Episode Transcript
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Speaker 1 (00:00):
Welcome back to the wealth Wise Woman podcast. I'm your host, Anna,
and as always, a quick reminder, this podcast is for
educational and informational purposes only. It is not financial advice.
Always do your own research and consult with a licensed
professional before making any financial decisions. Today, we're diving into
(00:22):
a transformative topic that's all about aligning your finances with
your dreams, crafting your personal money vision. For women who
often face systemic barriers like the gender pay gap, caregiving responsibilities,
and societal pressures, a clear money vision is the roadmap
to financial empowerment. It's not just about saving or investing.
(00:45):
It's about defining what money means to you and building
a life that reflects your values, goals and aspirations. Whether
you want financial independence, a dream home, or the freedom
to travel, this episode will guide you to create a
vision that inspires and drives your financial decisions. Let's craft
a money vision that lights up your future. In this
(01:07):
comprehensive eight part episode, we'll cover why a personal money
vision is essential for women, Understanding your money mindset and values,
defining short term and long term financial goals, creating a
vision board an action plan, overcoming barriers to achieving your
money vision. Real world examples of women living their money visions.
(01:31):
A gendered perspective on financial visioning practical steps to implement
and revisit your money vision. Let's get started and shape
a financial future that's uniquely yours. Part one. Why a
personal money vision is essential for women. A personal money
vision is a clear, intentional picture of what you want
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your financial life to look like, rooted in your values
and goals. For women, it's a powerful tool to overcome
unique child lenges, gender pay gap. Women earn on average
eighty two cents for every dollar a man earns, leading
to a lifetime earnings gap of four hundred thousand dollars
one million dollars. A money vision helps you maximize every
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dollar toward your priorities. Caregiving responsibilities. Women often pause careers
or work part time for caregiving, reducing savings. A vision
ensures you plan for these periods without derailing your goals.
Longer life spans. Women live five seven years longer than men,
requiring larger retirement funds for health care and living costs.
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A clear vision prioritizes long term security. Societal pressures. Women
are often taught to prioritize others needs over their own
financial goals. A money vision empowers you to focus on
yourself without guilt financial confidence. Many women feel intimidated by
finance due to lack of early education. A vision makes
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money approachable by tying it to your dreams. Example, a
woman with a vision to retire early at fifty might
save dollar five hundred slash month in a retirement account,
growing to five hundred thousand dollars by age fifty at
seven percent returns, enabling her dream lifestyle. A money vision
transforms abstract financial tasks into a purposeful journey, giving you
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clarity and motivation. For women, a personal money vision isn't
just about wealth. It's about freedom, security, and living life
on your terms. Part two Understanding your money mindset and values.
Your money mindset, the beliefs and emotions you associate with money,
(03:47):
shapes your financial decisions. To craft a meaningful vision, start
by exploring your mindset and values. Reflect on your money story.
How did your upbringing shape your views? Did you grow
up with scarcity for example money is hard to come by,
or abundance for example of there's always enough. Journal answers
to questions like what's my earliest money memory? Or what
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does money mean to me? Identify core values what matters most, freedom, security, family,
adventure or impact. Example. If family is key, your vision
might include saving for kids education. If freedom, it might
focus on financial independence. Challenge limiting beliefs. Common beliefs like
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I'm bad with money or investing is for men hold
women back. Replace with affirmations I'm learning to manage money,
or I can invest confidently. Assess emotional triggers. Do you
overspend when stressed, avoid investing due to fear. Recognizing triggers
helps align your vision with intentional actions. Example, Sarah grew
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up hearing money doesn't grow on true ease, leading to
a scarcity mindset. By journaling, she realized her value of
security drives her to save aggressively. Her vision became building
a ten thousand dollars emergency fund, shifting her mindset to abundance.
Pro tip use tools like the Money Mindset Journal available
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online or free prompts from financial blogs on X to
uncover your money story. Understanding your mindset lays the foundation
for a vision that resonates Part three. Defining short term
and long term financial goals. A money vision combines short
term wins one of five years with long term dreams
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ten plus years. Here's how to set goals that align
with your values. Short term goals one of five years.
Examples include building a five thousand dollars emergency fund, paying
off ten thousand dollars in debt, or saving three thousand
dollars for a vacation. Make them smart, specific, measurable, achievable, relevant,
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time bound. Long term goals ten plus years. Examples include
retiring at fifty five with one million dollars, buying a
three hundred thousand dollars home, or achieving financial independence to
work part time. Tie to your values for example freedom, legacy.
Prioritize goals, rank by urgency and impact. Example, an emergency
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fund might come before a vacation if security is your
top value. Quantify costs. Estimate costs using online calculators for
example nerd wallet for retirement or Zillo for home prices. Example,
a one million dollars retirement goal at sixty five requires
dollar five hundred slash month invested at seven percent from
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age thirty. Break down steps. Divide goals into monthly or
yearly actions. Example, for a five thousand dollars emergency fund
in two years, save dollar two hundred eight slash month. Example.
Lilah values adventure and security. Her short term goal is
a two thousand dollars travel fund in one year dollar
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one hundred sixty seven slash month. Her long term goal
is financial independence by fifty, requiring one dollar zero zero
zero month in investments starting now. A gendered perspective, women
often prioritize family or immediate needs over long term goals.
Balancing both in your vision ensures you don't sacrifice personal dreams.
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Part four. Creating a vision board and action plan. A
vision board and action plan make your money vision tangible
and actionable. Vision board purpose visualizes your goals to stay motivated,
for example, photos of a dream home, travel destinations, or
a debt free sign. Steps gather images magazines, Pinterest, or Canva.
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Create a physical board poster five dollars or digital one
free on Canva. Include short and long term goals for
example ten thousand dollars saved or retire at fifty five.
Place it somewhere visible for example desk, phone wallpaper. Example.
Emma's board has a beach house photo for her home
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buying goal and a zero dollars debt sign for her
fifteen thousand dollars, loan payoff, action plan, budget, allocate income
to goals using the fifty to thirty twenty rule fifty
percent needs, thirty percent wants twenty percent. Savings debt example,
save dollar two hundred slash month for goals from a
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two thousand dollars income automate set up auto transfers to
savings dollar one hundred slash month or investments dollar fifty
slash month via banks or apps like Betterment, Track progress,
use ynab or a spreadsheet to monitor savings, debt or
investments monthly, adjust, quarterly, review, and tweak goals based on
(09:02):
income or life changes. For example, new job, baby example.
Priya's vision board shows a paid off car and a
world map for travel. Her action plan save dollar one
hundred fifty slash month for a car five thousand, four
hundred dollars in three years and dollar fifty slash month
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for travel one thousand, eight hundred dollars in three years,
automated via her bank. A vision board keeps your dreams
front and center, while an action plan turns them into reality.
Part five. Overcoming Barriers to achieving your money. Vision. Women
face unique obstacles in pursuing financial goals. Here's how to
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overcome them. Time constraints caregiving or work limit planning time
solution dedicate fifteen minutes lash week to review goals or
use apps like Mint for quick tracking. Limited income the
pay gap reduces savings potential. Solution Start small for example
dollar ten slash month in an ETF and explore side
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hustles for example dollar one hundred slash month freelancing. Fear
of failure. Women may avoid investing due to risk fears.
Solution educate yourself with books broke millennial takes on investing
and start with low risk ETFs. Societal pressure expectations to
prioritize family can derail personal goals. Solution. Communicate your vision
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to loved ones and set boundaries. For example, I save
dollar one hundred slash month for me. Lack of confidence
many women feel not good with money. Solution. Join women's
financial groups on x for example Women's Personal Finance for
support and learning. Example. Maya, a single mom, struggled with
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time for planning. She used ten minutes weekly to automate
dollar twenty five five slash month savings and joined an
ex group, gaining confidence to save one thousand dollars in
a year. A gendered perspective, Women often faced guilt for
prioritizing personal goals. A money vision reframes finance a self care,
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empowering you to pursue dreams unapologetically. Part six. Real world
examples of women living their money visions. Here are three
hypothetical women who crafted and achieved their money visions. Llila
twenty nine, graphic designer. Llila's vision was travel and debt freedom,
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value adventure. She read the financial diet, cut dollar one
hundred slash month in spending and saved one dollar two
hundred year for trips. She paid off five thousand dollars
in debt in two years, taking her first solo trip
to Bali. Amara thirty seven, teacher, Amara valued security and family.
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Her vision was a ten thousand dollars emergency fund and
one hundred thousand dollars for kids college. She saved dollar
two hundred slash month and invested dollar one hundred slash
month in VTI, reaching her emergency fund in four years
and growing four thousand dollars for college. Sophie forty five, consultant.
Sophie's vision was financial independence by fifty five value freedom.
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She invested dollar five hundred slash month in a sep
ira after reading The Simple Path to Wealth projecting five
hundred thousand dollars by fifty five and started a two
dollars zero zero zero month side hustle for extra savings.
These stories show how a clear money vision tied to
values drives transformative financial success. Part seven, A gendered perspective
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on financial visioning. Women's financial journeys are shaped by unique realities.
Making a personal money vision critical pay in wealth gaps,
lower earnings, and career breaks require intentional planning to close gaps.
A vision prioritizes savings and investments despite challenges caregiving demands.
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Women often sacrifice income for family needing flexible goals. A
vision balances short term needs with long term dreams. Societal narratives,
women are taught to be risk averse or prioritize others,
limiting financial ambition. A vision reframes money as a tool
for empowerment. Lack of representation fewer women in finance media
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can make goals feel unattainable. Visioning creates a personal roadmap
inspired by relatable stories. Example, a woman valuing legacy might
face pressure to focus on immediate family needs. Her vision
to save fifty thousand dollars for her kid's future. Empowers
her to save dollar one hundred slash month despite societal pushback.
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A money vision helps women overcome systemic barriers, aligning finances
with personal dreams and resilience. Part eight Practical steps to
implement and revisit your money vision. Ready to craft your
money vision, here's a detailed action plan. Reflect on your
money story. Spend fifteen minutes journaling about your money beliefs
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and values. Use prompts like what does financial success look like?
Or what scares me about money? Define your goals list
two to three short term for example five thousand dollars
emergency fund, and two three long term goals for example
five hundred thousand dollars retirement. Tie to values like security
or freedom. Create a vision board. Use Canva free or
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a poster five dollars to design a board with images
of your goals for example a house, travel map, Place
it visibly. Build an action plan. Allocate income to goals
for example dollar one hundred slash month to savings, fifty
dollars to investments. Automate via bank transfer or apps like Betterment,
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track progress. Use ynab min or a spreadsheet to monitor
savings and investments monthly. Celebrate milestones for example one thousand
dollars saved overcome obstacles. Join an ex financial group for women,
or read Get Good with Money to build confidence and
tackle fears. Revisit quarterly. Review your vision every three months
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to adjust for life changes, for example job loss, new goals,
update your board and plan, seek support. Consult a fee
only financial planner one hundred dollars dollar three hundred slash
hour for complex goals, or join free workshops via event bright.
Example plan a thirty year old earning fifty thousand dollars
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values freedom and family. She creates a vision board for
a ten thousand dollars emergency fund and one million dollars retirement.
She saves dollar two hundred slash month in a high
yield account and invent es dollar one hundred slash month
in Vogue, tracking with yann ab and joins an X
group for accountability pro tips. Use audiobooks via Libby for
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busy schedules. Follow women in finance on x for example
at her first one hundred k for daily inspiration. Reward
progress with low cost treats for example five dollars coffee
for five hundred dollars saved. Crafting a personal money vision
is a powerful act of self empowerment, helping women overcome
systemic barriers like pay gaps and caregiving demands to build
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a life aligned with their values. By understanding your money mindset,
setting clear goals, and creating a vision board and action plan,
you turn dreams into reality, whether it's financial independence, a
dream home, or a legacy for your family. Your vision
guides every financial decision. Start small, stay consistent, and lean
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on communities and resources to keep you motivated. Your money
vision is your roadmap to a future of freedom, security
and joy. Here's your action plan to start today. Journal
your money story and values for fifteen minutes this week.
List two short term and two long term financial goals
tied to your values. Create a digital or physical vision
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board using Canva or a poster. Automate twenty five dollars
dollar fifty slash month to a savings or investment account.
Tune into next week's episode for tips on building passive
income streams. The best day to craft your money vision
was yesterday. The second best day is today. Don't let
fear or doubt hold you back. Define your financial future
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and start building it now. Thanks for joining me on
the wealth Wise Woman podcast. If this episode inspired you
to dream big about money, share it with a friend
who needs a financial spark. Until next time, keep building
your wealth wisely.