Money. Whether you like talking about it or hate talking about it, the simple fact is money matters. And it matters most when you’re in over your head in debt, swimming in declined credit cards and past due payments. No one knows the humiliation of having a credit card declined in front of friends and family quite like today’s guest, Kelley Olinger, who made a nasty habit of spending more than she earned (even when she was earning a lot!). Today on the She Rises Podcast, Kelley sits down with Giovanna to take a deep dive into the issue of money, and how budgeting is one of those key life skills rarely taught. They will also cover what it’s like growing up with a scarcity mindset, how people can suddenly become irresponsible with their funds, and how you can start climbing out from the pit of debt by making a few simple lifestyle changes.

  • Today’s guest is Kelley Olinger
  • Kelley is the first money guru on the show
  • Learning the hard way is how Kelley created the passion for what she does now
  • Started at residential real estate as an independent contractor
    • Got a mentor to help her with the business
    • But she didn’t learn how to manage the money she was earning
  • Overtime, her debt piled up because of credit cards
    • She couldn’t figure out what went missing and ended up with $77K of consumer debt
    • There was nothing left for her to borrow and nobody knew what was happening to her
  • A friend asked her to write on a piece of paper the amount she owed
    • Her friend, then asked her to write down her expenses
    • Kelley’s friend tried to help her cut down her expenses
    • The internal energy Kelley absorbed from her friend’s push helped her forward
  • Kelley admitted she didn’t know how to manage the money she was earning
    • She wasn’t a bad person—she just didn’t understand the concept of money
  • Most schools and households don’t teach their students/kids about money
  • Always be willing to admit your mistake and ask for help
  • Giovanna grew up in a scarcity mentality
    • Her parents were children from the great depression
    • Their experience made them cautious and fearful about money
    • Giovanna’s parents always argued about money
    • It was a toxic environment at home because of money
  • At 18, Giovanna’s parents went to Italy for vacation
    • She and her sister stayed at home and they were responsible with the bills
    • Giovanna saw how much money her father had in his bankbook
    • She was so angry because of her dad’s behavior of injecting fear of running out of money
  • Kelley never told her mom what was happening to her because her dad had cancer
  • Helping people get out of trouble does NOT create resilience
  • Kelley’s internal energy change played a huge role in helping her get out of debt
  • She worked 2 jobs – she worked in a development company during the day and worked as a server at night
    • Transitioning to work as a server made her feel like she failed in real estate
    • But, she was able to pay off her debts in 1 year and 10 months
  • In real estate, some of Kelley’s clients won’t let her get too close and some will tell her everything
    • The closer Kelley gets to her client, the better she can help them
  • Money needs to be aligned with personal goals
    • Even vet bills and vacation expenses are overlooked
    • Plan for the unplanned
    • When money has a purpose, creating it or finding room for it becomes easier
  • Trim on the expenses that you don’t really care for
  • Spend on the things that you really want
  • People get creative and resourceful when they have a goal to fund
    • If you don’t have a net, you’re forced to figure it out
  • Working with couples is absolutely challenging for Kelley
    • When couples reach out to Kelley, it’s a good sign that they BOTH want to fix something
    • You have to find out the end goal of the couple—that’s the common denominator where budgeting can start
  • A lot of people are arbitrarily freaking out about money because they don’t know their end goal
    • The fear to spend is usually rooted in something
  • Kelley helps couples build their savings for 1 to 2 months and then use the excess to fund something else
  • Getting plan in place is what kills the fear off
  • When you’re in fear, your creative thinking shuts down
  • In order to move forward from debt, find somebody who isn’t a “rescue”
    • Share your problem to a person who will not bail you out
    • Learn more about your personal finance and find the gap
    • Figure out what bigger goals you have
    • Budgeting is crucial in getting back on track
  • Check out the She Rises website
  • End of today’s podcast

3 Key Points:

  1. We all make financial mistakes—get open and honest with yours, and then move forward accordingly. Ask for help if you need it.
  2. Look at your expenses objectively—what do you need versus what do you like versus what can you completely do without?
  3. Learning how to work with a budget takes time, but if you learn how to do it, your life will be forever changed for the better.

Resources Mentioned:

Reconcile Your Wallet – Kelley’s website

 

She Rises Podcast by Giovanna Capozza Kelley Olinger
Taming Your Financial Demons
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