 00:36:39,080 --> 00:36:42,200 Speaker 1: really is truly organizing and finances go hand in hand. 633 00:36:42,400 --> 00:36:46,560 Speaker 3: Those are some good recommendations. What are you excited about 634 00:36:46,640 --> 00:36:48,279 Speaker 3: right now? What are you working on right now? 635 00:36:48,560 --> 00:36:52,359 Speaker 1: So we are working on a really ginormous project. It's 636 00:36:52,400 --> 00:36:55,920 Speaker 1: the biggest project in my business's history, my very first course, 637 00:36:56,719 --> 00:37:00,200 Speaker 1: and I'm going all out. So this course I'm hoping 638 00:37:00,200 --> 00:37:02,480 Speaker 1: to release at the end of this year, and then 639 00:37:03,280 --> 00:37:05,520 Speaker 1: I have a brand new book that's going to be 640 00:37:05,560 --> 00:37:09,000 Speaker 1: published and released in the beginning of next year. And 641 00:37:09,040 --> 00:37:11,960 Speaker 1: that's something that I've poured my heart and soul into 642 00:37:12,200 --> 00:37:16,200 Speaker 1: over the pandemic period this last year, and I'm absolutely 643 00:37:16,239 --> 00:37:17,920 Speaker 1: excited for it to change lives. 644 00:37:18,320 --> 00:37:20,120 Speaker 3: I love to hear it, we love to hear it, 645 00:37:20,200 --> 00:37:22,520 Speaker 3: we love seeing big things. I'll make sure to link 646 00:37:22,760 --> 00:37:25,640 Speaker 3: out to all of your platforms in the show notes 647 00:37:25,800 --> 00:37:30,120 Speaker 3: give me the information, Camiko on where the Hurdle community 648 00:37:30,200 --> 00:37:33,000 Speaker 3: can follow along with you and keep up with you. 649 00:37:33,000 --> 00:37:35,719 Speaker 1: You can find me I am on every single day 650 00:37:35,760 --> 00:37:38,600 Speaker 1: on Instagram just at the Budget Mom. You can find 651 00:37:38,600 --> 00:37:42,160 Speaker 1: me on Instagram. We have wonderful step by step informational 652 00:37:42,239 --> 00:37:45,479 Speaker 1: videos on YouTube also at the Budget Mom. We're also 653 00:37:45,640 --> 00:37:49,239 Speaker 1: on Facebook mainly just search for the budget Mom. You'll 654 00:37:49,239 --> 00:37:51,680 Speaker 1: find us on all the social platforms. 655 00:37:52,480 --> 00:37:54,680 Speaker 3: On All the Things, on All the Things, I'm over 656 00:37:54,800 --> 00:37:59,160 Speaker 3: at Emily a Body, and at Hurdle Podcast Another Hurdle Conquered. 657 00:37:59,520 --> 00:38:00,600 Speaker 2: Catch you guys next time