Why You're Still Stressed About Money

0:00 The topics and opinions expressed on the following show are solely those of the hosts and their guests and not those of W four WN Radio. It's employees are affiliates. We make no recommendations or endorsement for radio show programs, services, or products mentioned on air or on our web. No liability, explicit or implied. Shall be extended to W four WN Radio It's employees or affiliates. Any questions or common should be directed to those show hosts. Thank you for choosing W four WN Radio. This is Beyond Confidence with your host w Park. Do you want to live a more fulfilling life? Do you want to live your legacy and achieve your personal, professional, and financial goals? Well? Coming up on dvparks Beyond Confidence, you will hear real stories of leaders, entrepreneurs, and achievers who have stepped into discomfort, shattered their status quo, and are living the life they want. You will learn how relationships are the key to achieving your aspirations and financial goals.

0:52 Moving your career business forward does not have to happen at the expense of your personal or family life or vice versa. Learn more at www. Don't Divpork dot com and you can connect with div at contact edt Dvpark dot com. This is beyond confidence and now here's your host w Park. Good morning listeners, So thrilled to be here with you on this Tuesday morning. And I know, yeah is everywhere, influence is everywhere. So I want to thank you personally who have got the box, whether it's expert to influencer or the AI agency. If you are looking to develop and build that agency, an AI or your influenceror leadership, these are the books for you.

1:39 Well, let's welcome our guest Candice. Good morning. Welcome Candace, and thank you for joining us. Soan you for having me absolutely so share with us as to what was it that got you into the financial health business. Actually, I started off pretty early on. Money to me was something that I think as a child actually caused my family a lot of stress and so living with that, I think I needed to figure out as a child, I was wondering I needed to figure out how to earn money in order to solve this problem that I experienced as a child. And so when I was in school, I majored in finance and got my degrees and started off as a financial planner very early on to learn everything I needed to learn about money in hopes that whatever I needed to know in order to improve my life I could use and then also help others to do the same.

2:51 No, definitely, and some of those lessons stay with us from childhood. So absolutely, they actually are very early. Our childhood shapes us absolutely. So just yesterday, I had one of my clients talk to me, and unfortunately, the young gentleman was laid off and he was making good money and yet he has, you know, some credit card debts and some savings and a couple of months of sever in Spain, and then he was so stressed out. So you know, before people get into that place, the financial anxiety can definitely impact the interviews he's going to give. So the financial anxiety can crush people sometimes. So tell us where does that financial anxiety usually stem from.

3:51 Financial anxiety is very real and a lot of times we feel it immediately in our bodies and then it starts to show up a lot of times and just stress in our lives. But it stems a lot of times from uncertainty. You know, we're human, so uncertainty is definitely one of those things that causes stress, fear of the you know, fear of the unknown causes stress, not knowing what to do, not knowing if you have a plan that feels good. So a lot of those start to come in together when it comes to money, because money touches so many things, you know, it's touching our livelihood, our needs, our wants, our relationships, everything.

4:39 So when we. Get to that core of those feelings and we don't really have that plan forward that we feel good about, I think stress just naturally comes with it. So it tell us that, I mean, we cannot avoid fun actually anxiety completely because life can throw curveball uncertainties, there, changes happen, layoffs, or it can be natural disasters, it can be anything. So how can people plan, not only financially but emotionally, How can they bring that alignment into the lives.

5:19 So a lot of times we have two things happening. We have things that are fully in our control that we can change, and there's those things that are happening that are completely out of our control and they're always going to be happening in our financial world. In order to actually bring it into how do we deal with like that anxiety, that human side of it. Is always going to be there. We're trying to train ourselves to become, like to say, like anti fragile, and in order to become anti fragile, we have to expect that this is actually going to happen. So we have to develop a plan, a practical plan, but then also an emotion plan. Both of them need to be addressed because we know we're going to go.

6:04 Through waves of life. But we actually have the financial plan and the emotional plan working together. It won't always be perfect as life hits us. But it will be able to maneuver back to that core of how we're training ourselves to become a little bit more at peace as we move through life, and that core value of having those two things. Working together from the very beginning. M definitely, so I re you're talking about that bringing emotions and the finance piece together because the emotional piece is tied to the identity as well. For example, I've had a client who grew up in a very poor household, so even though he's a financial wealth advisor himself, he just can't let his life the whole lot. So they ended up in a managed counseling session.

7:04 So can you shed some light around the identity. You talk about that identity piece, how does that impact the financial decisions? You know, this is a big one because we spend so much time talking about the logical side, the numbers of money, and yes that makes sense, but we as humans don't always function off numbers and the identity piece of who we are. The goal is to build systems around things. That work for us. But the issue is what works for me might not work for somebody else because of how we grew up. Our childhood is a big one.

7:45 What our beliefs are, what our habits got developed in our childhood. So even in marriages, we always see like you have one spouse that has one set of childhood experiences versus another. Habits are very different, beliefs are very different. So then they start to come together and they have to build a system that actually works together. And that system won't always they won't always agree on each other's systems, but it's important to understand them and to actually just work within them because those are more workable than trying to change the other person to adopt another system.

8:25 Absolutely. So, what are some of the mindset shifts that people can implement? I think one of the mindset is it doesn't have to be perfect. A lot of movement forward is where you can find a lot of peace. Also having a plan, you know, any kind of financial plan, and really making sure that you have the basics of saving spending. Why am I doing what I'm doing for what reasons? So that awareness factor. Being aware is actually a really great tool. I know sometimes people think facing the mirror sometimes facing those things that we don't want to face about ourselves.

9:09 We all have those fun habits. I come fun, you know, but you know what I mean as far as just the human habits and we just have to face that we have them or when we're doing things that maybe are throwing us off course, facing the mirror is one of the best things to do. It is where the strength comes from. And a lot of people avoid that piece. So I highly encourage. Self awareness is one of the biggest things in money management. Definitely, and so many times what happens is that self awareness is there, and yet people know. What they're doing is. Not the right way to go, and yet their patterns take over them.

9:49 As you mentioned, habits take. Over them, and then they still end up doing what they don't want to do. It any suggestions around that. I think when. You're going down a path where you know it's time to take a look at hey, this path isn't working for me, we just have to ask that really important question of what's holding us back or what. Can we change at this point in time. Because. We have to first start changing with the vision of where we want to go, and then we have to try to create some type of habit that aligns with that vision, and so that alignment becomes really key.

10:29 And I just that movement forward is those answers. So if you can move forward and you can keep moving forward perfect, if you move forward and you're starting to create those roadblocks, then you can access that step at that point in time of what do you need to move forward again? So each step could be a little different, but I would just challenge to when that happens, ask that question, make sure where you want to go and that action that you're doing, or in alignment. If you create a hurt, I'll try to figure out what's the next step to move forward again. Absolutely, So we've talked about the emotional side, bringing your identity, bringing your emotions into alignment. You have talked about a practical plan can you shed some strategies around that. I know you talk about seventy to thirty rules.

11:21 So a seventy thirty or old to me is it's doable. Right. So a lot of times when I know we've heard like weight watchers, you know, monitor what you eat, do what you can in moderation, right, So in finances, it's creating seventy percent of the plan that you know that you're doing. Well in that thirty percent. We are human, We're going to explore, we're going to make some mistakes, we're going to learn. But if we do these seventy percent of our core plan working in the direction we want to work in, we can alter, course, we can learn, but that is definitely still taking over that movement forward and then we can adjust, we can evolve.

12:03 If we shoot for those ninety percents, we shoot for those hundred percent, we're. Not a lot of times those beare a lot of stress. We're aiming for perfection and not real life, and that doesn't really work. It just causes more stress and anxiety. So we just need to we need something that's doable, that's real, that something that we can go after we know we can. Get definitely, so as you have talked about, like you know, seventy percent of now all of these like you people as they're thinking about their plan besides budget like you know, do you have any frameworld or suggestions for budgeting and savings?

12:44 So yeah, so budgeting and savings has you know? I left at this one because cash flow is a very one of the most personal systems because so many people function very differently. Some are very much aware of every dollar going in and out. Some are very conceptual thinkers, they know generally. What's going in and out. So I think you first have to understand what your system that you're going to do. Then after that point, really set up some game plans on how much are you saving? Immediately? The biggest thing. Is can we say pay ourselves first? Can we save first?

13:26 Because we can't lose on that one. If we spend first, then we're sometimes back into the do we have anything left to save? So I always learned from the very top is how much am I looking to save? And that's going in a different bucket, And then my spending category is going in another bucket. And if I'm. Doing giving, that's going in another bucket. So and then I have to manage my system that works for me. So I'm very general. My husband's very detailed. So it's very interesting. We have very different and systems. That's okay, but we just have to make sure we have the system, but it's working for what we needed to do. And in the planning realm, managing cash flow is one of those areas. So what we spend, what we say, what we're giving, what's going in, what's going out. We have our system of being aware and doing that setup. If you extend the planning out, then after that we look at they call it like protection planning. Protection planning is you know, if you're looking at any kind of life insurance for the family home and auto insurance, making sure you're properly protected. We look at investments, you know, getting your money working harder than just sitting in cash accounts because that overtime concept in earning getting your money.

14:48 To work for you is very real. And then there's the ultimate goals, like people who are trying to save for bigger moments in life, whether it's house, you know, college for the kids, retirements, and then legacy planning. So there's lots of different planning in the planning, but the very first one you have to monitor is the actual cash flow, what's going in and what's going out. That definitely makes sense, because you know what's going in and what's going out, you're not going to be able to pinpoint as to where things are going. And if you don't know where things are going, you don't know what your spending habits are. So for example, one of my clients, she had meant the financial advisor and she was saying that, oh, I didn't even realize that I was spending six hundred dollars on subscriptions that I didn't even know of. So now we have talked about the cash flow, we have talked about savings, how can people make their money work hard for them?

15:56 So a lot of times, once when it comes to just setting up like a cash reserve, a lot of people have to determine what comfort level they really want inside the reserve position, because that's your liquidity in case anything were to come up. Once you kind of get past that point, you feel like you have a very secure cash reserve. Sometimes it's three months of expenses, it could be six months, all the way to a year. People's comfort zones are very different around that. But then you have to figure out. Then it becomes let's learn a little bit more about the investing game, you know, whether it's investing in the market itself. Sometimes people will invest in real estate, they'll do other outside investments, but it's what can I do to make my money work for me? So as a planner and what I've done over the last twenty years, I've definitely leaned into the investing world. So it's mutual fun stocks, bonds, things like that.

16:55 That's one of the things that you know, we educate clients around. But at the same time, time is there's a rule of seventy two, and a lot of times that rule of seventy two says, whatever interest rate I am anticipating to earn. So if my investment earned seven percent every year, I would take seventy two divided by seven and I would. Get ten like ten point two. But if you do that, then your money will double every. Ten years if it was earning seven percent or about seven percent. So from that standpoint, you could even see where time makes a big difference. So if you start with one thousand dollars and ten years, it's two thousand, another two it's four, and then you do that even bigger numbers. If you start with ten thousand and ten years now it's twenty, another ten, it's forty. So that rule of seventy two tells you the earlier we start, the more we can get our money working.

17:56 For us longer. And that definitely makes sense. So a lot of times youngsters don't pay attention because oh, yeah, we're young. And of course there are areas, for example, roth hiring, you can grow your money. I know it's a limited amount of money, but still there are so many youngsters who will not contribute to that one case getting money. You know, my company is contributing to my paycheck. But it's important to figure out, So what are some of the ways that people You mentioned that not everybody's going to be financially educated, and that's one of the reasons we bring experts like you so that people can start thinking. And if people were thinking of going to a financial advisor, what are some of the things that they need to look for that how do they know yep, I'm aligning with this financial advisor and this is the financial advisor for me.

19:03 So financial advisors, they're they all could serve very different functions. Some can very much just specialize in certain areas of financial planning, whether it could just be investments or even insurance, all the way to what they call certified financial planners that typically do like the whole. The whole game. Plan, right, So I would first start. To look at when I with when I talked to a financial advisor, is what service. For me? Am I getting the full game plan? Am I getting pieces of it? I think that's very important. I think how they work is also very important. Do they work with a team? Are they just solo? And then part of it is you really need to work with somebody that you're going to be very honest with. So it's not always it's not that person. If you don't feel comfortable with that person to be very honest with them, I'm not sure there might be the best fit for you.

20:10 So there is a personal relationship that you have to feel like you're going to be open enough and honest enough to share your finances the best. The more they know about you, the better they can help you. And then also what resources and fees and stuff like that that they back up with. So you know, because you really want that partnership to work well, you want it to be a win win. So you want the transparency kind of all around. Absolutely, and that makes sense. So do you have any general tips for our audience. I think the most one is making sure that the habits I always left.

20:51 The habits are. More valuable sometimes, and the skills that you have are more valuable sometimes, and the actual money itself, because you can always Once you have the habits, you can create the plans, you can create good things coming your way. But it's not always about the numbers. So I've met a lot of people who have a lot of money and they're not happy. I wouldn't say they're living well. And then I've met people who have maybe. Less but are so I think what you have to really make sure that we're doing. Is a plan. Having money is part of life's plan. We have to talk about it more, we have to integrate it more.

21:33 We have to know that it's affecting our whole life. So like when we do life planning, we want to do money planning, and we want to do a system that works for us and who we are. That's the best way we're going to find that build wealth, live well together. And if our audience was looking to find you know more about where can they connect with. You so they can go to my website. It's www dot financially wealthy dot com. Wealthy is actually spelled. W E l L and so because that's the.

22:14 Whole picture, is trying to bridge it back together of you know, wellness and wealth together. You know, I want it all, I want my I want my clients to have it all in. In order to do that, we have to dress who we are, our life and our money together. I feel like the integration is very important. So there is a book coming out in the fall, and I do teach younger, the younger generation, the kids as well, So I do believe that's going to be a big in the future. I'm very passionate about that. Well definitely, as you mentioned, you know, the younger they learn, the better the life's going to be. So absolutely latinos before up of us conversation.

23:04 No, save smart and have some fun. Absolutely well, thank you for joining us and sharing some valuable tips, and thank you oneerful audience for being part of her family. Reach out to us, let us know how can we serve and support you so that you can live the life you deserve. And thank you on for being a tech genius. Be well and take care until next time. Thank you for being part of Beyond Confidence. With your host, Divva Park, we hope you have learned more about how to start living the life you want. Each week on Beyond Confidence, you hear stories of real people who've experienced growth by overcoming their fears and building meaningful relationships. During Beyond Confidence, Diva Park shares what happened to her when she stepped out of her comfort zone to work directly with people across the globe. She not only coaches people how to form herd connections, but also transform relationships to mutually and official partnerships as they strive to live the life they want. If you are ready to live the life you want and leverage your strengths, learn more at www dotwpark dot com and you can connect with wants contact at dwpark dot com. We look forward to you joining us next week.