If you have been a long time reader of my blog and following my work, you will know that I am all about giving you actionable steps, honest and raw advice, and high quality coaching that puts you back in control of your life. One of my many passions as a Multi-passionate Entrepreneur is finance, and like you I understand the demands and stresses we face daily when it’s all about the Money Money Money, and at times, it really ain’t funny! So I wanted to share with you an EXCLUSIVE INTERVIEW that I know will shatter your financial debts and doubts into multi-diamanté pieces that will make your money confidence sparkle like a diamond!
I love money! Seriously, my love affair with money began way back when I was around 7 years old and I was learning all about adding up coin denominations, borrowing and paying back, and I just fell in love with the power money exuded. It was at that time that I decided that when I grew up I would work with money – I would train and qualify as an Accountant (Something that I followed through on!) and I would show people just how fabulous money is. Just last year I updated my financial skills by enrolling on a module at University that is counting towards my degree all about money. I learnt SO much and add that to my own experience I hope to bring my Money Know-How to you later in the year.
BUT firstly, I want to treat you, FREE OF CHARGE to a sort of 1 on 1 session with the lovely Kate Northrup, author of Money, A Love Story. Kate agreed to letting me interview her, and I asked her 6 (Yes, SIX) money related questions that I have found to be the most important in this economic climate. Lets get on with Money Talk!
Dawn: Kate, Thank you so much for agreeing to doing this interview for my blog, I’m going to jump right in. Your book is called; “Money, A Love Story”, a title which I love, so how would you explain to readers on my blog how they can fall in love with their money situation and indeed money?
Kate: Money is just a stand in for what we value. We, as humans, made it up. So, in order to have a better relationship with our money, we must treat it like we value it. That means invoicing on time, depositing checks in a timely manner, looking at what we spend, opening our bank statements right away and actually reading them. It also means learning to love ourselves. When we earn money we’re earning it in exchange for the value we’ve provided in the world. And the more we value, or love, ourselves the more value we’ll provide in the world. And then, the more money we’ll be able to earn and the better care we’ll take of the money we already have. Every moment of every day we have a choice to look through the eyes of love or through the eyes of fear. When it comes to your money, choose love.
(Dawn: I totally agree with getting honest with yourself and facing your finances. Often when we do this we have immense fear of finding out just how bad it is, but knowledge is power and once you know the truth of your financial situation you are immediately posed in a position of power to take action and turn your finances around!)
Dawn: Many people believe, assume and even accept that their financial difficulties are due to their childhood upbringing and the programming they might have received as a child about money, BUT what if they had an upbringing where financial difficulties, negative messages regarding money was never a part of their consciousness or life, yet as they hit their twenties and even thirties, they encounter financial lack, what advice would you have for them in uncovering the root cause of this?
Kate : No matter what beliefs you were brought up with, we still have cultural memes, or messages, about money that can engrain lack beliefs in us. I don’t think that diving down into the root causes of our money beliefs is critical to our financial well being. Instead, just uncovering the beliefs and choosing new, more supportive ones is where we need to spend our energy.
(Dawn: I think it’s important to focus more on what WE ourselves think about money, not what others think or say, and not what we believe or perceive to be true. One shade of blue to one person is totally different for another. Your finances and beliefs around money are yours and should only be yours. Ask yourself “How do I really feel about money?” and answer this without paying any attention to what others may say to this – this is all about YOU)
Dawn: In our current economy, many of us throughout the world are dreaming of accumulating wealth but don’t know where to begin, what top 3 tips do you have for my blog readers for doing this?
Kate: If you’re dreaming of accumulating wealth I would first get in touch with why. If you have a strong reason to create wealth, you’ll be far more motivated to do what it takes to get there. We do have a cultural assumption that more is better. And more isn’t always better. So first, figure out why you want wealth. Is it to have more time freedom? Is it to provide for a family? Once you’ve done that, figure out the amount you actually need to have in order to create your desired lifestyle. What people often find is that what they want is not as expensive as they think. If you want time freedom, for example, that may simply mean re-prioritizing the way you spend your money so that you don’t have to work as many hours. You may not actually need more income to be more free. Lastly, look at your expenses and income and get really honest about them. Where can you decrease your spending without feeling deprived? Can you eat in a few more times a week and enjoy trying new recipes? Then, ask yourself how you can increase your income. Would you like to start a side business? Can you offer freelance consulting services? Can you raise your rates or ask for a raise? The equation to making more money so you can save or invest it is always spending less and/or making more.
(Dawn: Just to clarify. Step 1 ~ Ask yourself why you desire wealth and what it means to you, Step 2 ~ Figure out how much money you need in order to live your desired life, Step 3 ~ Get honest about your income and expenditure – how can you save more and/or earn more?)
Dawn: Like you, I grew up with successful parents and I had a healthy view and love for money, at 7 years old I recall my Mum teaching me about money; counting, adding it up, borrowing, paying back, and I instantly began a life long passion and adoration for money. How important do you think it is to educate our children about money, and should “Money Awareness” be taught in schools as well as in the home?
Kate: I think it is critical to educate children about money, especially the pieces about valuing themselves and asking for what they’re worth. I would love to see Money Awareness taught in schools and in the home. Those who are taught powerful lessons about money growing up tend to thrive financially later in life and need less emotional recovery work around it. The best way you can teach your child, though, is always to model healthy financial behaviour. It’s not as much about what you tell them, it’s about what you’re doing and how you’re interacting with money on a daily basis.
(Dawn: I absolutely agree with Kate here, I would love to have taught children in the primary school where I worked all about Money Awareness. I know not many staff would have felt qualified to do it, but I would have jumped at the chance! Also, about being a role model is really important. I had this modelled to me by both my parents, my father and mother were highly instrumental in managing finances without stress, fears, worries. There were times where they made plans, stuck to them, and accumulated savings in all doing so. The biggest lesson I learnt from my parents was that you can be financially free, but you also have to be actionable in making it a reality. Being responsible for your incomings and outgoings really do pay off)
Dawn: Do you think we should spend our money NOW to enjoy living or should we be saving our money for the future? And how can we save without going without?
Kate: I think it’s both. I don’t believe in the idea that we should suffer now in order to live life later in retirement. But, having 3-6 months of living expenses put away and then saving for later in life is simply smart. Life is full of surprises and preparing with a financial cushion is prudent. When we look at our expenses and cut out the expenses that don’t align with our values and only spend money on the things that are really important to us, saving doesn’t feel like deprivation. Instead, we feel abundant spending money on what we value, and we feel aligned saving up for surprises and our future.
(Dawn: I believe this is pivotal in turning our finances around. It’s all about being smart and responsible when it comes to finances. Ask yourself where you are spending money that isn’t going to take you a step closer to where you want to be. it’s amazing how much money we can save when we become conscious of where we put our money.)
Dawn: What does “financial freedom” mean to you, and how would you describe the steps that my readers can take towards gaining financial freedom?
Kate: Financial freedom to me means being able to spend your time the way you want to spend it without having to trade hours for dollars/pounds. Technically, you are financially free when your residual income is greater than your living expenses. If you want to create true financial freedom you need a source of residual income. Residual income is income that comes in whether you’re working or not. It’s from a system that you’ve put in place (putting in the work up front) to benefit from financially forever. Examples of this are intellectual property like books or audio programs and businesses. I personally love the network marketing industry as an avenue for people without a lot of investment capital or experience to create residual income and that’s how I did it.
(Dawn: I love this idea of gaining financial freedom, but I know many of us aren’t in a position to invest money in creating books or audio programs, this is where getting financially educated can really help. Don’t panic, by financially educated, I mean heading to your local bank or building society, financial advisor or get some advice at your local Citizens Advice Bureau about making your money go further. Always seek financial advice from a QUALIFIED FINANCIAL EXPERT, and don’t forget to check out government guided websites that offer free help and advice on your finances.)
Dawn: Thank you so much Kate for taking the time out to answer these questions! I know my readers will appreciate your time and will gain great money love advice from your answers.
If you want more of Kate I have 2 offers lined up for you!
Firstly; I am giving away in conjunction with Hay House UK and IGNITE I Can Do It 2014 6 copies of Kate’s book; Money A Love Story, so to be in with a chance of winning a copy all you need to do is the following;
Leave a comment below this post telling me; “WHAT DOES FINANCIAL FREEDOM MEAN TO YOU?” and your email address (you can also use the CONTACT form below if you want to do this anonymously) Winners will be notified 8th March 2014!
Kate Northrup will be at Hay House UK’s 2014 event ~ IGNITE I Can Do It 2014
New event will showcase the most exciting new voices in wellbeing and spirituality!
I Can Do It Ignite! (8th – 9th March, 2014) will showcase the next generation of thought leaders within the wellbeing and spirituality arena. Young, savvy and spiritually switched on, the speakers at Ignite! will offer inspiration and guidance on living an abundant, healthy and spiritually engaged life – from addressing your relationship with money to learning to trust you intuition. With a combined social media following of over 1.2million these speakers already have a worldwide fan base – this will be the first time they have spoken together on one stage.
The line-up includes: Gabrielle Bernstein (gabbyb.tv), Mastin Kipp (thedailylove.com), Kate Northrup (katenorthrup.com), Jessica Ortner (thetappingsolution.com), John C. Parkin (thefuckitlife.com), Robert Holden (happines.co.uk), Pam Grout (pamgrout.com), Meggan Watterson (megganwatterson.com), Kyle Gray (kylegray.co.uk), Joseph Clough (josephclough.com), Sandy Newbigging (sandynewbigging.com), Charlie Morley (charliemorley.com) and Shaa Wasmund (shaa.com)
Ignite! is an urban retreat to bring harmony to your mind, body and spirit. A chance to stop, reflect and reconnect with your needs, desires and dreams. A weekend just for you: to explore new ideas, to learn new techniques, to connect and to totally nourish your soul.
Speaker topics include how to:
- · Unlock your inner creativity
- · Heal your finances
- · Kick-start your manifesting skills
- · Get spiritually naked
- · Bring miracles into your everyday life
- · Use ‘F**k It’ to find the profound way to happiness
- · Prove that thoughts create your reality
I Can Do It! Ignite – 8th – 9th March, 2014
The Great Hall, Sherfield Building, South Kensington Campus, London SW7 2AZ
Tickets from £99 www.i-can-do-it-ignite.co.uk
Please use this form to enter the competition to win a copy of Kate Northrup’s book; Money, A Love Story