Changing Your Money Mindset with Alissa Locke
Alissa Locke’s career in the insurance and financial services industries gave her knowledge about money, but it was her own financial journey – going from being a broke single mother with $60,000 of debt to being able to comfortably retire in her early 50s – that compelled her to become a financial coach. Alissa felt called to help people understand their relationship with money, improve their money habits and gain confidence around their finances. The Money Mentor Group provides individual financial coaching, group coaching, courses, and workshops.
- The trauma of poor personal finance decisions
- Growing up with parents who are good with their own money does not guarantee the child will
- Feelings of deprivation can lead to overspending
- Having $60,000 of debt as a recently divorced, single mother
- Finding motivation as a single mother to create a better mindset around and relationship with money
- Finding resources at the local library about banking, real estate, personal finance, investing, and the stock market
- Changing the money mindset involves finding those who are on a similar financial journey as a support system
- Being open and transparent with friends allows them to make similar changes
- Even though you may be in debt, you need to accept where you are financially while understanding that this is not where you’ll always be
- The danger of the phrase, “I deserve…”
- Money messages we learned growing up formulate our money mindset in adulthood
- Parenting money lessons Alissa tried to implement with her own daughter
- Ideas for how to be open about money with a child
- Teaching children the make decisions with money
- Budgeting as a form of torture
- Tracking the variable expenses each month and using separate, non-bill-paying accounts for them
- Planning for periodic expenses
Links referred to in the episode, and how to connect with the guest, Alissa Locke:
