The Get Ready Money Podcast

The Tony Steuer Podcast with Patrina Dixon: It's My Money

July 23, 2021 Tony Steuer
The Get Ready Money Podcast
The Tony Steuer Podcast with Patrina Dixon: It's My Money
Show Notes Transcript

“Ensure that you have a freedom fund, it’s often called an emergency fund. What that allows for is for you to have less stress in case anything happens like loss of a job, a medical situation comes about, bills increase and your income does not. If you put money aside so that you can sustain your household bills, you will be in a much better place.” Patrina Dixon

In this episode, I spoke with Patrina Dixon, Personal Finance Expert, International Speaker, and an Award-Winning Author about her latest book “It’s My Money - A Guided Journal To Help You Manage Your Finances”.   We also discussed the importance of financial literacy along with specific challenges for women with financial literacy.

Bio: Patrina Dixon is a Certified Financial Education Instructor, International Speaker, award-winning author, Founder of It’$ My Money, and hosts The Money Exchange Podcast. Her mission is to help individuals become financially free and begin building wealth. Patrina’s been quoted in Yahoo Finance, Black Enterprise, Real Simple, and Experian. She has financial workshops across the world, in high schools, colleges, universities, prisons, detention homes, and for AARP Foundation and Chase. Patrina is also the host of the It’$ My Money local TV show in CT.

The Tony Steuer Podcast is presented by Paperwork

Speaker 1:

You're listening to the Tony Stewart podcast, where Tony interviews, financial literacy advocates who are changing the conversation on money. So you can catch up on the latest trends and ideas in the world of financial literacy and education presented by paperwork. Be prepared for life

Speaker 2:

To the Tony Stewart podcast presented by paperwork. I'm pleased to be joined today by Patrina Dixon. Patrina Dickson is a personal finance expert, international speaker, and award-winning author of the top selling financial journal book series. It's my money. Katrina is a 2018 100 women of color honoree Patrina is also the founder of P Dixon consulting, LLC. And in this episode, we'll be discussing between us book. It's my money guide, the journal to help you manage your finances along with our podcast, the money exchanged. Patrina welcome to the Tony Stewart podcast.

Speaker 3:

Tony, thank you so much for having me. I'm so glad to be here.

Speaker 2:

Oh, I'm just so excited to talk to you. Uh, you know, I love your journals and, uh, want to learn more, so, yeah, fantastic. So, you know, as I start with everyone is, uh, you know, we want to hear about your origin story. How did you get started in personal finance?

Speaker 3:

Sure. So, um, really the basis of my story, I feel like I've been saying this so often, um, in the last, uh, in the recent past it's, um, I did not grow up learning how to manage money, what money meant, what a great credit score was. And I wanted, once I learned how to do that, by watching the financial grades, I wanted to grades at that time, I wanted to then learn how to master it so that I can teach everybody else how to do it. So that's what I did. I got my money in order. I then, um, you know, became a student of finances and sort of got certified in all of that stuff. And I began to teach it everywhere. I go. Like I started in schools and then I would work with adults. So my journey, the reason why I do what I do is because my money story was horrible. And when I changed my mindset to do it right, and actually executed on it, I knew that others needed to know that it was possible regardless of how much money they made. And that's how I got started now five years ago.

Speaker 2:

Oh, fantastic. I think you hit on something really important that people overlook is that it's a mindset. Um, would you mind going into that a little bit more and talking about why you feel it's more a mindset than just learning something? Sure.

Speaker 3:

So I'll give you an example. I made good money. I worked for an employer, which I still worked for. I make great money. Um, I own my own home. My daughter was in parochial school for which I needed to pay tuition. We had really nice clothes, but if one paycheck didn't come on the day it was supposed to come, that could have flipped our lives upside down. Like I did not. Um, you know, we're having this episode in that after the pandemic, if something like that happened to me at that point in time, I could have lost everything because I had no money saved, no money invested. It was, I waited for that paycheck every two weeks in order to pay the next person, pay bills, go out to eat, whatever I did. So, and when my mind's chef's shift shifted my mind, excuse me, my mindset shifted. I, um, I then learned that I needed to do things smarter with my money in case anything life happens, emergency catastrophic illness, anything that I would be prepared in order to continue maintaining the lifestyle that we had at the time. So it was the shift in mindset and understanding even with the same money, you could really have more own more have assets versus having things that look nice. That didn't mean anything. And you couldn't do anything with, if you needed to pay the mortgage.

Speaker 2:

Well, that's fantastic. And I think that gets to the whole thing of, you know, getting in control of your money rather than having your money control you, that paradigm.

Speaker 3:

Right. Exactly. And that's what I tell people about the budgeting is people think budgeting is as restrictive budgeting really is empowering because when you know what you exactly what you have coming in and what you have going out, it empowers you because you know what, um, what, uh, room and liberties you have to do other things that you want to do. So, yeah, it's certainly empowering when you are intimate with your money and know what's going on with it and, and grow and know how to grow it.

Speaker 2:

Well, that's great. And I love that you said that I, I I'm writing that down because I want to remember that budgeting is empowering rather than restrictive because you know, you hear the word budget and it turns so many people off

Speaker 3:

Even to this day with so many people talking about it and out here doing what we do so many, the term still turns people off. Um, and I tell my clients, like, if you don't like the word budgeting, or it puts you in a state where you feel frustrated that you have to do it, then call it something else, call it your spending plan, call it your intimate time with your money, call it whatever you want. Just do the exercise of finding out how much you got going, coming in and how much you plan to spend out. Yeah.

Speaker 2:

And that's really, uh, you gotta have more coming in than you have going out. That'd be right. Exactly. Right. No matter what for, you

Speaker 3:

Know what, when people actually do it, they exercise whatever they call it. Once they start doing it and doing it well. And maintaining that fluid of activity, I find at least with my clients that they don't want to mess up. Right. It's it's getting them there. So that's why it was the mice mindset that I talked about earlier. Because once they start doing it, they're like, oh, oh, oh, this is how much I have left over. Oh. And I saved and my bills are paid and I can still go and get that gourmet coffee or whatever it is that they want to do. So it's just like, okay, I just need to take care of this stuff. Like, write it down, what I plan to do. And then that feeling of empowerment, like we talked about earlier, um, it just, it becomes the, the guiding factor versus, um, just frivolously.

Speaker 2:

Fantastic. I like that. And one thing in there, you said that it's super important. I know it's kind of a trivial point, but the gourmet cup of coffee and not necessarily giving that up. I mean, how do you feel about that is I know that I feel personally when I hear somebody say, well, you have to give up going to Starbucks every day that I'm like, well, that's not necessarily the truth. If that's what's important to you, how do you feel about that when you hear something like that?

Speaker 3:

You know, so, well, I won't go into deep, uh, of my story regarding Starbucks because I have a Starbucks story, but the set is the exact point, right? The budgeting is not about restriction. It's about knowing what you have room to do. And if, what are the things that you like to do because you start with your income and then do you do your expenses? So if part of your expenses include Starbucks, then as long as you have it written down and you know exactly how much you allocate towards that particular item, that's perfectly fine. But oftentimes what happens is people write down their mortgage or rent their car payment, car insurance, you know, everything that has a due date that they know that they have to pay by a certain time, but the coffee, even the gas for the car, those things don't get written down. So they do them and sometimes they do them in excess. So then it prohibits them from being able to do the stuff, to have a due date. So if you, coffee is your thing going out to eat is your thing, whatever your thing is, as long as you have that as a line item in your budget and it's within to your earlier point, it, does it make that expense column be greater than the income column, then you're absolutely fine if you like Starbucks. So just do it, just do it responsibility. Um, meaning not responsibility like alcohol, I mean, responsibility to meet budget for tea for$20 for a period of time, don't spend$60 just because, you know, you need to stay within what you budgeted. And so that's what I mean by response

Speaker 2:

Now. And I like that. I think that is such an important point. It's, it's personal. It's what works for you. And I think that often the financial services industry is very fond of throwing out hard and fast rules, but it's all personal and it's okay,

Speaker 3:

Isn't that what it's called personal finance. So I tell that all the time though, that personal finance is just that the first word is personal finance. So what, even if you and I did the same thing made the same money spent, we may spend differently and what we spend on may very likely amount. So you have to do what works best for you.

Speaker 2:

Definitely. I am writing that down as well. I love it. Great quotes in here. So let's talk a little bit about your book. Um, you've actually got a series of books, but let's, let's talk about your most recent one. It's my money, a guided journal to help you manage your finances. Uh, tell us a little bit about your book. Yeah,

Speaker 3:

Yeah. So, um, what I love the name. I have to tell the story. So as a, uh, a registered trademark, it's my money, the way that is, and the financials face love that. And it's came from a story. Uh, the name came from my daughter, um, where we had given my mom and I had given her some money when she was younger and she, we took her to the mall and she wanted to buy something. We didn't think that it was something that she should buy. Right. Why do you want to get that? And she said, back to me, it's my money. Like you gave it to me. Can I just buy what I want? So I remember when I was a writer, when I, when the book was coming about and I had like 50 titles of the name, um, on my nightstand and I rose up from the bed one day and I was like, I know exactly what the name is going to be. And I, the reason why I tell that story is because even at her young age, cause she was young at the time and what the book was going to be about. It made perfect sense. It's your money you want to do right by it. You want to do what you want to do with it. So when you have the knowledge and the fundamentals of how money works and how you should use money to your advantage, um, then you can do whatever you'd like, you can live your best life. That's what I tell people. You can live your best life if your money is right. So that particular book that is on shelves now, um, is volume. One of my journal series that was written in 2016. And that one is specifically for teens. So it was what was written for teens. I have plenty of adults that have purchased it as well, because if you've never, um, learn the, um, the basic concepts, then that book could be for you as well. So what it does is teaches, um, basic concepts, saving, budgeting, credit, the banking system, et cetera. And it has, um, quick hit content in it with it asks the essential questions to reinforce the reading. It has action steps that are recommended based on what you've read. And it has, um, inspirational quotes quotes throughout and it's written in journal format. So it has wines so that you can write things that you think you need to do or things that you've learned. And then there's a, a very robust glossary in the back as well. So, oh, and it has a few stories. It has to tell some stories as well. So it's, um, it, it did really well. Um, it's still people still buy it today. It actually afforded me the opportunity to go out to high schools, to teach, um, juniors and seniors about money concepts, because there's still not talk of personal finance in schools consistently. So that book afforded me that opportunity.

Speaker 2:

Well, that's great. And, um, yeah, it's sad that financial literacy is not part of the education system, but yet juniors and seniors are either going out into the workforce or they're going on to higher education, you know, no matter what they're doing, but you know, all of a sudden they're in charge of their financial lives, you know? Right.

Speaker 3:

That's exactly right. And that's why the, the, the, it's my money. I'm a guided journal to help you manage your finances is a journal series. So it started off volume, one for ages 13 to 18 volume two, which is dropping soon is where the next age bracket and then volume three would be for the next, so next age bracket being 19 to 25.

Speaker 2:

Oh, fantastic. And I think that's a very sweet spot, um, because there's not much out there for those young adults and they're struggling with a lot of very unique financial issues. So yeah, a hundred percent with all the college debt and everything. It's like, well,

Speaker 3:

I mean, though, those that are going in are in right now, because a few things, one, some of them can't work due to some of the workforce shifts that places they would have worked changed due to the closures based on the pandemic. Um, parents lost, you know, loss of jobs, various different things. So some, for some, in some situations a little bit harder, um, for folks to pay for college. Um, the other thing is there's a lot of scholarship opportunities as well. So even within volume two, I talk about that, like the best ways to get it paid for it. Right. You have somebody else pay for it. So if you set yourself up for that, to be the case, that's an even better situation. So if you have your, um, you know, your higher education fully funded via scholar scholarships, that's a great thing, but you have to prepare it.

Speaker 2:

Yeah. I think that's the key word. There is preparation is going to college. Like you point out is there scholarships that you may not think, you know, you qualify, you have to look around and do your homework.

Speaker 3:

That's right. That's exactly right.

Speaker 2:

So that's fantastic. I I'm, I'm excited to see that book. Um, so you've also

Speaker 3:

Got on my website or go to Amazon cart or you can go into my website. All right.

Speaker 2:

Well, I definitely want to get the new one cause you know, that really interests me because there are a few books for teens, but you know, I felt that there really needs to be something for that young adult. They're not quite in the workforce yet, but they're not living at home. I think that's can be extremely valuable for that age group or they're just starting out in the workforce. But people aren't thinking about the 18 year old who goes to work.

Speaker 3:

Exactly. Yeah, exactly. Cause most of them are thinking about, okay, I finally, you know, I am at an age where I could, could work. I can work. Right. So usually it's, I want to get my first car, you know, whatever that is. Other thing is I'm working so that I can, don't have to ask my parents for, if I want to go hang out with my friends or whatever, it's not, I'm saving for that bigger expense later on. You know what I mean? So that's why I talked to them about no matter how much money you get. So even at their age, cause I speak a lot to adults about this, pay yourself first, you have to take a portion of whatever you get at whatever age and put it away so that you have it for, um, w again, I call it when life happens. So you have it aside there for, you can take care of things when unexpected things happen.

Speaker 2:

Definitely made me think of my college years and eating ramen, you know, cause I spend my paycheck right away.

Speaker 3:

That's exactly right. Exactly. Right.

Speaker 2:

So you've also got a podcast, um, the money exchange. Uh, can you tell us a little bit about the money exchange? You know, what kind of guests you have, what your podcast is about? Sure.

Speaker 3:

So one, I love podcasting. If you don't, haven't picked it up by now. I love talking and especially talking about personal finance and my podcast, it's an audio podcast that years across all audio platforms. And it is the premise of the show is to bring forth guests because all of my episodes have been interview style to bring forth guests in two realms, one experts in the money field and or folks that have overcome money, situations and entrepreneurs that have had the same situation. So, um, found their ways muddled through or found capital to start their business. And they talk about how they, um, were able to, uh, do that, do that. So I bring forth those stories. So it becomes one, uh, how to, for the listeners and it becomes an awareness platform for those that come on to bring more awareness to what they're doing in their various different platforms. So I have, you know, um, almost 80 episodes again across all audio platforms. So I love doing it, the money exchange, check it out

Speaker 2:

Well, that's great. And so, you know, as you were talking, is this aimed at younger adults or is it for anyone? And

Speaker 3:

You know, that's a great question. So, uh, so it's anybody that falls in that room. Um, because as you know, these days you have like kids they're in, um, middle school that are starting businesses, right. I think I actually, of my guests actually is an entrepreneur that, um, is in college. So she started her business while she was in school. So it's, if you fit that bill and the bill is had a great money story, um, or started the, um, or an expert in the financial space or started your business in may, things happen to get money or when you started it, you found capital along the way that's for any age groups. So it's the, those that need information on those two topics. It's for those folks.

Speaker 2:

That's fantastic. So, and for anybody who's watching or listening today, there will be links, uh, to Trina's, uh, podcast to, to her books. So you can check them out. Uh, those will be in the show notes. Uh, so Katrina, um, what are some specific challenges for women with financial literacy is, is, you know, the financial education experience is a little bit different for women. What do you see is the specific challenges?

Speaker 3:

So I think like in a lot of different categories, um, women are still not treated equal. So even me as a personal finance expert, um, somebody that looks different differently than I do maybe regarded in a different way in a financial sector, um, because of whatever that reason is. So, um, I feel like there's still a lot of work to be done, um, to regard women and women of all ethnicities in their expertise, in a financial space. So I think that's number one in, from a, um, from an expert standpoint, from a learning about money perspective, I think, um, there's a lot of different situations and I've learned this from people just that I know, and from clients that I have, sometimes the women, the women don't, um, or aren't responsible for the bills, the money, even the making of the money. So therefore, um, sometimes their knowledge is it, um, at the level that it could be, but that is greatly changing. And the more people, um, that one looked like them to look like women, women that come forth that are experts, um, the, the, the knowledge is spreading across so that more women are financially astute. So, um, that's what I would say about that. I think that, um, there's a lot of avenues for people to learn about money today that was not before. So people are learning on there's podcasts. There are coaches, there are, um, financial advisors, there's a lot of different people, um, that are now making themselves more accessible so that people will see that the bra there's a broader population. That's teaching personal finance because finance is a touchy subject. Um, if you feel like a person can't relate to your story, um, or, um, in whatever that is, if we look alike, if our financial, if our bank accounts are different than people feel like you can't really understand and help them, if you don't understand the place that they're in. So the more representation of people that need assistance with money, um, you know, is available the better, the more people would know how to do money differently. And that's what it's all about. And that's another reason why I work with adults now. Um, you know, kids in adults because their parents become my clients. Because if you're, if your kids come home and tells you about, they learn this from the, it's my money lady, you really don't have your money right now. You need to work with is my money lady to get your money. Yeah. So that's what I would say. So there's still, there's still a, uh, you know, there's, there's definitely has been, uh, a surgeon can access to capital so that we can even do what we do and continue to sustain that, um, in that, cause that was different at one point in time as well.

Speaker 2:

That's great. Well, and I think you mentioned something that's really important too, is that it even goes beyond the gender. It, that it goes across the diversity, uh, spectrum of people and money habits and how they're regarded by the financial services industry and vice versa. And yet people don't understand each other's money stories and where they're coming from, uh, because everybody's experiences is different.

Speaker 3:

Exactly. Right. That's exactly right.

Speaker 2:

So it's great. You know, I, you know, that's one of the things on a podcast too, is I try to have a variety of guests from really different places because everybody's got a unique message. That's gonna resonate with somebody else because they may identify with somebody for, you know, I mean, unfortunately the shallow recent, because they look like them, but hopefully more from the reason is that they listen like with this podcast and they go, why I like your philosophy is, you know, I don't want to be restricted by my budget. You know, that, that that's a message that resonates with people. And like you said, is, it's great that there are more people out there talking about financial education.

Speaker 3:

Yeah, that's exactly right. And that's why I thank you for being on the show, because I think, um, the, the more, um, awareness is made to the breadth of people that can help folks that need help in that space. Um, the better, so the more opportunities that I am afforded to be on shows, um, to, to reach different audiences, um, I'm truly grateful for, so thank you.

Speaker 2:

Oh, it's a pleasure to have you, you know what I mean, money perspectives, you know, I, you know, for my listeners, yeah. I just hope that they go, you know, there's somebody whose message resonates with me and I can identify with what they're saying, uh, their philosophy. They're not scolding me about their money. They're just talking to me about my money and, uh,

Speaker 3:

Exactly. Cause guess what, you know, w w regardless of how I am with my money today, I once wasn't, and I do not think that somebody that made me feel worse than I felt already would be the person that will be ideal to help me, or I wouldn't want to take the action because, you know, you, you don't get where I am. You know what I mean? So I truly truly get, um, and again, it's not about not having the money because I had the money. It was the choices I made with the money, because I cared more about, um, you know, the things that looked like I had more money versus what that really meant. So, and, you know, the famous quote from, uh, uh, my Angelou is when you know, better, you do better. So once I found out and I got the knowledge, I want it to do better, and that's what I strive to do. And I, um, that's how I teach my clients as well.

Speaker 2:

That's great that that's a good north star, um, for anybody, Maya Angelou is amazing, but that's a whole nother podcast episode. Um, so now that we've talked about these things is how do you feel we can improve financial literacy and financial education?

Speaker 3:

Yeah, so, I mean, I think that talks that hits on what we just talked about a little while is, um, ensuring people understand that the information is there once you change your mindset. So wherever you are today, even today, or when they listened to this episode, it doesn't matter. You can't change that. What you can do is get the information so that you can move forward in a much different way, even with the same amount of money that you're making, you can change how you, how you, um, how you operate your money, so that things will be different for you. Now, some people may still with the shift in mindset, in the budgeting, so may not have enough coming in to pay out what they need to. So there may be a need to bring in additional money, but we can talk about how you do that as well. So first you have to start with the reduction in spending of, on unnecessary things, and then you have to, so you notice, I didn't say you have to get rid of it. You have to first reduce, cause you can't go cold Turkey because you're turning on background. And then you reduce that. And then maybe you need to take on some, um, uh, ways to bring in additional funds. And I talked to people about how to do that. So that's what I would say with that. So there's a lot of people, um, that can help with that. Um, you can go advisor, you can go coach, um, there's podcasts that literally there are great podcasts from wonderful people that tell you step by step, what they did to get where they are. So oftentimes those stories are powerful because of a person listening, maybe at that exact spot and can use the experience of somebody else to watch out for certain pitfalls and to follow in that step. You know, it may not be exact, but it's a, it's a roadmap. And so that's why I love podcasts. You do need to be cautious, um, because there's a lot of people that know that people need help in personal finance and just out telling people all kinds of things. So you want to make sure that you do your research, just like you would do it with anything else when you buy a car, find a gym or whatever you do. You want to do your research on who you're working with so that you can feel comfortable with the data that you're getting or listening to or reading, but there's a lot of opportunities out here to, um, to help people, um, what we call level their money.

Speaker 2:

Yeah. Well, I think you hit on something important. I think it's, who's providing the content. The podcast is, you know, you've got the CFAI certification, you've had some financial education training and that's not to say there's not some great personal finance bloggers out there who have had no professional, uh, certification training, but, you know, it does change the conversation a little bit. Um, th that you are serious about being a scholar of personal finance yourself, which means that your advice is going to come from a different level, um, besides your own personal experience. Exactly.

Speaker 3:

And right above me, I have a financial management certificate from Cornell. So I, like I said earlier, once I got my stuff, right, then I had to, um, you know, get the certifications that will allow me or give me, I guess you would call it D um, the credentials to be able to coach. So, yeah. And, and I have the, so the experience is just the one component, um, that helps, but, you know, others want to ensure that you really know what you're doing. So that's when those things come into play. So you're absolutely right.

Speaker 2:

So it's all bouncing out. So, you know, to wrap up, uh, you know, this is my question for everybody is what is your number one tip on being financially prepared,

Speaker 3:

Ensure that you have a freedom fund it's often called, uh, an emergency fund. And what that allows for is one for you to have less stress in case anything happens, loss of a job medical situation comes about, um, you're in a, your bills increased, but your income do not. If you've put money aside so that you can stay in your household bills, um, you will be at a much better place. The way to, to, to get at that is, uh, figure out. And if you're budgeting, you will know this number, come to your monthly number times that by at least eight, I would say six, seven or eight. There's a different rule of thumb about each of them. But one, one of those months, times that monthly number by that, once you get to that sum, then you want to save in an online, only high interest bearing account. And, um, when that, when that fund hits that then, then stop saving there and save somewhere else. So, you know, you have that cushion in case anything happens. So that's what I would encourage you. That will help you be at a, a financially free place in case anything happened. Now, that does not mean that's the only savings you have are only money that you have. That's just the cushion in case life happens that knocks you off your feet,

Speaker 2:

But that's fantastic. That's a great tip. And one thing that you did there that I, that I've seen you do through the podcast during this conversation is that you change the words a little bit, that people use, and you make them a lot friendlier, um, freedom fund versus emergency fund. Uh, you know, and some of the things you said earlier, like about budgeting, you know, that you can use a different word that it's not so much the word it's that people reflect these concepts and, uh,

Speaker 3:

Yeah. And that, you know, cause that was, that's how we started the mindset. So sometimes when there's negative, uh, um, a word that someone associates with negativity, then it automatically shuts them down from what they've received, the information that comes after that. So that's why I do that a lot.

Speaker 2:

Well, it's great. I think that helps in that probably connects with people. Um, so where can people learn more about you?

Speaker 3:

Yeah. So one Tony, I want to thank you so much for having me on the show. I completely enjoy this conversation. I can talk about this all day because I love it. Um, they can find me. My website is probably best, which is it's my money journal.info again, that's, it's my money journal.info. I am very heavy across social platforms. So I'm on Twitter, Twitter and Instagram. My handle is it's my money underscore that's it. S M Y M O N E Y underscore. Um, I do have a Facebook community where people share entrepreneurial and financial, um, transparency about what's going on in their questions asked that is called the it's my money squad. So I love for you to check me out there. And then as you already mentioned, I do have a podcast I love for you all to go and subscribe so that you're notified when each episode airs and that is called the money exchange across wherever you listen to podcasts.

Speaker 2:

Fantastic. And for people who are watching or listening, all those will be in the show notes, um, on my website. Um, so, you know, come check it out, uh, connect with Patrina, uh, see what she's up to, uh, Katrina. Thank you so much for joining me today. It's been a pleasure. Oh,

Speaker 3:

Thank you for having me. I enjoyed the conversation.

Speaker 2:

Fantastic. And to everybody tuning in, uh, thank you for watching or listening to the Tony Stewart podcast. And until next time.