August 15, 2023 • 43 mins
Join Divya Parekh and Jessica Weaver, founder of the Women’s Wealth Boutique, to learn about three main areas women struggle with regarding their wealth. You'll discover how to uncomplicate things and build simple systems that can grow with you and your money.
Click this link to learn more https://success.divyaparekh.com/unfairadvantage/
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Click this link to learn more https://success.divyaparekh.com/unfairadvantage/
Beyond Confidence is broadcast live Tuesdays at 10AM ET.
Beyond Confidence TV Show is viewed on Talk 4 TV (www.talk4tv.com).
Beyond Confidence Radio Show is broadcast on W4WN Radio - Women 4 Women Network (www.w4wn.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com).
Beyond Confidence Podcast is also available on Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.
Become a supporter of this podcast: https://www.spreaker.com/podcast/beyond-confidence--1885197/support.
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(00:00):
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(00:23):
Radio. This is Beyond Confidence withyour host Dvaparnk. Do you want to
live a more fulfilling life? Doyou want to live your legacy and achieve
your personal, professional, and financialgoals? Well? Coming up on Dvaparnk's
Beyond Confidence, you will hear realstories of leaders, entrepreneurs, and achievers
who have stepped into discomfort, shannertheir status quo, and are living the
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life they want. You will learnhow relationships are the key to achieving your
aspirations and financial goals. Moving yourcareer business forward does not have to happen
at the expense of your personal orfamily life, or vice versa. Learn
more at www dot givapark dot comand you can connect with div you at
contact at Giva park dot com.This is beyond confidence and now here's your
(01:08):
host, give you a park.Good morning, listeners, It's Tuesday and
I'm thrilled to be here with you. So I want to share a quick
story. What happened was just afew days back. It was fascinating.
I was walking, you know,one with the nature, hearing the rustle
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of the leaves and the switch ofthe wind and chirping of the birds,
and then something kicked in and Ijumped. So what happened was out of
the corner of my eye I sawbaby copper head snake. So if I
(01:49):
had probably stepped on it, Iwould have been bitten. Baby copper snakes
are pretty venomous. So where I'mgoing with this is being present for yourself,
being present for others, and Iwant to share that. That's why
I cherish my time with you,because you'll provide that time to us and
(02:12):
you're part of the family. Sothank you to each and every one of
you who have got our books.If you've not got our books, please
get them because part of the profitsgo help women entrepreneurs all across the globe
keyboard dot org you can check itout. Not only that any of our
(02:32):
books, especially the two that you'reseeing behind Expert to Influencer and The Entrepreneur's
Garden will change your lives. Andhow can I say that? It's based
on the experiences of the readers andtheir feedback. And as always, I'm
going to invite you to take thathour, split it into multiple times and
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keep that kind of circle going,because a little kindness goes a long way.
And the story that I want toshare with you of kindness is I
love walking, as most of youmost likely know, And just a couple
of days back, I was goingand this beautiful, energetic, wonderful woman
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going on a bike. It didn'tmatter who it was, whether people replied
back to her or not. Shekept on saying good morning to everyone on
the track. And I can tellyou it brought a smile to my face
and set my day on a rightnote. So think about it as little
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as that, where you can sharea bit of yourself with others, you
can light up the way for them. All right, let's bring on her
guests. Welcome Jessica hight did Yeah, thank you for having me this morning.
How are you good? How aboutyou? I'm good? Those are
great stories on your walks. I'llthank you. That would terrify me.
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Most likely it would have terrified metoo, I think. So it was
just an instinctual reaction or response,whatever we want to call it. So
it's lovely to have. You usuallyget started with your childhood journey. Do
you recall any moment or a personthat you remember even to this day.
Oh, so I'm a wealth advisor. I grew up. My father's been
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a wealth advisor for over forty years. So when I'm asked about my child
and that's always been a theme inthere, whether it was I was stuffing
envelopes for his business at a veryyoung age, sitting on the family room
rug watching TV and stuffing envelopes andgetting some cash to do that, or
I remember I had this little hintin my room, and I love to
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put my money in the tin,and whenever I was I would go my
room, lock my door, Iwould count the cash. I think my
parents knew how much I loved thetin and the magical money within it.
So whenever I was bad and Iwould run into my room and a tangent
state of a I don't know,meltdown, tangent, whatever you want to
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call. And I would lock thedoor and they would tokay. They would
come and they would bang on thedoor, said Jessica Claire. If you
don't open the door right away,we're taking away all your money. That
was one of the not that wasa huge traumatic events. But I call
it trauma because it was a lifealtering thing. It started to create this
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narrative around money in my world,that there's fear around money, that money
can be taken away from you.So whenever i'm ass about childhood, I
usually think of that story and howit shaped a lot of decisions moving forward
with money. It's also I canidentify that fear very quickly with other people
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when it comes to their money sociallyworking with them as an advisor as well.
Do you, I'm curious to youhave a child's story around money that
like that first memory of money growingup? I do have. So Basically,
I used to love collecting coins,the different types of coins, and
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so we didn't get an allowance.Usually you can say that I was spoiled,
which are usually whatever I asked Igot, so I never I had
that barrier that like, oh,you know, and of course it's not
like I was going to ask foranything huge or something like that, but
you know, like little things,we get it. And I used to
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collect those coins and I still rememberto this day that there was something going
on, like I don't remember whatwas the issue, and like my parents
needed some money for something urgent andthey're like, Okay, we don't have
time to go to the bank becauseyeah, you guys might guess that I'm
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not a dinosaur, but like youknow, in good old days there was
no mobile banking, so you wouldhave to go like if you don't have
cash on hand. So I said, hey, take my box, and
it was just kind of amazing.Whatever there was quite a bit of money,
like in our period of time,I had stacked and as I'm sure
we'll be going into compounding and allthat, as we talk about it helped
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my parents in that pinch. Soyou never know how narratives you have and
we can definitely jump into it andhow it can impact your behaviors and decision
making and all that. So asyou grew, which career did you take
on? Sure I graduated actually startedgetting my securities licenses to become an advisor.
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In college, I had some internshipsat my father's firm other firms as
well, went on the insurance sideof things, and then when I graduated
college in two thousand and ten,I finished the summer just studying and getting
the rest of the licenses my insurancemy series sixties, sixty six, Series
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seven, and then I started myCertified Financial Planner designation right after that,
so I felt like I did morestudying that summer, and then I did
my entire four years in college.I GM packed it all in because I
was a very eager to dive intothis new job, this new career,
and also I was working with myfather and my brother at the time too,
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so it felt very excited to bebuilding something together as well. And
I've been an advisor ever since twothousand and ten. But there wasn't a
straight path to where I am today, as it very rarely happens that way,
right, right, right. Soyou mentioned that you are taking security,
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so sounds like money has been definitelya very strong suit in your life,
and as your father was a wealthadvisor, so did you ever think
of doing anything else except for goinginto Yes, I grew up playing basketball.
I played basketball all through college.I loved it as where my husband
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was a basketball player in college aswell, so part of me wanted to
be a basketball coach. I thoughtthat would be really neat. I went
overseas to play a few times,and I love the community with having a
team and having the leadership with coaches, and then the coaches playing different roles
and kind of appealing to you atdifferent moments as well, and I was
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very drawn to that also the psychologybehind it, working with different sports psychologists
as well. And then I endedup kind of combining both that that coaching
mentorship community with the money side ofthings. And I remember looking and just
sitting in on my father's meetings withhis clients and realizing kind of connected the
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doubts for me. He is acoach. He is coaching and advising and
guiding them, and sometimes it's advice, sometimes it's guide, and sometimes it
is coaching and sometimes not that we'retherapists, but it can be very therapeutic
the work that we do as well, and there's definitely a psychology behind it.
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There's a lot of mindset work behindit, so it kind of combined
all those worlds together, and Iloved being a part of a team.
At that time, it was myfather and my brother's team and our back
office support and being able to workone on one with people. And as
my career progressed, I built moreand more of that community, and that
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community I wanted to focus on women. I saw how neglected women are in
the industry, whether you're a femaleadvisor. Female advisors make up only eighteen
percent of all financial advisors in Davia. That number hasn't changed in twenty years,
in two decades. So what iswhat's that barrier for women entering the
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industry or keeping them there? Yeah? A lot, definitely, Yeah,
a lot of question for you,Jessica, how was your experience in your
father's form like, because here youare you mentioned that you know that women's
numbers in the financial advising industry hasnot changed within twenty years now, when
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you go back and when you werewith your father and with your brother,
did you feel anytime like, oh, I'm the only one or did you
just were comfortable tell us about yourexperience and that. That's a good question.
So there were a lot of dynamicsapply. I was I am the
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younger sister. Right, I'm myfather's little girl, I'm my brother's younger
So we had those relationship dynamics.And then I was the only female advisor.
There are a few other male advisorsa part of our firm, and
this is a typical situation. Areset up of most financial firms where the
back office support about eighty ninety percentour women. So there were women in
the office, they just didn't havethe same client facing roles that I had.
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So I did feel even though myfather, my brother, I know
they love me and I love them, I did feel like the underdog.
I felt like I was part ofthe boys club and just a humor.
Right. Wholesalers would come into theoffice and they're mostly men, so they're
using, right, we're going golfing, we're gonna go get cigars, We're
going to or saying these jokes thatare more catered towards men as well.
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So I begged my father, canI do something for women? And so
within my father's firm, I startedto create what is now the Woman's Wealth
Boutique, a separate, complete,separate firm as from my fathers, but
I started to create that and justhaving events for female clients and prospects.
That led to my blog, Notyour Father's Advisor, which led to my
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three books. And now we haveour very old Woman's Wealth Boutique that we
opened up last year March of lastyear, twenty twenty two, and we've
brought on seven female advisors within ayear. So I saw as I kind
of knew I wasn't the right spoton my father's firm. He's a very
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traditional advisor, which is fine,is great. He's a very very good
advisor. My brother's a great advisor. But for me, I wanted to
do so much more. I wantedto do more outreach to women, whether
through books, podcasts, being onthis show, things like that. And
the traditional firm isn't set up forthat. There's too much regulation, too
much oversight, and things just getto take way too long to get anything
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done. So I said to myfather in twenty twenty one, I'm going
to set up my own firm thatwill give me the freedom to pursue these
endeavors and to build out this reallytrue community that's built by women and for
women as well. And along thatpath, I started speaking with other advisors
and they were running into the sameissues I was. They weren't happy,
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they felt very undervalued, neglected,beating down, just with everyone telling them
no over and over again. Andthat takes a toll on yourself confidence,
right, Oh? Absolutely, Andas it is, we have seen It's
not that men don't struggle with confidence, but women have been known to check
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themselves like, okay, if Idid this, And even Angela Markel in
one of her interviews said that likeand she is, like, you know,
Angela Markel has been one of thetop leaders in the world, and
she would say that she would doublecheck her work and do more research and
prep more. So women do havethat area or gap, whatever we want
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to call it, where they dothe additional world to make sure that they're
on par So when you say that, you mentioned that, like, you
know, there are lots of rulesand regulations for the traditional forums. Where's
yours not? So tell us what'sthe difference between the traditional and your boutique?
Sure? So, a traditional brokerdealer we call them. They are
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regulated by different parties, the SEC, Securities Exchange Commission, FINRA, different
places. They regulate their booker dealers, and then the broker dealers regulate the
advisors within that and most of thetime they're they're very, very large.
So if I wanted to get abook, then now they don't want every
advisor to write a book because that'sway too much work for them, it's
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not cost effective for them. Sothey're much more entitled to just say no,
you can't do a book, ordo social like social media, go
on TV, have a podcasts,or if they say yes, it's a
very long process to execute it becauseit needs to go through compliance, and
now you're battling your spot with thousandsof other advisors as well. We're set
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up we are a registered investment Advisoryfirm and RAA and we are directly regulated
by the states in the SEC,so there's no one in between us.
We are just directly audited and regulatedby them. So now we have our
own in house compliance team that Iwork with very intimately. I'm the chief
compliance officer. So it's we canget things done quicker. We also know
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the mission behind it, the integrity, the what is the purpose behind any
marketing pieces projects endeavors, and we'reable to get things done a lot quicker
and still be in brand and inalignment what our twue purposes and our biggest
push is just financial educational literacy outthere for women and not just female clients
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and investors, but also female advisors, so that they know what their rights
are as an advisor in this industry. What are they giving up being at
a certain place? Where are theiropportunities and where should they where do they
want to kind of apply? There'sso many different ways you can be an
advisor as a female. No,definitely that makes sense. So all right,
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so now you congratulations on all yoursuccess. You have accomplished a lot
and bathing the path for women.Now, when are audiences listening, I
know that there are a lot ofbarriers to women and women making money.
So in your experience, what wouldyou say at the three main or fi
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main barriers that stand between women andwealth. Oh, this is a perfect
timing. I've been talking with alot of female advisors of the last two
weeks about this exact exact topic.So just taking into account, you know
what the concessus has been with theother female advisors. One that we've been
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noticing and being trend is when mentry to have us do it their way
and it doesn't feel right because mostadvisor, again, there are men.
Most of our mentors, being femaleadvisors in the industry are men, and
so we deal with the same thingis you just need to do it this
way, But women make decisions verydifferently. We like to get educated first,
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we take our time. But divia, we're also more likely to stick
with our investment choices, whereas men, they'll be riskier, but they will
flip flop back and forth more sowe make decisions differently. We're going to
approach risk in a very different capacity. We aren't as much of a risk
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taker as men. So that's beenanother barrier to entry is understanding what's the
risk I'm taking? How do Iprotect against that risk as well, so
that I am if something were tohappen, I'm okay, My family's okay,
my house, et cetera are ingood shape too. So I think
it's the education, it's the riskappetite for women. We are seeing women
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wanting to take more risks now,especially the women I'm working with, and
like the education. Women weren't taughtabout money at an early age. We're
starting to see that trend a lotdifferently, but a lot of times in
the households. As a young girl, you're seeing your mom who's at home.
She might be paying the bills,but the typical role the husband the
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dad is managing the overall household financesand a lot of times it was a
footpad to talk about money, sothat there wasn't a lot of communication about
money back then. So educating womenon it and that's going to lead to
them wanting to take more risk becausethey understand it, they're more comfortable,
and then finally we're going to buildthat confidence. And I think as you
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hit the nail the before, it'sthat lack of confidence in themselves. There's
a lot of fear driving women's decisionswith money. We want it to be
the opposite. So whenever we makea decision out of fear, we don't
get what we want. We usuallystay in this very similar patterner cycle that
we've been in as well. Andthat's why I love the community because women
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can really rally around each other,can't they. But unfortunately we've been told
you can't talk about money. Sowe're not rallying around each other with money
because we're not talking about it.It's not an open communication and that's what
we've been working very hard to buildshas been our priority for our advisors because
we deal with the same issues thatour female clients are. And what I
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love about our community at the Women'sWealth Batique is now we're talking about it.
We're being very vulnerable as advisors.We're getting ourselves on the same level
page and playing fields as our clients, so they can see we're in this
with them. We're figuring out andwe're going to help them figure it out
and we're going to guide them alongthe way. So you mentioned about the
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fears that women are not very muchopen to money or like taking risks.
They like to get educated. Solet's get to the bottom of it.
When you talk about fears, whatfears are they experiencing and how can we
educate them so that way they canmake informed decisions. A lot of times
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for women there, we're thinking abouteverybody else first, and we don't like
to disappoint people. We don't wantto be viewed as a failure. I
think this comes with that confidence aswell. We're making sure everybody else is
okay first and we're putting ourselves last. We hear about this a lot social
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media and books news now, especiallyso helping women understand when they take care
of themselves, how they also takecare of their families. But if I'll
give you an example, one ofmy clients we call her anti d And
Antidi was single, no kids ofher own, but she was always helping
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her nieces and nephews and her siblings. And she felt obviously this huge burden
on her. I mean the exhaustion, the pressure was mounting. It was
taken a huge impact on her health. She was extremely unhealthy. She was
that was racking up medical bills ontop of it. And I finally said
to Antidi, what happens if Addieruns out of money? She wanted to
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retire at some point, and itfinally hit her that if she runs out
of money, everybody is going torun out of money. Everybody's screwed then,
and she had to learn how toset up healthy boundaries, how to
have a actual structure behind the flowof her money. The money comes in,
where is it going, how wasit going to be best used?
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And there's still a bucket for givingback to her family. But if it
wasn't filled yet, she is goingto have to start learning no or not
yet, and her family is gonnahave to start planning ahead a lot more.
I remember her niece totaled her carabout three times Tia, but the
Nandi would just step in and savethe day again and again. So there
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was a lot of responsibility that herfamily members had to start taking upon themselves
and to grow and it was endingthis pattern of enabling and this pressure was
taken off of add finally before it. So I think part of it is
that fear of letting people down,and so you're overgiving, you're over exhausting
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yourself and your finances, you're overexhaustingas well. I hear a lot of
women that fear of, you know, running out of money, especially they're
financially independent women or they're single bythemselves, and they're terrified if they make
a wrong decision with money that meansthey failed themselves. I think it's building
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a trust, an internal trust forwomen and to move from this being terrified
of money, terrified of losing money, but also terrified of having money and
blowing it. Yo, there's abig lack of trust for women within themselves
that we need to solve. No, definitely, you bring up some very
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good points that how that lack ofconfidence and the key is not even just
kind of saying lack of confidence.It is getting to the root cause of
it. You mentioned about not lettingpeople down, feeling like a failure,
and examining yourself, bringing that avenueto yourself and starts at setting boundaries and
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even if it means taking one tinystep at a time, it works so
many times you know people are thinking, oh, I gotta achieve this within
a week or within two weeks.The key to remember is that it took
you almost twelve years to get throughkindergarten and high school. So this is
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school of life and it's going totake time. So giving yourself that space
and compassion to move through it.So another leak you have talked about is
that there are money leaks because womenoperate under very complicated systems. Can you
share with us a little bit aboutthose money leaks? Sure. I just
(25:26):
had a couple we did a strategysession together, and they each had their
own business, and then they havethought they had passive income on top of
it, and then they had theirhouseholds cash flow money on top of it,
and they're like, there's money comingin and out. We have no
idea what's going on with it.At the end of the day, we
feel like we make really good money, but there's not much after all the
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bills are paid. And I hearthe story a lot, and there comes
a point in time when your moneyjust gets too complicated. For right,
money should go into one account,everything's paid, and we moved the rest
savings. It's too complicated for that. You're managing a household on top of
businesses or on top of other piecesof the puzzle. So I like to
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keep things as simple as possible.But when things get too complicated, we're
missing things. And in a virtualworld with money, it can happen very
quickly. We have PayPal, wehave Venmo, Amazon. Money is flying
out and we're not even seeing itor feeling it yet. And then on
top of it with the credit cards, and then after experiencing such high inflation,
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this is hitting people more and morewith the debt. And I've seen
that with clients, with new clients, people coming to me, people going
through divorce. One of a goodsituation right now, when things are costing
so much money on top of it, and a lot of times too,
we're too busy in our world,so there's time leaks. You don't have
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time to create a real grocery list, and I'm guilty of this, and
so you forget things and then youhave to run back to the store multiple
times, or even just going onAmazon multiple times during the week. That's
taking you out of your flow atwork or out of your present being present
at home and that time. SoI've heard other financial experts talk about this,
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and it's a great point that lookhow many transactions you have on your
statements, and if there are alot of transactions multiple in a day,
there's a lot there's a time leak, and that means there's a money leak
too. It's taking you away frommaking money or you're spending extra because you
go into Target three times a weekor to the grocery store multiple times a
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week and you see things and youjust throw them in your car as well.
But it comes to a point wherewe're managing too many different flows of
money or we're too busy with ourday to day life. And again I'm
guilty of this. I have twoyoung kids of five years almost six year
olds and a three year olds.My husband I work. It's a process
(28:03):
to keep an organized household running efficiently. So there are time leaks because you
don't have the time to sit downand plan out the week, plan out
your grocery trips or your errands andthings like that as well. So getting
a system where you can start trackingwhat money is coming in, the net
amount forget about the before taxes,right, what's the net amount that we're
(28:26):
working within your bank account? Andwhat are all of these expenses And a
lot of times there's these small furloughsexpenses five dollars or twenty dollars or thirty
dollars here, but on the creditcard they start to really add up for
people and then reprioritizing where do youwant to spend your money? And just
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to earn more money constantly is notthe solution because now you're in this rat
race and a lot of pressure onyou to just constantly earn more and more
and more. And as we earnmore and more and more, our expenses
keep going up right with it.So we want to keep both of those
in check as we're building out yourkind of that infrastructure for your money.
So having a pulse on your cashflow, what's coming in, what's going
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out? And I really like whatyou mentioned about the time league, because
there's only so much time in theday, especially if you have a young
family like yourself and planning out.So yes, it may seem daunting that,
oh I gotta sit down on Sundaynight or Saturday night. Got a
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lot of things happening, you know, budday parties or depending where you are
at in your journey, especially ifyou're an entrepreneur, it's a twenty four
by seventh thing. You're never unpluggedfully now, So figuring out where's your
time spent that's a really really goodstrategy, and especially like multiple transactions.
And this is what's something I usedto do a few years back. I
(29:56):
use I love Target, and whenI went to Target, I would pick
up a few things that I didnot need. So since then, what
I've done is I really before Igo to Target, first of all,
I have a list, and thensecondly I will look around what do I
(30:17):
already have before I made that list, because so many times you already have
things in the house. So thathas helped me a lot. It's because
what you're talking about, I wouldhave multiple transactions and running to the grocery
store. But then as you startputting in the systems, it can really
help. So let's say there's amom mupreneur, what systems would you outline
(30:44):
that would make her life easier andkeep the Well then I'm sorry, what
was that again, Vivia? Sure? So, like, let's say if
it's a mpreneur, a mom,or it doesn't matter, a woman who's
an entrepreneur and now she needs tocreate her systems. What are like three
or four main systems that they needto have in place so that they are
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able to sustain the world that they'rebringing it. Oh, good question.
Yes, what is a system toreview the money that's coming in and going
out? And do it monthly,quarterly depending on how you get paid,
but keep track of that. Itkeeps you accountable, it keeps your team
accountable, and also time to celebratetoo. And it shouldn't be a daunting
(31:33):
thing. It should be an excitingthing. The women avoid it because it's
not where they want to be,or it's they think it's going to be
too painful to be. But howcan we neutralize it and just be a
tool to see where you should bespending your time and effort the next month
as well? So what is thatsystem? Is a QuickBooks? Is an
Excel sheet? Usually things will gettoo complicated, and eventually you will need
(31:57):
a quick books kind of system wherethings get plugged into it as well.
So some sort of system to trackyour spending in your income and then to
review it on a regular basis andto see how it's progressing. It's also
going to help you out if you'relooking for funding grants down the road as
well. You can see how arewe going to what's the amount of money
(32:20):
we need. Having you know thatprofit loss statement, that balance sheets,
you're going to be ahead of theball just preparing for that journey as well.
Another system is the actual flow ofmoney. Most people just have that
one bank account and then they'll spend, have all their expenses come from there,
especially for a newer business owner,setting up another account to shift money
(32:45):
over for taxes. Because that moneycomes in, it doesn't mean it's all
yours. You need to split thatwith the i RS, the government,
So shifting over twenty thirty. Workwith your accountant on this percent each time.
Because I've seen this happen a lot, And I just had a client
and I gave her this exact,this exact lesson tip. She has a
(33:08):
full year of income. Now shehasn't says, side anything for taxes,
So she's going to start next yearbehind the ball owing money that she doesn't
have on top of it, Soship that money aside. I also like
to have an account that you movemoney into and you get paid to invest
it back into your business. Andthat could be whether it's hire or a
(33:28):
coach getting office space, hiring.But when that pulls from cash flow those
one time large expenses, it feelsvery restrictive and all of a sudden,
you're in back in that scarcity mindset, desperate to get more sales in and
we don't want that. So havinga bucket that you can move money into
(33:49):
your business when you're ready for thatnext growth spurt or a leap as well,
and then set up something for yourretirement. Again, all of these
are just going to be assets ofyour business. So now your business is
building equity as well, and that'sa very powerful moment. Your money is
earning money, your business is buildingnot just casual but real equity that you
(34:13):
can use for real estate down theroad or if you're going to get fought
out. It's just adding more andmore value to your business term. So
set up some extra accounts that youcan shift money into. We go into
this and my book Confessions of aMoney Queen. It's my stable money saver
and it doesn't feel restrictive at all. We're just slowly building up these different
(34:36):
accounts and building wealth equity assets thatyou can use now or down the road
too for your business. That's definitelya good point because one of the years
when we did really well and atthe when it came to the tech season
and the amount of taxes we hadto pay, it left our whole team
(35:00):
gawking like, oh goodness, likethis is way too much. So from
that point forward, you know,we started like, okay, how can
we go ahead and estimate what's goingto be and then having that account and
paying it off even during the currentyears so when it comes to that time,
(35:20):
it's not so daunting and similar likeyou said that it's important to invest
because when you are building that equityfor your business, you are working towards
exit planning, which is very importantbecause when you're in the corporate world,
you're thinking about retirement and it's alsoimportant to see how will you exit your
(35:40):
business in case if it gets boughtout or if it's continuing, what's your
legacy. So some really great pointsto think about you think. If you're
bringing up legacy, I just wantto add in there too. Everybody tries
to detect as much possible from theirin camera revenue for tax purposes. They're
going to throw in their cars,their phones, everything. But if you
(36:04):
are planning to sell your business oneday or be bought out, if you
were to pass away with a successionplan, you don't want that clogging up
the revenue because your business won't beworth as much money. So keep in
mind what is your strategy. Isit just to take advantage of taxes now
or is it where the valuation ofyour future sale of the business as well.
(36:25):
It's two different mindsets, two differentpaths forward, and one's not right
for everybody. But think about that. If you do want to sell your
business in the future, and hopefullyyou do because you've build something amazing that
now can keep moving on and youget to cash out eventually, definitely that
(36:45):
makes perfect sense because and what youmentioned is about that, think about it
which path you want to take,and it goes back to having that clarity.
Where is it that you want togo, what is it that you
want achieve? You know what itverre. You're going to be in five,
ten, fifteen, twenty years oftime. How's your family taken care
(37:07):
of? How's your business taken careof? Going back to scarcity mindset?
How can women get over their scarcitymindsets. There's a few different ways that
we teach. I do a dailymoney practice. I call it a yah
where I sit down. I getinto my office at eight am after dropping
my kids off and I need amoment after getting the two young kids out
(37:30):
at the door in the morning,and I sit and I do some journal
work. I read, I meditate, I pray and it just gets me
very grounded for the day. Andmy first step in the journal work is
I have to feel a full pageof everything I'm grateful for. So gratitude
is one of the quickest ways toshift out of scarcity of minds. It's
just to think about all the differentways that you are blessed, that money
(37:53):
is coming to you, or you'rein God's favor right, that money is
showing up for you, and itcould be the small check in the mail.
Don't discredit that that is still moneycoming into your world. You can
start picturing it with multiple zeros onthe end of it if that helps you
too, So gratitude is a greatway meditation. I've become a huge fan
(38:15):
of meditation ever since during the pandemic, I gave myself a thirty day meditation
challenge and I loved it so muchI've been doing it every day, multiple
times a day. That is away for you to get in touch with
your intuition, with your subconscious seewhat is Is there any underlying belief system
(38:35):
that we need to rework or discreditto make it on the more abundant side,
And also allows your nervous system toheal. It allows your brain to
get oxygen, blood nutrients pumping backinto it so you're not constantly in the
stress mode or survival mode, whichalways leads to scarcity. So meditation,
(38:59):
breath work is another great tool torecenter yourself as well. Some people love
getting in touch with nature going fora walk, and I'll combine a few
of those people. Often see medoing laps around my office building if it's
nice outside in between meetings, andit's just the time to disconnect from the
(39:20):
technology and connect back with myself andkeep that narrative in my mind and check
because was it I think eighty orninety percent of our thoughts are repetitive thoughts.
So we're literally telling ourselves the samething over and over and over again.
And if that narrative is negative,it's going to affect your money.
But where you focus is what growsand what flows. The more positive we
(39:45):
can be, the better. Howdo you like to shift at a scarcity
mode? That's really good? AndI really like that check in with yourself
multiple times during the day, whetherit's through grounding, whether it's to check
in if you have that negative narrativerunning, or even if it's just to
(40:06):
run or walk around the block.So let's say, if somebody were to
come and wanted to work with you, can you share with us if someone
comes to you, what does thatlook like? And reckon they connect with
you? Of course they connect withme At Jessica Weever dot com. We
also have our amazing lineup of femaleadvisors at the Women's Wealth Boutique at Women's
(40:28):
Wealth Ceutique dot com as well iswhere the financial firm all the ladies are.
We have events through the year.We have my books available at Jessicaweaver
dot com. You can get thefree audiobook of Confessions of a Money Queen,
and that will give you a tasteinto what we were just talking about.
There's money meditations in there, there'sjournal work that works on any money
trauma or any narrative that we needto reboots. And then the practical side,
(40:52):
as they're talking about with the stablemoney saver, those systems, so
that really marries the abundant spiritual sideof money with the practical to build the
trust and the behaviors to get yourselfgoing as well. And we have courses
or you can work one on onewith myself or one of our amazing advisors
at the Women's Work Boutique where we'llbuild out your financial plan, your state
(41:15):
plan, and then also full timecapacity where we're helping manage your money and
implement your plan with you, whichis our favorite thing to do. Building
out these relationships with our clients thatlast years and decades and multi generations of
family members. It's amazing to see, it really is, absolutely so that's
(41:42):
excellent, and I'm sure there area lot of women listeners who will be
looking forward to getting in touch withyou, consuming your content, your books,
your audiobooks. So thank you forjoining us. Jessica, Oh,
thank you so much for having meon here. We will love to work
with anybody who's a fan of yourshow, Diva that's in your worlds.
(42:04):
Whether it's just with a book oras a client, it doesn't matter.
We just want to get that literacyout there for a women's support in the
community, to get them building realwealth, life changing wealth. That is
our goal. Well, that's anadmirable work that you're doing, and you
know it's wonderful that you continue buildingthat community and making a difference. So
(42:27):
thank you for joining us, andthank you listeners for being part of our
family, because without you, theshow would not be possible. And thank
you for reaching out to us withwhat do you want and how can we
help you to live the life youdeserve and want? And thank you all
for making the show technically possible AndI'll see you next time. Take care
(42:50):
and be well. Thank you forbeing part of Beyond Confidence. With your
host, Diva Park, we helpeyou have learned more about how to start
living the life you want. Eachweek Beyond Confidence, you hear stories of
real people who've experienced growth by overcomingtheir fears and building meaningful relationships. During
beyond Confidence. Diva Park shares whathappened to her when she stepped out of
(43:10):
her comfort zone to work directly withpeople across the globe. She not only
coaches people how to form heart connections, but also transform relationships to mutually beneficial
partnerships as they strive to live thelife they want. If you are ready
to live the life you want andleverage your strengths, learn more at www
dot dvapark dot com and you canconnect with Diva at contact at divyapark dot
(43:35):
com. We look forward to youjoining us next week.
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comments should be directed to those showhosts. Thank you for choosing W FOURWN
(00:23):
Radio. This is Beyond Confidence withyour host Dvaparnk. Do you want to
live a more fulfilling life? Doyou want to live your legacy and achieve
your personal, professional, and financialgoals? Well? Coming up on Dvaparnk's
Beyond Confidence, you will hear realstories of leaders, entrepreneurs, and achievers
who have stepped into discomfort, shannertheir status quo, and are living the
(00:46):
life they want. You will learnhow relationships are the key to achieving your
aspirations and financial goals. Moving yourcareer business forward does not have to happen
at the expense of your personal orfamily life, or vice versa. Learn
more at www dot givapark dot comand you can connect with div you at
contact at Giva park dot com.This is beyond confidence and now here's your
(01:08):
host, give you a park.Good morning, listeners, It's Tuesday and
I'm thrilled to be here with you. So I want to share a quick
story. What happened was just afew days back. It was fascinating.
I was walking, you know,one with the nature, hearing the rustle
(01:29):
of the leaves and the switch ofthe wind and chirping of the birds,
and then something kicked in and Ijumped. So what happened was out of
the corner of my eye I sawbaby copper head snake. So if I
(01:49):
had probably stepped on it, Iwould have been bitten. Baby copper snakes
are pretty venomous. So where I'mgoing with this is being present for yourself,
being present for others, and Iwant to share that. That's why
I cherish my time with you,because you'll provide that time to us and
(02:12):
you're part of the family. Sothank you to each and every one of
you who have got our books.If you've not got our books, please
get them because part of the profitsgo help women entrepreneurs all across the globe
keyboard dot org you can check itout. Not only that any of our
(02:32):
books, especially the two that you'reseeing behind Expert to Influencer and The Entrepreneur's
Garden will change your lives. Andhow can I say that? It's based
on the experiences of the readers andtheir feedback. And as always, I'm
going to invite you to take thathour, split it into multiple times and
(03:00):
keep that kind of circle going,because a little kindness goes a long way.
And the story that I want toshare with you of kindness is I
love walking, as most of youmost likely know, And just a couple
of days back, I was goingand this beautiful, energetic, wonderful woman
(03:25):
going on a bike. It didn'tmatter who it was, whether people replied
back to her or not. Shekept on saying good morning to everyone on
the track. And I can tellyou it brought a smile to my face
and set my day on a rightnote. So think about it as little
(03:46):
as that, where you can sharea bit of yourself with others, you
can light up the way for them. All right, let's bring on her
guests. Welcome Jessica hight did Yeah, thank you for having me this morning.
How are you good? How aboutyou? I'm good? Those are
great stories on your walks. I'llthank you. That would terrify me.
(04:14):
Most likely it would have terrified metoo, I think. So it was
just an instinctual reaction or response,whatever we want to call it. So
it's lovely to have. You usuallyget started with your childhood journey. Do
you recall any moment or a personthat you remember even to this day.
Oh, so I'm a wealth advisor. I grew up. My father's been
(04:39):
a wealth advisor for over forty years. So when I'm asked about my child
and that's always been a theme inthere, whether it was I was stuffing
envelopes for his business at a veryyoung age, sitting on the family room
rug watching TV and stuffing envelopes andgetting some cash to do that, or
I remember I had this little hintin my room, and I love to
(05:00):
put my money in the tin,and whenever I was I would go my
room, lock my door, Iwould count the cash. I think my
parents knew how much I loved thetin and the magical money within it.
So whenever I was bad and Iwould run into my room and a tangent
state of a I don't know,meltdown, tangent, whatever you want to
(05:21):
call. And I would lock thedoor and they would tokay. They would
come and they would bang on thedoor, said Jessica Claire. If you
don't open the door right away,we're taking away all your money. That
was one of the not that wasa huge traumatic events. But I call
it trauma because it was a lifealtering thing. It started to create this
(05:45):
narrative around money in my world,that there's fear around money, that money
can be taken away from you.So whenever i'm ass about childhood, I
usually think of that story and howit shaped a lot of decisions moving forward
with money. It's also I canidentify that fear very quickly with other people
(06:05):
when it comes to their money sociallyworking with them as an advisor as well.
Do you, I'm curious to youhave a child's story around money that
like that first memory of money growingup? I do have. So Basically,
I used to love collecting coins,the different types of coins, and
(06:27):
so we didn't get an allowance.Usually you can say that I was spoiled,
which are usually whatever I asked Igot, so I never I had
that barrier that like, oh,you know, and of course it's not
like I was going to ask foranything huge or something like that, but
you know, like little things,we get it. And I used to
(06:47):
collect those coins and I still rememberto this day that there was something going
on, like I don't remember whatwas the issue, and like my parents
needed some money for something urgent andthey're like, Okay, we don't have
time to go to the bank becauseyeah, you guys might guess that I'm
(07:09):
not a dinosaur, but like youknow, in good old days there was
no mobile banking, so you wouldhave to go like if you don't have
cash on hand. So I said, hey, take my box, and
it was just kind of amazing.Whatever there was quite a bit of money,
like in our period of time,I had stacked and as I'm sure
we'll be going into compounding and allthat, as we talk about it helped
(07:30):
my parents in that pinch. Soyou never know how narratives you have and
we can definitely jump into it andhow it can impact your behaviors and decision
making and all that. So asyou grew, which career did you take
on? Sure I graduated actually startedgetting my securities licenses to become an advisor.
(07:56):
In college, I had some internshipsat my father's firm other firms as
well, went on the insurance sideof things, and then when I graduated
college in two thousand and ten,I finished the summer just studying and getting
the rest of the licenses my insurancemy series sixties, sixty six, Series
(08:16):
seven, and then I started myCertified Financial Planner designation right after that,
so I felt like I did morestudying that summer, and then I did
my entire four years in college.I GM packed it all in because I
was a very eager to dive intothis new job, this new career,
and also I was working with myfather and my brother at the time too,
(08:39):
so it felt very excited to bebuilding something together as well. And
I've been an advisor ever since twothousand and ten. But there wasn't a
straight path to where I am today, as it very rarely happens that way,
right, right, right. Soyou mentioned that you are taking security,
(09:01):
so sounds like money has been definitelya very strong suit in your life,
and as your father was a wealthadvisor, so did you ever think
of doing anything else except for goinginto Yes, I grew up playing basketball.
I played basketball all through college.I loved it as where my husband
(09:22):
was a basketball player in college aswell, so part of me wanted to
be a basketball coach. I thoughtthat would be really neat. I went
overseas to play a few times,and I love the community with having a
team and having the leadership with coaches, and then the coaches playing different roles
and kind of appealing to you atdifferent moments as well, and I was
(09:46):
very drawn to that also the psychologybehind it, working with different sports psychologists
as well. And then I endedup kind of combining both that that coaching
mentorship community with the money side ofthings. And I remember looking and just
sitting in on my father's meetings withhis clients and realizing kind of connected the
(10:07):
doubts for me. He is acoach. He is coaching and advising and
guiding them, and sometimes it's advice, sometimes it's guide, and sometimes it
is coaching and sometimes not that we'retherapists, but it can be very therapeutic
the work that we do as well, and there's definitely a psychology behind it.
(10:28):
There's a lot of mindset work behindit, so it kind of combined
all those worlds together, and Iloved being a part of a team.
At that time, it was myfather and my brother's team and our back
office support and being able to workone on one with people. And as
my career progressed, I built moreand more of that community, and that
(10:50):
community I wanted to focus on women. I saw how neglected women are in
the industry, whether you're a femaleadvisor. Female advisors make up only eighteen
percent of all financial advisors in Davia. That number hasn't changed in twenty years,
in two decades. So what iswhat's that barrier for women entering the
(11:11):
industry or keeping them there? Yeah? A lot, definitely, Yeah,
a lot of question for you,Jessica, how was your experience in your
father's form like, because here youare you mentioned that you know that women's
numbers in the financial advising industry hasnot changed within twenty years now, when
(11:35):
you go back and when you werewith your father and with your brother,
did you feel anytime like, oh, I'm the only one or did you
just were comfortable tell us about yourexperience and that. That's a good question.
So there were a lot of dynamicsapply. I was I am the
(11:56):
younger sister. Right, I'm myfather's little girl, I'm my brother's younger
So we had those relationship dynamics.And then I was the only female advisor.
There are a few other male advisorsa part of our firm, and
this is a typical situation. Areset up of most financial firms where the
back office support about eighty ninety percentour women. So there were women in
the office, they just didn't havethe same client facing roles that I had.
(12:20):
So I did feel even though myfather, my brother, I know
they love me and I love them, I did feel like the underdog.
I felt like I was part ofthe boys club and just a humor.
Right. Wholesalers would come into theoffice and they're mostly men, so they're
using, right, we're going golfing, we're gonna go get cigars, We're
going to or saying these jokes thatare more catered towards men as well.
(12:46):
So I begged my father, canI do something for women? And so
within my father's firm, I startedto create what is now the Woman's Wealth
Boutique, a separate, complete,separate firm as from my fathers, but
I started to create that and justhaving events for female clients and prospects.
That led to my blog, Notyour Father's Advisor, which led to my
(13:09):
three books. And now we haveour very old Woman's Wealth Boutique that we
opened up last year March of lastyear, twenty twenty two, and we've
brought on seven female advisors within ayear. So I saw as I kind
of knew I wasn't the right spoton my father's firm. He's a very
(13:30):
traditional advisor, which is fine,is great. He's a very very good
advisor. My brother's a great advisor. But for me, I wanted to
do so much more. I wantedto do more outreach to women, whether
through books, podcasts, being onthis show, things like that. And
the traditional firm isn't set up forthat. There's too much regulation, too
much oversight, and things just getto take way too long to get anything
(13:54):
done. So I said to myfather in twenty twenty one, I'm going
to set up my own firm thatwill give me the freedom to pursue these
endeavors and to build out this reallytrue community that's built by women and for
women as well. And along thatpath, I started speaking with other advisors
and they were running into the sameissues I was. They weren't happy,
(14:18):
they felt very undervalued, neglected,beating down, just with everyone telling them
no over and over again. Andthat takes a toll on yourself confidence,
right, Oh? Absolutely, Andas it is, we have seen It's
not that men don't struggle with confidence, but women have been known to check
(14:41):
themselves like, okay, if Idid this, And even Angela Markel in
one of her interviews said that likeand she is, like, you know,
Angela Markel has been one of thetop leaders in the world, and
she would say that she would doublecheck her work and do more research and
prep more. So women do havethat area or gap, whatever we want
(15:03):
to call it, where they dothe additional world to make sure that they're
on par So when you say that, you mentioned that, like, you
know, there are lots of rulesand regulations for the traditional forums. Where's
yours not? So tell us what'sthe difference between the traditional and your boutique?
Sure? So, a traditional brokerdealer we call them. They are
(15:28):
regulated by different parties, the SEC, Securities Exchange Commission, FINRA, different
places. They regulate their booker dealers, and then the broker dealers regulate the
advisors within that and most of thetime they're they're very, very large.
So if I wanted to get abook, then now they don't want every
advisor to write a book because that'sway too much work for them, it's
(15:50):
not cost effective for them. Sothey're much more entitled to just say no,
you can't do a book, ordo social like social media, go
on TV, have a podcasts,or if they say yes, it's a
very long process to execute it becauseit needs to go through compliance, and
now you're battling your spot with thousandsof other advisors as well. We're set
(16:11):
up we are a registered investment Advisoryfirm and RAA and we are directly regulated
by the states in the SEC,so there's no one in between us.
We are just directly audited and regulatedby them. So now we have our
own in house compliance team that Iwork with very intimately. I'm the chief
compliance officer. So it's we canget things done quicker. We also know
(16:36):
the mission behind it, the integrity, the what is the purpose behind any
marketing pieces projects endeavors, and we'reable to get things done a lot quicker
and still be in brand and inalignment what our twue purposes and our biggest
push is just financial educational literacy outthere for women and not just female clients
(17:00):
and investors, but also female advisors, so that they know what their rights
are as an advisor in this industry. What are they giving up being at
a certain place? Where are theiropportunities and where should they where do they
want to kind of apply? There'sso many different ways you can be an
advisor as a female. No,definitely that makes sense. So all right,
(17:22):
so now you congratulations on all yoursuccess. You have accomplished a lot
and bathing the path for women.Now, when are audiences listening, I
know that there are a lot ofbarriers to women and women making money.
So in your experience, what wouldyou say at the three main or fi
(17:45):
main barriers that stand between women andwealth. Oh, this is a perfect
timing. I've been talking with alot of female advisors of the last two
weeks about this exact exact topic.So just taking into account, you know
what the concessus has been with theother female advisors. One that we've been
(18:07):
noticing and being trend is when mentry to have us do it their way
and it doesn't feel right because mostadvisor, again, there are men.
Most of our mentors, being femaleadvisors in the industry are men, and
so we deal with the same thingis you just need to do it this
way, But women make decisions verydifferently. We like to get educated first,
(18:30):
we take our time. But divia, we're also more likely to stick
with our investment choices, whereas men, they'll be riskier, but they will
flip flop back and forth more sowe make decisions differently. We're going to
approach risk in a very different capacity. We aren't as much of a risk
(18:51):
taker as men. So that's beenanother barrier to entry is understanding what's the
risk I'm taking? How do Iprotect against that risk as well, so
that I am if something were tohappen, I'm okay, My family's okay,
my house, et cetera are ingood shape too. So I think
it's the education, it's the riskappetite for women. We are seeing women
(19:15):
wanting to take more risks now,especially the women I'm working with, and
like the education. Women weren't taughtabout money at an early age. We're
starting to see that trend a lotdifferently, but a lot of times in
the households. As a young girl, you're seeing your mom who's at home.
She might be paying the bills,but the typical role the husband the
(19:37):
dad is managing the overall household financesand a lot of times it was a
footpad to talk about money, sothat there wasn't a lot of communication about
money back then. So educating womenon it and that's going to lead to
them wanting to take more risk becausethey understand it, they're more comfortable,
and then finally we're going to buildthat confidence. And I think as you
(19:59):
hit the nail the before, it'sthat lack of confidence in themselves. There's
a lot of fear driving women's decisionswith money. We want it to be
the opposite. So whenever we makea decision out of fear, we don't
get what we want. We usuallystay in this very similar patterner cycle that
we've been in as well. Andthat's why I love the community because women
(20:21):
can really rally around each other,can't they. But unfortunately we've been told
you can't talk about money. Sowe're not rallying around each other with money
because we're not talking about it.It's not an open communication and that's what
we've been working very hard to buildshas been our priority for our advisors because
we deal with the same issues thatour female clients are. And what I
(20:42):
love about our community at the Women'sWealth Batique is now we're talking about it.
We're being very vulnerable as advisors.We're getting ourselves on the same level
page and playing fields as our clients, so they can see we're in this
with them. We're figuring out andwe're going to help them figure it out
and we're going to guide them alongthe way. So you mentioned about the
(21:03):
fears that women are not very muchopen to money or like taking risks.
They like to get educated. Solet's get to the bottom of it.
When you talk about fears, whatfears are they experiencing and how can we
educate them so that way they canmake informed decisions. A lot of times
(21:26):
for women there, we're thinking abouteverybody else first, and we don't like
to disappoint people. We don't wantto be viewed as a failure. I
think this comes with that confidence aswell. We're making sure everybody else is
okay first and we're putting ourselves last. We hear about this a lot social
(21:47):
media and books news now, especiallyso helping women understand when they take care
of themselves, how they also takecare of their families. But if I'll
give you an example, one ofmy clients we call her anti d And
Antidi was single, no kids ofher own, but she was always helping
(22:07):
her nieces and nephews and her siblings. And she felt obviously this huge burden
on her. I mean the exhaustion, the pressure was mounting. It was
taken a huge impact on her health. She was extremely unhealthy. She was
that was racking up medical bills ontop of it. And I finally said
to Antidi, what happens if Addieruns out of money? She wanted to
(22:32):
retire at some point, and itfinally hit her that if she runs out
of money, everybody is going torun out of money. Everybody's screwed then,
and she had to learn how toset up healthy boundaries, how to
have a actual structure behind the flowof her money. The money comes in,
where is it going, how wasit going to be best used?
(22:52):
And there's still a bucket for givingback to her family. But if it
wasn't filled yet, she is goingto have to start learning no or not
yet, and her family is gonnahave to start planning ahead a lot more.
I remember her niece totaled her carabout three times Tia, but the
Nandi would just step in and savethe day again and again. So there
(23:14):
was a lot of responsibility that herfamily members had to start taking upon themselves
and to grow and it was endingthis pattern of enabling and this pressure was
taken off of add finally before it. So I think part of it is
that fear of letting people down,and so you're overgiving, you're over exhausting
(23:36):
yourself and your finances, you're overexhaustingas well. I hear a lot of
women that fear of, you know, running out of money, especially they're
financially independent women or they're single bythemselves, and they're terrified if they make
a wrong decision with money that meansthey failed themselves. I think it's building
(23:56):
a trust, an internal trust forwomen and to move from this being terrified
of money, terrified of losing money, but also terrified of having money and
blowing it. Yo, there's abig lack of trust for women within themselves
that we need to solve. No, definitely, you bring up some very
(24:19):
good points that how that lack ofconfidence and the key is not even just
kind of saying lack of confidence.It is getting to the root cause of
it. You mentioned about not lettingpeople down, feeling like a failure,
and examining yourself, bringing that avenueto yourself and starts at setting boundaries and
(24:42):
even if it means taking one tinystep at a time, it works so
many times you know people are thinking, oh, I gotta achieve this within
a week or within two weeks.The key to remember is that it took
you almost twelve years to get throughkindergarten and high school. So this is
(25:03):
school of life and it's going totake time. So giving yourself that space
and compassion to move through it.So another leak you have talked about is
that there are money leaks because womenoperate under very complicated systems. Can you
share with us a little bit aboutthose money leaks? Sure. I just
(25:26):
had a couple we did a strategysession together, and they each had their
own business, and then they havethought they had passive income on top of
it, and then they had theirhouseholds cash flow money on top of it,
and they're like, there's money comingin and out. We have no
idea what's going on with it.At the end of the day, we
feel like we make really good money, but there's not much after all the
(25:48):
bills are paid. And I hearthe story a lot, and there comes
a point in time when your moneyjust gets too complicated. For right,
money should go into one account,everything's paid, and we moved the rest
savings. It's too complicated for that. You're managing a household on top of
businesses or on top of other piecesof the puzzle. So I like to
(26:11):
keep things as simple as possible.But when things get too complicated, we're
missing things. And in a virtualworld with money, it can happen very
quickly. We have PayPal, wehave Venmo, Amazon. Money is flying
out and we're not even seeing itor feeling it yet. And then on
top of it with the credit cards, and then after experiencing such high inflation,
(26:33):
this is hitting people more and morewith the debt. And I've seen
that with clients, with new clients, people coming to me, people going
through divorce. One of a goodsituation right now, when things are costing
so much money on top of it, and a lot of times too,
we're too busy in our world,so there's time leaks. You don't have
(26:56):
time to create a real grocery list, and I'm guilty of this, and
so you forget things and then youhave to run back to the store multiple
times, or even just going onAmazon multiple times during the week. That's
taking you out of your flow atwork or out of your present being present
at home and that time. SoI've heard other financial experts talk about this,
(27:18):
and it's a great point that lookhow many transactions you have on your
statements, and if there are alot of transactions multiple in a day,
there's a lot there's a time leak, and that means there's a money leak
too. It's taking you away frommaking money or you're spending extra because you
go into Target three times a weekor to the grocery store multiple times a
(27:40):
week and you see things and youjust throw them in your car as well.
But it comes to a point wherewe're managing too many different flows of
money or we're too busy with ourday to day life. And again I'm
guilty of this. I have twoyoung kids of five years almost six year
olds and a three year olds.My husband I work. It's a process
(28:03):
to keep an organized household running efficiently. So there are time leaks because you
don't have the time to sit downand plan out the week, plan out
your grocery trips or your errands andthings like that as well. So getting
a system where you can start trackingwhat money is coming in, the net
amount forget about the before taxes,right, what's the net amount that we're
(28:26):
working within your bank account? Andwhat are all of these expenses And a
lot of times there's these small furloughsexpenses five dollars or twenty dollars or thirty
dollars here, but on the creditcard they start to really add up for
people and then reprioritizing where do youwant to spend your money? And just
(28:47):
to earn more money constantly is notthe solution because now you're in this rat
race and a lot of pressure onyou to just constantly earn more and more
and more. And as we earnmore and more and more, our expenses
keep going up right with it.So we want to keep both of those
in check as we're building out yourkind of that infrastructure for your money.
So having a pulse on your cashflow, what's coming in, what's going
(29:12):
out? And I really like whatyou mentioned about the time league, because
there's only so much time in theday, especially if you have a young
family like yourself and planning out.So yes, it may seem daunting that,
oh I gotta sit down on Sundaynight or Saturday night. Got a
(29:33):
lot of things happening, you know, budday parties or depending where you are
at in your journey, especially ifyou're an entrepreneur, it's a twenty four
by seventh thing. You're never unpluggedfully now, So figuring out where's your
time spent that's a really really goodstrategy, and especially like multiple transactions.
And this is what's something I usedto do a few years back. I
(29:56):
use I love Target, and whenI went to Target, I would pick
up a few things that I didnot need. So since then, what
I've done is I really before Igo to Target, first of all,
I have a list, and thensecondly I will look around what do I
(30:17):
already have before I made that list, because so many times you already have
things in the house. So thathas helped me a lot. It's because
what you're talking about, I wouldhave multiple transactions and running to the grocery
store. But then as you startputting in the systems, it can really
help. So let's say there's amom mupreneur, what systems would you outline
(30:44):
that would make her life easier andkeep the Well then I'm sorry, what
was that again, Vivia? Sure? So, like, let's say if
it's a mpreneur, a mom,or it doesn't matter, a woman who's
an entrepreneur and now she needs tocreate her systems. What are like three
or four main systems that they needto have in place so that they are
(31:08):
able to sustain the world that they'rebringing it. Oh, good question.
Yes, what is a system toreview the money that's coming in and going
out? And do it monthly,quarterly depending on how you get paid,
but keep track of that. Itkeeps you accountable, it keeps your team
accountable, and also time to celebratetoo. And it shouldn't be a daunting
(31:33):
thing. It should be an excitingthing. The women avoid it because it's
not where they want to be,or it's they think it's going to be
too painful to be. But howcan we neutralize it and just be a
tool to see where you should bespending your time and effort the next month
as well? So what is thatsystem? Is a QuickBooks? Is an
Excel sheet? Usually things will gettoo complicated, and eventually you will need
(31:57):
a quick books kind of system wherethings get plugged into it as well.
So some sort of system to trackyour spending in your income and then to
review it on a regular basis andto see how it's progressing. It's also
going to help you out if you'relooking for funding grants down the road as
well. You can see how arewe going to what's the amount of money
(32:20):
we need. Having you know thatprofit loss statement, that balance sheets,
you're going to be ahead of theball just preparing for that journey as well.
Another system is the actual flow ofmoney. Most people just have that
one bank account and then they'll spend, have all their expenses come from there,
especially for a newer business owner,setting up another account to shift money
(32:45):
over for taxes. Because that moneycomes in, it doesn't mean it's all
yours. You need to split thatwith the i RS, the government,
So shifting over twenty thirty. Workwith your accountant on this percent each time.
Because I've seen this happen a lot, And I just had a client
and I gave her this exact,this exact lesson tip. She has a
(33:08):
full year of income. Now shehasn't says, side anything for taxes,
So she's going to start next yearbehind the ball owing money that she doesn't
have on top of it, Soship that money aside. I also like
to have an account that you movemoney into and you get paid to invest
it back into your business. Andthat could be whether it's hire or a
(33:28):
coach getting office space, hiring.But when that pulls from cash flow those
one time large expenses, it feelsvery restrictive and all of a sudden,
you're in back in that scarcity mindset, desperate to get more sales in and
we don't want that. So havinga bucket that you can move money into
(33:49):
your business when you're ready for thatnext growth spurt or a leap as well,
and then set up something for yourretirement. Again, all of these
are just going to be assets ofyour business. So now your business is
building equity as well, and that'sa very powerful moment. Your money is
earning money, your business is buildingnot just casual but real equity that you
(34:13):
can use for real estate down theroad or if you're going to get fought
out. It's just adding more andmore value to your business term. So
set up some extra accounts that youcan shift money into. We go into
this and my book Confessions of aMoney Queen. It's my stable money saver
and it doesn't feel restrictive at all. We're just slowly building up these different
(34:36):
accounts and building wealth equity assets thatyou can use now or down the road
too for your business. That's definitelya good point because one of the years
when we did really well and atthe when it came to the tech season
and the amount of taxes we hadto pay, it left our whole team
(35:00):
gawking like, oh goodness, likethis is way too much. So from
that point forward, you know,we started like, okay, how can
we go ahead and estimate what's goingto be and then having that account and
paying it off even during the currentyears so when it comes to that time,
(35:20):
it's not so daunting and similar likeyou said that it's important to invest
because when you are building that equityfor your business, you are working towards
exit planning, which is very importantbecause when you're in the corporate world,
you're thinking about retirement and it's alsoimportant to see how will you exit your
(35:40):
business in case if it gets boughtout or if it's continuing, what's your
legacy. So some really great pointsto think about you think. If you're
bringing up legacy, I just wantto add in there too. Everybody tries
to detect as much possible from theirin camera revenue for tax purposes. They're
going to throw in their cars,their phones, everything. But if you
(36:04):
are planning to sell your business oneday or be bought out, if you
were to pass away with a successionplan, you don't want that clogging up
the revenue because your business won't beworth as much money. So keep in
mind what is your strategy. Isit just to take advantage of taxes now
or is it where the valuation ofyour future sale of the business as well.
(36:25):
It's two different mindsets, two differentpaths forward, and one's not right
for everybody. But think about that. If you do want to sell your
business in the future, and hopefullyyou do because you've build something amazing that
now can keep moving on and youget to cash out eventually, definitely that
(36:45):
makes perfect sense because and what youmentioned is about that, think about it
which path you want to take,and it goes back to having that clarity.
Where is it that you want togo, what is it that you
want achieve? You know what itverre. You're going to be in five,
ten, fifteen, twenty years oftime. How's your family taken care
(37:07):
of? How's your business taken careof? Going back to scarcity mindset?
How can women get over their scarcitymindsets. There's a few different ways that
we teach. I do a dailymoney practice. I call it a yah
where I sit down. I getinto my office at eight am after dropping
my kids off and I need amoment after getting the two young kids out
(37:30):
at the door in the morning,and I sit and I do some journal
work. I read, I meditate, I pray and it just gets me
very grounded for the day. Andmy first step in the journal work is
I have to feel a full pageof everything I'm grateful for. So gratitude
is one of the quickest ways toshift out of scarcity of minds. It's
just to think about all the differentways that you are blessed, that money
(37:53):
is coming to you, or you'rein God's favor right, that money is
showing up for you, and itcould be the small check in the mail.
Don't discredit that that is still moneycoming into your world. You can
start picturing it with multiple zeros onthe end of it if that helps you
too, So gratitude is a greatway meditation. I've become a huge fan
(38:15):
of meditation ever since during the pandemic, I gave myself a thirty day meditation
challenge and I loved it so muchI've been doing it every day, multiple
times a day. That is away for you to get in touch with
your intuition, with your subconscious seewhat is Is there any underlying belief system
(38:35):
that we need to rework or discreditto make it on the more abundant side,
And also allows your nervous system toheal. It allows your brain to
get oxygen, blood nutrients pumping backinto it so you're not constantly in the
stress mode or survival mode, whichalways leads to scarcity. So meditation,
(38:59):
breath work is another great tool torecenter yourself as well. Some people love
getting in touch with nature going fora walk, and I'll combine a few
of those people. Often see medoing laps around my office building if it's
nice outside in between meetings, andit's just the time to disconnect from the
(39:20):
technology and connect back with myself andkeep that narrative in my mind and check
because was it I think eighty orninety percent of our thoughts are repetitive thoughts.
So we're literally telling ourselves the samething over and over and over again.
And if that narrative is negative,it's going to affect your money.
But where you focus is what growsand what flows. The more positive we
(39:45):
can be, the better. Howdo you like to shift at a scarcity
mode? That's really good? AndI really like that check in with yourself
multiple times during the day, whetherit's through grounding, whether it's to check
in if you have that negative narrativerunning, or even if it's just to
(40:06):
run or walk around the block.So let's say, if somebody were to
come and wanted to work with you, can you share with us if someone
comes to you, what does thatlook like? And reckon they connect with
you? Of course they connect withme At Jessica Weever dot com. We
also have our amazing lineup of femaleadvisors at the Women's Wealth Boutique at Women's
(40:28):
Wealth Ceutique dot com as well iswhere the financial firm all the ladies are.
We have events through the year.We have my books available at Jessicaweaver
dot com. You can get thefree audiobook of Confessions of a Money Queen,
and that will give you a tasteinto what we were just talking about.
There's money meditations in there, there'sjournal work that works on any money
trauma or any narrative that we needto reboots. And then the practical side,
(40:52):
as they're talking about with the stablemoney saver, those systems, so
that really marries the abundant spiritual sideof money with the practical to build the
trust and the behaviors to get yourselfgoing as well. And we have courses
or you can work one on onewith myself or one of our amazing advisors
at the Women's Work Boutique where we'llbuild out your financial plan, your state
(41:15):
plan, and then also full timecapacity where we're helping manage your money and
implement your plan with you, whichis our favorite thing to do. Building
out these relationships with our clients thatlast years and decades and multi generations of
family members. It's amazing to see, it really is, absolutely so that's
(41:42):
excellent, and I'm sure there area lot of women listeners who will be
looking forward to getting in touch withyou, consuming your content, your books,
your audiobooks. So thank you forjoining us. Jessica, Oh,
thank you so much for having meon here. We will love to work
with anybody who's a fan of yourshow, Diva that's in your worlds.
(42:04):
Whether it's just with a book oras a client, it doesn't matter.
We just want to get that literacyout there for a women's support in the
community, to get them building realwealth, life changing wealth. That is
our goal. Well, that's anadmirable work that you're doing, and you
know it's wonderful that you continue buildingthat community and making a difference. So
(42:27):
thank you for joining us, andthank you listeners for being part of our
family, because without you, theshow would not be possible. And thank
you for reaching out to us withwhat do you want and how can we
help you to live the life youdeserve and want? And thank you all
for making the show technically possible AndI'll see you next time. Take care
(42:50):
and be well. Thank you forbeing part of Beyond Confidence. With your
host, Diva Park, we helpeyou have learned more about how to start
living the life you want. Eachweek Beyond Confidence, you hear stories of
real people who've experienced growth by overcomingtheir fears and building meaningful relationships. During
beyond Confidence. Diva Park shares whathappened to her when she stepped out of
(43:10):
her comfort zone to work directly withpeople across the globe. She not only
coaches people how to form heart connections, but also transform relationships to mutually beneficial
partnerships as they strive to live thelife they want. If you are ready
to live the life you want andleverage your strengths, learn more at www
dot dvapark dot com and you canconnect with Diva at contact at divyapark dot
(43:35):
com. We look forward to youjoining us next week.
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