Basic Money Management Skills For Women in Business

Basic Money Management Skills For Women in Business

Sadly basic money management skills aren’t usually taught in school – even though they should be – because they’re essential If you want to succeed (especially when you’re in business).

But how are you meant to know what to do with your money, if nobody ever shows you?

So in this video, I am going to give you some practical money advice, and I’m going to share with you the three golden rules for financial success in business and in life.

Back when I was a full-time finance professional, I literally helped thousands of people take control of their money. And there was one very disturbing pattern, because I noticed very quickly that the people with the highest incomes were very often also the ones experiencing the highest levels of money stress.

And this is exactly why in my Magnetic Money program, we marry the magical with the practical. We want you to attract that beautiful high, healthy level of income. And we want you to know how to take care of that money so you can stop worrying about it and actually know how to make your money go to work for you.

As with everything, it’s really critical to get the basics right. So in this video, I am going to cover the three golden rules that underpin all basic money management skills, and which will help you achieve financial success in business and in life. Be sure to stick around until the end, because as a bonus tip, I’m also going to take you through the key bank accounts that you should have for both your business and your personal finances.

So let’s get into it!

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Golden rule number one is to always save something.

So back when I was a single, broke mom and I really struggled to even pay the rent, I knew that I needed to change things. I knew that I needed to turn around both my mindset and my financial situation, and also the energy I had around money. I was consumed by stress around money and constantly feeling broke & like there wasn’t enough. And I really needed to shift my focus from being this poverty consciousness to starting to notice that there was money there and start to get some momentum going on a positive level.

So what I did was I made a rule that I would only spend notes. I used cash for everything. I spent only notes and I saved all the coins. And at the end of that first month, I went to the bank and I banked something like $46 in coins. And I started a savings account.

Now, the really interesting thing was that because I was only allowed to spend notes and had to break a note every time I wanted to spend money, it made me really careful and considerate of the money I was spending. So it actually helped me be more mindful and save money as I was going through the month. And that extra money that I saved in coins, I didn’t really feel like it was missing. And at the end of the month, I had $46, which was a huge amount. And the rule was I had to bank all of it. I wasn’t allowed to use it to pay for groceries or anything else. And it helped me feel like no matter what my situation, I was able to still move forward and start accumulating savings. And that really was the start of a whole new paradigm of things starting to shift, of the tide starting to turn.

So no matter what your financial situation is, you always want to save some percentage of your income. In a perfect world, you’d be saving at least 10% of your gross income. But if you can’t start there, start with 1% and then slowly and surely build your way up. Because as you start, you shift your mindset, you shift the energy around money, and you start a whole new practical pattern that says, “I can save. Here’s the evidence.”

And all of that builds momentum and it grows and grows and grows from there.

Golden rule number two is to use percentages.

I already touched on that with golden rule number one, where I suggested that you ultimately aim for saving 10% of your gross income at a minimum. And ultimately, you want to get to something like 20% of your gross income going straight to your investments.

(And if that freaks you out right now, it’s okay…  because as I said, work on percentages and start small).

The reason why working with percentages is so simple, is that you can keep using that same breakdown, no matter what your level of income is. So whether you’re earning a thousand dollars a week or a hundred thousand dollars a week -, if you say that “I’m going to save 10% or 5%” – or whatever the percentage is – the percentage never changes. And so that’s really powerful because it helps you stay on track and it ensures that you always live within your means and that you’re still moving forward. So by having the percentages, it eliminates that temptation of, “Oh, now I’m making more money. How about I spend more money? How about I sign up for a bigger mortgage, a bigger car loan, a bigger holiday, a bigger everything.?”

And before, you know, it, all the money’s just disappearing. And that actually happened to me when my income started to take off and I was making that six figure plus income, but my expenses had all grown to match and there really wasn’t any extra left for me. But by switching to percentages, it meant that I was always allocating money to fun stuff and wealth creation and paying off debt and all the other things that needed to be covered and paid for in right proportions. So the percentages don’t need to change as your income grows, which is a really cool way of making sure that you’re on track, that you’re living within your means, and that you’re also moving forward. So golden rule number two, use percentages.

And then golden rule number three for financial success that should underpin all your basic money management skills is that you get really clear on and you focus on your number one financial priority at any given point in time.

So what this means is that if you want to experience that financial success and move forward and move through your wealth creation plan, you want to make sure that at any given point in time, you are 100% clear on what your current number one focus should be. So that will vary depending on where you’re at in life. At certain stages in life, it might be all about eliminating debt. And then at the next stage in life, it might be about accumulating a buffer – so that should anything happen (like say a global pandemic for example) you have three or even six or maybe 12 months worth of living expenses to fall back on. And at other stages in life, it might be about accumulating money to put into investment or into buying or paying off your first home or boosting your retirement funds.

So it’s important that you continually look at your wealth creation plan and assess “What should my number one priority be right now”, and then within your money management system and the percentages that you’re allocating, there is a certain percentage that gets allocated towards just that one thing right now. And then as that one thing gets ticked off the list, you allocate that same amount of money to the next thing on your list. And you shift your number one priority and your focus to the next thing on your list.

What that does, is it puts you into laser focus mode. And so you accomplish that goal, that number one priority so much faster. The biggest mistake most people make with their money management skills and why they don’t get to experience financial success more easily is that they spray their focus. They’re trying to do everything at the same time. They try to pay off debt, accumulate savings, save for a home, start investing in shares, boost their retirement fund all at once. And so you’re just drip feeding randomly here and there.

When you stop and actually get clear on what your number one priority should be right here right now, then you can put all your focus on that one thing, knowing that you are absolutely focusing on the thing that is most critical, most important for you right here right now, and that will propel you towards financial success, the fastest. And when that box has been ticked, you shift your focus onto the next thing you reassess and decide, okay, what should be next? And you move on to that.

Now, speaking of eliminating debt, if that is your number one focus right now, then I do have this other video right here, which you can watch next to help you ensure that the process that you’re using to clear your debt is the one that helps you eliminate that debt in the fastest, most efficient way possible. So be sure to watch that next.

Now you might already follow one or even all three of these golden rules. So let me know in the comments, which of these golden rules do you already follow? Which ones have you already tried? What’s your favorite? Or maybe which one are you going to try or possibly recommit to next?

Okay, as I promised at the start, I’m going to give you a little bit of an extra bonus before you go. 

And that is covering what your basic bank accounts should be, that you have both for your business and your personal finances. And this is actually a lesson straight out of part of the Magnetic Money program, because it’s really important that the practical infrastructure you have in place really supports your money management system. And that is what allows you to then put it all on autopilot and make sure that all the percentages are correct, that there’s always the right amount of money being saved and that everything’s being taken care of, with your number one priority at all times being the key focus. So having the bank accounts in place that allow you to then set up that entire system is really critical. So let’s go through what they should be.

Let’s focus on your business first, and you really need a minimum of two bank accounts for your business.

The two bank accounts that you should have in the name of your business, whether that’s your own name or the name of a company, or maybe something like a trust should be :

Number one, your business operating account. Now that account is the one that all your income will come into and that your business pays all its expenses out of,including your wages (because your wages are then your personal income,). Your business pays its bills, including the wages of its CEO, which is you. So that’s your business operating account. All income for the business comes into that and all expenses, including your personal pay comes out of that account.

And the second business bank account that you really must have is a separate account to park tax money in.

And again, you will use a percentage for this. And the percentage of your gross income that should be allocated and tucked away for tax will vary, depending on whether you’re running a company or not, and how much income you’v currently got rolling through your business. So refer to your accountant, refer to your last year’s, or the couple of years tax returns and make a decision of what percentage of your gross turnover – of the total income coming into your business – should you be putting aside to make sure that you can pay your tax bill. Because you know what? You’re in business to make profit. And usually profit is taxed in most countries. So you want to be aiming to pay tax. Really, you want to be aiming to pay as much tax as possible e ffectively, of course – because it means you have made lots of profit.

So by using a percentage, it means that the amount of tax money you’re putting aside in terms of dollars will always be appropriate for your level of income. Makes it nice and easy and it makes sure that you’re perfectly on track.

Okay, now let’s move on to your personal bank accounts.

So, I recommend that you have at least four personal bank accounts. The first one is your bills account. So the bills account is generally the one that all income or personal income is paid into. And remember, your personal income is not your business’s gross income. It is the income that you receive as wages or salary from your business plus any other household income. So all of it comes into the bills account. And from that bills account, you set up direct automatic debits – because the less you have to think about this, the better – for all your regular household bills. And I’m talking things like insurance, electricity, gas, all those personal expenses that are going to be ongoing.

And then the second bank account that I strongly recommend you have separately is a cash spending account with a spending card, an ATM card, an Eftpos card linked to it.

Now, in our household, we have one of these each – and that’s where all your discretionary money goes into – the money for your discretionary spending, your fun money, the things that you can choose to spend or choose not to spend on. And so each month or each payment cycle from that bills account, a certain amount gets deposited into your cash discretionary spending fun money account. And you get to spend that on whatever you choose. And of course, before you’ve done any of this, you’ve sat down and worked out your entire money management system and made some decisions around what those dollar amounts should be. But you need this infrastructure in place, remember?

So cash spending account means that that’s the money you get to spend on the fun stuff like going out for lunch, or maybe having a massage or whatever those things are. And when the money’s been spent, you’ve had your fun, and you’re not going to be tempted to dip into the bills account, because if you do that, you might have trouble paying the power bill when it comes in, right? So everything is nice and separate.

Now, the third type of account that I recommend you have is what I call the extras or the big splurges account. So you want at least one of these and it’s really short term savings, but for spending on big ticket items or on maybe annual items. So things like Christmas gifts or birthday gifts for the kids or things like your annual family holiday. So you want to have a separate bank account – at least one – to cover those things. And some people like to have several separate bank accounts. They might have a holiday money account and a Christmas and birthday presents account separately.

So, those extra items should be in a separate account because they’re big ticket things that happen seasonally. So you don’t want to mix that up with your everyday spending or your everyday household bills money, and find that again, you might accidentally run short.

And then the fourth type of account needs to be a savings account. Now, depending on where you’re at in life, that might be just a cash savings account, or it might be an investment account, or it might actually be your shares investment that you keep building on, but it’s savings. It’s long-term savings for either emergency money or for investing and growing your wealth. It’s not money that you’re planning to touch anytime soon. So it’s very different to those Extras accounts. They’re not really savings. They’re just you putting money aside all year long so that when Christmas comes, you can buy some gifts for the family.

THIS is wealth creation. So savings/wealth creation. You want to make sure you have at least one bank account where money can accumulate for that and doesn’t get mixed in and diluted by either cash fun money or household bills.

So with all of this, as I’ve already mentioned, the key thing is to have a system in place and to have made those decisions of how much money should flow through all of these accounts before you even get started. 

And this is what we do in the Magnetic Money program. 

But before most people can go there and set up their money management system, they actually need to start looking at creating that ecosystem and shifting the way they think about money and the way they feel about money so that they can then go on to shift the way they deal with their money.

All of that together is what allows you to unlock your six figure plus income and stop the old sabotage patterns – so that money is flowing to you freely, staying around and you actually know what to do with it. You can put it into your money management system – you can put it into your wealth creation plan – you can let it flow through those bank accounts with the appropriate percentages and give every dollar a job to do. And that is the fast track to success.

So I’ve created a free new Masterclass that I’d love to invite you to watch. It is called “The secret code to unlocking your six figure income”. And it’s available for you to watch right now, free of charge at the link in the comments below. So hop on that now, and I’d love to see you in that Masterclass. 

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3 Top Tips For Raising Your Vibration

3 Top Tips For Raising Your Vibration

When we talk about ‘raising your vibration;, we’re talking about your feeling state – because feeling is how you interpret vibration.

Because when your feeling – or emotional state is a bit low, you’re not creative. You’re not intuitive. You can’t connect to big ideas and you can’t see yourself achieving the things you want to achieve. 

So that is why you need to lift your vibrational (feeling) state. 

 

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So here’s my top tips for raising your vibration:

Number one: Start on a high vibration

This may seem stupid and obvious, but when you start in a high, good feeling place to begin with, you stand the best chance of staying there. So figure out how to wake up in the morning and get yourself into a good feeling place right away.

There’s a whole lot of ways you can do that and in the Magnetic Money program we take a step by step approach towards helping you wake up feeling great EVERY morning and making it your default state.

Number two: Work yourself up step by step. 

If you google the emotional scale, you’ll find a spiral diagram of emotions, where each is one step up from the previous one. It’s an emotional scale.

But you don’t really need a diagram to tell you what feels better than something else, because you feel it, right? So for example, revenge feels better than anger because it’s empowering. So if you’re in anger, do what you can to move to revenge. It’s not a great place to stay, but it’s a step up. Then once you’re in revenge, you can move on to blame. It’s ok – don’t be all weird about it – it’s just another step up. You just keep moving up until you can get to something more positive, like feeling hopeful or expectant. And from there, Law of Attraction and the Universe will help you motor things along so you start to feel better & better.

A hint: Don’t try to go straight to love and joy and peace and bliss. If you’re in anger or revenge, that’s a really long way to go! So moving up incrementally, whis a much easier & more sustainable way to go. 

Number three: Flip it!

The third way to raise your vibration is to flip it, which means that you look at where you’re at and go for a kind of vibrational judo move where you use the power of that emotion against itself.

So say someone’s really annoying. You’re blaming them for all your problems. (This never happens to me, by the way.. but I’ve heard of it, lol)

So you’re blaming it all on somebody else and you go: This sucks. It’s all their fault. They let me down. They always do this, blah, blah, blah, blah, blah.

So what you do is you state it as you see it (in blame and with all the emotion) and then you say, “Okay. If I didn’t feel this way, how would I feel instead?”

And you start reeling off all the positive emotions that come to mind and allow yourself to feel them. For example, “I would feel positive, empowered, hopeful, expectant …  etc”

You just feel each positive word as deeply as you can let the next one come. and it will gather momentum.

And what you’ll suddenly find is that you’ve actually disconnected from the negative emotions and connected into a positive upwards cycle.

So this is a great pattern interrupt that also helps you build positive momentum – which is why it’s called flipping the vibration.

What you’ll find is that depending on how much negative momentum you have, different things will work better at different times. So if flipping the vibration is too hard, go back to the step by step approach.

It’ll be a bit of trial and error which is a good thing because it will make you more self aware and allow you to become aware of shifts in your vibrational state before it slides down an abyss.

Having a range of tools is important as it will allow you to reach for a quick & simple solution that is perfect for each situation.

Speaking of quick & simple solutions. If you’d like to have a mindset mentor in your pocket to help you clear your limiting beliefs anytime, anywhere, then grab yourself the Money Block Buster System!

You can check it out here: www.miriamcastilla.com/mbbs

Until next time, remember that it’s time to embrace your unlimited potential

xx Miriam

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List of limiting beliefs about money | The ultimate list of what’s REALLY going on.

List of limiting beliefs about money | The ultimate list of what’s REALLY going on.

Would you love a list of limiting beliefs about money that might be lurking in your unconscious?

Today I’m going to share with you a list of limiting beliefs about money that covers the top 6 nasties which could be stopping more money from flowing to you.

And I bet they’re not what you’d expect!

As a hypnotherapist and a money mentor for women in business, I’ve helped to clear a lot of limiting beliefs around money, and there is a definite pattern as to the most common ones.

Today I’m going to cover for you the top six limiting beliefs that I’ve helped hundreds of students and clients clear, which has helped them put an end to self-sabotage patterns and finally grow their income and their business.

 

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But what’s more, I’m also going to give you an idea of how these tend to show up, because the thing is that the limiting belief is hiding in the unconscious and it does take a bit of work to uncover. 

But there are certain patterns that will show up as a result of this list of limiting beliefs about money. You can kind of think of them as what the logical outcome would be if that belief were actually true – because even though these limiting beliefs are actually NOT true, at the unconscious level, you believe they are, which makes them true for YOU.

You literally keep attracting and creating situations over and over and over again, that proves them to be true for you.

Let’s dive in and see which of these resonate with you so that we can help you clear the obstacles to your abundance:

Limiting belief number 1: “I’m not good enough”

This is the one that leads to patterns of undercharging, which means that you end up working way too hard for too little money. And it’s also the one that’s responsible for signing up for way too many courses and thinking that you need yet another qualification before you can finally be ‘good enough’.

Limiting belief number 2: “I’m not worthy”. 

This one sounds similar, but it’s very different. This is the one that leads to patterns of giving way too much away for free because you at the unconscious level, don’t feel like you’re worthy of keeping the money and having the good things.

So the patterns that show up as a result of a belief of “I’m not worthy” are things like giving everything away for free & having short discovery calls turn into hour and a half long full-blown sessions that you don’t even charge for. And it’s also the one that’s often responsible for a pattern of where money comes in – even good sums of money – and you finding really creative ways to get rid of it fast.

Limiting belief number 3: “I don’t deserve it”.

Again, sounds similar, but quite different. Each of these limiting beliefs is literally a separate daisy chain in your nervous system. And so it is really important to identify the one that is yours and not to knock out the neighbor by accident.

So “I don’t deserve it,” is the one that leads to patterns of blocking the abundance, of hitting upper limits, of working really, really hard. It’s when the same thing is working for everybody else and you’re using the same strategies, but the money just doesn’t seem to be coming to you, no matter how hard you work for it.

Limiting belief number 4: “It’s not good enough”

This is where whatever you do is not good enough.

This one leads to patterns of overworking, of over perfecting everything, of reworking everything, of giving those extra sessions, because you feel like you haven’t quite done a good enough job for your client. It’s the over-giving and the overworking pattern. That’s usually a sign that there’s a limiting belief that “It’s not good enough”.

Limiting belief number 5: “It’s not safe to shine / be successful”

This is a particular nasty and is the one that keeps you playing small. It’s when you refuse to put yourself out in the spotlight because you have this limiting belief that it’s not safe to shine.

This is the one that will have you avoiding doing Facebook lives, or showing up to do your marketing or following up leads. It’s also the one that creates sabotage when opportunities come up. For example, when you don’t meet the deadline, or you lose the person’s email address that offered to do this amazing joint venture with you.

It’s also the one that leads to patterns of you not closing the sale, and not following through to then step up and be the person who can do that amazing job for your client.

Now, you might be noticing a pattern here that these aren’t really that much about money. 

I’m going to talk about this in a minute and why that’s so critical to recognize, but first let’s talk about the sixth and final one of these top six nasties now.

Limiting belief number 6: “I’m not important.”

This one is the one that will lead to patterns of you putting everyone else first – of you over-giving and not asking for what you want. It basically says that ‘Everybody else’s needs are more important than mine,’ which means that you don’t get your needs met as you’re putting everybody else first.

Let me know in the comments below, which of these limiting beliefs and patterns can you relate to?

You’ll notice that most of the nasties in this list of limiting beliefs about money have pretty much nothing to do with money and everything to do with your self-belief and your self-worth. 

And that’s because it’s not really about the money. 

Money is just a symbol. It’s literally a demonstration of your self-worth,. Your pattern sabotage and blocking of abundance is simply playing out in response to that underlying belief system.

This is your money story. 

It’s the story you bought into at the unconscious level and it’s made up of the sum of all your limiting beliefs. 

If you want to transform that money story, so you can stop blocking abundance and stop making life more difficult than it needs to be, then you really have to start by uncovering your dominant money pattern.

That’s your Money Habit Archetype, and to help you uncover that, I’ve created a really simple quiz – the Money Habit Archetype Quiz, which you can take that right now at www.miriamcastilla.com/quiz

Just answer five simple questions and you’ll find out what your Money Habit Archetype is and how to use it to release your biggest money block.

Because it’s time for you to embrace your unlimited potential!

xx Miriam

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The most fun way to make more money

The most fun way to make more money

Do you know the most fun way to make more money?

It’s fun!

No, I don’t mean it’s a fun way to make more money – I mean that FUN is a great way to make more money!

So tell me: Are you having enough fun?

Are you having some fun right now? Are you having some fun today? Are you having some fun sometime this week – are you going to have any fun at all this month?

And I mean, fun, like fun where you laugh till your jaw is locked up and aching, fun where you laugh till your eyes are burning with mascara – or you think you’re going to have a little accident in your pants – THAT level of fun!

If you have not had that level of fun and it’s because you’re so busy trying to get everything done or trying to build your business and make more money and get on top of it all, then I’m here to tell you:

You need to have more fun for those very reasons, because more fun in your life will help you actually get more done in less time and is a way to make more money than you ever dreamt possible!

I know. Sounds crazy, right?

 

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 Basically, when you cut to the core of it, it’s because when you’re bogged down and so busy doing and pushing and shoving and trying to force – you’re operating from fear and tiredness and stress and worry – that you shut down all your creativity.

You shut off that part of your brain that’s going to be the most helpful in those situations. The part of your brain that can see the bigger picture, that can help you make wise decisions – your unconscious, which already knows the answers to all your problems and the solutions to all your challenges.

You shut down your connection to the collective unconscious, the universal mind that your unconscious connects you to – where you can actually get insight, inspiration, intuition that’s going to help you move forward in miraculous, amazing ways.

So having more fun actually opens you up to all those amazing channels where you receive so much information and you download it really fast. And it all comes really easily because you’re actually open.

Because when you’re stressed and worried and pushing and shoving, you’re closed and you cannot receive new information. You’re actually holding on so tight that you can’t receive anything new.

So make a date with yourself and have some fun.

It’s an awesome way to make more money – AND it’s fun!

 

👇 Let me know in the comments below what you can do to ensure that this week, you’re going to do something fun – just for you. (and not to make something happen, but just to let go and have fun)

It’s really powerful stuff – and your business and your life will reap the rewards.

Now, if you want to join me for a whole lot of fun, then join me in my Facebook group, which is called the Manifesting Circle for soulful women in business

You can find it right here: https://miriamcastilla.com/group

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Magnetic Monday Live Manifesting Q&A | Your money questions answered

Magnetic Monday Live Manifesting Q&A | Your money questions answered

It’s time for another Magnetic Monday call!

This is a live manifesting Q&A, where you can get answers to all your money questions – including how to change your money mindset, how to attract and manifest more money PLUS personal finance tips to help you gain money confidence so you never worry about money again.

To get an invite for the next Magnetic Monday Q&A so you can join us live and get answers to YOUR biggest money questions, just register at: www.miriamcastilla.com/magneticmonday

It’s completely free!

Here’s a summary of this episode so you can jump straight to the bit that resonates with you – or grab a cuppa and watch the lot!

SHOW NOTES:

6min – I struggle with the spending part, mostly. So my question is, does that kind of block the flow of the abundance through me? 

18min – How do you manage the transition of your own mindset with your nearest and dearest who are not in a positive mindset? 

26min – You say “Every dollar needs a job to do” and I’m having trouble finding jobs for all my money 

36min –  I worry there won’t be enough money in ‘old age’

41min – My money is a mess! I’ve been trying to give it jobs, but I don’t know enough about investing and compound interest

 

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Here are some highlights from the call:


Rene said:
“One habit around money I would like to change is being worried there’s not enough in old age.”

As we do get a little bit older and start realising that life is not infinite in this 3D reality that we’re in, we do start thinking about that stuff. 

If that’s something that’s really bugging you, then I would recommend:

1. Look at the story

Look at what your parents modelled for you. Is that a story that you picked up because it’s what your parents either told you or what actually happened to them? 

And just because it happened to them – or it’s what they bought into – doesn’t mean it has to be your story. 

We do the hypnotic story process in Magnetic Money, and that is a huge part of it:
Realizing that it’s just a story – most of the time it’s not even your story – and that you don’t have to keep believing it. You can start telling a new story. 

That disconnects the emotional hook. 

So looking at where that story comes from that you’re not going to be okay in old age is a very important step.


2. Make a plan

On a really practical level, have a plan.

When you have a plan, you don’t have to worry so much anymore. 

In Australia, we have a great book called The Barefoot Investor. The author Scott Pape talks about this myth that you need a million dollars in the bank to retire comfortably. 

And it’s just not true. 

We have the age pension, and you’re still allowed to work part-time. And who wouldn’t want to work a couple of days a week and do something that gets them out and engages them in the community? 

He breaks it all down and shows us that we don’t actually need a million dollars in the bank! We on;y need a fraction of that!

Most people live in a state of fear trying to figure out where they’re going to find a million dollars cash and a freehold house to retire with, so it’s about 1 – shifting the mindset and 2 – actually having a clear and educated plan. 

So number one – what’s the story you’re telling yourself? And why do you think that that’s got to be your story? 

And then marrying the magical with the practical, and putting a plan together, asking yourself what your retirement plan is, what your finances are looking like, and then what needs to be a priority.

Give every dollar a job to do and look at what your number one priority is right now.


It might be: 

  • Paying off credit card debt 
  • Paying off your home loan
  • Starting to put more money away into your superannuation
  • Starting to put some money away for investing

Knowing what that wealth creation plan is, which stage you’re at, and actually knowing that you’re underway, that really settles all those fears and nerves.

That’s why to me, doing the practical side of money and not having it go hand in hand with the energetic and the mindset stuff is madness. 

And the same goes with the energetic and the mindset stuff. 

That’s all very well, but if you don’t walk the talk, then you’re still just hoping for the best. And at worst, you’re repressing all your fears and pretending everything’s okay because you’re not willing to step up to the plate and actually take care of your money. 

When you do take care of your money and you put that plan in place, then you can relax and spend a certain amount of money on yourself without worrying – because you know you’ve earned enough and that money is earmarked for having fun. And all the other stuff that your money needs to do is all being taken care of as well because every dollar has a job to do.

Some of those dollars have the job of helping you to achieve financial stability and financial freedom, and some of those dollars have the job of helping you take of yourself, feel great about yourself and enjoy life along the way. 

And that helps to raise your vibration, keep shifting your mindset around how abundant life is, and then allows MORE money to flow, which means there’s going to be even more dollars available to grow your wealth. 

And it builds and builds and builds.


NEXT:

Kim asked:
“I give my money jobs to do – all the bills are paid and I started a business so that I could have that, but I don’t know what to do with the leftover. There’s not a lot leftover, but enough that I know I should be doing something with it. I don’t know what to do with it.”

In Magnetic Money, we set up a ‘bucket system’ where there are different buckets of money that serve separate purposes.

There is one bucket that pays the bills.

Another bucket is your fun bucket and discretionary spending (ie. groceries).

Then there’s the wealth creation bucket. 

(Forget about the word ‘compound’ for a moment if it confuses you.) 

The wealth creation bucket is everything that has interest attached to it.

Things that charge you interest could be:

  • Credit card
  • Mortgage 
  • Car loan

But then on the flip side, there are things that you earn interest on such as investments and term deposits.

So that wealth creation bucket is everything that has interest involved.

What compound interest means is (and it doesn’t really work like this but it keeps the numbers simple): If you have a credit card owing $1,000, and you’re charged 20% interest per annum, in a year you’re charged $200 interest. If you don’t pay that down, then you’re going to be charged interest on that $200 as well as the $1,000 that you already owe.

So if you don’t pay that down, you’re going to be charged interest on the interest and so on.

And that’s what compound interest is – it’s the interest making more debt babies.

It’s like this family tree that’s working against you.

What we want to do is make sure that some of your money is being pointed at that bucket.

This is a really great job to give some of your money, as it reduces that debt effect as quickly as possible, and tips the scales into starting to grow your wealth.

That’s a super quick lesson on how we do it.

Want to join me LIVE for the next call?

I’d love to help you master your money and your mindset so you never feel like you need to worry about money again.

Just register here to receive your Magnetic Monday invitation: www.miriamcastilla.com/magneticmonday

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