Transform Your Money Mindset: Expert Financial Wellness Tips | Make Shift Happen

Summary

In this interview, financial wellness expert Jen Shiren shares her journey to founding Fin Lotus Accounting and her passion for empowering individuals through financial wellness. She explains how financial wellness goes beyond budgeting to focus on mindset and energy around money. Jen emphasizes the importance of value-aligned financial goals and offers practical advice on how to shift from scarcity to an abundance mindset. She also discusses useful tools and resources like Monarch Money and the Soul of Money to help individuals take control of their financial journey. The conversation highlights the importance of clarity, alignment, and positive energy when managing finances.

Takeaways

• 😀 Financial wellness is a state where we feel secure in our finances and empowered to make choices that improve our lives.
• 😀 Common misconceptions about financial wellness include the idea that it's a one-size-fits-all process or that it involves strict rules and guilt around money.
• 😀 The 'energy of money' refers to the psychological and emotional impact money has on us, and shifting from a scarcity mindset to an abundance mindset can improve our financial well-being.
• 😀 To harness a positive energy around money, start by recognizing scarcity thoughts and shifting towards a mindset focused on opportunities and empowerment.
• 😀 Financial wellness includes setting value-aligned goals, which means aligning your financial decisions with what truly matters to you in life.
• 😀 Writing down your financial goals makes them more tangible and increases the likelihood of achieving them by 43%.
• 😀 Budgeting should focus on saying 'yes' to things that align with your values, rather than feeling like you're being restricted from things you want.
• 😀 Financial wellness is more about small, incremental improvements and mindset shifts rather than an overwhelming overhaul of your finances.
• 😀 Talking openly about money and sharing knowledge can help reduce the stigma and discomfort that many people feel about their finances.
• 😀 Tools like Monarch Money for cash flow forecasting, along with books like 'The Soul of Money' and 'The Psychology of Money,' can be powerful resources for deepening your understanding of money and financial wellness.

Q & A

What is financial wellness and why is it important?

Financial wellness is a state of being where individuals feel secure in their current and future financial obligations, have the ability to make choices that let them enjoy life, and experience reduced stress and worry about money. It has a positive impact on mental and physical well-being, making it crucial for leading a balanced and fulfilling life.

How does financial wellness differ from traditional financial planning or advising?

Financial wellness focuses more on how individuals feel about their money and aims to reduce stress or anxiety related to finances. Unlike traditional financial planning or advice, which often focuses on investment portfolios or long-term wealth management, financial wellness emphasizes emotional and mental well-being, empowering individuals to make decisions that align with their life goals.

What is the 'energy of money' and how does it affect individuals?

The 'energy of money' refers to the psychological perspective individuals have toward money. Those with a scarcity mindset feel that there is never enough, which creates stress and negativity. On the other hand, an abundance mindset views money as a tool to empower life choices, creating positive energy that enhances personal well-being and strengthens relationships.

What steps can individuals take to shift from a scarcity mindset to an abundance mindset?

The first step is recognizing the scarcity mindset and being aware of the negative thoughts related to money. Then, individuals can start by acknowledging their financial situation and writing down their thoughts. To shift into an abundance mindset, they can focus on how money can empower them to live a fulfilling life and align their financial choices with their values.

How does aligning financial goals with personal values contribute to financial wellness?

Aligning financial goals with personal values ensures that money is used in ways that are meaningful and fulfilling. When financial choices are driven by core values, individuals feel empowered, motivated, and at peace with their financial decisions. This alignment reduces friction and makes it easier to stay committed to long-term goals.

What is the relationship between budgeting and setting value-aligned goals?

Budgeting becomes more effective when it is connected to value-aligned goals. Rather than focusing on what needs to be sacrificed, a value-driven budget emphasizes what individuals are saying 'yes' to, such as supporting meaningful goals. This shift allows budgeting to feel empowering rather than restrictive.

How can writing down financial goals impact success?

Writing down financial goals makes them tangible and provides clarity. It has been shown that individuals who write down their goals are 43% more likely to achieve them. By setting specific, measurable goals and tracking progress, individuals can create a roadmap to success and stay focused on their priorities.

What are some tools and resources Jen recommends for getting started with financial wellness?

Jen recommends tools like Monarch Money, which offers cash flow forecasting, and books such as 'The Soul of Money' by Lynn Twist and 'The Psychology of Money.' These resources provide insights into improving one's relationship with money, deepening understanding of financial behaviors, and developing a healthier mindset.

How does financial wellness help reduce stress and improve overall well-being?

Financial wellness focuses on reducing the stress associated with money by fostering a healthier mindset. By feeling secure and empowered to make financial decisions, individuals experience less anxiety and worry, leading to better mental and physical health. This positive energy can improve relationships and quality of life.

What role does visualization play in setting value-aligned financial goals?

Visualization helps individuals connect with their deeper values by imagining a perfect day where all the things they care about are present. This exercise provides clarity on what they truly value, allowing them to set financial goals that are deeply aligned with their vision for a fulfilling life.