Having a Healthy Money Mindset and Becoming Recession-Proof with Chioma Njoku
Do you ever feel overwhelmed by all of the messaging around money on social media and in the news? There are countless things vying for your attention and resources, and having a healthy money mindset is more important than ever.
In this episode, we’re talking to Chioma Njoku, the owner, and Chief Mindful Operator at the Mindful Bookkeeper as well as the host of the Cheers to Your Prosperity podcast. Through her work as an accountant and financial coach, she helps coaches, consultants, and small business owners keep more of their hard-earned money without sacrificing the things that make life enjoyable.
Listen to this episode to understand the building blocks of having a healthier relationship with money, and to learn how to overcome past financial mistakes.
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How to Have A Healthy Money Mindset
- Popular messaging around money on social media that can keep us broke.
- Common mistakes people make when it comes to manifesting money.
- How the Profit First method can support your personal and business finances.
- Recession-proofing our businesses and finances.
- How to overcome being “woke but broke.”
Money Mindset Resources (contains affiliate links):
- Listen to Chioma’s podcast “Cheers to Your Prosperity”
- Cheers to Your Prosperity Episode 5: How Money Mindset Keeps You Broke
- Visit Chioma’s website to learn more about her services
- Profit First by Mike Michalowicz
- Download our budget template for Notion
- Related Content: Episode 100: Ask Me Anything — Building Confidence, Post-Pandemic Dating, Money Mindset
Episode 155 Sponsor:
- Skillshare | Check out the amazing courses and community on Skillshare to launch your next business or fine-tune your new hobby. Visiting skillshare.com/balanced for one month free.
Episode 155 Transcript
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Balanced black girl and our little corner of the audio world where we're focused on getting our lives together together
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my name is Les I'm your host and I started this podcast almost four years ago to have a space to explore wellness and self-improvement topics that I wanted to learn more about,
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right now on the podcast we're getting our money together we're leaning into abundance we are striving to be well resource and we're talking through strategies on how to get there,
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so this episode is all about getting our minds right when it comes to money okay get your mind right get your grind right that feels especially important right now we have so much noise around us when it comes to money,
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so whether it's about headlines about all the things that are happening economically or social media where it seems like everybody is magically making,
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six plus figures being a coach or working in Tech.
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Yet in real life the math does not seem to be mething and we are all just trying to figure things out and do our best,
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so we're tuning out the noise we're getting our money mindset in order and we're really preparing ourselves to step into and stay in abundance with this week's guest chiama yaku.
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Chioma is the owner and chief mindful operator at the mindful bookkeeper as well as the host of cheers to your Prosperity podcast,
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through her work as an accountant and financial coach she helps coaches consultants and small business owners keep more of their hard-earned money without sacrifice in the things that make life enjoyable like coffee
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dinner with friends and time with family.
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When she's not helping others grow their bank accounts you can find her practicing handstands cooking and playing with her dog and she 100% believes we all have the right to prosper.
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I found shamas podcast earlier this year and really resonated with her message and I was so excited to bring her on this series she helps us get our lives right didn't better decipher the messaging around money that we receive
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I know you're going to love this one and make sure when you're done listening that you check out yamas podcast as well.
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I'll see you on the other side
shyama welcome to balance flag girl I'm so excited to have you here today.
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Thank you I'm glad to be here definitely I also I,
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love interviewing fellow podcasters I found you through your amazing podcast here's to your Prosperity earlier this year in the spring I think and so interviewing other podcasters is really fun,
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okay well thank you for that because I just literally got started so it's always yeah a pleasure to have an experience podcaster listening and,
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well thank you thank you that made me smile yes you are so welcome thank you for the work that you're doing in the world do thank you as well
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so right now on the podcast we're talking all about money and the intersection of money and wellness and ways that we can be better stewards to our money
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this is an area that you know a lot about you educate other people about money you're an experienced accountant you have had quite
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money story of your own so I would love if maybe we could share a bit about your money story with our audience so they can get to know you a little better sure you know it's funny because my story
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speaking of podcasting and talking about my story.
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Maybe you feel the same way but it's therapeutic to talk about your story because that you uncover more layers so I almost feel like my story tends to,
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shift a little bit depending on the season but going and I'll try not to be too long I promise y'all but um I originally saw say,
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probably this part I haven't mentioned before I was originally going to become a doctor so I was since I was six years old,
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med school rolling up my sleeves getting into cadavers dead bodies and like I was that was my track.
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And I'll never forget when my parents and everybody that I looked up to said medicine isn't where it's at,
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and as I'm now understanding more about myself and why they said that the reason why they said that is because of money and went to school for accounting gets before Instagram really became a thing.
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I think sometimes we get into that comparison where we're looking at other people and kind of feeling bad about ourselves or maybe I did.
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And so I'm looking at other people and I'm hearing them talk about the bonuses that they received or,
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looking at what they're wearing shoes purses where they lived and I just never felt like I was making enough money I was running an accounting department and at that time I was living in Houston Texas.
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So Houston is that oil industry and oil and gas with the 2008 recession it was andele.
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2008 happens Financial mortgage-backed Security crisis recession-proof.
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But I was still gainfully employed because at that time I was living in Houston Texas that domino effect hit them later and so I ended up getting laid off.
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Les off and loss of income will quickly tell you that you need to get your finances in order.
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And after I would say about it took me a year I was fortunate enough to be able to move in with my parents who also relocated to Houston.
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Mmm-hmm and I thought you know what it will be like a few months I can just find another job no problem.
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And a few months turned into six months 789 a year and I was like alright it's time to.
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Unpack got settled this is probably my new reality and about that time a book came into my life called profit first.
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And I read this book,
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have you heard of it profit for yeah yeah I enjoy it I was going to ask you about it yeah I'm excited you brought it up oh cool I don't know why this book spoke to me but it did
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and it was the first time that I realized that I could actually.
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Be a little creative with how I manage my money I didn't just have to follow my brain at that time was generally accepted accounting principles gaap.
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So I only saw one way to manage money if you really call it that I clearly wasn't doing well.
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And just this book showed me a different way to look at handling money and really instead of paying everybody else first essentially and then hoping that there is something left over.
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It showed me sexually that is okay to look after me first that I'm the most important employee even though I wasn't working for anyone it was my own personal finances.
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So I just honestly started with moving money from me first and then learning to manage what was left.
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And that was a slow build to and really the foundation of where I am today and it just that step.
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Start to peel the layers of what I think is I don't want to say wrong but what needs to be updated with how we care for our finances how we look at money.
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It being okay to talk about money.
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It gave me permission to lean into manifesting and understand that lean into money man mindset and understand that personal development it's just.
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I actually really appreciated that one book that just for me said it's okay to do things.
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The way it suits you you had open the door,
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absolutely thank you so much for sharing that there's a few aspects of your story that really stuck out to me that I would love to to talk about a little bit more one I love that you have expressed the difference between.
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Professional finance and personal finance and how those two things are actually quite different like you were working in a very professional setting running accounting departments for major companies and so obviously.
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Very financially literate like people throw out that term as if it's kind of the cure-all to everything and it is very important but it is different than managing your own,
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personal finances and I think that that hearing your story will hopefully help
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people feel okay if they're still working through it and if there are still refining those habits and figuring it out that there's no shame in that we're all learning even when you're a professional Finance person
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yeah I grew up where I felt like I not I felt I had to be perfect I have a I'm first generation in the US and,
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one of the things that growing up it was this.
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Ideal like you can't fail and maybe that's the way it was for my parents I don't know or maybe that's what they thought they had to do but like I had to learn that it's okay to.
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Fail it's okay to keep learning it's okay to make mistakes because there's a lot of information,
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that comes with the I'm going to use failure and air quotes right now because it's not really I know it's still,
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seen as a bad thing it's not actually I think it's failure is feedback is what I've tend to say a lot failure is feedback and feedback.
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You need absolutely
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I'd love to talk about profit first a little bit too I'm so glad that you brought that up I've read profit for a sexually write it earlier this year for the first time and got a lot of value in it and I've now
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run my business finances using profit first I would love to hear more about what about that book really resonated with you and how you were able to apply that to personal finances because that is a little bit of a different perspective,
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for me if anyone has the the US version of the book I always refer them to page 47 at least that's the updated version I have
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and it talks about seating the account.
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And essentially profit first gave me or showed me a pretty easy way to start saving money.
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And it spoke to my accountant brain so that that is 1%.
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Take any time you make money or money comes into your life be it your professional finances personal.
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Take one percent of that amount .01 and move it to your savings before you pay bills before you buy an ice cream cone before anything.
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And so the idea is you shouldn't miss one percent of your money.
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Also it's working with what you already have most people have a checking account most people have a savings account.
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So I appreciated that because it was like at that time.
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That is all I had I was making $350 a month of far downhill from my six figure salary I was teaching yoga at the time,
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even at that time and I have bills to pay just to be clear but even at that time I'm like I could spare $3.50 I could do that.
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And so it was just easy I guess and I think I was ready I was ready to take a different path,
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with just three short months of patience.
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I started to actually save money for the first time hmm and it wasn't like a million dollars but it was a fact that I had.
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Twelve dollars in my savings account versus before I had zero absolutely that's why it's spoke to me it was just.
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It started to solve my problem and it was a nice.
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It was a nice simple Foundation that I really believe that anyone can try so personal finances.
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Professional professional it works it works the same yeah in that regard definitely definitely and even what you just described like that
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Act of saving no matter how much it is just building the muscle of doing it and,
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managing what you have and learning how to manage that in different ways is really really powerful yeah,
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yeah actually an episode of yours on your podcast that I really loved was how money mindset keeps you broke and when I saw the title I was like oh
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spicy I am listening to this right now and I'll link it in the show notes below so that everyone can
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can tune in in that episode you talked about how we can get caught up being woke but broke so can you tell us what being woke,
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broke means yeah so.
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I just want to say this that episode was in solid defense of money mindset and manifestation but unfortunately
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this is where I'm going to give my know-it-all making fun of myself and I call myself know-it-all but know-it-all opinion I think people hair things on Instagram or what not and don't really understand what it really is,
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see you got a lot of bad information out there that's really that woke yet Brokers showing up in my Virtual Office so,
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just to describe walk out broke there's a beautiful Instagram feeds of people may be on a yacht,
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you might think it's really there yet but it's not because y'all look at money for a living - real deal you see the books oh yeah I see the books and I know a lot,
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so I see the rented cars I see the house and there's a lot of people that want to showcase their assets right so they allow people to take photos.
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Of their house their car their boat they'll allow that so just in case you want nice a nice photo shot thing so to the person who doesn't know that they will look at someone's feet and be like oh my gosh.
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Their life is amazing now add these amazing captions that say the right things and you're inspired.
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Yes they're there woke But Me Knowing having worked with a few of them as well knowing and work.
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The broke and maybe they're creating those feet as like part of the manifesting process is like what's your vision board what is what is.
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Visualize the life that you want to have.
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But you're not there yet right but then your Instagram feed is showing other people who are getting influenced by that and saying oh my gosh.
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That's real life and so I'm saying this impact and pressure.
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To have this life that is not really authentic or real our real-life statistics in the u.s. anyway show that the average US family can barely have a thousand dollars in savings.
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But yet everyone in Instagram has this amazing.
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Bossed up rich life with the perfect money statements so it just it's almost like when I say woke it broke it doesn't it's there's a mismatch and I think a little bit of a denial honestly.
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So that's how the money mindset and manifestation that's a small taste of what I'm saying is keeping us broke or not allowing ourselves to feel where we really are,
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absolutely focusing on the appearances of things and
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kind of stopping the work at the visualization even though there's a lot of work to be done in addition to the visualization to get to that point,
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yeah I feel like on Instagram especially Instagram and Tik-Tok to thinking about kind of the differences between different social media platforms Instagram
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because it was previously up until now I know now everybody hates Instagram we get it but back in the day you know thinking about you know 2018 Instagram where photos were everything and online coaches where everything it definitely was like
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everybody had their picture of their laptop on the beach and there,
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you know big house and Tik-Tok what I've noticed is a lot of very similar things but it's a lot of.
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Pushing either being a content creator to make a lot of money or,
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easy businesses to like make a lot of money and all of these things and so I do wonder what the validity of some of that is and I've even felt influenced by it of like oh this person is making,
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however many thousand per month should I be making that much per month what is are we doing something wrong what is the the standard here so it's interesting how these platforms,
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can really influence what we think and how well we think we're doing absolutely this is where,
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I know for me I'm all into money but this is where I feel very grateful to be paying attention to my finances.
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And one of the things not to bring it back to profit first but I expanded on profit first beyond that one percent to add another account that was for fun that account that's for fun for example.
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I started to move money into this account that was for fun.
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To help me connect with what I want and it's given me the ability to kind of block that pressure to have this perfectly curated Instagram feed / life.
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Because I started to connect with what I really want
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but me doing I guess a poor job of connecting what that has to do with all of this what I'm what I'm really trying to say is I don't really find that a lot of us know what we truly want and so we look to Instagram or Tik-Tok or,
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a magazine or the news to tell us what we should have which is kind of the issue.
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Right now it's very important for all of us to be okay with saying this is what I want and I also want to say push off need because I think need and want can be the same.
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But if you know what you want and does stand in that and almost not care and it's hard because a lot of people want to make another person wrong but stand on what you truly want will you can look at the feed of Instagram and be like wow that's beautiful.
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I want to visit that one day but also know that you don't have to have.
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That as your feed that's that person like I love that is so great but you're fine with where you're at you're fine with who you are.
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You won't succumb to pressure that was my recent revelation of incidents I too was having this like I don't know if I like Instagram I'm on Instagram I don't have Tick-Tock just like I don't know if I like Instagram anymore.
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And then I realize it's because I was starting to slip into this pressure to be that.
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An influencer yep but I love Instagram because I talk to people from everywhere that's what I want thing I love about specially Instagram but I was starting to hate it from me.
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And then I'm like I don't want to be an influencer I just want to be chiama and as soon as I realized that was what I was feeling.
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Pressure is off you know it's just I'm good now I can appreciate everyone's.
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Amazing feed or the food that they show or trips or new cars and I can appreciate that be like that's so great.
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And I'm fine with where I'm at yeah oh that's so good it's being harder to influence which is a good thing,
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yes yeah which I probably I do the influencer thing that's kind of part of this whole like Universe this conversation is a part of but I also do recognize like.
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I like when people are hard to influence because it means that they're firmly rooted and who they are and where they are and I admire that yeah I think it's good to appreciate other people's wins to like,
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that's why it's important to be grounded in who you are because then you see someone have a win and you can genuinely be happy for that person,
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I'm sounding like all the positive but I really mean it like you can appreciate another person's success instead of being like.
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I like em well that's fake or blah blah whatever it is definitely definitely
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when it comes to you know we talked a little bit about money mindset and how
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it can be tempting to be very focused on the visual aspects either being influenced by what we see like we were just saying or visualizing what we want and kind of stopping there,
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if that's a place where someone is stuck at what should they do to kind of keep moving forward is it going into,
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action like what should they do if they recognize like oh maybe I'm woke but broke that's me or I'm really caught up and what people who are woke but broker doing
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what are steps they can take to move through that well so I actually appreciate if a person can become aware
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because I think awareness is key if you know that you are.
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In that walk it broke phase or that you're kind of singing you're seeing other people's feeds and you're like oh gosh why can't that be my life.
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Good for you for being aware because some people are not aware yet.
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With that awareness now I always advise I'm someone that I like to write but maybe you like to do other things but let's just say you like to write hmm take a seat.
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Give yourself a good 15 to 30 minutes to start.
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And just write down what it is you want and try not to judge if it's too silly or.
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Not realistic forget all of that write down everything that you want I think we could especially as adults,
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we can allow ourselves to dream be child like you know go within and give ourselves that time you know we use the word grounding this is a good grounding.
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Exercise right here pause slow down and write and,
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trying to connect it to money so I'm going to you have your list I think it might be time to check out your bank accounts it could be business or personal say personal because that's where a lot of these things come from go into your personal accounts.
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And also look at your list.
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And look at your weather you it's what you earn or spend and I would say ask yourself are any of the things that the money that's coming to your account is it helping you get the things on your list.
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Your expenses is it helping you get the things on your list.
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And this isn't about cutting coffees or anything like you need expenses expenses help you go and tear accounts and.
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Just having that honest inquiring conversation with yourself is this helping me or hurting you or none of the above.
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And it gives you a voice in the conversation I just don't think we give ourselves enough time to just kind of sit and reflect and and feel
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mmm-hmm it's allow the night if it's a negative feeling let it Bubble Up So my mentor had to tell me this a couple years ago she's like it's okay to feel bad feelings,
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when you feel it it leaves you yeah and I don't think we give ourselves enough of an opportunity to just feel the negative things we want to feel the positive things but we've got something - that's in the way of that.
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So feel it.
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Understand it let it move through you I know I'm not a therapist but I'm just passing along information that helped me greatly and it's.
00:23:48.185 --> 00:23:55.057
It's freeing yeah when you feel it it leaves you that's good that's really good because I think,
00:23:55.189 --> 00:24:07.228
it can be tempting to feel this pressure to be positive all the time I know that's something that I've really struggled with or I'll try and confide in people like I'm upset about something or something's going on and
00:24:07.009 --> 00:24:14.097
the first response is like will be positive or be grateful and it's like I'm all those things but this is what I'm feeling right now so.
00:24:14.301 --> 00:24:20.272
Let's not invalidate that in ourselves and in one another exactly exactly
00:24:20.260 --> 00:24:34.820
so another part of kind of money mindset that I would also love to talk about would maybe be the other end of things like the extreme frugality and kind of scarcity side of things,
00:24:34.862 --> 00:24:42.742
semi selfishly because I feel like that's what I tend to struggle with more which I think can be.
00:24:43.153 --> 00:24:56.777
Sometimes seen as a good thing but could be potentially two sides of the same coin so I'd love to hear your take on how being too Frugal also relates to money mindset yeah you know the so the common
00:24:56.747 --> 00:25:05.437
money advice that's still too prevalent out there but also talks about save money save money save money save money,
00:25:05.560 --> 00:25:09.101
but no one teaches you how to spend consciously.
00:25:09.386 --> 00:25:16.680
Or say it's okay to let it go so that's also that's a practice actually.
00:25:16.903 --> 00:25:25.575
I'm going to go back to profit first because that's one of the things that yeah profit first help me with that actually to.
00:25:25.779 --> 00:25:32.173
As I saw my savings account grow I felt that resistance and I know when I work with clients.
00:25:32.351 --> 00:25:42.670
They're like I don't want to touch that money I'm saving and at this it's kind of like they're spending a dollar just to say 50 Cent so it's actually starting to do them harm but actually.
00:25:42.919 --> 00:25:56.246
So now it's like practice consciously spending and that's where I'm going to tie it back to that list of what is it that you want like give yourself permission to spend so that's why you have these things now you're understanding what you need.
00:25:56.558 --> 00:25:59.747
Another thing to do also is,
00:25:59.843 --> 00:26:14.817
I briefly and probably terribly mentioned having an account that fun account actually part of profit first is having that operational expense account and accounting that's for your business daily business operations or monthly operations,
00:26:14.886 --> 00:26:24.306
that's your permission to spend so there is a practice when you have a plan you know like a whether it's a profit first plan.
00:26:24.762 --> 00:26:34.757
I'll just nerd out and say there's others like the jar tihar backers jars method there's 50 30 20 there's so many you can be as creative as you want to with managing money.
00:26:34.952 --> 00:26:39.924
But the idea is you have different accounts with a specific purpose bank accounts that is.
00:26:40.264 --> 00:26:49.017
And that gives you permission and practice of spending consciously the nice thing about spreading out your money.
00:26:49.266 --> 00:26:58.316
Into those accounts is that you can catch something that doesn't belong so we're mentioning profit first maybe give profit for us to shot.
00:26:58.520 --> 00:27:06.868
And and practice not only you practicing having money but you're practicing spending money consciously but I always say begin with,
00:27:07.027 --> 00:27:15.537
give yourself that time to just write out or speak out or vision board out what it is that you want get very as clear as you can you know,
00:27:15.580 --> 00:27:27.141
we're always evolving but get as clear as you can in the moment that's super helpful something I can relate to a lot like I've had a business for several years creating content and,
00:27:27.210 --> 00:27:41.239
I didn't start paying actually like paying myself really until earlier this year after reading profit first and I had to do a lot of reflecting as to why that is like I've had team members and different services and coaches and I've.
00:27:41.506 --> 00:27:53.743
Generate this money in my business to then just give it to a bunch of other people but I personally was not receiving any Financial benefit from the work that I've been doing for 67 years
00:27:53.713 --> 00:27:57.182
and finally I had to be like oh I am,
00:27:57.233 --> 00:28:07.066
running this business I'm the only like true employee here I'm running a business so that I can be paid to like I,
00:28:07.145 --> 00:28:16.897
I think so much about like how much I value other businesses particularly black women owned businesses and love giving my money to black women but I'm like oh wait but,
00:28:16.966 --> 00:28:21.875
I'm a black woman who deserves money too and I forgot about that for my own self,
00:28:21.935 --> 00:28:28.429
so I'm still learning yeah we're like I think we're a product of our conditioning where.
00:28:29.002 --> 00:28:33.488
Taking care of ourselves is seen as a bad thing.
00:28:33.863 --> 00:28:42.382
You know II get annoyed yeah I got an oil use that word when something like going to the spa for a massage.
00:28:42.893 --> 00:28:51.231
Is seen as luxury and like not needed and it's like why is that why is it going to.
00:28:51.634 --> 00:29:00.306
Relieve tension and recharge for you spend 30 was it 30 minutes to an hour why is that a bad thing why is it playing around.
00:29:00.573 --> 00:29:08.669
And that's just this there's this pervasive mentality that just says you have to keep working earning your pay.
00:29:08.954 --> 00:29:16.501
You know and so we get into our businesses working for ourselves especially for to achieve some kind of freedom,
00:29:16.651 --> 00:29:27.871
and we're not giving ourselves permission to have that and so it's it's not our fault because that's the way we're taught and it's just a matter of now having that awareness in it and I'm doing it I'm doing that.
00:29:28.264 --> 00:29:38.575
That teaching your you are the most important employee I'm the most important Point employee in my business without the business owner the leader the business doesn't function.
00:29:38.824 --> 00:29:47.910
And then all the people were helping suffer yeah so we have to take care of ourselves we have to we have to make money yeah absolutely.
00:29:48.267 --> 00:29:51.592
It is a necessity yeah yeah.
00:29:51.823 --> 00:29:58.883
So I would love to switch gears to talk a little bit about recessions you know we are earlier were talking about the
00:29:58.701 --> 00:30:10.703
2008 recession and your experiences with that and how that impacted you and now in 2022 we are coming up on another recession and,
00:30:10.845 --> 00:30:13.917
the kind of impacts of that
00:30:13.761 --> 00:30:28.636
I would love to talk about maybe becoming recession-proof in both either our personal finances and for our entrepreneurs out in the audience in our businesses so what are some important elements of navigating a recession with
00:30:28.507 --> 00:30:35.874
minimal turbulence if possible yes so I actually want to,
00:30:36.033 --> 00:30:39.124
put out there that are recession-proof.
00:30:39.508 --> 00:30:48.540
The news especially is great throwing out the fear firebombs and I want to say to everyone that,
00:30:48.636 --> 00:31:00.090
a recession is a time for opportunity it's a time to slow down as it gives us a chance to do the things that we probably should be doing anyway,
00:31:00.213 --> 00:31:09.083
here's what I mean by opportunity you and I talking right now the World Wide Web came from a recession.
00:31:09.567 --> 00:31:14.584
I happen to have a cell phone in my hand that was born from a recession.
00:31:15.490 --> 00:31:22.902
Airbnb speaking of 2008 mortgage-backed security Christ Airbnb born from that recession-proof.
00:31:23.205 --> 00:31:28.168
And if we look over time from will start the Great Depression to now.
00:31:29.101 --> 00:31:34.821
We have cars that drive itself Peppers before horse and buggy,
00:31:34.980 --> 00:31:39.781
so despite an economic slowdown we're still bigger than ever.
00:31:40.138 --> 00:31:46.542
It's okay those are all big things that doesn't that probably doesn't fear still remain as they should,
00:31:46.701 --> 00:31:50.728
right because it's okay it's okay if you're if you're afraid.
00:31:51.031 --> 00:31:57.867
You can do something about it I would say number one Speaking of we're talking about mindset money and otherwise.
00:31:58.107 --> 00:32:03.394
Mention a massage take care of yourself we've had a lot since 2020.
00:32:03.688 --> 00:32:13.035
Yeah so I don't know I'm going to say if you watch your Netflix or Disney plus yes get outside and
00:32:12.969 --> 00:32:22.911
and hang out with the neighbors your kids or listen to a podcast like this relax yourself do what you need to relax get plenty of sleep.
00:32:23.178 --> 00:32:31.841
I was hearing about people not taking showers regularly because of depression or what have you because they don't have anywhere to go.
00:32:32.288 --> 00:32:38.224
Get into the habit of cleaning yourself again like it's literally cleansing off that negativity.
00:32:38.482 --> 00:32:46.434
Yeah so yeah for starters take care of yourself things slow down okay that's more time for you in terms of now.
00:32:46.764 --> 00:32:52.897
I'll bring it up again not to be a broken record you haven't had that chance to list out and do that self-reflection.
00:32:53.633 --> 00:32:57.110
List out the things that you want maybe you did that on the new year.
00:32:57.423 --> 00:33:07.076
Maybe take a look at your nearest list what are the things that you want to accomplish like revisit those goals or items like just connect reconnect with all of that.
00:33:07.676 --> 00:33:20.372
And then now for the money this is such a solid time to really look at your finances because to me a recession is a time to prioritize what means most to you you can still travel.
00:33:20.739 --> 00:33:28.285
You can still go out to dinner you can still hire people but a recession is a good time to really.
00:33:28.841 --> 00:33:37.900
We prioritize instead of just acting acting acting acting acting because economic slowdown give you a chance to slow down as well.
00:33:38.410 --> 00:33:47.343
If you haven't logged into your bank accounts do that right now reconnect with those passwords take a look at what you're spending your money on.
00:33:48.430 --> 00:33:55.760
And I know some people might want some tangible advice you know we've had talked about sure they heard about interest rates going up.
00:33:56.018 --> 00:34:03.079
For credit cards or auto loans or any of those kind of loans you know what don't freak out about that.
00:34:03.463 --> 00:34:12.838
Maybe just be more mindful this is a time to be mindful of where your money is going to it's okay to say no to some things for now.
00:34:13.384 --> 00:34:20.147
It's temporary so that you can be even more of a yes think about getting some financial assistance if.
00:34:20.640 --> 00:34:25.576
You know if that's where if you're like I don't know how to get a handle of all this is overwhelming.
00:34:26.221 --> 00:34:34.074
Get some help no one should judge you and if they're judging you they're not the right professional for you you don't need that exactly,
00:34:34.116 --> 00:34:45.741
I said take care of what you could take care of definitely when I appreciate about that advice it reminds me of when we were talking about money mindset the importance of grounding and being rooted in who you are and it sounds like,
00:34:45.855 --> 00:34:55.346
now it's like a really good time to get firm in that so that we can grow and be ready for opportunity.
00:34:55.613 --> 00:34:56.877
00:34:56.865 --> 00:35:09.075
yeah the biggest thing I would say a recession you know what you actually said it best I shouldn't say anything more so I'll just reset the South say what you just said time to get grounded and rooted in Who You Are,
00:35:09.153 --> 00:35:21.822
yeah enough chiama mic drop it's great it's super helpful and for people who are maybe small business owners or people who are interested in launching business right we know that
00:35:21.747 --> 00:35:24.739
over the past few years black women have been,
00:35:24.817 --> 00:35:38.152
the fastest growing group of entrepreneurs here in the US so which is amazing love love to see it love to see black women creating opportunities what about launching a business during a recession what is why not that's like,
00:35:38.176 --> 00:35:45.363
interesting get in there I've okay opportunity right I have had friends,
00:35:45.522 --> 00:35:49.657
that have actually during the 2020 where.
00:35:49.933 --> 00:35:57.066
Businesses were in lockdown they bought they they rented storefronts there killing it right now.
00:35:57.423 --> 00:36:06.770
So they took advantage of the low low fares at that craziness where it's like why would you ever get a storefront that's an example and.
00:36:06.974 --> 00:36:16.853
Now we see why so just because we're in a recession doesn't mean that you got people that are holding back,
00:36:17.012 --> 00:36:22.362
so that means that there's less quote and quote competition I don't really like that word competition but.
00:36:22.602 --> 00:36:35.064
There's people who are just going to wait things out and that's to your benefit if you're going into if you're getting started with business get started now because people are hunkering down waiting it out and you're taking advantage
00:36:35.053 --> 00:36:37.702
and serving people that are still available to serve.
00:36:38.257 --> 00:36:45.399
That is a really great perspective I hadn't thought of it that way but I love that yeah go get it y'all go get it
00:36:45.270 --> 00:36:56.535
definitely definitely and are there any things you know as small business owners may be those who have already launched their business as we kind of looked at it to navigate
00:36:56.487 --> 00:37:05.051
being in a recession advice that you would have for business owners yeah the biggest thing I would really say for small business owners is actually.
00:37:05.255 --> 00:37:13.333
Start learning how to manage money if you don't know already and I know managing money is a big subject but speaking it to it clearly.
00:37:13.708 --> 00:37:22.245
The pressure and speaking of Instagram will get broke online I'm sure a lot of people I've seen the making 10K.
00:37:22.485 --> 00:37:28.520
Is no longer the the thing right now it's make 100K per month a hundred thousand dollars per month.
00:37:28.886 --> 00:37:38.143
And or maybe that's what I'm always saying I'm just like well how do we go from one to the other so fast right and I dunno why it's actually.
00:37:38.375 --> 00:37:41.645
Panic buying but I digress from the 2020.
00:37:41.858 --> 00:37:53.060
But there's this pressure to make money make money make money make money and that can be a path to burnout it's easy to overlook how to have money.
00:37:53.525 --> 00:38:07.653
And I know that we're making money so we can have money so learn how to have money my small business owners it's you don't have that corporate red tape to ask permission if you can spend here or if you can like go of this the way,
00:38:07.830 --> 00:38:11.470
small business owners can take action that's what I love about it so.
00:38:12.007 --> 00:38:18.365
Don't just make money have money and so get connected with how to have money.
00:38:18.705 --> 00:38:27.935
Learn how to manage money it's okay to have money yes preach oh my goodness that was learn how to have money is.
00:38:28.274 --> 00:38:40.061
Good I'm gonna use that that's going to be my affirmation to go in my journal have money yes learn how to have money that it's okay to have money
00:38:39.968 --> 00:38:53.690
we have covered so much today it's I've learned so much in this conversation as we look to kind of wrap things up for today I would love to maybe leave our community just with some
00:38:53.570 --> 00:38:57.714
maybe mindful money habits that they can move forward,
00:38:57.793 --> 00:39:07.275
with that can you know help folks regardless of the economic situation so what are some mindful money habits that you recommend we,
00:39:07.353 --> 00:39:15.134
okay I am let's put some things together speaking of of keeping calm right now in a recession,
00:39:15.212 --> 00:39:20.751
I imagine some of your your community members do meditate we prefer reference journaling.
00:39:21.036 --> 00:39:31.068
So if the money discussion is uncomfortable right or the thought of looking at your bank accounts right now is like oh absolutely not.
00:39:31.632 --> 00:39:36.433
I would actually this is something that I did is I was getting on my my feet.
00:39:37.033 --> 00:39:46.849
To relax myself to calm myself so I can receive the information I meditated and I meditated for.
00:39:47.305 --> 00:39:54.456
Anywhere from five to 30 minutes I was relaxed and then I checked my bank accounts,
00:39:54.552 --> 00:40:07.761
and it was at that time that I was able to see not just the bad but the good yeah so that's something you can do or check your bank accounts and then meditate afterwards,
00:40:07.911 --> 00:40:11.578
you can blend the two if meditating is not your thing.
00:40:12.331 --> 00:40:20.805
How about check your bank accounts and journal about it what did you see how did it feel why did it feel that way.
00:40:21.424 --> 00:40:28.718
Or you can Journal before and then check your bank accounts maybe it's meditating journaling.
00:40:29.400 --> 00:40:35.830
Journaling there's something else how about you can light some candles play your favorite music.
00:40:36.196 --> 00:40:45.138
And also incorporate your money management prowess so you can manage you can check your accounts track your finances.
00:40:45.523 --> 00:40:54.195
And have a nice candlelit situation with some amazing music behind you and create a pleasurable experience.
00:40:54.390 --> 00:40:56.274
So that you actually want.
00:40:56.613 --> 00:41:09.490
To manage your money you actually want to look at your money and and it's not something that's terrible now you it's positive and then yes one more thing I'll add because consistency is key.
00:41:09.784 --> 00:41:22.435
Yeah and so I believe in using what we have I still have my phone on my lap so you can actually schedule in like a money Day schedule all of this in and you could do it weekly.
00:41:22.747 --> 00:41:30.852
You could do it twice a week just to start connecting you know because I think monthly sometimes we can kind of put it off so weekly.
00:41:31.083 --> 00:41:40.601
Or twice a week pick us a good day and a time put that in your calendar and the one that notification goes off that's your time.
00:41:40.995 --> 00:41:43.959
That's your time you set the tone you set your environment.
00:41:44.424 --> 00:41:56.968
And just enjoy that's so helpful the meditation tip is such a good one that's one that I haven't done meditating before or after the money dates to just get in.
00:41:57.343 --> 00:42:01.766
The right State of Mind calm your nervous system that's so so helpful
00:42:01.637 --> 00:42:12.758
I do I actually am very much that person who likes to light a candle and play music and I'll pour like a glass of Kombucha and have my little dates with myself every Friday when I go through
00:42:12.656 --> 00:42:20.355
my money each week so if anybody hasn't tried that yet highly recommend that approach makes it a lot more enjoyable
00:42:20.308 --> 00:42:30.690
amazing chiama this was so so helpful thank you for being here thank you for all that you shared with us please let our community know where they can find you
00:42:30.570 --> 00:42:34.858
where they can listen to your amazing podcast and how they can stay in touch with you.
00:42:35.134 --> 00:42:41.502
Well first of all thank you so much for it's really a pleasure to connect with you and just share space with you,
00:42:41.571 --> 00:42:52.214
I do hang out on Instagram I'm back to being inspired by all of you so yes my my Instagram handle is mindfully chiama.
00:42:52.464 --> 00:42:59.353
Also my business name is called the mindful bookkeeper so can feel free to connect with me.
00:42:59.566 --> 00:43:08.742
They're my podcast is called cheers to your Prosperity so appreciate the shout out from you so thank you for that and,
00:43:08.884 --> 00:43:18.213
honestly because you all share discussions like this is to fuel the fuel for that podcast and the fuel for just keeping the conversation going,
00:43:18.390 --> 00:43:26.396
thank you very much yes thank you I mean you have incredibly informative and important conversations over there so I'm happy to share.
00:43:26.591 --> 00:43:38.342
And happy to amplify and will make sure that all of your information is linked in the show notes so that folks can find you on Instagram so that they can listen to the podcast that they can check out your bookkeeping business for those of you who
00:43:38.213 --> 00:43:41.898
have businesses if you don't have a bookkeeper.
00:43:42.021 --> 00:43:51.395
Get one and check out shyama that is like having a bookkeeper is a non-negotiable if you have a business so that will maybe be the last tip of the episode
00:43:52.608 --> 00:44:04.386
thanks again for joining me today thank you thank you so much
I told you chiama was going to help us get our lives right,
00:44:04.428 --> 00:44:14.657
talking to her really helped me feel more centered and focused on what it means to be mindful with my money and inspired me to stay in my lane and not compare my finances to others,
00:44:14.717 --> 00:44:20.851
head to the show notes to learn more about shyama and to check out her podcast cheers to your prosperity,
00:44:20.884 --> 00:44:33.409
huge thanks to you for tuning in and I have to give a shout out to our incredible sponsors not only do they give generous offers and discounts on a mazing products and services that help us keep more of our coin
00:44:33.334 --> 00:44:36.524
but they also make the production of this podcast possible
00:44:36.377 --> 00:44:45.184
so make sure you head to the show notes check out the discount codes and if you do buy from these Brands make sure you let them know that balance black girls thing,
00:44:45.253 --> 00:44:51.098
so next week we're talking all about the intersection of money and relationships how to invest,
00:44:51.177 --> 00:45:03.341
why women having their own money is so important and more so make sure you're subscribed so that you get the episode as soon as it drops and if you're liking this series be sure to leave a rating and review.
00:45:03.555 --> 00:45:06.762
Thank you I love you and I will talk to you next.
00:45:06.640 --> 00:45:17.908
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