Self-care is more than just getting a massage or taking care of your physical, emotional, mental, social, and spiritual well-being. It also includes practicing financial wellness too! Financial wellbeing??? Huh??? Is financial self-care another fad? How does one even practice financial self-care?
On this episode of ExpertsConnect, the renowned Financial Strategist, Renee Cohen, provides deeper insights into how women can have a healthy money mindset and also, up-level their game through economic empowerment. She explains the link between physical wellness and financial health and shares her 3 Power Money Moves to help women feel more confident and capable in their financial journey.
Don't worry men! We didn't forget you! Renee also provides her best advice to lead men to financial independence.
Why should women take charge of their financial well-being | Renee discusses the limiting beliefs that women have when it comes to money and encourages women to be the visionary of their lives especially as it relates to their finances [3:08].
Creating a self-care routine for your finances | Renee highlights the relevance of incorporating money management strategies in our daily lives and emphasizes that financial wellbeing is on par with physical, mental, spiritual, and emotional wellness. She stresses that women should be intentional with their finances and should be fully aware of their spending patterns. Renee also explains the differences between fixed, savings, and variable costs and expenses [9:50].
The connection between financial health and physical health | Renee describes how financial wellness affects our health [13:04].
Actionable steps to practice financial wellness | Renee discusses the importance of mindset in financial well-being. Renee further shares the value of having clarity as it relates to spending and taking action as it relates to money [20:05].
Power money moves to accomplish financial well-being | Renee highlights the value of building the right foundation. She also talks about investing in the future. Finally, she discusses the importance of protecting our money [22:59].
Tips to lead men to financial independence | Renee highlights the similarities and differences as it relates to money-mindset with men and women. She further explains the relevance of being the visionary/CEO on one's finances with proper financial planning [29:53].
Notable QUOTES from Renee Cohen:
“[…] I think we sometimes associate financial power with how much money we're making when it really is how are we setting the right foundation for ourselves, to really grow our wealth and to be financially smart, and to put things in the right places so we can make smart decisions.” [3:28]
“[…] And I think that for women, as we are changing and reshaping how we show up in the world and really helping to close that investment gap, the gender gap, the salary gap, and all these things we have to really overcome those limiting beliefs. And I find that a lot of women delay their financial planning in their life because of these limiting beliefs." [4:55]
“[…] We're not living in a place where your financial life, your spiritual, your mental, your physical lives, are all in the silos and you're like, I can be perfect in my physical life or my spiritual life, but I'm not perfect in my financial life and you're not perfect across any of those, all you can do is really have that awareness and say that I want to grow from here.” [7:44]
“[…] When you're living a growth-based mindset in life, you're constantly learning and you want to be pushing yourself, you want to say, Okay, this is where I am today. And how do I incrementally take another step, so I can learn a little bit more and be a little bit better? But the journey doesn't end when you're living a growth-based lifestyle so that you have to take that with your finances as well.” [8:13]
“[…] But you really have to be the visionary and show up as the CEO and say, what can I control and having that awareness. And then also, you know, making sure that you are being intentional. How are you on a month to month basis? Are you being intentional with your dollars? And do you know, what's coming in the door, what's going out the door?” [11:31]
“[…] your fixed expenses are the things that you pay for every single month that has that fixed amount, whether that's the mortgage, whether that's the rent, car payments, car, insurances.” [16:02]
“[…] your discretionary of the things that are your variable expenses, and that's for maybe your lifestyle, the dining out when we're able to dine out and maybe going to the fitness studios and the vacations and the travel and the activities for the kids and all those things that are maybe a little bit more variable..” [16:37]
“[…] just because you may be spending in certain areas in your fixed and discretionary does not give you the permission to say I don't have to save if you can save 20% and if you're not saving 20% right now, Well, again, 1% is better than 0%, 2% is better than zero [….]” [19:06]