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Overcoming the Scarcity Mindset
Money Learnings: Whitney didn’t learn about managing money from her family or school. She learned that money comes from hard work. Her family had addiction and abuse issues. Her mom was stuck in that relationship because she didn’t have money
Takeaway: Money = Freedom!!!
Action step: Create your cashflow statement, if you have one – review how you did this year.
Bio: Whitney Hansen is a personal finance coach and entrepreneur. She teaches overwhelmed millennials how to pay off debt and be financially independent. She gives them the tools to have more fun with money while sprinkling in a little silliness. Some of her accomplishments are paying off $30,000 in 10 months, buying her first home at 19, and paying $472 for her master’s degree. whitneyhansen.com
Highlights from this episode:
Money = Freedom !!!
You don’t need a million dollars to start enjoying life.
Whitney buys a house at 19! The 2008 market crash and rent helped her achieve this.
Her scarcity mindset allowed her to save up lots of cash.
Student loans became a burden as she graduated with $30,000 in debt.
She focused on paying this down as quick as possible. Staying at her salon job along with her accounting job allowed her to pay it down as fast as possible.
Discipline is hard!
Whitney gets a masters degree for $472.
Accounting was not what she wanted to do anymore.
Budget sucks, but we still need them.
We need to get fed up before we can change.
Does traditional financial advice work?
10% savings rate doesn’t cut it.
The speed of compounding and money growth.
Biggest financial mistakes?
Financial success comes with being obsessed with the goal.
Overcoming advertising and marketers.
What are success mindsets?
Don’t compare yourself to others.
How we hold ourselves back from success?
How to re-frame the situation to overcome ourselves.
Creating passive income.
Find Whitney at whitneyhansen.com
Cash flow statement: Cash Flow Statement
Check out this episode!