5 money-draining mistakes that keep you broke & broken
TRANSCRIPT
5 Money-Draining Mistakes That Keep You Broke & Broken
Hosted by Building Bridges Consulting & The LADIES Group NFP
This webinar is free; however, please consider giving a donation. All donations will benefit The L.A.D.I.E.S. Group NFP.
For more information, visit our Go Fund Me campaign at http://gofundme.com/theladiesgroup
[email protected]@coachniquenya President & CEO of Building Bridges Consulting Founder & Creator of The LADIES Group NFP Director of Networking in High Heels VP of Membership – West Ridge Chamber of Commerce Small Business Consultant Executive Coach Corporate Trainer Motivational Speaker Author
[email protected]@coachniquenya
Product of a single parent home Lived in public housing Supported by public assistance Teenage mom Poor financial management habits Bad credit Financially illiterate Smart girl with no money
[email protected]@coachniquenya Unhappy with my financial situation
Affected every other area of my life
Knew I was smarter than that
Wanted something different
Chose to do something about it
Actively worked to do something about it
Started my business to teach others how
Passionate about helping people to overcome financial distress
POVERTY IS A CHOICE!
This webinar is for you if you’re…
Tired of being broke Want to make more money Want to create alternative income streams Want to become financially free Want to build a legacy
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Agenda
Identify the 5 mistakes you are making that are keeping you broke
Master your mindset to attract and retain more money Explore the 4 main money methodologies Apply easy actions to fix your finances now How I can help
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What’s stopping you now?
You’re probably making one or more of the 5 money-draining mistakes that are keeping you broke and
broken!
I will show you exactly how you can move past this place of lack and into the warmth of self-sufficiency.
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The 5 Money-Draining Mistakes That Are Keeping You Broke & Broken…
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Mistake #1 - Failure to plan
Failing to plan is planning to fail You need a budget to keep you on track with your
goals Do you know your net worth? (ASSETS – LIABILITIES) Includes every type of income and expense
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Mistake #2 - Lack of Savings
Can’t predict the future Emergency situations Education Financial goals (car, home, vacation, etc.) Peace of mind
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Mistake #3 - Spending Beyond Your Means Overspending leads to financial disaster Distressed by stress Rob Peter to pay Paul Unhealthy risks with negative consequences
Health Relationships Career
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Mistake #4 - Don’t Diversify Income
Employers aren’t loyal Workforce is competitive Customers don’t pay and businesses close Bad things happen to good people (illness,
accidents, etc.) What’s your Plan B?
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Mistake #5 – Avoid Talking About It
Unaware of your situation – knowledge is power Unfair assumptions and expectations Upside down trying to keep up appearances Pass down financial illiteracy to children Creditors know more about your finances than you
do!
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Recap of the 5 Money-Draining Mistakes1. Failure to plan
2. Lack of savings
3. Spending beyond your means
4. Don’t diversify income
5. Avoid talking about it
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Why are you making these 5 mistakes?#1 Reason - You haven’t
mastered yourmoney mindset!
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What is your money mindset?
What relationship do you have with money? Shaped by the things you have been taught growing up Influenced by parents, teachers, peers, and even your
spouse If you believe money to be the root of all evil then you
will unconsciously avoid making it and keeping it!
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Think about your money mindset and the mistakes you’ve been making…1. Failure to plan – might mean you haven’t learned discipline
2. Lack of savings – might mean money isn’t important to you
3. Spending beyond your means – might mean you’re used to being spoiled
4. Don’t diversify income – might mean you rely too heavily on others
5. Avoid talking about it – might mean money makes you uncomfortable
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Ask yourself…
1. Does money make you uncomfortable? Can you talk about it?
2. Are you satisfied with your life?
3. How do you view yourself? Are you successful, struggling?
4. What are your earliest memories around money?
5. How do/did your parents handle money matters?
6. What sentence best describes how you feel about wealth?
7. Did you consider yourself rich or poor growing up?
8. Was money a source of conflict growing up?
9. Does money play a central theme in your thinking?
10. How would you rate your level of stress around money?
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You bring your money mindset into adulthood
When you grow up with lack you will feel less comfort with attracting and maintaining wealth
Your money mindset helps you to know if you’re heading in the right direction
Exploring your money mindset sheds light on your beliefs and habits
Do you need to change your money mindset?
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Your Money Mindset Is Important!
1. Earn – income generation from a job or business
2. Spend – bills and other expenditures
3. Save – safety net and emergency fund
4. Invest – asset and wealth creation
What can you do to master your money mindset now?
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The 4 Main Money Methodologies
1. Earn Money
Get a second job or career that pays what you’re worth
Create one or more sources of self-employment Monetize skills and hobbies (become a contractor) Ask for salary/wage increases regularly
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2. Spend LESS Money
Stick to a budget Include entertainment (things you like to do) Never spend more than you earn! Seek ways to cut spending by addressing bad habits
first Smoking Eating Out Drug/Alcohol Abuse
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3. Save Money
Pay yourself first Maintain an emergency fund Take advantage of direct deposit Participate in rewards programs Add couponing to your savings strategy
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4. Invest Money
Make your money work for you! Take calculated risks Purchase assets that earn money
Stocks & Bonds Home & Other Rental Property Warning – Cars are NOT assets!
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BONUS - TALK ABOUT MONEY!!! Have regular, open communications about money
with… Spouse or significant other Children Siblings Trusted friends
Seek an expert! Financial Advisor Coach
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As your coach, I can help you to…
Identify and master your money mindset! Set clear financial goals and objectives! Explore alternative income streams! Overcome challenges and obstacles! Regain clarity, focus, control, and peace of mind!
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During your program you can…
Get control over your finances Set a realistic budget Learn how to talk about money effectively Fix your credit Start or grow a business And much more…!
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Master My Money Mindset Program™3-month, one-on-one support and accountability includes… Comprehensive questionnaire to explore your mindset
($97) Biweekly, 30-minute strategy sessions ($997) Unlimited email support between sessions ($97) Done-for-you templates for your guaranteed success
($97) BONUS: Do-It-Yourself Easy Credit Repair Guide ($9.97)
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Special Limited Time Offer…
Master My Money Mindset Program™
Only $149 per month!Over $1297.00 Value!
~Only 10 spots available~
@coachniquenya
Special Limited Time Offer…
Master My Money Mindset Program™
Only $149 per monthOver $1297.00 Value!
~Only 10 spots available~
Register now - http://bit.ly/mastermymoney
@coachniquenya