On this episode of Financially Naked: Stories from The Financial Gym, our host is Joy Liu, Level 2 Certified Financial Trainer, and she is joined by her client, Anne Rowell, to discuss cultivating an abundance mindset to improve your finances.
- Anne lives in a small, rural town in Arizona, about 45 miles west of Phoenix and she has lived there for about 16 years. Her story starts with a huge transition in her life, which was a marriage that was ending.
- It took her a year to figure out how she was going to manage on her own. During this time, she stumbled upon a retreat organization called NINE Retreat and decided on a whim that she was going to attend. The retreat is a community of women supporting women and she thought she would benefit.
- Anne spent three days soaking up wisdom and knowledge from other women going through similar and different life events. One of the speakers talked about how she joined The Financial Gym.
- Anne didn’t have a lot of knowledge about money and she wanted to start supporting herself and have more security. It took her six months after the retreat to contact The Gym. She has a son at home and two daughters in their 20s who are on their own.
- Anne signed up at The Gym, because there was a money-back guarantee and she was connected with Joy. During the first session, it sounded to Joy like Anne was embarking on a personal development journey. She could tell that Anne was at the start of a new chapter.
- Prior to joining The Gym, Anne had a “winging it” mindset. Growing up, her family didn’t talk about money, because it was just taken care of by her parents. This continued into her marriage, and her husband managed the money. They lived paycheck to paycheck and if something came up, they would take care of it with the next paycheck.
- Anne had a scarcity mindset when she started at The Gym. She knew the $500 she had in her savings account was all she had. Anne was realizing that everyone is responsible for themselves financially and she wanted to be able to make it on her own.
- When she started, she had $2,000 in cash, some retirement savings, and stock from her company. She had $1,000 in credit card debt, some student loan debt, and an average credit score. Anne had $400 taken out of each paycheck for retirement, but no emergency fund. This is a common position for Gym clients when they start.
- Knowing that her daughters were starting out and beginning relationships, as a parent, she wanted to give them more wisdom and be an example for them. She didn’t want them to be in the same boat as her 20 years down the road.
- Anne’s first goal was to be at a place where she didn’t rely on the child support she received from her ex-husband, because it would end in four years. Having Joy lay out her finances and budget for her made it clear about the changes she needed to make.
- Anne started saving $500 a month in her emergency fund, which is about the amount she received in child support.
- Anne listens to the Chase Jarvis podcast and on one episode he interviewed a guest that was practicing changing their language. The guest felt like having an emergency fund invited emergencies into their lives, so they changed it to an abundance fund. This shifted the guest’s mindset from scarcity to abundance. The money is there if it is needed.
- The first goal Gym trainers give clients is to save an emergency fund, because it changes your outlook on your finances.
- Anne has been able to pay her rent two months in advance, set up a travel account, and set up a house savings account. Now she always has $2,000 to $3,000 in her checking account.
- Anne increased her amount in savings by $20,000 in the last two years. She has since also bought a car and furniture, contributed to a school scholarship fund, and she was able to give her kids some things and pay for dinners out.
- Anne has been receiving small raises and bonuses at work. As her abundance account was growing and as she was growing more secure, she felt confident speaking up at work about raises and more responsibility.
- In a couple of years, Anne and her son are going to move and she may do something different with her career. When we feel enslaved to the paycheck and job, it can be counterproductive to how we work.
- Actionable tips: think about your wins, reframe your emergencies into positives, and pay it forward. Take your financial plan to heart and have good communication with your trainer.
Random Three Questions
- What have you been bingeing to get you through the pandemic?
- If you won the mega millions, what would you do with your time and money?
- If this was your last night on earth, what would you eat?
Connect with Anne
Instagram: @annerowell
Meet The Trainer
Joy Liu
