Welcome back to the Balancing Busy Podcast! Today, we’re diving into part two of an incredible conversation about building wealth with guest Dr. Sharita Humphrey. If you missed part one, don’t worry, hit pause right now, go back and listen, and then come right back here. You won’t want to miss any of the golden nuggets we’re about to drop.
This episode will help:
👉Aspiring Wealth-Builders take control of their financial future and embark on a wealth-building journey, regardless of their current income level or background.
👉Anyone who has struggled with a negative money mindset or felt overwhelmed by financial challenges.
👉Women who want to take charge of their financial well-being, regardless of their current financial situation.
Mindset: The First Step to Building Wealth
Alright, let’s get straight into it. We’ve been talking about the importance of mindset in the journey to building wealth. Now, some of you might be thinking, “Leah, changing my mindset sounds tough.” But guess what? It’s not as hard as managing your money. Why? Because we’re thinking creatures. We run thoughts through our heads all day long. Can I really do this? What if I fail? Sound familiar?
So, where do we start with this mindset shift? First and foremost, we need to start speaking positively about our money journey. If you’ve never been taught about money, it’s not your fault. Many of us weren’t. It’s a “we” problem, not a “me” problem. Start by educating yourself about money. Pick up books, listen to podcasts, and seek knowledge.
Forgiving Yourself and Embracing Change
Now, here’s something crucial: forgive yourself. If you’ve overspent, made money mistakes, or been afraid of money, it’s okay. Understand that money mindset plays a significant role in your wealth journey, and change begins with forgiving yourself for any past missteps. It’s all part of the process.
Remember, building wealth is a journey. It’s like climbing a ladder. You start on the first rung, and with each step, you get closer to your goals. Don’t worry if you don’t have a lot to invest right now. Time is your greatest asset. As you progress, you’ll have more to invest.
When is it time for a financial advisor?
So, do you need a financial advisor on your wealth-building journey? The answer is not a one-size-fits-all, but rather, it depends on where you are in your financial life. If you’re just starting out, there’s no harm in scheduling a consultation with a financial advisor. This initial step can provide you with insights and a roadmap tailored to your unique situation.
The Power of Education and Learning
Education is the new currency when it comes to building wealth. We live in a rapidly changing world with new opportunities and technologies emerging all the time. To stay ahead, you must commit to self-education. This doesn’t have to mean going back to school; it means investing time in learning and growth.
Educate yourself about money, investments, and wealth-building strategies. Some of mine and Sharita’s favorite money books are: “The One Thing” for focus and productivity, “The Millionaire Next Door” for financial insights, and “The Big Leap” for breaking through limitations.
Time Freedom: What You Really Want
Now, let’s talk about a different kind of freedom: time freedom. Building wealth isn’t just about financial freedom; it’s about having the time to enjoy your life. More time allows you to focus on passive income streams and investments that can generate wealth for you.
Imagine having time to pursue your passions, travel, or simply relax with loved ones. When you invest in time freedom, you open up opportunities for financial freedom. But remember, wealth is not built alone; surround yourself with supportive, like-minded individuals who share your goals.
I hope this two-part conversation about building wealth has inspired you to take action. Remember, it’s never too early or too late to start.
Thank you for joining us on the Balancing Busy Podcast. If you found this episode valuable, share it with your friends and family, and don’t forget to leave a review. Your feedback helps us grow and reach more people.
Until next time, keep learning, keep growing, and keep building your path to wealth and time freedom. You’ve got this!
Links You Need:
Connect with our guest, Sharita Humphrey
The Big Leap by Gay Hendricks
Happy Money: The Japanese Art of Making Peace with Your Money by Ken Honda
The One Thing by Gary Keller
The Millionaire Next Door: The Surprising Secrets of America’s Rich by Cotter Smith
Let me know what you thought of this episode by connecting with me on Instagram
Other Episodes You’ll Love:
Demystifying Cryptocurrency ( Ep 61)
Stop Stressing About Money ( Ep 56)
[00:00:00] Leah: welcome to the Balancing Busy Podcast. I am Leah mle and we are talking about wealth Today. I have Sheta Humphreys on with me. This is actually part two of a two-part podcast episode, so you’ll be a little bit lost if you jump in right now. So I wanna just encourage you, take a step back, listen to part one, the podcast episode right before this one, and then come back to this one.
[00:00:22] If you’ve already listened to part one, then you are on a cliffhanger. You are ready to find out how we actually build wealth. Now that we’ve talked about just these mindset shifts that we’ve gotta have, the conversation, of course, is gonna continue that direction. We’ve got so much more to talk about because the real truth is we need something that is sustainable.
[00:00:39] We need something that we can continue with so that this isn’t just a pipe dream, it becomes a reality for each and every one of us that we truly feel like we have wealth, and it’s possible no matter the income bracket. I love how Sida made that so clear right from the beginning.
[00:00:54] So let’s pop right back in.
[00:00:57] Welcome to the Balancing Busy Podcast where I help time-starved business owners cut their hours without losing income, dropping the ball with clients, or hurting the customer experience. I’m your host, Leah Rema. Life since 2009, I’ve built six and seven figure income streams while working part-time hours.
[00:01:21] This is possible and you are capable, so let’s jump in.
[00:01:31] So how do we shift to truly starting to build wealth? So one of the things is mindset. Mindset has a direct impact on behavior, how we feel about it. And sometimes number one, mindset, it’s gonna be important to shift it. That can be, that’s gonna take a lot of work, but the mind, the mindset shift is not as hard as managing your money.
[00:02:03] I know that sounds, you know why? Because we run thoughts all day. You’re like, can I really do this? Man? I see so many people doing this. So that’s why it’s important to start doing mindset work, talking and speaking positively about your money journey. And making sure that you hold you accountable. ’cause there’s no, and getting an accountability partner ’cause the money like diets.
[00:02:26] That’s why you have people who are personal trainers and that’s why you have people who look at things and do videos because guess what, we, all of us need some type of help. Doesn’t matter where we’re building wealth, but especially with changing our money mindset. If we didn’t come from money, if we didn’t have money conversations, Or if we’ve been, if we did come from a background where we had money, but we didn’t honor the wealth that was, um, transferred to us.
[00:02:54] So understanding, to be able to forgive yourself of the lack of knowledge or the lack or overspending, because if not, guess what? It’s always gonna be a hurdle as you start to build wealth. So forgiving yourself if you’ve overspent. If you’ve become someone like me who started to be a money hoarder because you’re like, oh, I hit financial Rob, I’m not spending any money now.
[00:03:23] How was I gonna be able walk that way? Right? My money’s only gonna do so much for me. If it’s just sitting, it’s not gonna do anything. It’s like if I just put it under the mattress or keep it in my purse, how is it gonna multiply? Most of the time, I’m just gonna either spend it or be scared of it. So understanding that money mindset plays a huge role in wealth.
[00:03:44] But understanding your behaviors are something that you control. Mm-hmm. But you have to be able to control the things that could negative, give you a negative behavior pattern because sometimes there’s, just because we see a flash deal, is it a deal just because somebody upgrades their vehicle. Do you know if it’s stressing them out to keep that vehicle?
[00:04:11] If it’s just a look, like she said, is it, are you just trying, are they looking rich to you? But on the in, but if you were to look at their financial wheelhouse, they’re, they’re poor and they’re just above keeping their head above water. Because remember, wealth, I mean, rich is just like social media. It’s only gonna show you highlight.
[00:04:37] You, you only get the highlight reels in, in 90% of people’s stories posts. That’s why transparency always goes viral. You don’t have to be viral with everybody else with your money journey unless that’s what you want to do. But what you can do is be transparent with yourself and say that it’s okay for me to spend my money and be a little bougie if I, if, because I work hard.
[00:05:06] But it’s also okay for you to say, you know what, no, I can’t afford that. And it’s okay for me, wait for to, for me to save for it. So that way I can enjoy the experience because have you ever went and done something and you bought something? It felt good at the moment. But now you look at it and it feels like a curse or a burden.
[00:05:29] So wasn’t, it wasn’t even, it was only a quick fix. Right. So we have to manage the quick fixes for the, for the long term gains. Yes. We have to get honest about right where our money is going, and if we are setting ourself up for. Quick wins or, or instant gratification or long term success. Because, you know, you mentioned, do I have the money for this?
[00:06:00] But I think there, there are some, for some people that’s very much where they’re at, right? Like, do I honestly have the money for this? And, and we need to acknowledge where we are and just know wherever you are right now, you can shift, you can level up, right? You are capable. Right. But I want to point out for those who who do have the financial means, there are times where it’s not about do I have the money?
[00:06:25] Yes, I do, but is it the right place for me to put that money because if I add up all those different things, right? Right. I put those together and I’m like, Dang, that’s a lot of money. And where could I have put that instead? Is there somewhere that I could have put that that would’ve served me right?
[00:06:46] Even better than, you know this right now thing. That, that, and it would make you more money if you, it would’ve make you even more money because if you would’ve invested that money, talk to, you know, and talk to your advisor, talk to someone or your wealth team and just ask them, you know, where else can I do, you know, I have this money.
[00:07:09] I’m, I’m able to afford more things than most. But I see that my purchases and that my spending habits are really adding up to something and I’m not, I’m getting, I’m happy at the moment, but it’s not memorable. Right. Because it’s a difference between having a moment and being memorable and something being memorable.
[00:07:30] That’s good. Yes. Well, and just looking at, you know, we can have all the things now, but if you ever have those moments where you’re having a bit of panic of like, Right. Like, what, what is my financial security look like at retirement age? Then that’s, that’s the, that’s the wake up call to try to make those shifts and get ourselves set up to know that, that we’re gonna be safe.
[00:07:56] I think one thing that will be interesting, I don’t know if that’s the right word, but to kind of see what happens is, You know, our generation and certainly the generation coming up behind us, the millennials, we, we love and anyone listening to this, we love the idea of working for ourselves. We love the idea of building, um, our own dreams, but with that comes a responsibility of figuring out what our retirement is going to look like because we’re not taking that conventional.
[00:08:34] Which, and I’m gonna say I don’t think it’s the best way. There’s a reason I’m an entrepreneur. I think this is the best way, but there is nobody, Sena and I were joking about this beforehand, there’s nobody matching our 4 0 1 ks. Right. When you’re an entrepreneur, like you have to be I’m the match. Yeah.
[00:08:52] Yeah. You have to be thinking about. Your future and setting yourself up for long-term success. So you mentioned, you know, you’re, you’re ready to look at investing and you know, you could go to your financial advisor. At what point do you get a financial advisor? Should everyone have one? Is there a certain income bracket that starts looking at that?
[00:09:19] What? What do you think? I think that one of the things that you have to look at is that you want to know going in. So we have some people, like you said, some people have, where they have expendable income, they have more than enough, they can talk to a financial advisor. They can lay out a plan for that.
[00:09:38] But one of the things I want people to know who are starting the journey or may not be there just yet is to, it’s nothing wrong, but just having a consultation. I. But just picking up and having, scheduling a meeting so that way at least, you know, before you get there, keeps the momentum. Do those things so that you’re planning, it’s nothing like building, starting on the floor and going up the wall.
[00:10:04] It really gives you something to look at. And then they will let you know based on where you are, what you, where they feel like they can come in to help you expand your financial portfolio. Because if you’re, you’re trying to just keep your head up above water or you’re listening to this and you feel like you’re already drowning, then you really don’t have much to invest with, right?
[00:10:27] But you guess what time is the best thing, because guess what? As you start to build and you start to really be able to get your blasts and start to swim, and you get your wings, and then you can fly, guess what? You can start to in, you can start to look at people, but it would, I, I would say always never counted out.
[00:10:49] I didn’t have but a few hundred dollars in the bank and I remember asking to speak to a banker. I know I was probably, I was a little bit if my mom told me I’m a rebel, I think I a trailblazer. It takes, you need some trailing abilities to go into entrepreneurship, but I wanted to know what did I need to do.
[00:11:10] To build a better banking relationship, and they told me they’ve cost me anything. All I did was ask a question. So many times we don’t even start the wealth journey by asking the people who are attached or can explain and connect you to wealth. You need to know what you’re going into. How can you plan for wealth if you don’t have any idea about it?
[00:11:30] Oh, yes, but that’s reading. Reading or talking to people who can say, when you’re here, here’s some of the next steps. So guess what? They’ve laid out your blueprint for you. So you know, at least it may not go all the all as planned, but at least you have something to follow. Mm, I So, as you were saying that, I, you know, I, the thing that kept coming to my mind, and I love that you finished it with it, was number one, education.
[00:12:00] Like educate yourselves, ladies. We are capable of learning and understanding money. No one taught any of us there. Well, some, someone, someone got taught, but it wasn’t me. It wasn’t Sharita and it probably wasn’t, there was no good financial class. No, it’s just, it’s shocking to me that this still isn’t part of our education system, but it’s just not, we’re not taught these things.
[00:12:26] So don’t feel like there’s something wrong with you. This is, this is a we problem, not a me problem, right? So first of all, you’ll get yourself educated. Pick up some books, find some podcasts about money. Start listening and start learning, right? And then the second thing is, S start having some conversations, schedule those consultations, and don’t ever, ever, ever schedule just one.
[00:12:49] Never. If we are talking about an accountant, if we are talking about a financial advisor, a financial planner, or a tax um, planner, any of those things do not go with the first person always right? Always schedule at least three. Number one reason, right? You’re not gonna believe how much you learn. You are gonna be shocked how much.
[00:13:09] Acumen, you even pick up because like I remember the first time I needed an accountant, right? And I, and I, um, my very first experience, I did it the wrong way. I went to the very first person, you know, I asked, does anybody know someone? Someone said, oh, this is who we use. I didn’t even think to ask the follow-up question, do you feel like they’re doing a great job for you later?
[00:13:30] I totally found out they didn’t. They just had an answer, right? So I went with them, did what? It was not good the second time. I got smarter and I set up interviews and I talked to several different CPAs and I was shocked how much I learned just talking to three different CPAs. And on top of that, obviously I found someone who I felt was best suited for me and, and my financial situation, which, you know, in my senses as an entrepreneur, it’s different than.
[00:14:00] Then if I was in corporate or whatever it might be, I had a W two. And so I learned so much. And then the next thing was I started picking up books. I started actually reading books about money and, and Sida, I agree with you so much. The first step is mindset. And so, you know, my first books were just trying to learn and understand.
[00:14:23] I, I started with like very technical and then I realized I’m not ready for that yet. And I went to the mindset work and figured that stuff out and then I went back to the technical and then it was a lot easier. So the last question I wanna ask you is, what are your favorite money books? Like, where, where are your favorite places to go that have really inspired and helped you?
[00:14:45] So, of course one of my favorite books, um, it has a little bit of mindset. But it’s also has been a thing that helped me with building money, you know, building wealth. And I’m still on My Wealth Journey is the book, it’s called The One Thing. Oh yeah. Yep. I love The One Thing. Yep. Um, another one of my favorite books.
[00:15:07] My, you know, that helps me because Remember, um, wealth Starts With You. Um, is the Millionaire Next Door. Yep. Love that book. Yep. And I love, love, love. For those who are will, who are thinking about creating wealth, going to an entrepreneur. If you’re sitting in your nine to five listening to this, or you’re in your cubicle or driving to work or um, sitting at home like, how do I do this?
[00:15:32] I love the book, the Big Leap. Oh, so good, simple. Simple, but so mind blowing that it opens your mind up to so much that you start to look at your money, you start to look at your behaviors. You start to look at your life and your lifestyle, um, and how it is to be able to take that leap. Because many times we won’t leap until we’re forced, and that’s when many times we’re in panic mode.
[00:16:02] But when you can leap in peace, It opens up so, so much to you that you are like, why didn’t I do this before? What was I so afraid of? And so that’s the same thing that equates to us managing and even having a budget because we’re like, I don’t really have anything to budget. Or if I do, I don’t really care about a budget at this month.
[00:16:25] I have more than enough. But guess what? You could still have more than enough just because you are making you have money. There’s still money out there. That’s why you have people who are like Elon Musk, who are still creating things to make even more money, and even though he’s a billionaire, a hundred percent.
[00:16:45] I mean, the thing is, is my husband and I have had this, we’ve had this conversation. I don’t really plan to retire. I plan to not have to work, but I don’t really, outside of, you know, maybe health things, I don’t really want to or picture myself. Not working. I love working. It brings me joy even when I have a day.
[00:17:08] And there is, I don’t, you know, everyone’s gone. That, that actually happened to me a couple weeks ago. Hubby was gone. All the kids were gone. I had a whole day and a half completely to myself, and everyone was like, what did you do with it? And I was like, I worked and I was so happy. Like it brought me joy.
[00:17:27] So, I, okay. I, first of all, I cannot stress enough if you have not read the Bick Leap. That’s by Gay Hendrix. It is mind blowing everything, life changing the most. I read it last year. Most powerful book I read. The entire year and I read a lot of books, so yes. Oh my gosh. Yes, yes, yes. I will link to all of those in the show notes.
[00:17:53] The other book that I would add is, um, happy Money by Ken Honda. I hope I’m saying it right. I’ll have it in the, in the show notes. I’m pretty sure it’s Happy Money. Um, so powerful with the mindset of money. It is really based around the Japanese philosophy around money and was just so enlightening to me and really shifted the way I see money, which is I think, you know, a very American, um, western way of, of looking at money and, and it was just really, really powerful.
[00:18:30] So that is another one that I would add that, um, I’ve really enjoyed with helping me with my money mindset and, and learning those things. And then, So I’m definitely gonna pick that. But yeah, so you just added something to my book list for this, uh, for this year. But yes, I love learning. Um, learning is something, the new currency to building wealth is education.
[00:18:55] Education is the new currency. Not education in a traditional sense, but self-education. Yes, self-development. And that’s the thing, thing, like this is something we can all recognize and understand things are happening. So fast. Now, this isn’t gonna go live for for months, but this week is the week that Threads came out.
[00:19:14] And you know, like, I’m just gonna use that as an example, because we have a new social media platform that has shown up literally this week. We can either get educated, learn about it, use it, or decide not to use it, or we just bury our heads in the sand because we’re intimidated. That’s not gonna serve us Chat, G P T.
[00:19:35] Guess what? AI is here. It is not going anywhere. We’re either gonna learn how to utilize it or we are going to get left behind. One of the things that I think makes a little bit more of a level playing field, especially for us as women. Is that there are new things coming out all the time, and if we just choose to take an attitude of, I’m, I’m gonna dive in, I’m gonna learn, I’m gonna figure this out, I’m gonna see if it’s gonna serve me, then guess what?
[00:20:04] No one’s further ahead than you because it’s new for everybody. You know, I’m thinking about how cryptocurrency, and, I mean, there are a lot of. New. There is literally a new form of currency that has been created over the last, right. You know, it was several, several years. Several several years. Yeah, several years.
[00:20:25] How crazy is that? You know? And so we can either choose to learn a little bit about of it, get an understanding of it, and then guess what? We’re right there with, with, you know, we’re above the majority, really, or we hide from it. So I’m just gonna encourage, like, especially when we’re talking about wealth and money, I get the desire to hide from it.
[00:20:47] I’ve done it, I understand it. It’s scary, it’s intimidating. They use very big words and very big language. Guess what? It was all developed and designed on purpose to make the rest of us feel intimidated and believe that we needed other people to do it all for us. But that is not true. We can get our own education.
[00:21:06] There is so much knowledge out there and if we’ll just invest time, not even money, just invest some time into learning these things, we are gonna be so much further ahead and then we can start making moves. Yes, I, I agree with you and you mentioned time. And so lastly, time freedom. We all search for, you know, we wanna be debt free, we wanna be able to buy the things that we want, but time freedom will allow you to be if you have more time.
[00:21:38] I tell this to my clients, I say this, um, on many, all the platforms I speak on, I’ve been able to create the most money that I’ve ever been. Not just as an entrepreneur, but because I have more time. Because if you have more time, Then you have more time to really be able to focus on the things that are gonna be passive income generators.
[00:22:00] Mm. That are gonna be things that are gonna help. Because a lot of times we’re chasing financial freedom, but many times people tie so much into financial freedom that they lose time with themselves, their loved ones, and by the time that they look up, so much time has passed by. They didn’t even enjoy.
[00:22:19] All of the great things that they were doing and the lifestyle that they were creating because they were self-focused on creating financial freedom when you create time freedom and you focus on that, what would you do with that time? Then guess what? You’ll start to generate financial freedom, thoughts, ideas, and you’ll start to connect those dots so that way your blueprint is mapped out for you and write it in pencil. I started to do that or put it on a city.
[00:22:50] You know why? Because you can always change those things. You can create something new. You are wealth journey will change. Your number doesn’t get changed too. But the path on how you get there, just be open to it and create benchmarks and milestones and create and keep listening to podcasts like this.
[00:23:07] Picking up books about mindset, picking up books about money, but ultimately surrounding yourself by life-minded people and women who support you on this journey, because wealth is not built alone. Mm. So good. So good. Okay. Sida, tell everyone how they can find you and connect with you
[00:23:29] you can connect with me email@example.com. My dms are open. I love to connect. With people. I love to be able to answer questions. I’m over on Twitter, LinkedIn, Instagram and Facebook. I have a free Facebook group. It’s called the Money Mindset Movement. We talk about ways to be, there’s trailblazers, there are a group of trailblazers who are like-minded, and we’re all creating wealth together.
[00:23:55] Mm. I love it. Oh, so good. Okay. Thank you so much for being part of this episode and just sharing your knowledge with us. I’m so grateful. And to all of our listeners, thank you so, so much for being part of Balancing Busy. I’ll see you next week.