Friday Live with Lynn Kitchen "Let's Talk Money" Season 2 Episode 105

How Do Women Define Financial Freedom?
https://lynnekitchen.com/how-do-women...

The word financial freedom is often used to describe having enough money in the bank to live a lifestyle you desire. For some, that may include a house, vacations and retirement savings. For others, it may be the ability to work when and how you want.

Financial independence is the ability to support oneself without relying on others. The idea of being financially independent can be intimidating for some, but it’s a crucial step for everyone to take.

Women define financial freedom differently, but they all have the same goal in mind: to have the money they need to live the life they want, ideally on their own terms. It’s all about knowing what you own and owing, living below your means, saving and investing and planning for your future goals.

For many, this might mean buying their dream home, sending their children to college or traveling the world. It might also mean paying off debt, saving for retirement and establishing contingency funds in case of emergencies.

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Personalized Q&A, plus what you learn here helps you make smarter money decisions for a LIFETIME.

Transcript

Unknown: 0:24

Hi, everyone, my name is Let's talk money with Lynn kitchen. And it is time it is time three o'clock in the afternoon on Friday. I'm so excited to have you here with me today. How are you today? How are you? How was your week? How is your money? How's your money today? Let's talk some money. Welcome, everyone. I hope that you're tuning in. And let me know where you're tuning in from I want to say a special shout out a special hello to all of my friends who are dialing in here from overseas. I know I've actually had a few people text me and said that they're going to be online. If they can make it. It's probably about midnight their time overseas, but if they can make it we want to welcome us special welcome. So hi, everyone, it is Friday, TGIF. And I have a special week coming up for you. This is the beginning of next week, I want to just announce right away next week is the beginning of a brand new free money clinic. Yes, indeed, I'm going to be offering a free workshop starting next Monday, that is February 20th. So make sure that you put it on your calendar right away, February 20, that's going to be at 8pm. Eastern Time, 5pm Pacific, and it is five days to your financial freedom, five days to financial freedom. That's right. It's one hour a day for five days, it's a free workshop. And I'm going to give you a taste of what it is going to be like inside my new financial clinic for women. So the next five days that it's starting next week, you are invited to this free workshop where I'm going to just kick off what it is going to mean to you to begin to plan for your financial freedom. And what does financial freedom mean to you. And in five days, you will not believe how far down the path you're going to find yourself in just five days. In fact, I've been told that in the last workshop that I gave for five days, most people's feedback to me was that that the ladies learned more in five days about their financial freedom and decision making and confidence that they could make better decisions about their finances. They learned more in five days than they did in five decades. So in five days, one hour a day starting next Monday, you are invited. So let me just make sure that I have the place that you can go to register, right here. Let's register right here. Actually, that's not the right one. Let me go back to the drawing board here and find the right one for you. You will be going to Lynn e kitchen.com. And you'll go to the tab that says financial clinic in that tab, open that tab and you will find the the workshop link that will be the easiest way to do it. So just easily easily easily go to Lin e kitchen.com. And go to the tab that says financial clinic. Click on that. And the first drop down will be the link for the free workshop coming up next week. I'm so excited and you're all invited. You are all invited. And Jeanette Hi Jeanette made it Bonjour, Jeanette, thank you for being here. I think that you are not only overseas but in I think Nigeria Am I right about that. Jeanette, I'm so happy that you're here. Blessings to you. Thank you for stopping by. This is money talks for women. And today is our special broadcast calls. Let's talk money. So if you have a particular topic that you want to talk about today, just put it in the chat, and I'll be happy to answer any questions that you may have. about money and your money, planning for your life. So welcome, welcome, welcome. And those people who are just coming in now we want to make sure that you're all comfortable giving, let me you know, shout out, make sure that you're letting me know that you're here if especially if you're watching in the replay, I want to acknowledge you go ahead and put our for the replay. And let me know where you're chatting in from a really would love to welcome you. So every Friday, we have a little new topic. And I thought today, I would just give you a sneak preview of what next week's free workshop is going to be about. And it's all about creating financial freedom. So let me ask you, what is financial freedom to you? We want to put that in the chat. What is financial freedom to you? Why don't you take a moment and see if you can define for yourself, what you think financial freedom is for you. Now it can be different for everyone. So just do me a favor. And whether you're here live or watching on the replay, just take a moment and put in the chat. What is financial freedom mean to you? Could you define that? What does it really? What does it mean to you define that. So, you know, it can be I believe, quite quite a number of things for a lot of number of people. And as I was a professional money manager for many, many years, actually 34 years to be exact. And I worked with a lot of people who had a very, very specific idea of what they felt financial freedom meant to them. And it was always interesting, because the men had a different viewpoint than the women had, in terms of what they thought financial freedom meant. Now, I think that's kind of interesting. Over the years, I've been really a student of people's reactions to financial decision making. And it's, I think, quite true that women have a completely different definition than men in general, in general, on what it means to them to have financial freedom. So I thought maybe we would just explore that idea and see what it what it means to you. Hi, Shawna. Hey, nice to meet you. I'm so happy that you're here, Shauna, and James. All right. So we have the female We have a gentleman here, James, I'm so happy to have you here. And I'm wondering, you know, is it true that there is a different feeling between men and women as to what financial freedom really means? James, you said that you felt for yourself. Financial freedom means no debt, or Ha, no debt. Anybody on the women's side that wants to jump in here and say what it means to you. Shauna says absolutely, you agree with that? I think that's that's probably true. You agree with that? No debt. So financial freedom visit does that all it means is no debt to you? Is there a possibility that maybe there's a broader definition, something that you know, if you were, if you really felt like you were financially free? If you were financially free? What more is there? It's probably a little bit more than just being out of debt or have no debt. What would that be? You know, let's dream it up a little bit here today. This I mean, this is, Let's talk money, we can talk, we can talk ideas, we can talk dreams, I want you to dream a little bit about what it would mean to you to absolutely have the taste in the sense that what would it feel like if you were financially free, financially free? So what would that feel like? It would be different Shauna said, Okay, well, in what way, Shanna, would it be different? Let's try to define it. You know, it's interesting, because I had quite a bit of experience, as I mentioned before working with couples, men and women as in their, their feeling as to what it really means, then what financial freedom how they define financial freedom. And you know, I think the word financial freedom is often used to describe having enough money so that you have the lifestyle that you desire, and that you don't have to work anymore. Would you agree with that? That that's kind of a basic definition of financial freedom that you have, of course, you have no debt. And you have enough money, not only in the bank, but perhaps in in investments, perhaps you own real estate, but that you have a lifestyle that you desire without having to work anymore. Now, that is a definition that I have heard more than not as to the definition of what financial freedom really means to most people. In addition, I'm thinking that women have a little bit different twist on that, because we not only want financial freedom, this is, in my opinion, I really want to know, your opinion, my opinion is that it's a little bit different for women, because financial freedom for us means that we not only have enough money to have the lifestyle that we want, but we also have enough assets that at any time, at any, for any reason that we can actually maybe cash in and act in an asset and be free to go travel the world, maybe free to buy a four year education for a grandchild. In other words, we have ultimate independence, ultimate independence. And in addition, I want to add the word independence can also mean that we don't have to be beholding to anyone else. In other words, we don't have to be dependent on anyone else. In other words, those assets are in our name. What do you think, ladies? Would you agree with? I want to know, would you agree with that? Is that the difference between the way? That a that a general might? A gentleman might think about it as as it relates to financial freedom and independence. What do you think? Do you have any thoughts on that? Shauna says we are for net, we are financially free. Okay. Yet, we live in a very tight budget. Okay, so let's talk about what you mean by that. We are financially free. Well, for one thing, we definitely are in a, the luck of the draw being born as Americans, we have freedoms we have built in freedoms. And so it can be argued that we are already financially free in that we can choose to do anything we want, at any moment of the day, we can choose whatever work we wish to, to, to engage in, and we can choose to build assets along the way. And it really is up to us, am I right? We have more freedom to make choices than probably any other country, in the world. Certainly in the Western world, we have great deals of privileges. And we I really want to emphasize the possibility that, you know, that is one of the underpinnings of our freedom. And yet, what if there's more? What if there's more to the definition of financial freedom? And that could be that we definitely at least Ladies, are you in agreement with me. We want independence, we want to mean make sure that those assets are in our control. That doesn't mean that it excludes our beloved partners. There can be joint ownership, of course, but I believe more and more for women, we want to make sure that we can be in control of our own destiny. Are you in agreement with that? If so put a big yes. In the chat. A big yes. In the chat. Shauna says yes. Spot on. All right. There's no I'm sure. James being the person here who's a in on the masculine side of the fence. Would you agree with that, too? I mean, it's got a cut both ways. You probably agree with that as well. Yes. Okay. Good, good. Good. So we are in agreement. And yet you know, I think financial freedom is begins with a decision that you want to create financial freedom for yourself. Now, you can look around and take a look at your circumstances and I can ask you Are are you in financial freedom? Do you does your your circumstances feel financially free right here right now? And if not, I am inviting you to come join me Next Monday, I'm going to be offering five days to financial freedom is one hour a day for five days, are you going to get totally financially free in five days? That's not the idea. The idea is we begin. The idea is we begin, because there is a point at which you must shift your awareness and begin. And if it's going to be something that you truly value in your life, and that is to have financial freedom and financial independence, then there is a point in time that you simply need to choose to begin to create that for yourself. Right on, I see Yeah, right on James, I would agree with you. Right on, there's a point in time that we have to begin. So I wanted to just share with you that I think another top part of, of the way that women look upon financial freedom and financial independence, at least in the past might have also included a bit of anxiety around money, and oftentimes some fear around money, and maybe even some lack of confidence around money. And if that's you, I just want to say you're in the right place here. Because money talks for women is all about creating a safe space for you to come and begin, wherever you are. Even if you are, you know, up to up to your eyeballs in debt. That's okay, that's the place to start. Because there is progress that you can make to get out of debt. And then there is more progress that you can make, to get into a place where you can earn and build your own financial future going forward. And what could that look like? Well, it could look like building assets upon assets upon asset, to create a solid foundation for yourself, and then create the next level of your own financial independence, and then the next level and then the next level. So we begin right where you are. And we begin to build long term assets that you can that that you can actually feel that you are in the beginning. And in the intermediate stage, and then in the advanced stage of creating your own financial independence for future. How does that sound? I think it's absolutely doable. And that's what I'm going to be teaching. So next week, be sure that you go to, to the website, when eat kitchen.com and register, go to the financial clinic, there's a little drop down tab there. That's the link, and you can register, it's absolutely free. And we're going to have a lot of fun. That's the number one priority that I love is to make it fun, make it easy. It's a complex world out there finance, finance, the stock market, the bond market can be a can be a complex world. And I think that women in general, just kind of feel like they don't have the right kind of confidence to make good decisions. Would you Would you agree with me? If you agree with me put a Yeah, that's true. Confidence is an issue. Is that true for you? If it is just Yep, put a you know, put a I agree in the chat is if confidence, having money confidence is an issue or you've seen that in your family? I just want to know if if we're on the right track here. If money confidence, very much so Okay, excellent. Money. Confidence is a big deal right now. And now more than ever, we as women want to move forward in our goal setting, we want to move forward in our asset creation. We want to move forward in our independence. So you know, it's not just me that saying that there was a recent study by it was funded, I believe it was news about a new study that was funded by Bank of America. And of course, Bank of America probably has a pretty good interest in funding a study such as this, but this was a survey of women that were polled. It was over 3500 women ages I think it was 22 and up to 70. And they found that the first the first of all, they found that money was a topic that used to be something they didn't want to talk about. But that the survey was showing that that is changing. And now more than ever, women are wanting to talk about money. And that's what we're doing here today in Let's talk money. And that's what we're going to be doing in the financial clinic for women. Whereby we can talk about all of the issues that are impacting our lives as women, as women who are raising children, women who are caring for our parents, women who are contributors in the workplace, women who are contributors all over the world and wanting to have more and more impact in the world. This study also went on to say that it found that the top indicators, that means, you know, the top indicators for for financial freedom that women think about three things came to mind in this survey. Number one was no debt. And that's exactly what you said James, no debt, that's that was number one in the survey of all the people that were polled. So number one, financial freedom meant having no debt. Number two, it meant being able to withstand an unexpected expense, you know, like, unexpected money, drama, or trauma. And then number three, it meant to support themselves without having to ask for help from their family. Think about that. To me, that's independence, that means that the women want to be independent, they want to be self sufficient. They want to be in control of their own destiny, they want to be sovereign, it's the concept of sovereignty. So what what, what really do women want, I believe it's the big S, sovereignty, sovereignty, and when it comes to our money, and what it is that we want to do with our money, how much money we want to have, what it is that we want to create in our lives, the dreams and the impact that we want to have on while we're here, at this time in our lives, I mean, after all, we're all here for a reason, but only for a season. Like, we're not going to be here, forever. There's a particular time limit at the end of our lives. So we have just this opportunity, just this time, and how important is money in that whole scheme of thing? Well, I really believe that now more than ever, it's coming to the foreground, whereas before, it used to be a taboo, you don't talk about the money. You don't talk about the money. You know, you wouldn't have money conversations. And yet we have industries that are built on talking about money, the entire stock market, the bond market, the real estate market, these are all financially driven industries that lead the economy. So how much sense does it make that in the past, women were not supposed to be talking about money. So we're done with that gals, we're completely done with the gap. And this is its place, this is a time in the financial clinic that we're putting together for women. And I want you all you're all invited next week, for free to come to a five day workshop, five days to financial freedom. And we're going to begin to make new decisions to teach you how to make new confident money decisions, so that you can create this idea called financial freedom. And just like the survey said, you know, three major big deals one, get out of debt, to make sure you have enough money that you can withstand an unexpected money, expense. And number three, that you can support yourself that you don't need any help from anyone else. And wouldn't it be great to get enough assets so that you don't even have to work anymore and that you can spend all your time giving back if you want to making a an impact that creating your dreams come true. And I know many of you, many of you have already accomplished great things in your life. You know many of you have had careers already have made millions of dollars every year in your income. You have raised families you have To manage household budgets, you know, you have been chairman and chair, chair, women of nonprofits all over the country, you have done great works in the world. And what if it's just the beginning? What if it's just the beginning? Hey, well, Anita just just arrived. Hi, Juanita. That's wonderful. How will digital currency here's a good question. Thank you. How will digital currency affect money independence, we'll hear more more about this. And while Anita said, Great, she looks forward to the class, great want me to come make sure that you're coming to the class. And as it relates to digital currency? It's a big topic right now, we're in a very early stage, the innovative stage of what's called a digital currency. And what that means is that with the advent of higher technology, where everything is now digital, I mean, how many of you actually carry cash anymore? Me, I asked you that question. You want to put in the chat? Do you actually carry a lot of cash anymore? Not much, maybe like $20? Or something if you need just some change or something? But how many? How many of you actually carry very much cash anymore to pay your your daily expenses? I mean, we pay all of we don't even how many of you carry checkbooks? Do you carry checkbooks? Very little cash on it says, How about cash? Do you carry? Do you even have a checkbook anymore? Are you writing checks? Never, never. Okay. See? We're already digital. So we're already in a digital currency world. We pay everything by digitalized checking accounts. You know, Bill Pay, that's digital. We pay by credit card by ATM machines, buy everything digital. Yes, it's true that we have digital currency that is being explored, that might replace the United States dollar, but not yet. Not yet. It may be coming. And if it does, there's going to be a big need for a lot of regulation from the government to make it fair for everyone. Because as you know, there's still a lot of people who are ripping other people off. And all you have to do is look at the news in terms of the great disruption recently, of many of the big, big, big cryptocurrency companies that have just collapsed, and have also made terrible mistakes and ruined ruined people's investment plans because they over invested in something that was too new to be proven. So I believe you're, you know, you're right on your spot on who asked the question. How will digital currencies affect us in the future? It's all it's already affected us. We're living in a digital currency lifestyle. Now. And that hasn't been true for the all that long. You know, we used to have checkbooks not more than what, 10 years ago. So the pace of this is definitely moving forward very quickly. And there's more to learn about it. And please, please come to the financial clinic, where we will be learning all about comparative risks and rewards for different asset classes than cryptocurrency for example, which I think you're asking about is just one asset class of many, many, many, many, many asset classes that we can build long term wealth, long term, financial freedom and financial independence that lasts right now. There are so many ways to create fortunes. And fortunes are being made right now. And so it behooves us to learn what that means. How, how does that happen? What, what does it require? And am I willing to learn what it was is going to take? And if the answer that you have is yes, I'm willing to learn. That's where it starts. And so I'm just so happy and thrilled that you're here. Do you have any other questions because I just wanted to commend you for that. It was a fan tastic question Juanita, thank you so much for that. Really appreciate it. Anybody else have a question? For today's money talks, let's talk money. Any other questions that you have for the house here? Going once, I love learning, Shawna extra credit to you extra credit to you, you know, as long as we're alive, let's be learning as long as we are alive. Okay. James, you say you have so many questions. Do you want to venture one? What? What is the primary question on the top of your mind? That maybe we could start talking about today? And we may not get to the bottom of everything. But is there anything to to add? So many questions? Okay, you're gonna save them for the workshop? Fair enough? You know, fair enough. All right. I am delighted to invite you. Oh, here's a here's a question. What is the minimum investment to get started? Now more than ever, it's as little as $500. Yep. You know, you don't even need that. I think you're asking for the minimum. To be really honest, you can make a minimum investment of I think, $50 a month, and just continue to build. And who couldn't do that? I've just believed at least, you know, in the, if you have a job, if you have income coming in, you can at least start with that. Start with $50 a month. I'm saying that's the minimum. Okay. Let's go. And that's just maybe putting it into I think last week, we covered what can you do to just conservatively, conservatively begin, you know, you can buy an AI bond, which is a United States Savings Bond with no risk AAA, from the United States, federal government, for as little as$50. And then you can receive 6.86% on that money, you have to keep it there for a year minimum, as you know, so there are some a little bit restrictions, but that's an investment, you can begin and then you are receiving 6.6 over 6% on that money. So that's an investment. So you ask for what's the minimum shoot, you know, it doesn't take much what it takes is getting started. What it takes is understanding that, what do I do next? And then once I get it built up to 500, what do I do with it? And once I get it built up to 1000, what do we do with it? And what about doing it in chunks of 5005 1005 1005 1000, so that you have a portfolio of let's say 10 to 20 investments, and you build up to 100,000 of your first portfolio of investments, some of which can be savings, some of which can be savings bonds, some of which can be, you know, starting to build and build and build different asset classes. I think last week, we began to talk about dividend paying stocks, bonds, you know, there are so many elementary things that you can do to begin a minimum investment plan for yourself. And there are, you know, the sky's the limit, those who already have a great deal of investment dollars, can build a portfolio that will help to create real wealth over time. So I'm here to say, it's not too late. It's not too late to begin, you can begin even with a minimum amount. I hope that answers your question, James, because there is a way and there is hope. So how do we begin? We begin by jumping into a learning curve. Would you like to learn how to do that? How to create long term wealth for yourself, how to create financial freedom for yourself. Let's just start. You're all invited next week. To my free workshop is five days to financial freedom. It's one hours a day for five days and it's going to help you begin and once you begin, you're going to see how easy it is is and how fun it is. Because that's what I'm all about is teaching complex topics, making it easy. And then making it fun so that you too can feel like you can learn and earn and build your long term future of financial freedom. And for women who really want financial independence, let's get that to financial sovereignty so that we can do anything. Anything that our heart's really desire. Are you in for that? If you are put a big yes in the chat. And thank you so much for being here with me today. I'm just so delighted to spend time with you. And you are invited all the time. James You are invited to. Okay. Thanks, everybody. And so glad to see you on Let's Talk Money. See you next week. Same time. 3pm Eastern 12 noon, Pacific right here. Bye for now.