The Guava Girl Podcast 21: Money Mindset: Does It Really Matter? With Chloe Crain

Jan 24, 2019

 

The Guava Girl Podcast was created with the purpose of empowering women to think entrepreneurially and creatively so they may lead the extraordinary life they never thought possible.

Here you will find the good, the bad, and most importantly, the REAL inside looks of what it is like to work for yourself and feel empowered by doing it. We talk about growing your following on social media, building a personal brand, and what it is like being a woman in a startup culture.

Find me, Isabella Silverio, on Instagram as @isabella.guava and #GUAVAGIRL to be part of this growing and empowering community.

You’ll hear from an amazing guest:

The wonderful Chloe Crain herself is a 23-year-old millennial coach who helps millennials pay off debt and plan for those investments. Her actual journey began in health and fitness, and it was all about how health and wellness are deeper than muscle, and it was so much more about mindset. While she was becoming a health coach, she was also having a financial journey of her own. She was in college and over $36k in debt and was playing the “charging the card & hoping it would go through” game and was in no place to confront my financial issues. And then she realized she was missing out on all the fun things to do with her friends to work and had nothing to show for it. And so it was really that moment where she realized that she just had to figure it out.

In 18 months she paid off $36k in student loans and completely transformed her entire life and helped her understand how impactful money is in every single aspect of our lives. She became so passionate about speaking to millennials about their finances. So her platform transformed from “deeper.than.muscle” to “@deeper.than.money.”

 

So what’s the secret?

In This Episode You’ll Hear About:

This episode is quite a bit of a sneak peek of what’s in my Guava Boss Mastermind jam-packed with golden nuggets for you guys, so let’s jump right in!

Myself and Chloe Crain, money mindset coach, talk all about money mindset for millennials, Chloe comes from a place of pure heart, and she is so knowledgeable all about money mindset. Improving your money mindset is something that must be done, it’s like a due diligence and part of really making more wealth for yourself and living out of the scarcity mindset that most people are living in. Chloe is really going to open our eyes and teach us how we can reverse our limiting beliefs around money and attract more into our pockets in a very organic way.

So, today we’re going to talk about how to rewrite your money story and build your bank account.

I am a big believer that the magic happens in between the creative brain (the right brain) and the logical brain (the left brain). So we’ll talk first about all money mindset, beliefs, and the creative visionary part and we’ll also talk more logic, like the hard facts, the analytics the metrics. I am a big believer that with a mix of both of them that’s really where the magic happens so it’s that vision plus action getting you the result and putting that intentional action with it.

Why does mindset break the bank?

What is money?

1.  Money is a tool.

We hold so much emotional baggage and ties to money, when we wouldn’t for let’s say, a pen.

2.  Money is an exchange of energy.

Back in the day, we used livestock and other things of value to us to trade, so today instead trading our pigs and cows we use money to trade.

However, we use money as a representation of success, happiness, fulfillment. We often put so much on the money.

Why is money important?

“Because it is your duty to become wealthy.”

For example, Imagine your favorite shelter. What can you do for that shelter if you’re living paycheck to paycheck? But now what if you had a trillion dollars, then what could you do for that shelter?

“Sometimes we look at becoming wealthy as I secret, embarrassing want inside of us, but you have permission to want to be wealthy and be proud of wanting to be wealthy.”

Exercise:

So many people feel just icky about saying “I love money.”

So take the statement, “I love taking my grandma to lunch.” or “I love going bird watching.”

Well, you need money to do these things, so if you can connect that, then you will begin to appreciate using and talking about money.

How to: Rewrite Your Money Story.

BTFAR: Beliefs. Thoughts. Feelings. Actions. Results.

This is the train that all of your beliefs stem from and turn into your reality. Your outer world is a reflection of your inner world:

  1. Beliefs: Let’s say you feel you’ll never get ahead with money.

    • Ex. Johnny wants a toy sooo bad. His mom says “no we can’t afford it.” This is how he’s growing up learning about money through experience. He took on what money meant to him based on what he is told about money.

    • By the time we are 8, this is when your perception of money is set.

    • Have a conversation with yourself about where you place your beliefs about money. Say affirmations to yourself about money, forgive yourself for believing you can’t afford something and transfer that belief into something you can and will do.

2.  Thoughts: Let’s say our belief was “I’ll never get ahead with money.” Our thoughts might trickle down to, “I’m so bad with money.” “I’m just not a numbers person.” “I just don’t want to deal with that right now…” And then our thoughts just keep rolling and are constantly in our head.

3. Feelings: How do these purchases make you feel? How does it feel to spend/ receive money? Some people feel good to spend, and some feel weird to receive.

4. Actions: Let’s say this action rolls into ignoring your finances. Your feeling is constant stress from believing and thinking about money that that stress rolls into to ignoring it and not taking action.

5: Results: What’s your result? It could be shitty finances because you believe you’re horrible at money, you feel stressed, you ignore your finances, and so you have shitty results.

So, that is how your inner world can directly affect your outer world, and you can end up feeling like this is a cycle.

This is the key though. The results is the key to this.

You cannot start with habits to get your results. You must begin at questioning your beliefs.

RAS (Reticular Activating System): A formation of nerve cells in your brain.

It’s a little bit of brain matter that is responsible for filtering out amounts of information because your brain can only handle about 100 pieces of information per second. So, your sensory system is constantly feeding your brain so many pieces of info that if that was flooded into your conscious mind you would become nonfunctional.

So, in order for your brain to not be so overwhelmed your RAS is essentially a gatekeeper that filters information between your sensory body to your conscious mind.

“This is the connection between the Woo Woo to the logic.”

What is your RAS prioritizing? Because if you are so focused on your business is so successful, and you start receiving and being open to those things then that success will come to you.

“You can only achieve in your physical world what you believe is possible for you in your noggin.”

It’s really important to focus on this because once this is down, the logic comes so easy.

Often times entrepreneurship and the pay of entrepreneurship feels like a rollercoaster. You may be thinking, How am I supposed to budget and plan when my income is never the same. When we let our high and low months control us, you cannot let it impact how you show up.

Tips to plan ahead for entrepreneurship to help you win all the time:

Create the min and create the max of what you could make in a month. Then plan for each:

Tier 1: Let’s say you make $1000 a month, then you can pay your rent, food and your bills and that’s if you do nothing for your business.

Tier 2: Well, if you make $2000 you’ll pay for your rent, food, utilities and with the extra money, I’m going to pay for new tires. Then you keep going.

Tier 3: Then you make $3000 a month. You’re going to do all those things, plus I’m going to fix my garage and my car.

Then plan to get ahead on your bills, because when you create the cushion, you’ll live in a high vibration because you have some space in your finances. And if you’re planning for this, it will continue to keep you so high vibrational.

Q + A:

How do you unpack (or digs them out)  the money beliefs that you inherited as a child from your subconscious?

“The biggest thing is to really journal and go deep into what you do remember. Pick a memory that you feel and try and get more vivid. And if you feel comfortable and ask someone if they can give you certain things about what you were really upset or curious about when you were younger. Another great way to unpack these beliefs is to think now about what your bad habits are that you want to change and work backward, such as always tipping low, or not wanting to return something. And noticing what it is to unpack it so that you can piece it back together.”

Do you have any tips on saving money?

“One of the number one biggest mistakes I see with millennials is that they spread it out too thin. I often ask millennials what they’re doing with their money right now, and they’ll say I am paying off debt, making a savings, making an emergency fund, and I’m saving for this, and I feel like I have no results. So we create a goal sheet, so when you fill it up and then you’re done. So if you have a vacation coming up and a savings, save for your vacation first, but you still really need a goal to why you are saving. Question why you want to save money. So you need to figure out goals, dates, and numbers and once that’s done, you can move on to your next goal. With the fluctuating income, I would 100% recommend an emergency fund; I would say a full emergency fund would be about six months of expenses. Decide on a goal of what you want and why like you have to have a reason for why you are saving. If you just spread it out, you’ll never get anything done, whereas if you focus on one goal, you’ll say “OMGG I’m getting results.”

I have been avoiding my student loans, and they’re coming up next month, I’m working full time while starting up my coaching business, when you mentioned having a cushion for planning for that and when you’re living paycheck to paycheck, can you share any tips on how to lead up to that?

“Absolutely, so the first thing would be the really sit down and look at what wiggle room do you have and start getting ahead. When you’re stuck in the paycheck to paycheck cycle, you’re just trying to make it to the next payday, like that is your state. The first thing I would tell you to do, is getting a month ahead, and that may take time, but you can start by this month paying for your bills and next month’s water bill. Then next month you don’t have to pay for the water bill. So the next month it may be paying the water and the wifi bill for the next month, so then you start getting ahead so that it decreases your stress and anxiety around the first of the month.”

“Another thing you can do, change up the days, on the 1st of the month might feel so overwhelming, and you can just change the day that you pay it so that you don’t have so much build up around that one due date. And you should negotiate, you should call on a car payment, rent renewal, for example especially if you are paycheck to paycheck. So, the first thing is to get a month ahead, then get a little emergency fund (the minimum I would put is $1000 in your account just in case), and then keep working on getting ahead.”

During this point and time, is it okay to sacrifice things, and not give things I love to myself?

“It’s kind of a fine line, if you go and get your nails done and think no I’m doing this for my self-care but then every time you look at your nails you feel guilty and that you shouldn’t have spent that, you should ask yourself, is it worth it? I want you to do it from a place of abundance, and say, “I would rather do this, instead of this.” So, instead of saying, I have to not get my nails done, you should say you know what I love getting my nails done. But, you know what I love more, financial freedom, and I want to do this extra payment on my student loans so that when it comes, it’s no big deal. It’s that type of mentality, instead of what do I have to cut, and saying what do I love more.”

Hot Tip:

“The word afford is so tricky is often an excuse to devalue what you have to pay.”

If you went into a store and gum was $75, you would probably say I can’t afford it, but really you’re saying the price of the gum is not worth swapping your hard earned money for. But in reverse, if someone close to you needed a life-altering surgery or something, you wouldn't even ask the price because the value of that person’s life is way more valuable than the tag. You have to focus on showing them that the result is worth it and that they can get the result.

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