August 19, 2024 • 26 mins
Welcome Back to Season 4 of The Mindfully Rich Podcast!
Did ya'll miss me? Well, I missed ya'll too, but I had to take time to focus my thoughts and get real with myself—and with ya'll. After spending some time in prayer with The Holy Spirit, I felt led to share my most authentic series yet, one that dives into topics I've never touched on before because of my own shame. But this isn't about me; it's about YOU. My goal has always been for you to feel seen, heard, and inspired by real stories and truth. So, let's get into it!
This season, I'm kicking things off with a brand-new series: "From Six Figures to Scraping By Rebuilding After Financial Distress." We're talking about the emotional and practical aspects of going from a high income to financial hardship, using savings to survive, and finding your way back to financial stability.
Episode 1: "The Fall: From Six Figures to Scraping By"
In this raw and real episode, we explore how quickly financial stability can vanish, even for those earning six figures. Whether it's due to job loss, medical emergencies, economic downturns, or poor financial decisions, anyone can find themselves struggling. Today, I’m giving you three actionable tips to help you navigate financial distress:
- Tip 1: Assess the Damage—Get real about your finances. Calculate what you owe, what's in savings, and your essential monthly expenses.
- Tip 2: Trim the Fat—Cut unnecessary expenses immediately. Key steps include downsizing, selling assets, and eliminating non-essentials.
- Tip 3: Reach Out for Help—Don't let pride delay your recovery. Seek assistance through government programs, family, or financial advisors.
Closing Thought: Hitting rock bottom is tough, but the first step toward recovery is recognizing where you are, what needs to be done, and making a plan to change it!
Connect with Me
If you're ready to take your finances to the next level in 2024, visit my website at www.iammindfullyrich.com to schedule a complimentary consultation. Let's rise together!
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Instagram: @mindfully_rich_podcast
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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 and finances with a
twist, where we talk aboutimproving your overall
relationship with money andbuilding better financial 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 theGina Richie Richardson.
Now let's jump into today'sconversation.
Child, I know y'all lookingdown at the podcast like wait a
minute, wait a minute.
We ain't got an episode in aminute, okay, yes, I decided to
shock y'all on this.
(00:42):
What's today, august 19th?
Yes, I wanted to shock y'alland bring it back because a
piece of me was like you know, Ishould bring it back at the
beginning of the month and it'slike then I wasn't feeling too
good or my voice was acting up,something was happening, and I
was just like you know what it'sgoing to come back.
When it come back, it don'thave to be on a special day, the
(01:08):
first, just do it.
Okay, we be in Nike right now,okay?
And so what I can say is yourgirl has been deep in thoughts.
I have been experiencing life,like so many of y'all have been
doing, and, of course, when youexperiencing life, what's going
on, you trying to figure outwhat's happening in your life,
what changes you need to make inyour life and what directions
you're going in.
And so that's what I've beendoing and I needed to do that,
and I'm glad that I was able totake that time away just because
(01:31):
I decided I started a whole newseason, because it's been some
time and I wanted to come backcorrect and I got some real
stuff that I need us to talkabout.
And so, while I've been gone,I've been looking at episodes
that y'all have been listeningto and re-listening to, and what
I found is we're in aninteresting time in life, right,
(01:54):
and along with inflation andalong with life costing a lot of
money for a lot of people rightnow, and along with people
going through differenttransitional times in life,
along with my own life, all ofthe things that I've been going
through I was like this season Iwant to talk about the realest
(02:14):
stuff I've ever talked about andI want to make sure that I'm
really digging deep and talkingabout some things that can
really help y'all.
And so I've done some changes,just a few changes, not too much
, just because I want thepodcast to remain y'all home,
especially, you know Rich Gang,that done been here.
Okay, for y'all newbies it'sgoing to be something y'all
getting used to, but I wanted itto still feel like what you're
(02:36):
used to.
But we getting real this seasonand this is going to be season
four, and so I didn't just jumpinto it and see your girl been
gone and you know I didn't.
Who am I to start withoutthanking y'all?
Okay, I mentioned it earlier.
I mentioned it earlier thaty'all have been re-listening,
(02:57):
re-listening.
I mean I don't know what it isabout me being gone and y'all
listening to the podcast, buty'all be on it and I absolutely
love that.
But I wanted to give y'all someinsight.
So the episodes that I've beenseeing that have been trending
on an upward spiral since Ihaven't been making episodes
since April.
There's an episode titled FiveSteps to Consider in the
(03:19):
Pre-Broke Stage.
That episode has been going up.
So let me know y'all goingthrough something, somebody out
there going through something.
There are the credit scenesthat you have to relearn, also
the last series that I didtalking about when the check
engine light is on in yourfinances.
And also there's anotherepisode setting clear financial
(03:40):
boundaries in 2024.
That episode has just been likeoff the charts.
So that made me think, that mademe say you know what we got to
put together, something that isin alignment with what I'm
seeing, people are listening to,and also I'm online, I'm seeing
what's going on with people.
I'm a guide, I'm a financialguide every single day.
(04:03):
Not only do I coach, but I'meducating people and in
different areas of the US andseeing how people are being
impacted by their finances.
And I was, like you know, I hadto talk to the Holy Spirit a
little bit, because I'm alwaysauthentic, but I didn't know
just how authentic I reallywanted to be, especially coming
back for this new series.
(04:24):
And so I think y'all going tolike this All right, coming back
with the series, and it'stitled From Six Figures to
Scraping by Rebuilding AfterFinancial Distress.
Y'all like that right PeriodPeriod, okay, and so that's the
(04:45):
title of the series.
And so we're going to get achance to jump into the episode,
get into our Mindful Moneymoment.
But of course, I got to justexpress so much gratitude
because without y'all, Iwouldn't even think to come back
, I wouldn't even have a placeto come home to, to be able to
share.
And I want to get back to 2020when I was just so excited about
(05:07):
the podcast, when I was readyto share, and it's been hard for
me to be able to do thatbecause when you're going
through it, it's hard to becreative, it's hard to want to
share those things.
And I've realized in my life mybiggest blessings have come
when I've been the most raw.
The most authentic blessingshave come when I've been the
most raw, the most authentic.
(05:28):
And I said you got to come back.
No matter what life is goingthrough y'all, finna, just go
through it with me and you knowwhat.
We're going to experience theseups.
We're going to experience thesedowns, because I created this
podcast to be a voice.
I created this podcast to benot only digestible, so you can
get real information from a realfinancial connoisseur
practitioner.
Like I'm in this thing.
(05:48):
Okay, I studied this.
This is my baby, okay, like Ilove this and I wanted to make
sure that I'm giving back andserving in that way and being a
voice.
And so I want to continue beingthat voice and I'm like you got
to talk about the ups, you gotto talk about the downs, because
a lot of people areexperiencing down, and so we're
going to go ahead and we'regoing to get into it.
So, most definitely got tothank Rich Gang.
(06:11):
Y'all amazing, amazing, stillbeen sharing.
Okay, y'all still hey, althoughI've listened to these episodes
maybe I ain't listened to all128 of them and y'all been
really in there because I knowthat y'all still wanted to hear
that voice, but I promise I gotsomething great for y'all.
It's about to be something,okay.
(06:39):
So y'all just get ready.
Okay, so let's just go ahead.
Let's go ahead and jump intoour Mindful Money moment.
And so, for those of y'all thatare new, when I first started
the podcast, I used to align thetitles of the episode with a
music title.
I'm not doing that for thisparticular series just because
it's so deep.
I wasn't able to find no songsthat went along with it.
And there's 128 episodes andmore than half of these episodes
(07:02):
all have music titles.
Ok, it's only so many titlesout there.
So, in this Mindful Money moment, this is where we're going to
get into the title of ourepisode, and we're going to
discuss some topics, and whatI've started now, rich Gang, is
I'm going to give y'all threetips, three key takeaways, and
I'm going to have a closingthought that I want y'all to
(07:24):
ponder, I want y'all to bemindful about, meditate on and
think of.
What can you do with thisclosing thought yourself?
What's your closing thought?
This is my closing thought foreverything, but I want you to be
able to ponder that and so justgiving y'all a little insight
into what's to come.
And so the title of today'sepisode is the Fall from Six
(07:46):
Figures to Scraping Back.
I know y'all feel it rightthere, right Okay, because I
know I do.
Okay, feel it in so many waysAll right.
And so let's get into that.
And I don't know exactly wherey'all stand in y'all finances,
and this is something that I canrelate to, just because in the
last two years I went through alot of life.
(08:08):
So the people out there whohave went from making high
incomes whether that was sixfigures, or you were very close,
or you were in a high incomebracket to now maybe you're not
making as much money, maybe it'snot feeling the same, maybe you
are in that paycheck topaycheck mode right now.
As I've said before, thefinancial the check engine light
(08:32):
is on in your finances rightnow.
Okay.
So I want to get into that alittle bit, because I don't
think we've ever had an episodeNope, I can't even say I don't
think We've never had an episodewhere we were able to really
dive into that.
And so the fall anytime youfall, it's going to hurt, but of
course it depends on how faryou fail.
(08:53):
Okay, so if I fall down onestep, that ain't going to hurt
me as bad as if I fall down 15steps.
Right, and that's what it feelslike.
So if you coming from sixfigures or a high income of some
sort, and you fall down aflight of stairs, you fall down
(09:15):
that much that's going to impactyou.
And let's talk about the fall.
What does the fall look like?
Because some people tend tothink that, oh, you just had to
do something, you made poorfinancial decisions.
That's the reason why you're inthis situation.
But no, you can have a fallbecause you had a job loss.
There's a lot of reductiongoing on, a lot of layoffs that
(09:36):
are going on, a lot of companiesare going out of business.
There's lots of things that canhappen.
Whether that be something thatyou can control or you can't
control, lots of people gothrough divorces, there's a
death in a family, sicknessthere's so many different
elements that can produce a fall.
(09:58):
And so, for my people out therewho are experiencing a fall
right now, you know what thosereasons are that you experience
in those fall and you know howmuch that's hurting you.
Okay, I too have had a fall andin that fall I want to say,
probably right now, I'm makingat least at least 30 to $40,000
(10:23):
less than I'm used to making.
That's a huge fall.
Okay, let's acknowledge that.
Okay, out there, you know howmuch your fall is and what that
looks like and how you're tryingto get yourself back up,
because, I don't know abouty'all, I didn't feel down stairs
before in my house.
Okay, and that tailbone behurting, all right, right.
(10:45):
And so with the fall,financially the pockets is
hurting because you feeling that, because you either may not you
either you probably went frombeing able to have some extra
money, some disposable money, topaycheck to paycheck, depending
on how bad that fall is, andthat's detrimental because we
(11:08):
all have lifestyles, we all havecreated a lifestyle for our
lives and most of us are insituations where we need to make
more money because inflation iscontinuing to build every
single year, everything iscontinuing to get more expensive
.
So we need to make more money,not reduce the money that we're
(11:31):
making.
And so, with the rising costsof everything.
So when you're going throughthose different falls, it's like
, all right, what am I going todo?
How am I going to get myselfback up?
How do I get back to where Iwas, or surpass where I was?
And once again you tackle withman, how did I get here?
(11:52):
Because it happens so fast.
And so I want to go ahead andjump into.
When you're in those setbacks,coming from that high income,
going down, reducing, whenyou're having that fall, what
are those tips that you need tothink of?
First, right.
So, tip number one assessingthe damage.
(12:12):
Right, when you fall, you gotto look around.
All right, what you know?
Everything, okay, did I breaksomething?
That's what you do when youfall.
Normally.
I love analogies, so we'regoing to keep this going, just
in case it's bothering any ofy'all.
Okay, we're keeping thisanalogy going.
Okay, but assessing the damages,what was the fall that you
experienced in your finances?
(12:33):
How hard is it going to hit you?
How many thousand is that foryou?
Because I just told y'all, it'sabout almost $40,000 for your
girl.
Okay, that's a lot of money.
You got to divide that upyearly, that's a lot of money.
What does that look like foryou?
Calculating that?
Right, because, once again, howmuch did your lifestyle cost
(12:54):
you before the fall?
Are you going to be able toafford the essentials that you
needed for that lifestyle beforethe fall?
Right, because just becauseyou're experiencing this
financial setback, your billsdon't stop.
You can't call the companiesand be like hey, yo, I know I
(13:16):
owe you some money, but I justfeel they like, oh, okay, well,
our bill is due on this day.
I wish it was like that.
There are some things that theycan do.
Sometimes they can give you adeferment on loans.
Sometimes they can do skip apays on loans.
Sometimes they can work out newterms for your loan where maybe
(13:39):
you can extend a term out.
They may make you refinancesomething along those lines.
Sometimes those things areavailable to you, but sometimes
they're not.
So when you're experiencingthat fall, you need to know how
much of a jump was that, how,how low did I go?
Right, assessing that damage,because that's going to affect
(14:00):
you monthly, because if you'reno longer bringing in that money
monthly.
What are you going to do?
But what does that look like?
First, and I get it.
It's hard to do that becausedon't nobody like going
backwards.
That's the reason why, in thecause, you got the big mirror,
because we supposed to always belooking forward.
But sometimes life hits youwhere you're going backwards,
(14:23):
you have a setback and you can'tdo nothing about it and it's
going to suck.
It sucks, your girl goingthrough one.
It sucks.
It sucks for me to even admitthat.
And it's going to be hard.
Yes, falls hurt, falls hurt.
But this is the thing.
We got to get up.
We got to get up and we have toassess the damage.
(14:45):
So you need to absolutelyunderstand where am I at
financially now?
How much can I afford?
What do my essentials look likeeach month?
Do I have enough?
Where I'm going to be able tocover that?
What savings do I have?
What does that look like?
So, assessing what that damageis.
And then, tip number two now wegot to figure out how we can get
(15:06):
rid of some stuff.
Okay, we got to trim the fat,because that's the one thing
about it when you fall downfinancially, I don't know if you
can still afford everythingthat's in your lifestyle.
So you may have to downsize.
You may have to figure out.
What can my situation now?
(15:26):
What can we do?
Okay, cutting back, whetherthat's on subscriptions, whether
that's going out, and your girllove eating okay, I love food.
Okay, whole nother conversationwe're going to have to have.
I went to the doctor.
I got to lose weight Wholenother conversation.
Okay.
But you have to start cuttingback, because anytime you have
(15:48):
this financial fall, some of thethings that you had in your
lifestyle now are unnecessaryexpenses and you got to get rid
of them.
You got to downsize, you got tocut some things in order for
you to survive.
We want to get back to thriving.
We're going to get back there,but we have to look at the here
(16:09):
and the now, which is assessingwhat do I need to get rid of?
Can I sell some things?
If that's a possibility for you, what do you need to do?
Because that's an immediatething, because what's going to
happen is after you've assessedthe damage and you see how much
now you're making versus whatyou were making, and then you
see the things that you can nolonger afford.
(16:31):
If you don't start cutting back,you are going to fall behind.
You are going to fall behind,thinking I can keep this, I'm
going to keep going, I'm goingto keep living the way I was.
Hell, no, don't do that.
It's a bad thing.
It will stress you out quickerthan if you just would have went
(16:54):
through the process ofassessing where you're at and
just getting rid of some thingsand downsizing to the lifestyle
that you need to live at thatparticular moment of where
you're at.
So hear me clear when I saythat.
All right.
And then tip number threereaching out for help.
Who can help?
Who can help you during thistime?
Now, that's the thing.
(17:14):
Let me just go ahead and saythis right, I'm not good at
asking for help.
Who can help?
Who can help you during thistime?
Now, that's the thing.
I mean.
Let me just go ahead and saythis right, I'm not good at
asking for help because I'vealways been the person to help
other people.
So I understand that this ishard, this is hard.
I've had to have help and that,ooh, it's hard, it's hard.
(17:35):
I couldn't ask for it.
But those who are close to you,they're going to know when
you're going through something,no matter how much you try to
front.
No matter how much you try tofake it, you try to still keep
up, say you know, keep in face.
Like things is cool, thingsain't cool.
We can't do that to ourselves.
God can't bless who we think weare.
(17:56):
We just got to show up and bewho we are so we can say here I
am, this is what needs to happenin my life.
I'm not going to fake the funk.
So you may need to seekassistance, whether that's
looking at governmental programs, because I don't know how far
you fail.
I don't know what that lookslike for you.
You may be in a situation wheregovernmental programs may be
(18:20):
the route that you need to takeand the government may need to
help you out right now.
Okay, you may need family forassistance.
You may need advisement.
You may need a financial guideyour girl, okay, because look,
I'm still working, okay, fall ornot, we getting up, okay, and
so we still got this knowledge.
(18:41):
Okay, and so you may needassistance to help you with
getting back, because, onceagain, although you fail, that
don't mean you can't still getto a place where you can thrive
again or thrive even more thanwhere you were at.
But you got to get up and youmay need help in the process of
that.
(19:01):
And once again, you're talkingand hearing someone who it is
hard for me to ask for help toldmyself if I get so, if I'm so
bad down, if I'm so down, baddown, horrendous child, then I'm
just going to have to do thereaching out and do the things
that I'm going to need to do.
(19:22):
But help also can look like whois your network?
Who can you get with?
So let's say, if you lost thejob, who can you get with?
Tell them people hey, look, Ineed to get my resume together.
Who them people in your network?
That's HR people that can helpyou with getting it together,
okay, who can you send out yourresume to?
(19:42):
Or who's your network and say,hey, this is my resume.
Who y'all know?
Let everybody know that I'mlooking for a job, okay, or
whether you're looking foranother job.
That can also be advice toassist you there.
So just know what help couldlook like, whether that's actual
financial assistance or whetherthat's just letting people know
what your situation is.
(20:03):
But that involves and I'm goingto say us, because I'm talking
to myself too that involves ussitting our ego down, sitting
our pride down and sitting ourshame down so that we can let
people know where we're at,because, once again, right, the
blessing only comes when we'reable to be truly authentic in
who we are and where we're atright now and let people know I
(20:27):
need help, because people can'thelp you if they don't know.
They just can't okay, so I'mhoping that those tips can help
someone, because I don't knowwhat you're going through, but I
know I'm helping a lot ofpeople right now who are going
through some type of reductionand they're going through some
type of fall where they weremaking high incomes to now.
(20:48):
They're not.
So what are you going to do?
And we need inspiration throughthat.
So what are you going to do?
And we need inspiration throughthat.
We do, because you can get backto where you need to be, but you
need to figure out how to livein the here and the now, and
that is normally the problem,because we can't believe it.
We shouldn't be here.
Those are the things thatyou're going through in your
mind.
(21:08):
I shouldn't be here.
What did I do to deserve this?
Why am I going through this?
You'll be working your brainforever trying to figure that
out.
Just know that you're here, youcan go through those tips so
that you can get yourself in aplace where you know this is
where I'm at, this is what I cantake, this is what I can do at
(21:29):
this particular moment, and I'mgoing to work so that I can get
back to where I was and thrivepast that point.
So here's my closing thought.
I've hit rock bottom quite afew times in my life.
I've been through quite a fewtransitional life moments that
(21:49):
have been devastating to mefinancially.
So I know I can relate, I getit and I acknowledge how
horrible that can feel.
But the first step in recoveryis going to be acknowledging
where you're at so that you canget yourself back up and let
(22:09):
this be inspiration for you.
We have to do a mindset shift.
Right when we're going throughthese things, we can think this
is the end of the world, this isit for me.
No, you going through this, thisis teaching you something, you
learning from this setback.
Going through this setback isjust going to make you stronger.
(22:31):
You building a muscle right now.
So this lack is only going tobuild you up.
Okay, I don't want you to feellike you regressing.
It's going to build you up,even though it feels like you
didn't went backwards, but youdidn't went back.
But that comeback, you hear me,okay, I'm here to get, I'm here
to inspire you.
Right now, you building yourresilience from this adversity
(22:51):
that you going through, okay,you going to bounce back even
better, because you're learningsomething.
You're building a muscle thatsome people don't get a chance
to build and you got a story anda testimony where you can talk
to somebody else through themgoing through a situation like
this, just like you've beenthrough.
Okay, I speak this to you as aperson who is here, as a person
(23:17):
who has went through this and asa person that knows I'm going
to thrive from this.
So I'm hoping that that helpsyou to feel some type of solace
inside and know, although I'mgoing through this, this is not
where I'm going to stay, becausewe going up.
You hear me, you hear me, okay.
And so you go ahead and you takethat closing thought and I want
(23:40):
you to think about that and letthat be something that inspires
you.
You write down what yourclosing thought needs to be and
let that be your intention thatyou set for the week, so that
way you can know you can be asurvivor, okay.
I hate to take back the destinychild you.
You can be a survivor, okay, Itake back the destiny child.
You going to be a survivor,okay, we not.
(24:02):
We not nobody's victim.
And I tell you one thing wegetting up from this fall, okay.
And so just to let y'all knowwhat you can expect in this
series, from six figures toscraping by I have three more
episodes.
The next one's going to betalking about surviving on
savings, the climb back andlong-term resilience.
So, as you see, we got a lot ofdeep topics to talk about, a
(24:23):
lot of good inspiration going tocome from this, but I feel like
a lot of good breakthroughs aregoing to come from this as well
, and so please make sure thaty'all are sharing these episodes
far and wide.
I want to make sure that thisis heard everywhere, just
because this is a topic that Iknow lots of people can relate
to.
So I want to make sure I don'tknow everybody, but you know
somebody that knows somebodythat knows somebody that knows
(24:44):
somebody.
So share this thing far andwide.
And so, before we leave, if youare looking for a financial
guide of some sort, because yourgirl is here.
I have been educating, I havebeen coaching, I have been being
a guide to so many people, tohundreds of thousands of people,
for so long, and so if you needassistance, if you need to talk
(25:08):
through your situation, ifthere's anything that I can
assist you with, I want you tocheck out my website.
I am mindfully richcom so youcan schedule a complimentary
call with me.
If you are looking for afinancial educator to educate
your group, your organization,whoever your audience is, make
sure you check me out on mywebsite and don't forget,
(25:31):
subscribe to the podcast, writea review.
Yes, I need a review Whereveryou listening at.
Review that thing, okay, andcheck out the podcast on
Instagram.
I'm at mindfully underscore,rich, underscore podcast, and
that's all I got.
Y'all Ain't got no more.
Don't forget y'all unofficialmarketing Share, share, share.
(25:51):
Keep listening.
Any episodes you haven'tlistened to go on back, okay,
and I'm glad to be back.
It's a long episode, but I'mglad to be back.
And so y'all, make sure y'allstay tuned to this series,
because let me tell you what weabout to grow, we about to be
inspired, we about to have ourbreakthrough, and so until next
time when I hit y'all withanother one.
Hello, hello and welcome back to the Mindfully
Rich Podcast, your weekly lookat life and finances with a
twist, where we talk aboutimproving your overall
relationship with money andbuilding better financial 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 theGina Richie Richardson.
Now let's jump into today'sconversation.
Child, I know y'all lookingdown at the podcast like wait a
minute, wait a minute.
We ain't got an episode in aminute, okay, yes, I decided to
shock y'all on this.
(00:42):
What's today, august 19th?
Yes, I wanted to shock y'alland bring it back because a
piece of me was like you know, Ishould bring it back at the
beginning of the month and it'slike then I wasn't feeling too
good or my voice was acting up,something was happening, and I
was just like you know what it'sgoing to come back.
When it come back, it don'thave to be on a special day, the
(01:08):
first, just do it.
Okay, we be in Nike right now,okay?
And so what I can say is yourgirl has been deep in thoughts.
I have been experiencing life,like so many of y'all have been
doing, and, of course, when youexperiencing life, what's going
on, you trying to figure outwhat's happening in your life,
what changes you need to make inyour life and what directions
you're going in.
And so that's what I've beendoing and I needed to do that,
and I'm glad that I was able totake that time away just because
(01:31):
I decided I started a whole newseason, because it's been some
time and I wanted to come backcorrect and I got some real
stuff that I need us to talkabout.
And so, while I've been gone,I've been looking at episodes
that y'all have been listeningto and re-listening to, and what
I found is we're in aninteresting time in life, right,
(01:54):
and along with inflation andalong with life costing a lot of
money for a lot of people rightnow, and along with people
going through differenttransitional times in life,
along with my own life, all ofthe things that I've been going
through I was like this season Iwant to talk about the realest
(02:14):
stuff I've ever talked about andI want to make sure that I'm
really digging deep and talkingabout some things that can
really help y'all.
And so I've done some changes,just a few changes, not too much
, just because I want thepodcast to remain y'all home,
especially, you know Rich Gang,that done been here.
Okay, for y'all newbies it'sgoing to be something y'all
getting used to, but I wanted itto still feel like what you're
(02:36):
used to.
But we getting real this seasonand this is going to be season
four, and so I didn't just jumpinto it and see your girl been
gone and you know I didn't.
Who am I to start withoutthanking y'all?
Okay, I mentioned it earlier.
I mentioned it earlier thaty'all have been re-listening,
(02:57):
re-listening.
I mean I don't know what it isabout me being gone and y'all
listening to the podcast, buty'all be on it and I absolutely
love that.
But I wanted to give y'all someinsight.
So the episodes that I've beenseeing that have been trending
on an upward spiral since Ihaven't been making episodes
since April.
There's an episode titled FiveSteps to Consider in the
(03:19):
Pre-Broke Stage.
That episode has been going up.
So let me know y'all goingthrough something, somebody out
there going through something.
There are the credit scenesthat you have to relearn, also
the last series that I didtalking about when the check
engine light is on in yourfinances.
And also there's anotherepisode setting clear financial
(03:40):
boundaries in 2024.
That episode has just been likeoff the charts.
So that made me think, that mademe say you know what we got to
put together, something that isin alignment with what I'm
seeing, people are listening to,and also I'm online, I'm seeing
what's going on with people.
I'm a guide, I'm a financialguide every single day.
(04:03):
Not only do I coach, but I'meducating people and in
different areas of the US andseeing how people are being
impacted by their finances.
And I was, like you know, I hadto talk to the Holy Spirit a
little bit, because I'm alwaysauthentic, but I didn't know
just how authentic I reallywanted to be, especially coming
back for this new series.
(04:24):
And so I think y'all going tolike this All right, coming back
with the series, and it'stitled From Six Figures to
Scraping by Rebuilding AfterFinancial Distress.
Y'all like that right PeriodPeriod, okay, and so that's the
(04:45):
title of the series.
And so we're going to get achance to jump into the episode,
get into our Mindful Moneymoment.
But of course, I got to justexpress so much gratitude
because without y'all, Iwouldn't even think to come back
, I wouldn't even have a placeto come home to, to be able to
share.
And I want to get back to 2020when I was just so excited about
(05:07):
the podcast, when I was readyto share, and it's been hard for
me to be able to do thatbecause when you're going
through it, it's hard to becreative, it's hard to want to
share those things.
And I've realized in my life mybiggest blessings have come
when I've been the most raw.
The most authentic blessingshave come when I've been the
most raw, the most authentic.
(05:28):
And I said you got to come back.
No matter what life is goingthrough y'all, finna, just go
through it with me and you knowwhat.
We're going to experience theseups.
We're going to experience thesedowns, because I created this
podcast to be a voice.
I created this podcast to benot only digestible, so you can
get real information from a realfinancial connoisseur
practitioner.
Like I'm in this thing.
(05:48):
Okay, I studied this.
This is my baby, okay, like Ilove this and I wanted to make
sure that I'm giving back andserving in that way and being a
voice.
And so I want to continue beingthat voice and I'm like you got
to talk about the ups, you gotto talk about the downs, because
a lot of people areexperiencing down, and so we're
going to go ahead and we'regoing to get into it.
So, most definitely got tothank Rich Gang.
(06:11):
Y'all amazing, amazing, stillbeen sharing.
Okay, y'all still hey, althoughI've listened to these episodes
maybe I ain't listened to all128 of them and y'all been
really in there because I knowthat y'all still wanted to hear
that voice, but I promise I gotsomething great for y'all.
It's about to be something,okay.
(06:39):
So y'all just get ready.
Okay, so let's just go ahead.
Let's go ahead and jump intoour Mindful Money moment.
And so, for those of y'all thatare new, when I first started
the podcast, I used to align thetitles of the episode with a
music title.
I'm not doing that for thisparticular series just because
it's so deep.
I wasn't able to find no songsthat went along with it.
And there's 128 episodes andmore than half of these episodes
(07:02):
all have music titles.
Ok, it's only so many titlesout there.
So, in this Mindful Money moment, this is where we're going to
get into the title of ourepisode, and we're going to
discuss some topics, and whatI've started now, rich Gang, is
I'm going to give y'all threetips, three key takeaways, and
I'm going to have a closingthought that I want y'all to
(07:24):
ponder, I want y'all to bemindful about, meditate on and
think of.
What can you do with thisclosing thought yourself?
What's your closing thought?
This is my closing thought foreverything, but I want you to be
able to ponder that and so justgiving y'all a little insight
into what's to come.
And so the title of today'sepisode is the Fall from Six
(07:46):
Figures to Scraping Back.
I know y'all feel it rightthere, right Okay, because I
know I do.
Okay, feel it in so many waysAll right.
And so let's get into that.
And I don't know exactly wherey'all stand in y'all finances,
and this is something that I canrelate to, just because in the
last two years I went through alot of life.
(08:08):
So the people out there whohave went from making high
incomes whether that was sixfigures, or you were very close,
or you were in a high incomebracket to now maybe you're not
making as much money, maybe it'snot feeling the same, maybe you
are in that paycheck topaycheck mode right now.
As I've said before, thefinancial the check engine light
(08:32):
is on in your finances rightnow.
Okay.
So I want to get into that alittle bit, because I don't
think we've ever had an episodeNope, I can't even say I don't
think We've never had an episodewhere we were able to really
dive into that.
And so the fall anytime youfall, it's going to hurt, but of
course it depends on how faryou fail.
(08:53):
Okay, so if I fall down onestep, that ain't going to hurt
me as bad as if I fall down 15steps.
Right, and that's what it feelslike.
So if you coming from sixfigures or a high income of some
sort, and you fall down aflight of stairs, you fall down
(09:15):
that much that's going to impactyou.
And let's talk about the fall.
What does the fall look like?
Because some people tend tothink that, oh, you just had to
do something, you made poorfinancial decisions.
That's the reason why you're inthis situation.
But no, you can have a fallbecause you had a job loss.
There's a lot of reductiongoing on, a lot of layoffs that
(09:36):
are going on, a lot of companiesare going out of business.
There's lots of things that canhappen.
Whether that be something thatyou can control or you can't
control, lots of people gothrough divorces, there's a
death in a family, sicknessthere's so many different
elements that can produce a fall.
(09:58):
And so, for my people out therewho are experiencing a fall
right now, you know what thosereasons are that you experience
in those fall and you know howmuch that's hurting you.
Okay, I too have had a fall andin that fall I want to say,
probably right now, I'm makingat least at least 30 to $40,000
(10:23):
less than I'm used to making.
That's a huge fall.
Okay, let's acknowledge that.
Okay, out there, you know howmuch your fall is and what that
looks like and how you're tryingto get yourself back up,
because, I don't know abouty'all, I didn't feel down stairs
before in my house.
Okay, and that tailbone behurting, all right, right.
(10:45):
And so with the fall,financially the pockets is
hurting because you feeling that, because you either may not you
either you probably went frombeing able to have some extra
money, some disposable money, topaycheck to paycheck, depending
on how bad that fall is, andthat's detrimental because we
(11:08):
all have lifestyles, we all havecreated a lifestyle for our
lives and most of us are insituations where we need to make
more money because inflation iscontinuing to build every
single year, everything iscontinuing to get more expensive
.
So we need to make more money,not reduce the money that we're
(11:31):
making.
And so, with the rising costsof everything.
So when you're going throughthose different falls, it's like
, all right, what am I going todo?
How am I going to get myselfback up?
How do I get back to where Iwas, or surpass where I was?
And once again you tackle withman, how did I get here?
(11:52):
Because it happens so fast.
And so I want to go ahead andjump into.
When you're in those setbacks,coming from that high income,
going down, reducing, whenyou're having that fall, what
are those tips that you need tothink of?
First, right.
So, tip number one assessingthe damage.
(12:12):
Right, when you fall, you gotto look around.
All right, what you know?
Everything, okay, did I breaksomething?
That's what you do when youfall.
Normally.
I love analogies, so we'regoing to keep this going, just
in case it's bothering any ofy'all.
Okay, we're keeping thisanalogy going.
Okay, but assessing the damages,what was the fall that you
experienced in your finances?
(12:33):
How hard is it going to hit you?
How many thousand is that foryou?
Because I just told y'all, it'sabout almost $40,000 for your
girl.
Okay, that's a lot of money.
You got to divide that upyearly, that's a lot of money.
What does that look like foryou?
Calculating that?
Right, because, once again, howmuch did your lifestyle cost
(12:54):
you before the fall?
Are you going to be able toafford the essentials that you
needed for that lifestyle beforethe fall?
Right, because just becauseyou're experiencing this
financial setback, your billsdon't stop.
You can't call the companiesand be like hey, yo, I know I
(13:16):
owe you some money, but I justfeel they like, oh, okay, well,
our bill is due on this day.
I wish it was like that.
There are some things that theycan do.
Sometimes they can give you adeferment on loans.
Sometimes they can do skip apays on loans.
Sometimes they can work out newterms for your loan where maybe
(13:39):
you can extend a term out.
They may make you refinancesomething along those lines.
Sometimes those things areavailable to you, but sometimes
they're not.
So when you're experiencingthat fall, you need to know how
much of a jump was that, how,how low did I go?
Right, assessing that damage,because that's going to affect
(14:00):
you monthly, because if you'reno longer bringing in that money
monthly.
What are you going to do?
But what does that look like?
First, and I get it.
It's hard to do that becausedon't nobody like going
backwards.
That's the reason why, in thecause, you got the big mirror,
because we supposed to always belooking forward.
But sometimes life hits youwhere you're going backwards,
(14:23):
you have a setback and you can'tdo nothing about it and it's
going to suck.
It sucks, your girl goingthrough one.
It sucks.
It sucks for me to even admitthat.
And it's going to be hard.
Yes, falls hurt, falls hurt.
But this is the thing.
We got to get up.
We got to get up and we have toassess the damage.
(14:45):
So you need to absolutelyunderstand where am I at
financially now?
How much can I afford?
What do my essentials look likeeach month?
Do I have enough?
Where I'm going to be able tocover that?
What savings do I have?
What does that look like?
So, assessing what that damageis.
And then, tip number two now wegot to figure out how we can get
(15:06):
rid of some stuff.
Okay, we got to trim the fat,because that's the one thing
about it when you fall downfinancially, I don't know if you
can still afford everythingthat's in your lifestyle.
So you may have to downsize.
You may have to figure out.
What can my situation now?
(15:26):
What can we do?
Okay, cutting back, whetherthat's on subscriptions, whether
that's going out, and your girllove eating okay, I love food.
Okay, whole nother conversationwe're going to have to have.
I went to the doctor.
I got to lose weight Wholenother conversation.
Okay.
But you have to start cuttingback, because anytime you have
(15:48):
this financial fall, some of thethings that you had in your
lifestyle now are unnecessaryexpenses and you got to get rid
of them.
You got to downsize, you got tocut some things in order for
you to survive.
We want to get back to thriving.
We're going to get back there,but we have to look at the here
(16:09):
and the now, which is assessingwhat do I need to get rid of?
Can I sell some things?
If that's a possibility for you, what do you need to do?
Because that's an immediatething, because what's going to
happen is after you've assessedthe damage and you see how much
now you're making versus whatyou were making, and then you
see the things that you can nolonger afford.
(16:31):
If you don't start cutting back,you are going to fall behind.
You are going to fall behind,thinking I can keep this, I'm
going to keep going, I'm goingto keep living the way I was.
Hell, no, don't do that.
It's a bad thing.
It will stress you out quickerthan if you just would have went
(16:54):
through the process ofassessing where you're at and
just getting rid of some thingsand downsizing to the lifestyle
that you need to live at thatparticular moment of where
you're at.
So hear me clear when I saythat.
All right.
And then tip number threereaching out for help.
Who can help?
Who can help you during thistime?
Now, that's the thing.
(17:14):
Let me just go ahead and saythis right, I'm not good at
asking for help.
Who can help?
Who can help you during thistime?
Now, that's the thing.
I mean.
Let me just go ahead and saythis right, I'm not good at
asking for help because I'vealways been the person to help
other people.
So I understand that this ishard, this is hard.
I've had to have help and that,ooh, it's hard, it's hard.
(17:35):
I couldn't ask for it.
But those who are close to you,they're going to know when
you're going through something,no matter how much you try to
front.
No matter how much you try tofake it, you try to still keep
up, say you know, keep in face.
Like things is cool, thingsain't cool.
We can't do that to ourselves.
God can't bless who we think weare.
(17:56):
We just got to show up and bewho we are so we can say here I
am, this is what needs to happenin my life.
I'm not going to fake the funk.
So you may need to seekassistance, whether that's
looking at governmental programs, because I don't know how far
you fail.
I don't know what that lookslike for you.
You may be in a situation wheregovernmental programs may be
(18:20):
the route that you need to takeand the government may need to
help you out right now.
Okay, you may need family forassistance.
You may need advisement.
You may need a financial guideyour girl, okay, because look,
I'm still working, okay, fall ornot, we getting up, okay, and
so we still got this knowledge.
(18:41):
Okay, and so you may needassistance to help you with
getting back, because, onceagain, although you fail, that
don't mean you can't still getto a place where you can thrive
again or thrive even more thanwhere you were at.
But you got to get up and youmay need help in the process of
that.
(19:01):
And once again, you're talkingand hearing someone who it is
hard for me to ask for help toldmyself if I get so, if I'm so
bad down, if I'm so down, baddown, horrendous child, then I'm
just going to have to do thereaching out and do the things
that I'm going to need to do.
(19:22):
But help also can look like whois your network?
Who can you get with?
So let's say, if you lost thejob, who can you get with?
Tell them people hey, look, Ineed to get my resume together.
Who them people in your network?
That's HR people that can helpyou with getting it together,
okay, who can you send out yourresume to?
(19:42):
Or who's your network and say,hey, this is my resume.
Who y'all know?
Let everybody know that I'mlooking for a job, okay, or
whether you're looking foranother job.
That can also be advice toassist you there.
So just know what help couldlook like, whether that's actual
financial assistance or whetherthat's just letting people know
what your situation is.
(20:03):
But that involves and I'm goingto say us, because I'm talking
to myself too that involves ussitting our ego down, sitting
our pride down and sitting ourshame down so that we can let
people know where we're at,because, once again, right, the
blessing only comes when we'reable to be truly authentic in
who we are and where we're atright now and let people know I
(20:27):
need help, because people can'thelp you if they don't know.
They just can't okay, so I'mhoping that those tips can help
someone, because I don't knowwhat you're going through, but I
know I'm helping a lot ofpeople right now who are going
through some type of reductionand they're going through some
type of fall where they weremaking high incomes to now.
(20:48):
They're not.
So what are you going to do?
And we need inspiration throughthat.
So what are you going to do?
And we need inspiration throughthat.
We do, because you can get backto where you need to be, but you
need to figure out how to livein the here and the now, and
that is normally the problem,because we can't believe it.
We shouldn't be here.
Those are the things thatyou're going through in your
mind.
(21:08):
I shouldn't be here.
What did I do to deserve this?
Why am I going through this?
You'll be working your brainforever trying to figure that
out.
Just know that you're here, youcan go through those tips so
that you can get yourself in aplace where you know this is
where I'm at, this is what I cantake, this is what I can do at
(21:29):
this particular moment, and I'mgoing to work so that I can get
back to where I was and thrivepast that point.
So here's my closing thought.
I've hit rock bottom quite afew times in my life.
I've been through quite a fewtransitional life moments that
(21:49):
have been devastating to mefinancially.
So I know I can relate, I getit and I acknowledge how
horrible that can feel.
But the first step in recoveryis going to be acknowledging
where you're at so that you canget yourself back up and let
(22:09):
this be inspiration for you.
We have to do a mindset shift.
Right when we're going throughthese things, we can think this
is the end of the world, this isit for me.
No, you going through this, thisis teaching you something, you
learning from this setback.
Going through this setback isjust going to make you stronger.
(22:31):
You building a muscle right now.
So this lack is only going tobuild you up.
Okay, I don't want you to feellike you regressing.
It's going to build you up,even though it feels like you
didn't went backwards, but youdidn't went back.
But that comeback, you hear me,okay, I'm here to get, I'm here
to inspire you.
Right now, you building yourresilience from this adversity
(22:51):
that you going through, okay,you going to bounce back even
better, because you're learningsomething.
You're building a muscle thatsome people don't get a chance
to build and you got a story anda testimony where you can talk
to somebody else through themgoing through a situation like
this, just like you've beenthrough.
Okay, I speak this to you as aperson who is here, as a person
(23:17):
who has went through this and asa person that knows I'm going
to thrive from this.
So I'm hoping that that helpsyou to feel some type of solace
inside and know, although I'mgoing through this, this is not
where I'm going to stay, becausewe going up.
You hear me, you hear me, okay.
And so you go ahead and you takethat closing thought and I want
(23:40):
you to think about that and letthat be something that inspires
you.
You write down what yourclosing thought needs to be and
let that be your intention thatyou set for the week, so that
way you can know you can be asurvivor, okay.
I hate to take back the destinychild you.
You can be a survivor, okay, Itake back the destiny child.
You going to be a survivor,okay, we not.
(24:02):
We not nobody's victim.
And I tell you one thing wegetting up from this fall, okay.
And so just to let y'all knowwhat you can expect in this
series, from six figures toscraping by I have three more
episodes.
The next one's going to betalking about surviving on
savings, the climb back andlong-term resilience.
So, as you see, we got a lot ofdeep topics to talk about, a
(24:23):
lot of good inspiration going tocome from this, but I feel like
a lot of good breakthroughs aregoing to come from this as well
, and so please make sure thaty'all are sharing these episodes
far and wide.
I want to make sure that thisis heard everywhere, just
because this is a topic that Iknow lots of people can relate
to.
So I want to make sure I don'tknow everybody, but you know
somebody that knows somebodythat knows somebody that knows
(24:44):
somebody.
So share this thing far andwide.
And so, before we leave, if youare looking for a financial
guide of some sort, because yourgirl is here.
I have been educating, I havebeen coaching, I have been being
a guide to so many people, tohundreds of thousands of people,
for so long, and so if you needassistance, if you need to talk
(25:08):
through your situation, ifthere's anything that I can
assist you with, I want you tocheck out my website.
I am mindfully richcom so youcan schedule a complimentary
call with me.
If you are looking for afinancial educator to educate
your group, your organization,whoever your audience is, make
sure you check me out on mywebsite and don't forget,
(25:31):
subscribe to the podcast, writea review.
Yes, I need a review Whereveryou listening at.
Review that thing, okay, andcheck out the podcast on
Instagram.
I'm at mindfully underscore,rich, underscore podcast, and
that's all I got.
Y'all Ain't got no more.
Don't forget y'all unofficialmarketing Share, share, share.
(25:51):
Keep listening.
Any episodes you haven'tlistened to go on back, okay,
and I'm glad to be back.
It's a long episode, but I'mglad to be back.
And so y'all, make sure y'allstay tuned to this series,
because let me tell you what weabout to grow, we about to be
inspired, we about to have ourbreakthrough, and so until next
time when I hit y'all withanother one.
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