Leading with Power & Purpose

120. Smart Money Management: How to Build Wealth without Burnout

• Sabine Gedeon • Season 5 • Episode 120

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Do you value tradition but also dream of achieving financial freedom? You don't have to sacrifice your well-being by constantly hustling and risking burnout. By aligning your financial goals with your values and implementing the right strategies, you can find success without sacrificing your health and happiness.

In this episode of the Power, Purpose, & Prosperity Podcast, Sabine discusses with Nicole Morong how strategic financial planning can help people create their ideal lives. Nicole, a Certified Financial Planner (CFP) and seasoned entrepreneur with over ten years of experience, has assisted numerous clients in realizing their dreams through smart financial management.

Listen in to discover how to develop financial habits that unlock your full financial potential. You'll also learn the importance of periodically assessing your financial strategies instead of constantly chasing new opportunities or expanding your business.

Key Takeaways: 

  • Reverse engineering financial goals and breaking them down into manageable steps to prevent burnout from overwork.
  •  Setting healthy boundaries to maintain a healthy work-life balance.
  • Consolidating gains and building on what you have instead of always chasing the next big thing.
  • How to be financially savvy to work effectively with advisors and professionals toward your financial goals.

What You Will Learn in This Episode:

  • [02:10] Nicky's transition from a traditional background to entrepreneurship following her father's sudden passing.
  • [06:45] The financial habits of Nicky's parents and the concept of maximizing financial potential.
  • [11:47] Understanding the protective mechanisms of staying small, plus the importance of negotiating financial goals.
  • [15:43] How to set realistic financial goals with smart work and healthy boundaries, plus the concept of becoming a millionaire.
  • [20:10] Nicky's personal financial journey and the significance of financial efficacy over literacy.
  • [28:10] Sabine on the psychological barriers to setting and achieving ambitious financial goals.
  • [30:10] The importance of having clear financial goals and the benefits of using specific investment tools to achieve them efficiently
  • [37:05] The fundamental questions to ask a financial advisor to understand the value they bring and how they’ll support your goals.
  • [43:23] The right time to hire a financial advisor to help you navigate your financial situation and avoid costly mistakes.

Connect with Nicole:

Books Recommendations:

  • Rich Dad Poor Dad by Robert Kiyosaki 
  • Think Like an Artist by Will

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HOST INFO:

Sabine Gedeon is a dynamic force in the world of leadership and personal development. As the Founder of Transformed Leadership Institute and CEO of Gedeon Enterprises, Sabine leverages nearly 20 years of experience to guide clients in both startups and Fortune 500 companies. Her unique approach combines human-centered principles with tech-enabled solutions, delivering customized programs for leaders at all levels to tackle crucial leadership and talent development challenges.

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ADDITIONAL SUPPORT:

Download Free Resources - https://sabinegedeon/gifts
Get Coaching Support: https://meetwithsabine.as.me/Discovery

Are you tired of playing small and ready to step confidently into your greatness and share your unique brilliance with the world? Well, you're in the right place. I'm your host, Sabine Gideon, and I've dedicated nearly two decades empowering individuals and leaders as they confidently navigate the twists and turns of life and career transitions. If you're seeking direction, connection, or just a little push to play bigger, consider this podcast, your VIP path to a community that genuinely understands your journey. Join me every week for candid conversations and practical guidance designed to help you navigate the challenges of life and business, foster a growth mindset and cultivate meaningful connections. It's time to embrace your inherent power, define your unique purpose and prosper in every aspect of your life. Let's get started.

Sabine:

Hello and welcome to another installment of the power of money series. I'm your host, Sabine Gideon, and this week I am excited to bring on a CFP financial expert who is going to give us the low down on how to really break free from the limitations, both from a mental perspective, as well as a tactical and practical perspective. So real quick, uh, I'll introduce you real quick. So you are a certified financial planner author and entrepreneur and in over a decade as a financial planner Nikki has helped thousands of clients and students use their money to live and achieve their ideal lives and guess what? She talk. One of her most significant personal financial achievements was retiring her husband who was in his thirties at the time from a teaching career so they could live their best lives as both entrepreneurs and new parents. With that, welcome to the show, Nikki, I would love for you to, before we get into the details of how you do what you do and empowering lives, share with us a little bit more about your professional journey and you know, what led you to this place.

Nicole:

Yeah, um, so I, I mean, I never thought I was going to be an entrepreneur. I'm from like a really traditional background. Everyone in my family is doctor, lawyer, engineer, that kind of thing. Um, when I was in college, my dad suddenly passed away and it had me kind of flipped upside down, you know, and I started thinking like, oh my God, like, instead of thinking from the perspective of like, you know, What should my career be? How am I going to make lots of money or whatever? It was more like, how do I make it to the soccer games? How do I make it to the track meets? Like life is too short. Like, how do I make more money sooner and have more freedom and all of that? And so that kind of led me to. Entrepreneurship and, you know, I didn't have any like big ideas for a business, but one of the things that I learned in the passing of my dad is that my parents, even though they were really high earners, they didn't really have all of their financial stuff together. Um, so I started working with people like my parents to help them get more out of their money. So I built a financial planning practice, been doing that for, Over a decade. It's coming up. I think this was 12 years in March. Um, and that has kind of shifted into, um, consulting and coaching and really helping other small businesses, other service based small businesses to take home more money from their businesses, because it's important to, like, help people do smart things with their money, right? To know, like, the right planning strategies. But you need money to be able to invest, to be able to grow. And I feel like entrepreneurs are underserved because nobody really knows how to help them. And I understood that firsthand because I am one. And so kind of trying to figure it out for myself has led me to this place where. I'm still working with clients one on one doing like the more traditional financial planning, um, but I'm digging deeper to have really help other entrepreneurs like me, um, to take home more money from their businesses too because that's really become a passion of mine.

Sabine:

Yeah. So did you have a stint in corporate or traditional work environment at all?

Nicole:

I worked for a corporate bank for like a year, you know, I'd worked in retail when I was to put myself through college and stuff. Um, I was. Working corporate, like my last year of college, I worked for a corporate bank, like entry level role, and they offered me a full time position at the end of it. And I was like, no, I can't do it. Honestly, like, in that job, everyone was like, Oh, my God, this is so great. This is so great. We were like, sitting at a computer just like. You know, typing stuff into a spreadsheet was basically my job and I would sit next to like my VP over there, my AVP, and they'd be talking about like how annoyed they are that they can't make it to like the daughter's ballet recital because there's some deadline to meet or like the exact same stuff that I was like, I wish that my parents could have figured out how to get more lifestyle out of their money so that they weren't always under the gun for like the next promotion, the next raise, the next overtime, the next business trip, the next whatever. Like, my dad died in his 40s. So, being next to people who were like, his age and who are in that role. I'm like, there's no way I can stay here.

Sabine:

Yeah. Yeah. Well, you know, my, my sincere condolences on the loss of your dad. Uh, yeah. And at the same time, you know, I, I love that you use that as fuel to not only support you and your, and your mother, but also now it's still few. time later to help support others. So that is awesome. Uh, something that you mentioned, you know, before that, you know, you're in your household, you, you were high, like your family were high earners, but yet it didn't necessarily feel like that, or that wasn't the experience. And, you know, some of the conversations that we've had during the series is that, Your starting point or whatever amount you may have had as a child, you know, whether it was a lot, you know, a little or just enough or whatever the case may be, there's a lot of, uh, messages that we've internalized based on the experiences and based on the conversations that were had and or not had around money in, um, in the household. So as you were growing up before you discovered, you know, the truth, like, did you, were there conversations around how the. How the family made money, how they manage money. Were you involved in those types of conversations or was it just, you know, once you had to, that's how you figured out, you know, we, we weren't in the best place.

Nicole:

So here's the confusing part is that my parents probably were better off than most people. Do you know what I mean? Like they weren't like maxed out on credit cards, like in debt with no money in the bank and all of that. Like they were savers. Like my dad was putting, like my parents were putting away money for retirement. They were doing all like they were doing some of the right things. Like my dad died, he had life insurance. That was good. That really helped our family. Like they did some of the right things, but the problem is, is that when you are a smart and successful person, like my dad was a chemical engineer, he's the oldest in his family, like. There's a lot of like cultural stuff, but like, he's the guy that everyone went to for advice for everything. So like, if like people would ask him like about what stock to invest in, like he doesn't know what stock to invest in, but like, he's just the guy that you think has all the answers about money and business and whatever. And I think that when you're professionally successful and, and achieve like a level of success in your professional life, You have that image to maintain. So it's almost like you can't ask for help. So I think there were two pieces of it is like, on one hand, my dad, I think my parents always thought that there was never enough. Like we're a family of six, there's four kids to put through college and do all of those kinds of things that they wanted to do or felt like they needed to do to be able to like do better for us than their parents could do for them. Because both, neither one of my parents came from money. But then the other piece of it is just like, who do you ask for help? And do we even have enough? Like, do we even make enough money to get help? And it's like, they were making multiple six figure salaries, like my mom, My mom made six figures, my dad made multiple six figures, and they're both, like, very smart people, but when you have a house in a nice neighborhood, two cars in the driveway, with your 16 year old getting ready to drive, and, like, all of those things, I'm preaching to the choir, right? But, like, it feels like less and less and less. Everyone thinks that 100, 000 is a lot of money until they make 100, 000. And it's like, you can say that about anything, like, But that's, that's really what it was. So I think that like, yeah, my parents did some of the right things, but you can have money in your bank account and you can have some investments and still not be maximizing what you could have. So it's like, yeah, it's great if you have 10, 000 in your bank account, but what if that could have been 50, 000? If you just knew a few of the right strategies without having to work harder or make more, what if you could just have more on the same? Like, doesn't everybody just want more? If you can have it with less?, so that's the whole thing. And I think that that's also a trap that a lot of people fall into. And it's a natural one is like, Oh, well, this is good enough. This is better than other people. This is whatever, like we're fine. And it's like, but is it really fine? If you could have double what you have now with less effort, if you just asked for help or just have the right resources or just, you know, admitted that you don't really have all the answers, but you're open to it.

Sabine:

Yeah. Those are really great points. Like we, we are conditioned, you know, go to school, do well, get your job and, you know, move up the corporate ladder and get your incremental raises or your promotions or whatever the case may be. And that's kind of the, the societal flow, if you will. But then there are a few divergents who are kind of like, okay, no. Yeah. Like, I want more. In my particular case, I, I was that diversion where I was just like, there has to be more to life. Um, money wasn't initially the first driver. It was more of like the impact in the work that I was doing. But even then you're fighting against a lot of resistance, both within yourself. My, our stories can be more different, uh, drastically different, um, as an immigrant from a third world country. But there was a lot of. Fighting against myself and the things that I had believed to be normal, even though I wanted more. I saw others with more and I, I had a faint hint that more was possible. There were still some cultural, you know, societal norms that said you should be okay with. And when I started my business, that whole, you know, illustrious, like six figures, get to six figures, get to a hundred thousand, that, that was the goal. That was like, not the highlight of success, but that was definitely, okay, once you're there, then you're quote unquote successful. So for those who are listening especially if they're in a corporate environment and they're feeling like. feeling that I want more, but I'm limited because of the market or because of my job or because of whatever, how do you, how do you advise your clients or how do you help support them in pushing past those barriers and those paradigms that kind of keep them stuck in this space of this is this, this is my box and this is as far as I can go.

Nicole:

I don't know if this is, like, kosher to say, but, like, I think part of like the societal and family and whatever pressures to like stay small or to like want less is like a protective mechanism like the same thing that made like my family member family members and close friends tell me like don't start a business it's a bad idea you should just get a job blah blah blah is the same kind of thing that it's like you should be happy with. 50, 000. Why do you need 100, 000? You should be happy with this role. Why do you need to make a lateral move? Why do you need to, right? Because like the people who love you are scared for you in some ways. They're scared for themselves too, right? Like it's like a self preservation thing. It's like, Ooh, I might've made some past mistakes that didn't work out or taken some past risks that didn't work out. And now I see that this might happen to you. So I want to Tech to you. So I think some of it, a lot of it is protection. I mean, some of it could be like jealousy or like, you know, whatever. But, um, I think, it's okay to want more, but also realize that you can do a lot with less. To, and I think that's the thing. I think that there like becomes a problem when it's like, Oh, I can't get what I want at 50, 000. That's why I need to make a hundred thousand. Oh, I can't get what I want still at a hundred thousand. So I need to make 200, 000. Oh, I can't make what I get what I want at 200, 000. So I need 300, 000. the gold post is always moving. Right. I have a client who I've been working with for several years who Never made more than$90,000. Like when she retired, like she's about to retire, she makes like$89,000. She's a single mom. She owned at one point 10 different rental properties. She has an investment portfolio, like you can be a millionaire or like a multimillionaire, never making more than$80,000 a year. She owns a house in like a really nice area The Millionaire Next Door, that book, The Millionaire Next Door, if you haven't read it, it's really good. Like, the thing about The Millionaire Next Door is, like, being a millionaire isn't hard. Like, we like to make it hard, but you don't need a lot of money. You don't need a huge income to be able to get, to make a million dollars and to have a million dollars in the bank over the course of your lifetime. You need, To get good at negotiating, like what's important to you or not. So if you can't get what's important to you at income and still be able to build wealth and create a legacy, then you need to go after more. And there's nothing right or wrong about that. It's just like, what's right for you.

Sabine:

That's really great. And you make a key point, right? Because depending on your, your background or the messages or, you know, whatever education you have around finances, um, the, the narrative really is, if you want more, you have to work harder. And we know that working hard only gets you more hard work. It doesn't necessarily get you what it is that you need. So in the context of, you know, supporting women, uh, both entrepreneurs and especially entrepreneurs and those who are in corporate, you know, that mindset is okay. If I have to, you know, if I want to get to a hundred thousand or whatever that number is. Then I have to work a whole bunch of hours and, you know, completely burn myself out and buy into the Hulsa culture and, you know, burnout culture and everything else. So how do you help support, or what advice do you have for those who are at that place where, you know, they've been operating on that same paradigm that Hard work is the only way to get ahead, or hard work is the only way to, you know, make the money that I want, or have the things that I want, or make the impact that I want, what advice would you give to those who, who are stuck in that loop to say, you know what, there are other ways, or there's other opportunities, or there's, here's a strategy on how to move yourself away from, uh, Yeah,

Nicole:

this is funny because me and my husband were talking exactly about this when we were having coffee this morning and you and I didn't talk about it, but it's funny because people are like anti hustle culture and it's almost like there's this like, there's this like undercurrent of like, if it's not easy, I don't want it or something in business and I think there's some good to it, but I feel like it's been like overblown. Um, I think like. Hard work is required. Like some hustle is required. If you have an NBA play, like an elite basketball player in the gym, in summer camp, giving hustle, like you want someone on your team who has hustle, but within reason, like you hustle at practice, you hustle, you put it, you give your all for the game. but there's boundaries around it because if you get hurt, your career is gone, right? So you can't burn the candle at both ends. And I think that like, that's the missing piece in corporate America and in like the business world is like, yeah, you have to figure out a way to use your skills and your resources so that you're not burning out so that you have boundaries and you have a framework to be able to make what you want to make. Within the confines of healthy boundaries. And so it's like, yeah, you can work three jobs to make 100, 000 or 150, 000 a year and never see your kids and get sick all the time and just it be for nothing. Or you can figure out how to develop and build the skills to make 150, 000 a year in a normal 40 hour work week. And if you can't manage to do that, like, let's just back up from the, from the top line. I hate talking about like the a hundred or a hundred and fifty thousand, like, What do you want to take home? What do you want to buy? How do you want to spend your time? Like, let's reverse engineer for the outcomes that you want, and then even figure out if you needed to hit that revenue number. Like, even figure out, like, what, like, what do you really need? It's like, if you want to be a millionaire, invest, 5, 000 a year or 6, 000 a year every single year in a diversified portfolio over the course of 30 years, you will by accident be a millionaire. Like if you're making 50, 000, you can strategically, it will be hard. You can figure out how to invest 5, 000 a year. If you're making 80, 000, you can figure it out. If you're making a hundred thousand, you can figure it out. You don't need to make six or multiple six figures to be a millionaire. 30 years is a long time, but it's also not a long time, right? Like, it's achievable, it's doable. If you can do more, you can get there faster. And so it's like, is a million dollars your goal? Is more time with your kids the goal? Is a nicer house the goal? Like, you can reverse engineer a lot of things. But you need to be doing the right kind of work the right way the smart way. And that's what I think is lost is like, yeah, work hard, but work hard at the right things. And when it's clear that something's not the right thing anymore, you need to do something different no matter how uncomfortable it is. And like, That's the advice, right? Like it's not entrepreneurship is better than corporate or whatever, or vice versa. It's like, what works for you and what engineers, the outcomes that you need and want for your life. And I don't think enough people talk about it in those terms.

Sabine:

Yeah, I completely agree. I I've read, I've been reading several books now. And, uh, one of the books that talked about financial literacy is not, is, is really not the answer, right? It's the financial efficacy, right? It's really understanding how. What you're doing is impacting or moving you towards your goals. Um, something that, something that you said sparked a question. Uh, and this again goes to all of my research and reading that I've been doing. You know, oftentimes they say that a lot of, uh, certified financial planners or CPAs or people who are in the CPI. where all they do is deal with money. Um, unfortunately they are, while they can do great for their clients, their, their balances don't necessarily always reflect what they're able to perform, but in this case, like you've proven it, like you've proven it with, within your household, within your family. And of course, within your family now. So what, what do you think was the differentiator for you in being able to, Literally walk the talk, if you will, um, in your life and in your personal life, as well as in support of what you do for your clients.

Nicole:

Yeah. I mean, it's funny because it's like the cobbler's kids have no shoes, right? It's the whole like, yeah, sure. I mean, a lot of people will say like, oh, financial advice, most financial advisors are broke. Like a lot of the like tick tock pros and stuff. And like, yeah, that's probably true. There are a lot of people who are broke. That's true. But like, If I had stayed in corporate, I would have figured out how to build my net worth, right? Like we didn't talk about, I think you've brought, touched on this a little bit. I didn't answer this. We didn't talk about money at home, right? Like I knew that it's like smart to save, but like my parents didn't teach me about investing. My parents didn't talk to me about stocks or retirement accounts or whatever like that, but I'm an overachiever. Like I'm a type A overachiever type person. So if I signed up, if I got a job. And they had a 401k, I'm going to sign up for the 401k and try to get the full match or try to max out the 401k or try to, right, because that's the smart thing to do. So maybe I wouldn't have known like all the strategies that I know now, and I wouldn't have been able to optimize in the same way. But actually, I think that if I had a corporate job, I would probably have a higher net worth than what I have right now, because I would have been, it would have been easier. Not easier in practice, but easier, I guess, mentally to be like, Oh, I can count on this paycheck. And I could have started doing it earlier. I would have started doing it earlier. I did start doing it earlier, but then long story. But I mean, at one point in my journey, I cashed out a 401k like I've made financial mistakes too. Right. We all do. Um, but I think. If you're going to do it, you're going to do it. And I think what you said about financial literacy is so true. It's like, it doesn't, in some ways it doesn't matter what you know, it matters what you do. And we're in an environment right now where like, you don't need a stock broker to buy you a stock or to help you open a portfolio or invest, right? Like there are these things called robo advisors, like there's Robinhood. There's Betterment. There are these like apps that you can literally just like do, do, do, do, do. I'm going to do a hundred dollars a week. Done. And you're in a diversified portfolio. Like you're in a portfolio that should average eight to 10 percent a year for the rest of, you know, as long as it's invested and you can get to where you need to be with low fees and with good growth. Very easily. Like you don't need to know the difference between an asset and a liability. Like you should, but like for the sake of actually building well, no, you don't need. So people put so much emphasis on financial literacy and financial literacy is important, but at a baseline, like be spending less than what you're bringing in, right. And having money, having an emergency funds that you're able to be able to invest. Without needing to cash out the money at any given time without your investment account, being your piggy bank. Right. is the first step. And then once you're in the habit of actually investing, like, yeah, then you can get advice. But I mean, I don't think that an advisor that doesn't have a high net worth or that isn't walking their talk, like necessarily can't help you because they can still know the answers, but like, it's not useful unless they implement just like, it's not useful unless you You implement, and a lot of their clients probably aren't implementing to be honest, but yeah, I don't know.

Sabine:

Right. I was, uh, one of the books that I was reading is by Barbara, um, Barbara Stanney, and I think it's Barbara Houston now. She breaks down like the, her wealth strategy or her wealth formula. Of, um, spend less than you earn, right? So that whole mindset of put 10 percent away or put a percentage away. Like once you get the money, save more or save wisely or, and I'm sorry, save. invest wisely and then give generously. And so, you know, as we think about like wealth strategies and everybody has like their little formula of what they do, what are you seeing? And specifically for women, right?

Nicole:

You're saying what's a strategy that I've seen women use successfully or where do I think that they're? Both. It's, it's important. Okay. Okay. Okay. Okay. All right. So, I mean, I think that the biggest women are so used to like, I know men do too, but like women definitely like wear a million hats, like in their personal life at home and in business. And it's like, you're used to like juggling so many balls and having to just like do things. Not half assed, but like, just get things done, like, even if it's not perfect. That I think that once things start going well, uh, it's really easy to just, like, mess it up. I don't want to swear on this. But like, it's like, oh, okay, I'm making money. This is working well. Okay, um, what else can I do, you know what I mean, it's almost like that shiny object syndrome, it's like we have like an itch and I'm like this too, but I feel like you need to, in order to be successful, you need to be able to get to a point of maintenance and stay there, like there's something that's lost in the like, on to the next thing, on to the next thing, on to the next thing, because there's a learning curve with everything and in order for you to really be able to like get the full benefit from whatever you're doing, you need to be able to do it well. And you can't do something well the first time that you do it, right? Or you can't, or at least if you do it well, like maybe it was a fluke and you don't. You can't be confident yet that you have like even a basic foundational level of, of, of like success, if that makes sense. So I feel like I see that a lot, that one of the things that I think trips women up is like, okay, so I did that thing, what's next? And you're always looking for like the next better thing and not just like resting in the like, Okay, this is good because I think that that is how you actually keep more of what you're earning you did the hard work to build the business to do the course to invest the money and like now you have to let it work, do you know what I mean and you have to like reevaluate and you have to be able to like take a breath and say like I have the space to be able to see like, Is this working? Is this good? If it's good, should I do more of this? Should I do the same of this? Or should I do less of this? And is this moving me towards what I need to, where I need it to go? And I feel like you can't get into that space of like, evaluation. If you're always learning and onto the next thing. So like, yeah, sure, always be learning. But I think that that's a trap if you're always like, oh, great, now my salon is full, but you're like, now I need to grow, like now I need to get a bigger salon. Then it's like you're always in this place of like being behind the eight ball. Um, so I think that that can be really damaging, and detract from what you keep. Something that I think that women do really, really well is women know how to make money. Like that I know to be true. And it's like, they might not always have the confidence that they know how to make money, which is a weird thing. Like I have a client who has been making, you know, anywhere from one to 200, 000 a year in her business, like every single year, pretty consistently through maternity leave, through all these different things, like over the last like eight years. And still she like questions whether or not she can do it again next year. Her business hasn't changed, but it's like, You know how to make money, you know, how to make money in a space that you're still able to give to yourself, give to your kids, give to your business, give to your clients. Like women are very, very good at being able to like do the thing. And. I think that that is like a really unique,\ whether it's in business, whether it's in a corporate role, like, I feel like women are like generators, and I think that it comes from the place of like, needing to take care of everyone around us, that it's like, all right, I have to make sure that everyone else is good, so I need to make sure that I can like, put food on the table and I can do the things, so.

Sabine:

Yeah. You bring up a really great point, especially around the confidence, because that that's a part of this, uh, this, this piece too, right? So it's, it's 1 thing of not knowing what to do, and it's another thing of knowing what to do, but not feeling confident that you're doing the right thing or that you're on the right path or that, you know, you'll make it or you're successful or anything like that. I feel like that is a that that in and of itself is a huge barrier. For us to get to the place where we're like, Oh, okay, I've done this. I'm going to triple it. Literally. I found myself having a conversation with myself not too long ago. I set a goal, right? I set a monthly goal of what I wanted to make. Um, I hit the goal the first month and then like, you know, naturally, well, maybe not naturally, but like the first thought that came through was like, you should double it for next month. And immediately it came through. No, you, this might just be a one month thing. Like let's let's. Let's see it happening for a couple months before you go and you know, add to it or whatever the case may be. And it wasn't until a couple of days later that I was thinking about, you know, this conversation that I had in my head. And I was just like, where did that come from? Where did that come from? It was like this. I had to. I decided in that moment that I was going to limit myself to prove that this was a viable thing before I would even, you know, up level to that next step. And I know I'm not the only one that does this, right? And it's not even just like, it doesn't even have to be about money or anything like that. And so, I mean, not that there are any right answers here, but how do we start to recognize those patterns and, and break some of that in our own selves when we're, when we're doing that. To enter pattern, interrupt and go for the big goals. I go for the things that we want. And even if we don't make the mark, even type a people, even if we don't make the mark, it's okay. You just doubled something that, you know, you two months ago didn't even think was possible.

Nicole:

Yeah. I think that we're like really harming ourselves and it's that like fear of failure stuff. But like sometimes the fear of failure, I. So, I mean, this is like every financial advisor has to do this or whatever, but like the whole goal thing. I know that goals are like, so overstated. It's like, what are your goals? But like, the reason why goal planning or like, like identification of goals is like, so important when it comes to like, Your financial goals specifically is that obviously like there are different types of financial and investment tools and accounts that can get you to your goal faster if you use that. So if you're crystal clear that like, no matter what I'm going to pay for my kids, college in full, they're probably going to go to a private school and I'm going to need 300, 000 for it. The best place for that 300, 000 from a strictly financial perspective. Is a 529 plan because you're going to get tax free growth that you can use tax free for college. Does that mean that everyone should always do a 529 plan? No, because everyone's situation is different. But in general, the more clear you are on exactly when you need the money for what and in what way, like, is it in an income stream? Is it in a lump sum? Like, how do I need this? The more, the harder your money can work for you with less effort, the less money that you need to use to be able to achieve that goal. Right. But when we're talking, when I'm talking to clients about like what their specific goals are. It's so easy to make goals either so easy that it's like, okay, you're going to achieve that by accident. You can buy that new car like without any planning at all. I don't even know why we're talking about this. Or they are so crazy that it's like, do you really, it's good to have big goals, but like to have a goal so big that it literally can't be planned because You're just making things up because there's no way that based on what you have right now and based on what you're earning right now, you could get there. You would have to do like 10 different things and 10X your revenue and blah, blah, blah to be able to get there. That's not helpful and that's really damaging. But I feel like the reason why we do that is fear of failure is if you put that goal, that's like spicy, that's like, you know, it's like, it would be really hard for me to get here, but it would be really freaking cool. And I, I know I could do it. It would be hard, but I could do it. But if I just increased my revenue a little bit and I could just buckle in that a little bit, like I could get it. Like. Those are the goals that like you really want to, you know, want to solve for like having goals like that, like being able to stretch like that is the only reason why my husband's retired, right? Like, because I wasn't afraid to write that down and it was hard. I used to never write in pen. This is stupid. But like, I used to not be able to write in pen because I didn't want to write something down and not be able to erase it. It's like, you have to write like, it's okay. If you don't achieve the goal on time or at all, like sometimes you change your mind and you don't even want that thing anymore, but you have to like, Goal setting is such an important part, I think the most valuable financial literacy that somebody can get today is financial literacy that helps them more efficiently work with other people to achieve their goals. So it's like, I don't think you should learn how to file your own taxes, but I think you need to learn enough about how taxes work to be able to ask your accountant the right questions and to be able to know what to share with them to get maximum value. I don't want you to learn how to create your own financial plan and do your own projections and whatever. It's a waste of your time and figure out how to build a diversified portfolio or whatever. But to understand enough about the mechanics of investing and about the different opportunities so that you can better work with a financial planner and know whether or not a person is able. We know delegation is so important in life and in business, and you can't properly delegate if you don't know the scope of the project. And part of the scope of the project is having good goals, not just the smart goals, but having goals that are stretchy, but not crazy, and not too easy. And then the other piece of it is like, knowing enough to be able to efficiently work with the people that you're working with. Um, cause I think that people like, Oh, I hired a financial advisor. I hired a CPA, I hired a bookkeeper, but my numbers are still a mess. I don't know anything, blah, blah, blah. Like this is such a common thing. And it's like, well, that's because you've already chosen not to take ownership of your finances at all. And you're saying like, I don't know this stuff, take care of it for me. And like, there's only so much that somebody can do for you with your finances when they don't have the intimate knowledge of what you actually care about, what you're trying to achieve, how many times you've changed your mind in the last week, it's important. Like all of that. Right. So anyway, I'll stop the rant now, but I think that there's something there.

Sabine:

Yeah. Um, no, you're absolutely right. And they do say no one cares more about your money than you do. Um, so you have to, you have to take that leap and you make a really great point. And I think in, um, Robert Kiyosaki's book, uh, rich dad, poor dad, he mentioned that too, that it's not about you learning. All of the, um, you know, components, if you will, of anything, it's more of you having that understanding so that you can, um, be wise when you're asking questions and, you know, goes back to what you were saying before and being okay to ask, right, being okay to go to a financial advisor, maybe not the person that you're looking to hire, but to ask, simply ask the question, like, what should I know? Like, how do I know someone's a good financial advisor and learning and understanding and, you know, You know, I'm, I'm hoping for those of you who listen to the podcast that, you know, that your wheels are starting to spin and you're starting to question, you know, how much of, of my control or my understanding or my awareness of what's available to me. Have I, you know, not been paying attention to and better yet, what questions have I not been asking that I need to start asking right now? Um, and. Am I, you know, working hard to get to these goals when there are people out there who have done the hard work and they've learned the stuff who can help support me. So, two questions for you and then I definitely want you to share, you know, how people can, can connect with you. You know, what, what are some of the, Fundamental questions that, you know, someone listening can, if they're thinking like, wow, maybe now is the time for a financial advisor, or I've had a financial advisor for a while and I don't really know that it's working. What are some questions that they need to start thinking about that they need to start asking themselves up first and foremost, and then bring to a financial advisor, whoever, uh, to really understand whether or not that person is the right fit to support them.

Nicole:

Ooh. I think. The question that you need to ask yourself is what are you actually looking for from this person? Like, I think a lot of people are walking around thinking that they have financial advisors or need a financial advisor to help them invest and or like to be able to beat the market or like grow their investments so that they're always like making a return or a huge return or something like that. Like if that's what you're looking for, you're going to be disappointed. The market goes up and down. Over time, it goes up. That's what it is. The value that a financial advisor brings is helps you understand what the right accounts are to invest in so that you are investing as tax efficiently as possible to be able to like grow your money in the right ways to keep more of it. A not all financial advisors, but financial advisors who are doing like more advanced planning will help you with like understanding how to properly leverage debt and like a debt pay down strategy. They can help look at your cashflow. Um, they can. like, make sure that you're, uh, that you understand what's going on with, like, your estate plan in terms of, like, who your beneficiaries are and things like that. They can help you with your insurance planning. They should be able to review, like, your tax return and help you, like, proactively, like, ask your accountant questions that you're taking advantage. Like, really, the bottom line is, is, like, If you have goals that you want help reverse engineering to figure out exactly how much do I have to put aside to be able to get here, like, that's what you should be using them for and for them to help you pivot as things change, right? Because, like, your goals change all the time, or they should, right? Um, Maybe they don't. Maybe I shouldn't say that they should. But if you're an entrepreneur, your goals are likely changing constantly, right? Because things, life is changing constantly. So if you're looking for a partner in that, then like the questions that you're asking them are related to that are like, okay, here are my goals. Have you helped somebody with this before? Do you work with people like me? I'm, I'm needing somebody to help me with my business cashflow. Do you help entrepreneurs with that? Do you know somebody who does, um, Here's how we're working right now. Like, I've been your client. Here's how we're working right now. Is this how you work with all your clients? If not, like, why are you working with me differently? Oh, it's because I'm paying you for something else. Or I told you I wanted something else, but I didn't really understand what was available. Like people are people, right. And we're all in business. We're all just trying to like deliver what we're trying to deliver and make our clients happy. So like asking questions and like not being afraid to feel stupid. It's really, really important. I've asked my accountant the same question, like four different times and didn't still didn't get the answer that like, I felt like I should have gotten, or like, I keep felt like I kept like, it wasn't resonating with like my understanding, like it didn't make sense to me. And I'd heard other things that seemed to conflict with it. So I asked it again. Right. And it's like, you don't want to feel stupid, but also like I'm asking because I'm paying you to help me. And maybe I'm asking it the wrong way, or maybe I'm understanding it the wrong way. Right. But I need to understand because like my money is on the line. So ask questions, you know,

Sabine:

I love that. And I'm, I'm just curious when, when clients or prospects come to you, how do you know, or how are you able to, uh, intuitively decipher like whether or not they're savvy and they got their stuff together and they're ready to work with you versus where they're kind of, you know, Lost in the wind, so to speak.

Nicole:

You know, I actually don't care if somebody who works with me is like savvy or novice or whatever. Like part of my process is I require everyone who is thinking about working with me to give me all of their financial stuff. So like I see their tax returns, their pay stubs, their bank statements, everything. And before we even, before I even offer for them to hire me, and I'm basically looking at like how much of a mess their stuff is. What they're telling me that they want. And then I'm looking and seeing like, is this a puzzle? I think I can solve, like, do I think I can fix this? And do I like this person's personality? Do I believe that they're going to show up? And do I believe that they're going to take ownership of their financial situation? Like there are some people who will try to hire somebody and then they just want to tell that person what to do, or they don't want to implement anything that you say. And like, there's no point of that, right? Like, I don't just want to take your money and have you never listened to me. If you don't listen to me, like. We shouldn't be working together because why are you hiring an expert whose advice you don't want to take and implement? Um, so I think that it's more like for me personality fit is really important. I feel like my clients can be really vulnerable with me and they are and I love that and I think that like if I was working with a financial advisor who like I felt was like shaming me for like my spending decisions or for like my goals or trying to like push their agenda on me then like that's not a good fit because the entire point of having somebody Um, work with you. It's for them to help you make smart financial decisions and smart financial decisions are the right ones for you, are the ones that help your money better support your life and your goals. There's no like right answers when it comes to money. So if you have the feeling that like the person who's working with you thinks there are right answers that everyone should do or like is like not on the same page as like what you're trying to co create, like, You don't need them. There are a lot of financial advisors out there, right?

Sabine:

Yeah, that's helpful. Um, I remember earlier on in my career, uh, I had a couple of, of people in my network who are financial advisors. And of course, you know, they, they offered to, you know, Support me. And like my first mindset was like, I don't have my stuff together. Like, there's no way I can work with a financial advisor. Like it's a hot mess back here. And, and I do think that, that, well, you know, in retrospect, I wish I would have taken them up on the offer, but I do think that that's a, uh, Thing that a lot of people, especially women have in the back of their mind, like my stuff is not together. So I can't work with a financial advisor versus I should look to work with a financial advisor or at least have someone look at my stuff. Um, who is in that space to give me at least a starting point on, you know, what to do to get my stuff together.

Nicole:

Yeah, I think that it's funny because like the more of a mess you are, the more it makes sense to work with somebody. Because like mess is a different thing. If you don't have any, like, if you don't have a stable income or you just started a business, you're really not making any money and you're just like, you're in the red, you're in a point where like you're investing, like you're taking on debt to like start something. You're probably too premature to work with somebody, right? Like you need some kind of predictable income to be able to work with somebody. Period. And I think that a lot of people are like, Oh, I'll work with you. I'll work with you. I'll work with you. And like, no, but if you see, if you're not making the money that you want to make, but that's been the case for several years, this is kind of your reality. And you're living your life and paying your bills and whatever, like, then you probably need a plan around that. Right. So I think the bigger a mess you are, get somebody on your team right away because you're paying that person no matter what, don't you want to pay them to like, help you get out of the hole? Like, why do you want to spend time Googling, figuring it out yourself? Do making, making mistakes to get in a position where you think that you're doing well so that you can then bring it to somebody who's just going to tell you like, right, like. People who think that they have their stuff together often I'll look at their situation and I'm like, actually, like you should have done this, not this, this, not this. It doesn't really matter, but like, there's only so much that you can undo. Like the opportunity is to be able to like start sooner, right? Like time is of the essence. So don't be embarrassed. They've seen a lot worse shit than you.

Sabine:

Thank you for that. Oh my gosh, this has been, uh, such a great conversation. Of course, I can keep you here for hours, but I won't do that to you. Um, so for those who are listening, if they're thinking to themselves, like, you know what, I'm not sure if I'm ready for Nikki, but I want to have a conversation with her. How do they get in touch with you? What do you have going on right now, uh, to help support entrepreneurs and, and others, uh, who might be looking for some support?

Nicole:

I don't take on. Many one on one clients. So I can't promise that if you want me to be your financial planner, that I'll work with you. But if you're an entrepreneur and you want help taking home more money from your business, that's, that's my focus right now is that group coaching program. So,

Sabine:

yeah, and I missed it on my end. Can you repeat the name of the program again?

Nicole:

Yeah, it's called Profit to Wealth.

Sabine:

Okay. That is awesome. We will include the links to your website and of course all your social handles. Um, you know, just three core questions, blitz session here. Yeah, yeah. Knowing what you know now, right? Uh, both personally and professionally, if you could go back to a younger version of yourself and give her some advice that you think would be a game changer for her, what might that be?

Nicole:

One of my coaches, maybe like seven years ago, said to me, your confidence makes me question your competence. And that struck me because at that point I literally worked with over 500 clients. And I was like, Oh shit. Like how much have I been getting in my own way by doing the like, I don't know, whatever. Like by like being sort of self deprecating, feeling like that that was like a deferential thing. And once he said that, I was like, Oh, Whoa. I didn't even realize I was doing that. And I wish somebody told me that like in 2011. Like be confident because no matter how confident you are, no matter how great your skills are, if you are not coming, if you're not showing up as confident, people aren't going to believe you. Some people might, but in general, you know what I mean? It's holding you back, so.

Sabine:

Yeah, I love that. Um, and as you look ahead, right, and we think about this from the perspective of legacy, you know, years, decades down the road where you're looking at your life, you're looking at the impact that you made, uh, what do you want that narrative to be? I

Nicole:

it's not exactly like this, but like, I, I would love to help thousands of women retire their husbands. And I know that that's not everybody's goal. So it needs to be something else, but like that level of financial freedom, like that level of like, my life is mine. Like that is what's behind me. Really, that was why I built Profit to Wealth. Like that's the, that's the point of bringing home more money from your business. To be able to have more to spend, more to save, and more to invest. But it's for that. It's for like the family time.

Sabine:

I love that. And then lastly, are there any books that are standout or maybe a book that is your go to? And it could, it can not necessarily be around finances, but something that you, you have found to be pivotal in your own development, uh, both personally or professionally. Yes.

Nicole:

I, this is not a financial book, but if you haven't read Think Like an artist, um, it's by Will. Gomperts or something? Think Like an Artist. Um, great book for any leader. The lessons from it really help with, like, the confidence building and really help with the understanding of, like, You know, it's that like, oh, why would I buy this painting for a hundred thousand dollars or whatever? It's like, or whatever, why are you charging your client ten thousand dollars? It's like, well, I spent a hundred thousand dollars to get the skills that it requires to be able to teach you this for five thousand or whatever. It's like that, like, Living creatively, but it's like leaning into your expertise and like confidence in your expertise. There are a lot of like really good lessons in that book and I've read it like a dozen times, probably over the last like five or six years.

Sabine:

Okay. Awesome. I have not heard of that one, but definitely we'll be adding it to Audible. Um, and we'll include it in the show note. So for those of you who are listening to the podcast, be sure to uh, go to she leads network.com and go on the podcast tab and you will find it there. With that, thank you so much, Nikki. You've been, uh, it's been such a great conversation. So for those of you who, uh, you know, are listening to this, please do connect with Nikki, um, on all of the social platforms that will include in the show notes and, you know, just reach out and ask questions if, if If something has really, uh, sparked, uh, some insight for you or, you know, something that you're dealing with, you know, don't be afraid to, to ask. That's the whole purpose of this. We want to help more women heal their relationship with money and, you know, create. Keep grow, expand, whatever, uh, more of it to the extent that we can. So with that, thank you for tuning in. We will be back next week with another amazing female leader. Again, Nikki, thank you so much. Have a great rest of the day.

Hope you enjoyed this week's episode. If you found today's conversation helpful or got a piece of insight that you plan to implement in your life, I'd love to hear from you. Connect with me on LinkedIn at Sabine Gideon and send me a message, or feel free to leave a review on either Apple or Spotify. I also invite you to share this episode with anyone in your network, another powerhouse, possibly. Who you think might benefit from today's conversation. Lastly, as always, any links, any resources, or any upcoming training is included in the show notes. So be sure to check that before you leave today. Until we chat again, have a blessed and powerful week.

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Sabine Gedeon

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