The Mindset Shift That Got Damon Out of the Paycheck-to-Paycheck Cycle

Money Files

“I make good money. Why am I still living paycheck-to-paycheck?”

By the time Damon and I started working together, we’d been friends for years, and I was familiar with his paycheck-to-paycheck lifestyle. When he invested in my coaching, he was convinced he’d never reach the level of financial freedom and security he saw in his friends’ lives. But with some budgeting practice and a major mindset shift, Damon learned to save for his future and work towards his financial goals.

In this episode, Damon and I are chatting about his financial journey so far: where he started, what it was like working with me, and how he feels about his money management skills now. Damon’s sharing the mindset shift that allowed him to escape the paycheck-to-paycheck cycle and create his own financial security.

In this episode, you’ll learn…

  • Why I encourage people to talk about money with their friends [1:10]
  • Where Damon picked up his money habits and how they’ve affected his money journey [4:49]
  • How Damon used budgeting go get out of the paycheck-to-paycheck cycle [9:09]
  • Why it’s important to look beyond the next paycheck and plan for your financial future [12:35]
  • How to shift your view of your financial self and improve your money mindset [17:06]
  • How financial security and intentionality has brought Damon freedom and peace of mind [24:14]
  • How Damon went from totally unprepared for an emergency to financially secure [28:48]
  • How your budgeting system can adapt to financial changes in your life [33:24]
  • Why Damon recommends financial coaching to anyone struggling with money management [39:10]

If you’re ready to break the paycheck-to-paycheck cycle and create your own financial security, tune in for this week’s episode.

Want to break out of the paycheck-to-paycheck cycle like Damon? Apply to work with me and take the first step towards gaining peace of mind with your finances.

Do you love hearing about my client’s successes? Hear Jackie’s experience with financial coaching here!

The Transcript for “The Mindset Shift That Got Damon Out of the Paycheck-to-Paycheck Cycle”

Keina Newell [00:00:00] 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 Newell [00:00:32] Hi, welcome back to another episode of Money Files. Today, I am joined by my client, Damon, excited to record this episode because I want you guys to really understand just the impact of coaching. And so in one of our coaching calls, Damon was talking about how our work was transformational and not just transactional. So I wanted to have him on Money Files just to be able to dive into more of his story and hear his thoughts on what it means to actually transform your relationship with money and not just have, I guess, the transactional relationship with money. So, Damon, you want to go ahead and introduce yourself? 

Damon Hoyle [00:01:10] Well, thank you for having me on here. So I get to be here on the podcast. Pretty standard introduction. But yes, I’ve actually known Keina for some time. We were friends prior to her coaching me and with my finances. But it was great. I think it actually was a benefit because she knew it was well acquainted with some of my financial habits, just as being a friend and being able to observe. And so I think it helped because there were some things I didn’t have to explain, or there were some things that she was already privy to and was able to help me better navigate. And so I think it was beneficial in that way to have known her prior to her actually coaching me, but excited to be on here to talk about my journey.  

Keina Newell [00:01:51] So tell us more about friends and money because I feel like we’ve talked about money for a very long time and thinking about it, I always encourage people to talk about money with their friends. And I don’t think that that’s a conversation that people do have. People don’t want to ask other people, how much do you make, how much debt you’re in or whatever that looks like? I am the friend that finds a way to talk about money all the time, regardless of what the topic is and have been given that feedback that I will always end up talking about money, but I have no shame in talking about money. So, yeah, tell us about that journey. Then we’ll get into the coaching aspect. But friends and money?  

Damon Hoyle [00:02:30] Yeah, no, you definitely will talk about money. There is the Whataburger story, but you will definitely find a way to ensure that money is talked about and that, you know, when we first met, I used to be like, Man, she’s always talking about money and budgeting in this business. But I came to respect it and understand it because, you know, we work hard for our money, you know, and people work hard on whatever it is, whatever industry you’re in. And it’s it’s not a it’s not something that just folks that grow on trees. And so you have to be careful with how you spend it. And so I was like to say, I just appreciated the push as a friend to look at it. I know I used to be very nervous to talk to you about it because I didn’t want to feel judged or like, you know, I’m not at the budget level, you know, as you are. You know, I was kind of compared to like training physical training, like, Oh, you want me to step on a scale? Well, you see how far away. I don’t need to do a body scan to see all of that. But I think to answer your question more directly, I think you can have conversations with friends about money. It just has to be a level of trust with that friend to know that they have your best interests at heart. And then I think when you know that stresses that that person can open up and be transparent. And so I had no problem with it because I trusted you. And I also saw from afar how you manage your own finances with integrity. You know, you are always goal oriented and how always have been. And so I was like, Man, I admired that. And so I need some of that discipline and some of those things to be applied to my life. Plus, you never had overdraft fees like I did. So I was like, What is she doing now to get these $35 overdraft fees every other month?  

Keina Newell [00:04:06] So do you talk to your friends now about money over the years? What’s that look like?

Damon Hoyle [00:04:11] It depends on the friend. I mean, you’re familiar with one of my good friends, Brendan and I talk about money and then a few others. But then some are very private, you know, and as you know, you know, you guys and friends are very private about their finances, which I respect. So it just depends. But typically around goals, are you trying to people trying to buy a house or get a new car or just investments? So money has come up? And so in that regard, we talk about it at the level that we have with budgeting. I don’t think I’ve talked to anybody that intently. I’ve talked to people who don’t have a budget, though. All of our friends, it’s like, you know, he has his budget. You have to have a budget like them. Do your budget and let us know if you go. So I’m known for that now. 

Keina Newell [00:04:49] Tell us more about your money journey. Where were you? So like when we first started working together, but I feel like that is a broad amount of time, but we can just go back. We worked together last fall and we’d work together. I mean, I guess I could really call you my test client before I had my business. But yeah, just tell us about where you were when we first started working together and what’s been your money journey? 

Damon Hoyle [00:05:14] I love that, test client. And I get some credit or something for that being the test client. I’m just joking. 

Keina Newell [00:05:20] You did right here on this podcast.

Damon Hoyle [00:05:22] Oh, okay. I think we’re all products, you know, or a reflection of how we were raised or our experiences, and so my first encounter with how you manage money was through my family, through my parents, and what I learned was bills will get paid right. At the end of the day, your bills are going to get paid. You have food on a table, closing you back to that kind of thing. But it wasn’t necessarily from a budgetary intentional type of method. It was robbing Peter to pay Paul or I make sure these basics get done and then we’ll spend money. And then hopefully, you know, before the next check was good and oftentimes before the next check, you know, folks get paid on the 15th from like the 12 to the 15th, it was real, you know, tight. And so I learned that make sure your basic needs are met better than anything else, just get it done. And so I picked up how to spend money and it had to be a spender, but not necessarily saving or having a strategy around a budget that was not just something that I saw growing up. And so I think that translated into college, which I came out with a pretty massive amount of student loans. And then I became a teacher. And so, you know, the teaching field, although it’s progressed, doesn’t pay. You’re not coming out making six figures. And so I still like to say with the massive amount of student loan debt, other bills that you get as in your early 20s, when you’re fresh out of college and then not having a real strong background on how to manage money, I definitely was not that I definitely had not set myself up with was set up for success. And so just, you know, struggling at times. Late Deals Credit School was already suppressed because of student loans. But then you do throw it in there. I’m trying to pay rent, you know what I have on the spot and then trying to also pay different bills by the time I paid all my bills. I’m looking around like I don’t have any money, so now I’m having to borrow from either my parents or do payday loans or just or I’m on the phone with bill collectors. Negotiate, you know, I learned how to negotiate, hey, so I can put some order. I don’t know that I’m prepared to pay all of that this month, but give me my six. And so at some point we become, you know, become friends through work, through us working in education that you begin to see. And I begin to express to you my frustrations like, I work all these hours, you know, teaching kids or at one time an administrator, and I’m struggling and I just don’t know how to get out of this. I don’t know how and I want to get out of this, but I need some help. And so after many back and forths, I think I got to a point where it was like, If I don’t stop this, I’ll be 40, 50 years old in the same predicament. And I had people who I was watching older than me, friends and older family members. I’m like, I want to love them, but I don’t want to be in that position. I don’t want to be robbing Peter to pay Paul at 50 or 45. And so something has to change. 

Keina Newell [00:08:14] As you’re talking about that. I am thinking about how my brain talks as I’m thinking about it and I am thinking about when we were before you actually so Damon paid to work with me. For those of you listening, there are no friend discounts. He was an actual client, but well, he was my test client, if you will, before I started my business. I feel like you were flirting with budgeting, right like you listen to me to the extent of, yeah, this girl. I guess she makes some type of sense, but I want to know what have been like some of the biggest shifts when you think about that journey over the past couple of years in giving every single dollar a name and really thinking about this is how much money I have coming in, here’s how much money I have coming out. Here are my financial goals, and I know that journey extensively. But just like what are some of your reflections?

Damon Hoyle [00:09:09] God, that’s funny. Yes, I did pay, but I think that’s important, right? Because I think you gotta put some skin in the game. And I think when you do pay for a service there is a level of commitment, right? Versus at least in my opinion, what I’ve learned is people value what you pay for. And so it was well worth listening to anyone listening. It was well worth the payment in the payments because I definitely have the gift that keeps on giving, if you will. But to answer your question, I think the first thing was you mentioned giving every dollar name. I don’t have a budget. Like I said, there was no budget. I just paid and hoped by the end, you know, before I would get paid, the next time I might have, I was happy to have $100. And so I got out of living paycheck to paycheck, which I think was one of the biggest outcomes for me. And that was sitting down with you and actually mapping out a budget. How much do you make a year? What are all the things that you pay for? Name it all from birthday gifts like you had me put stuff in a budget that I didn’t even think about. Like, No, you need to put birthday gifts and Christmas gifts in there. You need to have an entertainment budget versus a grocery budget versus eating out. Budget is looking at how you spend your money. This is what it is. You know, if you’re looking to buy this home, you need to have this kind of budget. And so really mapping out everything, I hadn’t done that before and the impact that that was, I really got to be able to see what money was. And what I was spending, something else we always talked about was, you know, every time you spend money here, you’re saying yes to this, but no to something else. You know what I mean and so know that every dollar counts. And so when you say four to two weeks is your budget and you don’t stick to that or you go over your budget, you’re pulling for something else. And continuously doing that is going to present a problem. You’re not going to get towards those goals. And so I had to look at money differently. I also there were some other things you pointed out in terms of my relationship with money, getting comfortable with it and feeling like I had control of my budget versus, oh man, I just fear. I think I’m operating out of fear and I don’t want to run out of money. I don’t want my bill. You like to relax. You have a plan. We have a budget. You have goals. So don’t look at it as a scarcity approach or fear approach. Look at it as you’re in control of this. You have it and look at how you can make your money work for you. And so it was a lot of just a mindset shift for me when it came to money. And then one of the things you mentioned is I would often mentioned other people who I admired, who I was like, Man, they’re financing a place where you like, you look at them like, that’s an unattainable goal, and you should see yourself on that level or reaching that level versus it’s not attainable because when you change your perspective, you change. How you operate versus is something that’s outside of your versus you’re just as capable. And so those those are the things that I say were transformational because those were empowering moments for me and not just, OK, you got a budget. It was beyond that. It was the mindset behind the budget. It was the mindset behind, How are you going to get to your financial goals? It was a mindset of you actually make a decent amount of money. You actually can manage this. You just aren’t doing it. Some of this, you need some tools and skills, but right, some of it. I needed the tools and the skills. The other part was, you need to be consistent with yourself. And so I think it was the merging of those two. I equip you with the skill set and with these resources with a mindset, but now you do have to apply. 

Keina Newell [00:12:35] I think you had I would echo the consistency, but having worked with you, I said I would say the mindset piece is the biggest part in helping you achieve those results because I feel like there were two things that I wanted you to balance. I wanted you to be able to balance, like looking beyond 30 days to manage your finances, like I wanted you to be able to see in bigger increments of time, like what happens in the next six months. What does this look like in the next year? Because I felt like you were content for lack of a better word? I don’t mean that negatively, but I like content with the budget working for the month, but I wanted you to see like, what’s the bigger impact over time? And then I also wanted you to be empowered even earlier you were talking about, like all my friends know, I have a budget, but how you would talk about budgeting was still hard like those underlying currents of scarcity, right? Like, you know, I talk about money and my friends know, don’t ask you to do something because you don’t ask me how much it costs or whatever it is. But it’s not like a lack of money or scarcity. It’s more so because I want to choose to be intentional, and you’re not going to spring something for me that I actually don’t want to spend money on. So just thinking about what it, what shifts have you experienced in the last few months in being able to think about not only what’s true in the next 30 days, but like what’s going to be true for me financially a year from now?  

Damon Hoyle [00:14:05] That’s a great question. You know, you hit the nail on the head with that piece about the 30 day piece because I was just happy, you know, overdraft charges, all my bills paid and I got a little extra money over here like that. I was like, Man, I was in the jackpot and that was fine. I think when we first started, you know, like that first year or so when I was consistent on the budget. But then when we actually got more intense with it, that was definitely the push. And so one of my goals, you know, I’ll be transparent here now. All of my folks are my parents. And so the goal was to move out and the push was, OK, well, you want to move out with that. What’s the time frame you want to move out? Okay, that’s four, five, six, seven months away, whatever that is. So here’s what you need to be in seven months, six months to actually make that happen. Here’s the cost that you need to think about when it comes to moving up. That’s about right. It’s about needing furniture. You know, you need to think about a war to build all these different bills and these to transition and then have a cushion. And so thinking about that? OK, so that’s what you need to be. Now let’s currently look at all of your expenditures and look at all the things that you have to pay. You need to get this paid off. And so we’re thinking in the long run, but just having a strategy because had I not thought about that, I would’ve just been month to month content. We’re getting what I had to get done paid. My credit score was going up. I was like, I’ll go, What do you mean? But it was like, You’re going to try to move out and be comfortable moving out and not have to struggle when you move out. These are all the things that need to be in place, you know, so in order to get that credit card, it’s got to be paid off. And you need to get rid of it because it has too much. It has to have an interest rate. And if you’re going to get a credit card, you should look into this. OK, you have this over here. You need to shift this over here to here. Oh, you know that that student loan you had in forbearance is about to kick back in. So you need to be thinking about February. That’s an extra four or five hundred dollars that is going to come out of your budget. Where’s that coming from? So what are you planning to do now to ensure that that happens? And so you have to be planning for what’s to come. And so making me think ahead of what’s to come verses dealing with the moment when he gets then like, I’ll figure it out. And I was so for me, like having a strategy for the year, having a strategy for six, even an emergency budget. OK, we know eventually we want you to get to this amount. OK, well, within the next two or three months, you need to get just over a thousand dollars. Then we’ll go up to 25 hundred and we go up to 5000. But that’s what this means. And so I hadn’t had a long term strategy. It was good. I’m better than what I grew up in. I buried him, my brother, you know, I’m buried in my family. But you like that the bar is too low. Like, this is the next level. And so really pushing me to have that strategy. And the last thing I’ll say here is it also meant that I had to take some time weekly, not just at the regular budgeting, but like, what’s the strategy around long term? Like, I had to put in some time, like I put in time to do work, like I put in time to work out. I had to put in some time around my financial goals and there was going to be a certain level of intentionality that I hadn’t put in before. So it was like the next level.

Keina Newell [00:17:06] When I think about what you’re talking about and thinking about money mindset. But another word that comes up for me here is like a financial self-concept, and I’ve mentioned it in a couple of podcast episodes. But when I talk about a financial self concept is like, how do you see yourself financially and in working with you in any of my clients? It was like, I wanted you to expand your capacity to have, like for allowance. And when I talk about allowance, not like the allowance your parents gave you when you’re little, but really like the allowance to have five thousand dollars in your account and not feel this like emotional pool to spend it because you’ve never had that amount of money in your account or to be able to craft a dream budget and look at OK, if I want all of these things to be true for myself financially, what does that mean in terms of like salary and what are my thoughts about making that amount of money? Because we really have to investigate the thoughts that we have and the feelings that we have about money because it really is more than just a spreadsheet. We all have money stories and things that have shaped us and how we relate to money that we may not see ourselves being able to have the things that other people have like. Oh, that’s reserved and exclusive for this group of people is what our brain wants to tell us. But we have to do our own work to figure out, what does it actually look like for us to get out of the paycheck to paycheck cycle? What does it look like to have an emergency fund? What does it look like to buy things and not feel like, Oh, I got to worry about if I can pay a bill or does that impact something else that these shifts and changes that we’re making in our life are just who we’re becoming, and I’m and we’re raising our financial self concept over time. 

Damon Hoyle [00:18:53] And I think the financial self concept is I never heard of that term or that phrase, but that was like some deep work that we had to do. I remember a couple of times when I said this, I was like, Man, this is like counseling, you know what I mean? Because if you think about it, if you take someone’s, you say, Hey, let me see your financial statement right over the last month, two or three months, even six months, that’s a reflection of who you are, of what you value, of your priorities. And so that requires a level of vulnerability, right? Because this is this, don’t tell me what you don’t want about your spouse theory. Here’s what you do practically and let me see it over a few months because this is who you are. And so this tells me what your concept for yourself is. And so I know that I dealt a lot with the hole that’s reserved for a certain set of people. I didn’t necessarily. Although I may not have articulated it, it was in my behavior. It was in my moves and how I operated that, you know, I would love to be a millionaire one day or be great to be in that level of financial comfortability. But, you know, I don’t know if that’s going to be me. You know, I mean, and I don’t. And that’s just conditioning. That’s a bunch of different things wrapped up in there. And so I appreciated that because I had to really self-reflect. And there were several times you would ask me a question and I would answer you, but I never asked, That’s not what I asked, Would you be? That is what you ask. No, no, no. That’s not what I asked you. Here’s what I asked you. And I was like, OK. And so you pushed me beyond the surface level responses and beyond just saying whatever first came to mind and really think deeply right as to. Question the hard questions they always say, like, why are you really doing this, why are you really in this place? Why are you making those decisions? And so I appreciated it. 

Keina Newell [00:20:39] Do you remember any of the questions that pushed you? 

Damon Hoyle [00:20:43] Oh, that’s a good one. You – Well, there was this. This wasn’t necessarily a question, but I’d already mentioned this when you told me, Tell me to stop. It’s OK to admire people, but you need to start seeing yourself at that same level. And so that was a huge push for me because we have a mutual friend. I want to talk about who you like, but you act as if you can’t be there. And then I had to think, what? I mean, you told yourself a story that you can’t be there. And why is that? Why have you settled? Like that was one of a big aha moments to flip or open right now? Well, I’ve realized that I had settled and had accepted a place at a level with my finances. And as I mentioned earlier, because it was better than what I grew up in, I was like, I’m good. But that was me settling. Like why? Why? Why just accept that? And so that was a big. That’s probably one of the biggest selling moments that I think we had for me was really looking at what self-talk do I engage in and then how does that manifest so. And not only about finances in all of life, but this is a financial show, so in my finances.

Keina Newell [00:21:52] But finances touch every area of our life, whether it’s like what jobs we go after or how it shows up in our relationships, like money touches every single area of our life. It dictates what we do or don’t do. I know I’ve reflected personally on how I manage my finances so well, so I have choices in life and I see me being able to manage my finances, as well as being able to lean into having a purpose driven life. And so I’m able to say yes to things or no to things because I know I have money in the bank in terms of an emergency fund like I have options, so I don’t have to be wedded to any one thing I was sharing in another podcast episode. I mean, we were both in education, like I was able to join Teach for America because I worked out the numbers and looked at the budget to see Can I? Can I actually live off thirty thousand dollars a year? Let me see how this is going to work. And so then I was able to say yes to an opportunity that felt very in alignment with the things that I value, which are being able to give back to the community. And so for me, that’s what education was. It wasn’t just a job, it was an opportunity for me to impact the next generation. But had I not been financially aware, I maybe wouldn’t have been able to say yes to that opportunity. I would have had to go after money. And then, you know, within two years of being in Teach for America, in the end, there was a decision: Do I go to grad school or do I continue teaching? But I was also selective in that next round of interviews with different schools. I actually remember very vividly I had an interview with KIPP in D.C. and they didn’t want to pay for my hotel. They didn’t want to pay for my flight. And I was like, Oh, I’m sorry, I’m not going to be able to interview, but I had the confidence to be able to do that from a monetary standpoint because I was like, Oh, y’all want me to spend money like, you need to court me, basically. But I also just equate it to money because like I one, I believed in their ability to have a budget to support me. Like, I just knew what I wanted and it allowed me to just move. It allowed me to move differently. And so I’ve seen how money just impacts my ability to make decisions and my ability to be able to say yes to things that are ultimately in alignment with who I desire to be. 

Damon Hoyle [00:24:14] Preaching to them a lot there. One of the things that you said that I can attest to, as you said, because you’re so intentional about your finances, you don’t have to be too wedded to certain things. There’s freedom, right? Being financially astute and prudent and just consistent gives you a level of freedom. And I can concretely speak to that. Recently, I had to get my car fixed because I paid it off, which has been great. You know what I mean? Because I work from home I do not have to put as many miles on as some, like a Walmart, rather think out versus going get in debt for something else. But because I had a car maintenance budget, thanks to you, tell me I need to have one because you like your car so many miles, you need to have that you’d have it anyway. I was able to get my car fixed, which costs because I needed some work, like 12, 13, 14 dollars. But I had it and I didn’t have to borrow anything. I didn’t have to appeal. Was it late? Nothing was in that. That alone, like four years ago, it would have been like, OK, so I am getting paid this month I got to borrow, or I can only get part of this done, or I’m going to have to go get a credit card, but I have to do any of that. I was able to pay that you still had money left. I don’t have to touch any of the emergency budget. And so that alone, like the satisfaction I got out of that, that I was able to. That and that wouldn’t have been true before I was like, yeah, man, it feels good, this feels good to be able to do that. And so I was just grateful. And I’ve realized I used to because the way you talk about finances in a good way. It’s second nature for you, right? And sometimes that can be intimidating because I’m like, Man, I don’t I don’t even think that way. And so it can be so intimidating to you, just like, OK, I want to deal with it, but I’m glad I put it in the time is what I’m saying. I’m glad I invested in it because I’ve seen the return on the investment. I’m just glad that was one of the – people. I’m like, Man, that’s yes, paying. Getting my car speaks to me and not having to worry about anything. Another moment just living here with my folks before we started doing our marketing with you. Often I’d have to borrow money from my dad and pay it back and some months ago and buy it. He’s like, You don’t need any money. I was like, Nah, well, why not what you doing? You still have four people who said, Nah, I’ll just budget. So he even noticed, like, you’re not even coming to me to borrow money or you’re not doing what you used to do with what’s going on because I know you don’t have a new job. And so he joked about doing something illegal. I was like, No, I’m just I’m just managing the resources that I have being a better steward of what I’ve been blessed to have. And so it’s been those things for other people to see how he’s now. I’ve had to learn to tell some folks, no, because, you know, they’re folks who want to borrow money and all this. That’s a whole nother show. But I’ve had to learn how to even be because I used to be very giving at my own detriment. I let them borrow this $100 knowing that I really have it, but that’s my friend and it’s my family member. And so I’ve had to learn how to say no. Or if you say you’re borrowing money, that’s what that actually means. That means that’s coming back. And so I will be following up on these days. That’s OK, because if I don’t put myself first in this, you’ll walk off and have $100, and then I’m the one who has to pay a late fee or something or miss a bill. And so I’ve even become more confident in OK and don’t feel like a mean person. If I have to say no system things and I might mean family and friends because I have a priority, a greater priority over here for my own financial well-being. 

Keina Newell [00:27:36] Well, you know, I would tell you to tell them to give them the gift of budgeting. I don’t have a hundred dollars, but I got this spreadsheet and we’ll show you how to use it.

Damon Hoyle [00:27:45] And it’s funny because I’ve tried not to be judgmental recently, but I’m like, How are you? And I’m like, Hey, man, I used to be, you know, like, how are you struggling to pay this? I don’t want to say I don’t like it, why are you doing what? Because I notice every time before you get paid that last week, you know? And so I just have to remember, I used to be the same way. But that is someone who is yet to invest in budgeting or their finances in a way they could. And if they don’t. And I realize and I praise God, that I’m not in the same position because I’m like, had I not put in the work I’ve been? Same place. And so I could afford an emergency. That’s one of the things you said. You told me when I said, you can’t even afford an emergency right now. And it cut a little deep, as I say it, that way. But I was like, Yes, facts, though, I cannot afford an emergency. I was. You were like, Your money’s at a place where if anything happens and things will happen, you cannot afford it. You can’t afford it. And so I was like, Wow, that’s a problem. That’s a problem where I can’t afford it just in case.

Keina Newell [00:28:48] So and I remember this didn’t happen in the last few months, but I have known you for a while, and I remember when you had an Altima. Whatever it was, the car is irrelevant.

Damon Hoyle [00:28:57] You had an Altima. Yep.

Keina Newell [00:28:59] And I think I remember you have, like, paid it off. But then within a couple of months, you had to get another car. But as your friend and I are unfiltered, I probably gave you a lot of feedback, right? Like, you need an auto maintenance budget. You need not to ignore your car because by ignoring it, it’s actually costing you more money. And lo and behold, the Altima was like peace. I want to work for you anymore. And you had to get a car payment. But like just I remember at that time you were so excited that you weren’t going to have a car payment anymore. And as your friend, I was like, OK, well, what’s that car payment money go towards? Like, how are you going to equip yourself for the next season of what’s happening for you financially? 

Damon Hoyle [00:29:42] That’s classic Keina. Like, OK, you paid it off. So how are you going to shift that money? Me, I was like, I paid it off, good. I’m trying to get on this flight. I’m trying to take a trip. I need to get some new clothes. I do my spring shopping. Yet like, I’m thinking about how I’m going to spend this money, that money now. I looked at it as disposable income, right? And I can just go spend versus how can I reallocate this money within my budget to now pay something else off or to get closer to a financial goal? And so that I think that’s a classic, it’s illustrative of just being under your financial tutelage, if you will it, you know, it is like I looked at it as I’m going to go spend. You looked at it as how can you shift to reach a financial goal?

Keina Newell [00:30:25] Yeah, the goal can still be. I want to buy clothes or whatever it is, but. For me, when I’m working with clients, I want them to always be planning ahead. And what that means is that you get to actually do more of the things that you desire to do. If you want to spend money on clothes or if you want to go on trips, that’s cool. But let it be in alignment with what’s happening and plan it out for months and months. So many people are planning in a way in which. And that’s why my push for you was like seeing beyond the 30 days. Yes, this month you have that extra four hundred dollars, but that’s forty eight hundred dollars this year. What do you want to be able to say that you did with it? Right? And how do you want to be in control of that and actually have true control because people have this like, I deserve YOLO, whatever all these different kind of mentalities, which just to be clear, like I enjoy spending money like I don’t have a problem spending money, but I also want to know that I’m in control and that my money does what I wanted to do, and not that things just happen to me. And so that’s what I see as the result of budgeting. It doesn’t have to mean that you have to be restrictive. I think you actually get more choices when you manage your finances.

Damon Hoyle [00:31:41] Yeah, no. If you know that work that you put in on the front end as so it pays off so well on the backend. Both are saying it is let me have fun now, and you’re right at that. I think one of the things you said that I remember you’re talking about, what are some of the things that we talked about that stood out? So was my money concept. It was also, you know, the consistency with budget, but it was the other piece you just said was thinking about before I invest in something, before I have recurring payments. How much is that for the year? You’re like, Yeah, you could do Netflix, and that’s fine. But how much is that $15 over 12 months or yeah, you can do that. That’s $40 or $120. Or you like you have a trainer and I’ll spend like two hundred a month and you were like, OK, now I’m great if you have a trainer and that’s in you, value that and that’s good for you. You know, stress and your whole well-being. But that 200 over 12 months is $2400. Look at that also. And so just thinking differently about thinking long term with money, that’s only $50, about two weeks. And you really pushed me to say, but how much is that over the year? And so that I was like, Wow. So it made me think, Well, what’s really important here? Can I do this myself? Do I really need Netflix or can I borrow somebody else anyway going out there?  

Keina Newell [00:32:54] With the training like right, if health is important to you? Let’s put that in there. But then also, let’s make sure the rest of your budget aligns with that. Like, how are you eating? Are you actually going and are you showing up or is that money going down the drain? And it sounded good at the moment? Or is this in conflict with another goal? And so I think definitely to your point, where I wanted you to see outside of the 30 days because you are like a classic case of what a lot of Americans that budget from paycheck to paycheck and they say, Oh, with this next paycheck, I’m going to do x y z. I’m like, It’s not. I want you to get out of saying that I want your paycheck to do the same thing every single time it comes to you, whether you got twenty four or twenty six of those a month. I want you to choose to be intentional. 

Damon Hoyle [00:33:42] Yeah, that’s exactly right. Speaking of the pay periods, I went from having what was at twenty six pay periods to 12 because I went to a government state level job and you were saying I was like, I was sick and I was like, Wait, if it is only 12 checks. I don’t. I don’t understand. What am I supposed to do with 12 checks a year? You’re like, Damn, I mean, it’s the same thing. You just have to budget for the month. And I was like, But I don’t. I’m not used to waiting for two weeks and I do 60 days, and this is every 30 days. And so I remember we had a whole like conversation around and I’m fine like I’ve been. I’ve been fine with it. It’s just. But I just remember once again that fear piece, that fear of the unknown. Or I don’t I’m not used to this. I think if I were to sum up everything that we talked about, there was just a fear. There was a fear in my money concept. You know, I had one, but I did. And it was rooted in fear. It was rooted in I don’t want to run out of money. I’m afraid that I’ll never be one of those financial people. It was fear that this was too much. I don’t know how to do this. You know, I was just a lot of fear and a lot of self-talk and a lot of just accepting a reality of, well, knowing when to get out of this unless I hit the lottery or I become a millionaire versus you can make $50000 a year where you can make a hundred grand where they and you told me this, I’d heard it before, but I realize whatever habits you have at any level of, if you don’t, you’re not intentional. It’s just going to translate. Yeah, it’s 50000. You blew money. You just gotta blow it out dollar level when you get there, if you don’t deal with your habits. And so that was something because of my financial since we’ve known each other. You know, I had a $20000 pay increase from my last job to this one. And then before that, a lot of 15. And so I’ve had some decent jumps, but I’ve had to learn that the amount of money, if you don’t change your habits, it doesn’t even matter because you just can’t spend more because you got more. And so you really helped me with that as well.

Keina Newell [00:35:41] That I mean, I can’t stress that enough. And I think everybody can look at their own finances and see that because if you think about how much money you were making five years ago, two years ago and you told yourself, When I make more money, I’m going to do it, I’m going to start saving, I’m going to pay down debt. And I mean, we have lifestyle creep that happen or we think we should be able to do more because we’re making more money. So that’s why it’s so important for you to sit down with your numbers so you can ultimately be in control and see that a budget isn’t restrictive. It allows you to do, like I said, more of those things that you desire and you can talk like we’ve talked about, you know, what is that next version of your financial self and thinking about creating more money when you go and look for new jobs at your current job, when you’re negotiating, if you take on extra income. Like, what is the purpose of money in your life? 

Damon Hoyle [00:36:38] Yeah, I love that time. You just used a lifestyle. I’ve heard of mission creep and have a lifestyle creepiness. That’s true, and I think you just said something else in terms of like the next version of yourself. Money wise, that’s another push you had for me. Like, what do you see yourself? Do you like it? So who do you want to be? I was like, This you like analogies? Who do you want to be three years from now to OK? And then after I named everything you like, don’t think about. Just say what it is that you would. You could be your ideal self. OK, now what are the implications for your finances and what does that mean today that you need to start doing? And so because you’re not going to just arrive there, there’s another quote. I’m thinking about quotes for you that we were talking about is life in general, and you were like, the one thing that’s going to be consistent is that time is going to pass. You said time is going to pass. The question is, will you be different? What are you going to do with that time? And I’m going to be paraphrasing a little bit there, but I have never forgotten I was in my car. You’re talking on the phone and you were like, That’s what’s going to be consistent, Thomas going past now. Who you are is the factor there, which you do with that time. As it passes, it’s up to you, but it’s going to pass. And so you need to be intentional about time. And so I’ve never forgotten it. Just in case you were wondering, I’ve never applied that to all aspects of my life. 

Keina Newell [00:37:55] I mean, I’ve given you the secret to life if you just follow it. 

Damon Hoyle [00:38:01] But no, I want to give you your flowers, as they say. I know for a fact that financially and I definitely have much room to grow, right. There’s always levels to this. I would not be where I’m at today had it not been for you. Your influence, those tough conversations. Even when I was like, OK, I want to talk about finances. How about those rockets? You know, I mean, how about have you seen that western game? You know, whatever topic or did you hear any song? But I appreciate this a push because like I said, I would not be when that day I would not just have gotten here had it not been for those pushes, those conversations, the deep work that we’ve done, and it’s still more work to do. And so I’m just appreciative and I know that even I think I know that at the time, the energy, the financial commitment to your services has been a great return on investment, if you will relax. And so I’m extremely appreciative and will recommend your services to anyone if they, you know, financially need it. 

Keina Newell [00:39:02] Thank you. What results would you say you’ve gotten from coaching that are more valuable than the money you’ve invested in coaching?

Damon Hoyle [00:39:10] Well, I think for one, at a time and heartache, and just like because I might have a budget and I know we keep we set budget 50 times on here, but because I have a budget and because I’ve been way more intentional about the money, the freedom I’ve had on the back in, the less stressed that I’ve had about finances because it was a stressor. I don’t have that anymore. You know, sometimes I’m not as consistent, but things are going to happen. I also think it’s been a mindset shift. Like, I literally when I spend money now, I’m like, OK, budgetary wise, I have the numbers in my head. OK, that’s coming from this item line that comes in from here, but I’m comfortable. I’m not running scared anymore. Or like, who? Let me check my you know what I mean? I can go somewhere like we had. My dad turned 75 this week. We had dinner for him. In the end we did. It leaves, which you know, is more on the expensive side of a restaurant. In the past, it would have been a whole situation would be like, OK, oh no, I’m a. I was very comfortable because I had a birthday budget that I knew my dad’s stuff was coming from eating out, but I knew where the money was coming from. And so just the level of not having the stress, the time and energy, it’s safe. I can sleep better at night. And then my boss, my concept of who I am, has changed that I can be financially whoever I want to be. And get those goals and get those things if I just put in the time and effort. And I’ve seen the results because I’m kind of a person where the proof is in the pudding. But I’ve seen it time and time again where the time investment, the thinking differently has paid off. And so I walk more confidently. I’m less stressed and more confident in my finances, just in general. And I would say, I’m happy you look at that. I would definitely say that I am happier because we know finances are a huge stressor and pain point for a lot of people. And although we’ll have to make more money and there’s some goals I still have, it’s not a pain point for me anymore, and I’m definitely sure that the world has been improved because financially I am in a better place. 

Keina Newell [00:41:20] I love it.

Damon Hoyle [00:41:21] And I can’t go back now because every day I’m like, Oh, I got a budget. Wait a minute, I’m two days old. I got my numbers. I don’t know what they are. I got to, you know that that feeling, and that’s not necessarily fear, is just that I don’t ever want to get back to where I was because I know what that was and the Irish refuse. 

Keina Newell [00:41:39] How have you learned to trust yourself through this experience? 

Damon Hoyle [00:41:42] I’ve been able to trust myself more because I’ve put in the work, you know, remaining so I can trust that my things are where they need to be. Or two months from now or this year, I’m on the right trajectory because the work has been put in and it’s thinking about the different scenarios. So I think that that’s been the biggest one because that wasn’t there before. And also, I would have goals, which I don’t really feel like because I hadn’t put in like, Oh, I want to be here, right? I want to be there financially, but it’s like, OK, so how are you going to get there? You can say you want to lose 100 pounds, OK, but that’s not going to just happen like you’re eating your exercise. Day to day is going to have to look different for you. And so the goals are no longer just and I don’t know if I can use this term. You can edit this out. It’s no longer an exercise of mental masturbation. It’s actually putting in the work. You could take that out. I got it anyway. I know you gotta take it out, but that’s how I trust myself more. Because the work I put in, I’ve put it in the work and there’s more work that has to be put in, right? And now you got me into this conversation and I’m thinking, how can I with a topic 2020? What else can I be doing? How incrementally, how can I get even better with my finances? I want to go on vacation because that was the other thing I know we’re going to be on time, but I noticed that there were two times a year where I would just go crazy the summertime because, you know, being an educator, I’m traveling, I’m on somebody’s flight. I had budgeted nothing, but I’m going to travel. And then when I get there, I’m spending money that I didn’t budget out. And so now come August, I’m in a financial hole. I can’t pay for certain things and the Christmas holiday time, because now you’re you’re going, you’re you’re going all these functions and spending more money. And so those two parts of the year, which wreak havoc on my finances because I allowed it to, because I didn’t plan for it and I was just out here spending money just another year. I didn’t have that experience this past Christmas because I had a budget. This is the gift and this is where we’re working with, you know what I mean? And so those are the things that are just habits that I was able to reflect on and look at. And now I’m able to avoid it because I’m planning.

Keina Newell [00:43:55] And I know how you’re going to do more. You’re going to. We already talked about how much money you need to make. We also, before we started recording, talked about you having a conversation at your current role to say, Hey, we need you to write me a check. So just thinking about, you know, it’s important for me to as a coach to be able to reflect and hold space for people to see like what’s the value that you bring to the role that you currently do, which your value that you bring to the world and being able to feel confident and asking for more money? One, because you know the purpose of that money and because you are confident with your ability to manage more money than increase your income. So it’s not just about a budget.

Damon Hoyle [00:44:37] And there it is. Mic drop. 

Keina Newell [00:44:39] Is there anything else I should have asked you or anything else you want to say? 

Damon Hoyle [00:44:43] I think I think we covered pretty much everything. I just thank you again and for any of the listeners, I just whatever your money journey is. I just implore you to be intentional. Whatever amount of money you make, whatever it is that you get, your income is used to be very intentional about every dollar. Be intentional about what you’re doing because being intentional about it is actually freeing. And it might feel tough upfront where it might be hard because you’re going to have to look in a mirror and face and look at how you spend money because it’s just a reflection of who you are and what you value. But when you put in that work and you’re consistent with it, the payoff is so much. It’s just so great it’s beyond worth it.  

Keina Newell [00:45:23] Well, thank you, Damien. And if you’re listening and want to apply to work with me, you can go to WealthOverNow.com/Appointment, and I look forward to hearing from you. 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.

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