EPISODE 147: [INTERVIEW] How to Foster a Joyful Relationship with MONEY with Brooke Tyler Benson

 

 

In today’s new episode, we are tackling the topic of MONEY and how to foster an intentional, joyful relationship with it. I was lucky enough to sit down with Brooke Tyler Benson from NotStarvingArtists who is a money coach and AEA actor! She and I talk about how to build a better relationship with money as millennials, creatives, and people who do not fit inside the standard money norms! If you are someone who is focusing on financial literacy, this episode is for you!

Find Brooke on Instagram: https://www.instagram.com/notstarvingartists/
Work with Brooke & get more support: https://notstarvingartists.com/link-in-bio/

 

 

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[EPISODE TRANSCRIPT]

Maddy 0:01 Hey bestie and welcome to the living in sunshine podcast. I’m your host, Maddie fry. And around here we are all about encouraging, inspiring, and giving you the tough love that you need to hear to get out there and live as your best self. Each and every Wednesday, you can expect to learn tangible tips to help you find your bigger purpose. be given simple action steps that you can take in order to make progress toward your biggest dreams. And hear how you can purposely pursue joy on the daily. So sit down, grab your favorite drink. And let’s have a girl chat. This is the living in sunshine podcast. Good morning. Good morning, my friends. And welcome back to the living in sunshine podcast. I am so excited for today’s episode because I am finally talking about a topic of conversation that you guys have been asking for for months, if not years. And that topic of conversation is money. But if you know me, I have been very open and transparent about my own financial journey. And y’all know that my financial path is not super stellar. If you don’t know that I’m spilling the tea on that right now. And I am not an expert in money or financial literacy. It is something that I am actively working to improve and become more educated in, which is why I tried to find a voice and an expert within this field that I could bring on to the show and talk about how to have a more joyful relationship with money. And so today’s interview on the living in sunshine podcast is with Brooke Tyler Benson. She is a money coach and AEA actor and is also the founder of not starving artists. You guys are going to love her I swear to God, she is bringing financial education and empowerment to creatives. So we can all create a new generation of wealthy artists living their lives of luxury and purpose without budgeting or bi weekly paycheck required right? After graduating with a BFA in acting, it became her mission to destroy the whole starving artists identity and trope once and for all. She is your new financial cheerleader bringing you accessible money education and coaching specifically for creative freelancers, and business owners. She and I had such a amazing stellar conversation, you guys, I can’t wait for you to tune into this episode. Be sure to grab something to drink, go for a walk. Share this with your partner, we dig into tangible things that you can do in your life to have a better relationship with your money, but also small intentional changes and steps that you can take today this week, this month to have a huge impact on your overall financial wellness. So let’s get in to today’s new interview with Brooke Tyler Benson from not starving artist. already. Let’s go ahead and dive right into this episode. Good morning, everyone. Welcome to the living in sunshine Podcast. I’m super excited that you are tuning into today’s new show because I am bringing you something that you had been bothering me bugging me asking me begging me for four months, which is a conversation around money, and how we can have a joyful relationship with money. And since I knowingly I’m not an expert in money or financial literacy or anything like that, it’s a journey I’m personally on. I figured I’d bring an expert on and that so we have on today we have Brooke with us from not starving artists. And I’m so excited she is here. Brooke, welcome to the show.

Brooke 3:20 Thank you so much Maddie, I am so excited to be here today to I love that we are already starting this conversation in a place of how can we make this joyful? There’s a lot of conversations I have where we start with like, okay, so what are the strategy? What are the things like what’s the and we get to the joy, but I love that we get to start with the joy and then we’ll trickle into strategy.

Maddy 3:41 If you know anything about me, if you’ve listened to the show, if you follow me on Instagram, you know that I’m a feelings girl. If my feelings are off, I am not interested. Right? I start with feelings and emotions first because I personally feel like they are more powerful than the strategy, the tactics, the whatever. So that’s, that’s why we start here. So Brooke, can you please share, obviously, who you are where people can find you. So that way they can go look up your pages or your website as they listen and who you help? And how,

Brooke 4:09 yeah, of course. So again, my name is Brooke Tyler Benson. That’s my full stage name. I work as an actor and I am also a money coach and founder of a company called not starving artists. And what I do inside of not starving artists as a money coach is I am working to bring financial wellness, to creative freelancers, to small business owners and to anyone who feels like they don’t fit inside of the traditional money advice that is out there. I am like a shepherd for the people who hate budgeting. That is my whole mission. Because being in being an actor and being in the creative freelance industry for my entire life, I went to college I got my BFA in acting. I was an acting apprentice right out of college and then I was contract to contract a contract right after that apprenticeship. And what I quickly realized right out of college was like oh, right right in order to have a sustainable artistic career, I need to know this money stuff. My parents taught me money, but they taught it to me in a nine to five sense. My college taught me jack shit about money, and then no in the real world, and I was gifted the Total Money Makeover by Dave Ramsey. And I’m like, Alright, so that’s not it either. So I was looking for all these resources. And I couldn’t find anything that strategically worked for me and fluctuating income. And then also emotionally spoke to me on that feelings level. Because I was like, I’m not here to be deprived. I’m a millennial, my shit looks a lot different than people who are older than me. Like, there was so much that wasn’t gelling. And so how I got to where I am today is I got into the trenches with my own money. And I was like, Alright, so what’s the systems and strategies that I need for fluctuating income, I created a method called the money flow, which helps freelancers and anyone with fluctuating income, manage their money without a lot of time and energy and spreadsheets. So once I figured that out, I was able to save $23,000 I saved $23,000, right? And I looked at that at the bank account, and I was still having panic attacks about money. And I was like, oh, yeah, alright, so I’m off here. There’s another pa equation, because that number should have should have quelled my anxiety and it didn’t. And so that’s when I realized like, oh, there’s a whole energetic feelings mindset side of money, that and I’m a strategy girly, like I was a reluctant woo girl like I was. So strategy numbers in the beginning. And now I’m like, I literally did all the strategy, I did all the right things, I figured it out. And there was still this piece that was missing. So then all of the mindset, all of the emotional work that I did around money is then what not starving artists became it’s a blend between the strategy and the feelings together in order to have that well rounded financial wellness that doesn’t require restriction that doesn’t require budgeting that is not dripping with misogynistic, patriarchal, old time or money advice.

Maddy 7:00 Yes, yes. I love that so much. So would you say that when you meet with new clients, because I know you do one on one coaching, you have some programs that you have? You have a podcast as well, which I was listening to. What Where do you typically have people start when they come to you, and they say, I’m tired of feeling overwhelmed by my money, I’m tired of feeling like I I’m not educated enough in how to properly or successfully in my own form of success, manage my money, because that’s something that I, for the last two years, I’m in the same exact boat, I own two businesses, I am in that fluctuating income of cash flow. I actually was never taught how to how to manage money, I was actually grew up in a situation where money was managed very poorly. And that was something that has obviously stemmed into my own type type of like childhood trauma, but we are in therapy for that. So when you sit down with your clients, where do you have them start when it comes to Springboarding and launching their joyful money, relationship and journey? Where do you have them start?

Brooke 8:07 That’s such a great question. So the first thing that I always do with every single client and I just started with three new clients, like this week, so I’ve just done for the couple of Yeah, fresh. Exactly. We write out their financial ecosystem. So if you can visualize in like a high school biology textbook, the rain forest system, with the animals and the plants and all the arrows and what eats what and what has a symbiotic relationship with what I hope I use that term, it’s been a minute science classroom.

Maddy 8:37 Listen, we are not scientists. Exactly. That’s okay.

Brooke 8:40 So we write out their entire ecosystem. And it’s like boxes that represent bank accounts. What’s in each one, the credit cards? Where does income come in? How are you spending where subscriptions auto paid. So we write out all of what’s happening in your money. So you can see it visually, because I know so many of us are visual learners. And when it’s all in your head, or when it’s on a screen, it’s really hard to comprehend. So we write it all out. And then just from visually seeing your financial ecosystem, all of a sudden, we know exactly where we need to start strategically and emotionally to start working. So for example, if we see like tons of arrows going every which way, and we’ve got lots of bank accounts open, and we don’t really know why, or this one doesn’t really have a purpose. The first job strategically is going to be simplifying, right? And then something that may come up from there on the emotional side is, why does simplifying scare you? Why Does it scare you to not have money squirreled away in a million different bank accounts that you might not always see? So the strategy is always going to coincide with something emotional to work on. And so why we start with the financial ecosystem and writing it all down is because sometimes we we think we need mindset work, or we think we need strategy and so If you’ll just try and implement a budget without actually knowing if your budget is really what you need, or you’re like, they’re right, or you’re like, oh, I have scarcity mindset, I need to journal and make affirmations about not feeling scarcity, and then you start journaling. But then when you actually look at it, it’s like, okay, wait, scarcity sounds actually very different in my mind, based on what I’m seeing than what I originally thought. It’s like, I don’t trust myself, because I need to hide money away, rather than feeling just like overall scarcity. So like the ecosystem, exercise gets laser specific on where those jumping off points are, which then of course, takes us down all the roads, we need to go down.

Maddy 10:42 Yeah, interesting. Okay, so because you talked about it, what would you say are some of the biggest mindset blocks, struggles, holdbacks? Whatever that you see, in your clients that you work with? Like, what is the thing that you you see most often when it comes to that mindset piece, because that’s why so many people tune into this shows that they’re looking to grow their mindset. So what would you say you see most often when you either start there, or you start to like, really dig into like, the meat of this with your your clients?

Brooke 11:16 One of the biggest things, and I’m gonna say this, because I know a lot of your listeners are millennials too, especially millennial women. Okay? Yep, yep, financial infantilization. Now, what that means is not feeling like you know, best and are in charge of your own money. The term that I use is financial CEO, like you really don’t embody identity of financial CEO, because, and there’s two sides to this. This has been societal conditioning. And then we have taken that conditioning. And we’ve used it as like a badge of honor as a trauma bond as millennials and as women. So I want to honor when we talk about this, that this isn’t like and millennials, you decided that you were babies with money? And like you don’t know. Yeah. Which is a lot of the headlines, you see a lot of like, how people talk about millennials and money? And it’s like, yes, like we actually have it different. So we actually have been dealt a different economic hand, we actually are navigating a different financial landscape than people older than us. We are seeing headlines and seeing older people see millennials as infants when it comes to money, like oh, we’re Yeah, so know what we’re doing. Hi, I’m broke, like, energy. And what we’ve done with that, is we’ve seen our circumstances and like, shit got harder for us, right? Yeah. So what we’ve done is we’ve kind of taken that on, because there’s no real teachers, like, we weren’t taught this in school, our parents didn’t really know what they were doing with money. And so we were just like, okay, so I guess we don’t know, like, let’s make it a thing, as we do in our internet era, right? Like, let’s, let’s coin it, let’s let’s Yeah, laugh about it laughed through tears, right? Yes. That’s what we’ve done. And so it’s become such a huge part of our identity of like, I’m gonna let someone else take care of it. I don’t really know what I’m doing. Haha, I’m broke. And so one of the biggest mindset shifts that I work with almost all of my clients on is stepping into that financial CEO identity, the identity of, even if I don’t know things, I am capable of finding them out. I am capable of seeking out help. I am discerning in the help that I receive, like all of that stuff. Equals financial CEO, you don’t have to have a degree in finance to feel like a CEO. It’s like I know, I’m in charge of my body, my brain and my emotions, money folds into that.

Maddy 13:44 Yeah, my brain is literally melting out of my ears right now. I say this not in terms of money, obviously. But I think all the time, to my community to this living in sunshine space that, you know, the right decisions to make for yourself, you do. But we have been told, trained and taught to believe that we don’t know what the right choice is, or that we don’t, we can’t trust our decision making skills. So I love that you said that. And something that I want to ask, because I am. This is like a totally personal experience. But I know a lot of my audience is in a similar experience. I am married. And I feel like a lot of times and you correct me from wrong. I’d love to hear your opinion. Do you feel like if and when you worked with you work with married women, oftentimes their mindset block might be I don’t need to worry about it because my husband’s got it. He knows he understands, right, like is that something that you see? And when you do see that, how do you how do you approach it? How do you do that? Because I think that there is so much empowerment and joy that can come from a married woman such as myself, who loves and adores her husband, right? Totally trust him. To be able to say, actually, he he has this, but I understand it to you like, that’s really frickin amazing. So how do you see that? And how do you how do you deal with that? When you do see it? Definitely.

Brooke 15:08 So I’ve actually coached couples in the same coaching container, like at the same time who have very demanding mindsets and styles of managing money. I also have coached a lot of women who have finance husbands who work in the financial sector or who have degrees. It’s so common, okay, man. And then of course, like, I also have a lot of women who also they are this spreadsheet numbers, type a organized person, and their husband is just like dude to do we’re gonna be fine. So, yeah, so I’m going to speak specifically to the situation that you lined out of like, yeah, the call them spreadsheet husbands, right? Like, yeah, the ones who had the spreadsheets, they know the numbers, they either have the degree or they were conditioned as men are to be like, the money people they were talked to by their parents about money, right. And one of the common threads that I see is just like you said, like, he’s got it right, he’s good, like, he’s taking care of us, I’m good, I don’t have to be a part of that. The other thing that I see in that dynamic as well is, the woman will feel like her feelings and relationship to money. And her habits around money are less than her husband’s or are not as good of habits or her husband’s got, you know, everything going right. And I’m, I’m being reprimanded, right? And one of the things that we work on is, there is no money, habit or skill or mindset that is better than another, like we all come with our own money, baggage, just like we all grew up with our own family baggage, like, Yeah, we all have our own unique shit and our reactions to our own unique shit that’s coming out. And so just because your husband is a spreadsheet husband does not mean he has a healthier mindset around money than you do. And so what this comes down to is, right, the financial CEO identity is I get to be an equal part in this relationship with money with my partner, does that mean that you have to be equally involved in like, actively managing the money and we’re like, you’ll pay these things and all pay these things, like, every relationship is different. So it doesn’t have to be complete, split down the middle. But that you, it’s the awareness, you are aware of everything that is being done, and that you’re having continual monthly conversations, you’re having monthly financial CEO parties, money dates together with your partner, where you both are sharing not just numbers and goals and the actual tactical stuff, but you’re talking about, here’s how I’m feeling, are we in a season of saving right now? Great, that’s good to know, here’s why I’m feeling a little scrunched like when you tell me that we need to spend less on x. That makes me feel this way. But But I totally understand your goal. Like it’s just opening up that dialogue and that conversation, because your feelings data is just as important as his numbers data.

Maddy 18:08 I love that. Can you explain feelings data just real fast, because I’ve never heard that. But I can assume what it means and I love it so much.

Brooke 18:17 Yeah, feelings data is just when you feel a certain way because of a certain thing, right? So the fact that you’re feeling a certain way about how the numbers are lining up on his spreadsheet, that feeling that you have that data of I feel X when I am shown X or when he says X to me, that data is just as important as what is on the screen. And for you both to validate each other and also for you like with your feelings to be like, Okay, I’m having all this feelings data. And yeah, this numbers, data is really important to him. And so I’m going to like take my feelings data, set it aside, and really trying to understand the numbers data. And then I’m going to ask him to do the same put the numbers data aside, really assess my feelings data, like all the things that are coming up for me, and then we can bring those two together and say like, okay, and how do we like blend both of the pieces of data to make the equation that we want to make? Yes, yeah,

Maddy 19:13 I love that so much. And I just want to say that this, these relationships, these conversations are not gender specific, like whatever kind of relationship where you’re in whatever kind of gender identity you hold, this is still very, very true. I know that we are you we are using, you know, male female dynamics, but just to throw it out there for anyone listening like this is not a gender thing. This is not an age specific thing. I feel like it’s something that we can all relate to no matter what kind of relationship we are in or not in and that’s fine, too.

Brooke 19:42 I’m really glad that you said that because it’s so true. Like, just because oh, I’m like I would love to rant for a minute on the gender off the rocks about money, because money is one of the things that like it really does break the gender norm arms like we see societally that like men and women fall into certain gender norms. Again, fuck a binary on all fronts, but like, that’s what you tend to see. But when it comes to money, what’s the most fascinating thing is that men and women alike in my coaching with my clients, I’ve worked with so many clients at this point. And I couldn’t tell you most women experience this and most men experience this when it comes to money, trauma and money mindset. It’s all across the board. And I use this example with Monica and Chandler from friends. And there’s a scene where Monica is wanting to spend Chandler’s entire savings on the wedding. And Chandler is the one with the fat savings account and the one that wants to be responsible with money. And Monica is the one that’s like, Let’s spend it all on a wedding and I have no savings. And you’re telling me that her type A personality, her compulsive, obsessive personality is not the one with the hoarded savings account. You’re telling me Chandler Bing is the one with the stock savings account. Like it doesn’t make sense. So it’s like, we have this societal conditioning, right, of how men usually manage money. And women usually manage money. But when it actually comes to the practice, when you get into the trenches with each person around their money, there is no binary, like there literally isn’t. Here’s what we experienced as women. And here’s what we experienced as men, it doesn’t exist. So we were using a very specific example of a husband and wife based based on yours, but yes, it flop it however ways you want. Yeah, everyone’s coming with their own money shed.

Maddy 21:31 Yes, yeah. And that’s and that’s totally, totally normal and totally okay. I love that. Okay, so let’s talk because money for so many people is a very stressful thing, right? I feel like I, I love and hate that quote, where it’s like money doesn’t buy you happiness. True. But money buys you stability, which then can bring you happiness. And for so many of us, money is a stressor. So what can we do? What would you recommend that listeners can do? To start to make money not so stressful, but also make having that relationship with their money and their finances, fun and approachable, and joyful, and something that they actually want to do? Because what happens when we feel stressed is we avoid, avoid, avoid, avoid, avoid? And that doesn’t feel good, either. So what can we do tactically to start to repair this relationship? And have it be one that we’re like, Okay, I’m actually not afraid to go look at my loans, or bank account, or spending or whatever. Because I’ve got this, I can do this. Definitely.

Brooke 22:36 So the first thing that I always say is that most of your financial anxiety is actually coming from being surprised and being confused, right? It’s, it’s not actually based in the numbers to start. So much of the anxiety is the fear of what I’m going to see when I log into the bank account, the fear of not knowing if I’m gonna have enough for this, the fear of not knowing of what I can afford, right? So there’s confusion and surprise, that is like the backbone of the anxiety, which fuels the avoidance, the I don’t want to look at it. I don’t want to see it, or the obsessive I’m gonna check it every single day or every single hour, right? Like it goes between those those two extremes. Yep. So one of the first things that I would say is just acknowledging that that you’re fueling your anxiety by not having awareness by not looking at it, because it’s just fueling surprise and confusion. Yeah. The second very tactical thing that I would say is, I want everyone here who’s listening, I want you to split your spending, bank accounts or credit cards into two, I want you to have a bills account, like auto pays your rent, all of that good stuff. And then I want you to have an account, that’s your playground money, that’s your spending money for the month, and you’re going to pre decide those numbers, you can go and you can look at your credit card statements, your bank accounts, you can find the range of here’s what I spend on bills and auto pays every month. And then here’s my range of about what I spend on groceries, eating out entertainment, shopping, skincare, whatever it is. And you’re going to preload if they’re checking accounts once a month or twice a week, depending on your paycheck cycle. Or if you are a business owner or freelancer with fluctuating income, that’s once a month, you’re going to preload those with the amounts that you need for a month or every two weeks. And then you’re just going to let the auto pays and the bills happen on their own. And then you’re going to spend out of that second checking account. And what this does is it removes mental math from having to be like I need to make sure I have enough yeah, in my my checking for my rent that gets pulled next week or like oh fuck, I forgot that my dog food subscription gets pulled on this day. And I’ve accidentally overdraft or like, keeping so much money in your checking like just in case because you don’t really know how much you have. Yeah, it’s a thing like you stack your checking account this

Maddy 24:54 thing because it’s me laughing because it’s

Brooke 24:57 so common. And so literally splitting, splitting your expenses into two playground money and those like bills auto pays is going to give you a huge sense of not only relief, but awareness and power back into your hands. And once you do that, it’s like the snowball rolling down the hill. It’s just that little tiny shift, that’s going to give you enough momentum to be like, Okay, I understand my monthly numbers. Okay, next step is I don’t like my monthly numbers. So now what do I want to do about it? Right, or, wow, I actually do need to be making more income. But now I know exactly how much more I want to be making. Because I can see the exact numbers in front of me, I can see what my savings goals are, like, it becomes this snowball that just starts rolling faster, because you’ve gained that little bit of momentum. So those are like, that’s the first tactical thing. Yeah, to actually do this. I’m gonna throw financial CEO parties at at everyone here who’s listening. This is making it fun. I feel like money gets this bad rap is this like stuffy spreadsheet? Like gotta do? First clickety clack, right? And yeah, she does not like that. Like, she’s, she’s a Yo, she’s

Maddy 26:13 a girly, he’s really

Brooke 26:15 my God. And so we money is something that you have a relationship with, it’s not a checklist to check off, right? She’s not a to do list. She’s not an item on your list of endless things. She’s something that you will have a relationship with until the day you die. After the day you die, because she’s going to put you in the grave and what and however, you are going to be buried, cremated, whatever she is, actually,

Maddy 26:40 the one is still there to bury you, right? Like she’s still dead.

Brooke 26:43 So you need to honor that as a relationship and put time into creating the joy around that relationship. So for for my my girls who are on bi weekly paycheck schedules, you’re going to do this twice a month for my freelancers. And for my business owners, my creatives who are fluctuating income, you’re going to do this once a month, you’re going to sit down and you’re going to split up your money, you’re gonna do the tactical things, right? Look at your debt, numbers, create plans, etc. But the important part about your financial CEO party is that you make it fun. I use this acronym, I call it the get tipsy protocol. Yeah, I was talking with a client once she was like, I just I’ve been avoiding it for two months. Like, I just can’t get myself to do it. I’m like, You’re too in your head, go get a little tipsy and then do your party. She was like, Wait, that’s funny. What and I was like, go have a glass of wine. And then she was like, Wait, that actually sounds really fun. And I’m like Brian, do it.

Maddy 27:39 That’s the point.

Brooke 27:41 Not that I’m saying everyone should like go get drunk in order to manage. Okay, but this is where they get tipsy protocol came into play. The T stands for time, like actually scheduling it into your schedule. The AI stands for intentional treat, which means that you give yourself something that’s really exciting, whether that’s takeout, whether that’s a fun cocktail, whether that’s, you know, your favorite coffee, or whatever it is. And then the P is place, you want to do it in a place where your nervous system feels really calm. So that means moving away from your desk, right? It’s not just something you tack on to the end of your workday. I love to take myself to like bougie hotel bars in downtown Manhattan, and like have a happy hour cocktail. Like as long as you have secure Wi Fi Of course, right? Yes. And like that moment makes my nervous system feel so calm. So then when you add money into the picture, it’s like I know, money normally feels really stressful. But look where we are, this is different. This isn’t how we usually do money, something shot here. So that could be in your bed that could be in your bathtub that could be at your favorite coffee shop, right? Um, I won’t go through the entire acronym, but those are just some of those things that ensure that it is an environment and a moment that you can walk into saying, I am excited. I’m excited for this, just like a human relationship. Like if I showed up to date nights with my partner of like, okay, I guess we have to have dinner, okay. And, like, make him happy. I have to give him two kisses. And we’re going to eat dinner and I’m gonna ask him about his day done it. Like we would not be together like,

Maddy 29:14 a long time ago, right? Yeah. So

Brooke 29:15 we probably do that to our money. So how can you start to see your money as this thing that you really have to like, Woo and bring into your life and show her that she’s welcome here and that you’re doing things differently than you normally do? Shaking shit up. That’s the vibe of CEO parties.

Maddy 29:32 I am obsessed with that. Because I do that because again, Freelancer I owe my own businesses that I have a monthly sit down with myself, but it is one 400 bajillion percent something I do right at my desk. I start my day with it. Doo doo doo doo doo click like I liked the idea of making it way more fun. I need to do that. I love that so much.

Brooke 29:53 I would love one one thing I have a pinned post on my profile it probably You will still be pinned for a long time. But I in real time, take you through my financial CEO party and I do it in under an hour. And the whole time I share exactly what I am doing minute by minute by minute, I’ve got a clock there. And that financial CEO party that day was me and my pajamas in my bed for the whole morning at a Dunkin coffee and I was jamming to 2000s Hip Hop, like that was the moment so if you want to go like actually see it in action, go to my Instagram page at not starving artists. And it’s one of the first pin posts. I

Maddy 30:30 love it. I love that. Can you give us some if we’re let’s say we have a listener, let’s say we have me who’s like, just, I have 400 million things to do every single day. But I know as I get closer to 30, because I turned 29 In April, I don’t want to wake up on my 30th birthday and be like, Wow, I’m really fucking behind with my money management SOS. I don’t have hours and hours and hours every single day to you know, do this or watch this or read this or whatever. Easy bite size tips that I can implement in like over lunch, right? That are going to make an impact. Yeah,

Brooke 31:08 what can I do? Okay, first thing I want everyone out of Wells Fargo and Bank of America and you should transfer shots fired to a bank. Like ally I’m gonna shout out ally I’m not sponsored whatsoever. I use them personally, I think they’re a fantastic bank, Ally Bank, switching to a bank that one allows you to have a new visual experience of money then your old colors like colors and a login experience like you remember your old walk to work right? And like you remember logging in and money from like the past. So literally moving apartments after a breakup, right? Like let’s break up with your old money stories. Let’s move apart and see where your money is. And moving into a place like ally that they’re an online bank. online banks have all the same capabilities and protections, making sure it’s FDIC insured as a brick and mortar bank like Chase or Wells Fargo, you have ATM access cash access checks, debit cards, all that good stuff. The bonus with online banks is that they have no fees like overdraft fees don’t exist. ATM fees are reimbursed and they also have free a free network of ATMs. Account minimums don’t exist, like all of these seeds are gone. So that old fear of like buckling up. I overdraft. And I get hit with that $3 fee is eliminated. Yeah, okay. Yeah, easy thing to do. And then a lot of these online banks have what’s called a high yield savings account. Yes. Which has a higher interest rate. So for example, it is the difference between earning point zero 1% of interest and earning 4.35% interest. Yeah, so to quantify this for you, the point zero 1% interest rate over the course of a year on a $5,000 balance is 50 cents 4.35% of a $5,000 balance on the course of a year is $221. That is a huge difference for your money just sitting there and doing nothing. Right. And that’s because interest rates are higher right now. So we want to utilize that. So that’s a very simple thing. It might not feel simple, like moving banks, but yeah, it will take you less than 10 minutes to open an Ally Bank. Yep. And you will add your routing account numbers and you’ll switch everything over. Yep,

Maddy 33:31 I can why can I just okay, I’ve done that. Yes, I have. Yes. And I used ally too. So I’m going to backup everything that Brooke is saying 100% 10 out of 10 I love it yeah keep going cool. I just wanted to back that up but she’s not lying. We’d

Brooke 33:46 love ally ally stands for your only so that is a great thing to do that’s going to help simplify and systemize your money they also you can split your checking account into that bills and like playground spending money their savings account has a bucket feature so this is another thing decide on what you want to be saving for more than just emergency money. This is another quick thing you could do in like 10 minutes is right out how much money do I want for emergency rainy day money? And then what do I need for the three vacations I want to take this year? What do I need for that website? rebrand? What do I need for for my actors like a new headshot session? Right? That’s something that I am utilizing right now one of my savings buckets for my headshots for medical for car for your pets, right we know that they’re gonna like eat something they shouldn’t we’re gonna need like, more than just like the life or death What if I can’t pay rent? What if I’m destitute money that will actually help you get excited about saving and allow you to comprehend the big number that’s in your savings like you actually understand what $1,000 means you actually understand what $10,000 means or $50,000 means because it’s all split up. So yeah, very tactical things inside of your checking and your savings. The other thing that I want to say is when it comes to investing let’s let’s go here investing retirement. Yeah, like a big scary topic, especially as like millennials, right? This is like, Oh, haha, we’re not just in our early 20s when we

Maddy 35:27 retire. Oh, right. Yeah, yeah, exactly. We’re like, oh, shit, it’s like around the corner. Yeah.

Brooke 35:31 Oh, this is this is a larger conversation. But I would love for everyone. If this is you that you haven’t started looking into retirement or like, you know, your auto contributing to your 401 K, but you’re not quite sure how go find that information, understand your contributions, and what that actually is going to look like at retirement age, literally Google retirement calculator, right. And it’ll come up with all of these automated calculators where you can put in your income, what you’re contributing and what that’s going to look like when you are retirement age or early retirement. Go play around with some calculators to give you some grounding on like, what does this money now actually mean in the future. Now for my freelancers for my small business owners, we may not have access to a employee sponsored 401 K. So we have access to IRAs, and we have access to a solo 401 K and a SEP IRA. Those are like higher level business owner accounts. But IRAs are super easy to open. They you can open one anytime as long as you have earned income, right. So as long as you earn a little bit of money, you can open an IRA. Now this is a retirement account container that you can put up to $7,000 in per year as of 2024. Now, once you put it into the retirement account, you have to invest it, I’m going to point everyone towards my I have a highlight called target date funds on my Instagram, though, learn about target date funds. I also have one called IRAs. So you can go get some learning on like what IRAs are, what a target date fund is, like, what do these investments mean? I also want to throw out another awesome resource on her handle is dumpster doggy. Her name is Amanda Holden on Instagram. She’s a great financial expert when it comes to like investing and DIY in your portfolio. So okay, all of this to be said, there’s a lot more tactical stuff here. Yes, it is a lot less confusing once you actually have some like grounding in the terms, which doesn’t Yeah, long at all. That’s why I’m pointing you to highlights. That’s why I’m pointing you to the emotional part of this is I want you to start visualizing your life at 60 at 70. At 90. Our brains like it, they did a study in an MRI scanning machine that when we think about a stranger, and when we think about ourselves in the future, they register in that place of the brain, our brains don’t register our future selves in the same part of our brain as we register like me I currently and so what that means is that we we don’t feel any connection to our future selves. So we don’t have any motivation to save for retirement or even save for the near future. Right? Yeah, true selves as strangers so it’s about bringing that stranger version of you into your current current life. So go get some inspirational like granny baddies in your Instagram. Go find people in your life that like aren’t your grandparents if you don’t want your grandparents retirement you need to go find some role of older people living their best life traveling strutting around in bikinis like yeah, partying till the wee hours of the morning or like I’m living their cottage life with like Bucha tea, whatever it is start to create vision boards for her like visualize with her meditate with her bring her into your current life so you actually feel like that’s me that I’m saving for it isn’t this far off future thing? That doesn’t mean anything to me.

Maddy 39:12 Yeah, I love that so much. There’s so so much good things I’ve one more question for you.

Brooke 39:18 Please

Maddy 39:19 if i i again speaking to myself and people listening if I struggle with staying motivated in managing my money and having a relationship with my money because I’ve completely transparent this has been a long relationship between me and my own personal money. It’s hard sometimes to just not be like screw it. I’m just gonna go and I’m going to order this thing I know I’m supposed to be saving but I’m just gonna do this because I really want you did it it it up. Motivation is something that a lot of people in this space struggle with. So what would you suggest recommend tell us to do in order to stay motivated in our Money goals in our money, desires and dreams that we have. Brooke

40:03 Yeah. So this comes down to actually making it something that doesn’t require motivation, because motivation is always going to run out. And especially for women, right? Like we have a monthly cycle where we physically are not able to be motivated. 30 days out of the month, right, like, physically impossible. Yeah. And so creating a money management system that doesn’t require motivation, which is why I always want to point back to simplicity of your money management system. Like this is why budgeting doesn’t work. Because budgeting Yeah, you’re so much motivation throughout, of like, okay, and I have to spend on this, and I have to check in on this. And I have to track and did it. It requires a lot of energy and a lot of action. And so can you simplify your banking as much as possible? Can you have your financial co parties make them fun and exciting and something you look forward to, but you only require yourself to have them once a month. So it doesn’t feel like this monsterous task that needs to be done. The other thing I want to say on this is staying motivated is just about continuing like on the planned path that you wanted to go down. And so it’s about one of my peers, her name is Sam, she’s a fitness coach. And she said the other day, it’s about doing less, even when you don’t want to because you want to do more something like that I completely but yeah, well, but yeah, what the energy behind this is, is we have these really big lofty goals of like, okay, I’m going to create a debt payoff plan, and I’m gonna create these savings goals, and I’m going to create a budget, I’m gonna spend less, and I’m gonna do this and this, and I’m going to invest, and I’m gonna understand this. And we give ourselves this entire litany of things that we have to do. And then it becomes this like big boulder of tasks. Yeah, like, we don’t want to do it, right. Yep. Yep. But it feels so much more delicious to our brains to be like, Ooh, yeah, we’re gonna do so much we’re gonna get such a big gold star. And like, we’re going to be like the best of the best, like our brains love that all or nothing, but only when we’re in the all place. Yes. So it’s about allowing yourself to do less, even when you don’t want to even when it doesn’t feel glamorous, like doing the shit that feels easy, because it will actually move you forward, rather like wanting the Goldstar of doing all the hard tasks and all the things now. So what that looks like is okay, well, if you can’t have a full blown financial CEO party this month, because you’re on your period, and you’re like destitute in your bed, yep, fine, you’re gonna sit with your computer, you’re gonna put on one T PAIN song, and you’re gonna pull up your bank accounts, and you’re like, even if I can’t do anything, I’m gonna look at the balances in my account. And that’s all I’m gonna do. Amazing. better than not doing anything pushing off the financial CEO party for three months, because you can’t do like the whole fucking thing. So that’s the big thing that I would say about motivation is like, knock your list down to three things. Yeah.

Maddy 43:06 I love that so much, Brooke, thank you so much for all the insight, all the things that was amazing. I feel like I could talk to you for forever. And as you all the questions, I can talk about your time. Can you please self promote self, all the things spot you spotlight yourself? Where can people find you? How can they hire you? How can they get them give you their time and energy? All those things?

Brooke 43:29 Yes, amazing. So you can find me on Instagram. That is where I’m most active. I am at not starving artists plural, not starving artists. You can also find me on my website, not starving artists.com. I also have a podcast called not starving artists Google podcast. So if you type into either Spotify or Apple podcasts, not starving artists, you can find me there. I also have select episodes on YouTube, the ones that I have my camera on for. And all of those links are also in the link in my bio. So if you find me on Instagram, everything is right there. I am also currently accepting one on one clients, you can book a sales call with me. Also at the link in my bio, you can find that on my website. Also in the shownotes of every episode, I post on the podcast. The sales call is a 15 minute call that we talked about your goals, your struggles, your desires, we talked about what the plan would be inside of one on one coaching and talk about moving forward. So you are always able to book those with me and that is where to find me. Thank you so much, Maddie for having me on today. It was so lovely to talk with you.

Maddy 44:34 You are so welcoming. I will have all of her links down below in the show notes. That way you can go there as well make it super simple for all of you. Thank you so much for being here. Brooke.

Brooke 44:42 I had the best time. Oh, me too. Thankyou Maddy.

Maddy 44:45 Thank you, girlfriend. Thank you so much for listening to today’s new episode. If you loved it, please send it to a friend share it on Instagram and tag me so I can see and consider leaving the show a rating or a review. Ratings and reviews are kind of like share are liking your posts on Instagram, and they really help the show grow and reach new women just like you. Be sure to subscribe to the podcast so you never miss a new episode. And until next week, I am sending you all the sunshine, good vibes, and I hope you make it a great day.