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From Worries to Wealth: How to Shift Your Relationship with Money

Dominique Broadway
September 22, 2023
From Worries to Wealth: How to Shift Your Relationship with Money

Introduction

We all have our own motivations to want to become wealthy - whether that’s future-proofing our lifestyles, investing in our family’s well-being, or simply wanting to be able to treat ourselves from time to time. But the disappointing fact is that the secrets to getting wealthy aren’t always as accessible as a lot of hustle-culture media might make it out to be. There’s way too many members of the 1% that insist that all it takes is hard work to become wealthy. The rest of us at the 99% know that it’s never that simple.

But this is what this blog post is for - there are ways to help ourselves shift our relationship with money that isn’t already having a certain amount of money to invest in. Those that already have a leg up in life would never be able to give actionable advice for some of us that may have two jobs to pay for our bills.

Enter: Dominique Broadway. 

In Sherrell Dorsey’s podcast, Road to Reinvention, she invites Dominique Broadway, a financial expert mom of two, author-speaker-founder of award-winning financial company Finances Demystified to speak about her experiences and how she went from teen minimum-wage earner at Target, young-adult investor and intern with UBS, up and coming business owner into the financial expert mogul that helps people make better financial decisions by meeting them where they are and working with what they have.

On S2 EP2: Pursue Impact and Wealth will Follow with Dominique Broadway, Dominique recounts the point in her life where she was approached by her friends for financial guidance, her mentor discouraged her from helping the underserved 99 percent, believing that she wouldn't make money assisting those without wealth. Nevertheless, she followed her conviction and knew that helping more people was her calling, even though they might not have millions in the bank. 

“Focus more on the impact, less on the money.”

Dominique wasn’t without struggle and was thriving externally with her financial coaching business, helping clients succeed, but internally facing financial struggles. She experienced significant financial setbacks, including car repossession and a lawsuit from her condo association. Eventually, she reached a breaking point and decided to seek help from her family, opening up about her struggles and admitting her financial difficulties. Through this process, she learned the importance of communication and how sharing her own struggles allowed her family members to open up about their experiences as well. She learned to lean on her available support system, took her own advice, asked for professional help whenever she could and now echoes her learnings to hundreds of clients, helping people along the journey of shifting their mindsets about money in order to become wealthy. 

Here are her recommended shifts in mindsets:

Shift 1 - Money is Only a Tool

Much like Dominique’s journey, we understand that money is important to be able to make wealth-aligned decisions. Money allows you to invest, start businesses, and pursue higher education, propelling people towards financial success.

What this is is that money empowers individuals to make choices that align with their values and aspirations. It gives them the freedom to focus on their passions and purpose, without the burden of constant financial worries. With financial stability, individuals can take risks, invest in their ideas, and pursue opportunities that align with their values, ultimately leading to a more fulfilling and successful life.

But money alone does not guarantee success. It is how one utilizes money and the choices they make with it that determine their path to success. Financial literacy and education play a crucial role in understanding how to manage and grow money effectively - allowing you to make informed decisions about money is what transforms it from a mere currency to a powerful tool for success.

Shift 2 - Value Your Worth

With money as the tool, we can turn our focus to the real assets - our worth and capabilities.

Learning to value one's worth begins with self-awareness and self-reflection, taking the time to understand our strengths, skills, and unique qualities that bring joy and a sense of accomplishment. By celebrating personal achievements, setting and achieving realistic goals, and acknowledging growth, anyone can develop a positive self-image and learn to value themselves.

Increasing your value can take more actionable forms as well. You can work on developing new skills, seeking knowledge, and step out of your comfort zone. Networking in your industry can also help you get ahead in ways you might not realize - surrounding yourself with supportive and positive influences can also contribute to increased self-confidence and self-worth. Engaging with like-minded individuals, seeking guidance from mentors, and fostering healthy relationships can all play a part in elevating self-esteem.

When you’re around like-minded people, you can have access to a constant source of inspiration and insight on the specifics of becoming wealthy in your chosen field - so long as you’re careful as well about the trap of envy. Comparing oneself to others less and focusing on personal growth and progress can help you appreciate your own unique journey and worth - because everyone’s story and circumstances are different. Setting boundaries in personal and professional relationships and add value in your communities as much as you’re getting value out of your support systems.

Shift 3 - Build Great Relationships with Money

Building great relationships with money involves adopting healthy financial habits and fostering a positive mindset. Taken from Dominique’s experiences, here’s a couple of actionable steps to get started on that healthier relationship with money:

Educate Yourself: Take the time to learn about personal finance and money management. Read books, attend workshops, and follow reputable financial experts. Understanding the basics of budgeting, saving, investing, and debt management will empower you to make informed decisions with your money.

Set Financial Goals: Define clear and realistic financial goals. Whether it's saving for a specific purchase, building an emergency fund, or planning for retirement, having well-defined objectives will give you direction and motivation to stay on track.

Create a Budget: Develop a budget to track your income and expenses. Categorize your spending and identify areas where you can cut back and save more. A budget helps you maintain financial discipline and ensures that your money aligns with your priorities.

Build an Emergency Fund: Set aside three to six months' worth of living expenses in an easily accessible account. An emergency fund acts as a safety net during unexpected events and prevents you from falling into debt.

Diversify Your Income: Explore opportunities to increase your income, such as side hustles or freelancing. Diversifying your income sources can create financial security and help you achieve your goals faster.

Practice Mindful Spending: Be mindful of your spending habits. Differentiate between needs and wants, and avoid impulse purchases. Before making a significant purchase, take some time to consider its importance and long-term impact on your finances.

Pay off Debt Strategically: If you have debts, create a plan to pay them off strategically. Prioritize high-interest debts and consider consolidation or refinancing options to reduce interest costs.

Start Investing Early: Begin investing as early as possible, even with small amounts. Take advantage of compound interest to grow your wealth over time. Consider seeking advice from a financial advisor to align your investments with your goals and risk tolerance.

Review and Adjust: Regularly review your financial progress and adjust your strategies accordingly. Life circumstances change, and so should your financial plan. Stay flexible and open to adapting your approach as needed.

Cultivate a Positive Money Mindset: Challenge any negative beliefs or fears you may have about money. Adopt a positive mindset that sees money as a tool for achieving your dreams and living a fulfilling life. Focus on abundance rather than scarcity.

By following these actionable steps, you can build a strong and positive relationship with money, leading to financial stability and a sense of empowerment over your financial future. Remember that building a healthy financial relationship is an ongoing process, and small, consistent actions can make a significant difference over time. 

Shift 4 - Preparing for the Worst-Case Scenario

Having a wealth-oriented mindset only really works if you build a strong enough foundation to help stand the test of time. So on top of those previously mentioned steps, here’s a deeper dive into some of the future-proofing steps. 

Firstly, it's essential to establish an emergency fund. Set aside three to six months' worth of living expenses in a separate, easily accessible account. This fund acts as a financial safety net during challenging times, such as unexpected job loss or medical emergencies, helping you avoid relying on credit cards or accumulating debt.

Secondly, review and update your insurance coverage regularly. Ensure you have adequate health, auto, home or renter's, and life insurance policies. Understanding the extent of your coverage and any potential gaps will offer peace of mind and protect you and your loved ones from significant financial burdens in times of crisis. Additionally, consider disability insurance, which can provide income replacement if you're unable to work due to an injury or illness. By being proactive and well-prepared, you can face challenging situations with more confidence and financial stability.

Shift 5 - Working Towards Empowerment

People who want to fix their relationship with money can take actionable steps towards empowerment by seeking financial education and guidance. There are various resources available, such as workshops, online courses, and books, that can provide valuable insights into money management, investing, and debt reduction. By acquiring knowledge and understanding financial concepts, individuals can gain confidence in making informed decisions about their money, leading to a sense of empowerment and control over their financial future.

Seeking the support of a financial advisor or coach can be highly beneficial - whether you find their advice for free on insightful podcasts or one-on-one consultations. A professional can provide personalized guidance, tailor financial strategies to individual goals, and hold individuals accountable to their financial plans. Working with a financial expert can help individuals navigate complex financial situations, set achievable goals, and stay motivated on their path towards financial empowerment. By taking these steps, people can not only fix their relationship with money but also work towards achieving greater financial freedom and security.

How to go further

These shifts in perspective and actionable steps can guide individuals towards building great relationships with money and achieving financial empowerment. Money is indeed an essential tool, but its true power lies in how it is utilized to align with one's values and aspirations. By valuing oneself and cultivating a positive money mindset, individuals can set themselves up for success in managing their finances and making wealth-aligned decisions. Preparing for the worst-case scenario adds another layer of security, ensuring a strong foundation for future financial stability. By seeking financial education, professional guidance, and taking proactive steps, individuals can work towards empowerment and take control of their financial futures, ultimately leading to a more fulfilling and abundant life.

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