The Causey Consulting Podcast

Guest: Christine Teh & Financial Advice for You

June 17, 2020 Sara Causey Episode 8
The Causey Consulting Podcast
Guest: Christine Teh & Financial Advice for You
Show Notes Transcript

My guest on today's episode is Christine Teh, finance coach, money queen, and resident LinkedIn superstar. If you like money-- and want to make more of it-- or you're concerned about your current financial situation, this is definitely the episode for you!

Key topics we cover:

✔️ Limiting beliefs and misconceptions about money.
✔️ Credit cards: friend or foe?
✔️ Do you have to work hard all the time to make money?
✔️ Are you spending too much? How should you go about making a sensible budget?
✔️ What ideas about money did you inherit from family and friends?
✔️ And yes: it's OK to have a fun budget!

You can find Christine online at:
And on LinkedIn at: 

Unknown Speaker :

Hello, hello and welcome to today's episode of the Causey Consulting podcast. I'm your host Sara Causey and I'm also the owner of Causey Consulting. You can find us online anytime at Causey Money is one of my favorite topics and I'm very excited that today I have a finance coach and money queen on the show. Christine Teh is my guest. I'm very excited to have her here. Christine is a personal finance Coach, an IRS enrolled agent and a LinkedIn coach. She helps people get their finances in order and also helps people with their LinkedIn branding. First off, I just want to say thank you, I know you're very busy and your schedule is quite full. So I appreciate you taking the time to be with me today. Thank you so much, Sara for reaching out to me. I always enjoy podcast interviews. I really appreciate you reaching out and yeah, having me as a guest. You bet. Well, I'd love to know how you got started as a finance coach. Yeah, so I started my business in September 2016. And the main reason I started it was because that year was actually my you know, spiritual journey. You know, the time you know, you came in a moment in your life where you're like, is this a career I want to do? So, you know, like, it was one of those questions live, you know, life question. You're like, we want to doing this. So I think during that year, I worked with it. I went on my spiritual journey. I meditated. I took classes to use meditation classes and all those things. So So yeah, that year was just a big eye opening for me and then she told me to just try out doing something I love and I love Money, you know, personal finances especially so and yeah, so she told me why don't you start doing financial coaching because you love money. So I started doing that in September 20 2016. And I just did a couple of friends and family first. And then and then yeah, I just started slowly building my brand and, and showing up on Yelp as a review. And people just start finding me and I slowly started having clients. Oh, that's so cool. I also love money. It is something that I'm always eager to talk about. But, you know, there's people out there that still have limiting beliefs about money and I find in my coaching, practice it, it doesn't take long for those limiting beliefs to show up whether it's having a scarcity mindset, or people think that money is evil or that if you have money or you like money, you're evil. What are some of the common limiting beliefs about money that you see in your practice? Yes, so one of them is making money is hard. So they think that, you know, you have to work hard to make money. So the second one is just that we're limiting, not access. The second one is they just don't think that they can make enough money. So they always and the third one, I think it's not really a limiting belief. It's more like they think that Oh, yeah, they have all the money in the world. So they keep on spending money. So so it's not exactly limiting. It's more like a destructive belief. That's such a good point. So when when you hear people talking about money is evil, or if you like money, there's something wrong with you. How do you how do you challenge that belief in somebody when you hear it? So I'm, we're challenged to believe I do I do some self exploration. So I asked them a lot of questions. So part of their working with me to join me so So it's not about challenging them to say oh why do you think money is evil? No, I go to the root cause of it so we explore their paths like where did that come from? You know, you have to know how to ask the right questions like when did that first money script come from when you start taking money is evil. I mean, like did it came from your parents? Did you hear that from your parents? Or? Or maybe did a rich person actually treated you so wrong that you think money is evil? So we have to dig through that trauma like where did that originated on so because there's no point in charging someone we don't really know where that came from. So so when we originally came, when we feel where that came from, then we can start to heal the process like heal the trauma you know, and then let that go and then say, Okay, then in the no one event this is really dictates everything else. So so that's how I work with them. we uncover manuscript and then we heal through it and sometimes it takes people a long time to heal, but then the journey starts with you uncovering words originally. It's Friday. And start a healing process. From what from the origin source? Oh, that's very well said. Sometimes I encountered people who they're business owners, or maybe even just private individuals, but they're very scared of credit. They're scared of taking out a line of credit for their business or they're scared of using credit cards. So in your practice and in your financial coaching, if someone is really scared about credit, or they're terrified of using a credit card, what's your advice on that? Um, you know, so so personnel so I mean, we help people with their individual personal finance, I don't really focus on the business stuff. So so in the personal finance, I mean, um, I haven't really encountered a lot of clients who are scared to get credit cards. I mean, I think the most of my cases are is the opposite. Oh, I think we need to get that out of using credit cards. But if they are scared, I think it's not such a bad thing. If they're scared then fine. Then just do then just use cash then okay then then and start with using cash and then I think I would like to how I work with any particular client was scared of credit is that okay? First start using cash and then let's have you started budgeting system and if you always have positive cash Were you able to afford it that are slowly introduced into the value of credit card because for me, I don't have anything against credit cards you know, I'm not big on on you know, borrowing money like for example, even as a business I don't borrow money You know, I only spent money that I already made or her so so for, for credit cards. So let's say I'm the oil positive cash flow so they graduate that's my term. Graduate means you're always on positive cash flow, you know where your money goes. You're aware and mindful of your spending, you're starting to save for your retirement, for you know, everything else you're growing your wealth, and I'll start teaching them the value of credit using credit card. You know, like, you know, your rewards, you're under security and safety. Because for me, I, you know, credit card provides so much benefits because you have the rewards, you know, whatever credit card reward you get. Second is that there's security, right? So if you charge let's say, you go on vacation you go to this travel agent is a true to life story. I've, I've seen a news locally on my area that someone actually took like $10,000 of money for this or reserving a truck foot to travel agent, and then they couldn't get their money back. So I'm assuming you know, it was done through debit or cash, and then the person just ran away and close the shop. So if you have a credit card, then you still can dispute that with your credit card company and said, Hey, you know, this $10,000 I mean, you know, it was a fake charge, whatever. So you can still get your money, but I will actually not get your money back because if you haven't paid for it yet. You don't have to pay for it. So we can dispute and clear that up was debit or cash is very out of your account right there. So it's gonna be very hard for you to get that back. So I think that's enough. One thing I like about credit cards is, is mainly the security and then if someone steal your credit card number, you can only just change it. So it's not such a big deal versus debit card, they just take from your account already or cash, there's gonna be very hard for you to get money back. That's a great point you you do have that extra layer of protection there. And to me it I would draw an analogy between the idea of money as a tool and also credit cards as a tool. I mean, any tool could be misusedwhereas any tool can be used well too. Yeah, yeah. That's why like when I post stuff about, you know, the money mantra, I love money or like, like, you know, I it's so it's so hilarious. Like, every time I post something about, I love money or I embrace or any positive affirmation on LinkedIn, I always get this people you know, calling me the Bible for money, email or So funny. And then like I wrote in the entire post, how you know, money is just a tool, you know that I think people who say that they, they're afraid of having money and then like, what what it boils down to, you know, some people, they're just afraid of money because they're afraid of what it might bring out of them. Because I believe you know, money just amplifies more. You are, yes, you're a greedy person or you're a bad person. And yeah, having some tool, like money is going to just amplify that you're going to be more greedy, you're like, Oh, I have $100,000 like, oh, how can I get more like they just want more and more and more, you know, that's how drug dealers are that they want more and more and more stuff. So but if you're a generous person already, you have more money. And I really, truly believe Jefferson, the more the more money you have, and the more you're gonna want to give out and help the world to charity. Like, I mean, look at Bill Gates. He has his own foundation. And then he started like, there was a TV show, I saw Netflix called Pandemic. So they're doing a real So on the flu vaccine, and then so they get the funding from the Bill Gates Foundation, so, so you I mean, if I have a lot of money, I can create my own foundation and then create it for whatever charity work and then like the current events now, you know of what's happening that I can support more of that there's more to give. Yes. Excellent point. I have heard the entrepreneur Dan Lok say that money is meant to circulate not to stagnate, and I think that's a very savvy comment. I'd love to know your thoughts about, you know, how much should somebody put in savings? Is it okay for somebody to have a fun budget where some of their money each month is just allocated to being able to go out and do to do fun things with? Yes, for sure. I think you should have a fun budget. So for me, my budget template that I teach my clients is, it's very simple, you know, like, it's very simple to take as one of them it's a discretionary or fun stuff. And there's the food budget food is anything you consume, drink or whatever. And then the third category is that you pick whatever you want. So if I don't want too many categories that just will confuse a lot of people. So it all boils down to are your passive cash flow. So let's say you bring in four or $5,000 a month, so you allocate that to the factory you know like you give the your your money a job, like which cut the issue that go and then you're like, Okay, your fun stuff is, you know, it's a $500 and six or $500 but I do believe you need to have some sort of fun, but then you end of the day, whatever you budget for, you need to be able to actually build positive cash flow and then be able to put aside money to save. So yeah, life is about, you know, I mean, I don't know if you heard of the fire movement, you know, it's called. Now I forget what that meant. Oh by financial independence, retire early so the the fire movement is so big on being as frugal as possible, save as much as possible so he could retire early. So I don't quite, I'm not fully on board with all of the last business page because then I believe life is about balance. You know, you gotta save for your future but as the years enjoy life, because I was why are you working so hard to enjoy your life right now because life is about being happy, because you have to balance it out with you know, with you living and enjoying life that you might not, there might be a chance we might not be here tomorrow. But at the same time, you have to also be smarter, you might be still here tomorrow. So you have to balance that out. So enjoy your life as much as it can, but still be responsible and save for your future. I agree. If someone is listening to the podcast today, and they're overwhelmed, they know that their finances are a mess. And they're just scared. They don't know where to start. Like they're looking at the pile of bills or the credit card debt and they're thinking I just I don't even know like where would I even begin to clean the mess up How do you recommend that somebody gets started? Like what's the first step to take when you're scared and overwhelmed? Yes, so while they can sign up for my online budgeting course so it's only $59 and then like I posted in my budgeting system a come to the Facebook group so that's the first step or if you're not ready to spend any money so the free way to start is to just like have a pen and paper and then if that's what you're comfortable just write down really you that is the basic house the basic foundation, you know, that's a step one for everybody. You need to be aware of your finances you need to be mindful and how do you Be mindful? You need a budget because like for me, I have my budget since for at least 10 years now and then like I might be a financial coach, but there's no way I can track in my brain how I'm feeling like Oh, did I spend this much like no, you need a tracking system, whatever crafting system that works for you. So for me, I do everything in Excel like you know, all my books. Isn't Excel, my retirement planning my retirement modeling is an Excel so my online courses in Excel but if you don't have Excel, you can easily import that to Google Sheet and then just convert the Google Sheet. So for another day, whatever tool you use, whether was spreadsheet, whatever pen and paper or whatever whiteboard or whatever, it all boils down, you still have to track you cannot get away with that you have to be pro actively tracking. Because if you if you're just being reactive, like for example, you use MIT right? I mean, MIT, this is a good tool, but only for people who are already on positive cash flow. But MIT is more reactive, like they look how much they spent. So it doesn't really get you into proactive. Proactive means you're actually proactively tracking. You're actually writing it down. you're typing it down. You're like every time you spend, it's like, oh, I just spent $5 on Starbucks. It's like and then like when you do that every day when you spend it's forced you to actually be aware Oh, I just spent $5 by those payments, but I just have to $5 this whole week, they can see it adding up. So that's the beauty of it. Like, you have to track it and especially for people in negative cash flow that I require them to track daily if they have any daily activities, so, so it's just you know, it's just like when you're being healthy, right? Like, you have to regularly watch your your food, but you really, you can't be like, Okay, I'm gonna be healthier today. I'm gonna be healthier. Two days lay there. So it's a regular habit, right? You have to instill the habit. It's a lifestyle change. Mm hmm. That's very well said. And that's a great analogy, too. It's in the same way that $5 here and $1 here and $20 there adds up. It's exactly like Well, I'm just gonna have this cookie. I'm just gonna eat this Twinkie. It's not really gonna count. Right, but then it all adds up. Exactly. Exactly. Yeah. Yeah. hundred dollars already on food. Yes. Yeah. So if someone is interested In in working with you getting your budget course or finding out what you're all about what's the best way for them to find you online? Yes So go to my basically you could go to my website pay financial coaching so paste my last name And you can see there you know my financial coaching services, my budget course and then my LinkedIn course and my LinkedIn coaching or like I always hang out on LinkedIn and that's how we met so you can also connect or follow me on LinkedIn find me by my personal account so my full name Christine pay pH and then I'm also now on Instagram so I'm very effective very active on Instagram so you can find me there too, but is going to be under my company name. So Teh financial coaching T E H financial coaching, which is the same as my website. Awesome. I can definitely vouch for Christine posting excellent content on a daily basis. So be sure that you follow her on Instagram, connect with her on LinkedIn. And if you need any insights about financial coaching, Christine is your go to person. And, Christine. I know you're very busy. In fact, you've got an event right after this. I want to thank you for taking the time to be my guest today. Yeah, thank you so much, Sara. I'm really honored to be to be a guest. I appreciate it. Thank you. You bet. Thanks for joining us today. Again, the guest was Christine Teh. You can visit her online at Or you can look her up on LinkedIn under her name Christine Teh- T E H. If you enjoyed this episode, please share it. If you haven't already, please subscribe to this podcast and leave a review for us on iTunes. Bye for now. Transcribed by