Building Up Financial Health and Reducing the Fear and Shame Around Money with Shannon McLay
Today’s episode is all about financial health.
When today’s guest approached me asking me to be on the show I hesitated and asked myself is money related to wellness at all?
In the end I definitely believe it is.
My personal belief is that money is an energy.
Its not inherently good or evil, it’s a tool that we can use to amplify ourselves.
I’m a believer that if you’re a generous, positive person with good intentions money can just help you do the things and give and be more of that awesome energy.
The same goes for if you’re a dickhead.
Obviously there’s a million things we could dive into with money but today we kept it pretty simple.
This episode is especially geared towards folks who are in their twenties and early thirties, but heck anyone who just wants to feel a little more empowered and in control.
Just like with your wellness and health there’s no one right answer with how to manage your money.
If you’re listening and don’t agree with everything my guest says that’s absolutely ok. We all have a right and ability to manage our money in a way that works for us.
I also wanted to note that if any of the diet related metaphors don’t work or resonate with you I totally get that. Some of them didn’t really land with me but I was able to understand the point she was making and the money advice was still great. So just because maybe a certain metaphor doesn’t click – you can still listen to and enjoy the financial side of things.
What I really loved is that Shannon is not black and white about money. She knows that everyone thinks and manages things differently which is what really helped me get a lot of benefit from this advice. I loved how she didn’t say there’s just one way to do everything.
We Talk About:
- How to have a positive mindset around money
- Why a lot of financial advice is geared towards “perfection” and isn’t realistic
- Fear & Shame are some of the most common themes when it comes to money
- Limiting beliefs around money
- When it’s the right time to see a person instead of using an app
- Why money is one of the final taboos
- Why “money is not important to me” should be cut out of your vocabulary
- Shannon’s belief why no one should feel bad about not understanding money
- What are some of the biggest myths that people still believe about money
- Why long term savings is like a cross country road trip
- Start with short and medium term goals first
- Why Shannon believes you save and pay off debt at the same time
- Why financial planning is not one size fits all
- Shannon’s tip for recent college grads – set up auto saving behaviors
- Tips for saving for your first house
- Savings Tips
- First step is to save 6 months of emergency savings
- Second step is to save for your first big medium term goal
- Where to start saving after you’re done paying off debt
- How financial control relieves major stress in your life
- Tips for saving money in college – prioritize 1 or 2 areas of spending
- why expense tracking isn’t for everyone
- How to get started with IRA’s and retirement savings
- Work with an accountant to figure our what’s best because retirement has a lot to do with taxes
- Shannon’s biggest piece of advice when you’re just getting started
This Episode is Perfect for Anyone Who:
- Wants to feel more in control of their money
- Wants to get financially healthy
- Wants to reduce and learn about the fear and shame behind money
- Wants to learn about saving, prioritizing spending, investing debt and retirement savings
Resources Shannon Mentions
- Financial Diet Youtube
- Ally Savings Bank
- DriveWealth – (Practice investing)
- Motif Investing – (portfolios with themes)
Different Types of Budgeting
- goals based budgeting
- cash diet
- expense tracking
- zero sum budgeting
Types of IRA’s for business owners
- simple IRA
- SEP IRA
LISTEN ON THE COMPUTER
Connect with Shannon
Hang out with the Joy Squad on Facebook for your daily dose of health, wellness and joy filled conversation. (and you’ll get sneak peeks on new things coming to the blog and podcast first)
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