Most of the time, it seems that our world revolves around money. People are consumed with figuring out how to make it, save it, invest it, and spend it! Managing your money can definitely be confusing and challenging, but with the right mindset and some proper guidance – you can learn to make your money work for you!💸
On last week’s #MillennialTalk chat we invited personal finance expert and author, Patrice Washington, to join us to learn more about the in’s & out’s of money money money. We covered more than just the basics, there is so much more to money that most people don’t think about 💭 Throughout our power chat we discussed how mindset can affect money, when and how to make smart investments, putting your money to work, and key foundations to building wealth.
Let’s talk MONEY💲⬇
Scroll down for a recap of this weeks Q&A:
@ChelseaKrost: I hear this one all the time… “It’s never too late to start saving.” BUT, the truth is that the sooner you start saving, the better! It’s hard to think about things like retirement in your 20 and 30’s, but it is something that should be a priority ✔️
@SeekWisdomPCW: The biggest misconception is that money behavior is based on logic. Like “If I knew better, I’d do better.” That’s not true because most people don’t do what they do know. It’s emotional – not logical.
#millennials aren’t spending money on houses/investments.
@ChelseaKrost: Absolutely! Whether you have a lot of money or very little money, your mindset can determine how much that amount will grow or diminish.
It is important that people who have some money in the bank are smart about how they spend it and don’t take advantage of their cash flow. Unfortunately, people can become frivolous with their spending which leads to debt and other financial hardships.
Don’t have a lot of money, but wish you did? Your mindset can change that! Ask yourself: What can I do to earn more $? Stay positive and work hard to build your income.
@SeekWisdomPCW: OF COURSE! Mindset is EVERYTHING and the sad part is most of us don’t even know why we make the choices we make with money despite saying “This is my year to _____!” So many of us are on autopilot with mindsets we inherited from parents either directly or indirectly. . . Either through verbal influences, modeling or a specific incident our childhood brain couldn’t make sense of, we attached certain meanings to finances.
@EatBeMary: One of the most harmful sayings is that “money is the root of all evil”. It is incredibly difficult to accomplish changing breakthroughs without for the research, infrastructure, education, and human capital to make it happen.
@ChelseaKrost: I treat my money with respect and appreciation. I work hard for my money and it is only right that I am responsible with it. This includes paying my bills on time, putting some away for savings, creating budgets and making smart investments.
Love this quote from @DaveRamsey. What’s your #budget strategy?
@SeekWisdomPCW: With the utmost respect. I believe what we have with money is a relationship. Any relationship you nurture grows. You check in with your money. Seek wise counsel. Always know your numbers . .
@RyBen3: You learn how to manage it with a budget before it manages you. Money is a great tool when used properly. It can literally be the death of you if you don’t learn how to control it.
Make money 💵
Use that money to make more money 💰
Think short term vs long term investments.
@SeekWisdomPCW: On one hand, I believe it’s about making sound investments. On the other hand, I believe making my money work for me has also come in the form of delegating (paying others) to do tasks personally or professionally that aren’t worth my “billable time.”
@i_mtza: a) I organize a budget b) I classify tasks/projects with more income c) I identify where the biggest expenses are d) Feedback and make decisions
@ChelseaKrost: In the world of social media & entrepreneurship, many business owners are investing their money into building online courses that are set up to work on auto pilot All about that passive income
@SeekWisdomPCW: Money has helped me hire efficient team members to support me so that I can earn more, give more and truly focus on pursuing my purpose.
@SophiaPotier: I use Mint.com to track my finances. Also do a monthly review of bills/expenses and then determine where savings go. Tip – set up an auto-deduct each month for Christmas money… might sound silly but prepare for those extra expenses ahead of time!
Before you consider investing your money ask yourself these Q’s:
What is my current financial status?
What revenue do I have in the pipeline?
Are there any exciting opportunities that peak my interest?
Do I have enough $ in savings?
What is the current climate of the economy?
@SeekWisdomPCW: Once they’ve become consistent with what they’re already working on. I think the worst thing you can do is hop from thing to thing without optimizing what you already have in front of you.
@ChelseaKrost You mentioned the trend is for entrepreneurs to launch courses. What kills people is launching, getting upset about the results and quitting to go start something else from scratch. You should launch, measure, tweak and launch again. Not quit. Once you’ve maximized the potential on a current project or opportunity and it can run on autopilot without you hovering over it, then move on to what’s next.
@MBJHoffman: My advice: Don’t get ahead of yourself!
High Interest Debt
Health Savings Account
Extra Towards Student Loans and Other Debt (very much dependent on interest rates)
Key foundations to building wealth:
🔑 Desire to learn and grow
@SeekWisdomPCW: 1.Understanding that wealth is more than money and material possessions. 2. Being vulnerable enough to ask for help. 3. Taking the first step and being consistent. What your building is a muscle. Do what you can and don’t be intimidated by others.
@Polymathically: Patience, focus, and discipline. There are so many distractions from those who want your money right here and now. Learn how to tune them out; you need to keep thinking long term.
@ChelseaKrost: Can I get a 🙌 if you agree?!
Money is great and all, but so is being a good person 💙
FIT: Becoming your best self. Saving for retirement takes great vision, but if you aren’t going to protect the vessel needed to execute that vision mentally and physically then what’s it all for?
PEOPLE: Create relationships that matter. Start putting yourself around people who make these conversations the norm. You can only become fluent in the language of money if you’re around others that speak it, as well.
SPACE: Set up your life to support you. IF you believe “time is money,” then you have to stop wasting time by utilizing organization techniques, clearing clutter and delegating like nobody’s business.
FAITH: Believe in something greater. Most people quit too soon and never realize the potential of what’s possible for them. I believe faith builds resilience. So no matter what you believe in, make time to practice it so you’re ready when life happens.
WORK: Live your life’s purpose. When you don’t have purpose, I believe you struggle to set priorities. Lack of fulfillment, in my opinion, contributes to more financial mismanagement than anything else.
MONEY: Manage what money you do have wisely. Once you have clarity and peace with the other pillars, I believe you gain the mental capacity to follow through on the things you’ve heard before, but felt stuck on and couldn’t put your finger on.
@ChelseaKrost: I think FEAR is a big factor that holds people back. It can be scary when investing your money into something with no guarantee for success, but you have to weigh the risks. Time is another big obstacle 🕑 Many people find it difficult to carve out time to dedicate to a side hustle when they are already working a full time job!
@womenofdenver: Not knowing how to gauge their potential value in the marketplace and fear of testing the market by providing a higher ask.
@JKatzaman: People hold themselves back when they don’t believe in themselves, thinking only geniuses can make money. The reality is that geniuses aren’t so smart. Wealth begins with a dream and desire.
@ChelseaKrost: My career started out as me being a teen on a mission to debunk millennial stereotypes and bridge the gap between generations. It is all about finding your passion, creating your path, working hard and then the money will follow!
@SeekWisdomPCW: This has been my life’s motto for the last decade. People say follow passion and money follows, but I believe when we’re working with purpose for purpose on purpose our priorities are balanced and we earn more money – without ever feeling the need to chase.
@kushaanshah: Money at the expense of happiness and burnout isn’t going to keep your wallet happy but will keep you awake at night. Find the right balance between income and health.
Ready for more? Check out our #Millennialtalk RECAP