April 13, 2024 • 21 mins
Welcome back to Mindfully Rich Podcast for Part 2 of our special series, "Is The Check Engine Light On In Your Finances?" I'm your host, Gina RichE Richardson. Today, I'll continue the conversation we started last week, moving on to preventative maintenance, which you can do to prevent severe damage to your finances.
Drawing parallels between car maintenance and financial health, I stress the importance of regular financial check-ups, even when everything seems to run smoothly. Just as you wouldn't wait for the warning light in your car before taking action, proactive financial management is key to avoiding financial crises.
In this episode, I'll share three essential strategies for maximizing your financial health:
1. Prevention is Key: Similar to how regular oil changes and tire rotations prevent major issues with your car, staying on top of your finances can prevent small problems from escalating. I'll make sure to emphasize the importance of regularly reviewing your financial plan, budget, expenses, debts, and goals to catch potential issues early and take corrective action.
2. Maximize Your Financial Health: I'll highlight the significance of securing more income to increase wealth. Waiting until your financial situation reaches a critical point before seeking help is akin to waiting until you're seriously ill before seeing a doctor. Gina encourages listeners to assess their income streams and align them with their current and future financial goals.
3. Empower Yourself with Knowledge: Ignorance is not bliss regarding finances. I'll make sure to emphasize the importance of staying informed about your financial situation through regular check-ups. This knowledge empowers you to make informed decisions and take control of your financial future.
Through practical insights and actionable advice, I plan on equipping you with the tools to maintain your financial health and avoid waiting for the "Check Engine" light to come on in your finances. Proactive planning and regular check-ups are the keys to financial success.
Tune in to Mindfully Rich Podcast and take control of your financial future today!
Remember to subscribe, share, and leave a review!]
Book Me As Your Financial Guide
Over the past three years, my podcast has been a treasure trove of valuable money tips, with each of its 100 episodes packed with unique insights and strategies. PERIODT!!!
If you're ready to take your finances to the next level in 2024 and need a winning strategy to achieve your goals, I encourage you to visit my website, www.iammindfullyrich.com. You can schedule a complimentary consultation with me, during which we can discuss your financial situation and explore how my wealth of experience can benefit you. Let's rise together!
Connect With The Podcast on Instagram
Keep up with the pod on Instagram - @mindfully_rich_podcast
🖤LISTEN 🖤SUBSCRIBE 🖤SHARE
🖤Advertise or Sponsor The Podcast | Email -mindfullyrich@iammindfullyrich.com
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hello, hello, and welcome back to the Mindfully
Rich podcast, your weekly lookat life in finances with a twist
, where we talk about improvingyour overall relationship with
money and building betterfinancial habits.
On each episode, I'll discussreal life situations and give
y'all practical advice.
The point of this podcast is tohelp you stay in your financial
(00:21):
lane so you won't end up broke.
I'm the creator and host, ginaRitchie Richardson.
Now let's jump into today'sconversation.
What's up?
Y'all?
We back, we back and we back ontime period.
Okay, and so y'all know how Ilove to start the episode off.
(00:41):
Gotta start with gratitude,thanking each and every one of
y'all.
Thank you, thank you, thank youfor all of the listens, thank
you for all of the shares, thankyou for being my marketing team
just because this is a onewoman team over here, okay, and
I can't do it without y'all.
Okay, word of mouth is what'sgoing to make this podcast big,
and so, with it being NationalFinancial Capabilities Month, it
(01:05):
used to be known as NationalFinancial Literacy Month, but
language changes as we getbetter.
A lot of people didn't likethat literacy word anyway, and
so I just like to call it amonth where finances and money
as a whole is having more of anawareness around it, things that
you can do to improve it,managing money, managing
(01:27):
finances, credit all of thosethings where you're seeing a lot
of people put information outthere.
Resources are being put outthere.
These months are important,even though here at the
Mindfully Rich Podcast, we talkabout money all the time, we
always making sure that it's onyour mind and making sure that
you have something to thinkabout and pointing you back in a
(01:48):
direction of checking up onyour finances, and so I'm glad
that there is a month dedicatedto it, because other people are
putting that awareness out therethis month as well.
And so, with that being said,okay, I'm always talking about
different topics that I believecan be of value and of benefit
to you in your lives, and sothis month in particular, I
(02:12):
wanted to make sure that I wastalking about more realistic
topics, and I mean, let's behonest, I'm talking about real
stuff all the time, but I wantedto do some things and share
some light.
I was trying to find the words,share some light on some topics
that may be relevant in yourlives right now, and so so far,
it's been going pretty good.
(02:32):
The listens are looking reallygood.
So y'all continue to make surey'all are sharing.
Stay a little while, listen,write a review, do all of the
things, okay.
Then come back, repeat Okay,that is what we're doing here,
okay.
And so gotta send a shout outall of the things, okay.
Then come back, repeat Okay,that is what we're doing here,
okay.
And so got to send a shout outall of the supporters, all of
the people who have been sendingme DMs, all of the support.
Y'all been trying to figure outwhat's going on.
(02:54):
You good, you back for real.
I don't know.
I'm taking it day by day y'all.
But one thing I can tell y'allis that my excitement, my love,
like my love meter, is filled upwhen I'm recording these
podcasts.
It's just sometimes, with lifechild life be lifin', all right,
and when life is lifin' I don'tbe having the energy for it,
(03:17):
but right now we on a good train.
So if you haven't listened tothe previous episodes from the
previous weeks, make sure you goback, because today is a part
two episode.
So if you haven't listened topart one, I'm going to encourage
you to stop right here and goahead and go back to the last
episode.
I believe that's episode 127.
(03:39):
It's conversation 127.
Go back to that one first,because you're going to want to
hear that first.
Then come on back to this one.
And so, once again, since Isaid it's a part two episode,
there was not a music titleinspiration for part one, so
there is not one for part twobecause we keeping with the same
name and so I'm moving ahead ofmyself, so we're going to just
(03:59):
go ahead and move into themindful money moment.
And so last week I talked aboutand asked the question is the
check engine light on in yourfinances?
And so this is going to be parttwo to that episode.
And yes, I know that this is ajuicy topic.
I said this last week I want tomake sure that I'm preparing
the room.
(04:20):
Okay, it's just us, we talking.
Some of these things may likehurt a little bit.
Okay, you may feel somethingjust because this may be you.
Okay, especially the lastepisode.
This one is more preventative,but something may stick out to
you as Tig, I've been wanting todo that in my finances.
I've been wanting to do this.
You still can't.
That's the reason why I dothese podcast episodes is so we
(04:44):
can shed light on things, thatwe may know what to do but
aren't doing in our finances.
So we can get back on a goodpath.
Okay, I want all of us to winwith our finances.
That's been the theme of 2024.
I want all of us to win in ourfinances.
So my goal is to make sure thatI'm talking about topics that
are relevant to you, that arerelatable to you, and that share
(05:07):
some light on some things thatyou may need to do, and making
sure you are sharing these withother people so that they can
get this in the hands ofwhomever, so that way they can
be doing the same thing.
Ok, so, once again, this is parttwo, and I'm going to ask that
question again, because I thinkthis is a deep question Is the
check engine light on in yourfinances?
(05:28):
And so last week I talked aboutsome different triggers and
some symptoms that would show ifthe check engine light was on
in your finances, and this isthe thing.
It's going to be different.
I think I shared maybe seven,maybe seven or eight.
There are so many othertriggers and different symptoms
that you can be experiencing.
Remember, we are all unique, sowe all going to have something
(05:50):
different that is going totrigger us financially.
That is going to show all righttime to do something, all right
, but for the most part, I namedsome general ones, and so this
episode.
I wanted to talk about somepreventative measures, just
because we don't have to waituntil the check engine light is
(06:10):
on.
I started this because A coupleof weeks ago, I had to go get
my car serviced because thecheck engine light came on and
it gave me like an aha momentfor finances and I was like I'm
running with this.
We are keeping this, we'rekeeping this as a theme.
We got some stuff coming upwhere we're keeping this going.
Okay, I like this, just becauseit's a great analogy, because
(06:31):
we don't have to wait until thatcheck engine light comes on.
There are lots of things thatwe can do as preventative
methods so that our check enginelight isn't coming on in our
finances, and so I wanted totalk to you about three of those
today.
All right, so when we're talkingabout prevention, prevention is
going to be better than anycure.
(06:53):
That's just like when you getsick as a whole.
When you get sick, you got togo through all of the time of
being sick and then you got towait on that cure to heal you.
Okay, normally when you're sick, you can't just take.
Sometimes you can, but not alot of times.
You can't just take medicineand boom, you're going to be
better.
It's going to take a while.
That's just like with our cars.
Okay, when that check enginelight come on, it may take a
(07:15):
while for you to get thatvehicle fixed.
Okay, some people drive on itfor way longer than they should
just because they're trying tosee how far they can go before
something actually happens.
Really bad, and I don't want youto do that in your financial
life.
I don't want you to just seeand just continue when to go,
when you know you are at yourend and you need to do something
(07:35):
.
Something needs to happen.
So prevention is what I want usto concentrate on.
Okay, just like when we talkingabout regular oil changes,
rotations, all of those things.
I want y'all to stay on top ofyour finances so you could
prevent any small little issuethat can turn into a snowballing
effect and turn into afinancial crisis in your life,
(07:57):
because ain't nobody got timefor that, all right.
So how often are we regularlyreviewing our personal financial
plan, our budget?
How often are we tracking ourexpenses and our debts.
How often are we setting smartgoals in our finances for our
lives, like smart goals that arepertaining to right now, your
(08:21):
mid future and your long-termfuture?
How often are we doing that?
Do you take those times out?
When is your time to sit withyour finances?
And so I'm going to give y'girl.
Okay.
So it's apps out there.
There are like the, the what isthat called?
(08:43):
Your, your banking app.
It has a section where it willtell you where you're spending
your money.
It'll do all of the things.
I'm not a digital girl when itcomes to managing my finances.
Now, there are some digitalthings that I do so that I can
track, because, yes, I'mchecking my account to track it,
but when I'm goal setting, Igot a notebook.
That's just where I'm at.
That's how I've been.
(09:03):
That's what I like.
I grew up with the elders.
Okay, I grew up with mygrandparents, and so that's how
they did it.
It's something about it.
I like it.
That's what I do.
You can can do whatever worksfor you.
If you got Excel, you got anapp, you like pen and paper,
whatever works for you, but setsome time in your schedule,
(09:23):
whether that's weekly, that'sbi-weekly, that's monthly.
I'm a type of girl I'm checkingin on my finances weekly, so
weekly I'm sitting down on aSunday.
Sometimes I'm outside.
I like to be outside.
Sometimes I just like to reallybe outside when I'm looking at
my finances.
So I may just sit on the steps,I may go to a park, I may do
any of those things, just so Icould check in and I can see
(09:46):
where are we at financially.
Are we hitting the goals?
Are we where we should be?
What's going on with theexpenses?
Am I spending too much money?
Is the income incoming thismonth?
Okay?
So there's lots of differentthings that you can be checking
up on in your finances, justbecause if something's off, then
(10:06):
that means it's time for us tofigure out a plan.
We got to figure out somesolutions.
We got to.
We got to figure out okay, what, what we're going to do?
Okay, cause if the income ain'tadding up, if the expenses and
the debt's not being paid, ifyou feel that you're not
achieving the goals that you set, if you're not saving what
needs to be saved, there'ssomething wrong and you don't
want that to continue on.
So you want to make sure thatpreventing a financial crisis
(10:30):
before it happens, is going tobe in your best.
That's going to be in your bestinterest.
I don't know how many timesthat I can stress that Okay.
So what preventative measurescan you do to make those
financial check-ins with yourfinances?
That's going to be anindividual question for you.
What can you do?
I want you to think about that.
(10:50):
Is that checking in with yourfinances every week, bi-weekly,
monthly?
What is that going to look like?
Week, biweekly, monthly?
What is that going to look like, and what is that going to be
for you?
Moving on, next, I want you tothink about how you can maximize
your financial health andwealth.
(11:11):
So here I'm talking about money, securing the bag.
How can we secure more incomeand this may be something that's
on y'all mind Like, yeah, Ihave been thinking about how can
I create multiple streams ofincome, or for those of y'all
that's like you know what I'mmaking, all the money I'm good
to go.
Okay, I once used to think thattoo, but life is getting way
more expensive than it used tobe.
(11:31):
Okay, the cost of living hasgone up.
Okay, yesterday's price is nottoday's price, inflation.
It's continuing to go up, andso how are you thinking about
securing your future financially?
How are you securing yourfuture financially, especially
(11:52):
as the cost of living is goingup?
Is your income in a space whereit'll continue going up as the
cost of living is going up?
Is your income in a space whereit'll continue going up as the
cost of living is going up?
And if it's not, what are goingto be those things that you're
going to do in your life so thatyou can secure your own
financial health and wealth?
Just because I said this, I'mtrying to figure out where did I
say this at?
(12:13):
I may not say it on the podcast, I'm what 128.
So I'm sure I didn't say itbefore, but I just put it in a
blog.
You're not going to get richnor wealthy off of working one
job.
You're just not.
Okay, that's going to be enough.
You're going to pay the bills.
You may have more that goesabove and beyond your bills.
(12:33):
Okay, you're not going to getwealthy from that.
You may be able to save somechange and do some different
things, but when we talkingabout real money, making sure
that we're securing the realbags, that comes with multiple
streams of income.
So if one income goes out whereI got another income coming in,
or do I have a third income, afourth income?
(12:53):
Where?
Where are those income sourcescoming from that can help secure
and stabilize your financialhealth and your financial wealth
?
Just because I know that thereare goals that we want to
achieve.
Those goals may not fit theincome level that we have right
now, but if we build multipleincome streams, those goals may
(13:16):
seem more like a reality.
We can reach those things, andI don't know what those goals
look like for you, whetherthat's you starting to invest,
you becoming an entrepreneur,investing in businesses, real
estate, if you are purchasing ahome, if you're starting a
family and you have differentgoals, child, because I don't
know.
I was sitting here about to tryto go into everything.
(13:37):
I don't know.
I don't know what your goalsare.
We all have different goals andso you think of that.
I want you to think of what dothose goals look like?
I want you to not just thinkabout right now.
I want you to think about laterRetirement.
Retirement has been a big onethat I've been talking about,
especially with millennials,just because I know it feels
like it's far in the future.
(13:58):
Okay, I'm turning 40 next yearand I was sitting here like when
did this happen?
When did this happen?
It feels like I'm getting olderby the day, okay, and so that
future is coming quicker thanyou may think.
So you want to start thinkingabout that future.
And retirement is anaffordability game.
(14:18):
If you don't have enough moneyto retire, you can't do it.
I know back in the day it feltlike all right, I'm just going
to receive my social security,I'm going to get a pension, I'm
going to get somebody'sretirement plan for a 1K.
Something's going to be payingout.
Right.
As a millennial, I don't evenknow if social security is going
to even exist.
(14:38):
I'm not getting a pensionthere's hardly any pensions out
there, but there are some jobsthat still have that.
I have to secure my future now.
I have to save that up.
I have to do that.
So I have to figure out what'sgoing to be those income sources
that's going to fund my future,because my future self is going
to love me for thinking aboutit right now.
(14:58):
So you get my drift.
I want you to figure out whatare those ways that you are
going to be maximizing yourincome to secure and stabilize
your financial health and wealth.
All right, and so, moving on tothe last thing that I want you
to do as a preventative measure,so that your check engine light
ain't coming on and ain'tcausing no financial crisis, is
(15:22):
I want you to continue to stay astudent of financial wellness.
Continue to educate yourself,continue to build your knowledge
when it comes to money andfinances.
Listening to this podcast y'ally'all know I love y'all.
I love y'all listening.
Okay, and this is goodinformation.
This is good ground that youare building.
Okay, your foundation is goodif you're listening to the
(15:44):
Mindfully Rich podcast, but Iknow that there are other
sources out there.
There are some good people.
There are some bad people.
The bad people you're going tobe able to weed out.
You're going to see that theybad.
The thing is, you want to lookand diversify where you're
getting your financial education, where you're getting your
(16:06):
financial information andknowledge from, so that way you
can build a better you and bemore informed and be more aware.
Know the resources that areavailable to you at whatever
income range you're at.
Understand what's going on inyour finances so that way you're
able to go back if somethingwere to happen and you can go
(16:27):
and you can work that solutionwith your finances.
I tell my I like financial guide, right?
So I tell all of the clientsthat I'm guiding.
I want you to take part in thisas well, because I want you to
understand if this happens againbecause this is the thing about
finances it may happen again.
We go through financial seasons, for whatever reason.
(16:49):
Something may happen.
You may revisit a season morethan once, but you want to know
how do you get yourself out ofthat.
Not that you can't seekassistance every time something
happens.
You can, okay, call me.
Okay, iammindfullyrichcom.
(17:10):
Okay, let me be your financialguide.
Okay.
Or if you want me to talk toyour audience so I can guide
them and we can talk about thetopics your girl got you, but
you want to understand how youcan empower yourself and how you
can get yourself throughdifferent financial seasons.
If there is a financial crisisand there's something that's
going on, you want to know, allright, where do I need to go
first?
What do I need to do?
(17:30):
How do I start?
If you're educating yourselfand keeping yourself educated on
financial matters, moneymatters, things that are
pertaining to, let's say, credit, money management, all of the
different topics, whatever it isIf you're staying up to date on
those things and you'rediversifying where you're
getting your information stillhere, I want to make sure that
(17:53):
y'all know that.
Still here, but making sure thatyou're continuing to do
research in the area of moneyand finance that you need, okay,
just so that you can know whatto do, so that you can be
empowered to move forward andnot feel like I can't do nothing
and get into a shell and thenthe check engine light comes on
in your finances and you justsitting there.
(18:14):
I wanna make sure that y'allare all empowered, okay, and
that was the purpose of today'sepisode to talk about ways that
you can continue empoweringyourself and some preventative
ways that you can keep yourfinances in one piece so that
you can do those financialcheckups.
It's just like with our health,just like with our cars we have
(18:36):
to make sure that our financesare in a healthy state.
The only way that we cancontinue to make them in a
healthy state is if we A becauseeverything is powered from our
income.
A making sure income level iswhere it needs to be, because
once it drops, that's when ourfinancial health is dropping,
that's when the stress levelsare increasing, that's when the
(18:57):
check engine light is closer andcloser to coming on.
So we have to make sure that weare securing our income,
however way we're going to do it.
If it's going to be one, ifit's going to be multiple, I
would encourage you to domultiple.
Making sure those financialchecks they are frequent enough
so that you can see whensomething is going on.
What do I need to cut back on?
What am I doing right?
(19:18):
What do I need to change?
That's what we always want tohave in mind.
Or what could I be doing betteron Making sure that we're doing
smart goals with our lives?
When we talk about smart goals,it has to be specific, it has to
be measurable, it has to beachievable.
I believe it's achievable.
A are realistic.
And then it also has to betimed, has to have a some type
(19:42):
of time that you want to hitthat goal, so that way you're
able to see all right, I have agoal to save $20,000.
I want to do it in the nextthree years.
So you give yourself that time.
You need it to be.
Make sure that are they'rerealistic, okay, and so, once
again, I want to make sure thatI put it out there.
I am a financial guide.
(20:02):
So if you do need assistancey'all know I didn't get 128
episodes guiding you, giving yousome perspective, talking about
real topics, real things thatare going on in our everyday
lives, to assist you.
I got an episode for everything.
So if you need to go back, youcan go ahead and do that.
But if you need a little bitmore assistance, call me.
(20:23):
What's up?
Let's see if we are fit.
Okay, cause I want to make sureyou're not feeling like you
struggling and especially if youlistening right now you feel
like the check engine light ison in your finances.
Uh-uh, let's go hit your girlup.
Okay, cause we got to get you.
We got to get you somesolutions.
We got to get solutions going.
All right, whether it's me,whether it's somebody else,
whether it's you doing your ownresearch, you just want to make
(20:45):
sure that you are doingsomething.
All right, preventative isgoing to be the way to go when
it comes to our finances, but ifthat check engine light on you
is on in your finances, you needto find those solutions.
And so y'all, I've enjoyed Ifeel like I was talking in
cursive Y'all I have enjoyeddoing these episodes for y'all.
(21:11):
I hope that they have broughtsome type of value and they will
benefit you in some type of wayand have given you some type of
perspective.
Make sure you are sharing theseepisodes, writing the reviews
Remember y'all, my marketingteam.
So get these episodes far andwide, child.
That's the only way we're goingto do it.
And so thank y'all so much forlistening.
(21:31):
I don't want to continue toramble, so that's all I got and
got, no more.
And until next time when I hity'all with another one.
Hello, hello, and welcome back to the Mindfully
Rich podcast, your weekly lookat life in finances with a twist
, where we talk about improvingyour overall relationship with
money and building betterfinancial habits.
On each episode, I'll discussreal life situations and give
y'all practical advice.
The point of this podcast is tohelp you stay in your financial
(00:21):
lane so you won't end up broke.
I'm the creator and host, ginaRitchie Richardson.
Now let's jump into today'sconversation.
What's up?
Y'all?
We back, we back and we back ontime period.
Okay, and so y'all know how Ilove to start the episode off.
(00:41):
Gotta start with gratitude,thanking each and every one of
y'all.
Thank you, thank you, thank youfor all of the listens, thank
you for all of the shares, thankyou for being my marketing team
just because this is a onewoman team over here, okay, and
I can't do it without y'all.
Okay, word of mouth is what'sgoing to make this podcast big,
and so, with it being NationalFinancial Capabilities Month, it
(01:05):
used to be known as NationalFinancial Literacy Month, but
language changes as we getbetter.
A lot of people didn't likethat literacy word anyway, and
so I just like to call it amonth where finances and money
as a whole is having more of anawareness around it, things that
you can do to improve it,managing money, managing
(01:27):
finances, credit all of thosethings where you're seeing a lot
of people put information outthere.
Resources are being put outthere.
These months are important,even though here at the
Mindfully Rich Podcast, we talkabout money all the time, we
always making sure that it's onyour mind and making sure that
you have something to thinkabout and pointing you back in a
(01:48):
direction of checking up onyour finances, and so I'm glad
that there is a month dedicatedto it, because other people are
putting that awareness out therethis month as well.
And so, with that being said,okay, I'm always talking about
different topics that I believecan be of value and of benefit
to you in your lives, and sothis month in particular, I
(02:12):
wanted to make sure that I wastalking about more realistic
topics, and I mean, let's behonest, I'm talking about real
stuff all the time, but I wantedto do some things and share
some light.
I was trying to find the words,share some light on some topics
that may be relevant in yourlives right now, and so so far,
it's been going pretty good.
(02:32):
The listens are looking reallygood.
So y'all continue to make surey'all are sharing.
Stay a little while, listen,write a review, do all of the
things, okay.
Then come back, repeat Okay,that is what we're doing here,
okay.
And so gotta send a shout outall of the things, okay.
Then come back, repeat Okay,that is what we're doing here,
okay.
And so got to send a shout outall of the supporters, all of
the people who have been sendingme DMs, all of the support.
Y'all been trying to figure outwhat's going on.
(02:54):
You good, you back for real.
I don't know.
I'm taking it day by day y'all.
But one thing I can tell y'allis that my excitement, my love,
like my love meter, is filled upwhen I'm recording these
podcasts.
It's just sometimes, with lifechild life be lifin', all right,
and when life is lifin' I don'tbe having the energy for it,
(03:17):
but right now we on a good train.
So if you haven't listened tothe previous episodes from the
previous weeks, make sure you goback, because today is a part
two episode.
So if you haven't listened topart one, I'm going to encourage
you to stop right here and goahead and go back to the last
episode.
I believe that's episode 127.
(03:39):
It's conversation 127.
Go back to that one first,because you're going to want to
hear that first.
Then come on back to this one.
And so, once again, since Isaid it's a part two episode,
there was not a music titleinspiration for part one, so
there is not one for part twobecause we keeping with the same
name and so I'm moving ahead ofmyself, so we're going to just
(03:59):
go ahead and move into themindful money moment.
And so last week I talked aboutand asked the question is the
check engine light on in yourfinances?
And so this is going to be parttwo to that episode.
And yes, I know that this is ajuicy topic.
I said this last week I want tomake sure that I'm preparing
the room.
(04:20):
Okay, it's just us, we talking.
Some of these things may likehurt a little bit.
Okay, you may feel somethingjust because this may be you.
Okay, especially the lastepisode.
This one is more preventative,but something may stick out to
you as Tig, I've been wanting todo that in my finances.
I've been wanting to do this.
You still can't.
That's the reason why I dothese podcast episodes is so we
(04:44):
can shed light on things, thatwe may know what to do but
aren't doing in our finances.
So we can get back on a goodpath.
Okay, I want all of us to winwith our finances.
That's been the theme of 2024.
I want all of us to win in ourfinances.
So my goal is to make sure thatI'm talking about topics that
are relevant to you, that arerelatable to you, and that share
(05:07):
some light on some things thatyou may need to do, and making
sure you are sharing these withother people so that they can
get this in the hands ofwhomever, so that way they can
be doing the same thing.
Ok, so, once again, this is parttwo, and I'm going to ask that
question again, because I thinkthis is a deep question Is the
check engine light on in yourfinances?
(05:28):
And so last week I talked aboutsome different triggers and
some symptoms that would show ifthe check engine light was on
in your finances, and this isthe thing.
It's going to be different.
I think I shared maybe seven,maybe seven or eight.
There are so many othertriggers and different symptoms
that you can be experiencing.
Remember, we are all unique, sowe all going to have something
(05:50):
different that is going totrigger us financially.
That is going to show all righttime to do something, all right
, but for the most part, I namedsome general ones, and so this
episode.
I wanted to talk about somepreventative measures, just
because we don't have to waituntil the check engine light is
(06:10):
on.
I started this because A coupleof weeks ago, I had to go get
my car serviced because thecheck engine light came on and
it gave me like an aha momentfor finances and I was like I'm
running with this.
We are keeping this, we'rekeeping this as a theme.
We got some stuff coming upwhere we're keeping this going.
Okay, I like this, just becauseit's a great analogy, because
(06:31):
we don't have to wait until thatcheck engine light comes on.
There are lots of things thatwe can do as preventative
methods so that our check enginelight isn't coming on in our
finances, and so I wanted totalk to you about three of those
today.
All right, so when we're talkingabout prevention, prevention is
going to be better than anycure.
(06:53):
That's just like when you getsick as a whole.
When you get sick, you got togo through all of the time of
being sick and then you got towait on that cure to heal you.
Okay, normally when you're sick, you can't just take.
Sometimes you can, but not alot of times.
You can't just take medicineand boom, you're going to be
better.
It's going to take a while.
That's just like with our cars.
Okay, when that check enginelight come on, it may take a
(07:15):
while for you to get thatvehicle fixed.
Okay, some people drive on itfor way longer than they should
just because they're trying tosee how far they can go before
something actually happens.
Really bad, and I don't want youto do that in your financial
life.
I don't want you to just seeand just continue when to go,
when you know you are at yourend and you need to do something
(07:35):
.
Something needs to happen.
So prevention is what I want usto concentrate on.
Okay, just like when we talkingabout regular oil changes,
rotations, all of those things.
I want y'all to stay on top ofyour finances so you could
prevent any small little issuethat can turn into a snowballing
effect and turn into afinancial crisis in your life,
(07:57):
because ain't nobody got timefor that, all right.
So how often are we regularlyreviewing our personal financial
plan, our budget?
How often are we tracking ourexpenses and our debts.
How often are we setting smartgoals in our finances for our
lives, like smart goals that arepertaining to right now, your
(08:21):
mid future and your long-termfuture?
How often are we doing that?
Do you take those times out?
When is your time to sit withyour finances?
And so I'm going to give y'girl.
Okay.
So it's apps out there.
There are like the, the what isthat called?
(08:43):
Your, your banking app.
It has a section where it willtell you where you're spending
your money.
It'll do all of the things.
I'm not a digital girl when itcomes to managing my finances.
Now, there are some digitalthings that I do so that I can
track, because, yes, I'mchecking my account to track it,
but when I'm goal setting, Igot a notebook.
That's just where I'm at.
That's how I've been.
(09:03):
That's what I like.
I grew up with the elders.
Okay, I grew up with mygrandparents, and so that's how
they did it.
It's something about it.
I like it.
That's what I do.
You can can do whatever worksfor you.
If you got Excel, you got anapp, you like pen and paper,
whatever works for you, but setsome time in your schedule,
(09:23):
whether that's weekly, that'sbi-weekly, that's monthly.
I'm a type of girl I'm checkingin on my finances weekly, so
weekly I'm sitting down on aSunday.
Sometimes I'm outside.
I like to be outside.
Sometimes I just like to reallybe outside when I'm looking at
my finances.
So I may just sit on the steps,I may go to a park, I may do
any of those things, just so Icould check in and I can see
(09:46):
where are we at financially.
Are we hitting the goals?
Are we where we should be?
What's going on with theexpenses?
Am I spending too much money?
Is the income incoming thismonth?
Okay?
So there's lots of differentthings that you can be checking
up on in your finances, justbecause if something's off, then
(10:06):
that means it's time for us tofigure out a plan.
We got to figure out somesolutions.
We got to.
We got to figure out okay, what, what we're going to do?
Okay, cause if the income ain'tadding up, if the expenses and
the debt's not being paid, ifyou feel that you're not
achieving the goals that you set, if you're not saving what
needs to be saved, there'ssomething wrong and you don't
want that to continue on.
So you want to make sure thatpreventing a financial crisis
(10:30):
before it happens, is going tobe in your best.
That's going to be in your bestinterest.
I don't know how many timesthat I can stress that Okay.
So what preventative measurescan you do to make those
financial check-ins with yourfinances?
That's going to be anindividual question for you.
What can you do?
I want you to think about that.
(10:50):
Is that checking in with yourfinances every week, bi-weekly,
monthly?
What is that going to look like?
Week, biweekly, monthly?
What is that going to look like, and what is that going to be
for you?
Moving on, next, I want you tothink about how you can maximize
your financial health andwealth.
(11:11):
So here I'm talking about money, securing the bag.
How can we secure more incomeand this may be something that's
on y'all mind Like, yeah, Ihave been thinking about how can
I create multiple streams ofincome, or for those of y'all
that's like you know what I'mmaking, all the money I'm good
to go.
Okay, I once used to think thattoo, but life is getting way
more expensive than it used tobe.
(11:31):
Okay, the cost of living hasgone up.
Okay, yesterday's price is nottoday's price, inflation.
It's continuing to go up, andso how are you thinking about
securing your future financially?
How are you securing yourfuture financially, especially
(11:52):
as the cost of living is goingup?
Is your income in a space whereit'll continue going up as the
cost of living is going up?
Is your income in a space whereit'll continue going up as the
cost of living is going up?
And if it's not, what are goingto be those things that you're
going to do in your life so thatyou can secure your own
financial health and wealth?
Just because I said this, I'mtrying to figure out where did I
say this at?
(12:13):
I may not say it on the podcast, I'm what 128.
So I'm sure I didn't say itbefore, but I just put it in a
blog.
You're not going to get richnor wealthy off of working one
job.
You're just not.
Okay, that's going to be enough.
You're going to pay the bills.
You may have more that goesabove and beyond your bills.
(12:33):
Okay, you're not going to getwealthy from that.
You may be able to save somechange and do some different
things, but when we talkingabout real money, making sure
that we're securing the realbags, that comes with multiple
streams of income.
So if one income goes out whereI got another income coming in,
or do I have a third income, afourth income?
(12:53):
Where?
Where are those income sourcescoming from that can help secure
and stabilize your financialhealth and your financial wealth
?
Just because I know that thereare goals that we want to
achieve.
Those goals may not fit theincome level that we have right
now, but if we build multipleincome streams, those goals may
(13:16):
seem more like a reality.
We can reach those things, andI don't know what those goals
look like for you, whetherthat's you starting to invest,
you becoming an entrepreneur,investing in businesses, real
estate, if you are purchasing ahome, if you're starting a
family and you have differentgoals, child, because I don't
know.
I was sitting here about to tryto go into everything.
(13:37):
I don't know.
I don't know what your goalsare.
We all have different goals andso you think of that.
I want you to think of what dothose goals look like?
I want you to not just thinkabout right now.
I want you to think about laterRetirement.
Retirement has been a big onethat I've been talking about,
especially with millennials,just because I know it feels
like it's far in the future.
(13:58):
Okay, I'm turning 40 next yearand I was sitting here like when
did this happen?
When did this happen?
It feels like I'm getting olderby the day, okay, and so that
future is coming quicker thanyou may think.
So you want to start thinkingabout that future.
And retirement is anaffordability game.
(14:18):
If you don't have enough moneyto retire, you can't do it.
I know back in the day it feltlike all right, I'm just going
to receive my social security,I'm going to get a pension, I'm
going to get somebody'sretirement plan for a 1K.
Something's going to be payingout.
Right.
As a millennial, I don't evenknow if social security is going
to even exist.
(14:38):
I'm not getting a pensionthere's hardly any pensions out
there, but there are some jobsthat still have that.
I have to secure my future now.
I have to save that up.
I have to do that.
So I have to figure out what'sgoing to be those income sources
that's going to fund my future,because my future self is going
to love me for thinking aboutit right now.
(14:58):
So you get my drift.
I want you to figure out whatare those ways that you are
going to be maximizing yourincome to secure and stabilize
your financial health and wealth.
All right, and so, moving on tothe last thing that I want you
to do as a preventative measure,so that your check engine light
ain't coming on and ain'tcausing no financial crisis, is
(15:22):
I want you to continue to stay astudent of financial wellness.
Continue to educate yourself,continue to build your knowledge
when it comes to money andfinances.
Listening to this podcast y'ally'all know I love y'all.
I love y'all listening.
Okay, and this is goodinformation.
This is good ground that youare building.
Okay, your foundation is goodif you're listening to the
(15:44):
Mindfully Rich podcast, but Iknow that there are other
sources out there.
There are some good people.
There are some bad people.
The bad people you're going tobe able to weed out.
You're going to see that theybad.
The thing is, you want to lookand diversify where you're
getting your financial education, where you're getting your
(16:06):
financial information andknowledge from, so that way you
can build a better you and bemore informed and be more aware.
Know the resources that areavailable to you at whatever
income range you're at.
Understand what's going on inyour finances so that way you're
able to go back if somethingwere to happen and you can go
(16:27):
and you can work that solutionwith your finances.
I tell my I like financial guide, right?
So I tell all of the clientsthat I'm guiding.
I want you to take part in thisas well, because I want you to
understand if this happens againbecause this is the thing about
finances it may happen again.
We go through financial seasons, for whatever reason.
(16:49):
Something may happen.
You may revisit a season morethan once, but you want to know
how do you get yourself out ofthat.
Not that you can't seekassistance every time something
happens.
You can, okay, call me.
Okay, iammindfullyrichcom.
(17:10):
Okay, let me be your financialguide.
Okay.
Or if you want me to talk toyour audience so I can guide
them and we can talk about thetopics your girl got you, but
you want to understand how youcan empower yourself and how you
can get yourself throughdifferent financial seasons.
If there is a financial crisisand there's something that's
going on, you want to know, allright, where do I need to go
first?
What do I need to do?
(17:30):
How do I start?
If you're educating yourselfand keeping yourself educated on
financial matters, moneymatters, things that are
pertaining to, let's say, credit, money management, all of the
different topics, whatever it isIf you're staying up to date on
those things and you'rediversifying where you're
getting your information stillhere, I want to make sure that
(17:53):
y'all know that.
Still here, but making sure thatyou're continuing to do
research in the area of moneyand finance that you need, okay,
just so that you can know whatto do, so that you can be
empowered to move forward andnot feel like I can't do nothing
and get into a shell and thenthe check engine light comes on
in your finances and you justsitting there.
(18:14):
I wanna make sure that y'allare all empowered, okay, and
that was the purpose of today'sepisode to talk about ways that
you can continue empoweringyourself and some preventative
ways that you can keep yourfinances in one piece so that
you can do those financialcheckups.
It's just like with our health,just like with our cars we have
(18:36):
to make sure that our financesare in a healthy state.
The only way that we cancontinue to make them in a
healthy state is if we A becauseeverything is powered from our
income.
A making sure income level iswhere it needs to be, because
once it drops, that's when ourfinancial health is dropping,
that's when the stress levelsare increasing, that's when the
(18:57):
check engine light is closer andcloser to coming on.
So we have to make sure that weare securing our income,
however way we're going to do it.
If it's going to be one, ifit's going to be multiple, I
would encourage you to domultiple.
Making sure those financialchecks they are frequent enough
so that you can see whensomething is going on.
What do I need to cut back on?
What am I doing right?
(19:18):
What do I need to change?
That's what we always want tohave in mind.
Or what could I be doing betteron Making sure that we're doing
smart goals with our lives?
When we talk about smart goals,it has to be specific, it has to
be measurable, it has to beachievable.
I believe it's achievable.
A are realistic.
And then it also has to betimed, has to have a some type
(19:42):
of time that you want to hitthat goal, so that way you're
able to see all right, I have agoal to save $20,000.
I want to do it in the nextthree years.
So you give yourself that time.
You need it to be.
Make sure that are they'rerealistic, okay, and so, once
again, I want to make sure thatI put it out there.
I am a financial guide.
(20:02):
So if you do need assistancey'all know I didn't get 128
episodes guiding you, giving yousome perspective, talking about
real topics, real things thatare going on in our everyday
lives, to assist you.
I got an episode for everything.
So if you need to go back, youcan go ahead and do that.
But if you need a little bitmore assistance, call me.
(20:23):
What's up?
Let's see if we are fit.
Okay, cause I want to make sureyou're not feeling like you
struggling and especially if youlistening right now you feel
like the check engine light ison in your finances.
Uh-uh, let's go hit your girlup.
Okay, cause we got to get you.
We got to get you somesolutions.
We got to get solutions going.
All right, whether it's me,whether it's somebody else,
whether it's you doing your ownresearch, you just want to make
(20:45):
sure that you are doingsomething.
All right, preventative isgoing to be the way to go when
it comes to our finances, but ifthat check engine light on you
is on in your finances, you needto find those solutions.
And so y'all, I've enjoyed Ifeel like I was talking in
cursive Y'all I have enjoyeddoing these episodes for y'all.
(21:11):
I hope that they have broughtsome type of value and they will
benefit you in some type of wayand have given you some type of
perspective.
Make sure you are sharing theseepisodes, writing the reviews
Remember y'all, my marketingteam.
So get these episodes far andwide, child.
That's the only way we're goingto do it.
And so thank y'all so much forlistening.
(21:31):
I don't want to continue toramble, so that's all I got and
got, no more.
And until next time when I hity'all with another one.
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.