Budgets are not supposed to restrict you, they’re supposed to guide you, and this is something many people do not understand. It’s honestly one of the biggest reasons there’s so much resistance to implementing it but if you truly want to achieve financial freedom, this is the first thing you need to manage well and understand how to leverage!

Listen now to understand what it truly means to have a budget and how you can start managing your finances today to get to a better financial situation without cutting down on your expenses!

Key Talking Points of the Episode

00:00 Introduction

01:01 What do most people believe about achieving financial freedom?

02:08 How do most people’s belief systems affect their finances?

03:00 What mindset do you need to have for better financial management?

04:00 What do you need to understand about how budgets work?

06:09 What tools can you use to help you build your wealth?

07:36 How will your priorities help you manage your finances better?

08:28 Why is it important to really understand why you want to spend your money?

09:41 How can understanding your reasons help you make better financial decisions?

10:49 What is the importance of aligning your goals and finances?

Quotables

“If you really wanna do this the right way, realize that there’s 2 seasons – seasons of abundance and seasons of sacrifice, and both seasons are gonna happen from time to time, just like winter, fall, spring, and summer, and it’s okay.”

“Anything worthwhile is worth the sacrifice and anything worthwhile requires sacrifice.”

“Most novices will think that a budget is like the end all, be all, but it’s just a small – it’s probably 5% of the whole puzzle.”

Kierra Bussey is a self-made visionary entrepreneur who is a devoted mother with a strong passion for wellness and mental health. She built her self-care brand, Ignite Your Peace, as she was learning more about finances and raising her children, and she is with us today to talk about her journey, how her mindset has shifted through the years, and what you can do to start changing your financial situation today.

Listen now to learn what Kierra’s road to financial independence was like and how she is preparing for her children’s financial future!

Key Talking Points of the Episode

00:00 Introduction

01:10 What was money like for Kierra’s family as a child?

03:00 What was it like for Kierra when she first started making money?

05:02 When did Kierra first meet a financial advisor?

06:20 Why is it important to learn how to manage your finances early?

09:59 What has Kierra done to give her children a good financial future?

14:35 How did Kierra’s childhood influence her mindset towards money?

16:24 How does Kierra plan to educate her children on finances when they’re older?

19:49 What is Kierra’s advice for someone who wants to be financially secure?

21:49 How did The Psychology of Money help Kierra understand finances better?

24:53 What was it like for Kierra to start managing her finances better?

27:45 What mistake did Kierra make before she started managing her finances the right way?

29:32 What do people need to keep in mind as they start working on their finances?

Quotables

“Even if you’re only making $24K a year, learn how to manage your money and make it grow because I could compare myself to someone who’s making half of what I make and they may have more money and a greater net worth because they understand how to manage and invest their money.”

“My commitment to myself and my family is now that I have access to understanding what passive income is even through just investing, is to just have those vehicles where I can passively make income.”

“I wanna be financially secure and the way to get there is by setting up multiple streams of passive income.”

Links

Book: The Psychology of Money

https://www.amazon.com/Psychology-Money-Timeless-Lessons-Happiness/dp/B08D9WJ9G8

Success isn’t something that happens overnight and the sooner you understand that, the sooner you can get yourself on the path that will help you achieve your goals and more. It doesn’t matter what background you have or what cards you were dealt in life, if you believe you can do it and you take action, you can get to wherever you want to be.

Listen now to learn how we’ve turned disadvantages into advantages to get to where we are and what you can do to overcome the victim mentality to actually start achieving success in life!

Key Talking Points of the Episode

00:00 Introduction

01:05 What was my childhood like?

03:28 How can having a victim mentality set you back in life?

04:12 How can you turn your disadvantages into advantages?

06:35 Why is it important to overcome the victim mentality?

09:07 What could happen if you’re constantly relying on other people?

10:09 How can you take control of your financial situation?

12:16 What is the reality behind motivation?

13:21 What was my mindset towards financial freedom?

14:50 What should your goal always be?

15:31 How did our mindset get us where we are today?

18:37 Why is it important to truly believe that you can become successful?

20:02 How will learning to overcome adversity keep you move forward?

21:44 Why is it important to surround yourself with the right people?

22:46 How did my mindset shift help me achieve success?

Quotables

“There’s nothing in this world that’s gonna help you. No one’s your savior, you’re your own savior.”

“If you’re not a killer, if you’re not a dog, you’re not gonna win. You’re gonna let too many excuses floating with the wind and you’re gonna never accomplish much. You’re gonna be so average, it’s gonna be sickening.”

“You can see success if you choose to see success, but there’s limiting beliefs that people have nonstop that are holding them back.”

Links

Book: Breaking the Habit of Being Yourself

https://www.amazon.com/Breaking-Habit-Being-Yourself-Dispenza-ebook/dp/B006M7A8JI

In this conversation, Eric Chadderdon shares his journey from growing up with parents in the real estate business to becoming a successful multifamily real estate investor. He discusses the importance of financial education and early entrepreneurship in shaping his mindset around money. Eric emphasizes the power of perseverance and not quitting, sharing his experiences of overcoming challenges and rejection. He also highlights the significance of networking and building relationships in the real estate industry. Finally, Eric discusses his upcoming venture in the education business, where he aims to teach others how to succeed in multifamily real estate. The conversation covers topics such as membership places and risk, the game of business and success, surrounding yourself with the right people, recording and editing videos, course quality and feedback, future plans and gratitude, and requirements to become a general partner.

Chapters

00:00 - Growing Up with Money

06:28 - Parents' Real Estate Ventures

08:06 - Financial Education and Early Entrepreneurship

11:06 - Transition to Multifamily Real Estate

22:22 - Multifamily Real Estate Journey

24:48 - Investing in Yourself and Mentorship

28:23 - The Importance of Networking and Relationships

34:07 - Launching an Education Business

36:41 - The Value of Investing in Yourself

37:49 - Membership Places and Risk

38:14 - The Game of Business and Success

39:02 - Surrounding Yourself with the Right People

39:17 - Closing Remarks

One of the most challenging parts of achieving comfort and success in life that nobody talks about is how you continue moving forward. Many people face the challenge of identifying what their next step would be because they’re already at a good place but if you’re not challenging yourself and working hard to maximize your potential, that means you’re slowly going backwards – and that’s something nobody wants.

Listen to this episode to learn what it’s like to be stuck in comfort, why we should continuously seek out growth, and how you can make sure you’re finding ways to maximize your potential!

Key Talking Points of the Episode

00:00 Introduction

02:25 What is the struggle we’re facing in identifying the next step for us?

04:33 Why is it important to learn how to maximize your strengths?

06:30 What could happen if you stay in your comfort zone?

07:59 What is the value of having an impact on other people’s lives?

09:34 How can you find a deeper purpose in life?

11:54 How can you use your experience to help other people get comfortable?

14:02 What could your future look like if you took action and used your skills today?

15:00 How can you maximize your potential today?

Quotables

“I believe most of life is about giving to others – to be able to use your talents to help other people, to inspire other people, to get people in a better position.”

“What keeps you going is the bigger “why”, so one of our biggest goals right now is to donate $1 million to Gervais Syndrome.”

“I believe wholeheartedly that if you stay where you’re at, you’re actually dying, slowly and steadily.”

Entrepreneurship is a wonderful journey and it can give you a beautiful future if you learn how to do it the right way, but it’s not for everybody and that’s okay. With so many people taking their stories to social media today, telling you “anyone can do it”, you have to make sure you really know what you’re getting yourself into before you make major decisions that could affect other aspects of your life.

Listen to this episode to learn more about the journey into entrepreneurship, the truth behind taking the leap of faith, and what our experience has been like as we built Budgetdog!

Key Talking Points of the Episode

00:00 Introduction

01:35 How did we get interested in entrepreneurship?

03:22 What were the early years of business like for us?

05:19 How much responsibility will you have as you start your own business?

07:18 How would people see your success from the outside?

10:53 What is hard work really like in entrepreneurship?

14:10 How much would you need to sacrifice to build a successful business?

15:25 What can you do to be more disciplined as an entrepreneur?

18:26 How much are entrepreneurs risking to achieve success in business?

20:52 What was the transition from corporate to entrepreneurship like for us?

24:20 What was my motivation to make the business work?

29:04 What should you keep in mind when you look at successful entrepreneurs?

Quotables

“I wanna remind everybody that the mindset for entrepreneurship isn’t for everybody and that’s okay.”

“If you don’t build yourself up as a better quality person, your business will fall on its face really fast and you gotta change very fast. Adaptability is one of the biggest traits I see in highly successful people.”

“You might start 3 steps behind, you might also start 3 steps ahead, and ultimately it doesn’t matter. The cards that you were dealt, you need to figure out to use this to the best of your ability.”

Links

Website: Budgetdog

https://budgetdog.com/

Instagram: Brennan Schlagbaum

https://www.instagram.com/budgetdog

Heather Brito is an experienced trauma psychologist and coach who helps people understand the connection between their mind and their financial behavior. She uses her expertise in psychology to uncover the things that need to be changed in order to become mentally and financially healthy and she is with us today to talk more about the importance of your mindset to your financial situation.

Listen now to learn more about financial psychology, the real reason we struggle with finances, and what we can do to get ourselves in better financial situations!

Key Talking Points of the Episoder

00:00 Introduction

01:13 Who is Heather Brito?

02:06 How does the lack of financial literacy hold people back from success?

06:07 What is negative cognition and how does it affect your finances?

09:24 What is the real reason for emotional spending?

14:24 How can you overcome your negative cognition?

21:10 What is the importance of understanding the psychology behind your finances?

22:15 How does negative cognition trigger impulsive behavior?

26:44 What are the psychological barriers that hold people back from financial success?

28:58 What can people do to change their financial future?

31:40 What is the reality behind what people see as “rich”?

34:14 Why is it important to be intentional with your finances?

39:29 How do cognitive biases hold you back from making better financial decisions?

42:52 How will awareness of your negative cognition help you overcome cognitive biases?

45:54 What is Heather’s advice for people who want to get to better financial situations?

46:13 How can you connect with Heather?

Quotables

“If I don’t know something and I wanna learn a little more about it or I feel dumb, I’m probably gonna get a book, join a webinar – I’m gonna do something like that to get a little more knowledge if it’s something I’m struggling with.”

“It’s perspective, it’s at no fault of anyone. It’s what someone perceives.”

“If it’s a strong positive fact, you usually can’t argue with it. That will shift you out of the part of the brain that holds the negative cognition.”

Links

Website: Heather Brito

https://www.heatherbrito.com/

Welcome back to another insightful episode of "Money On My Mind" with me, Brennan Schlagbaum. Today, we delve deep into the core challenges hindering financial success. Joined by Tom, a skilled student success manager from Budget Dog Academy, we explore the five pivotal barriers that often hold many back from financial prosperity. This episode is tailored for anyone from high earners who underestimate the power of budgeting to individuals trapped in the paycheck-to-paycheck lifestyle, providing actionable insights and practical tips to revolutionize your financial journey.

Episode Highlights

• [00:40] - Unpacking Financial Challenges: Tom introduces the five critical obstacles to achieving financial success.
• [02:10] - The Budgeting Myth: High earners often neglect budgeting. Tom explains why it's essential, regardless of income.
• [03:28] - Journey from Budgeting to Wealth: Real-life success stories demonstrating the transformative power of effective budgeting.
• [09:30] - Mastering Cash Flow: Strategies for managing newfound cash flow and the importance of purposeful investing to avoid financial stagnation.
• [14:13] - Avoiding Investment Mistakes: Common errors in investment strategies that can impede long-term growth.
• [22:45] - Navigating Investment Risks: The importance of understanding and managing risks to maintain and grow wealth.
• [33:44] - The Psychological Side of Finance: How emotional factors impact financial decisions and overall financial health.
• [38:19] - Living for Today and Tomorrow: Tom shares a poignant story highlighting the necessity of enjoying life while securing a financial future.
• [43:05] - Conquering Financial Shame: Tips on how to confront and overcome the shame and guilt associated with financial struggles.
• [45:30] - Steps to Financial Recovery: Practical advice for anyone feeling financially left behind.

Links & Resources

• Budget Dog Academy: https://budgetdog.com/

Closing Thoughts

If you're aiming to break free from financial constraints and step towards a life of abundant wealth, don't miss this episode. Make sure to subscribe, follow, and share "Money On My Mind" if you find this discussion beneficial. Your ratings and reviews help us reach and help more people like you achieve financial freedom. Tune in next week for more empowering financial insights!