Forethought Planning Podcast

Ep 92: How to Be Sasha Fierce With Your Wealth!

May 03, 2022 Shannon Foreman Season 1 Episode 92
Forethought Planning Podcast
Ep 92: How to Be Sasha Fierce With Your Wealth!
Show Notes Transcript

In today's episode, we are going to talk about being Sasha Fierce with your wealth! Maybe it's Sasha Fierce, aka Beyonce. Maybe it's Madonna. Maybe it's Gwyneth Paltrow. Maybe it's Michelle Obama, or maybe it's Oprah. 

You insert the woman who is the icon that you look up to. A woman who is a rebel without a cause in her own way, pushing through those glass ceilings and getting to the place that she wants to be. But she's also financially savvy and aware, producing that responsible level of wealth that allows for her family to be cared for, the community to be invested in, and that next generation of wealth to multiply. 

I'm talking about fierce female investors.

What does it take for you to be in that same space? 

Well tune in to today's episode, and if you know another amazing female that should be listening to this podcast, share it with your friends. We would love to have you do that on your social media, as well as through email, text, hey, and even a carrier pigeon. Shout it from the rooftops! Women with financial freedom is the future of our total unrelenting success. 

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Securities offered through LPL Financial, a member of FINRA/SIPC. Advisory services offered through Advisors' Pride, a SEC registered investment advisor. LPL Financial, Advisors' Pride, Forethought Planning and the guests of Thrive For[e]ward podcast are separate and unaffiliated parties. The views expressed here are those of the participants, and not those of Forethought Planning, Advisor's Pride, or LPL financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. LPL Financial and Forethought Planning do not offer legal services.   

Unknown Speaker  0:03  
Hello there friends. Welcome to the Thrive Forward podcast. On today's episode we are going to talk about do you want to be Sasha Fierce with your wealth? Maybe it's Sasha Fierce, aka Beyonce. Maybe it's Madonna. Maybe it's Gwyneth Paltrow. Maybe it's Michelle Obama, maybe it's Oprah. You know, you insert the woman who is the icon that you look up to a woman who is a rebel without a cause in her own way, pushing through those glass ceilings getting to the place that she wants to be, but also being financially savvy, and aware and producing that responsible level of wealth that allows for her family to be cared for the community to be invested in, and that next generation of wealth to be multiply. And, well, I'm talking about fierce female investors, what does it take for you to be in that same space? Well tune in to today's episode, and if you know another amazing female that should be listening to this podcast, well, share it with your friends, we would love to have you do that on your social media, as well as through email text, hey, even a carrier pigeon, I don't know, shout it from the rooftops, women with financial freedom is the future of our total unrelenting success. So let's press play, and go forward to find out just how.

Unknown Speaker  1:46  
All right, friends, sisters, my fellow amazing, dare I say badass women, you are owning your businesses, owning the board rooms, owning your households. And it feels like there's a ton of responsibility, the things we're going to talk about today, you already know. But sometimes they get lost in the cobwebs of life. And maybe you don't know them. And maybe you are trying to have a better relationship with your money. The reality is not all of these things are taught to us. And so the guilt that's associated with you maybe not recognizing these things in your own life, while my dear friend, here's the start over button for you, not even just the start button, not the pause button. This is a start over this is a fresh new notebook for you to be able to start to take control over the areas in your life, that you want to be thriving in which this is your step forward, we're going to talk about four different ways for you to become more in touch with your finances. So you can be Sasha Fierce. So you can be in touch with like that icon that you always wanted to be so that you can start that journey with your wealth. And then we'll leave you today with three action items. So let's start with our first topic. That's kind of around what we were just talking about. It's developing that healthy mindset with money, or as I like to refer to it as wealth. If you coincide those two different topics, money and wealth. Money is something that flows and goes. And wealth is something that stays and so how can you prioritize the things in your brain to say, You know what, I am deserving of wealth. So I'm going to sit in a space that allows me to rewrite that story. Maybe there are different elements that have come into your life, be it unspoken, maybe they are spoken to you, there are elements that we maybe don't necessarily correlate with positive relationships with money. The reality is women who have stepped fiercely into a relation of positive relationship with their finances, embody a wealth mindset, embody the element that they are worthy of wealth. So how can you rewrite your money story? Well, that will be one of our action items that we will discuss later in this episode. So stay tuned. That being said, my friend, whatever lies you've told yourself before, of I don't know this, or I can't learn this or it's too difficult or it's too boring, or I don't have time for it. The reality is, we all do have time. And that is an element that leads us kind of into this empowerment of education. You have time to scroll your social media, you have time to binge watch, whatever it might be on Netflix or Hulu or, you know, watch that Real Housewives show that kind of lets your mindset off. Here's my challenge to you take five minutes, five minutes every day to consume some type of content related to wealth, whether it be scrolling CNBC and finding an article and reading about it. Your brain is the biggest muscle that you have in your body.

Unknown Speaker  5:00  
If you aren't completely capable of being able to learn all of these things, financial related look, I helped manage clients millions of dollars. And I never thought that I would be in this status or doing what I do for a living. If you would have told 16 1718 year old Shannon, she would be running her own practice talking to you on her own podcast about wealth, well, I would have probably laughed in your face, because I didn't come from a family that a talked about money or be had any money. So we can all teach ourselves to have a healthy positive wealth mindset. So how will you do that going forward? Because that's that first step of being fiercely, Sasha, with your finances. Next up, is really just thinking about number two, earning it versus preserving it. Women historically, have spent more funds in cash than men. And what does that really mean for us? Well, cash isn't King, and we rest on our laurels of wanting to provide safety, and having that adequate amount of money to be able to provide for the people that are around us. The reality is you need to be able to say for yourself first. So what are the things that you're doing in your life right now? How do you understand the things that are coming in and out of your checking account, that cashflow aspect of things? Do you know what you're really charging? Do you know how many subscriptions that you have? Don't get caught up in this culture of having to have if you truly want to be able to create wealth, you need to be able to say no or not right now, and look forward to something that you want to have in the future. If you are somebody that emotionally like suspend, Look, I get it, we've all been there had a bad day, I'm gonna go to target, I'm just gonna, like, walk up and down the aisles or I'm gonna go to the mall. And I'm just gonna really some of that stress, that stress ends up on our credit cards, that stress ends up not allowing us to be able to save adequately the way that we really want to be able to, or having a good relationship positive relationship with our wealth. So how can you find another outlet for stress, emotions, that breakup, that promotion that you applied for that you didn't get? The fact that those life experiences that we might have be having that stress of being a caregiver, but ever it might be finding a positive outlet? For me, that's physical activity. And taking care of myself, when I get stressed out, it's a walk, it's a workout, I have it conveniently located at home. So I don't even have to worry about going to the gym, I just have to go out to the garage. And look, I understand that's a privilege of being a homeowner as well. But my friend, if you want to be able to create wealth, stop getting in your own way. And so if you are going to spend, what is the meaning behind that spending? How are you encompassing? All right, I am going to reward myself I did just get this awesome promotion that I've worked so hard for. I remember when I first started studying for my series exams to become a financial advisor. And every exam that I passed was like, Oh, I'm gonna go buy a fancy purse, because this is my reward to myself for passing these exams. Guess what? I don't have any of those verses anymore. And they don't mean anything to me. So what is the true meaning? And how are you going to carry that meaning on for yourself? And something that might not be mere materialistic? Maybe it's an experience, maybe it's a trip or a travel, vacation with your girlfriends, whatever it might be? How are you putting meaning behind? The second part of earning versus preserving is really understanding what I just said earlier, cash isn't King. Let's just do some quick math here. Okay. And February of this year, so I realized me listen to it, it's May, but we haven't had updated numbers that have come out when I'm recording this February just came out, gives you a sense of how much I'm preparing for these podcasts to come out. That being said, inflation, which caveat, if we are not familiar with exactly what inflation is, it's the rising costs of things that we purchase. So what we purchased a loaf of bread for last year has now gone up and now it costs more like maybe it cost $1.25 before and now it costs 225 which means it's a huge amount of inflation. And there are different inflationary metrics with different things consumer goods, gasoline, household products, housing, food, automobile prices, they all kind of get categorized in different ways, but the overall inflation number was up 7.9%

Unknown Speaker  10:00  
sent in February, and we'll leave you some resources at the end of the podcast or on our show notes that you can access. That means that 7.9% If you have money in a savings account, which is providing you a level of security, which I completely understand, and investing is something personal, that you need to understand what you're getting into and what risk you're associating with that. But the reality is, on average, in April of 2022, the high yield savings accounts in the US were producing a half a percent on the high end. So if, if you're in that same boat, where inflation is increasing, and you're losing money, because you're invested in cash and not invested, let's say in something that could be producing hypothetically a higher return, maybe that would might be something that you would be stepping into the market for. That means you're losing 7.5% to inflation. What does that actually mean, though, Shannon, because let's be real, like, they can say that on CNBC. And they can say that on our things, that means you aren't going to be able to withhold the lifestyle that you have today, in a year, 10 years, 20 years. And for those of us who are between the ages of I'd say 25 to 45, we really lived in a flat in the inflationary period of our entire lives. So the cost of goods has not gone up. And so this is the first time we're really experiencing, maybe not being able to go to the grocery store and get what we really want that avocado toast or whatever it might be. I'm not a super big fan of avocado toast. But maybe it's that other thing that you really wanted. And you've always wanted to get but have been sitting back, and now it's more or maybe you've decided to rent and now you're entering the housing market. So these are all things that are going to affect us if we're too conservative or too safe with our money. That being said, of course, risk is something that is personal to you, and you need to be able to make that decision. That being said, in a recent fidelity study, seven and 10 women 69% said they had wished they'd start saving earlier. So that leads to the next piece, cash isn't king, but you need to start automatic, automatically saving your money. So set it up so that you just completely forget about it. Pay yourself first, by doing that you are making sure that you're always saving something, not just in your 401k more women are now saving outside of their 401k that ever also will link this awesome fidelity study in our show notes, I encourage you to go in and look, look, it's not just words, there's tons of pictures in there and graphs that will kind of associate those things. And it can be your five minutes of financial consumption for the day. So besides automating your finances and making sure that you're making regular investments, you might say, but what to what Shannon, what am I doing? Well, that's where he might need to lean into your personal board of directors. And we'll talk about that in our later action items. The other piece in terms of earning and growing your money or earning money, we don't necessarily want to guarantee that anything is going to be growing right. But earning money versus preserving it is really understanding what it means to diversify and rebalance. So diversifying is making sure that that angel chain your all your eggs are not in one basket, that doesn't mean that you're all invested. Or you're invested with multiple different advisors, actually having one advisor means that you don't have any too many cooks in the kitchen. But that one advisor can diversify you across many different areas of the market and asset classes, thinking about elements within your portfolio that are not just cash, right? Looking at it from investments, stocks, bonds, other investments, perhaps you're investing in real estate. Again, you don't want to necessarily do all of these things until you have your emergency fund, which we've talked about before in previous episodes. But you want to be able to diversify yourself, don't just put yourself in one element of the market, set it forget it and walk away. Look, you want to be able to know that if one area of the market is doing well likely there are other places that might not be so what if you're in that might not be that's where we lead you to rebalancing it's something that you should consistently be doing for yourself. And if you're not doing it, then it's something that your advisor should be helping you do. And rebalancing is essentially saying okay, over the last let's see, before 2019 We had 11 years of growth. That means 11 years of growth also meant that there was parts of the market that grew and parts of the market that didn't now is your portfolio off balance with what you truly feel comfortable with. So rebalancing. It is

Unknown Speaker  15:00  
Putting back what you feel comfortable with not necessarily putting on more risk on the table that you might not even know that you have or feel comfortable with. So this leads me to the second part that you should be considering. So that first part was mindset, excuse me. Third part. So the first part was develop a healthy mindset, second part, earning money versus preserving it. And number three is investing in yourself. Look, I mentioned this already, pay yourself first, invest in yourself, create those automatic transfers. The other piece is your brain is powerful. spend five to 10 minutes consuming that content every single day. But the biggest part of investing in yourself is understanding that you are a temple. Yes, you, your mind, your body, your spirit. If you don't take care of yourself, then how are you going to take care of everyone else around you, like I mentioned that working out is something that's important to me. And oftentimes, I'm getting up before everybody else in my household so that I can do that. I fell off the bandwagon of working out in the mornings plenty of times. In fact, I'm kind of just getting back on the bandwagon. That being said,

Unknown Speaker  16:15  
I know what it did for me when I wasn't. And the amount of responsibilities that I had on my plate running my company, taking care of my family, not only my kids, but my parents. And then being a good friend and a stored in the community. All the titles that I had, were overwhelming if I didn't fill up my bucket first. So a lot of times from a financial standpoint, people will tell you that you need to cut back or do these different things, I challenge you to understand what are the things that truly make you feel good? Again, back to that meaning what are you spending money on? That means something? Is it your gym membership? Is your personal trainer? Is it your therapist? Is it a healthy diet? Is it being able to travel, all of those things can be done differently based on different budgets that you might have, or income levels, don't try to put yourself in an income bracket that you aren't in, by trying to compete with some of these things, do it within your own means as well, which you can do. And money does touch every aspect of our lives. So if we don't take care of ourselves, we will understand that that might cause us other aspects of our lives that might be complicated. Our mental health, our physical health, all of those things caused us to decline. And maybe then we need more health care, or we need more therapy, whatever it might be taking care of. and investing in yourself is incredibly important. Be proactive about taking care of yourself. Let's take a pause, and our Sasha Fierce financial discussion. These are some great elements. And sometimes this can feel overwhelming, I get it, you have a lot going on in your life. You have a lot going on personally, professionally, you're fiercely taking charge of everything else. And sometimes your financial relationship, your wealth feels like it is taking last place, and maybe second to last face because maybe you're even feeling like you're taking last piece of taking care of yourself. Well, let's start taking that extra step of taking care of you taking care of your wealth. We love to come alongside you at forethought planning, schedule your wealth assessment with us today. Simply go to forethought planning, backslash wealth assessment, schedule your 30 minute consultation with us where we can decide with you. Where are your next steps, what do you need to be doing? Are we the right fit for you? Having a personal relationship with your financial team and your personal board of directors is something that's fiercely important. And understanding that trust understand it, somebody's going to not speak a different language than you no pun intended. But literally sometimes individuals in our industry can do that. So don't wait. If all of this sounds great, but you're just not ready to do it by yourself. Then schedule your wealth assessment today. All right, now back to more pointers on how to have a positive relationship with your wealth. And well, you Sasha Fierce or iconic with how you want to take a step forward with your relationship with money.

Unknown Speaker  19:25  
Lastly, the last piece that every social fears that I know and every woman that I know that is intentionally and purposely in touch with their wealth is living a life of purpose on purpose. Wealth is energy my friends, so if you don't believe that you're worth it, that going back to that first element of creating a wealth mindset, if you don't believe you're worth it, how can you attract that? Look, there are many individual

Unknown Speaker  20:00  
rules that will tell you strategy, strategy, strategy strategy. But if you don't correct the mindset, you'll never be able to get to the place that you want to. So remember that you are worthy of wealth? And what is it that you are accepting and bringing in gratitude? giving gratitude is so key in so many aspects of our lives? If you want something else, but you aren't grateful for what you have already, how do you think you're gonna get that next thing, the elements of sitting back and really appreciating where you are, how far you've come? And what you are actually grateful for having even doing that every day writing it down? For me, I do it in my head, I don't actually write it down. Maybe I should get back to doing that practice. But again, work in progress, right? We all are. But I do it every morning, when I am stretching after my workout. I quietly think to myself, what is it that I'm grateful for today? What are the things that have happened in my life that I'm grateful to be experiencing, and I'm grateful that I possess. And some of these things are not material things, but rather experiences and things that are important in our lives.

Unknown Speaker  21:09  
And this is a huge piece of women and wealth as well. Women have the ability to control and change the world with wealth. And we'll talk about that in the next episode this month. So if you're not subscribed, make sure that you are be generous. What we give is what we receive as well. And so for every person that is out there wanting to keep up with the Joneses, the reality is there are more people out there that don't have anything. So rather than putting on that facade, how are you giving back to those individuals, you can't do that, if you don't have a healthy mindset, you haven't created that wealth for yourself, yet, you can't share with someone else. So you've got to be able to fill your cup up. And then you get to a point where you are able to give and give generously. So that leads me to three action items that you should be taking or considering to take to get in touch with your Sasha Fierce when it comes to your finances, date your money. Number one, I say this, so often spend time weekly, reviewing your your cash flow, understanding what's coming in, and what's going out, understand what you own and what you owe. There are countless elements in our lives where we end up putting more than we thought we were into out of our checking account and into our checking account. Well link in the show notes, a article from CNBC. That helps you decide which type of tool you could use to track your subscriptions. What money is coming out that is unnecessary that you could be repurposing into automatically saving for yourself. And then once you've reached a point where you have a comfort level with your finances, giving in other aspects of your life, maybe that might be taking your family on a trip, maybe that's taking a friend a girls trip, maybe that's going to a fancy dinner, maybe that's been able to make a charitably inclined donation. But if you aren't dating your money, how do you know that that's really possible? We we used to date our money a lot more when we had to keep track of it in a little checkbook. But now we don't necessarily have to do that. So this is my challenge to you, rather than having a checkbook? How are you making sure that you are accessing there's so many great tools out there for you to be able to track your money, and it doesn't have to be something that you pay for either. The second piece is I want you to get really clear on what your personal wealth vision statement is not what everybody else is. What is your what are your financial goals? Why do you want to achieve them? Who do you want to impact with achieving these goals? And what impact do you want to make with your overall wealth? This is your story, your vision for where you want to take your wealth? Do you think that Beyonce or Madonna or Oprah or any of these other fantabulous women throughout history have who have just made boatloads of money and made boatloads of impact in the world? Do you think that they allowed somebody else to sway what was important to them? No, they had a very clear vision of what it is that they wanted to do, and how they were going to get there. And they hired the right people to help them which leads to your third action item. Develop your personal board of directors, those individuals who are going to be around you, supporting your financial advisor, your accountant, your attorney, your therapist, your coach, your personal trainer, the people who are going to help you be your Sasha Fierce when it comes to your wealth. Because my dear friend, we have so much that we could do in our lives. And if we just rest on our laurels, and maybe lay back and say Oh, this is so hard. I don't know if

Unknown Speaker  25:00  
I can do it, you can do it. You have the power within you. You are strong, you are capable and you are worthy of wealth. So, if this hasn't motivated you today to get out there and have a Sasha Fierce relationship with your money, I don't know what will. So, dear friends share this with a friend gather together start writing your wealth, Birgit wealth vision, start dating your money and hire your personal board of directors. Because you at the end of the day are the person that can take control of all of this. And don't ever forget it. You are worthy of well

Unknown Speaker  25:45  
the views expressed here are those of the participants and not those aforethought planning advisors pide or LPL. Financial all investing involves risk including loss of principle no strategy assures success or protects against loss securities are offered through LPL Financial and member of FINRA and SIPC advisory services offered through advisors pride and SEC registered investment advisor LPL Financial Advisors pride forethought planning and the guests of the Thrive Forward podcasts are separate and unaffiliated parties

There is no guarantee that a diversified portfolio will enhance overall returns or outperform anon-diversified portfolio. Diversification does not protect against market risk.