If you and your money sat down with a therapist, what would your money say about your relationship? Odds are, your money is stressed and overworked. Too often, high-earning individuals designate their financial livelihood to the next client, the next night shift, or the next gig. They get so caught up in reactive day-to-day money management and mental math that they don’t realize where each dollar is going.
In today’s episode, I talk about how $1,000 can turn into $10,000 quickly. Managing finances effectively is much more than paying bills or paying down debt. Without a strategic budget, your money works overtime to cover hidden expenses like Christmas shopping, traveling, and car repairs. To experience true financial freedom, you need to understand your money core. Are you ready to feel the impact of extra money? Listen to get started!
Stay tuned to hear insights on these key topics during this episode:
[04:05] Stop covering expenses with extra work
[07:00] What is a money core?
[08:30] Why budgeting is essential
[10:00] How $1,000 becomes $10,000
[12:45] How to be okay with spending money outside of paying bills
[17:00] What happens once you understand your money core
Tune into this episode of Money Files to learn how $1,000 turns into $10,000!
Are you ready to start asking for help with your finances? Apply to work with me, and let’s start working towards your financial goals.
IF YOU LOVED THIS CONVERSATION ON HOW TO PLAN AHEAD AND BUDGET FOR HOLIDAY SHOPPING CHECK OUT MY EPISODE ON HOW ELLIE GOT OUT OF THE PAYCHECK-TO-PAYCHECK CYCLE AS A SIX-FIGURE EARNER!
Transcript for “How $1,000 Turns Into $10,000”
Intro: Hi, and welcome to Money Files. I’m Keina Newell from Wealth Over Now. I work every day with professional women and solopreneurs to help them get out of financial overwhelm and shame so they can experience more flexibility and ease with their finances. Are you ready to gain confidence and learn to manage your finances intentionally? Tune in and grab financial tips that will help you master the way you think about and manage your finances.
Keina: Hello, I have a special ask. So I’m interrupting your podcast episode that you’re used to on Tuesdays, but I have a special ask because in a couple weeks it’s going to be my 100th episode. That means that I’ve sat down at my computer about a hundred times, whether it be with clients or just with my own thoughts and ideas about money and thinking about you as a listener and what you need to hear in order to shift how you think about money, your relationship with money, to interrupt all those thoughts to tell you can’t do it, whatever it is. But I’ve sat down on my computer and recorded numerous episodes and I would love it if you would celebrate 100 episodes with me. So if you go to the show notes, you’re going to find a link to leave me an audio podcast review.
Now, before you’re scared that you don’t want to actually talk out loud to leave me a review, let me tell you how I’m going to use it. My lovely podcast manager, she’s going to record all of the reviews that I get and she’s going to help me create a unique 100th episode. And it’s going to be you telling me and telling listeners what’s your favorite episode and why. So if you’ll take 90 seconds today, not tomorrow, but today, because I know your to-do list is so full. But if you’ll take 90 seconds and visit the link in my show notes to record a 90 second review, sharing with me what is your favorite podcast episode and why, it would bring me so much joy. I’m so excited to hear from you and I look forward to chatting with you for a hundred more episodes.
Hello and welcome back to another episode of Money Files. I am excited to talk to you today. Thank you so much for joining me and I want to talk to you about a topic that has been coming up and I hope that I’m able to capture it really, really well for you. I’m sure that some of you are going to be able to raise your hand and be like, oh, girl, ooh, you are speaking to my spirit, but I want to talk to you about how a $1000 turns into $10,000. And I am not talking about the saving perspective. I am talking about, there are times in your life where you get extra money, whether it’s, I get a tax refund or maybe you have the ability to earn extra money. This is actually where this conversation, it comes up with my business friends, it comes up with my clients, it comes up with just my girlfriends. But just think about, like if you and your money went to a therapist, like what would your money say to the therapist?
Because whether you know it or not, like you are in a relationship with your finances. And so just take a moment and pause and think about like, okay, me and my money, we have to go sit down on a couch. The money is on one side, I’m on another. The therapist is talking to us like, what does your money start talking about? And in this situation, I am thinking about your money as like telling the therapist, oh, you don’t even understand. Like, I’m so stressed. I’m overworked, I feel unappreciated. She’s always trying to make me be in two places at once. Like one day she wants me here and the next day she wants me there, but I just don’t have the capacity and she’s not listening to me and I don’t think she sees what I see, that I can’t be in two places at once.
And this is what I see with clients that come to work with me, is that their money is stressed, their money is overworked. Especially when we’re talking about extra income and we’re talking about extra funds. Because some of the things that I hear people talk about is like, oh, I can just work an extra night shift and it’ll take care of that trip or if I just sign one more client, then it’ll take care of that vacation. Or if I just get one more gig, it’ll take care of me being able to get a massage every month. And so theoretically it sounds like it works. If the trip is $3,000 and you can sign a client for $3,000, you’re like, Keina $3,000, $3,000, those two things equal each other or if I do an extra night shift Keina, that’s guaranteed an extra $1,200 in my check. The trip, I need another $1,200 to go on the trip.
I’m working an extra night shift. Keina, those two things equal one another. I actually had a funny conversation with one of my clients and she was saying like, I think she was talking about a cousin or something that’ll be like, yeah, I can just do like a couple more heads because she’s a hairstylist. And she’s like, yeah, if I just get a couple more people in my chair, then I can cover these expenses. And technically when we’re thinking about the math of it where you’re like, if I have three more people in my chair and they’re each paying me $200, that’s an extra $600. Like logically you’re like, this makes sense. But what your money is saying in this therapist chair is, girl, I am overworked. I don’t care about the fact that you made extra money, you’re overworking me.
And the reason that you’re overworking your money is because you are planning ahead for your next spend. You’re planning ahead to relieve yourself of the next thing, like you want to relieve yourself of the credit card debt. And like you are planning, you are literally managing your money based off of the money that you’re able to produce. So you’re on this like hamster wheel, like you’re literally, you’re just chasing the next thing, trying to solve what immediately is in front of you, but you’re creating additional problems because you’re not taking care of your money core. You are worried, like I said about the next spend. You are worried about the next time that you can maybe pay off a chunk of debt, but you haven’t taken the time to come back and pay attention to your money core. You’re like, Keina, what is the money core? I never heard of that. Thank you for asking.
So your money core is like, I want you to go beyond like your essentials. You are phenomenal, phenomenal, phenomenal, phenomenal at paying your bills. I see you, I work with you, and you know how to make sure a bill is paid. You are also really good at hustling. You know that like, oh, I can take this debt and I can put it over here and I can do a balance transfer or I can just like make a little extra money and it’ll fill this gap until the next time. But you never actually pay attention to the core of what you need, your money core. And so when I’m thinking about your money core, it’s why we have to go beyond just paying attention to our bills. We can’t designate our financial livelihood to the next night shift, to the next client, to the next gig because it doesn’t pay attention to your money core. It’s like, I want you to think about what do I want to create when I think about my finances, how do I want to feel? What are the things that are tripping me up?
And in order to get to this money core, you have to do the thing that I sell, which is you have to budget. I know this probably, maybe you didn’t want to hear that today, but you have to budget. The reason you have to budget is because if you have the mentality where you’re thinking about, okay, I’m going to get extra money, I’m getting an extra thousand dollars, because I’m working this extra night shift, I’m doing a couple more heads in the chair, whatever that is, what happens is you start adding up like, okay, yep, it’s going to cover that trip, it’s going to cover those shoes that I wanted. I, have an extra $500 that I need to pay for tickets that I had. And so what ends up happening is that thousand dollars, it has to work for a whole bunch of different situations, but you are not able to identify those situations because you are just so caught up in that like reactive and day-to-day money management that you don’t see that you’ve made your dollars, like have multiple jobs.
You don’t see that. You think that you can cover the trip with an extra shift, but you forgot about the fact that your property taxes are due, Christmas is coming and there’s like other obligations, financial obligations that you have that when that money actually hits your account, it’s going to be sucked up because those are things that you also need to pay attention to. And so when I’m talking about a thousand dollars becoming $10,000, it’s because your money is over allocated and you don’t even know that it’s over allocated because of the fact that you do so much mental math when it comes to managing your money. You are thinking about numbers in the sense of what can I do that’s extra to cover my extra expenses? And so you’re thinking about extra expenses, whether that’s, paying off debt, it’s spending money on a trip or you want to have an experience, whatever that is for you. And so you are thinking about like, how do I have extra money for those things?
But you haven’t taken care of your money core and the things that are in your financial house right now. So any money that you make, yeah, it’s going towards these extra things, but it also is going to solve the problems that are right there in front of you that you’re not paying attention to. It’s trying to figure out how are we going to pay property taxes because they come around twice a year. It’s trying to figure out, okay, but you also said that you were going to host people for Thanksgiving. You also said you were going to host people for Christmas. Like there are things that are going on right in front of you that we have to pay attention to and that we just want to name out loud. When you create a budget, everything gets easier. I’m going to say it again. When you create a budget, everything gets easier because you’ll know exactly where your money is going month to month.
Your budget isn’t made to restrict you, your budget is simply there to support you in actually building wealth, in actually feeling like, okay, you know what? I started making $200,000, in the last year and I feel like I’m really proud of how I’m managing this $200,000. Like when I look in my bank account, all my bills are paid, but beyond my bills being paid, like I can see money in savings, I’m not stressed out when like a $300 expense comes unexpectedly, like I just feel more ease and peace of mind. And this is how I envision myself feeling when I made more money. And so a lot of you have made more money and you expected more money to create a different situation in your life, but it hasn’t created that situation because you haven’t investigated your money core. You haven’t thought about how do I desire to spend money outside of just paying my bills? And I want to give you permission to spend money outside of paying your bills. The restricted life of budgeting tells you that you shouldn’t be able to go out and have a coffee, girl have the coffee, I don’t care if you have the coffee. I know what that coffee can do for you, like it’s a time for you to take a moment out for yourself.
It’s a time for you to read a book and not be on social media and unplug whatever that is. And so I don’t want you to go throughout your life and think that if you budget, it’s going to mean that you can’t do more of what you desire to do. Budgeting is actually going to create the life that you desire to create, which is you don’t want to be stressed, you don’t want to be laying in your bed at 2 o’clock in the morning thinking like, oh my goodness, how am I going to pay that? Okay, I don’t get paid until Friday. Oh, I make too much money to be thinking about this. Like that’s how you’re laying in your bed at night. And so budgeting is what we want to come back to because it’s going to help you pay attention and develop your money core.
What are the things that you want to be able to spend money on? How do you envision yourself as a six figure or seven figure earner spending money? You’re going to have a lot more clarity as a six figure or seven figure earner with a budget because you are going to be able to take advantage of extra income. You are going to be able to be really intentional about creating extra income in your life. And then the next time you and your money have to go to a therapist, it’s going to be saying like, girl, let me just tell you, we have the best relationship. Like she is always thinking about me. She’s so thoughtful, she’s so intentional, she has started paying attention to my needs from week to week. She doesn’t just talk to me on payday. Your money is going to rant and rave about the 360 that you’ve done or the 180 that you’ve done. I can’t even remember which way it is, but you know what I mean, full circle moment for you, where you are going to just change everything with a budget.
You are going to feel better. Right now as you’re running from budgeting, you are creating more of what you don’t want. And I want to get you out of, like, one of the symptoms I see with clients is that they are really good at making money. I have some of the most abundant focused people in the world and they’re really great at making money. Whether it’s saying I’m going to have a six figure launch, or it’s picking up extra shifts at work because they have the flexibility to do that, or they are able to do contract work and they’re able to add to their income. But when they are working with me, I want them to feel the impact of extra income. I want them to feel the impact of the fact that they know how to create money. I want their creation of money and their management of money to be the same.
And I want the same for you. If you’re listening to this and you’re like, Keina, I am so good at creating money. Like, you may have a nine to five and you may have a side hustle, you may be in your business and you are in a space where you can ultimately name, yeah, I’m making more money than I’ve ever made before. But if we don’t know and we haven’t identified your money core and really looking at like what are your essentials beyond your bills and your essentials and my essentials, they’re not going to look the same. If we haven’t identified that, you are going to continue to be in this cycle of like, even though you’re making more money and you’re able to work the extra night shift, that thousand dollars that you get from the night shift is going to turn into $10,000 spend if you don’t understand your money core.
So once we understand your money core, we have a budget for you. What’s going to happen is we can leverage you doing an extra night shift and you knowing, hey, guess what? My financial house, my money core it is all in order so that I know that truly everything that I make beyond this point, it is extra. I can throw it up in the sky, I can do a snow angel in my money, whatever it is. But you’re going to have a different level of freedom because that money is not going to get sucked up with you spending it mentally, with you having to spend it on things that like you hadn’t accounted for. And so I want you to create stability with your money core by creating a budget and really understanding, what are my numbers outside of my bills? I don’t want to have fake expenses. I want to name everything. I want to be transparent with how I want to spend money. Because after you do that, your ability to create money or when you bring in extra income, you are going to see the benefits of that in your life.
And you are going to actually feel like, oh yeah, I got some extra income. This is great. I’m working with clients right now. And so they understand their money core, we have a budget together and they have a business. We’re working on their personal finances and they have the ability to have contract gigs and so like speaking engagements, etcetera. And so we’ve started to talk about what happens as that money comes into your personal expenses. And so we’ve set up a system to make sure that because it’s $10.99 income, that if you have a $10,000 speaking gig, that we make sure that we’re setting aside $4,000 for taxes and now we’re talking about the $6,000 that they want to use. But they’re actually able to see the $6,000 in their spending plan and to think thoughtfully about how it pushes their financial goals forward, where before working with me, they may get that same $10,000. The $10,000 would come into their account, they may have designated it for a trip and then they’re spending it on the trip.
But what happens is they’re creating additional problems because they didn’t save for taxes. The money got absorbed in some other ways besides just their trip because they didn’t realize how much their trip was going to be. They didn’t factor in transportation, they didn’t factor in how much they wanted to spend on clothes and getting hair done before they went on the trip. So there’s like all of these other things that are happening with their money that they never identified. And so this is where a thousand dollars turns into $10,000 and I don’t want that to happen for you.
Your extra money should feel like extra money and it’s going to feel like extra money when you actually identify your money core. And then you start to identify a purpose for the extra money in your life because your brain is going to be clear and freed up of thinking about the different ways in which you need to use money. Because when you bring in extra money, you won’t be bringing in extra money under financial stress. When you get a tax refund, that tax refund won’t be coming in to a financial house that’s stressed out. So thank you so much for listening to this episode. And if you are like, oh my goodness, Keina, you read me like a book, you need to get on my calendar. We should work together. So if you go to my website, you go to Wealthovernow.com/appointment, you can book a call and work with me, but we will work together and help you identify, what’s my money core?
How do I make sure that I’m actually leveraging, bringing in extra income into my house and making sure that I’m using that money in a way that feels really good so that the next time you have to go to a therapist with your money that your therapist is like, oh my goodness or not your therapist, but your money is like, this is the best relationship that I’ve ever been in. So I want you and your money to have a good relationship together. So thank you so much and I will talk to you next week. Have a great week.
Outro: Thank you so much for listening to Money Files. If you’re ready to take the next step to reach your financial goals, head to www.wealthovernow.com/appointment and let’s get started.
