196. 5 Steps to Conquer Your Money Fears
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Follows my absolute favorite. I love the football. I love the P.

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And they started fifty box, that's cashmere, really good quality cashmere, for fifty dollars. They're able to do that because they partner directly with top factories and they cut out the cost of the middle, which of course means that we get the savings I love quins. I've been wearing them for a year now.

Uh, I discovered red them because they started sponsoring the show and i'm obsessed. I have gone out of my way to purchase from them. I have their cashmere sweers.

I have their net sweaters. I have their active where and getting sense some pants. I just love them. Get cozy in quince's high quality wardrobe essentials. Go to quince dot com flash F F pod for free shipping on your order and three hundred and sixty five day returns. That's Q U I N C E doc com such F F pod deet free shipping and three sixty five day returns queen star com such F S pod.

Make a bitch is a fan. What is the tiktok remix where that starts? Do you know i'm talking about it's night semina and it's all done all with three, sixty or three, six, five.

It's a fp pet. Hi everybody, television. We can keep that whole and that we're getting.

If you have IT listened to three sixty by charlie exec or chapel room, what do you do? And you have ear, a human being. You have done this earth you have okay well, good.

It's all ween um halloween fun fact is, uh, one of my favorite lists um IT used to be especially one of my favorite all is growing up. Now it's up on me every year and I never know what i'm gonna be. In fact, I have a coaching party in two days.

I have no idea what I want to do. I would really like to dress up as merman man and barnacle boy with my partner from bunch. bob.

That has been a goal of my very, very long time, but that is gonna be one that I have to plan for in advance, not right now. The reason halloween is one of my favorite qualities is because starting when I was probably eleven, I would dress up in matching costumes with my dad. My dad takes halloween very seriously, especially when I was a kid.

He loved IT and a before we started doing matching costumes, such infamous varieties included himss bunch, buck pants. But specifically he refused to any like. The rule was he could not go out and buy a costume, you to make one yourself.

So he took fom from like a matches like furnace. Fom took one piece and put IT in front of himself. One piece and put IT back from of himself and strapped himself in. I had to lead him around all night. I was seven years old. I had to lead him around because he couldn't see he put these like eyeballs in and then he stapled one of his red ties to IT and everyone who really was butch bob, I pull a photo. Maybe we can post, like, because he doesn't have a one of his other infamous ones.

He dressed up as shock and he painted himself Green in my ana's bathroom and when he sold that house ten years after there was still Green flakes in the bathroom, SHE was not very happy with him um but the first time we went as corresponding costumes he was napoli dynamic and I was petrol and I wore a fake musters ash and I had a bowl tie from goodwill and IT was great the year after we were mines. So I had to sign that said, trick or treats because you can't talk. Obviously we were kissed one year, which was very successful.

I couldn't tell you a which member of kiss I was, but we were members of kiss. Gosh, what else do we do together? Those were some of the fun years.

So we would go out for halloween and we would know, go to value village or good well a couple days before and just try to figure out our costumes. And um yeah, I was her many granger for a very, very long time. I was a classic.

I was, of course, easy princesses that I was arial for two years. The first year, though, my mom died, my hair red like the temporary die, and then I took us two hours to wash IT out. So the next year I awake, my mom was like, we're not doing this.

We're not doing the hair die again, but stain the entire bathtub. So hopefully you have fun memories of halloween and halloween to come. But of course, halloween is not at least booby IT is also scary, is also spooky.

And this feels like a perfect opportunity for us are really, you know, we're taking the opportunity. We're making the marketing out of its where take corporate said we have to make some some connections from the holiday that's next to our work and sort of talk about financial fears corporation in me, okay. So we're talking about is less about what the fears are because you ready know there are the things that keep you up at night, and more about what we can do to actually conquer them.

So we went to instagram recently and we ask people, what are your biggest financial fears? The common things came up that not having an emergency finds, just not knowing how the money in general. But the biggest thing that kept coming up over and over and over again, IT, was probably like ninety percent of the responses from you all was having not enough money or running out of money.

This is unfortunately a feeling due to our financial trauma that happens regardless of money we actually have in our bank account. You can be a muli muli muli muli multimillionaires c, you can be a billion, and you can feel like the other shoes gonna drop at any time, or that you're going to somehow lose your money, or you onna somehow make a mistake, or that you're just not gonna have enough. And that's how we know it's related to trauma, because you can have this feeling even when you have enough.

So knowing that these are often our financial fears, one, please listen to prior episodes to talk about overcoming your financial trauma, getting to a Better relationship with your money from like a psychological some point that's not really what we're gona talk about today. Please go listen to those episodes. But I wanted to give you a couple action steps for you to take action, actually do something that that helps you feel more in control of your financial future.

In general, when you have fear, anxiety, stress, one of the best ways to, at least immediately, make yourself feel Better is to do something about IT. We are recording this obviously before the election, and it's coming up before the election. And I have taken that to heart very acutely.

Every time i'm stressed the outcome of the election, I forced my brain to go, okay, so what are we going to do about IT? Are we? And then I go do the thing, so I go donate money or I go sign up to a phone bank, or I post on social media, or I check my vote to registration for the twelve time.

Like this is the same thing we can do with our money. When we feel stressed, when we feel worried, when we feel anxious, you can turn that anxiety into action so that you don't feel like this is uncontrollable, like it's, you know, something outside of what you have control over. So these are all things that I did when I was preparing to quit my job to take her first and careful time.

And it's a perfect example of you facing any sort of financial chAllenge or financial stress kind of shing up your financial house. So our first step, rs, as your emergency fund. Your emergency fund, as a reminder, should generally be three to six months of living expenses in a high field savings account.

I'm going to say that again, if you do not have a high yellow saving account, you need one. They are just like an everyday savvis account, except they are making me more in interest. Will put the links to the one we recommend, double la.

But if you feel financially stressed, if you are a worried about the outcome of maybe the election or just the rest of this year, you're always worried maybe about getting laid off for getting your hours cut or about being able to on not afford and unexpected expense, just had an emergency fund a little bit. You can pat IT to feel more prepared for anything that comes up that's unexpected for me. And the kind of person that wants every single duck in a row, right?

I want like a parachute and then a back of parachute and then a back of back of parachute. So this is a nice way for me to feel even more secure, especially if i'm about to know for me, was about to embark on entrepreneurship full time. I wanted a little bit of extra money.

That's why I save one hundred k, that's why I had a hundred k in the bank before I felt comfortable quitting my job. This comes with an abstracts, though. I don't want you to have two years of living expenses saved in a higher on savings account because you're too afraid of investing.

This will often happen as people will have way more money than they need sitting in even a checking account because they don't know what to do with IT or because they have not worked through their financial trauma and feel so, so nervous that they might need the money at some point. I would say a maximum emergency fund, this is a maximum, should be a year of living expenses. I have a year of living expenses for my emergency fund for a variety different reasons.

One makes me feel Better at night too. I'm a business owner like I need to have some savings. So I know both personally and professionally that i'm OK if the business is voluntary.

And I know the first thing we would do if the business volatile is start cutting my own salary. So that's something that i'm thinking about. And then also, I have a emergency fun for the business like we have reserves that we keep in case the business under performs or in case we fall in hard times.

I also just have a more expensive life now than the average person. So my living expenses number has gone up. So emergency funds, so important, this is the reason we talk about them all the time, is they do a great job at suthing any financial anxiety you have and beef ing that up a little bit, padding that emergency fund can be a great way to content you, making sure that your financial houses in order.

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If you're trying to grow a small business, you need a website. You need easy to use, beautiful website that works without you having to have all of this knowledge about how to code. And square space is the obvious choice.

We were square space users from day one. They were the first investment I ever made in my business. And there is a reason for that because it's really easy to use.

Their analytic tool is a great Fisher. So I know where and how people are finding us. Flexible payment options means that I can take any sort of payment cards, cards, paypal, apple pay.

I can also send you email campaigns from my square space website. You can sell content products on a beautiful website all on your own terms. You also see analytic tools in the square space back ends so that you can measure your online performance and know where people are coming from.

But the best part about square is you can use IT without even knowing how to code. If you want a free trial of square space, you can go to square space dock calm to sign up, but when you're ready to launch, you can go to square space on complex F, F, pod to save ten percent off your first purchase of a website or domain. OK number two, I want you to take a look at your current spending, especially if you feel like you've been mindlessly spending lately or if you've been spending in an impulsive way to cope with the stress of the words, uh, you know me.

I get IT i'm not gonna me you for that life is stressful of this time a year in particular. Jesus Christ is so stressful, I know. However, if you find yourself spending money on things, especially repeatedly that you do not like, that do not bring you joy, that do not add value to your life, and instead just make you feel guilty that you spent money on those things, it's time to cut them.

It's time to cut them. I'm not saying cut the things you like, but I am saying cut the things you do. If you're spending money on things that you don't give a shit about, that is wasted money that could either be going to the things you care about more or could be saved or invested or go towards paying off your debt.

I will often sign up for subscription that i've forgot to cancel and maybe we will have IT in this ad. But rocket money is a sponsor. The show they help you find those subscriptions. It's great. Rocket money comes.

I have d but truly like subscriptions are one of those things that gets started like you signed up because for me, I wanted to watch moon on rules is one time and so I signed up for a seven day star subscription and then I realized I had been paying for for three months. Like go through and see if there's anything you're spending money on that you really don't need or doesn't align with your values or that you completely forgot about. So we're just really assisting our spending.

We're just looking at IT, especially if you haven't done of the financial basics I talk about in pretty episodes or in my book like a money date. If you have done a money date a while, if you haven't done a money diary in a while, where you've been tracking your spending, take a look, take a look at what's going on and see if there's anything you could tweak. okay.

My third thing for you, when you feel financially anxious, when you feel anxious, period about anything IT is so tempting to convince yourself that getting more information is helpful. I don't know why I am picking well, i'm picking on the election. I know exactly why because it's like very, very applicable.

I have been reading all of the pole data I can get my grubby little hands on, because in theory, IT reassures me. But then I go, I look at the polls, and there are so god dim, closed and like, polls aren't super accurate anyway. And I just IT stresses me out more than IT actually helps me.

I do this with a lot of things. I think that getting more information will help soothe me IT, when in fact, to just briles me up. And that just stresses me out.

The same thing can be said about your money. Now we don't want to auto ge. We don't want to barrow your hand the stand and act like our problems don't exist.

We don't want to not look on our money, but there's a version of that on the other end of extreme where you're checking your money all the time, you're checking your money constantly and that every time you do IT, it's stressing you out, right? You get that like tightening in your chest and that's not productive either. Not looking at your money, not productive.

Looking at your money all the time also not productive. So instead, we want to find a sweet spot where we can look at our money in a designated way, in an intentional way, on a routine. This is why I talk about on this podcast.

And in my book, we have an entire chapter around financial self care. And I tell you to make a habit of the self care practice around once a month, if you wanted, do IT more than that, maybe once every two weeks. But I don't want you obsessively checking to the point that you are getting more data.

Thinking is to make you feel Better, but that actually makes you feel worse. So when we're talking about checking your money, we wanted do IT intentionally. We want to decide with intention how frequently we're checking our accounts, how frequently we're looking at our debt, how frequently we're looking at our spending and the status of our investment accounts.

Knowing where i'm at, of course, makes me feel financially confident, but I don't check my accounts obsessively anymore because it's not productive. And because the systems that I have built for my life, my automated savings, my automated investing, me automatically paying my bills, i've already built the foundation of my personal finances. And i've done IT in away where IT doesn't involve a ton of my work or might like direct labor.

That's what we want. We want you to be able to get to a point where you have good money systems and good money habits that are working for you, so that you don't have to obsessively look at your money or obsessively wonder if you know you have the right account. You already have the H.

Y, S. A. You already have your rough. You already have your strategies. Number four, calculate your roman budget. If you do not know your roman noodle number, this is my homework for you.

Your are a noodle number is what I call the minimum amount of money you need to be making in order to cover your bills. And I don't mean your lifestyle, I don't mean know all of the fun stuff that is your sushi life, that is your sushi sushi budget. I'm just talking your roman noodle number, not your sue number.

What is the bare amount of money that you need to be making in order to cover your rent, your insurance, your groceries? Etta, the things that are abb solution necessary to your life that you could not cut in case of a job loss? This is how much you need to spend to survive on the low end.

This is super applicable to anybody who is running their own business or wants to run their own business because that way, you know the end of the amount of money after taxes and expenses that your company needs to make in order to support you. But anyone can use this as a strategy. You don't have to use this number, right?

You don't have to say, okay, this is my roma noodle number, and this is the bare amount of money. This is the maximum amount of money that I can spend in my life. No, that's not what this is for.

We're not calculating the number in order to give ourselves a really strict strategy. We're just calculating IT so that we know and feel reassured that if something crazy happens, right, if we get caught up with some sort of emergency situation, that this is the amount of money that we need to survive. IT reminds you that you have room to make changes, that you are life in your budget are more flexible, if you do need to later.

And this is, again, for the million australians, time, why we save that emergency fund, right? To protect ourselves, to give us that mental stability in piece of mind, but also to make sure that we can afford our life while we're dealing with some sort of emergency situation. And finally, as much as you can, I want you to diversify your income.

This is that one you can like just whip up out of nowhere right now. The retirees, you know, you can kind of start calculating and within a couple days, you know what's going on. But diversifying in your income is a way to make sure that if your primary source of income, for most people, their job right goes away, you have another source of income to fall back on.

You are less dependent on that nine to five or that day job, to me know, be the sole source of whether you're progressing financially or not. Now some people may have the flexibility to do some freeLance work, to do a side hustle, to walk dogs, to work at their gym. I was freeLance marketing at the very beginning of my corporate career.

I actually got a freely social media marketing gig before. I actually got my full time like stable benefits job. And that was one of the reasons I hit my hr k as quickly as I did, was the abilities to bring in multiple sources of income.

However, we know that the word side hustle is a word that is just tripping with privilege, because for some people, a side hustle is a second job that is absolutely necessary to your life, is not a fun. Add on my favorite hack with this though, if you don't have the ability to go out inside hustle, if you don't want to do that, if a site tus l is not in your future. And by the way, we have many episodes in the back catalogue about ctos le.

If you want more information, sign up for handle saving account. Yet another reason to get one. They make you money and interest. And it's actually in a different way tax as income. It's not touched is the same as you know, you're ninety five income, but it's income because you are making additional money.

You don't have to do anything except put money in the account and make sure that you opened one and you're gonna get extra money out of that. That's a second source of income. So when we're thinking about diversified income, IT doesn't have to be taken on mark labor if you don't want.

But IT can be a nice strategy for you to sleep a little bit Better at night knowing that you're fine should something come up. If your nine to five get you get your hours tight of something happens, you've got a secondary source of income to fall back on, worth the very least you have some higher savings count interest. I know we've all had that experience.

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Master class dot com sash, F, F, pod. What is the future hold for business? Well, you ask nine experts, you'll get ten answers. Maybe inflations up, it's down, rates will rise or fall. And really, we just need a Christal all to be able to do IT debate what's gonna go on in the economy and in business.

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And when you're closely books in days, not weeks, you're spending less time looking backwards at more time on what's next. So whether your companies aren't millions or even hundreds of millions, that sweet helps you respond to immediate chAllenges and sees your biggest opportunities. Speaking of opportunity, download the cfs guide to A I and machine learning at next sweet dot com such file pod.

The guide is free for you at next sweet dark com such F F pod, next sweet dark com such F, F, pod. So as we're wrapping up, here's the thing, money is hard. We know money is hard. We know that stress and are anxiety around every part of our lives affects our money.

And we know our dresser, and anxiety about money affects every other aspect of our lives, but I hope that taking action gives you a little bit of comfort, allows you to take more ownership of your financial decisions, allows you to feel like you're controlling your money rather than money controlling you. I just want you to give yourself Grace an understanding a remind you that I always say on the show, which is money is a learned skill IT is not something you're magically good at out of nowhere. And especially as we're trying to protect ourselves to make sure our financial houses in order learning more about money is a great, like sixth step of this.

You listen to this podcast is great and know more than the average person's doing. You learning more about money, learning more about your own emotional trigger, you Better understanding your financial trauma. You taking these steps, like knowledge is power, especially when IT comes to money.

Life can be hard. Money can be hard, but IT really never helps to be hard on yourself. So give yourself Grace, keep thinking about the sorts of advice and knowledge that you can have, and continue to learn to Better your financial life, to Better your career, to Better your health, so you can make informed decisions during times of anxiety or stress.

You know that we're with you every step of the way. If you would like a free financial plane for us, you can go to her first hundred k 点 com flash quiz will ask you a couple questions。 They're not questions that you can fail.

We're just asking you questions to get to know you and your financial situation a little bit Better and then will give you a free personalized financial plan, whether that's for a debt pay off for saving money or investing. You can go to her first hundred k dom slush quiz to grab that. As always, leaving a five star review really helps.

We appreciate the support as well as sharing these. I don't think in twenty twenty four, we have hit the top of the charts this year or beaten dave RAM. Z oh, one time person says, one time i'd like to do IT again. But for the end of the year, I would like to do IT again.

So one of the best things you can do, what literally the thing you can do, is sharing episodes and sharing the show, sharing IT on a spotify, sharing IT on apple, sharing IT on social media, subscribing, sharing IT texting, IT to your friends. You may and out of heard the show. It's one of the best things you can do, especially if you know a friend who struggling with money or feel stressed or is just looking for a place to get financial al information that isn't going to make them feel like a piece of set.

We've really appreciate that support. okay? We also have a very quick election episode coming out on election day. That is honestly, it's three minutes long.

It's just gonna be a nice little just reminder that I love you and I appreciate you and ever thing is going to be OK. We will see you back in our fees. Well, depending on what what happens, we have every expectation that we will see you back in the feed on a more Normal week.

But during that week, just in journal, please take care of yourself. This is my last solo episode that we will do before the election. So let this be my most impatient final plea.

Vote, vote like your god. Dam life depends on IT, because IT fucking does vote, not just at the national level, but vote for your local representatives, vote for local policies. Vote call, donate rive your elderly family to the polls early vote, if you can, just please, please, please vote, participate, be an active participant in our political system.

I appreciate that the world appreciate IT. Just get out and vote voda org if you're not sure where to go or if you need a voting plan, vote dot orgues where you can. Okay, have a spoke spoke y halloween ghost in goblin's.

And I want that as creepy as I can be, not Donald trump. Thank you. Have a great rest day. bye. Thank you for listening to financial feminist a her first hundred k podcast financial feminist is hosted by me, tory done up produced by Christian fields and to miss grant, researched by sera shorts o audio and video engineering biology a meca marketing and Operations by cattle and a and a few special thanks to our team. At her first hundred kid kale sprinkle, marsha may give a Taylor che sah bona, very wong, eliza cumber claro, an darin ema and Megan Walker promotional graphics by married drone, photography by sara wolf and the music of jana o and sound a huge thanks to the entire her first hundred k community for supporting the shell for more information about financial feminist. Her first hundred k our guests and episode shown us visit financial minus pocket dot come, if you're confused about your personal finances and you're wondering where to start, go to her first hundred k doc com ssh quiz for a free personalized money plan.