Money Mom Podcast
Welcome to The Money Mom Podcast—the ultimate guide for moms who want to take control of their finances, crush debt, and create a life of financial freedom and abundance. Hosted by Rachel Coons, a budgeting expert and mom of three, this podcast is your go-to resource for practical tips, mindset shifts, and empowering strategies to help you manage your money with confidence.
Whether you’re navigating grocery budgets, tackling debt, or dreaming of building wealth for your family, each episode offers bite-sized, actionable advice to make money management simple, stress-free, and even enjoyable. With relatable stories, expert insights, and a dose of mom-to-mom encouragement, you'll learn how to transform your finances—one small step at a time.
Tune in every week to discover how to save more, spend smarter, and feel empowered to create the financial life you deserve. Because when moms thrive financially, families flourish.
Money Mom Podcast
33: Crafting a Millionaire Mindset with Brittany Flammer
Unlock the secrets to financial success with Brittany Flammer, a savvy money coach and proud member of the Shop Society, who has climbed the wealth ladder despite a modest income. Hear Brittany's incredible story of financial triumph, where she and her husband have amassed nearly $850,000 in net worth on an average annual income of just $37,000. Discover how adopting a millionaire mindset, coupled with community support and accountability, has been the cornerstone of her financial journey.
Check out Brittany's website
Find Brittany on YouTube
Brittany's webinar: Biggest Budgeting Mistakes {and how to fix them}
xoxo,
Rachel
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TikTok: @heyrachelcoons
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Welcome back to the hey Rachel Kuhns podcast. Today, I have a very special guest that I am bringing on the show for two different reasons. The first reason she's coming on is because she is a current member of the Shop Society, and I wanted her to come share a little bit about her experience. We're running a Black Friday sale that ends today, and so you know, take it from somebody who's in the Shop Society and experiencing it for herself. And then, second, we're going to talk all about what are the habits of a millionaire mindset. She is a money coach and we just launched a new program inside the Shop Society, the Money Mindset course, and so I thought this tandem would be perfect to have Brittany come on and talk a little bit about what she does. So, brittany, welcome to the show. Can you please introduce yourself and tell us a little bit about yourself?
Speaker 2:Yes, of course. First of all, thanks so much for having me. I'm super excited to be here. My story in a nutshell my husband and I have never made very much money, but we've been financially successful. We started after school. We did Peace Corps for a couple of years. My husband did grad school in LA. We were having babies. We've had lots of adventures, but we've never made very much. Our average annual income for our first 18 years of marriage has been about $37,000. Wow, our net worth is last I checked, I think it was right around 850,000. We'll probably pass the million mark in the next year or two. So I just love personal finance, anything money related people. So I've just shared what has worked for us and so I finally went and got certified as a financial coach so that I can help others. But I love studying millionaires not because I necessarily becoming a millionaire is the most important thing, but they've been successful, so I like seeing what they have done and so that we can replicate that to have that same success.
Speaker 1:I love that and I love hearing like firsthand I mean, I'm sure you've read the Millionaire Next Door, but this idea that it doesn't matter how much money you make and you can find financial freedom, being intentional, being budget friendly and all of those things. So what brought you into the Shop Society? Tell us a little bit about that story.
Speaker 2:I can remember. So I am not on Instagram very much. I do have an account, but mostly I use it because I have a teenage daughter and we don't let her have Instagram so she can search up stuff and I can kind of see what she's watching and doing. But we were driving back from a family vacation to Mexico and I saw something of yours pop up about grocery savings and I was like, oh, like this is right up my alley, like I love to save on groceries, and I'm like I got to watch, so I watched your webinar workshop, I'm like, yes, yes, and so I was like I got to join.
Speaker 2:I feel like I'm really good with our groceries and we have a low grocery budget, but I'm like I've got to learn more. So I joined to like get your course. But I love the membership and the accountability because, even though I'm good, I feel like I'm pretty good with our grocery budget. There's just something about having other people going through what you're going through that you can relate to and learn from.
Speaker 1:So I've really enjoyed it Totally, and that's like I think that's the key factor for a lot of people is like you could do this on your own. But do you want to, and is it more fun especially as a mom like we get so lonely and we're doing all these million different things? Sometimes it's nice to have just people that are on the same journey, that you are doing it together.
Speaker 2:So it's really rewarding to see other people having those successes and it really motivates you to continue on with it.
Speaker 1:Yes.
Speaker 2:Yes.
Speaker 1:Well, and and that goes back to this this intentional spend right Putting money that is actually going to do something for you. So that's I mean, I talk about that a lot in the shop method and figuring out what you're spending for your grocery budget should be, but going beyond that into your personal finance. Tell us a little bit about how you guys saved what $850,000 with a low annual income. Yeah, tell us a little bit more about that and what you learned along the process.
Speaker 2:So essentially it's really simple. We spend less than we make and we invest. It's the tortoise and the hare. It's slow and steady. We haven't done anything amazing. It's not sexy. There is nothing sexy about the finances. It's like kind of boring. But, like you mentioned the millionaire next door, in their research, what they discover is that they're just average people. They don't look wealthy, they're not driving the fancy cars, they're not living in the mansion, but they've made smart money choices over time. So it's all about the habits and creating good habits like grocery shopping, making the habit of shopping your shelf first. So it's just creating good money habits from the beginning, and it's small, and small wins will build up to big successes.
Speaker 1:Yes, yes and, and looking long-term right, we're not looking for these like it's not going to happen in one year. It's going to take 15 years to really and having that patience for your future goal is really big. So what are some of the habits that you see in these millionaires?
Speaker 2:Yes, okay, so there you mentioned the millionaire next door. That was a study on millionaires. Dave Ramsey's got his study that he did with a 10,000 millionaires Money guys have done studies with their clients, so the numbers I've got are from those studies, but I see them when I work with clients. I see again and again and I've seen them in my personal life, so I have a bunch. We probably won't go through all of them because it would take forever, but we can do a few.
Speaker 2:I would say the first biggest one is and you're probably gonna groan when you hear this is that they avoid debt. And now you're thinking like duh. That's pretty obvious. But there are so many different, conflicting opinions. I mean you can go from Dave Ramsey, who's cut up the cards don't ever take a loan for anything to the flip side of people that are leveraging debt for real estate or for anything to invest in. But if you look at the numbers millionaires, what? 60% of millionaires do use credit cards. So it's okay to use credit cards, but the key is they pay them off every month. So 73% of millionaires have never carried a balance on their credit card ever in their life, and so you compare that to the average American? Right now, the average American has over $7,000 in credit card debt, and that's like today, and we haven't hit the holidays yet.
Speaker 2:So it's only going to go up and that the average rate is like 22% on credit cards. So I plugged it into a calculator. If you're average and have that over 7,000, you just pay minimum payments, it's going to take you 10 years to pay off that balance, and that's assuming you're not adding to it and you're going to pay more than $10,000 just in interest. So you want to avoid debt, especially the higher interest credit card debt.
Speaker 1:So if you have it.
Speaker 2:Stop using them, try to pay it off. I know you've had I think it's Krista on and she talks about paying off debt. A lot of clients that I meet with. They just want help with their finances, but it's their debt. That's like weighing them down.
Speaker 1:Totally. It's holding you. It's holding you back right. You can't ever get ahead because you're always trying to play catch up and I would say I think debt like you can lump some debt, but I would say credit card debt is really what you're talking about right now, because there's debt that is like school debt and house debt and you know those kinds of things that aren't necessarily as debilitating as credit card debt.
Speaker 1:But, I will say that is one of the number one reasons because I ask members who come into the shop society that is one of the number one reasons people come in is to pay off debt. They want to pay off debt. So $7,000 is a lot of money, but you could pay that off in a year if you focused on your grocery savings. So it's not like you're never going to get out of debt. It just is really intentionally focusing on that is what you're saying.
Speaker 2:Yes, yeah, that getting rid of that high interest debt. So getting rid of that debt helps you so much. And the best way to do that is with a budget, which leads us to the second millionaire habit. 94% of millionaires use a budget and I know that people here. It's like the dreaded B word it's a swear word in some people's vocabulary because they hate to budget because they think it's so constrictive and they can't spend any money. But that's not what a budget is. A budget's just a plan for your money.
Speaker 2:I love budgeting because it tells me I can look at the budget and see what we can do for our vacation or what sports we can afford for our kids to play, what experiences we can have. I can look at it and we can plan for those. Or we can plan to get out of the debt and then you have more money. Getting out of the debts like giving yourself a pay raise. But so I love budgeting and I know a lot of people don't love it, but millionaires do it, and when clients that I meet they come to me, they're either one of two boats Either they know that they have no idea where their money's going and they want help, or they think they know where their money's going, but they're out of money by the end of the month.
Speaker 2:And so we look at their actual spending and people are blown away. It's the like 20 bucks here, $30 here, like groceries at the grocery store. It adds up and people are blown away. It's the like 20 bucks here, $30 here, like groceries at the grocery store. It adds up and people really have no idea how much they're spending. They're spending so much more than they think because it's so easy to swipe or tap or one click shopping. So just looking at the numbers and what you're spending is really eyeopening for most people. But once they look at those, then you can create a budget and have a plan for your finances, whatever your goals are.
Speaker 1:How do you? Yeah, so I, I see I say the same thing and I feel like I have the same reaction when someone talks about budgeting Like it's just a natural, like being like, ooh, that's, that's boring, that's not fun. So how can you make it like how could you break down how to look at a budget and how to kind of set up? A simple break down how to look at a budget and how to kind of set up a simple, easy budget that is doable for most people listening.
Speaker 2:Yeah, of course. So there are a lot of ways to do it. It doesn't have to be like people picture like a spreadsheet with like a million cells and tabs, and it doesn't have to be that way and people fall into the boat of either they're nerds and love that kind of stuff or they hate that kind of stuff. So people that hate that kind of stuff usually budgeting apps are better for them because a lot of the process is automated. Like you set up a few rules and then the app will do the work for you automatically. But you can visually see. You can open up the app and be like oh, I have $200 left in our grocery budget for the month, or we can go out to eat because we still have money left in the budget. So a budgeting app that will do a lot of automation for you helps that.
Speaker 2:And a lot of people don't include fun stuff. Like you should include fun stuff. There should be fun money in your budget. Even if you're paying off debt, it's okay to have fun and it's okay to go out to eat once in a while. You just have to look at the big picture.
Speaker 1:Yeah, and I think once you see the reward, once you see that you can have the fun things and you can pay off debt and you can do all of that, that is so rewarding and it will help you want to keep going right. It's kind of like feeding the excitement a little bit, yeah it does Definitely of like feeding the excitement a little bit.
Speaker 2:Yeah, it does Definitely Along with the budgeting. And the next habit of millionaires I think you'll like this one it is they use a grocery list. So 85% of millionaires use a grocery list. I see all the time. Once clients do start looking at their spending, they are amazed at how much they are spending on groceries and how much eating out as well. They kind of both of those categories people are like but it's expensive. We have a lot of kids and it really there's been inflation, so things are expensive. But this is where following your shop method is huge because you can save so much money your shop method is huge because you can save so much money.
Speaker 1:Hey, quick break here to let you in on something big happening today only. If you're like so many of us, you're probably feeling the weight of trying to feed your family, the planning, the budgeting, the organizing, the endless trips to the grocery store and that constant question of what's for dinner. It's exhausting and I get it, but here's the good news. Inside the Shop Society, we've created a system that takes all of the stress off your shoulders. Our members save time, money and energy by tapping into our proven routines, meal plans, grocery lists and exclusive resources. Imagine spending less time planning meals and shopping and more time enjoying your life with your family, all while saving hundreds or thousands of dollars every month on groceries.
Speaker 1:And right now, for Black Friday, we're doing something really special where you can join the Shop Society for 50% off both our monthly and our annual memberships. This is our last big sale of the year, so don't wait. If you've been thinking about simplifying your routine, cutting your grocery bill in half and feeling free from the burden of feeding your family, now is the time. Click the link in the show notes or head over to our website at heyrachelcoonscom to grab this amazing deal while it lasts. Don't miss out. The Shop Society is waiting for you.
Speaker 2:I think you've mentioned this the USDA and their recommendations on how much you should spend. So I looked our family up. So we've got five kids. I looked up for their ages and genders. They've got the thrifty plan and then, like the conservative and the liberal, so I was looking at the thrifty so the cheapest plan for our family of seven, we should be spending about $1,800 a month on groceries and that's that's more than our mortgage. Yeah, and I'm that's so high, like we in reality. I mean, you recommend it's what 150 a month per person. Yeah, that's like a little over a thousand for our family and and people don't think it's doable, but it's totally doable if you use, if you shop your shelf and do I love the online ordering like you do, so I'm I'm a weekly shopper. So since doing your course and joining your membership, I've been trying to go to two weeks and it's awesome.
Speaker 2:I love it. It's so much simpler. I love it. But so I recently I saw I'm a YouTuber and I get asked all the time like how do you keep that grocery budget so low? So I finally did a video on how we do it for our family and it's it's like the same tips you talk about, but the comments it was. It was funny to me. People like oh, you can't eat healthy with that.
Speaker 2:Or you can't do this because of whatever excuse and it just makes me laugh because it's what you say. These are all the excuses people give. But you really can do it. It takes some planning and maybe a change of your habits, but it's totally doable.
Speaker 1:Totally, and I mean you're getting the same comments I've gotten for years about the pushback, but it really comes down to just I mean you said it's what having a grocery list, it's having a plan and and really focusing on that one area, and I think that that one budget. That's why focusing on your grocery budget is the number one place I would start with people is because it's the one area that people are just massively overspending without even knowing it. You know, we just we just swipe our credit card at the grocery store and we just don't even think twice about it.
Speaker 2:Yeah, and it really does add up and people just think, oh, we've had inflation. Things are expensive, that's just how it is. It's just expensive to feed my family, but it doesn't have to be so. So millionaires plan and when you have a plan you will spend less. I assure it's. Just having a plan will help you spend less, help you save lots of money. So habit number four with millionaires they invest in their 401k. Now when I say 401k, that can be any retirement plan like your employee sponsored, whether it's a 403b or a 457 or whatever. Or if you're self-employed, it's you investing in your own IRA or Roth IRA. But eight out of 10 millionaires they crossed the seven-figure threshold because of their 401k. It's the tortoise and the hare. It's that slow and steady. Like you said, it's not overnight and it takes a while to see the results, but you do eventually see the compound interest and the results from investing. And even those that don't invest in necessarily a 401k, 75% of millionaires just say it's the steady, consistent investing over time that has led them to wealth.
Speaker 1:Totally. Can you give some numbers? I don't know. I mean this is kind of putting you on the spot, but I like know people who have given numbers. Like if you invest, you know this amount per month. This is what you'll have by any numbers off the top of my head.
Speaker 2:Obviously, I ha I could pull up a chart real fast but obviously the sooner you start the better. Like, starting with $20 a month, you can eventually reach millionaire status if you're young enough, at like 20. Right. But so people get discouraged. Well, I'm 50. I'm not, I'm not 20. I don't have that time. But still, even 50 year olds, if you're investing in like a Roth IRA below the like cause they have a, there's a maximum on how much you're allowed to contribute. Even if you're just contributing what they allow in a Roth IRA as like a 50 year old, you can still hit millionaire status near retirement age ish.
Speaker 1:Yeah, yeah, it's super powerful.
Speaker 2:Yes, and I look back and for us it was a habit, like there were times when we only invested $20 a month because that's all we could afford, but we were always investing, just creating that habit, and it does add up over time. So, like now, we invest a lot more because we make a lot more, but it's the time factor is huge when investing, but then also it's just the habit of saving for your future.
Speaker 1:Yeah, totally.
Speaker 2:And also one other thing that a lot of the millionaires mentioned is they don't invest in single stocks.
Speaker 1:A lot of people think that's how they're going to get rich quick.
Speaker 2:A lot of people think that's how they're going to get rich quick and a lot of the people interviewed like they'll invest in stocks for fun, but that's not their main investment. Their main investment is like index funds or mutual funds, not single stocks yep, yep.
Speaker 1:So just like the S&P 500 putting something in there, yep yeah, and there's so many.
Speaker 2:Nowadays you don't have to be a guru. You can just set it on autopilot and forget about it and, like you do a target date fund, you don't ever have to do anything. So it's not like you have to be a rocket scientist to do it.
Speaker 1:Where would you recommend if someone who's listening to the podcast today and isn't investing, where would you? You know there's tons of different places to go to start an account. What would you recommend is the easiest and simplest?
Speaker 2:So the first and easiest is if you are an employee where they offer like a 401k type plan, that's usually the best place to start, because a lot of them offer a match which is free money.
Speaker 2:So that's the best place if they offer a match, If you don't get an employer that has that, or sometimes they don't have really good options. So then if you meet the qualifications, or Roth IRA, but you can go. I mean, there are so many it's almost overwhelming If you've already got an account somewhere. There's Vanguard, Fidelity, Charles Schwab. Those are probably the three most common. Any of those are great, but if that's even like too complex and too overwhelming, there are banks.
Speaker 2:Probably Wealthfront is the easiest. There are lots of apps Wealthfront or Betterment those are probably the best apps, low cost. They ask you a few questions like when do you want the money, how old are you, how much are you going to invest? And then they recommend a portfolio and you can go with that. You can do your own, but you don't have to do anything. You set it up and then you can do automatic. Or if you're on variable income and are gonna contribute a different amount every month, you can do it manually. It's really easy. There's no excuse for not doing it, because anyone can do it.
Speaker 1:Well, and I was gonna say too first off, if your employer offers a match, you are leaving money on the table. That match is part of your salary income and they put that there, thinking that that's your pay. So you 100% need to prioritize that match. That 401k, I also will say so. We're both sole business owners, right? My husband and I. So we don't have a 401k match, we don't have investing, so we have to be really careful about doing it on our own.
Speaker 1:And we've used Fidelity and again it's. It can be confusing, like, especially as a business owner, like what we can invest in and what we can't. So, calling the company and asking and talking to their reps they are so nice, they're so intelligent, they will walk you through in the most layman terms, to help you get to where you need to go. I've I've called Fidelity multiple times and been like I this is what I'm making this year. What should I do with my money? Where should I put it? And they will help it. It's free, it's free service. You don't pay a percentage of the investment. They will, they will help you, they will guide you. So go talk to the experts, go talk to the people that really can help you.
Speaker 2:And they're not making a commission off of what you do. So they're giving you advice that's best for you, not what's going to be best for them.
Speaker 1:Exactly, yeah, yeah, yeah.
Speaker 2:So if you, like you said, you're at Fidelity, calling them as awesome, or at your employer, most of them have HR people that work specifically with the investments that can help you. But I recently saw a study by Vanguard 34% are not getting their matches, like they're not putting in enough money to even that's. That's free money? It's yes to me.
Speaker 2:So that's the first place to start If you don't have Fidelity is really user-friendly and, like I said, if it's overwhelming you call them or you can just do a target date index fund, choose when you think you want to retire, and then you never have to look at it again. Like it can be really simple yeah.
Speaker 1:Okay.
Speaker 2:So another another misnomer about millionaires is that they make a lot of money and I'm never going to be. People think I could never be a millionaire because I don't make enough money, but in reality that's not true. So in Dave Ramsey's study of the millionaires they list the top five occupations of millionaires and the top three it is engineer, accountant and then teachers are number three on the list. Teachers, who are, like, notorious for not getting paid very much, are third on the list for being a millionaire. So it's not how much you make, it's what you do with how much you make. And one-third of those millionaires never made over a hundred thousand dollars in their life in in one year. They never crossed that six figure in their life in one year. They never crossed that six figure in their life, which is crazy because nowadays most of the clients I work with make a lot more than that.
Speaker 2:But what I see is the people that make the most money have the most debt because they have a much higher lifestyle. Yep, the lifestyle creep is real. And you've got the nice job, so you've got to have the nice car and drive, send your kids to this school. So it's not about how much you make, it's just what you do with what you make, being being intentional and having a plan for your money.
Speaker 2:And also another statistic about millionaires 80% of them are middle-class or lower. They did not come from money, so it's not. It's not about how much you make. It's not about how much your parents make. It's a lot of people are bad with money because they've never been taught. But anyone can do it, like the Amer. It's like the American dream. Right, it's still keep. It's still there for anyone that's willing to put forth the effort and change some habits to make the changes to become successful. Anyone can do it Totally. Totally. Any more habits.
Speaker 1:Okay, we're getting pretty long here.
Speaker 2:So if we want, to stop, we can be done. We're getting pretty long here, so if we want to stop, we can be done.
Speaker 1:Give me two more. Let's do two more.
Speaker 2:Okay, okay, two more. Next one they drive modest cars. So over 30% drive a Toyota or Honda, not high end. There was a study. It says 80% of people who drive prestigious brands are not millionaires.
Speaker 1:Now I don't know what they defined as a principle.
Speaker 2:I'm not sure what that means. That's kind of vague, but it's just the principle of living within your means and not trying to keep up with the Joneses.
Speaker 1:Absolutely.
Speaker 2:And then let's pick another one. This is a fun one. I like this one. 85% give to charity.
Speaker 1:Yes, yes.
Speaker 2:So it's. There are studies that show the benefits of donating, like the emotional, this, all of the tangible results of donating. But there's just something about, even if you're not religious, there's just something about like with my kids, watching them give, realizing that there are others that are more in need than they are.
Speaker 1:Yeah.
Speaker 2:Makes them perspective. Yeah, it puts things into perspective and it makes you better with the money you do have to spend.
Speaker 1:I that okay. So that's a big part of this money mindset course that we just rolled out is the power, first off, of gratitude and on the end of that, like gratitude in action, is giving, and a lot of times we get so we hold onto money because we're scared and we are afraid if we give it away then it's just going to never come back to us. But being able to let go of money is very powerful as well, and letting it go to a better cause. First off, it's going to make you happier, it's going to make you more intentional and I really believe that there's this flow and energy of money that when we give we also receive, and I think the power of giving and donating to charities and really really having that be very important with your finances will completely change the way that you look at money and the way you feel around money.
Speaker 2:Yeah, it's really interesting. I work with people that are like well, I don't make enough to give, but it's not about how much you make, it's you don't have to donate a lot, like when we were younger and didn't make very much. It's like the widow's mite we were not contributing very much, but it was more.
Speaker 2:I feel like it benefited us more than anything else. But it's totally like you said, the gratitude, the mindset, it makes you happier and it's not even about how much you give, right, like we're not putting a number on it.
Speaker 1:You don't have to go give 25% of your income, paying for, like, someone's lunch, like on a whim, or donating to a charity in your hometown that you feel passionate about. Like there's, there's no, there's no money that like at this point. This is when you get the, the benefits of giving. It's just giving and having a giving mindset. That really changes you.
Speaker 2:For sure, 100% agree.
Speaker 1:Awesome. These were so many good tips and I I was listening to the percentages so I'm like thinking about okay, so 94% of millionaires do this and 84% of millionaires do this. And I'm like, okay, so 94% of millionaires do this and 84% of millionaires do this. And I'm like, okay, what about the other 16%? Like, are these just the people that are like rolling in the money and don't care about what they spent? I mean, but, but 94% is a pretty sure like I would say I would rather do the 94% than do the 6%. Right, like, so, if, if, if I'm going to follow what a millionaire does and if that's what I want to become, that's my goal that I have to inherit those characteristics. So studying the, the habits is really powerful. I think this was a really valuable episode to share these thoughts. Brittany, if someone is like this, I'm really curious about how I can get more into your world and learn more about family finance and that kind of thing. Tell us where our listeners can find you.
Speaker 2:Sure. So I have a YouTube channel, brittany Flammer, and I've got a website and on my website I do one-on-one coaching. But I also have a course to help people start budgeting so from scratch. If they don't know where to begin, it walks them through the steps to get started. Or for those that are more DIY and don't want help, I do have a free webinar where they can see the biggest budgeting mistakes that people make, so that they can avoid them and learn how to fix those mistakes.
Speaker 1:Awesome. Okay, so we'll. We'll tag your YouTube channel below and your website so people can come find you. If you want to go binge Brittany's YouTube channel, you can go do that. But, brittany, thank you so much for taking the time to come on today and share us these valuable, valuable tips of the millionaire mind.
Speaker 2:Yes, thanks for having me.
