If you’re struggling with saving and investing no matter how much money you’re earning right now, then it’s time to be very intentional and take action!
In this episode, Britt Baker, co-founder of Dow Janes talks all about money and how she’s bringing a step-by-step approach to saving and investing. Britt is a Harvard Business School graduate and an expert investor with 10+ years of experience as a money mindset coach. Britt is on a mission to serve those who have traditionally been left out of the financial world.
Through Dow Janes, Britt and her co-founder have helped hundreds of women pay off debt fast, set up long-lasting money systems, and invest their time. Britt believes everyone deserves the confidence, clarity, and peace of mind that comes with having your finances handled.
Here are some power takeaways from today’s conversation:
- Why you shouldn’t start investing until all of your debt is paid off
- Investing for at least three years at a time
- Women taking responsibility for their own financial freedom
- The idea of discretionary spending
- Money as energy and letting it flow
- How to unpack your money story
- Why it’s a better world when women have money
[04:01] Things to Consider Before Investing
Most people think of investing as a quick way to get rich. But investing is a patient, long-term game. There are also some things you need to consider before investing:
- Do whatever you need to do to minimize your monthly expenses. Pay off your credit card debt. Put any bonus money you get towards your debt to pay that off as fast as possible.
- Have your savings and your emergency fund built up so that when you start investing, you don’t have to pull it out. Save an amount that will cover your monthly expenses for a few months, then any additional savings can be used to invest.
- Invest for at least three years at a time so the ups and downs of a market are not going to affect you, because, over a long enough period of time, it’s going to go back up. Again, think long-term – and patience is the key.
- Start investing in your retirement accounts. Maximize those and save enough to get the tax advantages from maxing those out each year.
- Take responsibility and get educated about your financial future. If you don’t understand what investing looks like, talk to someone and get the professionals. Pick up a book, and start to familiarize yourself with the language. The more you do that, the more comfortable it is.
[14:58] The Idea of Discretionary Spending
Spend in alignment with your vision and values. Get really clear on what your values are and how you want to use the money to live your best life based on your personal values.
Budget and save up for it. When you have everything planned for how much you’re going to spend on something, it gets rid of the guilt that can come from spending money you didn’t plan for.
[19:04] Money is Energy – Let It Flow
Scarcity breeds fear. It’s negative and limiting. You have to address your relationship with money. Start by looking at your money story – stories you heard about money or how your household talked about money. Look at the stories that you need to reconcile now as an adult, as you’re creating your own relationship with money going forward. Then you have to develop an abundance mindset and rewrite what you think you’re worth.
The Soul of Money by Lynne Twist
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