Smart Money Mamas Show
4 Things You Need to Know About Passion & Purpose-Driven Work

4 Things You Need to Know About Passion & Purpose-Driven Work

August 3, 2020

#055: Have you been thinking of starting a side hustle or passion project? Whether you’re seeking an extra stream of revenue in these uncertain times or you just want to find more fulfillment in your work, it’s all worthwhile. Times have changed dramatically since our parents started their careers, and it’s time to take note of this. Today, I’m sharing four things to consider that will help you rethink some of those old narratives about what it means to pursue passion and purpose-driven work. It’s time to make that passion work for you. 

 

(04:22) Recognize that passion and purpose-driven work can pay well 

(07:18) Why your passion isn’t static and it’s okay if you don’t know what yours is right now 

(9:18) Why it’s important to know that just because you love it, doesn’t mean it’s always fun 

(12:03) Why you shouldn’t be afraid to start small 

(16:19) Why you can’t afford to wait to build your passion and purpose-driven business 

 

Looking for more information, mama? Visit the show notes at https://www.smartmoneymamas.com/55  

Design Your Passion Project Workbook: https://smartmoneymamas.com/passion-project-workbook/

How to Make Power Moves to Find Your Successful Career with Lauren McGoodwin

How to Make Power Moves to Find Your Successful Career with Lauren McGoodwin

July 30, 2020

#054: In this episode, I’m talking with Lauren McGoodwin, author of Power Moves: How Women Can Pivot, Reboot, and Build a Career of Purpose. She is also the founder of Career Contessa, where she helps women build successful and fulfilling careers on their terms. Lauren’s genius lies in helping identify every size of power move you can make when you stop waiting for your dream job. We talk about why your career path looks more like a jungle gym than a ladder, why hustle culture needs to die, and why your fear of money can keep you stuck in a career you loathe.  

 

(03:00) What a power move is and why they need to be a part of your daily life 

(09:08) How we can figure out what we actually want in a career rather than just being reactive to what’s going on in this world 

(19:14) How can we focus on self-care at the office to make sure we’re avoiding burnout 

(26:55) How we can continue to develop good relationships with co-workers and make new relationships all while we’re working from home 

(34:43) Why your fear of money might be preventing you from pursuing higher-paying jobs 

(46:26) Chelsea’s Top Takeaways 

 

Looking for more information, mama? Visit the show notes at https://www.smartmoneymamas.com/lauren 

 

Free 200+ Home Business Ideas: https://smartmoneymamas.com/home-biz-ideas/ 

July Mailbag: Retirement Accounts, Investing for Kids, & Side Hustle Management

July Mailbag: Retirement Accounts, Investing for Kids, & Side Hustle Management

July 27, 2020

#053: For this episode, we asked the mamas in our free Mamas Talk Money Community on Facebook to send us their questions. If one person in our community has a question, there are no doubt others wondering the same thing.  

 

Today we’re going to discuss saving for retirement for stay-at-home spouses, investing for kids, when to create an LLC for your business, handling taxes as a business owner, and more!  

 

(01:13) What would be the best retirement account to open for my husband who earns an income but stays at home with the kids? Spousal IRA or his own?  

 

(02:52)  If I want to open an investment account, but not have to monitor it all that much, would I need a robo advisor like Ellevest, or is there an option with Fidelity/Vanguard that is fairly hands-off and doesn’t have the .25% fee?  

 

(06:32) What is the best way to move money from my kids’ regular saving accounts to an actual investment account so that they can get a better than 1% return on their money?  

 

(11:20) When does it make sense to register a side-hustle as an LLC?  

 

(14:50) I opened a Roth IRA with Vanguard! Is there anything to keep in mind when allocating funds to get the most tax advantage? What considerations should someone take when allocating funds in a Roth vs Traditional IRA?  

 

(17:55) I have a new virtual assistant business but it’s the first time I’ve worked without having taxes taken out and I’m nervous about owing a lot at the end of the year. What should I keep in mind to prepare?  

 

Looking for more information, mama? Visit the show notes at https://www.smartmoneymamas.com/53  

 

Money Mamas Guide to Investing Template:  https://smartmoneymamas.com/mamas-investing-guide/ 

How to Own Your Success As a Breadwinning Mom with Sarah Li-Cain

How to Own Your Success As a Breadwinning Mom with Sarah Li-Cain

July 23, 2020

#052: In today’s episode, I’m talking with Sarah Li-Cain, finance writer and host of the podcast, Beyond the Dollar. Sarah’s approach to personal finance - blending practical tips and mindset strategies - has led her to become the breadwinner of her family. So for today’s topic, we’re going to discuss why there are still taboos about breadwinning moms, how Sarah’s career grew to take her from teacher to stay-at-home mom to breadwinner, and why she wants more moms to feel confident becoming and being a breadwinner at home. 

 

(01:56) Sarah’s journey to becoming a breadwinning mom  

(13:57) How we can be better at owning our earning power and not be afraid to be proud of what we’re earning   

(19:46) How childcare and housework has shifted for Sarah’s family since she started earning so much more  

(27:45) How Sarah went from frugal DIYer to paying for value over price 

(32:03) How Sarah became a freelance writer by accident   

(46:40) Chelsea’s Top Takeaways 

 

Looking for more information, mama? Visit the show notes at  https://www.smartmoneymamas.com/sarah

 

Free 200+ Home Business Ideas: https://smartmoneymamas.com/home-biz-ideas/ 

5 Simple Ways to Crush Emotional Spending for Good

5 Simple Ways to Crush Emotional Spending for Good

July 20, 2020

#051: In today’s episode, we’re covering a topic that we’ve all been guilty of—emotional spending—and 5 strategies that will help you reduce emotional spending and prevent it from happening in the future. We’ll take a deep dive into the difference between emotional spending and mental health spending, learn how to identify your spending triggers, and most importantly, how to create a plan to crush emotional spending for good. 

(01:46) Strategy 1: How to know the difference between emotional spending and mental health spending 

(05:22) Strategy 2: How to identify your emotional spending triggers  

(10:03) Strategy 3: How to re-route your emotional triggers 

(18:01) Strategy 4: How to create a plan for your impulse spending  

(19:36) Strategy 5: How to keep your goals and values front and center 

Looking for more information, mama? Visit the show notes at https://www.smartmoneymamas.com/51     

Family Money Values Template:  
https://smartmoneymamas.com/family-money-values-template/ 

How to Be a Hero in Your Finances so You Can Build Wealth with Candice Latham

How to Be a Hero in Your Finances so You Can Build Wealth with Candice Latham

July 16, 2020

#050: In today’s episode, we’re talking to Candice Latham, who has built a personal brand that helps people be the hero in their finances, get out of debt, and build wealth. Candice also used her skills from her 9-5 agency job to start her own design business on the side, which allowed her to reach her big money goals—like paying off $47,000 in debt and going from a negative net worth to positive one—much faster. We’re going to discuss how our histories with money impact our money beliefs and behaviors, what moved Candice from just learning about money to actually getting out of debt, and how you can grow your wealth. 

(02:23) Candice explains why race and politics are so deeply tied to money  

(05:58) After college, Candice began her debt-free journey and she shares her story of how she did it 

(11:23) Her strategy for how she paid off her credit card debt, which included a “Debt Slaying Challenge” 

(18:45) Why she started her second business on top of her full-time income from marketing 

(26:33) Candice’s advice on where you can get started with your own debt-free journey 

(32:08) Chelsea’s Top Takeaways 

Looking for more information, mama? Visit the show notes at https://www.smartmoneymamas.com/candice 

Free Debt Payoff Trackers:  
https://smartmoneymamas.com/debt-payoff-trackers 

Teaching Your Kids to Be Independent in the Kitchen with Erin Chase

Teaching Your Kids to Be Independent in the Kitchen with Erin Chase

July 13, 2020

#049: In this episode, I’m talking with Erin Chase, founder of $5 Dinners and MyFreezEasy. Her new project Whis-Kid, which was born out of the COVID shutdown, is helping give thousands of kids an important life skill—healthy, affordable cooking—and can create helpers for you at home! Erin will share how her cooking curriculum and guided videos work for teaching kids to cook, the perfect tasks in the kitchen for every age group, and how to handle the dreaded clean-up after your kids cook in the kitchen. Her tips are so fun and will make you want to get in the kitchen to try out a new recipe with your littles. 

(01:25) Erin shares her quarantine project and how it’s since helped thousands of kids 

(14:11) The perfect age for you to start cooking with your kids and being intentional with cooking lessons 

(25:45) Where you can start if you’ve never felt like you have great cooking skills 

(27:53) As kids are leaving the nest and going off to college, here are the basic kitchen necessities that they will need  

(34:52) How to handle cleanup in the kitchen with your kids so it doesn’t drive you crazy 

(41:20) Chelsea’s Top Takeaways 

Looking for more information, mama? Visit the show notes at https://www.smartmoneymamas.com/erin  

Check out Whis-Kid, Erin's cookbook for kids with guided video lessons: https://smartmoneymamas.com/whiskid 

Family Money Values Template
https://smartmoneymamas.com/family-money-values-template/ 

Thank you to our partner, Policygenius, for helping make this episode possible. Get multiple quotes for high-quality life, homeowners, or disability insurance and find the best rates for your family at https://policygenius.com/smartmoneymamas 

How to Decide What Financial Independence Looks Like for You with Elizabeth Thames

How to Decide What Financial Independence Looks Like for You with Elizabeth Thames

July 9, 2020

#048: In today’s episode, I’m talking with Liz Thames who is the creator of the award-winning personal finance blog, Frugalwoods, and author of the book Meet The Frugalwoods: Achieving Financial Independence Through Simple Living. At just 32 years old, Liz reached financial independence and left her successful career in Boston to live a more purpose-driven life on a 66-acre homestead in the woods of Vermont. We’re talking about what financial freedom means to Liz, her journey from non-profit fundraiser to homesteader, and how her life changed as she pursued and achieved FIRE. 

(06:16) What financial independence means for Liz and her family 

(15:16) How Liz and her husband developed a plan to reach financial independence together 

(19:33) How she was able to balance her spending and curb the urges to spend money with their friends while on the journey to financial independence 

(28:48) Where you can start today to identify what you want and what makes you happy in order to align your spending with your goals 

(38:24) Advice from Liz if you’re wanting to embrace extreme frugality and stick to what really matters to you 

(48:49) Chelsea’s Top Takeaways  

Looking for more information, mama? Visit the show notes at https://www.smartmoneymamas.com/liz 

Family Money Values Template
https://smartmoneymamas.com/family-money-values-template/ 

Thank you to our partner, Policygenius, for helping make this episode possible. Get multiple quotes for high-quality life, homeowners, or disability insurance and find the best rates for your family at https://policygenius.com/smartmoneymamas 

Why Is Self-Care So Hard for Moms?

Why Is Self-Care So Hard for Moms?

July 6, 2020

#047: As moms, we have a lot on our plate. The thought of prioritizing self-care, let alone going to the bathroom in peace, is laughable at times. We cannot thrive when we can’t take care of ourselves. We can’t teach our kids how to honor their own needs when we don’t know how to make space for our own. 

That’s why in today’s episode, we’re going to talk about why self-care is so hard for moms. In preparation for recording this episode, I posted on Instagram and in our Mamas Talk Money Facebook group asking moms why self-care is hard for them, and I want to share with you their responses, as well as give you 3 strategies that I think will help you get better at prioritizing your own self-care. 

(02:33) Real-life answers from moms in the Smart Money Mamas communities on why self-care is so difficult for them 

(05:28) Another big issue when it comes to self-care for moms 

(13:14) Strategy #1 to create a better relationship with self-care: Not all self-care is fun 

(16:52) Strategy #2 to create a better relationship with self-care: Let’s get to the fun stuff! 

(20:23) Strategy #3 to create a better relationship with self-care: Make it a family affair 

Looking for more information, mama? Visit the show notes at https://www.smartmoneymamas.com/47 

Family Money Values Template:
https://smartmoneymamas.com/family-money-values-template/ 

Thank you to our partner, Policygenius, for helping make this episode possible. Get multiple quotes for high-quality life, homeowners, or disability insurance and find the best rates for your family at https://policygenius.com/smartmoneymamas 

How to Build a Passion Business That Works with Your Life with Jennifer Allen

How to Build a Passion Business That Works with Your Life with Jennifer Allen

July 2, 2020

#046: In today’s episode, I’m talking with Jennifer Allen, founder of Just Elope, a company that specializes in unique, intimate, and creative pop-up weddings and elopements. Jennifer has been building her passion business since 2017 while working full-time, along with being a Certified Women’s Empowerment and Marriage Coach. She is an inspiration for all women who want a healthy, happy marriage and the opportunity to pursue their passions—without having to choose one over the other. Jennifer shares how she and her husband approach money, how they’re financially preparing for her to take Just Elope full-time, and how she makes time for her marriage and motherhood while working her 9 to 5 and running a business. 

(07:17) Why a creative pop-up wedding and/or elopement is a great option for couples  

(09:26) Other businesses Jennifer started and why she’s so drawn to the flexibility and freedom of entrepreneurship  

(16:29) How she and her husband have handled conversations about money from the start of their marriage to present  

(29:06) What Jennifer does, specifically, as a women’s empowerment and marriage coach and how she checks in with her clients to ensure they’re feeling connected  

(37:46) Jennifer’s advice for moms who are wanting to build a business that fits their lifestyle and won't intervene with family time  

(45:55) Chelsea’s Top Takeaways  

Looking for more information, mama? Visit the show notes at  https://www.smartmoneymamas.com/jennifer 

Free 200+ Home Business Ideas: https://smartmoneymamas.com/home-biz-ideas/ 

Thank you to our partner, Policygenius, for helping make this episode possible. Get multiple quotes for high-quality life, homeowners, or disability insurance and find the best rates for your family at https://policygenius.com/smartmoneymamas