Overcoming A Scarcity Mindset & Saving Six Figures

The Financial Diet

TFD

Business

4.3 • 548 Ratings

🗓️ 18 September 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Go to Zocdoc.com/tfc and download the Zocdoc app to sign-up for FREE and book a top-rated doctor. Thanks, Quility! Learn more at quility.com/tfc Chelsea talks with Michela Allocca, author of Own Your Money, about building good money habits, saving six figures, and using apps like You Need A Budget. ***** MORE FROM TFD Join our membership program, The Society at TFD on Patreon to get exclusive ad-free bonus content + access to tons of other perks like our members-only book club: https://www.patreon.com/FinancialDiet The Financial Diet site: http://www.thefinancialdiet.com Facebook: https://www.facebook.com/thefinancialdiet Twitter: https://twitter.com/TFDiet Instagram: https://www.instagram.com/thefinancialdiet/?hl=en

Transcript

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0:00.0	Hello, everyone, and welcome back to an all new episode of the financial confessions. It's me,
0:06.0	your host, Chelsea Fagan, founder and CEO of the financial diet and woman who loves talking about
0:11.1	money. And it's been a while since we've done an episode of TFC that is just getting sort of back
0:16.9	to basics and nuts and bolts about getting good with money, saving money, paying down debt,
0:22.6	investing, and doing all of the things that we really should be doing to whatever extent it's
0:28.2	available to us, but often many of us just don't know how to. We don't know where to start.
0:33.3	The numbers can feel really overwhelming. And particularly when we're younger, when we're maybe not
0:38.3	earning as much or we're carrying a lot of debt from school, we don't really have much to work
0:42.7	with generally. It can feel like an absolutely overwhelming task to save anything, let alone like my
0:49.3	guest did today, save six figures by the age of 25. That being said, if you've been watching TFD for any amount of time, you know that getting good with money is not the sort of thing that needs to wait until you have a lot of it, or until you're a certain age, or until you can afford to save a certain amount every month.
1:07.0	Having better habits with money is above all just putting in place a certain set of
1:11.7	practices that apply whether you're working with $10 a month or $10,000 a month. My guest today is
1:18.0	someone who really epitomizes embracing that mindset and who has done it to, as I mentioned,
1:23.7	the tune of saving and investing $100,000 by the very tender age of 25.
1:30.3	She talks a lot on her channel and in her book about all of the different methods and
1:35.4	mindset shifts that really allowed her to not only save this amount, but also to change
1:40.9	her relationship with money and embrace a lifestyle financially that is both sustainable and enjoyable.
1:47.7	My guest today is creator and author, Michaela Alaka, and I'm so glad to have her with us today.
1:52.8	Hi, Michaela.
1:54.0	Hi. Thank you so much for having me. I'm really excited to chat.
1:57.6	Thanks to Quility for supporting the financial confessions.
2:00.4	Get life insurance in 10 minutes or
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