53: How to Manage Money Better with Kendall Hamilton

Andrea Liebross |

www.andrealiebross.com |

Episode 53

Speaker1: [00:00:09] You're listening to the Time to Level Up podcast. I'm your host, business life coach Andrea Libros. I help women in business commit to their own growth personally and professionally. Each week, I'll bring you strategies to help you think clearly gain confidence. Make your time productive. Turn every obstacle into an opportunity. And finally overcome the overwhelm so that you can make money and manage life. Let's create a plan so you have a profitable business, successful career. And best of all. Live with unapologetic ambition. Are you ready to drop the drama and figure out the how in order to reach your goals? You're in the right place. It's time to level up.

[00:00:57] Let's do this.

Speaker2: [00:01:09] Hey, time to level up, listeners, welcome back to the podcast. So today we are talking all things money and I have a special guest, Kendall Hamilton, who is a money empowerment coach, and she came into my world via another coach since I've been following her on Instagram and I've had the opportunity to chat with her a couple of times. I really love her and how she looks at debt and savings and budgeting and finances. All things money. So money is one of our most valuable resources. If you've listened to a previous podcast where I talk about our most valuable resources, well, money's one of them. So I think this is an amazing topic to bring a guest expert in to talk about. So sit back, buckle up and listen in to my conversation with Kendall.

Speaker3: [00:02:10] Hey, time to level up, listeners, welcome back to the podcast, so today I have what I like to call a guest expert. I have Kendal Hamilton with me today and she is a coach, but a very different kind of coach than I am. She is a money empowerment coach, and she loves to help 100k earners pay off their debt number one and then to grow a savings account that they can be proud of. And I asked her to come on because money comes up a lot in my coaching and all sorts of different ways. And actually, I just spent a few minutes talking to her about all the different ways. But I love her approach of how she can help women make this kind of simple and not stressful. So I'm just going to let her introduce herself right now.

Speaker4: [00:03:04] Go for it. Hi. Well, thank you, I'm so excited to be here. I'm so grateful that you asked me to come on. My name is Kendall. First off, like you mentioned and I am a money empowerment coach and I love, love, love talking about money. I know you like to keep your podcast episode shorter, but I always tell people I could seriously talk about this for hours. But yeah, it's it's so much fun to me. So I like you said I help hundred K earners, either making that on their own or combined with their spouse, but I really help them change the way that they relate to money so that they can go after those big goals that they've been kind of putting on the back burner, like paying off debt, growing their savings, getting an emergency fund in place, saving up for that down payment and going on that vacation without having to worry about spending while you're there or not worrying about paying for it four months later when they get home. Yeah, yeah. And kind of my my back story and why I got into this was my husband and I. We were 100k earners as well. And one year it came time for us to do our taxes.

Speaker4: [00:04:13] And when we were looking at our W-2s, we seriously were like our jaws dropped. We were just in shock. We're like, Where is this money? We weren't bad with our money by any means. We weren't irresponsible with their money, but we just we had nothing to show for it. We thought that for sure, being six figure earners, we would be so much further along and that was just not the case for us. We were we had very little savings and we were, you know, a little bit over $40000 in debt. And so that's when we really decided to make a change. And once we made the change and we implemented some of the strategies that I hope my clients with, we were able to make huge progress. And by that, I mean, we paid off $30000 in just 12 months. Thirty thousand of our debt and just those 12 months. And while doing that, we didn't have to change the lifestyle that we loved living. So we went during that same year, we went on vacations to, we went to Ireland, we went to Scotland. My husband went to Costa Rica for a Bachelor party. We went to North Carolina to visit friends. We're in California, so it was a cross country trip.

Speaker4: [00:05:24] We went on camping trips like we had a blast that entire year and in that same year we also paid off that much debt. And so when that happened, that was when a like a light bulb went off and something clicked. And, you know, I really was thinking to myself, this isn't being taught because so much of the information you find on the internet about, you know, being better with your money and getting ahead and getting on a budget and all that is really centered around scarcity and cutting expenses and just being really, really scarce with your money. And we found that that just wasn't the case with us. And and so that's why I really love what I do because I do bring a very different approach to finances and to money where I really encourage my clients to to spend in alignment with what they value. And you know that they can reach their big goals without having to just cut, cut, cut and live and scarce and scarcity and and deprive themselves. So that's why I do what I do, and I absolutely love it, and I absolutely love helping my clients do the same thing.

Speaker3: [00:06:32] So super interesting that you said they think they need to cut, cut, cut, right? So what what do you think is getting in the way of people having savings or paying off debt or feeling wealthy? If we want to use that word, we can use it. So many different ways are living in that sense of abundance. Is it because they keep thinking like what? Obviously, there's multiple factors, but what's getting in the way of them achieving this on their own? What do you think? Yes.

Speaker4: [00:07:04] Yeah. So I'll say a couple of things. Like you said, there's so many, so many different levels to this, but a couple of things like kind of the more tangible like actionable steps that we tend to go to, like our brains tend to go towards. First right is the I don't know where to start. I've tried it before and it's just never worked for me or I've never been able to grow a savings or I've never been able to pay off debt. So there's I can't do that really not knowing where to start, not knowing how to properly set up their their money for success in a way that works for them. So it's almost like it's almost like dieting, or it's almost like diet and exercise, right? Like what diet works for? One person may not work for another because it just doesn't fit in with their lifestyle. It's the same thing with managing your money. You have to find something that works for you and works within your lifestyle. So that's number one, is they they may be either not knowing where to start or when they do get started. They're kind of following like this cookie cutter advice that they're finding on the internet that may just not apply to them. What I see with a lot of my clients is their six figure earners. They're they they don't want to be living like they're broke in order to get ahead, like they want to be able to get ahead, pay off their debt, grow their savings, live abundantly, but not have to do it while acting like they're they're poor.

Speaker3: [00:08:26] Does that make sense? Yeah, it does. It does.

Speaker4: [00:08:28] Yeah, by not like cutting like they still want to enjoy themselves and. And so that's what I really find on like kind of like that, that actionable side. And then, of course, I'm going to bring it to the mindset side because that's just what I do. But absolutely what's what's getting in their way? And I say this with so much love is is themselves. They are getting in the way of themselves by telling themselves things like, I've never been able to do this before. It's not possible for me to pay off all this debt. There's no way I can get this paid off. There's so much. I'll be in debt forever and all of these things that they just get in their way and it really prevents them from taking the necessary action. Having the right mindset and taking the necessary action to get them to their goals.

Speaker3: [00:09:15] Do you think that they? Do you think that there's something that has to do with like I shouldn't have money to spend on vacation, I should be using it other ways like all that like I should and I shouldn't.

Speaker4: [00:09:34] Oh, absolutely, absolutely. One thing I work on with my clients is I always ask them like, OK, like how much? How much are you spending on yourself for a month? And like, almost every single one of them are like, Oh, nothing. No. Like, why would I spend money on myself? Like, there's a lot of guilt involved there, right? Because exactly like you said, I shouldn't be spending money on myself. I should be spending money on, you know, growing our savings or our family or our debt when it's it's so like ironic because that's that's what they think, but it's not translating into like dollars and cents, like they're not paying off their debt, they're not growing their savings, OK, like they're not doing things with their family. And so it's like they're not doing either one. And so that's where we really have to like, sit down and figure out what's going on there and try to try to help them reverse that. So. Yes, a lot of I shouldn't be paying for this because I should be paying for this. And that stems from like a lot of like having shame surrounding like their finances.

Speaker3: [00:10:34] Yes. Yes. And then permission to I think it kind of stems from giving themselves. Permission to make themselves just as important as anything else. Yes, right. Yes, I hear a lot about like, Oh, my kids need this, I can't spend this on myself or the other thing is kind of interesting is, Oh, we need a new hot water heater. So I definitely couldn't do that because that money needs to go towards the new hot water heater. It's like an either or.

Speaker4: [00:11:05] Yes. And and like, let's translate that for a second, right? Like when they're saying that, what they're truly saying is water heater is more important than myself. Or, you know, the home renovations or this being fixed is more important than my my health. Right. So like you spend, we spend money on things that we that are priority in our lives, things that are very important to us. So essentially, what you're saying when you say I can't afford that is I don't value that. That's not very important to me. Yep, and that's going to be the case. You know, some women might say like, it's not really important to me to go buy, you know, new clothes every other week or whatever, and that's totally fine. But if it's if there is something that's really, really important to them to do and they're not creating a plan or figuring out how they can make that happen and to pay for it, what they're truly saying is I don't value that. It's just not important to me.

Speaker3: [00:12:02] I know. So interesting, so interesting, so in terms of like actionable steps, do you say, Oh, you should definitely use this software or this plan? I'm going to I'm going to guess you're going to say no, but you know, people like, What do I need to just tell me what to do? Tell me what to do. Give me the magic wave. Your magic wand, Kendall. Come on.

Speaker4: [00:12:25] Yeah. Isn't that so funny? We always, as humans, we always want to naturally go to the how first always. But how the how the how tell me how. And while I do that with my clients, I do help them create a plan that works for them. I don't tell them, Hey, you need to use this budgeting app or you need to use this software or this spreadsheet because it doesn't work for everybody. Like, I am a pen and paper type of gal so that that's what works best for me. But I have clients who they love apps or they love spreadsheets or so I can't say, Oh, you need to use pen and paper because that's what I do like. No way we really tailor this to you. We really create something that works for you, right? So you know yourself best. You know your personality best. So we really try to figure out what would you thrive with? Would you thrive with some type of spreadsheet or an app or even a paper?

Speaker3: [00:13:21] I think that's interesting because I was just coaching someone this morning and we were I was telling them, she said, Well, how what should what do I need to do? Like, how do I need to do this? And I said, Guess what? I'm just kind of like a guide for you. I am not the expert on you. You're the only expert on you. You are the only one that can. You need to do the research kind of on you, not me doing research Googling, but like to figure out what works like does pen and paper work? And I think a lot of people, when it comes to money, they they they may have tried something, but they hadn't stuck with it long enough to even know the risks. Have the research on themselves to even know if that would work.

Speaker4: [00:14:00] Right? Exactly. Yeah, yeah, exactly. And it's, you know, when they when somebody comes back to me with an, well, I don't know, I don't know what would work best for me. I don't know what's best for me, right? Of course, like you said, I'm there to guide them, support them. That's what we're here for. But in response to that, I don't know. It's like, OK, well, let's try all of them. Like, Let's try all of them and see what you resonate with, right? Like how that is, how we learn how things work is we try it, we try it for a good, a good amount of time or you can't try it for a week and say, Oh, it didn't work for me, because especially with money, you know, you need about a good 30 to 60 days to see if something truly works for you or not. Because no, no month is ever going to be the same.

Speaker3: [00:14:44] Oh, that the other. I was just going to bring that up like people who are actually. So some people are getting bringing in money, same amount each month, salaried or whatever. But there's a lot of people that that's not the case, right? They don't know exactly how much money they're going to make this month or this year. How do you deal with that?

Speaker4: [00:15:04] Yeah. So they kind of. Right? So the common the common answer to that is going to be like, you're going to go off of, you know, out of the last 12 months, what was your lowest month? And we're going to go off of that right? And then anything extra that you get above that. That's just that's amazing. And we're going to either use it to put to your goals or to kind of cushion some other accounts or, you know, bills that you might have coming up. So that is definitely the common answer. And that really is sound advice is to kind of go off of your your lower month. And then anything above that is is is the extra that we get to have fun with. So I will add on to that, actually. Yeah. You know, when you're kind of stuck in the, you know, it's not not the same every single month and I'm not sure what I'm going to be getting paid. That truly is where the mindset work comes in so that you, you are able to stay very, very abundant during those months where it's kind of the unknown because our brains are definitely going to tend to steer towards the negative and the scarce, especially when it doesn't have evidence of of other money coming in.

Speaker3: [00:16:21] Mm hmm. Interesting. All right, so a couple of I've been taking notes. A lot of this has to do with mindset, right? And just because it hasn't, quote unquote hasn't worked in the past doesn't mean it's not going to work now, right and right. You've got to try something. You've got to do something. It just decide. I also highlight here would be to value yourself or what do you value? You can't really actually tell someone to value yourself. Actually, that's maybe not true. But what do you value? Because it's a reflection of how you spend your money is a reflection. I guess that's the better thing to say. How you spend your money is a reflection of what you do value.

Speaker4: [00:17:04] Right. Absolutely one hundred percent, if you want to look at kind of your life, the things in your life, what you spend your money on. Those are the things that you value. Yeah. And if you don't love the way your money is being spent. Then maybe it's time for a change. And a lot of people might be doing this very unintentionally right, like, yep, fast food runs or, you know, just last minute purchases and all this stuff doesn't necessarily. That's just means like what you've been spending money on. These things might be something not might not be something that you truly, truly value, but you're just kind of doing it unintentionally. You can change that completely just by simply sitting down and looking at your finances. I mean, like, OK, wow, this is where I'm spending all my money. I actually don't love the way this money is being spent. We really want to change that.

Speaker3: [00:17:50] So what happens, though, when you do not agree or say not agree or just find this really hard to talk about with your spouse? Mmm. What's that about, because that comes up to me? Oh, yes. But your top thought on that one?

Speaker4: [00:18:07] Your partner a lot. Yeah. Yes. So I think that money is such a like a tense topic for a lot of people. And the way that they approach conversations with money when they feel that way is super tense. And so what is either very tense or very defensive, almost right? And so how do we react when somebody is coming at us very like defensive and tense? How do we react? We can feel that we're like now. We feel like we need to be defensive. We need to be tense, right? So that's kind of like that first. That's kind of like that first. I don't even want to say mistake right there, but that's kind of like the first way that people kind of OK. Money flag. Yeah, red flag of the money conversation. So we want to try to approach the conversations with our spouses or significant others being very calm, right? Like, we want to be calm and confident and sure, and we want to approach it like, Hey, we are on the same team here because we are right, like right at the moment, we might not be on the same page, but we are in the same chapter. Ok, OK, OK. So like,

Speaker3: [00:19:15] It's a good way to put it

Speaker4: [00:19:16] If you like, I've seen clients say, like, we just don't agree on anything when it comes to finances and I say, hold on, hold on. Here I can. I will bet you any amount of money right now that that is not true. And we will list out for them ways that they are on the same page. They don't want to be broke when they retire. They want to be able to send their kids to a great school or college or pay for a wedding. They want to be able to go on vacations every single year, either by themselves or like together as a couple or with their family. Like, there's so many things that you guys do agree on. You want to have a great life with money, right? You want to continue to grow your income. You want to pay off the debt, right? You guys have the same big picture, big vision. You're just kind of disagreeing on the little. Unimportant little details of that vision. And so that that helps to know like, OK, we actually we actually do have the same vision. We are on the same page. We just maybe we're reading like different sentences on that page, right? We just need to get there. So that helps to kind of calm the situation a little bit and realize like, OK, we are, we are definitely doing this together as a couple will be in this together. And so that's like step one, right? You want to you want to try to get at least on the same page with big vision goals, all of that. And then, yeah, making sure that conversations are approached in a like a fun and calm way. I always say to my clients, I don't like don't plan these like money conversations when it's like right after your spouse is getting home from work, right after you're getting home, from work, when you're dealing with the kids, anything like that, like how might just mean a calm situation? Pour yourself a glass of wine, beer or whatever it might be. And like, how about just a relaxed conversation about money that helps so, so much?

Speaker3: [00:21:10] So much. Well, this has been a fun and relaxed conversation with you today. So thank you. It really has. We're coming on the podcast. I'm curious if you had to give one or what's your best piece of advice regarding honey?

Speaker4: [00:21:27] Yeah, I cannot. I have so many. I'm like, Should we go on this? Like you can pick? Yeah, yeah. Yeah, no. I'll leave.

Speaker3: [00:21:37] I'll leave you with one. We have an abundant mindset.

Speaker4: [00:21:39] Wonderful, weird, so abundant. Yeah, I know my kind of like top piece of advice always is that, you know, failure is only a thought that we have about the current results in our life. It's never a circumstance of our life. Like failure is not a fact, right? Right, right. Only a thought that we have it just truly doesn't exist. And so the great thing about that is that we are in charge of our thoughts and we get to rewrite our thoughts and we get to choose, is it failure or is it a lesson? It doesn't have to be looked at as failure. I always actually never look at things as failures. It's only an opportunity for learning

Speaker3: [00:22:19] Even death that doesn't have to be a failure. Oh my gosh, not a failure at all. Right. So that's

Speaker4: [00:22:24] No. Yes, that is only we can go on a whole conversation.

Speaker3: [00:22:27] I was going to say my guest on how debt could actually be a good thing in some circumstances, right?

Speaker4: [00:22:34] Yes, exactly. I teach my clients debt is it's neither good nor bad. It's literally just neutral. Debt is just a number that you have

Speaker3: [00:22:44] Right in your life. Maybe it's allowed you to buy things that you value in currently and then you're paying it later. So, yep, exactly. We can have a holiday. Ok, stay tuned. We're going to do a podcast.

Speaker4: [00:22:56] Yes, OK. Round two, it's going to be about debt.

Speaker3: [00:23:00] Yes. So, OK. So people want to define you and follow you. I know Instagram is the best place I have learned. Yes. Yes it

Speaker4: [00:23:08] Is. I am. I am on Instagram. That's where I am most active. That's where I'm sharing posts and stories and mindset shifts and hacks and all of the things. And you can find me at underscore Kendall Hamilton underscore

Speaker3: [00:23:22] Ok, her links will all be in the show notes, too. And if you are interested in coaching with Kendall, I encourage you to start following her so that when she does her next launch of her program, you will be ready and raring to go. So thank you so much.

Speaker4: [00:23:38] Thank you so much for having me. This has been so much fun.

Speaker3: [00:23:41] You are welcome.

Speaker2: [00:23:44] So what part of that conversation resonated most with you? Was it the discussion around having conversations about money with our partner? Was it about debt? Was the conversation or the brief snippet we had about savings? What resonated with you? I think what resonated most with me is how we manage our money is a reflection of what we value. And I often say that how we manage our time is a reflection of our mind, and I think we could say how we manage our money is also a reflection of our mind in what we value. So I hope you value yourself and put yourself at the top of the list, and that is something that I'm really passionate about, helping my clients recognize that they should have no limits for themselves, what they're capable of and what they deserve. So go follow Kendall and feel free to reach out to me. If you want more, help putting this money piece. Of your life into play, because remember, our life is like a wheel, so if this financial money piece is not at its best, then our wheel is not rolling and we are just bumping along and I don't want you to have a bumpy ride. All right, my friends, until next time, remember, you deserve an upgrade.

Speaker1: [00:25:15] And it's always a great time to level up. Thanks for listening to the Time to Level Up podcast with me, your host Andrea Libros. If you know someone who could benefit from listening to this episode, I encourage you to take a screenshot and share it with them. Ok, now what about you? You've listened to the podcast, and if you now know that you're ready to upgrade your life, upgrade your business, upgrade, you then stop being only a listener and start being a liver living that upgraded life. Head over to my website and schedule a call right there on that call. We'll start changing the way you think and act so that you can have the freedom to achieve the impossible in life and business and have the resources to do it. You deserve an upgrade. Let's do it.