Today's episode features a real Money Nerd, Whitney Hansen.

Whitney paid off $30k of debt in 10 months. She also bought a house at 19 and got her MBA for $472.

She started out life with some hardships but that fueled her interest in personal finance.

Now she's taking her lessons and empowering others through financial coaching.

Listen, learn, and let us know what you think about Whitney's awesome insights.

Episode Summary

Whitney's Background

Whitney's parents separated after an abusive relationship

They then moved to Boise in a two-bedroom apartment

Her mom was supporting them with $7.25 of income

This was all to support a family with six children

Whitney tells a story of how excited she was to get a mattress out of the trash

This was when she was 18

Helping Others Save

Some people think they can out-earn bad spending

Whitney's #1 point is to find the values and "why" of the person you're trying to help

Not all tactics are going to resonate with people but leading by example is a great start

She also talks about being relatable

If you only share the wins, it can seem unobtainable

Start of Financial Coaching

Whitney was $30k in debt but working two jobs

She focused and paid off all her debt in 10 months

After that people started hitting her up for advice

That's when she discovered financial coaching

Money Coach vs Financial Advisor

Money Coach's can't tell someone what type of insurance they should buy

They shouldn't tell a client to buy a specific stock

They also shouldn't try to give specific tax advice

Instead, a Money coach should focus on saving, philosophy, and just holding them accountable.

Tips to Becoming a Money Coach

It's important to understand how hard a client is willing to work

It can change how you work with them or if you should work with them at all

You also should start coaching for free or heavily discounted

That way you can see if you really want to do this before getting too invested

 

Key Takeaways

Pressure makes diamonds: We loved how Whitney took her circumstances and used them as motivation

Speak their language: Whitney talks about resonating with people about money. You have to meet them where they are and not just try to force them into doing things that worked for you.

Call to Action

Take and share financial tips with someone. Try some of the tips Whitney mentioned and really try to resonate with the person.

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Whitney's Information

Her Website: Whitney Hansen

Her Podcast: The Money Nerds

 

Learn More About Your Hosts

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