One of Many

Woman looking to create change

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How one hidden number shapes your life

By

Joanna Martin

Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.

Latest posts by Joanna Martin (see all)

When it comes to talking about money, lots of us find ourselves switching off – and I’m really curious about why that is. A common excuse is that finances are kind of a “dry” topic. Income, expenditure, numbers… if you’re more of a people-loving, connecting, creative person it can be easy to dismiss money as something that’s quite frankly a bit dull. Well, today I want to share an idea that might just turn that on its head, and it’s how one hidden number shapes your life.

So if you tend to switch off or scroll past when people start talking about money, I’d love to challenge you to take a deep breath, and read on. It might just be the food for thought you need when it comes to changing your relationship with money.

Your financial set point

The idea I want to open up for you today is that each of us has a “financial set point”.

To explain what I mean, here’s how to figure out yours:

  1. Write down a rough guess at how much money you earned in the last twelve months. 
  2. And then, think about how much money you have left.
  3. If you can, repeat this process for the past 5 years – or as far back as you’re able to with ease. How much did you earn, and how much did you have left, roughly, at the end of each year?

Whether you know your exact numbers or not, this is going to give you some clues as to what’s going on.

Because what you’ll often find is that, however much your income has varied, your set point – the amount of money you typically have left – is very likely to be the same.

Your financial set point, although it’s an unconscious thing, reflects itself in your financial results.

When your financial set point is… zero

Before I began to explore this, I had no idea that my financial set point was zero. It wasn’t instantly obvious, because at that time my income was fluctuating quite radically.

I was a student, and then I was a medical intern, and then I set out on my own in business… but whether I earned a lot or a little, what was left at the end of the year was always zero.

What I began to understand was that in my world, there was always “just enough” – and I would get rid of anything that was more than enough.

Another friend of mine had a financial set point of negative ten percent. So when he earned ten thousand dollars in a year, by the end of the year, he was a thousand dollars in debt. When he started to make serious money, as you can imagine, that debt increased proportionally – and became a serious issue.

So your set point might be an amount – like negative two thousand. Perhaps, no matter how much you earn, you’ve ended up with negative two thousand pounds in the bank for the last five years of your life.

Each of us has a financial set point, and it’ll either be slightly positive, zero, or slightly negative. So take a moment, to think about that for yourself, and then spend some time writing down what you think it might be for you.

What your financial set point means

What’s fascinating to me is how your set point can offer you a really clear insight into some of the unconscious principles that can guide our financial behaviour.

After all, many of us are strongly motivated, year on year, to increase our financial pot – perhaps to get a payrise or a promotion, or to change our business practice so that we can increase our profits.

And yet if the net outcome of that is that you’re in exactly the same place financially, you might get a glimpse of a deeper issue that might need some attention.

Perhaps you’re so wedded to saving a certain percentage of your income that you’re not actually enjoying the fruits of it – instead, you’re squirrelling away funds for a “rainy day” and exasperating your family with the grip you keep on the purse strings.

Or maybe for you it’s the other way around. Get a windfall or a payrise and you’re spending the money as fast as it comes in – and then wondering why you’re still feeling insecure when it comes to your nest egg.

An interesting effect of a positive set point can be that you’ve outgrown your financial education. If you’ve been diligently accumulating wealth, but still storing it in the way you used to when you started out in your twenties, it might not be working for you as hard as it could do. Might be a good time to seek out a financial advisor for a look at the best way to help your money multiply.

Was this helpful?

If you’ve not come across this concept before, I’m really interested to hear what you found out. Did you get a feeling of at least a general direction? Did you not? Share what you find out in the comments.

Ready to explore more?

If you’re curious about what unconscious assumptions you might be making around money, and ready to look at how you could change them to create a very different experience, Wealth Insights is the place to find out more.

This half-day in-person training is your chance to get to grips with your unique situation when it comes to money, and discover the next steps you need to take towards financial freedom.

Registration opens soon and you can click here to join the priority notification list, and be first to hear when tickets are available. We’d love to see you in London in June!

Our intention is simple. To support professional women to handle the day-to-day so they can unleash the bigger impact they feel called to make in the world.

We believe real leadership is less about skill, and more about having a well of physical, emotional, intellectual and spiritual strength to draw on. Every week we support thousands of grassroots leaders globally with our free articles, videos and online trainings with powerful tools and methodologies created BY women FOR women.

Become One of many women creating strong, meaningful connections in our community.

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Why money is power – and how you can get more of it

By

Joanna Martin

Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.

Latest posts by Joanna Martin (see all)

Today I want to talk about money – because our economic power as women is something which I believe we absolutely have to turn around if we are serious about shifting the way the world works. Not just for ourselves but for our kids, for our families, and for the world at large. And there’s a really important aspect to how we manage our finances that is often missing from advice about managing your money, and it starts by understanding why money is power – and how that impacts us.

Money is power

Here’s the interesting thing – as women, it’s been reported that we make 80% of the buying decisions on this planet.

Women are an army of change waiting to be tapped into.

It’s not a nation or an industry or some small group of power brokers that can actually change the world. It’s us.

The quote below comes from an article that’s almost a decade old now, and it reflects the excitement people began to feel around the world when we realized the implications of these statistics.

“Women have become the major drivers of the consumption economy in the United States, says Maddy Dychtwald, author of “Influence: How Women’s Soaring Economic Power Will Transform Our World for the Better.”

She says that women today influence 83% of all dollars spent on consumer purchases, including:
62% of all new cars
92% of vacations
90% of food
55% of consumer electronics
93% of health-care spending
94% of home furnishings

And as women have gained more economic might, they have also wielded this power differently than men, says Dychtwald. In developing countries, it has been documented that women reinvest 90% of their income in their families and communities, compared to men who reinvest only 30% to 40% of their income.”

John Cookson, How Female Economic Power Improves Society, 2010

If we get empowered around money, if we equip and empower ourselves around money and start making decisions which are in line with our values, then we could absolutely transform what the world looks like.

We don’t always realize the power we have

And yet, five years on, a US study by Fidelity Investments revealed that “eight in 10 women have refrained from discussing their finances with those they are close to”. And
just 47% of women said they would be confident discussing money and investing with a financial professional on their own.

There’s a gap, in other words, between our power to create change using our finances and our confidence in our ability to do that.

A second study by Fidelity, in 2016, analysed over 8 million investment clients and revealed that “women actually tend to outperform men when it comes to generating a return on their investments.” And yet the same report found that “when asked who they believed made the better investor this past year, a mere nine percent of women thought they would outperform men.”

The missing piece

This data is fascinating to me, because it points to something that’s long been a cornerstone of our financial training at One of many – and that’s the awareness we bring to our relationship with money.

Not how much we have, or what we plan to do with it, but the relationship itself.

Whether you feel fearful, or embarrassed, or confident, or in control…

You see, if we control the majority of the spending power, and tend to make better long-term investment decisions than men, the biggest problem we’re facing isn’t our ability to use our money. It’s having the confidence to take the reins and make those decisions in the first place.

Why we lack confidence around money

What I think we’re seeing at the moment is that over the last 100 years or so, where women have started to become empowered in the public sphere, we’re starting to see women who are showing a way of getting confidence in work.

We’ve fought our way through that glass ceiling and showed up, and we’re starting to be more confident there, we’re performing. Yes, there’s still a long way to go, but we’re doing great.

However, our money confidence is lagging behind our progress in other areas – like education, and careers. And this is a problem because if we look at the culture we live in, money is given a unique role.

All of us live in cultures where we are getting messages every day about what’s right, real, true, correct about ourselves, whether we fit in or we don’t fit in.

And for most of us, the cultural message around money – you only have to open a magazine, watch the news, or catch a movie to see this – is that money is the ultimate measure of value in our society.

If someone has more money or makes more money, the underlying assumption that the overwhelming majority of individuals will have about that person is that they are of more value than someone who makes or has less money.

Can you see how that kind of messaging can really dent our ability to feel strong and empowered financially?

How does your money confidence impact you?

Here are some questions to help you begin to explore how this messaging might be impacting you and your relationship to your finances.

Take a quiet twenty minutes to yourself, and do some journaling – write a few sentences for each question.

If you haven’t been in these situations, try closing your eyes and imagining seeing that number on your bank statement. Then connect to how that might make you feel, and write from there.

Do you find yourself equating your self-worth with how much money you’re making?

What happens to your self-confidence when your income goes down?

What happens to your self-confidence when there’s no money in the bank?

What happens to your self-confidence when you get a lot of money in the bank?

One of my clients experienced this last point vividly. Her mother died and left her an overwhelming amount of money. Now she was a great entrepreneur, who had started, run, and sold many great businesses, but she had never actually educated herself around managing her wealth.

And so when her mum died, she suddenly had a big pot of money – but no confidence to deal with it.

She found herself in a tailspin of anxiety. And that’s so normal because if we’re in a culture which rates our self-worth around money, then suddenly having a lot of it that you didn’t earn is a really fast way to dig up all kinds of psychological turmoil.

Equating money with self-worth keeps us from our power

And that’s where I think we are. As women, our money confidence is still being informed by the last few millennia where we have not been involved in commerce at all. That’s a situation which has only very recently changed so it totally makes sense that we don’t have a lot of confidence around our money.

The flip side of this cultural stuff that we’re swimming in, where women have not had opportunity to be involved with money for millennia, is all of the other messaging we get that tells us “women are crap with money”. Think about sitcoms or movies – it’s rare to see a female character who makes truly empowered financial decisions. Far more often, it’s the “ditsy blonde” piled high with shopping bags, right?

What does that do to our self-confidence?

It’s time we took back our power when it comes to money.

And the first step is to become aware of what level your confidence is at around your finances, and how that’s getting in the way of you feeling in control.

The world needs changing. We can change it with our economic power – and where we are giving our power away, then we are not fully stepping up to the calling that’s there for us.

Want more help?

If you’ve got everything else sorted in your life but you’re not looking at money, it’s your blind spot. The leak in the bucket that is your power, and it’s important to take action on this.

If that rings a bell for you right now, click here to drop us a quick line at the office so we can set up a time to chat. The kind of support you’ll need is absolutely personal to you, and our team here are fantastic at helping you work out what that is and signposting you in the right direction.

This is the first step to understanding how money really works, how it interplays with our mind – because unless we can get our mind on board, then we’re stuck.

Grab your power back, not just for you but for the impact you’ll have in the world.

Share your money story

Where are you at in your relationship with money? How is your mindset supporting you, or holding you back? Share your money journey in the comments.

Our intention is simple. To support professional women to handle the day-to-day so they can unleash the bigger impact they feel called to make in the world.

We believe real leadership is less about skill, and more about having a well of physical, emotional, intellectual and spiritual strength to draw on. Every week we support thousands of grassroots leaders globally with our free articles, videos and online trainings with powerful tools and methodologies created BY women FOR women.

Become One of many™ women creating strong, meaningful connections in our community.

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Personal finances – where to start

By

Joanna Martin

Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.

Latest posts by Joanna Martin (see all)

Did you know that in the UK, where I live currently, it’s estimated women are going to hold more than 60% of the country’s wealth by 2025 ?

We are a veritable army of change waiting to be tapped into. If we equip and empower ourselves around money and start making decisions which are in line with our values, then we could transform what the world looks like.

So it’s exciting times with regards women and wealth.

But these are also hugely stressful times for a lot of us, right?

Money can be stressful

To take the UK again, only 7% of the population in this country are on track for the retirement that we want. I’m a little bit concerned about our pensions, if I’m honest. And I’m not alone.

Research tells us that 4.5 million women in the UK are losing sleep over their money situation, and it’s not just that they don’t have enough in the bank right now.

57% are losing sleep because they don’t have enough savings – they’re worried about their future. And 28% are doing okay month by month but they’ve got a huge debt that they don’t know how to manage.

All together, that’s a hell of a lot of sleep we’re losing.

It’s impacting our quality of life. It’s impacting our well-being. And arguments about money are the number one top predictor of divorce.

So unless we do something about this money stuff, our very vitality, our health, our happiness and our relationships, will continue to suffer.

Our money confidence is often our lowest area of power

Here’s a quick challenge: think about your work confidence. Whatever you do, how confident do you feel that you’re the master of your own destiny there? That you can show up, that you can do something to make a difference?

Maybe it’s 100%, it might be 50%, or it might be 10%. Go with the first number that comes to mind.

Now, compare it to how confident you feel about your ability to manage and grow your money: your money confidence.

Interesting, right?

What I think we’re seeing at the moment is that over the last 100 years or so, as women have started to become empowered in the public sphere, we’re finally feeling confident in work.

We’ve fought our way through that glass ceiling and showed up, and we’re performing. Yes, there’s still a long way to go, but we’re doing great.

However, our money confidence is often lagging behind.

(Perhaps it’s still being informed by the last few millennia where we have not been involved in commerce at all.)

We still have a tendency to give our power away – to our partners, financial advisers, or even our parents. And where we are giving our power away, then we are not fully stepping up to the responsibility, or the opportunity that’s there for us.

Because let’s face it – the world needs changing.

And we can change it with our economic power. We can change it with our empowerment. But if you’re giving your power away around money, then you’re giving your power away full stop.

Personal finances: where to start

At Be Wealth, our brilliant retreat all about women and their relationship to money, we use a simple model called the 4 Stages of Wealth to identify our financial priorities and challenges, regardless of how much money we do or don’t have. At the retreat I take a spot survey in the room, asking the women there to put up their hands to say which stage of wealth they’re at.

It’s always a fascinating exercise to me, and not for the reason you might think.

What I see first of all is that an overwhelming majority of women in the room who are at the first stage of wealth – stability, where whatever they have coming in the amount they have left over at the end of each month is zero – feel shame.

They’re like, “Oh, god, I don’t want to admit to this! I’m so embarrassed”

And then, those who are at the next stage: security – where their expenses are a little less than their income, so their savings are increasing gradually to make a rainy day fund – are also thinking ”Oh my god, I don’t want to admit to this. I’m so embarrassed…”

But then those at the next stage, who you might think have got it sorted – because their passive income is making them more than their expenses – also say “Oh, I don’t want to admit to this in public! I’m so embarrassed”.

It doesn’t matter how much money we make, we have money shame

And I believe this is the root of so much of the problem.

We’re embarrassed.

We’re embarrassed because we’re making more than the person we’re sitting next to.

We’re embarrassed because we’re making less than the person we’re sitting next to.

We’re embarrassed because we’re not further along than we “should” be based on what our parents, or our society, tells us.

I would go so far as to say 99% of the women I have spoken to around money have some kind of money shame.

And when you have embarrassment around talking about money, you cannot transform it. Because if you can’t talk about it, you can’t learn about it, and education is the thing that can turn a situation around.

If your financial situation at the moment is not what you want it to be, it’s probably because at some level, you’re embarrassed to have conversations around money.

But if you were never taught how to manage money, if you were never taught to understand how it accumulates and how it grows and how it works, how could you possibly ever do anything about that?

We need to talk about money

I believe if we really wanted to change the way that power is arranged around the world we could do so, purely by changing whether or not money is talked about.

If everybody started talking about money: how much we have, how much we don’t have, what we know about it, what we don’t know about it – if we took it out of the closet, so to speak, I think things would shake up hugely.

But we will not be able educate ourselves until we overcome this first step of speaking about it.

And it’s absolutely time to do something about this, because we have an opportunity right now to transform the world. Not just our own personal financial world, so we can have the retirement that we want, and make the kind of impact for our kids that we want, or have the lifestyle that we want. Of course we know we can change that world if we sort our money stuff out.

But I believe we can change the world for even more people if we actually transform our relationship to money. If we let go of our money shame, and actually get educated on how the damn thing works.

What do you think? Can you relate to a feeling of embarrassment or even shame when it comes to talking about your finances? Let me know what your relationship to money is in the comments.

If you’d like to explore a new way of thinking about money that takes away the shame and gives you practical, powerful actions to take at whatever stage you’re at, come along to Wealth Insights. It’s our focused money workshop that gives you the chance to talk about your finances in a safe and friendly environment – and leave with a map of how to change your financial situation for good.  Read the full details and book your place here.

Our intention is simple. To support professional women to handle the day-to-day so they can unleash the bigger impact they feel called to make in the world.

We believe real leadership is less about skill, and more about having a well of physical, emotional, intellectual and spiritual strength to draw on. Every week we support thousands of grassroots leaders globally with our free articles, videos and online trainings with powerful tools and methodologies created BY women FOR women.

Become One of many™ women creating strong, meaningful connections in our community.

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How to avoid money arguments

By

Joanna Martin

Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.

Latest posts by Joanna Martin (see all)

“I just can’t talk to you about this any more!” Never mind going into another room. I was on the other side of the suburb before I’d calmed down, after yet another blow up with my husband about our finances. If you’re wondering how to avoid money arguments, here’s how we learned to get past the conflict and into alignment when it comes to the money stuff.

I can still remember so vividly how it felt, that particular day. I was hurt, frustrated, and confused. I even wondered if this meant the end of our relationship.

What was most maddening was that for the most part we agreed about money. We knew we had aligned long-term goals and our thoughts about money in general were pretty similar. I knew that something had to change.

Finding a way through the financial storms

Years later, my husband and I are working in our third business together, having navigated big financial hurdles like becoming parents, moving countries, and buying property.

These days, I’m pleased to report that our money conversations always end with us both in the same room – even if we’re not always on the same page. So I wanted to share the things I’ve learned that have made all the difference in our interactions on the topic.

Whether it’s your boss, mum, best friend or partner, here’s how to have productive, effective conversations about money.

5 keys to helping you avoid money arguments

1. Be aware and gentle

For many of us, money is an area of emotional or psychological wounding. Questions of how much we earn or what’s left over at the end of the month recall unconscious judgments in our minds about all kinds of things. This is really normal – almost all of us get tripped up by this from time to time.

What that means is that money conversations start to feel really personal. Statements the other person makes can easily feel like criticism, for example, even if they weren’t intended that way.

The first step then, is to be aware that this is likely to be true. If money comes up, know that this might become a tricky conversation and check in with yourself – is now the time to talk about this? Are you already feeling tender or tense?

Put it into action:
  • Understand that money can be a source of tension
  • Prepare for conversations about money ahead of time
  • Recognise that money talk can feel like it’s personal, even when it’s not intended that way

2. Know what’s yours

Aside from the numbers, it’s vital to know what’s yours on an emotional level. What do I mean by that? Well, a lot of the conflict that arises about money can actually come from within us. For example…

They say: “I think we should have a chat about setting up a joint account for shared bills”

You hear: “You’re terrible with money – I can’t trust you to handle your finances on your own”

You say: “Stop trying to control everything!”

Or…

They say: “How much did you say that retreat was going to cost?”

You hear: “You’re spending too much on extravagant things that don’t matter”

You say: “It’s up to me what I spend my money on – I don’t criticise you for the crap you waste your pay on!”

Hmm… it’s not hard to see how arguments flare up, right?

Becoming aware of the stuff money conversations bring up for us can open up awareness of deeper things that need healing, for example an area you feel especially defensive about, or a particular person whose criticism had a big effect on you in the past.

What’s important is that, when you are aware of these issues, you take responsibility for changing them. What’s yours to deal with? What do you need support from a coach or mentor around?

And remember, the other person might not be on this journey with you. It’s not your job to point out their limiting beliefs or identify what they need to work on. Approach the conversation with compassion, and deal with what’s yours – no more.

Put it into action:
  • Discern what issues you need to deal with when it comes to money
  • Seek external support where you need to – from a coach, financial expert, or trusted friend
  • Recognise what’s not your responsibility, and let it go

3. Choose your timing

Remember, our first step was being aware that conversations about money can be tender. Knowing that, it’s smart to have them at the right time.

That could include being aware of your cycle, for example. Now, before you think I’m some monster who thinks women are incapable of rational thought, hear me out.

In my own life I know that 7 days before my period comes, I could swear that the world is ending and there’s nothing you, I, or anyone else can do about it. That can actually be an incredibly powerful day for me – I sure as hell get clear on the change I want to make in the world – but it’s also a terrible day for me to have a conversation with anyone.

Knowing that, if I’m aware I need to have an important conversation about something like money I’ll do my best to shift it to a day when I’m likely to be feeling much clearer.

That won’t be the same for everyone, of course, but I wonder if any of that applies to you? Do you know you’re better able to be open, compassionate or empathetic at certain times of the month? Bear that in mind when you make an appointment to discuss your finances.

And make sure you take the other person’s needs into account too – allow them to tell you when would suit them, instead of springing it on them at a time when they’re not really ready.

Put it into action:
  • Choose a time when you’re both fed, rested and hydrated
  • Find a space where you won’t be disturbed or interrupted
  • Take into account your own rhythm and emotional needs

4. Be respectful in your communication

Sticking to some basic principles of clear and respectful communication is so important when the topic is an emotional one. Always seek to hear the other person out without interruption. You don’t want to be nagged, so don’t nag either.

And make an effort to find things to celebrate together – focus on what’s working, as well as what you want to change.

Put it into action:
  • Be respectful – don’t interrupt or nag
  • Notice when it’s time to take a break
  • Listen curiously and give space for the other person to say what they need to

5. Be clear about what you’re looking for

Now that you’ve chosen the best possible time and place, and you’re aware of what’s your responsibility, it’s time to communicate as clearly as possible what you want to share.

For the best possible outcome, try and recognise what’s driving both of you in the conversation. One of you might be more interested in feeling connected and loved, or seeking reassurance, and one of you might be looking for problems and tasks to solve.

What’s vital is that you’re clear about what it is you’re both looking for.

Put it into action:
  • Start by giving the point of the conversation for you – not the big long story that precedes it
  • Ask for what you need; leave them to decide the “how” of solving it, if that’s something they’re keen to do
  • Allow yourself to be receptive – if they agree with what you’re saying, there’s no need to keep on convincing them

Not being able to talk about money holds us back

It’s really important that we are able to move into more powerful conversations. In all the women I’ve coached and connected with over the years, I’ve noticed that the people who are most comfortable talking about finances tend to be the ones with the highest level of wealth.

In fact, I’d go as far as to say that your net worth increases in direct relation to your ability to talk to key people in your life about money.

How about you?

These steps have played a huge part in Greg and I sorting out our differences and getting to a stage where we can actually enjoy money conversations. Has money been a source of tension for you, and do you have an experience to share? Let us know in the comments.

If money is a problem for you – not just in conversations but also in terms of what you have or haven’t got – and you’re ready to get sorted so you can talk about it confidently, get in touch to find out about our financial training. If money feels like a challenge,we’ll help you turn it into an ally – so that you can feel truly powerful about where you are and what your next steps are.

Our intention is simple. To support professional women to handle the day-to-day so they can unleash the bigger impact they feel called to make in the world.

We believe real leadership is less about skill, and more about having a well of physical, emotional, intellectual and spiritual strength to draw on. Every week we support thousands of grassroots leaders globally with our free articles, videos and online trainings with powerful tools and methodologies created BY women FOR women.

Become One of many™ women creating strong, meaningful connections in our community.

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What are good money habits?

By

Joanna Martin

Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.

Latest posts by Joanna Martin (see all)

In my work I’ve met many women who have made and grown wealth for themselves and their families. And as I’ve talked to them about how they created and sustained that wealth, I’ve noticed certain patterns. So many of us many of us didn’t grow up with strong role models of how to create wealth. Maybe you’d like to make more money, but you’re unsure: What are good money habits?

Very few of the wealthy women I spend time with didn’t wake up one morning with a huge number in their bank accounts, and then learn how to manage that money. Instead, they developed strong financial skills which led to the wealth they enjoy. Financial skills spring out of good money habits. As part of our 10-Week Wealth Turnaround we focus on 10 good money habits. I’ve picked off 5 of these that can implement no matter what the balance in your account right now. So, as you read this today, think: which of these will you implement first? Let us know how you go in the comments!

What are good money habits? 5 starting points to get your money working for you

1. Millionaire women know why

The really wealthy women I know are always clear on one key thing: the answer to the question WHY?

And the answer has a couple of parts.

First they understand WHY they are in the financial position they are in. They take ownership of the good decisions and bad decisions they have made. They bring consciousness to every spending, saving and investing decision.

The second part of the answer to “Why?” is the WHY they’re BUILDING that wealth. When it comes to earning, managing and multiplying their money, they have a clear vision for their money. They know what’s important to them, perhaps their family, their business or their desire to give to the causes that really matter to them. No matter what they have something fuelling and driving their desire to grow wealth, beyond “I just want more money.”

Action: Set aside twenty minutes to journal your WHY when it comes to money. Answer the following questions:

  1. Why are you in the financial position you are in. What good choices have you made, and what not good choices have you made?
  2. What do you want money for?
  3. What would life be like if you were receiving the kind of income you want?
  4. Why is money important to you – does it represent approval, stability, security, power or freedom, for example?
2. Millionaire women are accountable

We’re talking about money habits, but accountability starts with taking responsibility for our own power. The millionaire women I know are really clear about where they put their energy. They don’t lay blame, justify, or make excuses when it comes to their results. If they want things to be different, they take responsibility for making the changes that are needed.

They’re also accountable to others around them, answerable to any promises they’re making.

Finally, they’re accountable in the more usual sense of their financial accounts. They know what’s going in and what’s coming out when it comes to their money.

When we look at the stages of wealth, accountability is one of the key ways we move from financial instability to a place of financial stability. So if right now you’re not sure whether you’ll be up or down financially from month to month- the first and most important habit you need to implement is the habit of accountability.

Action: It can take a few hours to get a clear picture of your finances, so make time for it. Schedule a coffee date with yourself to get really clear on where things are: your debts, savings, and what’s coming in and out for the month. Getting a clear picture of where you are is essential if you’re to start steering your financial ship in the direction you want to be going.

3. Millionaire women manage their money effectively

This habit probably doesn’t come as a surprise – after all, we’re talking about women who are millionaires. They know how to manage their money effectively to make sure that they’re creating the financial future they want.

You might have read things like this before and thought: “Fine, I need to be ‘effective’ – but what does that actually MEAN?”. Well, at the very least, it’s about allocating something towards your financial future every single month – making that a part of the work your money does however much you earn right now.

In the great book The Millionaire Woman Next Door Thomas Stanley shares that 68% of millionaire women know exactly how much they spend every month on living: mortgage, fuel, food etc. They are brilliant budgeters. Of the other 32%, the “non-budgeters”, they make a commitment to INVEST money first each month and then only spend what is left over.

Either way millionaire women organise the money they have, and routinely put some aside to invest (not save) for the future.

One of the biggest mistakes I see women making is thinking that they’ll start to invest their money when they’re making “enough”. Most of us will never grow the kind of wealth we want without a commitment to investment right from the start. Just telling ourselves we’ll invest what’s left over isn’t sufficient. We must start the investing habit first. Creating your financial future means becoming conscious of the flow of money through your accounts. When we start to plan for the future immediately, we open up the amount of focus we give our financial future. So even if its $1 a month, starting the habit of investing in the future is the crucial step.

This is how we start to become truly conscious of our finances.

Action: Are you confident you understand the flow of money in your life? If you’re not really clear on how much you’re earning or spending, go back to the previous step – getting a clear picture of your finances is essential before you move into actively managing your money. Once you understand what’s coming in and out, you can start looking at what you want to invest in your future. Even if it’s only a small amount at first, this habit is one that will pay off in the long term. How much will you commit to investing monthly?

4. Millionaire women get their money working for them

In a culture which encourages us to continually spend, spend, spend, the millionaire women I know don’t only play the role of consumers in the marketplace. They’re in the habit of seeing themselves as creators of opportunity.

That means thinking of money as a way that we can make things happen for ourselves and for others, not just through our spending but through our investments. Investors see their money as a way of creating opportunities, whether that’s through property, the stock market, becoming a partner in a business, or something else.

Action: What would you like your money to do if it was working for you, instead of the other way round? Brainstorm a few priorities to investigate further, if this isn’t a part of your current finances.

Not sure where to start? Move on to habit 5 – it might be time to make some financial education your first investment.

5. Millionaire women educate themselves

If we start early enough in life, and have the right level of income, simply saving part of what we earn could possibly lead to wealth. But for most of us, creating the wealth we want to requires a little more. Usually our money needs to work a little harder than your average savings plan allows, to really provide for a financial future.

Most of us aren’t born knowing this stuff, so the first step is education to learn how to get our money working harder than a 0.5% annual interest rate in a bank!

Action: When it comes to finances, what do you wish you knew more about? Real estate investing? Stocks? Precious metals? What interests you to learn more about? Do a quick bit of reading today. Great authors on the subject are:

Rebecca Robertson of Evolution Financial Planning.

Gill Fielding of Fielding Financial.

Barbara Huson of Barbara-Huson.com, Author of one of my favourite books on financial power for women “Sacred Success”

Wealth Insights is our own half-day foray into reclaiming your power when it comes to money, and really increasing your wealth. Click here for upcoming events.

The bottom line when it comes to creating good money habits

At One of many we believe wealth is one of the most important areas of women’s power, and we’re on a mission to empower every woman in our community to create and manage the wealth she wants.

Do you recognise these habits in yourself? Is one of them a particular challenge for you, or an area where you have a tip to share for someone else? Let us know in the comments – your experience might be just what another woman needs to read today.

Our intention is simple. To support professional women to handle the day-to-day so they can unleash the bigger impact they feel called to make in the world.

We believe real leadership is less about skill, and more about having a well of physical, emotional, intellectual and spiritual strength to draw on. Every week we support thousands of grassroots leaders globally with our free articles, videos and online trainings with powerful tools and methodologies created BY women FOR women.

Become One of many™ women creating strong, meaningful connections in our community.

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What is true financial freedom?

By

Joanna Martin

Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.

Latest posts by Joanna Martin (see all)

What is true financial freedom? The phrase has a delicious ring to it – but for an awful lot of us the actual definition isn’t clear. The reality is, unless you know what you’re aiming for, it’s impossible for you to create strategies that will get you there.

When it comes to financial empowerment, too many of us get confused about the basics – like what is true financial freedom – meaning we don’t focus our energy where it’s most effective.

And this stuff matters. According to CNN, the largest growing economic force in the world isn’t China or India – it’s women. We account for 85% of all consumer purchases. If we were all able to make conscious, empowered choices around what we spend, rather than making those decisions unconsciously, we really could change the world.

Financial empowerment is a really important strand of our work here at One of many, because our finances are one area where a lot of us experience a great sense of disempowerment. To be clear, I’m not just talking about how much money you have.

When I talk about financial empowerment, I mean being really clear on what your financial situation is, taking responsibility for it, and understanding the strategies you need to move forward to the next level of growth. Without that level of understanding of wealth, you won’t be truly empowered.

What is true financial freedom?

So what is true financial freedom? The first thing a lot of us think of is an emotional state.

“When I’m no longer stressed about money” or “Never having to think twice about buying what’s best for my family.”

Sound familiar? But these kinds of woolly definitions can actually hold us back, because they don’t give us a clear sense of what we need to do in our lives right now to change things.

(After all, it’s perfectly possible to have millions in the bank and still think twice about buying things – or to be earning very little, but feel great clarity about how you’re moving forward.)

At One of many, financial freedom has a very specific meaning, and that’s what I want to share with you today. It’s one of the 4 stages in our “pyramid of wealth” – a really simple model we use to help us understand where we are financially.

The 4 stages of wealth

1. Stability

Let’s say you work for a salary of $30,00 per year, and your living expenses come to $30,000 – you’re at stability. Your earnings equal your outgoings. At the end of each month, you’ve got nothing left over in the bank account, but your expenses and your income is steady.

2. Security

If you’re earning $50,000 and your expenses are $40,000 per year, you’re probably at stability. Your expenses are covered by your earned income, with a little bit left over. At this stage, your family has a “rainy day” fund that means you’ve got the money in the bank to cover your expenses for the next 3–12 months. You’ve also got relevant wills and insurances in place to make sure you’re covered in the event of an unexpected emergency.

3. Independence

This is the “financial freedom” which a lot of us find hard to define. We describe it very simply: At this stage, whatever your living expenses are, they’re covered by the money generated by your assets – like income from property or stocks and shares.

Any amount of money you earn is a bonus because at this level, your living expenses are covered by your asset income. In other words, once you reach financial freedom, you don’t have to work any more to maintain your standard of living: your investments will cover your day to day costs.

4. Affluence

The final stage of wealth is affluence. As with independence, your living expenses (say $100,000 per year) are completely paid by the income from your assets.

This is the point at which you begin to diversify – to invest in lots of different assets, and to begin to understand how you can make a difference with the money you invest. At this stage, we start to become interested in what we can invest in, and begin to understand entire markets and the part we can play in them.

When we don’t have stable finances

You might be reading this thinking “Jo, that’s all well and good – but I’m not sure I’m on the pyramid at all!”. Maybe you’re a self-employed person experiencing “feast and famine”, your expenses seem to vary wildly, or you’re just not sure what your finances really look like.

First of all, you’re not alone! Instability is the step most of us are at before we get onto the pyramid, and it’s worryingly common among women. (After all, for a long time, women weren’t permitted to have any access to money, or educated about how to manage it – and these old patterns often persist.)

How do I change the stage I’m at?

Step one: Instability to stability

The key to making this first transition is accountability. This means tracking exactly what all of your incomings and outgoings are and being accountable for earning income. (At this stage, sometimes the simplest thing to do is to get a job.)

Step two: Stability to security

Accountability isn’t enough here, because reaching security means increasing your income or reducing your expenses. Now, the key is finding your flow. That might look like doing something you’re passionate about so your ability to earn income is greater, or tapping into a bigger flow of money by aligning yourself with a business or organization where the money is flowing.

This is something we explore at a much deeper level at BeWealth, where we use the Energy Outcome Matrix to get clear on the different elements to wealth creation and tell us where we need to be focused.

Step three: Security to freedom

Achieving financial freedom requires learning about investment: investing in oneself; investing in assets; or perhaps investing in teams to run your business for you. Just earning more won’t make that change. Now, the focus is on investing in assets which can generate money. And for many of us, the first step to that is investing in our own education so we can feel confident about making those decisions wisely for us and our families.

Step four: Freedom to affluence

The final stage of the pyramid is all about balance. We learn how to balance different kinds of assets, and to understand the balance sheets which tell us what’s going on in our finances. We also learn to balance our own energy, so that we’re paying attention evenly to every area where we spend energy.

Take action today

Finances can bring up all kinds of emotions and triggers for a lot of us, and it’s not surprising to find that there’s a temptation to “stick our heads in the sand” and ignore what’s going on. Looking at wealth in stages like this helps us understand where we’re at without judgement or emotion, but simply asa stage on a journey. So today, get honest with yourself: where are you right now?

Wherever you are, take a few minutes to notice the habits and the thinking that have got you to that level and be grateful for that. But notice that the same habits and thinking could keep you stuck here. What is it you need to get to the next level? In the next twelve months, what’s the big thing you know you need to do to change your financial circumstances and be in a place where you’re ready to move to the next stage?

The more we talk about these things, the more we can support each other to get empowered when it comes to money, relationships and health. If this is helpful to you, let us know in the comments below!

Our intention is simple. To support professional women to handle the day-to-day so they can unleash the bigger impact they feel called to make in the world.

We believe real leadership is less about skill, and more about having a well of physical, emotional, intellectual and spiritual strength to draw on . Every week we support thousands of grassroots leaders globally with our free articles, videos and online trainings such as binary options with powerful tools and methodologies created BY women FOR women.

Become One of many women creating strong, meaningful connections in our community.

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Grass Roots Women Who Inspire – Cat’s Story

By

Joanna Martin

Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.

Latest posts by Joanna Martin (see all)

Cat’s Story

For as long as I can remember I wanted to make a positive difference in the world. I even started out in my career as a biomedical engineer in Australia, designing aortic stent grafts and literally saving lives! But the problem was… it was boring. I wanted to do something that was exciting and fun.

In looking around at what else I could do I met a graphic designer. Now that was a job that looked like fun. I’d get to make stuff pretty all day and make a living out of it.

It was time to for a change in career

I found a graphic design course that I could take in only 12 months, and broached the idea with my partner Scot. He wasn’t entirely thrilled at the idea of me throwing in my high paid job to become a student again, but we agreed that I’d make up for the disparity in earnings in the future.

So, with no time to waste, I quit my engineering career and signed up for the course – thinking that surely this would be all I needed to make it big in the world of graphic design. Huh!

Twelve months later I made a list of top London design agencies I wanted to work for, and with a flimsy qualification in hand, Scot and I sold all our belongings and bought a one-way ticket to the UK.

Excitement. Fame. Fortune. Here I come!

Only thing is that tens of thousands of design graduates turn up in London every year looking for a design job – and most of those have Bachelors degrees. It was a shock to the system, but the situation forced me to get creative with my application process. I carefully targeted the creative directors at my top 10 agencies and sent them postcards of myself outside their door, explaining exactly why I was determined to work for them. Three months after arriving in London, I secured a foot-in-the-door at the agency which had been top of my list.

The cold hard reality

I quickly discovered that graduate designers typically work for minimum wage or ‘gulp’ for free!

The excitement kept me moving forward, but I had a sinking feeling that it was going to be a LONG time before I could ever make things up financially to Scot. And with the cost of living in London far higher than my income, I moved further and into a feeling of being indebted.

Working at an agency was fun and fast paced. I learnt a lot and got to work with some very prestigious clients. But after a number of years of doing it tight financially, I realised that I was never going to make up the financial gap with a regular agency job.

I turned to freelancing!

With a much higher daily rate, and the freedom to get experience from a range of clients, and change my focus to brand strategy and customer experience, I thought that I was set. But there’s nothing that messes with your mind quite like running your own business.

When I was busy things were fine. When I wasn’t things weren’t so fine. I quickly descended into a desperate cycle of taking whatever work was on offer and working my butt off for several months, and then spending the next few months stressing that I didn’t have enough work.

The freelance gig gave me the freedom to travel and make it back to see my family in Australia semi-regularly. But Scot (now my husband) could rarely travel with me because he was working in a full time employed position. He was the one who was being responsible and providing the stability for us. He was being a grown up. Whereas I felt broke all the time. I felt like a fraud, pretending I had my own business, when I my cash flow was so erratic I couldn’t be relied upon to pay the rent. It didn’t feel great but I had no idea how to change anything.

Money became a taboo subject

Best avoided if you didn’t fancy an argument.

In despair, I threw tens of thousands of dollars at personal development and wealth creation seminars. I learnt about property investment, passive income, multi-level-marketing. Basically, anything that might change my situation for me!

I’d leave each event hopeful, but after a few weeks the enthusiasm would fade and all that I was left with was a growing credit card bill.

I decided that the only solution was to work harder.

Work harder and I’ll make more money, I rationalised. But as I doggedly pursued more clients, and increase my earnings something else started to nag at me.

The work I was doing was now ENTIRELY about the money!

I wasn’t making the sort of positive difference in the world I had always wanted to make. In fact, some would go so far as to stay that my work was actually harming the world – selling people more stuff they don’t need, in order to make even more money for the 1%.

I started to make up for my growing sense of guilt, by doing the odd side-project for a cause that I could believe in. Doing good with my work felt so good that I started giving my time away to friends and family for free, afraid to charge for my services.

After all…

You can’t do good AND make money.

Or so the voice in my head would tell me.

But there are only so many hours in the day, and when you start spending more of your time working for free, the logical result is that you spend less time doing the work that makes you money.

There had to be another way of doing things?

Faced (yet again) with the same financial frustrations, I found myself registered for the Be Wealth retreat – not really expecting anything to change, but there was something in the idea of a ‘Soft Power’ approach to wealth that intrigued me.

All those other wealth seminars I’d attended, they’d pump you and challenge you to go out and fight for what you wanted.

I could see that they worked for other people, but that approach just never felt quite right for me. Jo Martin and One of many had made me start to question if maybe the difference was that they were geared around a masculine way of doing things.

What if I could approach things from a more feminine perspective AND still achieve the same results?

I decided to attend with an open mind.

Be Wealth started with an honest and objective look at the facts

Instead of teaching some ‘get rich quick’ strategy, Jo made us take an honest and objective look at ourselves.

We started by facing the real numbers in our individual money situations. I was amazed to discover that despite feeling like a financial failure, and not always having dependable income, that I had actually earned as much over the last decade as Scot had in his stable and steady job.

It turns out I was doing pretty well with the ‘making’ money, I was just lacking in follow through with the ‘manage’ and ‘multiply’ parts of wealth creation.

Jo also taught us about the four stages of wealth – Stability, Security, Independence and Affluence – and I realised another reason why all those wealth seminars, hadn’t worked for me. I was so far in the realm of instability that I hadn’t even reached the first stage of wealth yet! You can’t just jump straight to financial independence or affluence.

Each stage of wealth builds upon the next, so if I wanted to improve my wealth situation I needed to do the work to progress through each stage. Because as Jo explained, the strategy that gets you to one level is NOT the strategy that will get you to the next level.

It fascinated me that stability is also about accountability – something I was definitely lacking. Scott and I never even spoke about our finances. I immediately knew this had to change.

We explored our beliefs and values

I don’t know quite how Jo, Annie and Susie do it but they get right underneath all your programming.

I unpacked the story I had been telling myself about how I didn’t care about money. How I believed that it was more important to be making a difference than making money, and that you can’t do good AND make money at the same time.

A huge shift for me was when I realised that not caring about money was actually preventing me from making a bigger difference in the world!

I realised that working for free on projects that I believe in was actually harming those projects. I wasn’t able to dedicate the time and resources to the projects that they deserved. I wasn’t able to help them make the impact that they possibly could have – all because I was afraid to charge money for something that was doing good.

To say this changed everything is an understatement!

I immediately went back home and created a real, bonafide, creative business out of helping solopreneurs with a social mission, build a brand and make a bigger impact.

Within 12 weeks that business had billed £32k… which was more than I had billed in the rest of the year combined. And I was on holiday for one of those months!

I made the decision to take control of my finances, once and for all.

I realised that I had been behaving like a child when it came to finances. I was abdicating responsibility to Scot and that had to stop. We could be a team, but I had to contribute in more than just the ‘making’ phase.

Importantly if we wanted to create financial stability… and then financial independence, I needed to take responsibility and we needed to start communicating.

Rather than simply wanting to come back and make vague promises, I decided to let my actions speak louder than my words. I started to pay myself a regular wage from my business, and I implemented Jo’s jar system.

The massive surge in my regular income, and the carefully implemented money management system, definitely attracted interest from Scot, and paved the way for a very frank conversation about desires, needs and values.

This time something was different. We didn’t argue or get emotional. He could hear what I was trying to say. He could see that I was really taking action. He could trust that I was serious.

Less than a week after that conversation, Scot gave notice at the job that had been getting more and more stressful for him. A month later I became the sole breadwinner in our family whilst Scot concentrated on learning to trade the financial markets.

Suddenly I was the strong and stable financial person in our relationship

As Scot focused on learning his new trade, I grew my business – hiring team members and taking on more and more clients who were doing amazing things in the world.

I revelled in the fact that I was really making a positive difference in the world, and supporting my husband to pursue something he enjoyed.

After six months of working side-by-side in our 1 bedroom apartment Scot and I made the decision to take an even bigger leap. We packed up all our belongings, and set off with laptops and backpacks to travel and work as digital nomads. After more than a decade living in the UK far away from our families, it was a joy to spend a summer in Australia with no rush of moving on.

As I write this we are both sitting by a pool in Bali…

Scot watching the markets, as I exchange emails and the occasional skype call with team members plotting how we can better serve our clients and help them make an even bigger difference in the world. It’s a joy to empower others to share their messages in a bigger, bolder, brighter way.

There are still real challenges. I’m still only finding my feet in financial stability. And I have a lot to learn as I endeavour to progress on to the next stages of my wealth journey.

But the changes in my life have been so dramatic and phenomenal, and I still need to pinch myself to check that it is real.

It feels cheesy to say that this all wouldn’t have happened if I hadn’t attended Be Wealth. But for once it feels great not to have had to battle through and learn all my lessons the hard way.

I’m so incredibly grateful to Jo for helping me get unstuck and showing me that there really is a different way.

Cat is an amazing designer and helped us create all our branding. She’s niched herself to help solopreneurs with a social conscience stand out from the crowd. Well done Cat!

Let me know in the comments if any of Cat’s story resonates with you.

And if you’d love to transform your relationship with money like Cat did then take a look at our upcoming Wealth Insights event in London.

It is a 3.5-hour tour-de-force live seminar into what keeps some of us women stuck around money, what millionaire women do differently, and how you can finally set you and your family free. And the best part is a ticket is only £27, and all ticket sale profits support an awesome not-for-profit.

Our intention is simple. To support professional women to handle the day-to-day so they can unleash the bigger impact they feel called to make in the world.

We believe real leadership is less about skill, and more about having a well of physical, emotional, intellectual and spiritual strength to draw on. Every week we support thousands of grassroots leaders globally with our free articles, videos and online trainings with powerful tools and methodologies created BY women FOR women.

Become One of many™ women creating strong, meaningful connections in our community.

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Podcast: Why following your passion isn’t enough

By

Joanna Martin

Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.

Latest posts by Joanna Martin (see all)

Sophie-Bennett-Author-217x3001Today, Sophie Bennett is an author, book coach, speaker, entrepreneur, and wealth coach.

But at age 30, she was £68,000 in debt, had no job, few skills (with one very important exception), and was on the verge of losing her flat.

For the 13 years leading up to that, Sophie’s life had all come down to one thing: getting onto the Olympic dressage team. She trained day in and day out, single-mindedly following her passion for dressage, waiting for, as she called it, “that one big win”.

It never came … at least not in the form of dressage.

But after attending a Tony Robbins seminar, Sophie changed her entire mindset around money and potential. Seven years later, she had completely turned her life around and had done her first million pound property deal.

Now Sophie uses all of the lessons she learned in that process to help other women on their journey from debt to wealth — and she was kind enough to share some of her fantastic insights in today’s podcast!

In today’s podcast, Sophie and I talk about:

  • How buying into the myth of “Do what you love and the money will come” can be really dangerous — and what you should do instead.
  • The unique advantages we women have in business.
  • The most important lesson Sophie’s learned on her journey from being in a scary amount of debt to selling her first million pound property.
  • How almost everyone mistakes skills for talents, and why this is so important in your approach to trying new things.
  • Why having a mentor is incredibly important, whether you’re just starting out with something or you’ve been doing it for years.
  • Sophie’s best advice for when things get tough.

List to our interview here

I’d love to know..

 What’s the one thing you’ve been inspired to do after listening to Sophie’s story? Maybe it’s time to finally learn that new skill you’ve been putting off, maybe you’ve decided to find a mentor, or maybe you’ve decided that it’s time to evaluate your wealth mindset…

Whatever it is, I’d love for you to share it below in the comments — let’s all support each other!

And if you want to find out more about Sophie or get her great book on shifting your money mindset, click here.