Join us in this inspiring episode as we explore the dynamic world of entrepreneurship and finance with Laura Rotter, founder of True Abundance Advisors.

Dive into Laura’s fascinating transition from a successful career on Wall Street to creating a heart-centered, values-based financial planning firm, and discover key insights for entrepreneurs and business owners.

In this episode, we talked about:

Entrepreneurial Insights for Financial Clarity:

  • Laura’s captivating journey from institutional investor to financial planner.
  • Vital strategies for entrepreneurs to leverage finance for both business success and personal fulfillment.
  • The transformative impact of mindfulness in business and personal finance management.

Empowering Leadership in Finance:

  • Practical tips for business owners to align their financial choices with their core values.
  • Laura’s unique approach to empathetic and understanding leadership in the finance industry.

Achieving Six-Figure Business Mastery:

  • Essential financial planning tips for entrepreneurs aiming for six-figure business success.
  • How Laura’s insights can help business owners navigate the complexities of financial growth and stability.

Leveraging The Marketing VA Advantage:

  • The importance of marketing and visibility in the financial sector.
  • Utilizing content marketing and virtual assistants effectively in financial planning.

Crafting a Life of Purpose and Success:

  • Balancing work, life, and financial aspirations for a fulfilling entrepreneurial journey.
  • Empowering business owners to make informed and value-driven financial decisions.

Helpful Links:

The Marketing VA Advantage 

Six Figure Business Coaching 

Mastering Online Marketing for Entrepreneurs

Double Your Income with a Marketing VA, even on a tight budget

Transcript
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Welcome to the Six Figure Business Mastery Podcast, where every week,

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Kirsten and Jeannie dive into the essential topics to fuel your business

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growth, from copywriting to course creation, mindset to video marketing.

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They've got you covered.

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Tune in for expert guest interviews on all things, marketing and

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business, and learn how to work on your business, not just in it.

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So get ready to unlock your business potential and take it to the next level.

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If you're ready to use your money to make a life rather than using

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your life to make money, stay tuned.

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Hi, everyone.

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I'm so excited to introduce you to Laura Rotter, the owner of a company

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called True Abundance Advisors.

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She is a heart centered and values based business financial

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planning firm based in New York.

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After she had a successful career managing money for institutional investors,

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including Citicorp and ParaAdvisor, she discovered mindfulness practices

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and was drawn to guide professionals.

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Facing a big life change to achieve both financial security and life satisfaction.

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So we are thrilled to have her today.

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We're going to talk about how entrepreneurs can use money

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to live life on purpose.

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So thank you so much, Laura, for joining us today.

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I'm looking forward to our conversation.

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All right, one of the things I'm always interested in is how do people

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choose the career that they're in?

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So what took you on a journey to become a financial planner?

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As Jean said in the introduction, this is a second career for me.

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I was one of those nerds in high school that discovered that I could

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have a really interesting career.

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and make good money from it.

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I was the primary breadwinner of my family of five, three

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kids, and a wonderful husband.

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And so the second decade of my career, I just took it for granted.

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It's what I did for almost 10 years.

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I no longer enjoyed what I did.

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The environment changed.

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It was now the frat boys in college leveraging relationships to make money.

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And I started To think about leaving and my husband was very contrary, said you

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agreed to be the primary breadwinner.

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I said I liked what I did.

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I didn't realize I had signed a contract to continue to do it.

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And as Jeannie said in the introduction, I have found yoga and mindfulness.

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It made me aware that I was choosing to be a victim of my

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life rather than authoring it.

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If I was wearing a pair of tight shoes, I was the one who could

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make a decision to take them off.

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And so I started to teach yoga in my home in the evening.

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Wall street left me November, 2013.

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So it's been a little over a decade.

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And I thought I could teach yoga, but that too would require me being public.

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All us entrepreneurs know people don't just come to your door.

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When you hang out a sign, you have to be on social media.

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You have to be publicizing your business.

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And I felt between the two is a woman in my fifties with tight hamstrings.

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Should I build a yoga practice?

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Or should I take the decades of financial market experience

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and fluency and use that?

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To build a new business.

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And so I actually explored becoming a rabbi.

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I explored becoming a yoga teacher, which I did.

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And then I decided maybe being a financial advisor for women

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might be how I could meld as I've.

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I've said it yoga with money because there's so much

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anxiety and shame around money.

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So if I was someone who could create a safe space for people to talk about their

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money and organize and clarify their money that maybe that was my calling.

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So that was my decision in 2016 to start my firm True Abundance Advisors.

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Your journey there because deciding that you could take off the tight shoes, right?

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Like you were the person who could decide to take them off and realizing

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that just because the career had changed when you were on wall street didn't

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mean you didn't still have all this wisdom and knowledge and experience.

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And I love how you decided to shift it.

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To a more holistic approach on the institutional side of Wall Street.

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We always would like to say that of course, though we're managing money,

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let's say for Harvard's endowment, that is ultimately helping people get

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scholarships at whatever else, but it's not the same thing at all as dealing one

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on one with people and their emotions.

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And the stories they've grown up with around money and helping them both face

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it, acknowledge it and move beyond it.

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And you also work with people when they have like big life changes.

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That's always such a hard time.

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You're dealing with emotional things, family, friends, and then you've got to

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think about the financial aspect of it.

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I feel like when people are in that, in that stage, things coming

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at them from all directions.

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Yes.

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And it's an interesting point, Jean, in that most of the time when people

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call a financial advisor, there is some sort of transition going on.

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Could be as simple as I'd like to retire soon.

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Am I in the position to do it?

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Because it's not that easy to speak to a complete stranger about your money.

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There has to be some catalyst, something going on that has

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someone pick up the phone.

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And so I really.

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recognize and acknowledge that I'm dealing with people when they're already

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in a state of discomfort and transition.

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Now, do you work with a lot of entrepreneurs?

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I'll tell you, the truth is not really.

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I do.

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I myself became an entrepreneur.

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I've Recognize that it's important to keep my judgments and my

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values distinct from others.

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I'm thinking of two women in particular that when they started to work with

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me were what I would call Schedule C.

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They had their own businesses.

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Schedule C is an IRS tax form that enables you to write off.

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Plenty of expenses against your income.

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And while working with me became W2 employees.

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So chose to both of them to work with companies that they were consultants for.

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Everybody has different levels of comfort with uncertainty, with funding your own

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health insurance and other choices that we make when we decide to become an.

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Entrepreneurs.

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I've had nightmares about going back to work for an employer.

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My values are not their values.

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My comfort level with uncertainty is not their comfort level.

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Finding the right person to help them with their finances is so important

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because when your business is at a certain level, you file as an S corp, so you

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do get a W 2 even working for yourself.

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But You have all the pressure of your personal finances and

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then your business finances.

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And I think it can sometimes feel overwhelming to then think about

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how do I plan for retirement?

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But I like your idea of having the life on purpose.

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Many business owners start their businesses because they want

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to have control of their time.

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They want to have control over their finances.

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But we often know that they sometimes end up working 80 hours a week, so they

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don't have control over their time.

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And then they often don't.

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They're just so busy trying to make money.

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They forget to figure out how to invest in, or am I living based on my values?

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So what are some of your advice for everyone?

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Not just business owners around.

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Living a life of purpose when it comes to your money.

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I think that's a great question.

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We teach what we need to learn.

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Once I started to work for myself, I was the worst boss I ever had.

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I perpetuated the hours I kept on wall street.

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I was.

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Exhausted.

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I never had a break.

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I remember speaking to a coach.

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I think it's important to have a coach when you have your own business.

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And I use Calendly to have people schedule meetings.

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And I said, people are scheduling meetings at nine o'clock in

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the morning and I'm not ready.

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And I'm, and she said, Laura.

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Who controls the availability of hours on your calendar link?

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And I said, I do.

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And she said, why don't you not make that time slot available?

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And that was such an aha moment that I can, and certainly if clients need

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to meet with me at other times outside of what I now make available, which

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is 11 to five, I can make more time available, but I have a much more

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spacious morning than I ever did.

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And there's a lot of overcoming.

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Preconceived notions about what being valued is, right?

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I still see in myself how I, if I'm not busy, I'm not somehow valuable.

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And so in addition to Prosmet meetings and client meetings and onboarding

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new clients, I have a podcast and I'm publishing weekly, writing and

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trying to make time outside of work.

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I am still.

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Discerning what's the right amount of busyness and perhaps since I'm embedded

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in the culture like we all are, this will be a continual lifelong journey

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until perhaps physically I'm going to have to make different choices and.

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As I say as I work with clients, the first thing is to be aware.

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Awareness is the first step.

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If you're not even aware of what's behind choices you're making

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that might not be serving you, then there's no chance of change.

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I am in the awareness.

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State.

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I worked most of my career in a nine to five and it is a different mindset

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when you are in charge of your own time.

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You're so focused and you're so conditioned to be the nine to five

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and always busy and always working.

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So I hope that the mindfulness that you're learning is going to help you with.

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Just understanding your time and energy and, and being able to plan for that.

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And that was one of the reasons why I wanted to work for myself.

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I wanted to go on the field trips with my kids.

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I wanted to be able to go to the store in the middle of the day.

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If I need to go to the store instead of being, don't move from that desk.

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Yeah.

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So it's a different mindset.

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Yes.

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And as I listened to you, it's something for better, for worse.

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I raised three kids.

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I was the primary breadwinner, not the caregiver.

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My husband was, he became doctor mom for many years.

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Pulled himself back into a more part time position and I was not

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picking the kids up from the bus or being the mommy at school lunches.

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Now I have time to reach out to friends or women in the area

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who are also entrepreneurs.

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I'm part of a book club.

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This is new for me this year.

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It was exciting for me to be invited to a book club, to be in the company

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of women, which was something I did not have the ability to do for many years.

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I was either on a training desk with a bunch of dudes.

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Or home with my family.

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I think the whole pursuit of more.

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So we have to work more hours to buy more stuff.

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We have to work more hours to feel valued.

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Is that constant validation, whether it's through time we work or the things that

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we buy, I think it's a lesson we're always learning and trying to take control of.

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Focusing on the choices you made in the past, the choices you're making now

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and building the life that you love.

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That's a powerful message.

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How do you.

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Express that to your female clients when it comes to their money.

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Well, how do you help them get clear on their purpose around money?

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I'm thinking of a client I just recently started to work with who

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they've accumulated credit card debt and having difficulty saving.

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And then think about choices I made when I decided it was time to leave Wall Street.

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Spend less than you earn.

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When I made the decision to leave, I had a 6, 000 square

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foot house on an acre of land.

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The carrying cost of the house itself wasn't the issue.

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The cost of heating that house, the cost of getting the grass

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cut on that house was phenomenal.

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And the taxes, like I said, the mortgage was small.

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I had a vacation home.

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And I was funding that as well.

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I'm a skier.

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We would also take a vacation at least once a year to the West

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coast to ski and other vacations.

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And we wouldn't organize them themselves.

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We would use backroads or Austin Lehman or a company that was an expensive package

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so I could just write the check and go.

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I looked very closely at my spending.

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It was important to me.

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And I think we're at different stages at different times in our lives.

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I was in my fifties.

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I wanted to not use.

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My life to make money anymore, which I had done, I wanted to

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use my money to make a life and I sold the 6000 square foot house.

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I'm in a house that's half the size.

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I sold the vacation home.

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We don't vacation the same way we do.

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I still take the same vacations, but I'm not paying someone else.

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To arrange the whole thing for me, I am happier than I have ever been.

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I embrace the decisions and it's a process.

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So if I'm working with a woman who wants to leave her W 2 job and start

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company, we started looking at their, I look at spending in three buckets.

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There's the bucket that is your needs.

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Even if you lie in bed all month.

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and eat bonbons, you're still making these payments.

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You're paying your mortgage, your rent, you're paying your electric, you're

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paying your cleaning woman, things that are already committed to ahead of time.

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Those are harder to change, but we take a look at those.

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Do you need to live in this house?

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Do you need to live in the New York area, which is quite an expensive area?

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When you buy groceries, do you go to Whole Foods or do you go to Costco?

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How often are you shopping?

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How often are you going to?

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Concerts, ideally your needs are 50 percent or less of what you're bringing

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home or what you're anticipating bringing home so that there's still 30 percent

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of your monthly income that can go to fun and then another 20 percent that

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can go to savings and not only savings for when you're no longer working.

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But savings for the big trip you want to take each year, or savings for the charity

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you want to give each year, savings for your Christmas gifts, so you're not

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putting these things on credit cards.

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So when we're looking at making a life transition,

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those are the questions we ask.

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How much cushion do you have?

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How long can you go?

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To get your business up to speed because my first year or so I didn't

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make any money, actually spent some money to put, to put things in place.

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So how much leeway do you have?

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And I realized the privilege that I had, my kids were off the payroll.

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I had paid for their college.

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I had a lot of savings and now my academic husband is working and

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will have a pension when he retires.

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Do you have a significant other that can pay for your health insurance?

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So these are the kind of things that we look at and address as you anticipate

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making a change to move towards being your own boss and all the joys and

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uncertainty that comes along with it.

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Can I share a story with you?

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Something that happened today.

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So we have a client and she's become a very good friend and she's been

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a very successful business owner for the last decade, but she has

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never really looked at her finances.

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And in fact, when it comes to her finances, her anxiety goes.

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through the roof.

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So as a friend, I said, let me help you set up the software.

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It's called, you need a budget.

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com.

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And it's just going to help you figure out where your money's going.

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So it took us a while, but we got her business budget on there.

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It took us about six weeks for her to actually really figure out what

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she was spending in the business.

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So when you get the category set up properly, and then she

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did it for her personal and she did that with her husband.

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And it was really challenging.

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And she went away on vacation at the end of the year and she said, and

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she'd probably put 60 hours of work into this over the past three months.

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And she went on vacation and just sick the entire time.

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And I think it was just because of all the anxiety she had around

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just facing where her money went.

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So fast forward, she is now making conscious decisions about

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how she's spending her money.

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And it's so fun because she left today to go to a conference.

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And she said, she texted me from the plane and she said, so funny.

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Some of the women going to the conference are here and they're in first class.

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She said, I'm in the last seat by the toilet because I didn't want to

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spend an extra 15 to pick a seat.

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And she said, I feel good that I parked in the economy parking, even

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though it took me longer to get there.

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I got a quick walk in.

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I feel so empowered to make these decisions.

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Look on the bright side.

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When airplanes crash, they like crash nose first and you're in the back.

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So it's so empowering that even when financial times are hard, you at least

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have power, the power in the information.

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I've got to make more money or I've really got to cut some costs or whatever it is.

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But I think that is the first step for people on designing their life.

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Thank you for that story.

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I recommend to my tech savvy clients to use something called Tiller, T

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I L L E R, and it's a spreadsheet.

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It costs 75 a year.

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You could either do it in Excel or Google Docs.

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And you connect your accounts to it.

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It auto categorizes for you.

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Once you set up some categories for recurring transactions, then I, every

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Sunday, log on and see what's falling into that bucket that I call bills get paid.

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And then what's the fun spending?

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Am I keeping to my imagined budget?

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I started to work with a couple who had a lot of anxiety, exactly like

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your friend described about, Oh my God, every time they spent money, they

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felt like they were doing something wrong and they set up the spreadsheet.

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They shared it with me.

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I walked through it with them and I said.

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You're fine.

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Oh, yeah.

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Like, how does this sound?

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You're fine.

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You're spending within your means.

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You could see the relief.

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We make up stories based on how we grew up.

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And then we're terrified to look because we imagine our story is true.

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And I really feel again that it's a blessing, the work that I do for people.

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We haven't yet addressed.

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Investing their money.

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Most of the time people think that's all of what I do.

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Yeah.

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And I think you hit the nail on the head when you said it's all about your mindset.

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Because for our friend, the perception in her mind that she wasn't in first

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class, like everybody else was, you'd have to think about it as no, because

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I'm prioritizing where I'm spending my money and that's not necessary for me.

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So you have to feel good about those kinds of decisions.

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When I first started my business, I didn't have an office.

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So I would go to other people's homes.

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I still remember the first day, one of the first weeks I had two meetings.

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One was with an older woman.

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She was in a row house in a neighborhood in.

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Westchester, she had one of those little glass menageries on her on the table

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and she was wearing a lovely polyester pantsuit and her big night out was

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going to the church to play bingo.

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She had millions and millions of dollars.

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The next meeting I had in a beautiful home with floor to ceiling windows looking

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overlooking the pool in the backyard.

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They had a beautiful piano.

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They had under a million dollars.

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The husband was close to retiring.

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They were not going to deny their kids who were about to go to college.

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No matter where they went in, they were going to pay the tuition.

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I said to them, what's your plan?

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Are you planning to win the lottery?

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Are you expecting an inheritance?

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It was so Frightening to me.

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You don't know who's sitting in first class.

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You don't know if they're putting them on a credit card

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and don't have a pot to piss in.

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I mean, it really, how people dress, the cars people drive, how people carry

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themselves, how they spend, often has little correlation to their net worth.

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And that is what I've learned from this work that I do.

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So true, Laura, I could talk to you all day long, but I want to thank

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you so much for coming on and helping us think a little bit bigger and

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prioritize things, especially when you're thinking about some big life changes.

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Thank you so much for being with us today.

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I do want to say one more thing because I know we're all business

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owners and of course money is a scarce resource that we manage and

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so is our time and so is our energy.

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And so we really have to be thoughtful about how we allocate all three of those

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resources and they're tied together.

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So true.

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And you have a resource for us.

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It's called Unblock Your Money Blocks.

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It is at trueabundanceadvisors.

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com slash workbook, and we'll put a link to that in the show notes below.

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We will also put where people can schedule a call and talk to you more

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about how you might be able to help them.

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Thank you so much again, Laura.

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This has been an absolute pleasure.

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My pleasure.

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Thanks for listening to the six figure business mastery podcast.

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