Unleash Your True Value®

Katie Welsh, Chain of Wealth Co-Founder 

Listen to this episode and hear Katie tell her story about breaking money silence with her boyfriend and discovering she was $200,000 in debt. She is real life proof that you don’t have to earn a ton of money to pay off debt; you just need a plan and a healthy dose of determination.

Key Take Aways:

Create a financial plan. Katie was a good saver, but she didn’t understand the value of a holistic financial plan that included balancing her short-term financial needs with her long-term financial goals. Her boyfriend, Denis, showed her how to plan and now she swears by this strategy.

Track your spending. As boring or intimidating as that sounds, Katie learned that being mindful of where your money is going is the key to living a financially responsible life. She discovered that being less wasteful in the kitchen could actually save her tons of money each month.

Take small steps and celebrate milestones. Katie found that thinking about paying off her total debt was overwhelming, so she decided to focus on small goals each month. When she hit a milestone in terms of paying down debt, she celebrated. Doing so reenergized her and helped her take the next small step and now she is almost debt free!

Special Announcement: Discount on “Hosting Your Pad” Course. Learn how to earn money using short-term rentals and apps like Airbnb. BMS listeners get a special rate of $99 when they use this CHAINOFWEALTH when registering.

Katie Welsh is the co-founder of Chain of Wealth. Originally an elementary school teacher from Tampa, she thought she had her financial life together because she had a stable job, owned a home, and had an emergency fund. But then she moved to Virginia to live with her boyfriend, Denis, and things changed when he asked Katie about all her bills. Together they created a spreadsheet and Katie realized she was $200,000 in debt at 29 years old with no job. Fast forward a year and Katie has paid off over $175,000 of debt and is freelance writing to pay the remaining $25,000 off.

Elizabeth Thames, “Mrs. Frugalwoods”

When you hear the word “frugal” do you actually hear the word “cheap”? According to Liz Thames, frugality gets a bad rap in our culture. Listen to Kathleen’s interview with Liz Thames, aka “Mrs. Frugalwoods” about how being frugal can actually bring you joy and many positive benefits. And, how she practices what she preaches.

Key Take Aways:

Frugality is not deprivation. Frugality gives you an opportunity to save where you might not have been able to save before. You can start it today by choosing to spend less and see how empowering it can be.

Practice joyful frugality. Spend money on what matters most to you. You don’t need to eliminate every single expense and live a deprived, miserly existence. Instead, frugality means challenging yourself to think about every dollar you spend by pondering questions such as “Is this something that brings me lasting happiness?” “Am I getting a really good return on this investment?” and “Does this expense bring meaning to my life or is it essentially wasted money?”

Money can be a natural part of your kids’ upbringing. Talk to your kids as much as possible about money. Educate them about what things cost, why you buying or not buying something, and how to tap into needs versus wants.

Special Announcement: The Uber Frugal Month Group Challenge starts July 1, 2018. This is a free, 31-day group challenge to revamp your finances. For more information, click here.

Elizabeth Willard Thames is the personal finance blogger behind the award-winning Frugalwoods.com. She is the author of the book, Meet the Frugalwoods: Achieving Financial Independence Through Simple Living published in 2017 that tells the story of how at thirty-two years of age, she abandoned a successful career in the city and embraced extreme frugality to create a more meaningful, purpose-driven life and retire to a sixty-six-acre homestead in the woods of Vermont with her husband and young daughter.

Matt Goren and Michael Thomas, Co-Hosts of NPR’s Nothing Funny About Money radio show.

In this episode, Kathleen asks Matt and Michael about the danger in comparing your financial behaviors to others. As three financial educators who believe that money is more than numbers, listen in as the emotional side of saving and spending is explored. Learn tips for letting go of money shame and living a more authentic and value-driven financial life.

What You Need To Know: 

Stop comparing your financial habits to others. Outward appearances may look different than reality. How you use money needs to align with your values, not your neighbors’ values. If Tom next door wants to work longer hours to afford a sports car, then that is his prerogative. You may want to work less and take the bus to work. Both are valid and acceptable.

Context matters. You may feel bad you are not saving money at the same rate as your friends, but maybe their situation is different. One of your friends has a home, but did they pay for it or was it a gift from grandma? Get curious and break money silence. These details may really change how you feel about yourself.

Invest time in identifying what makes you happy. If you have lost sight of the experiences and things that make you happy in life, take a short timeout. Observe your spending and saving habits. Ask yourself, what motivates you to use money in this way. What has the best return on investment in terms of joy? Your relationship with money is just that – your relationship. It really doesn’t matter what others are doing, as long as you are taking care of yourself financially.

Matt J. Goren, Ph. D. is the co-host of Nothing Funny About Money, an adjunct professor of personal finance in the financial planning program at the University of Georgia, and a community counselor at the Aspire Clinic. His work focuses on the interplay of emotion and money management, particularly for low-income and young people.

 

Michael G. Thomas Jr. is an accredited financial counselor and 4th-year Ph.D. Financial Planning Candidate at the University of Georgia. He has co-created and facilitated financial literacy programs for kids and adults as well as given a TED talk on the importance of financial empathy. Michael co-hosts an NPR affiliated radio show, Nothing Funny About Money.

Check out their podcast, Nothing Funny About Money at www.nothingfunnyaboutmoney.org.

Komal Minhas, KoMedia, Founder and Dream, Girl Producer and Co-Founder

One of the greatest causes of stress for people can be money. A vicious cycle can occur – money issues cause stress, stress can lead to serious health issues, and health issues can result in more financial struggles. In this episode, Kathleen interviews Komal Minhas about how through personal experience she learned the importance of self-care, and that health and wealth are truly connected.

Take Aways:

Work addiction is a problem that can cause serious illness and even death. While it is important to work hard, it is vital to pace yourself and learn to take care of your mental, physical, and spiritual well-being.

Self-care involves more than going for a massage or getting a manicure. It includes being mindful and deciding what steps you need to take to be the healthiest person you can be.

Financial health is an important part of self-care. If you avoid finances, take a look at what is the underlying reason, and then make a plan to address it. Because the only way to be truly wealthy is to be healthy!

Special Offer: Check out Komal’s new series of articles that explore real, sustainable, lasting self-care on Instagram @Komalminhas.

Komal Minhas is an Indo-Canadian entrepreneur, content creator, and investor. She’s the founder of KoMedia, a media production and investment company that focuses on telling women’s stories worldwide. In 2014, Komal became producer and co-founder of Dream, Girl, a documentary that tells the stories of ambitious female entrepreneurs. In May 2016, Dream, Girl premiered at the White House as part of the United State of Women Summit, and shortly after Komal was named one of Oprah’s Super Soul 100, a list featuring extraordinary individuals who live life intentionally. These days, Komal spends her time speaking, writing, and creating inspiring content with her team in Ottawa, Canada.

Amanda D. Singer, San Diego Family Mediation Center 

Does the idea of a prenup worry you that you have set the scene for a divorce or raise trust issues? While many believe that signing a prenup predicts divorce, it is actually a great way to break money silence before you walk down the aisle. Listen in as Kathleen interviews Amanda about how to bust this myth wide open and start communicating about money before you say “I do.”

Key Take Aways:

All couples have a prenup even if you don’t craft one. States determine how assets will be split should a couple divorce. By drafting a prenup with your partner you are actually taking control and deciding for yourselves how you want your assets to be divided, if and when you do break up.

Prenups are no longer just for the ultra-wealthy. Historically, prenuptial agreements were a way of affluent families protecting themselves from gold diggers. Today more millennials with dual careers and business start-ups, and people entering their second marriages are signing these documents.

The prenup process opens up the lines of communication. If you identify your respective money mindsets, discuss similarities and differences in your family money messages, and agree how to financially operate as a couple, you actually are less likely to divorce. Yes, you sign a legal document but the experience is much richer than you might think.

Amanda Singer, Esq., MDR, CDFA is a professional family mediator and co-owner of San Diego Family Mediation Center. She is also a licensed attorney and Certified Divorce Financial Analyst. She works to help families improve communication, solve problems and reach agreements while staying out of court. Amanda is on the board of Academy of Professional Family Mediators and is the co-chair of this year's conference. She earned her JD from Chapman University School of Law while completing her Master's Degree in Dispute Resolution from The Straus at Pepperdine University School of Law. She earned her Bachelor's Degree in Sociology from Brandies University and has completed her courses as a Certified Divorce Financial Analyst. San Diego Family Mediation Center works with families dealing with various family issues, including divorce mediation, premarital mediation, blended families and parenting plans.

For more information, visit www.SanDiegoFamilyMediation.com and check out the book, Prenups for Lovers

Stephanie McCullough, Founder and CEO, Sofia Financial

Traditional financial planning focused on producing a plan with lots of numbers, charts, and graphs. This can leave clients feeling that finance is complex and hard to understand. For some clients, especially women, the perceived judgment by financial professionals gets in the way of them taking care of themselves financially. In this episode, Kathleen interviews Stephanie, an advisor dedicated to busting the myth that planning is all about the numbers and showing her clients that they can be empowered by working with a client-centric professional.

Take Aways:

Financial planning is the intersection between money and life. Knowing your numbers is important, but it is only one piece of your financial puzzle. Find an advisor who will help you identify your values and goals, then craft a financial and investment plan to assist you in living the life you desire.

You don’t have to have all the answers. You do, however, have to know the questions to ask when looking for a financial advisor. Consider what you want an advisor to help you with and then be clear about these goals when interviewing potential advisors. Take time, interview several professionals, and then hire the financial advisor who is the best fit for you.

Spend less than you make. Living within your means can be challenging because we live in a consumer-driven society. Practice mindful spending and examine your spending habits. Make sure you have an emergency fund to cover unexpected finances and develop a spending plan to keep you on track.

Special Offer: Sign up for Sofia Financial’s quarterly newsletter and blog at www.sofiafinancial.com. Mention the Breaking Money Silence®podcast and receive a complimentary 30-minute telephone call to chat about your personal situation.

Stephanie McCullough is passionate about helping women make wise financial decisions so they can control their future. In 2011, she started Sofia Financial after 13 years working as a financial advisor because she saw the needs of women not being met by traditional firms. The women who come to Stephanie are concerned about getting ready for retirement, wondering about how best to manage their financial risks, and, in general, worried about making smart decisions with their money.

Justin Pullaro, Co-Founder, Small Change

When is it the ‘right time’ to start teaching our kids about money? How do you teach them about finance in ways that they will understand? In today’s episode, Kathleen interviews Justin Pullaro, Co-Founder of Small Change, to find out the best age to start money conversations with your children and how to make it fun and engaging. Listen to discover tips and tools for empowering your children, grandchildren, or nieces and nephews about finance.

Key Take Aways:

There is a lack of financial literacy resources for parents of young children. As a father of four, Justin decided to fill that gap and started his firm Small Change to offer parents and their children resources and information on how to incorporate money talk into their every day lives.

Practice financial literacy immersion. Justin offers ways to incorporate small actions that promote a healthy relationship with money that don't require a lot of time and energy. By immersing your children at a young age in money conversations, you are communicating both verbally and with your actions that financial responsibility is an important life skill.

You don’t have to be a financial expert. You can learn alongside your children and don’t have to know everything about finances to be able to teach them about money. Small change offers videos and tools to help you empower yourself and the young people in your life to break money silence in your family.

Special Offer: Breaking Money Silence podcast listeners will receive a 15% discount on Small Change resources. Click on this link to activate the discount on your entire order: https://www.growsmallchange.com/discount/KBKWealth

A financial planner for more than 14 years, Justin Pullaro has helped families bring financial balance to their busy lives. He is also the co-founder of Small Change, a new financial education company helping families talk about money through short parent-focused videos and tangible tools for kids.

Adrienne Penta, Executive Director Center for Women & Wealth, Brown Brothers Harriman

While the audio quality of this episode is less than ideal, the information is valuable so we decided to publish it. Thank you for your patience with the sound.

Adrienne Penta is truly a breaking money silence revolutionary! In this episode, Kathleen and Adrienne debunk the myth that women are less financially literate than men. Using statistics and her wealth of knowledge on the topic, Adrienne shows women and their advisors how to bust this falsehood and instead work at having a collaborative, and authentic advisor-client relationship.

Take Aways:

Gender does not determine your financial IQ. Men and women pass financial literacy tests at the same rate; however, women are more likely to feel as if they don’t know enough about investing or managing money. The real issue is not literacy. It is a financial confidence gap that many (not all) women feel that is the problem to be solved. As Adrienne says, “We need to close the confidence gap.”

Advisors can’t read your mind. As a client, it is important to speak up and let your advisor know what is working and is not working in the relationship. While this may be uncomfortable at first, it is the only way a professional will know that they are missing the mark when meeting with you.

Collaborative meeting agendas help. One way to aid in advisor-client communication is to work on meeting agendas together. One week before the appointment, the advisor can send a tentative agenda to the client asking for feedback. The client then has an opportunity to add to the agenda or let the advisor know if there is something that feels more important to discuss. This simple step takes very little but has a big return on investment for both parties involved.

In this podcast, Adrienne mentioned a book she loves called “The Confidence Code.” As promised here is the link to that resources. Also if you would like to subscribe to the Center’s Women and Wealth Magazine, click here.

Adrienne Penta is the Executive Director of the Center for Women & Wealth (CW&W) at Brown Brothers Harriman. She is passionate about helping advisors and the women they serve engage in the creation of integrated, holistic wealth plans that help them accomplish their goals. CW&W seeks to create a dynamic and inclusive environment where women can engage in conversations about wealth, family and leadership. For more information about the Center for Women & Wealth, https://www.bbh.com/en-us/womenandwealth.

Erin Bagwell, Dream, Girl Director; Feminist Wednesday Founder

Do you really need to be a starving artist as you pursue your life’s passion? Many artists do allow the everyday pressures of simply making ends meet limit their growth and affect their money mindset. Kathleen interviews Erin Bagwell, director of the film Dream, Girl, about the myth that to be a true artist you must be poor and starving.

Key Take Aways:

Many people are uncomfortable talking about money, but practice helps. Make time to practice engaging in money talks with a trusted friend or colleague. In time, these discussions will get easier.

Find a tribe to support you and cheer you on as you change your money mindset from scarcity to abundance. Research shows that if you surround yourself with people who are committed to making and managing their money and letting go of under-earning tendencies, you are more likely to move up the socioeconomic ladder.

Set aside a time each week to focus on your finances. If this is difficult for you to do, find an accountability partner such as a coach, a bookkeeper or another business owner. By making financial management a priority you will continue to learn and grow.

Special offer: Check out Erin’s eBook, Creative Money, it can be purchased here.

Erin Bagwell is the founder of Feminist Wednesday, a feminist storytelling blog and the director of Dream, Girl a documentary film showcasing the stories of inspiring and ambitious female entrepreneurs. Dream, Girl premiered May 2016 at the White House and through her work with the film was named on Oprah's SuperSoul100. Dream, Girl is now available for public screenings and was the number one feminist film to watch by the Huffington Post.

Josh Patrick, Stage 2 Planning Partners

Owning and running your own business has many aspects to it including if you want to sell your business in the future. Many business owners don’t realistically plan their exit strategy and believe that working hard in the business will reap financial rewards sufficient to fund their retirement. In this episode, Kathleen interviews Josh about the steps business owners need to take now to build a sustainable business that is saleable tomorrow.

Take Aways:

Be honest about your business. Is your business a lifestyle business (one that supports you financially now but is not saleable in the future) or a sustainable business that can be sold and run smoothly with you.

Determine your short and long-term business goals. If you want to build a business that is saleable, you need to delegate, set up good operating systems, and have a strategic plan for your exit.

Working with a consultant can help. Entrepreneurs are emotionally involved in their creation and often suffer from “shiny little light” syndrome (going from one idea to the next too quickly). Working with a consultant is a great way to learn the behaviors you need to succeed in business and set yourself up for a lucrative liquidity event.

Josh Patrick is the owner of Stage 2 Planning Partners and is a serial entrepreneur who is obsessed with what makes a private business economically and personally sustainable. He has been a blogger for the NY Times, Inc.com, Forbes.com, The Huffington Post and Open at American Express. He hosts the podcast, The Sustainable Business and is a regular blogger and Facebook Live presenter. For more information about his work visit

www.stage2planning.com or www.sustainablethebook.com.

Look for Josh’s Upcoming Book:

Check out SustainableBook.com for the latest on Josh’s new book, Sustainable: A Fable About Creating a Personally and Economically Sustainable Business, which was published in January 2018. Join his Facebook group and receive tips, tools as well as access to special promotional book offers.