One of the common financial challenges I see with six-figure and high-income earners is that they outsource their financial awareness to the amount of money they make.
If you’re making more than you’ve ever made before and you still wonder if you’re doing the right thing with your money or you feel like you should have more to show – you’ve probably outsourced your financial awareness.
In this episode, you will learn why it’s important for you to create a financial system that allows you to spend money on travel while you also build towards your goal of creating a five or even six-figure savings account.
In this episode, you’ll learn:
[01:04] What is outsourcing your financial awareness
[03:32] The fear of financial restriction and how it can lead to stagnation
[05:40] How to take ownership of your finances to have more control and live the lifestyle that you desire
[10:32] How to shift from thinking like a struggling $30k earner to someone who makes six figures and is in control of their numbers
Tune in to this episode of Money Files to learn more about creating a money system that allows you to spend your money drama-free and craft the financial results you desire.
Are you ready to shift your relationship with money? Apply to work with me, and let’s start working towards your financial goals.
IF YOU LOVED THIS CONVERSATION ON HOW YOU CAN CREATE A MONEY SYSTEM THAT ALLOWS YOU TO GET YOUR DESIRED FINANCIAL RESULTS, CHECK OUT MY EPISODE ON RESHAPING HOW YOU THINK ABOUT AND PLAN FOR EXTRA INCOME!
Transcript for “How Six-Figure Owners Outsource Their Financial Awareness”
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.
Hello and welcome back to another episode of Money Files. I am so excited that you are tuning in today, and I want to ask you to do me a favor. If you have been listening to my podcast and it has impacted you or shifted something for you, I would love if you would go and leave me a review. So if you go to Apple and you can just scroll down and leave a review, I would love to hear from you because I love being connected to the community that is tuning in weekly or whenever you have the time to tune in. And I want to get to know more about you.
But today I want to talk to you about outsourcing financial awareness. And you’re probably like, Keina what is, what are you talking about outsourcing financial awareness? Well, when I think about outsourcing financial awareness, how I would define that is that you release your financial control to the amount of money that you make. And I frequently see this with six-figure earners, multiple six-figure earners, high earners, however you might identify. But if you are outsourcing your financial awareness to the amount of money that you make, you will never earn enough money. And so when you’re doing this, when you’re outsourcing your financial awareness, you may have thoughts about deserving the things that you buy. Like, I deserve to go on this trip because I worked really hard, or I deserve to buy this furniture because as a kid we never had this type of furniture in our home, or I deserve this because in my twenties I was struggling in and out.
And so you justify things with this like I deserve thinking. And this is especially rooted in past financial experiences that can come from experiences in your childhood, experiences you’ve had as an adult when maybe you didn’t have as much money as you have now. And so that’s really, when you think about your finances, like that’s how you operate. You’re like, I’ll just earn more money so that I don’t ever have to tell myself no. You may also find yourself thinking like, I’ll figure it out later. And so I’ll just go ahead and pay for this and I’ll figure it out. Like I have money in the bank, I don’t need to spend a lot of time thinking about this. And so that might be one of your common defaults for how you decide to spend money.
You may also like not want to really think about your finances or take control of your finances because of the fact that you probably tell yourself like, I don’t know where to start. I don’t have the knowledge. I definitely don’t want to start anything that makes me look at my numbers because of the fact that I don’t want to feel restricted. If I commit to knowing my numbers, then that’s going to mean that I’m not going to be able to travel like I want to, buy clothes like I want to, shop and spend all my money at Target like I want to. So general, like you just have your head in the sand. But let me be really, really clear. It’s not even that your finances are in a space where you’re like, oh my goodness, you know, I can’t pay my bills this month. That may not even be true for you.
You can be outsourcing financial awareness and everything seemingly be okay. So you can be using your salary and the amount of money that you make as a reason to not really keep tabs on your finances. And so you know your finances or you would tell me that you know your finances because you check your bank account to make decisions, or you just tell yourself like, I don’t need to worry about it because all of the bills are paid. And so ultimately what this creates for you is that like your finances are just good. They’re just alright. You spend mental energy wondering like if you’re making the right decisions with your finances. And so although you are a high earner, you still spend too much time, even if it’s not every day, maybe it’s not even every week, but you’re spending time wondering like, am I making the right decisions?
And you really have your head in the sand about everything except for the fact that your bills are paid. You’re not worried about your bills being paid. But if I were to ask you other things about your savings goals or how you want to travel, you haven’t really sat down to think about those things because you don’t want to be in a position where you’re going to have to feel restricted. And so ultimately speaking, you have very stagnant financial results. Maybe your savings hasn’t moved, or you don’t always have the money that you desire to have when you look in your bank account to make a decision. Maybe you want to take a last minute spa trip with your girlfriends, but you can’t necessarily do that because the money doesn’t always feel like it’s there.
And so you feel disappointed that you make this amount of money, but yet you can’t do the things you want to on a whim. It’s not paycheck to paycheck like when you made $30,000 a year, but it still feels very paycheck to paycheck given the amount of money that you make. And so right now, all of these things are happening to you. And as I’ve already said, you are trying to solve for these issues by making more money and you’re comforting yourself and just telling yourself like, well I’m doing better than I was. I’m doing better than I have been, been in the past. And so maybe you’ve even tried some systems, you’ve had an app or you’ve opened up multiple bank accounts because someone told you that you should open up multiple bank accounts but you don’t really use those things.
All of these actions are connected and tied to you outsourcing your financial awareness and outsourcing that financial awareness to the amount of money that you make. I will also say in this next breath that I do not want you to feel shame if you’re like, oh my goodness Keina, this is me. I’ve been doing this. And it’s not about shame. I don’t want you to experience shame, but I do want a light bulb and a light switch to turn on for you. And I want you to be thinking like, what can I be doing differently because I know the reason that you want to make more money and that you want to earn more income is because you desire to live a different lifestyle than you’ve ever experienced.
But in order to live that lifestyle that you experience, there is ownership that goes along with that. And the ownership is going to help you have even more control about what’s happening. Because for me, as a financial coach, when I’m working with my clients and my five month partnership, I want to pay attention to what’s happening day to day and the here and now. But I also want us to think about like, what kind of life do you want to live five years from now, 10 years from now? What is the ultimate dream for you? Because eventually you don’t just want to be chasing money. There’s a lifestyle that you desire to live. And so how do we craft that lifestyle for you? How do we make sure that you do have the right amount of money to live the type of life that you want to live?
And so we do that by making sure we have a money system that allows you to build around like what I would call financial play. So I think about the fun things that you want to do with your money, and we also want to build the system around your desired financial results because you might be in a place where when you think about financial play, you’re like, I want, you know, $20,000 in an account every single year that I get to use for travel and I just get to play with that money. But I also want to make sure that I have an emergency fund that is being fully funded. I want to make sure I have a couple things, some debt instances where I want to be able to pay my down my debt, and I want to make sure that I’m contributing to my retirement in the best way that I can.
And so you can have these adulting goals, but then also have these financial play goals. Like I want to help you create a system that allows you to have this both/and lifestyle. And so that’s taking ownership and financial responsibility. And it looks very, very different than it looked when you were making $30,000 a year. When you’re making $30,000 a year, you were worried about like, okay, like I need to stay within my budget because like I have a limited amount of funds and you’re not in that situation anymore. And so yes, there is maybe a time in which you were like, okay, I’m like trying to debt snowball things and I’m like hustling to make sure that I can put myself in a better place. But that’s not your reality. That’s not the truth. As a six figure and a multiple six figure earner, you have a different reality.
And so I want to make sure that how you think about money, how you relate to money, actually matches the amount of money that you make. And I want to make sure that the results that you’re creating for yourself aren’t just results that are happening by accident, but the results that you can replicate year after year that you can have this money that you can financially play with, and you can have this money that is also going towards your desired financial results. Maybe it’s that you want to buy a bigger house at some point in time, or when you think about retiring, you know that you want to have 5 million in the bank by 55 or $5 million in the bank by 60. And so we do that by knowing numbers. We do that by being intimate with our numbers and using numbers as a tool, using our money as a tool, like craft a life that we love.
So money, knowing your numbers and being in control of your money is not about restriction. It’s about creating a life that you love. And so I want you to know that you are shifting, like you’re no longer a $30,000 a year earner. That’s not who you are. You are someone who makes six figures, you make multiple six figures. And so I want you to shift your mentality from someone who identifies as like struggling to someone who owns their numbers, who’s in control of their numbers. Because if you don’t know your numbers, your finances are controlling you, you are not in control, even though you think you are, but you’re just hustling and earning more money. But it’s why you don’t feel that relief that you desire to feel. And it’s why you still have thoughts about like, oh no, am I making the right decision?
Am I making enough money? And so at that six figure level, you want ownership. Ownership creates choices, and that’s ultimately what you want. And by taking the time to know your numbers and creating that system, you’re going to be able to create new opportunities for yourself. You’re going to be able to create new opportunities especially when I think about generational shifts. I have a lot of clients that, they’re the first one in their families that have made this much money. They’re the first one in their families that have owned homes or have multiple degrees. And so when you think about owning your numbers for yourself, think about who else it impacts. Think about the ripple effect. So you’re a six figure earner. Maybe people in your family don’t talk about money, but you are going to be able to be the person that starts talking about money.
You are going to be the person who feels really confident, engaging with a financial coach, engaging with a financial advisor, so that way you know the steps that you’re taking, you’re owning the steps that you’re taking, as it relates to how you want to manage your finances. So this is a short and sweet episode today because I just wanted to, I was just thinking about, especially as last week I did a webinar for my audience about three keys to drama-free spending. And as a six-figure earner, as a multiple six figure earner, I want to help you spend money in a drama free way. I want you to have a system that means like I don’t have to check my bank account to make sure that money’s there. If you’re a solopreneur, you’re not like taking out owner draws because you’re trying to make ends meet to do something that you want to do.
Like all of those things would be in place because you have a system that allows you to trust yourself with money. You have a system that’s connected to how you want to play with money, it’s connected to the results that you desire to create. That is the goal. So your solution, if you find out like, oh my goodness, Keina, I am outsourcing my financial responsibility, is I want you to create a money system that allows you to build around like your financial play and your desired financial results. I want you to get to know your numbers and I want you to be able to look at like what’s actually true with my finances. I want you to question when your brain offers that you’re going to be restricted. It’s like, is that actually true? Oftentimes what I find out when I’m working with clients is they’re like, oh, I can actually do that.
And it literally releases all the anxiety that they’ve had for years about what they could do with their money. And then I would say that you also want to bring in curiosity. When you allow yourself to be curious with your numbers, it’s going to allow you to release shame. It’s going to allow you to release guilt and overwhelm. All we’re doing when we’re looking at your numbers is we’re just looking for patterns. And as we look for patterns, we’re looking at like, what do these patterns tell us? Is there something that we want to shift? Is there something that we want to continue, but we’re just being curious so that that way we can make really intentional and informed decisions.
So that’s the episode for today. If you would like to take this work deeper you can apply to work with me at www.wealthovernow.com/appointment, and I will chat with you guys next week. Have a good one.
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.