In this Episode:
We are talking about owning your financial future today. Money is such a loaded topic – we don’t talk about it enough, even within our families. Opportunities are missed to teach our children the value of money and how to secure our future. Today you’ll have a chance to look at your money story and think more about your relationship to MONEY. To help us navigate this important area I’ve brought on Hilary Hendershott, A Certified Financial Planner and Founder of Hendershott Wealth Management, a leading financial advisory firm for women, where her mission is to motivate women and their loved ones to be financially empowered. She’ll walk us through her 7 Step Wealth Framework. All of the show notes are at https://thegoodlifecoach.com/026.
Hilary has been a TEDx speaker and has been featured in the Wall Street Journal, NBC, ABC, FOX, DailyWorth, Forbes, and Investopedia. She also hosts Profit Boss® Radio, a weekly podcast where she offers actionable advice to support women in their financial journey.
Hilary has also been recognized as a Top 40 Under 40 Entrepreneur in Silicon Valley and in 2018, Investopedia named her one of the Top 100 Most Influential Advisors in the US. With more than 30 television appearances, she’s considered the go-to personal finance expert in Silicon Valley for NBC, where they have nicknamed her “The Investor’s Voice of Reason.”
Hilary’s 7 Step Wealth Framework + Key Takeaways:
Step One: DECIDE. Decide here and now that you want to be wealthy. This includes action – a decision requires movement/action – not just saying what you want. A decision means NEW ACTION. Decide means to kill off the other alternatives.
Step Two: SPEAK. This step is about the importance of beliefs and words. For example, “I believe money is scarce. The economy is going to tank anyway.” Take an inventory that you believe about money and what you say about money. Not an affirmation. She says to change the disempowering statements and replacing them with something positive. “I can’t afford that.” to “Let me see how I can get the money for that.
Step Three. Plan. You wouldn’t visit a friend without an address but that’s how people run their financial lives. She doesn’t believe in budget and be able to be nimble.
She divides spending into 3 categories:
- Yesterday’s Promises: Rents/Insurances/Subscriptions
- Tomorrow’s Dreams – Savings short and long term for cars, holidays, vacations, and financial freedom
- Today’s fun – decisions you make in the moment.
Most people make the mistake of spending what they want to spend and save what’s left over but she says save first and then spend what’s left over.
Example – when she was broke she spent 1/2 her grocery spending on sauces and condiments. She cut that out and spent in different ways and that helped her save.
Step Four: Ask. We are paying bills every month and funding your savings every day and you have the money that you can pay on today’s fun. Now you want to grow it by asking. Ask for a discount, a raise, increase your prices as an entrepreneur. Make bigger requests of the world.
Step Five. Earn. This is the most fundamental element. Take inspired action – figure out ways to bring in more revenues.
Step Six. Invest. Compound Returns. Exponential/Compound returns from the stock market. Albert Einstein said “Compound Returns are the 8th Wonder of the world.” Poor people pay them in credit card charges – rich people make money in the market.
Step Seven: Protect. Protect your assets. Don’t loan your money if you can’t afford it, don’t put it all in one thing. Loan amounts you can afford to lose and create a repayment plan. Protect your wealth with insurance (home, renter’s, health, individual).
Hilary’s 3 Best Tips:
- Open your own checking account in your name for your business. Open another business account for taxes and put 25% in there to pay your taxes.
- Download your last three bank statements. Figure out your overhead and figure out what money you owe so there is money available and create savings for them in your cash flow so it is paid for when the bill comes.
- Go back to Step #2/Speak – Look at what do you say to yourself about money.
This episode was sponsored by Design a Life You Love, A Woman’s Guide to Living a Happier and More Fulfilled Life. My book includes 52 inspirations, one for every week of the year, each with practical tips to guide you to self-love and success on your own terms. It’s a short book that you can read in about an hour, but includes life lessons that will last a lifetime.
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