Building a legacy for not only your little humans but yourself is essential to a balanced life. Financial empowerment is about getting your financial house in order and teaching your little ones how to handle their finances from a young age. This week’s podcast episode will inspire you to get the jump on organizing your finances if you haven’t already.
On the Brown Skin Mom Podcast this week, I sit down with Naseema McElroy of Financially Intentional to discuss her journey to financial empowerment. Naseema, the Debt Slaya, is a Labor and Delivery Nurse. She is also the mother of a beautiful little girl who she loves creating magical experiences with. Making a six-figure income didn’t make Naseema immune to money troubles. It took a mental shift. consistency, and being intentional for Naseema to pay off $1 million in debt in two and a half years.
Naseema shares her tips for Brown Skin Moms looking to get control over there finances. One major thing is to know your WHY. Your WHY has to be strong enough to keep you motivated when you don’t feel like sticking to getting your money right. Naseema used the debt snowball method (paying off the smallest debt first) to tackle her debt and zero-based budgeting (giving each dollar a job) to track every dollar she had coming in. More on those below. These tools are simple enough for you to use to get and keep your financial empowerment on.
How to teach your children about money
Naseema suggests starting at age five when it comes to teaching your little ones about money. Allowances should be one dollar for every year of age (i.e. $5 for a five-year-old child). Weekly allowances aren’t given for doing basic things like cleaning your room or other chores. This money is given to your child when they go beyond what is expected. Activities that a child can do beyond their normal chores are things such as mowing the lawn or handling things in the home they normally would not.
Each week, parents help their children save, give, and spend their money. Remember, allowances ARE NOT tied to chores. Check out some links that go a little deeper into how to empower your children financially below.
What else do we talk about?
Naseema has experienced something that was recently added to my “Must-do” list. She had the privilege of being a part of the inaugural My Taught You Retreat hosted by Myleik Teele. If you know me, you know how inspiring I find Myleik so of course, I had to ask Naseema about her experience. Was it everything it seemed? According to Naseema, YES. I don’t doubt that one bit.
In this week’s episode
Listen to the episode below for some simple money tips you can put to use TODAY. Also, check out Naseema had to say when I asked her to share “Shit They Didn’t Tell Me About Pregnancy/Motherhood”.
* Have a solid WHY for getting your money right.
* The Debt Snowball Method
* Zero-based Budgeting
* Allowances for children are not tied to household chores, you know the basic things kids need to do as part of the family unit.
* Information on how to handle allowances and teaching little humans about money
* www.themoneymammals.com
* www.theartofallowance.com
* Smart Money,
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