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Sorting out your finances: 20 ways to start

By

Joanna Martin
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
Latest posts by Joanna Martin (see all)

Let's get real: When sorting out your finances looms on your to-do list, it can be easy to keep putting it off. There’s often a big scary task (getting honest about your pension situation, facing up to debt, or figuring out what your investments are doing, perhaps) that you’ve been avoiding.

But the truth is, there are countless ways to move into action around your money. And it’s often the smallest, simplest ones that will get you feeling empowered and confident enough to move onto the scarier items on your list.

By the time you get there, they might not even seem quite as daunting after all…

Our mission: To help women take control of their wealth

We’ve helped hundreds of women get control of their finances through our BeWealth retreat, one-day events and online programs, and the feedback we get is inspiring. Take Boryana's celebration after she attended our Wealth Insights workshop.

"The biggest impact of Wealth Insights for me was the realisation that wealth is achievable by ordinary people and that when you know how to appropriately manage your money, you can create predictable results. The second big aha moment was that you are not born with the knowledge of how to multiply money. It comes with education. I cannot thank you enough for these insights. They have started my ongoing journey to wealth in a sustainable way."

And every woman’s journey is different. So today I want to share just some of the ways we’ve seen women in our community make a start. My hope is that one of them might be the first step for you when it comes to sorting out your finances.

Let us know which one you’ll choose in the comments!

20 ways to start sorting out your finances

1. Get clarity

Don’t worry about changing anything, just find out where you arewhen it comes to one area: Maybe your pensions, savings or investments. Could you fire off a quick email at lunchtime and get access to the data you need?

2. Write down every penny you spend for a week

Perhaps the simplest and most effective way to start changing your financial habits. A spreadsheet is great for this. Not a tech fan? A little notebook works just as well!

3. Set up ‘jam jars’ or allocated pots for your money

This is a really powerful tool to use when it comes to taking control of your finances, and it can go well beyond spending and saving. We teach this and lots of other helpful tools around managing your money as part of our 10 Week Wealth Turnaround training. Give the office a call if you'd like to know more.

4. Explore your limiting beliefs around money

Is it the root of all evil? Goes as quickly as it comes? Causes stress and arguments?

What did you grow up believing about money, and how might that be holding you back? Taking time to journal about these feelings is free and easy -- and it’s often the biggest barrier to getting things on track.

5. Teach your kids the basics of saving, spending and investing

How do you manage issues like pocket money, and what do your children understand about money? Start having conversations with them and make finances feel fun!

6. Have an honest conversation with a friend about your finances

Many of us are happier confessing the deepest details of our sex lives than broaching the topic of money. Find a friend you trust and have a money chat. What do they earn? How do they spend, save, or invest? What are their challenges? You might find common ground.

7. Book an appointment with an Independent Financial Adviser (IFA)

Whether you’d like to be sure you’re investing ethically, want a financial MOT or need advice on handling an inheritance, separation or windfall, an IFA can give you qualified, impartial advice. And if you're imagining a stuffy old man in a suit, think again. We have several IFAs in our own One of many community, who love helping other women feel confident and empowered about their finances without patronising or making assumptions. Pop a post in the Facebook group if you'd like to find them!

8. Schedule a time to talk money with your partner

Hint: Not in the middle of an argument or when the joint bank statement’s revealed a nasty surprise. Find a time when you’re both ready to get honest -- and have a frank talk about where you’re at. Bonus points for making a date night out of it: win-win!

9. Print out your bank statements

Simple. Powerful. Grab a highlighter and see what's going in and out. Any surprises? Get familiar with the numbers. It’s the first step towards taking back control.

10. Update your CV

Make sure it accurately reflects your achievements, training and growth. Even if you're not actively job hunting, this can be a great way to identify the value you’re bringing to your organisation, company or clients. Might it be time to explore a promotion, pay rise or career move?

11. Write a list of your financial values

What’s more important to you: Freedom or security? Providing for your family or feeling independent? What would you like to be doing with your money? Spend some time exploring what matters most to you.

12. Find out about One of many’s wealth training

If you’d love to get control of your finances, book in a chat with one of the team to find out if our training can help. We have a few different options, and if there’s someone else we think would be a better fit, we’ll happily signpost you.

13. Listen to a podcast or read a book about money

This is a great one if you’re feeling overwhelmed or anxious about your own situation. Start by listening to what other people have experienced -- it might be just the inspiration you need.

14. Get clear on WHY

Feeling guilty or unclear is never the most positive motivation to get started on change. What’s your vision for your financial future? What would you do if you had zero financial worries? Draw a picture, write down some ideas, don’t be afraid to dream big.

15. Find an accountant/bookkeeper who can help you

If you’re self employed or an entrepreneur, having the right support in place will make all the difference.

16. Shop around

When it comes to renewing your insurance, the difference between quotes can be surprising. Or perhaps you'd prefer to be with a company that aligns better with your values? Spend an hour shopping around, and celebrate what you can achieve.

17. Commit to a regular money check-in

Like going to the gym, it’s little committments that can add up to big changes. Book in half an hour a week and commit to making that your money slot. How you use the time is up to you, but knowing it’s there will enable you to make a difference.

18 Up your self care to give you the energy you need

If you’re burned out and exhausted, looking at money stuff can feel like the last straw. Can you go to bed an hour earlier, book yourself in for a massage or have a long bath to recharge before you tackle the task?

19. Spend an hour journalling about your relationship with money, starting with your childhood

How have you felt about money, how much have you earned, what have you spent it on? Watch out for any patterns that recur, whether it’s online shopping binges when you’re feeling low or avoiding money conversations with those close to you.

20. Identify where you are on the Stages of Wealth - and what your priorities need to be

Knowing where you are on the stages of wealth means you can quickly identify what you need to focus on first. Read more about the different stages, and how they can help you focus your energy most effectively, here.

What's your first step?

As Boryana realised at Wealth Insights, nobody's born knowing how to manage their finances. Feeling confident and in control around money is something any of us can achieve, with the right support and education. So if you know you want to sort out your finances, take one small step today. Ask for help, share your journey, and celebrate every way you move forward. You've got this!

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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The truth about manifestation: money, mindset and miracles

By

Joanna Martin
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
Latest posts by Joanna Martin (see all)

When it comes to money – making it, managing it and multiplying it – there are an awful lot of myths and misconceptions out there. From the “just roll up your sleeves and make more of it” school of thought to the “visualise and believe and miracles will happen” one, it can be hard to know what to do. Should you be learning about the stock market, or working on your chakras? Today I want to share the truth about manifestation as I see it, and bring a bit of sanity to the sometimes polarizing debate. Ready? Let’s go.

Why mindset matters

As a scientist and a businesswoman, I really understand a lot of the sceptical responses we get when the topic of “manifesting” comes up at the BeWealth retreat.

It can all sound a bit fluffy, a bit woo-woo, a bit “out there” for those of us who are committed to making results through our own intelligence, determination and hard work.

But it’s also true that it’s not only what you do that has an impact. It’s how you do it.

Approach a sales call, a client meeting or a strategy discussion when you’re feeling pissed off, resentful and fed up with the world and the outcome will be very different to what it might have been if you were feeling confident, positive and enthused.

This isn’t anything airy-fairy, it's just being in the right frame of mind to do the right job.

The truth about manifestation

From that perspective, the idea of manifesting, or creating, your reality isn’t something quite so outlandish. And the same thing also applies not only to practical situations you’re in, but things you’d like to see happen in the future.

Ever had a bad dream and woken up sweating, and shaking, and afraid? You're sweating and shaking because of something that's not real. It's in a dream, but your body responds as though it's real. It’s one example of the way your brain doesn’t actually distinguish between fantasy and reality.

Which is weird on one hand, and bloody great on the other. Because it means you can actually harness the power of imagination to create what you want. If you're focusing on the future, and imagining it, you can create results, because your brain goes, "Ah! I know what to do! I've done this before!".

It can work before a big presentation, when you get your energy flowing and your confidence boosted so that you can deliver exactly what your audience wants.

So it follows it can also work for income targets, salary raises and dream clients.

But is it really as simple as visualising what you want to create… and then watching it happen?

The limits of manifestation

Let’s come back to reality for a moment. Because whilst your brain might not be able to distinguish between something you’ve imagined and something that’s real, your bank account certainly can.

(Last time I checked, you couldn’t pay staff, mortgages or bar bills by visualisation alone… more’s the pity!)

Physical manifestation is a combination of the right action at the right time. You do the right things at the right time, having cultivated the right frame of mind, and you’re able to create the outcome. It’s a combination of both.

The truth about manifestation, then, is that its effectiveness lies in balance.

Some people spend a lot of time focusing on their energy. They might devote hours to manifesting, learning about the Law of Attraction and sitting there and just hoping and praying and thinking and visualizing, without actually putting in the work.

And then at the other end of the scale we have the women who are working, working, working really hard, struggling and fretting and stressing out about what they want to happen – and never acknowledging the difference their mindset or energy could be making.

At our BeWealth retreat we talk about “active creating”. One way to think of this concept is as a bridge.

A connection between the physical world - going out and doing your business, talking on the phone to clients, managing your spreadsheets, advertising, and Facebook pages, and all of the things that you need to do... but also having one foot in the energetic world. The area of the Sorceress PowerType, the area of just bringing your energy and your connection with all that is to your manifestation, to making manifest.

Creating and letting go

Women are gifted to be able to create from seed. Whether or not you're a mother of children, as this creator, as this receptive and creative principle, you are that creative aspect.

So, if you can bring that and then bring your intentionality to creation, there's a balance between putting your energy into it and then letting go.

Letting go of the timing and actually also letting go of the outcome.

You might think

"I would love to have my business make X amount of money per year or have this many clients or make this difference, be able to give 10,000 pounds a year to the Hunger Project."

But the approach I've found is the most effective is to say to myself

"Let this be in divine timing. Let it be as life wants it to be and let the outcome be what it's going to be. It's this or something better. "

By focusing your energy on "this or something better", you're not sitting there going, "I have to have this today. Otherwise, I'm going to be a failure." Or, "I have to have this tomorrow because otherwise, I'm going to feel like everyone's rejecting me."

It's harnessing the doing and also harnessing this "Sorceress" energy of manifestation.

Which, when it comes down to it, is simply the fact that we do create things through our emotions and our thoughts and our decisions.

We do it moment by moment, day by day. And if you can find that balance, you can do that in the big picture as well.

That's the place where miracles are made.

Curious about discovering the truth about manifestation for yourself?

There are so many layers to the way we create our individual realities. Your challenges, experiences and talents are unique, and navigating your way through them can be tough.

If you'd like help to find your path and change your financial situation, we have a whole host of trainings and programs that can help. Just click here to book a call with the office and we'll talk you through which one might work for you.

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 talk about money

By

Joanna Martin
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
Latest posts by Joanna Martin (see all)

Are you comfortable talking about finances with the people in your life? Or would you rather share sex tips in a team meeting than another blow-up with your partner about long term savings plans? If you’re not sure how to talk about money in a way that feels constructive, empowering and productive, read on. I’m really passionate about this topic, and I want to share my best tips on how to talk about money without it feeling weird.

(Got your own suggestions? Make sure to leave a comment at the end – let’s open this up and share what we’ve learned!)

Before we dive in, let’s take a minute to think about why money conversations can feel so awkward. The short answer is – we often have very little experience of money being talked about in a healthy, matter of fact way.

Why you need to know how to talk about money

Many of us don’t learn about money until we start earning our own. And more often than not, that “education” comes in the form of an invitation from a “friendly” bank to sign up for a credit card. Before we know it, we’re stuck in debt or feel like we’re too old to go back to the basics.

(You’d be surprised how many “super successful” women come along to our events and confess they’ve not got the first clue when it comes to managing their money!)

Here at One of many, we have two motives for wanting to empower women when it comes to money. Firstly, we want you to feel in control of what’s happening in your life. If finances are something you feel confused, frightened or overwhelmed about, you’re never going to have the impact you’re here to.

Secondly, our mission is to change the world. We know that when women are confident to make decisions about budgets, they make excellent decisions. Global research from the World Economic Forum shows women tend to spend more on education, health and nutrition among other positive impacts.  So helping you get your confidence won’t just turn things around for you and your family. It will ultimately help us change the world.

An even bigger motivation to move past the awkwardness and start talking about money, right?

So, here are 4 ways to start embracing money conversations and taking back control of your finances:

#1 Take the emotion out of money

When you’re feeling riled up or triggered, it’s really hard to have a straightforward conversation about any topic. When we run our trainings and retreats around finances, most of the women in the room aren’t there because of how much (or how little) money they have in their bank accounts.

They’re there because of how those numbers make them feel.

If your finances are connected to your self worth or your sense of fulfilment, it’s only natural that having a discussion about joint bank accounts can quickly feel like criticism.

And if you feel secretly ashamed of your financial situation, of course you’ll struggle to talk openly about making responsible choices with your kids.

Take some time to reflect on your own relationship with money.

And if you feel like you could do with some extra help, book a call with the office to find out more about our trainings and retreats by clicking here.

Our programmes are designed with women like you in mind. From online training you can work through in your own time to weekend retreats with our extraordinary coaching team, we might well have just the expert support you need to let go of your baggage.

#2 Get clear about your values

Everyone’s finances look different. We all have slightly different priorities, and there’s no right or wrong way to decide what they are.

Some people really value being able to enjoy small daily pleasures… others delight in giving up their latte habit and seeing the savings add up to a big-ticket spend.

You might be someone who really values careful investing for the long term… or be proud of the percentage of your income you donate to the causes that matter to you.

One of the biggest challenges we can face in money conversations is “justifying” our decisions. That’s because a lot of the time we’re making choices that aren’t really related to our values in a clear way; they’re just what we vaguely feel we “should” do, or are habits we’ve picked up unconsciously.

Getting clear on your values might change the decisions you make about your finances, or you might discover that your current set up aligns perfectly with what matters. Either way, you’ll feel a whole lot more confident when your priorities are top of mind, and you know your finances reflect that.

Money conversations are easier when you know what’s most important to you, and you’re clear on how your saving, spending and investing supports those values.

#3 Be careful of your language

Personally, I’ve become really conscious of the language I use about money since becoming a parent. It started when James was just a tiny toddler, starting to get interested in shiny coins. “Ooooh!” I’d say, looking at his little handful of clutched change. “Look at all those coins! Clever you, you’re so rich!”.

Unthinking comments like that started me thinking about what messages I was conveying when I modelled finances for my child. Did I really want him to associate wealth with praise and approval?

But the same applies if you’re talking to your friend, boss or partner.

Do you describe yourself as “lucky” to have a salary – even though it’s way lower than your male colleagues?

Do you tell your friends “I’m just hopeless with numbers”, instead of sharing how frustrated you feel that your partner makes the long-term financial decisions?

And how often do the words “I can’t afford it” come out of your mouth, when the truth is “It’s not a priority for me right now” would be more accurate?

Language matters. Pay attention to the stories you’re telling yourself, and see what might shift in your conversations if you changed the words you use.

#4 Talk about it

The best way to talk about money is to… well… talk about it!

Honestly, I think this is the trick so many of us are missing. We find it hard to talk about money, and so we don’t – but that only makes the next conversation more difficult.

Like any taboo subject, it takes a while to feel comfortable talking about something that’s not part of your usual repertoire.

Maybe you feel a bit awkward.

Maybe you don’t know the answers to the questions your kids have.

Maybe your friend’s offended at a question about her pension arrangements, or a well-meaning “check in” with your partner blows up into a row.

It happens. None of us are perfect, and none of us have all the answers.

But the best thing to do in situations where money talk feels hard, is take a deep breath. Acknowledge that this is new ground and that you’re trying out a new approach of being more open – laugh about it, if you can!

But keep talking.

Talk to your kids, talk to your friends’ kids, talk to your colleagues.

Let’s create a world where talking about our finances, including our mistakes and our questions and our desires, is as routine as talking about anything else.

It’s time to take the weirdness out of money! Because I think we might actually change the world if we did.

How about you

How do you feel when it comes to talking about money? Are there particular people you struggle to stay objective around, or ways you’ve found to make the conversation easier? Share your tips 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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How to achieve financial stability

By

Joanna Martin
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
Latest posts by Joanna Martin (see all)

Financial stability is the foundation for so much of life. When your income and outgoings are roughly equal, and you know exactly what your money situation is, you have choices: where to focus your energy; what your next career move is; what your priorities are based on your values. And yet most of us aren’t ever taught how to achieve financial stability.

So let’s go back to basics, and explore exactly what it looks like – and how you can get there.

How to achieve financial stability

If you’re feeling unstable financially it can be tempting to throw all sorts of tactics at the problem. We rush to trim our budgets, fret about how to earn “more” with only the vaguest idea of what our goals need to be, or find ourselves overwhelmed with complicated investment and asset management plans – when in reality, we’d find ourselves derailed by an unexpected gas bill.

Distracting yourself with that stuff keeps you from the real challenge: getting a clear, unbiased picture of where you are right now, and taking responsibility for changing it.

So if the mere thought of looking at your bank statement sends you into a cold sweat, or you’ve ever found yourself saying “I’m just hopeless with money”, I invite you to stop, and take a deep breath.

Getting to grips with this doesn’t have to be a struggle. It can actually be an easy, gentle process and today I’m going to walk you through exactly what it looks like.

The first thing you need to know is this simple principle:

The key to financial stability is ACCOUNTABILITY

That’s it. That’s what you need to embrace. And if that seems too simple, or too easy (Where’s the 25-step plan? The percentages and spreadsheets?), then let’s walk through exactly what’s involved.

Step one: Take responsibility

Becoming fully responsible in this context means acknowledging that you are the one who’s responsible for your thoughts, actions, and behaviours.

If your outgoings are more than you have coming in, it’s your responsibility to make the shifts you need to.

If you don’t know your financial situation, or it fluctuates so wildly you can’t keep track of it, you’re the one who needs to take action to address that.

It’s a principle that the richest women I know follow. But it’s also a mindset you can adopt today – no matter what your circumstances.

Taking responsibility means being fully committed to “owning” what’s happening in your life, instead of placing the cause outside of your control.

A simple way to track this is to begin to notice any time you find yourself doing any of the following:

  • Placing blame on others (If my boss wasn’t so stingy about pay rises… if my partner didn’t have such expensive hobbies…)
  • Justifying your circumstances (It’s the economy… it’s my lack of qualifications… it’s the competition)
  • Shaming yourself (I’m just no good with figures… As soon as I get money I spend it… I’m never going to be rich)

This week, become aware of any time you find yourself blaming, shaming or justifying your current financial situation. That might be in conversation with others, or just as part of your internal dialogue.

How can you reframe those thoughts, so that you can begin to be someone who takes responsibility for how things are?

2. Be accountable to others

When we look at financially successful women, we generally find they’re not only committed to taking personal responsibility. They have someone in their life who they report to when it comes to their finances. It might be a coach, business partner or accountant.

For you, it might be a close friend, your partner, sister or perhaps another woman in our community.

When we lead women through the 10 Week Wealth Turnaround, our comprehensive financial training for busy women, we invite them to be accountable within our online forum and to “buddy up” with someone else on the program. We know that this makes a huge difference in how effective the techniques and tools we teach are.

Showing up and being answerable for the promises you’re making can make the difference between setting good intentions (that quickly fall by the wayside) and starting to truly get honest about what’s going on.

Who could you be accountable to? Your partner, or someone else?

Reach out to them and ask them if they’d be willing to check in with you once a week on how things are going.

3. Get clear on your numbers

The final step when it comes to reaching financial stability is being accountable in the more familiar way we think of when it comes to money.

For most successful, capable women, the biggest challenge isn’t actually earning or budgeting. Those are important pieces, but they’ll come later.

First you need to know where you are: what’s coming in, what’s going out, and what needs to change in order for things to be different.

You’ll need to know:

  1. Your expenses – How much is going out each month. This will include your obvious monthly expenditure like housing, bills and groceries as well as less frequent expenses, from annual holidays to sporadic plumbing bills or house maintenance.
  2. Your income – Not just your salary, but other income like benefits, dividends, interest payments and income from things like rental properties.
  3. Your liabilities – A fancy word for any debts you have. This might be so called “good” debt, like your mortgage, or that high interest credit card you’re trying to forget. Having it all in one place means you can begin to get to grips with what’s going on.

This is an absolutely vital step, so don’t rush or skip it. I know it might sound counter-intuitive. When you’re slowly turning crimson as your card’s declined by the supermarket cashier, or guiltily trying to hide the evidence of that late-night online shopping spree when the credit card statement arrives, it can certainly feel like getting to financial stability just means finding more money – fast.

But without a clear picture of exactly where your money’s going, you won’t be able to make the empowered, intelligent decisions you need to.

A note on fear

For many of us, this third step is the hardest.

Why?

Often, especially if we’re capable and successful in other areas of our lives, we find ourselves paralysed by fear when it comes to looking at data which relates to our personal finances. This can be true even if handling budgets is something you breeze through as part of your business or job.  

If you’re feeling uncomfortable at the thought of gathering your financials in one place, take a moment now and gently ask yourself why.

You might be afraid of what you’re going to find, when it’s all laid out in black and white. You might be worried that you can’t work out a spreadsheet, or that the maths is too complicated, or even that you’re going to be far more successful than you think. (Remember, our fears aren’t always rational!)

If that fear is enough to stop you moving forward, here’s my simple suggestion: Find someone who can do this with you. There will be someone out there who can help you. A friend, neighbour, brother, mum, or your partner. If your fear is going to cloud your ability to do this, reach out and ask someone else to help you through it.

And keep it simple! You don’t have to use a spreadsheet or fancy app. A simple sheet of paper and a pen is all the technology you need to get the clarity that will make the difference. 

From awareness to action

When you’ve got clarity on where you are, you’re able to take action based on reality.

You might be pleasantly surprised, and find that you’re actually far more flush than you think. Your income is greater than your outgoings, and you’re ready to look at the next stage of wealth.

You might realize that things need to change if you’re going to “break-even” at the end of the month. Now you know by how much, and you can probably see whether your expenses have room to be trimmed or it’s time to think about raising your earnings.

Perhaps you’re almost there. Your incomings and outgoings are roughly the same. Getting this powerful habit of accountability in place will be the final piece when it comes to reaching stability. After a few tweaks, you’ll be ready to think about your next area of focus.

Need a helping hand with your money?

At One of many, we use a model called the 4 Stages of Wealth to map financial priorities. Financial stability is just the first stage – and we help busy, capable women navigate every step of the journey.

Whether you’re wondering how to set up a budget that works to starting to think bigger about your legacy once you’ve reached financial freedom, we’d love to have a chat about supporting you to take action.

Click here to book a call with the office and find out more.

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 one hidden number shapes your life

By

Joanna Martin
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
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
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
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
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
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
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
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
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
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
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
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 Wealth Insights, our upcoming seminar about finding your prosperity with purpose. Click here to book your ticket.

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!

And don’t forget to join us for Wealth Insights, our upcoming training to help you take back control of your finances.

Click here to book your place now.

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.