A Millennial Mom’s Guide to Managing Money with Catherine Alford

Financial literacy is one of the life skills many of us have a hard time developing and don’t pay attention to. When it comes to moms, managing money can easily become a headache as they already have a lot on their plates. And with all the tech quirks of modern society, such as influence social media, it can be even harder to make savvy financial decisions. That’s why we decided to have a deep conversation with someone who specializes in helping moms develop their money management skills. Catherine Alford, the author of  ‘Mom’s Got Money: A Millennial Mom’s Guide to Managing Money Like a Boss,’ joins us on the podcast today to share her wisdom with our listeners.

I am super motivated by all of the moms who I haven’t reached yet who I haven’t helped yet, says Catherine. We start the conversation by talking about what motivates her and the experiences that inspired her and led her to write her book. Catherine mentions that she had to face 28 rejections over a period of four and a half years before finally getting her book published. We talk about how she was able to stay strong and push through all these obstacles until she reached her goal and advice she has for people who are facing rejections while pursuing their goals.

Getting into the core concepts Catherine covers in her book, we talk about the mindset we generally have towards money, how emotional labor affects our lives, and how to develop a growth mindset. We also dive into some of the money management concepts, including net worth, goal setting for families, family budget meetings, eliminating high-interest debt, cash flow management, and developing a wealth mindset. Wrapping up the episode, Catherine shares a story of how maintaining an emergency fund helper her with an unexpected disaster and some tips and tricks for deciding how much you should allocate for an emergency fund.

[02:25] Mom’s got Money – Catherine kicks off the conversation talking about what inspired her to write her book, Mom’s Got Money: A Millennial Mom’s Guide to Managing Money Like a Boss, and her rough journey of getting it published.

[06:04] Dealing with Rejection – We dive into how Catherine managed to stay strong in the face of several rejections, some of the resources that helped her with it, and her advice for our listeners for dealing with rejections.

[12:44] Scarcity Mindset and Growth Mindset – Catherine dives into three key concepts she covers in her book that defines our financial habits, how our emotions affect our financial decision-making, and how we can improve our mindset around money.

[17:32] Emotional Labor – Sometimes, seemingly simple and mundane financial decisions can involve a lot of emotions depending on our personalities, our responsibilities, and a plethora of factors. We talk about how emotional labor comes into play in our daily lives.

[26:23] Boss-mom Mindset – The boss-mom mindset is another key concept Catherine covers in her book. She shares with us how she defines the boss-mom mindset, the leadership traits that come with it, and how to develop a boss-mom mindset.

[32:41] Net Worth – Many of us have heard the term ‘net worth’ when talking about big companies or extremely wealthy people, but it might not come up as much when we think about our own financial matters. Catherine explains what net worth is, how it applies to a family, and why it’s important.

[42:32] Personal & Family Goals – Catherine shares with us how we can identify our personal goals and how to figure out goals for our families, and how to talk about them with our family members.

[47:32] Budgeting & Family Meetings – One of the things Catherine consistently practices is having family meetings. She talks about how it makes her life easy.

[53:00] High-Interest Debt – Catherine dives into why it’s important to prioritize high-interest debt and some tips and tricks for eliminating debts that have a higher impact on your financial stability.

[1:00:52] Cashflow – Catherine talks about some of the key concepts of managing a healthy cash flow for moms and families and a couple of rules you can implement to improve your cash flow.

[1:13:46] Wealth Mindset – Some of the cultural factors that prevent us from developing a wealth mindset at a subconscious level and how to counteract these subtle forces that play in our minds.

[1:22:00] Negotiation – Negotiation is a concept many of us find a bit uncomfortable. However, developing negotiation skills can help us in surprising ways when it comes to managing wealth. Catherine shares her take on why negotiation is a skill that helps moms manage their money better. 

[1:27:14] Emergency Funds – What emergency funds are for, why they’re important for families, and how to size them.

Connect with Catherine

Website: catherinealford.com
LinkedIn: linkedin.com/in/catherine-alford-8b983049/

Mentioned in the Episode

The Prosperous Coach: Increase Income and Impact for You and Your Clients
by Rich Litvin and Steve Chandler :
amazon.com/Prosperous-Coach-Increase-Income-Clients-ebook/dp/B00CLLACTAExistential Kink: Unmask Your Shadow and Embrace Your Power by Carolyn Elliott:
amazon.com/Existential-Kink-Unmask-Embrace-getting-ebook/dp/B07XMG4BWN

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