Recently, I saw a tweet on Twitter that said “We’re not going to make any sudden moves going into 2022. Nobody claim 2022 as “your” year. We’re going to walk in real slow. Be good. Be quiet. Be cautious and respectful. Don’t touch anything.” I also had some friends share this tweet as well. For Americans, in particular, we’ve been going through some things. But, this podcast episode won’t really talk about the bullshit that’s going on. Instead, in this 200th episode of Michelle is Money Hungry, I’m going to talk about money, uncertainty and some TK unexpected financial lessons that I learned along the way this year. As a reminder, Michelle is Money Hungry is podcast where I have financial conversations about personal finances. I’ve launched a new podcast called The Brand Building Lab where I talk about all things brand building on that show. I’ve also shared a 2021 wrap up on The Brand Building Lab where I talk about my online business, attending conferences and earnings and more over there.
In order for me to support my blogging activities, I may receive monetary compensation or other types of remuneration for my endorsement, recommendation, testimonial and/or link to any products or services from this blog. Please read my disclosure here.*
Listen to the Show
Related Episodes
- End of 2021 Online Business Wrap Up (The Brand Building Lab)
Show Notes
For the longest time, I was working on paying off a ton of unsecured debt. In fact, this was what I was known for in the personal finance space. Michelle who is in debt. Basically, I had credit card debt and other random bills that had grown overtime and had come due and were wanting to be paid. For the longest time I was bombarded with calls, emails, letters and even had the misfortune of being served 3 times for credit card debt and having to go to small claims court. Ironically, each time I was served it was when I had experienced a major financial win. So, the last couple of years have been emotionally intense for me as it relates to my money because all of that hard work and sacrifice paid off at the one time that I needed it to-during a global pandemic. I’ll be honest and say that sometimes I feel guilty or weird for finally earning more and transitioning from that hard financial place that I was in for so long.
Lesson #1-The End Result is Worth It
- What I learned along the way during this ridiculously messy financial season (that lasted for YEARS) is that the end result is worth it. If you’re a currently, paying off a massive bill, cleaning up your credit or just focusing on earning more you’ve got this! My finances still are not perfect, there is absolutely room for improvement and I still make financial mistakes. But, my money is so much better than it was before. I don’t care if you’re 20, 30, 40, 50, 60, or 70+ keep nurturing your finances so that they can be healthy in a way that serves you vs. your creditors.
Lesson #2 The Less You Owe, the More Your Money Will Grow
- The less debt that you owe, the more your money will grow. I have a lot of thoughts about this. But, I’ve seen it happen so many times that I do think there is something to it. Managing and financing debt, even when it’s in good standing, is a specific skillset. The less debt I had to focus on the more I was able to focus on growing my income. Basically, what you focus on grows. This month will be my highest earning month ever and if I hadn’t messed up the payment terms for a brand sponsorship that I am working on my earnings would have been insane for me and my financial brand. Let’s be clear, I still have some debt, but I don’t have 30+ creditors that I’m negotiating with and I’m able to focus on growing my income. Simplicity of finances has become a huge blessing for me.
Lesson #3 Take Breaks
- Rest is incredibly important for whatever goals that you have. I’ve taken vacations while repaying my debt and taken breaks from this financial journey. Paid for with cash. Those breaks helped to keep me energized and focused.
Lesson #4 It’s Ok If Your Reasons and Motivations Change
- The reasons behind your financial goals may change. I’ve always wanted to buy a tiny place somewhere in Europe. I’ve lived in Europe before and have a ton of friends there. But, my “why” for that goal has changed pretty significantly. The urgency to achieve this goal has also changed pretty significantly as well.
Lesson #5 Time is the Most Valuable Asset that You Have
- Time is the most valuable asset that you have. During this time where we’re dealing with COVID I’m struck so much by the fact that nothing else matters as much as time.
- Time spent with your loved ones and friends.
- Time spent with yourself
- It’s not lost on me that folks who have the resources to be a part of the great resignation are focusing on creating lives filled with flexibility and time (in addition to earning more)
- In fact, time and flexibility where two of the key reasons why I left my old 9-5. I love that there are so may jobs/careers that are time flexible. This year I had a friend pass away and another friend is fighting cancer. I think about time quite a bit. Tomorrow is not promised.
Lesson #6 Earn More
- The more you earn, the less the financial burn. I’m convinced that the people who always say that money doesn’t make you happy have never been sort through change broke so that you can take the bus. I have. The more money I make the more at ease I am because I’m not stressed the fuck out about money. Initially, it may feel weird growing your income and earning more than some of the people around you. But, earning more will give you choices and opportunities that you may not have had otherwise. You don’t have to explain your reasons for wanting to earn more to other people. But, just be clear about why you want to earn more for yourself.
Lesson #7 Pay for Help!
- If you have the resources to do so, spend the money and pay for help. In January I plan on having a cleaning crew come in and do a deep clean of my place once a month. I hate cleaning but I love having a clean home. Right now I’m beginning a Swedish Death Cleaning process where I basically will get rid of everything and anything that I don’t need. I’m really looking forward to it. The time that I will save not cleaning and not focusing on how clean or not my home is will be priceless. If you’re looking to hire a housecleaning support, a mother’s helper (I was one in Paris) to help with your kids, paying for grocery deliver or Blue Apron or Hello Fresh on occassion-do it. Spend the money. Save time. Help someone else make a living. Pay a fair wage. My friends from other countries have always done this. In fact, many of my single friends have always had someone to come in and clean. At the time I was too broke to get it. But, hiring support with cleaning, cooking or helping the kids was a way to keep their sanity.
Lesson #8 The Past is Over
- Focus on your financial now and move forward. One of the most annoying things that happens in financial content is the following “If you had.” “If you had invested at such and such age then you would….” Or, “If you hadn’t spent then you would….” It’s too late to change what I did before. It’s not too late to focus on what I can do financially as I move forward. I’m no longer interested in holding those decisions over my head when there’s nothing that I can do to change the past. I can just focus on the future.
Lesson #9 Is It Time to Upgrade?
- Know when it’s time to thoughtfully upgrade different aspects of your life. I love staying at a bougie hostel in Breckenridge, Colorado. I go there often and love the community. But, I was finding that I was using another facility in town that has a co-working space/hotel and fitness classes. Long-story short, I decided to join the community for the next 6 months so that I can have my own room and access to the coworking space and other amenities while I’m in town. I basically plan on staying at both spaces during my trips in order to stretch my dollar but to also have some space when I need it. For people listening to this episode this could include, improving the food that you eat, getting a better car or whatever it is to have a better life. All on sale of course, don’t pay full-price. Basically, if there is a place in your life that is giving you discomfort, it may be time to upgrade that service, experience or tool to make things easier for you.
Lesson #10 People Matter
- The most important investment is in your relationships with people. COVID has really made me think about community and connection. As we slowly emerge from years of hunkering down, it’s taken an emotional toll. This year I’ve had a friend pass away and another lose the strength in her legs due to fighting cancer. One of the best things that I’ve done is make a point of spending more time with my mom and other people that I care for. Spend time with the people that you love.
Bonus Lesson-Be Generous
- Generosity is a beautiful thing. What’s the point of earning more, paying off debt and being miserly with your money. I’m not just talking about being generous with others, but being financially generous with yourself. Love truffle fries? Buy some truffle salt on sale and make some for yourself. Want to treat the person behind you to a coffee and scone? Do it! Want to leave a big ass tip to the person waiting on your table? Do it! I bought someone a gift card this year at the coffee shop. I’d seen them around and that day they were crying. Horrible full body tears. In the past I wouldn’t have been able to do this. But, I bought them a gift card. They were so happy. It also made me feel good to make them happy.
Latest posts by Michelle (see all)
- How Work Policies Against Black Women Birthed a Love of the Soft Life - 20 March, 2024
- How Taylor Swift’s IP Victory Could Change the Business of Music - 28 February, 2024
- Why Don’t More Personal Finance Content Creators Talk About Policy - 16 January, 2024