Redefining What Wealth Means | Danielle Frazier | Growing Money with Sean Trace

In this episode of Growing Money with Sean Trace, I sit down with Certified Financial Planner Danielle Frazier to explore what financial success actually looks like beyond expensive cars, luxury purchases, and the version of wealth we constantly see on social media.

Danielle brings more than 20 years of experience in financial services, along with a background in psychology, which makes this conversation less about numbers and more about our relationship with money. We talk about financial peace, lifestyle creep, instant gratification, saving consistently, and why having more money doesn’t automatically create happiness.

We also dig into the difference between looking wealthy and actually building financial security, why social media can distort our definition of success, and how having savings can turn a financial disaster into a manageable inconvenience. Danielle shares why contentment, preparation, balance, and understanding your personal “why” may matter more than chasing an arbitrary number in your bank account.

If money is supposed to improve your life, what would financial success actually look like for you?

Transcript

SPEAKER_00 0:00

I think it's kind of like that mindset. And like, you know, just because of, you know, the the way things are presented to us. And so some people have that mindset of like, oh, I have money left. I can go spend this. That just means like, you know, I've done a good job saving for the month, but I have this extra money. And instead of seeing the, you know, um, the power of saving and what that extra money could do for you, it's all about the instant gratification. And a lot of people, you know, have that feeling and um haven't been taught how to to soothe that, if you will, and not need something right away so that they can put that money aside for later. And so um, you know, when you have that, like you have to train yourself and you have to create that mindset and you have to be like, okay, you know what? I'm saving for the for later, for the future, for like, you know, whatever that goal is that I have. And I don't need something instantly, and I don't need it right away. And so, you know, looking at that bonus money, it should be like, oh, yes, that's more I can go put in this account, and that's more that I can save for this goal or for, you know, what I'm trying to do or achieve. And and um, you know, unfortunately, in that in this season, if you will, of like people wanting stuff now and you know, and and not delaying that gratification makes it harder for you to save that extra money at the end of the month. Because, you know, um, why save it for later when I can get those shoes now or I can get whatever it is now, instead of thinking like, oh, wait, you know, should that emergency come up, I will have that there. Or, you know, I'm saving for that vacation that we want later on. And it will be amazing when we get to go on it, versus um me spending whatever it is that's left over at the moment.

SPEAKER_01 1:43

Welcome everybody back to the Groin Mining with Sean Trace Podcast. I have an awesome guest with me today, would you like to tell people who you are and a little bit about what you do?

SPEAKER_00 1:50

Sure. My name is Danielle Frazier. I'm a certified financial planner. Um, right now I am a manager at um Cat Chest of our client service um division. I have been um in this industry for 21 years now, you know, being an advisor, you know, working in the back office, you know, now managing. So um it's been quite the career, but you know, it's all focused on helping people, of course.

SPEAKER_01 2:14

That's the beautiful part. Like, you know, at the end of the day, it's about helping people and helping them build a stronger relationship with money. And I think that's such a worthy goal, right? How did you get started in this? And what was it that said you that made you go, you know, this is what I want to be doing. This is the path that I want to go down.

SPEAKER_00 2:32

I actually had no intention of being in the finance business. I actually got my degree in psychology when I was in college. And as I was preparing to go to graduate school, I got recruited by a financial company. And they were like, you know what? Um, you might be a good fit. Do you want to try this out? And so, you know, while I was waiting, I was like, why not? You know, um, and then I realized just how much, you know, psychology pairs with finance and you know, how it's so much of a psycho psychological business, and how, you know, for some people, it's more about how you make them feel than the, you know, than the money itself. And so I just fell in love with the industry and just kind of been in it ever since. And I found that I got that same sense of fulfillment of helping people, just in a different way.

SPEAKER_01 3:14

So I love that. I love that because at the end of the day, you know, my mom's a therapist, and I was talking to her the other day, and I said, you know, I the more I talk to people on my podcast, the more I realize that a lot of people's problems are actually like money problems. There's a lot of money problems that are going on, and that, you know, I'm dealing with anxiety. I'm dealing, well, you know, where's that anxiety coming from? Well, I'm stressed that I'm gonna have enough money to pay the bills or something like that. And when you start addressing those things, that anxiety starts to lessen, if not disappear, you know?

SPEAKER_00 3:48

Exactly. And that's what I've noticed. Like, you know, there's a lot of people who, you know, think it's uh it's about the numbers or like, oh, I want to achieve X, Y, and Z. Or, you know, they say, I want a million dollars, but you know, they don't look at what does a million dollars mean to you? Like, what is that gonna afford for you in life? Is that million dollars gonna make you happy? You know, if you did have that money, what are you gonna do with it? You know, is it gonna help you live uh a more fulfilled life and like make your life better? And have you thought about how? And so, you know, those are the kind of things some people think about and some don't. And so you can kind of see the difference as to who does think about that aspect and who doesn't.

SPEAKER_01 4:24

I love that because to me, money is a tool, and I talk about this a lot, but it's a tool that you can do a lot of things with, you know? And I think that for a long time people chase those things, people chase them or people chase all this stuff. But like part of this healthy relationship with money is to understand that real luxuries aren't always the things you can buy. They are other things. You know, my daughter um was playing piano today, and I've I've invested money for the last three years in her learning piano. And we had different teachers throughout the years. But then today she was playing Bach. She was playing all of these beautiful pieces, and I just was like, wow. And I got to see the things that I had invested that had come to fruition. And to me, one of the choices that I made was to invest in my daughter, to invest in her growth, to invest in her betterment. And I'm not flexing some fancy watch, I'm not flexing a fancy car. But my daughter today was able to play Bach on a piano that her mother and I invested in for her. And it was something that we we were made smart money moves on it. We didn't go and buy the flashiest, biggest thing. We bought a 50-year-old piano that had been refurbished that will be good for another 40 more, you know? And at the end of the day, I choose not to have those flashy things because the things that are more important to me are the things that are more tangible. And I want to ask you this because when you look at something like real luxuries in adult life, what do you think people most underestimate financially? Like what's where's the mindset going the wrong way, you know?

SPEAKER_00 6:16

So for me, I think it's two things. One, they underestimate time. Like we don't know how long we're gonna be here. Like, you know, um, this life is not promised to us. So, you know, what are you doing with that time? Are you gonna be busy chasing the next best thing? Are you gonna be investing in your daughter, as you said? Like, you know, are you looking for those intangible things? And then peace of mind as well, too. I mean, you know, you want to be comfortable in life and you want to be happy, yes. But what does that peace of mind look to you and how are you gonna achieve that? And so, you know, some people are like, oh, you know what? I want to do X, Y, and Z, like, you know, in this time frame. But what happens if you're no longer here to enjoy that? Or like, you know, what happens if, you know, you um live longer than you thought you were going to? And so, you know, we uh we don't know how long we're gonna be here. And so what you're doing, you know, with this time that we're here on earth is important. And some people don't think about that because you know, they think, oh, I can do this when, but what if when doesn't happen? So, you know, I think that's definitely a luxury that um people just don't think about or, you know, um don't necessarily enjoy to the fullest, if you will.

SPEAKER_01 7:25

I think that's so true because I think when we look at these things, you know, I'm gonna get in shape. When are you gonna get in shape? Tomorrow. I'm gonna start saving money. When are you gonna save money? Tomorrow. Tomorrow is forever away, you know, it never comes and it's always being pushed out, you know. And so I think that understanding that if you want to make a move, it's today is the best time. And I want to talk to you about another thing because a lot of these luxuries are really about peace, not status. Like I had this interesting thing the other day where I was visualizing my ideal life and my idea where I want to be, where I want to be with success. And suddenly I realized something that where I want to be is right here. I'm just I'm happy. Would I mind changing some things? Sure. But really, what I want is not to change all this, but to change the inner peace, that feeling of financial peace. It like, you know, because I mean, if someone wanted to give me a summer home by the beach, I would not turn that down. I would hope not. I would say, well, hello, summer house. But you know, it it's like at this point in my life, I think that there's an emotional component more than the mathematical component that that that is what I've been looking at of late. And I wanted to ask you this because do you think personal finance is more emotional than mathematical?

SPEAKER_00 8:56

Absolutely. You know, um, as you were kind of saying, like, you know, um, if someone were to ask you what makes you happy, and obviously some people would say money, but you know, what about money? Like what aspect of it? Right. Is it because it affords you those things in life? Is it so that you can feel that sense of peace? You know, is it so that you can go and buy everything that's out there? And if you did go buy everything out there, like, you know, did that bring you the satisfaction that you thought it would? And so, you know, it's really interesting to me who people who do go out and like, you know, um go buy everything because, you know, what's the point of going buy this person, those shoes, or you know, that expensive watch and it's just gonna sit there? Are you actually wearing it? Does it give you that sense of fulfillment? Like, yes, I bought that. I have it. Okay, now what? Like, you know, as comparison to like, you know, if you spent that same money on um something you're doing with your family. Are you going on that vacation and creating those memories? Are you getting to sit down and listen to your daughter play Bach on the piano? And like, you know, that sense of joy that you feel because like her hard work for the past three years has paid off. And so, you know, it's one of those things that um what does that really mean to you? And people really don't take the time to, you know, figure that out. Like, you know, yes, I want money and I want this success, but at the end of the day, what does it mean? What does that really look like to you? And a lot of people don't take the time to define that in order to figure out what it actually means.

SPEAKER_01 10:19

Right? I had this moment where I've been building my business and I was chasing more, more, more. And then suddenly I was like, why? I'm happy being at this place, and I had this big shift of like, I wanted to shift from more to like into this idea of I don't know how to explain it, but like stability and mission, purpose is way more important to me than more, you know? Uh and I it was a mindset shift because to me, I think so often we get pulled, you know, it's a combination of keeping up with the Joneses, and now we have the constant lifestyle creep that comes in from just like that's that's taught told to us to like lean towards in social media. But I tried to start looking at my habits, the habits that I was, you know, going through in my life and noticed, you know, some of the habits that I have are not helping me out. And one of them is this um kind of a money avoidance that I had for much of my life. And it was kind of something that I was taught. But when I started opening my eyes to where I was at, I started to find that there were financial habits that helped me, like a bucket system focusing on. I love the envelope method. I still love, you know, and like a modified envelope method where I'm sitting in different accounts going, this is here, this is here, this is here. And I actually love working with the cash too, because it's painful for me to like spend the cash, you know, but it's so easy to tap, tap, tap.

SPEAKER_02 11:53

Yes.

SPEAKER_01 11:53

But I wanted to add, right? In your experience working with clients, what's one financial habit that creates the biggest sense of calm in someone's life? And what are some of the things that cause the most stress?

SPEAKER_00 12:04

So I think the biggest um biggest thing would be consistency. And a lot of people don't do that. So they don't realize, okay, you know, as we're talking about these different methods, what that's gonna take is for you to to be consistent. If you're gonna start the envelope method, like, you know, you can't be like, okay, um, I know I only had this much in here, but you know, I really want that. So if I go to the envelope for next week, I can, you know, I'll sacrifice that. Or like, you know, um, oh, I don't need to save now because I can do it later. And so it's one of those things that if you're not consistent with what you're doing as you create this, um, you know, you're gonna fail and you're setting yourself up here, you know, um for a disaster instead of success. And so um, I think it's one of those things that um um, and if you don't have someone, you know, your partner or whoever else with you also like, you know, on the same page with you, you know, that's gonna be a problem as well, too. And so, you know, if you are not sitting down being intentional about um, you know, where you are, what you're doing, and being consistent with that, then um, you know, obviously, you know, it's it's not gonna be as uh successful as you'd like it to be.

SPEAKER_01 13:14

Sorry, my daughter. Oh my god. One second. We uh my daughter's on summer vacation and we got um we got walkie-talkies so that we didn't have to shout across the house.

SPEAKER_02 13:26

And she's I love that so much.

SPEAKER_01 13:28

It's okay. You can say hi to my podcast. You want to say hi to everyone?

SPEAKER_02 13:32

Hey, hi, hi.

SPEAKER_01 13:36

Yeah, she said hi back. My guest said hi back, and she said uh that's awesome that we have walkie-talkies. It is.

SPEAKER_02 13:43

Thank you.

SPEAKER_01 13:45

I'll talk to you after the podcast, baby, okay?

unknown 13:47

Bye-bye.

SPEAKER_01 13:49

So, needless to say, um apologize I didn't turn that off, but her mom's at work tonight, and I uh I we're doing it was that or shouting, and I figure it's much better to have a clean method to be able to communicate, right? Absolutely. You know, it's a nice little interruption. I'm gonna tell my editors to keep that because for me, my my team today, uh when I was finishing work, looked at me and they said, You don't spend much. And I said, No. And they're like, but you spend a lot on your daughter's tutors and education. Alani, back in my podcast. I'll talk to you later.

SPEAKER_00 14:26

Okay, yeah, sorry. I think I okay.

SPEAKER_01 14:30

So my why is that little person right there. And I spend a lot of money on her and her education. And um, the reason being is because there that is where my focus is at. And you know, it took me a while to realize that a luxury for me was in helping develop the next generation. But you know, one of the things that was a gift for me is that I was a children's teacher for many years. I taught English to kids, and I see the power of being able to help someone, give someone that. And it took me a long time to realize that there were other luxuries in life, you know, but which of the luxuries that you see your clients working with took the longest for you personally to understand or appreciate?

SPEAKER_00 15:18

I think for me is um understanding what contentment in life is really like and what that really means. Because, you know, um there's all that, you know, the the talk out there. If you have X amount of money in the bank, then you can be happy or content in life. And, you know, um sitting down and really assessing what that means and what that looks like, it took me a little bit, you know. Um for me, um, I was asked a long time ago, what does like financial success look like to you? And um, and as I sat and thought about that, at the time for me, it was like, you know, I have two pups and one of them tore their T POL. And um, that's a pretty expensive surgery when you have to get it done. And like, you know, it's about $6,500, depending on where you go. And I was like, financial success for me is like, you know what, I can go and pay for that and it not hurt me. And like, you know, and it was one of those things like because I was diligent, because I've saved, and because, like, you know, I've been very intentional about like, you know, preparing myself for such emergencies, that didn't hurt as bad. And it's one of those things that, you know, you look at that, and that to me is contentment because I didn't have to worry about like getting myself in debt or, you know, going and being like, how am I gonna pay for this or stress out? Because, you know, I had put in the work beforehand and I knew that, you know, should something happen, I'm prepared. And so, you know, it's not saying that, oh yes, I have $10 million in the bank by any means, so that was easy to pay for. But no, you know, I'm comfortable. And that wasn't that bad to me, you know, as comparison to how it could have been for someone else. And so, you know, it's just the little things and being content, you know, um, that a lot of people don't focus on or don't think about. But for me, that was everything. And so as I'm talking with people, I'm like, okay, what is it that's gonna be um what makes you happy? Like, you know, you have to think about what does money really mean to you? And some people don't think about that. And like, you know, obviously their experiences, you know, in the past is gonna shape their future and their thoughts about it. But have they really thought about that and sat down and say, okay, you know, I have this bucket of money, what does that mean to me? Does that mean I can, you know, should an emergency come up, I'm taking care of and I'm I'm fine? Or does that mean I can go buy whatever? So when you think about, you know, what it actually means to you, if it makes you happy, if you are content, if that means I'm not stressed out from like an emergency with my pup or like, you know, your child, that to me is like, you know, something it took me a while to learn. And um very appreciative that I have learned that lesson through the years.

SPEAKER_01 17:52

I um I understand the pup getting hurt. I've been there and it is not fun. And you just it's stressful, and you're like, oh my goodness, I I understand this. One of the things, too, that um I remember my wife and I had started to work on getting some savings set aside, and we we started setting savings aside, and we were able to plan for a lovely family trip. Now, one of the things that happened on that trip is that the airlines put our names into the to the flights wrong. And we got through our first flight, but midway through, uh, we had a problem. And the problem was is like our names were on there wrong and they wouldn't let us board on the flight back home. So we had to sit there and it was like, are you serious? We can't get home right now. And we we stressed out, we went home. Uh to we went where we were staying, uh it was a family friend's house, and we sat down and we knew we were safe because we had set aside enough money to be able to sit, to be able to breathe, and to be able to say, it's okay. Let's get new tickets and let's enjoy this. I had a guest once who said when you have money like organized and taken care of, um disasters turn into inconveniences, you know, and that you know, normally like something just you know, and then suddenly that disaster, that huge problem turns into an inconvenience because you have prepared and you have the things in place. And that freedom to have a disaster turn into an inconvenience is a wonderful thing. But I want to ask you, because you're in it, you're working with people, you're talking to them about, I mean, which is awesome. You have the psych background as well, because you see the two sides. But how do you help people balance enjoying life today versus planning responsibly for the future? You know, I mean, it's not always easy to do. And those flashy things, they're fun, they look wonderful. I mean, trust me, I'm like, ooh, look at the flashy thing. You know? I'm not alone in that, you know?

SPEAKER_00 20:13

Oh, not at all. You're not. And I think it is, you know, like the keyword there is balance, just because, you know, obviously we can't do all of this saving and then not enjoy it because you're not gonna enjoy saving them. You're not gonna want to do it. And so it's a matter of like, you know, being okay with rewarding yourself, but then kind of recognizing, okay, what is that reward really gonna be? So, you know, yes, I saved $500, but am I gonna go spend $400 on a watch of that? No, I mean, obviously that's not like the goal of what you're saving, but you know, it's okay if it's like, okay, maybe $50 because I know I'm gonna save, you know, a bit more. And so it's it's definitely about um figuring out what that balance looks like because you know, you don't want to be that penny pincher and who's gonna save everything and then like, you know, you're saving, saving, saving. And then what happens if you, you know, something happens to you tomorrow and you never actually got to enjoy that. And so, you know, with that, you can reward yourself and you can be like, okay, you know what? Um, I'm saving towards this goal. And once I get it, you know, to that point, then yes, I can go buy that thing or whatever it is, because you take in the time and put in the work in order to actually save that, in order to reward yourself, you know, for that hard work. And so it's just a matter of like, you know, recognizing and being like, okay, you know what? Um, I do have goals in place. And, you know, I am gonna be saving for this or, you know, that family vacation, or we're saving for this house or this car. And, you know, you get the benefit of like, yes, once I got that down payment saved, I can go buy that car. And so that's the reward for your hard work in doing it. And so it's kind of just being mindful of that. And then if you're not taking a look at um, you know, the why for what you're doing, then you know, that makes it a bit harder. So that's why it's always important to establish goals for yourself. So that, you know, you can see that light at the end of the tunnel and um, you know, make it worth it for yourself.

SPEAKER_01 22:07

I love that. And there's one thing too. I was uh talking to my daughter the other day, and I try to frame this for, I try to frame everything for a 10-year-old because that was when I started this podcast to figure out how to teach these concepts to my kid that no one ever taught to me. And the idea of of trying to have a balance, it was something that was a challenge for me like initially, because I, you know, I felt that it was hard to see that delayed gratification. But, you know, at the same time, what we did is that I started like instituting like where we just started splitting things off. So my daughter wanted to do something here, and we wanted to do something sooner. And we started just like two little piggy banks and one piggy bank for today, one piggy bank for here, you know. And like at the end of the week, she was able to use this week's piggy bank and the other one we just kept going for something that she wanted that was bigger. And I was like, wow, it's that easy, like it's that easy. Like why are you not picking this up? As an adult, I was like, hey what, so you mean there's something I can have now, and then something, oh my gosh, it's that easy. But you know, it was wild because we had to set the clear boundary that this one we don't touch. And I noticed that I wasn't setting that clear boundary with myself. And I think that that was where I was failing, was I was like, well, I've always got that other bank, you know, too. But like for my daughter, we were like, that one's out of sight, out of mind, which was the mental game, which was the psychological game, which was the second part where we had to, you know, level up a little bit. But it's challenging having a little person because, you know, my daughter and I, we do a YouTube channel together. It's all about educational content. And she's like, Dad, let's do it. Like, um, we have 11,000 subscribers on that channel where we talk about science and technology and learning and all this fun stuff. But my daughter's like, Oh, I want to start copying all these other YouTube channels. Well, this family, they gave away $10,000 in their last video. And I was like, no, we're not doing that.

SPEAKER_00 24:12

You know, we don't need to buy people, no.

SPEAKER_01 24:16

We're not doing that. And I said, but do you know it's crazy now because I was reading this study of like what Gen X thought was successful financially, what millennials think is successful financially, and then what Gen Z thinks is successful financially. And it was like boom, boom, boom. And I want to ask you this because I've got my opinion, but do you think social media has distorted people's understanding of what financial success actually looks like?

SPEAKER_00 24:39

Oh, absolutely. I mean, and I think, you know, um, obviously social media has its benefits, but you know, yeah, um, now people look at that and either they don't realize maybe that's just uh, you know, that's just a fraud. That's just like, you know, what they're doing because, you know, they want to put that out there. You know, there's it's kind of reminds me of people when they buy houses and they're house rich and, you know, and then don't have the money to pay the taxes for the house and things like that. And so, you know, we're so busy keeping up with the Joneses, as you mentioned before, that, you know, we may not know that the Joneses are like, you know, who knows how much in debt or like, you know, what they're gonna continue to do and buy and like, you know, put this image out there for their own sake to play it off like, you know, okay, we we're doing well. And in reality, they're probably not. And, you know, there are some people, you know, who may definitely, you know, have that, enjoy that lifestyle, but that's not necessarily for everyone. And if you keep chasing that, and if you see that, and then that's to you what success is defined as, then, you know, um, it's only gonna like be more of a detriment to you than a help because, you know, you're gonna be disappointed constantly that you can't achieve that or you can't do that, or you know, you're not sitting on this flight to Bali right now with all of your friends and having fun, whereas they put that on a credit card that they're gonna be paying a minimum balance on for who knows how long and you know, gonna be even more in debt. So, you know, it has definitely distorted things and you know, uh not presented the reality for some as they're chasing this paper dream that they may not achieve, but you know, they may not know that those people who are doing that and posting that as well too aren't necessarily in the the healthiest of financial situations themselves.

SPEAKER_01 26:21

Right? That's the thing. I remember years ago, um, my friends worked in the like nightclubs, and we saw this one couple, and this is before social media, and these this couple came to the nightclub every night, and man, he had this guy was buying the most expensive alcohol. He would, you know, drop all this money, and we were like, man, this guy must be rich. And one day, my friend and I were out around four in the morning watching uh people come home uh from the club, and we were out at this restaurant, and just everyone's coming home, and we were finishing up some food, we'd been out all night, and we we just were eating at this little noodle shop, and we saw this guy and that girl pull up on their motorbike, and then suddenly they opened up the door to this tiny house. I've never seen a smaller house. It was like a one-room place with the like not even like it was like five feet across and 12 feet long. Like it was tiny. They wheeled the bike up in there, they had a cupboard in one end, and it was like it was all one thing, and they closed the door back up. And I was just blown away. I was like, it's all fake, it's all fake, and I was blown away by that because for so long I was like, wow, I want to achieve, I want to be like them. Look how much money they can spend. And I think that there's one thing that the young people now have this huge, huge problem, one belief that to be rich means you spend a lot of money. And I was like cracking up by that because my daughter's like, well, if you're rich, you spend a lot of money. And I said, No, if you're rich, you save a lot of money. It's the saving that makes you rich, the spending makes you not rich. And she was like, Oh, so you mean these videos on like YouTube, these guys are not rich? No. And I was like, cracking up when I found out the other day that most of these big YouTubers do not make money on their videos, they are just getting by. Yeah, they use their videos as a marketing for their other stuff, but a lot of them are not actually Mr. Beast doesn't turn a profit off of his YouTube videos. He uses his YouTube videos as marketing for feastables and his other businesses, which is smart. But the videos themselves are not running the business. It's wild. They're just he's breaking even.

SPEAKER_00 28:49

Oh, no, it's very interesting. Like, you know, um, I would like to think that um, like the younger generation that they're learning and you know, seeing what their parents went through, you know, whether or not they had a good childhood versus not good being, okay, you know, did I see my parents struggle, or did, you know, were we comfortable? Um, did your parents talk to you about money? And, you know, you can tell the difference as to, you know, how they grew up and, you know, how they see things now. And, you know, if you were had if you had that conversation and if you were privy to your parents sitting down and being like, okay, let's talk about this, you can see that um they recognize that spending isn't everything, or like spending doesn't make you rich, as you said. And like, you know, it's being able to save and it's being able to recognize, you know, that old adage, you know, you can tell a person who's like old money versus new money, those millionaires versus not, because they're gonna save their money, you know, they're not outspending money on like, you know, all these fancy things that you're gonna see. They'll buy something like, you know, that they want, obviously, yes, but it's not the flashy person who's out there who's gonna be like, oh, I'm gonna go buy this, and like, you know, this luxury car and and all of that, because they recognize that yes, I've earned this money, or you know, even if it was given to them, they um, you know, need to hold on to it and not spend it. And so um you see the the influence of, you know, obviously what you were taught versus not, and then also just how social media affects that as well, too. And, you know, whether or not you're out chasing the dream and you know, keeping up with the Joneses or recognizing that, like, you know, you have to save in order to prepare and like, you know, and um that's being being rich, quote unquote, is, you know, actually having that money in the bank and not spending it.

SPEAKER_01 30:31

And I like what you just said there of chasing the dream. I had to redefine what chasing the dream meant to me. And I think that that was uh one of the healthiest things I've ever done because I realized that not having money left at the end of the month was not fun. It was not fun to be living that way. And I want to ask you this too, because like having money left at the end of the month and investing it sounds simple, but most people struggle with it. What usually holds people back?

SPEAKER_00 31:03

I think it's kind of like that mindset, and like, you know, just because of you know the the way things are presented to us. And so some people have that mindset of like, oh, I have money left, I can't go spend this. That just means like, you know, I've done a good job saving for the month, but I have this extra money. And instead of seeing the, you know, um, the power of saving and what that extra money could do for you, it's all about the instant gratification. And a lot of people, you know, have that feeling and um haven't been taught how to to soothe that, if you will, and not need something right away so that they can put that money aside for later. And so um, you know, when you have that, like you have to train yourself and you have to create that mindset and you have to be like, okay, you know what? I'm saving for the for later, for the future, for like, you know, whatever that goal is that I have. And I don't need something instantly, and I don't need it right away. And so, you know, looking at that bonus money, it should be like, oh, yes, that's more I can go put in this account, and that's more that I can save for this goal or for, you know, what I'm trying to do or achieve. And and um, you know, unfortunately, in that in this season, if you will, of like people wanting stuff now and you know, and and not delaying that gratification makes it harder for you to save that extra money at the end of the month. Because, you know, um, why save it for later when I can get those shoes now or I can get whatever it is now, instead of thinking like, oh, wait, you know, should that emergency come up, I will have that there, or you know, I'm saving for that vacation that we want later on. And it will be amazing when we get to go on it, versus um me spending whatever it is that's left over at the moment.

SPEAKER_01 32:42

I love that. You know, one of the things too, I was thinking about is that people, though they think they want the things, most people actually want financial peace, even if they haven't had that defined for them, even if they haven't defined themselves, defined it themselves. And I wanted to ask you, what does financial peace actually look like in real life for the average family? Not the Instagram version of wealth, but for the average family, you know?

SPEAKER_00 33:14

I mean, I think right now that's actually kind of shifted. And so um, for some people at the moment, financial peace is being like, okay, you know what? I can go to the grocery store right now and go buy something and then not have to worry about what that's gonna do to my bank account. I can go fill up my car with gas because we know gas is gone up right now. And, you know, I'm comfortable with that because that's not gonna be a stretch for me. You know, that looks like, okay, you know what? As a family, we've decided, you know, we want to go on a family vacation once a year, you know, can we save appropriately for that? And then, you know, um be able to enjoy ourselves and create those memories. And so, you know, with that, it's the it's about the little things, like, you know, are you deriving pleasure from, you know, hearing your daughter play the piano or like, you know, your child's in this dance recital or knowing that, okay, you I've saved a little bit for my grandchild to go to college, you know, it's those little things in life that we have to focus on and be mindful of. And, you know, overall, that's gonna be that peace and that contentment that we're looking for. And, you know, um, can you go out to eat like, you know, once a week, once every other week without breaking the bank? And so when you look at the little things that you have the capabilities of doing and, you know, enjoying life in that manner, I think that that's the real peace for people as comparison to what they see on Instagram or anywhere else out there.

SPEAKER_01 34:36

I love that. I want to ask you this next one too, because I have started to see it with my daughter and with some other young people that they're starting to kind of identify with things in a different way. You know, like it was an interesting one that when my daughter for her birthday, she wanted some low-tech gifts. She wanted a tomagochi, which I don't know if you remember those, a little digital like uh didn't last very long. It died many, many times. Um what can you do about that? Uh, and then she wanted like an MP3 player just to listen to music because she loves music. And, you know, have you noticed younger generations redefining success differently than previous generations when it comes to money and lifestyle?

SPEAKER_00 35:22

I have for some. So, you know, it's it's really interesting because there's a dichotomy between that. You know, you have the ones who are, you know, influenced more by the Instagram and and they're not. But, you know, like I kind of alluded to before, there's some who've kind of seen, you know, what their parents and grandparents have gone through and they recognize, okay, you know what? Um, I see the cost of a house right now. Am I going to like, you know, try to save for that at the moment because they know it's um not necessarily as an attainable goal as and as easy to buy a house as it was back in the day? Or, you know, they see that, you know, the cost of living has gone up. And whether you recognize that or not, you know, they can go back and look to see, hey, back in the day, you can, you know, live the dream in like a four-parent or excuse me, a four-person household. You know, you could buy a house for like $50,000, have your car, have your this. You can live off of an income of like, you know, $30,000, $40,000. And that afforded you a comfortable life back in the day. Now it's not as easy, of course. And so, you know, with the cost of everything going up, and then, you know, seeing that it's not as easy to go buy that house or buy that car, I think they're kind of assessing that. And they're like, okay, you know what? Um, I need to change my definition of like, you know, um what success is. I need to change my definition of what like, you know, financial happiness is. I need to really assess, okay, am I gonna buy a house in this lifetime? Because it, you know, I don't know if I want to just rent and not deal with that, you know. Can I buy that new car? And probably not. So, like, you know, what's in my price range? You know, am I able to save for that vacation? You know, do I have savings should something happen? And so they are taking a look at that a bit more than um than before because they kind of see how things are out there right now and um, you know, might be taking a closer look because they have learned from us, like, okay, this is what I should do, this is what I should not do. Um, and how like, you know, hopefully we're helping to influence them a bit as our generation to teach them and they are living vicariously through us and kind of seeing what we've been through in order to avoid that themselves.

SPEAKER_01 37:26

I I love that. I want to ask you one last question. If someone listening feels overwhelmed financially right now, what's the first practical step you'd tell them to take to move toward a calmer future?

SPEAKER_00 37:38

So, first, obviously you have to take a deep breath. Because it's gonna be overwhelming, of course. But I think it's one of those things, even in some of the financial literacy classes that I teach, um, it is uh first and foremost, like, you know, you have to sit down and take an accurate picture and like look to see where you actually are and what that looks like. And so, you know, to some of my students, I'm like, okay, you have to have a money date with yourself. So that's you sitting down and being really honest, you know, with yourself, taking a look at everything. So, do you know what you're actually spending money on? Do you know, you know, what you are you have coming in? And so that's a that's a hard reality for some people. That's really tough to sit down and kind of actually take a look at your bank statement, take a look at like, you know, um your credit card statement to see what you're actually spending on. Because without having a baseline and knowing exactly where you're starting, um, you know, you could be a little bit better off than you actually thought. Or it could be okay, you know what? We really need to kind of work on this. But, you know, you do have to take an honest look at where you are and then kind of figure out do I need help with this? Do I need someone to kind of help get me on the right track? Does that look like, you know, me trusting in someone to be like, okay, um, you seem like you have it together. What have you done? Or can you help me get on the right track? And I think that, you know, being honest and taking that look is something some people don't want to do because it's scary. Um, and then asking for help is, you know, always difficult for a lot of people as well, too. But if you can do that, um, if you don't feel that you can do that yourself, that's when, you know, it can actually help get you on track. And that's when you can be like, okay, you know what? I know this looks bad, but you know, what is the definition of bad? Like, you know, what does this actually look like? And so, you know, obviously first is okay, recognizing that you do need that help, or recognizing that there may be a problem, recognizing that I don't know where I stand financially. And then from there, you can kind of figure out which route you need to go and like you know, how you can um get to where you want to be and um your definition of success and you know, financial peace.

SPEAKER_01 39:47

I love that. Where can people go to find out more about you and what you do?

SPEAKER_00 39:52

Oh, so um that's really interesting. Um, as I said, that you know, I am like a manager of our client service um right now and for working for Cat Trust. And um, so they can reach me there if they'd like. Um, I can give you other information offline as well too, for someone who um would want to reach out if they have questions, you know. I'm definitely more of that person, like, you know, I continue to be in this business because I know there's a lot that I didn't learn when I was younger. And so I'm very passionate about being able to teach others and like give back just because, you know, what's the point of being in the business for 20 years and having all of this knowledge and not sharing it and helping the next person or like, you know, helping someone who never had the opportunity to um actually learn this type of stuff. So um, you know, of course there's lots of places out there that help you do that as well, too. But, you know, um I figured I might as well do my part in giving back to the world as well, too.

SPEAKER_01 40:47

So I love that. I want to say thank you so much. This has been a masterclass, and I just love the way you present it because it's so peaceful and and warm and embracing. Like I yeah, I'm sure that people that come to you feel that as well.

SPEAKER_00 41:00

I like, I hope so. That's I want them to leave better, like, you know, than they came in. And so it's about making sure that, you know, as we've kind of talked about, you know, figuring out what happiness financially means to you, you know, um, those lessons that you've been that you were taught back in the day, is that still with you? Is that something we need to change? You know, is it aligned with your values, etc.? So, you know, that's definitely something that um I try to impart in people and help them with and making sure that all of that aligns.