About the Episode
Financial literacy is one of the life skills many of us have a hard time developing and don’t pay attention to. When it comes to moms, managing money can easily become a headache as they already have a lot on their plates. And with all the tech quirks of modern society, such as influence social media, it can be even harder to make savvy financial decisions. That’s why we decided to have a deep conversation with someone who specializes in helping moms develop their money management skills. Catherine Alford, the author of ‘Mom’s Got Money: A Millennial Mom’s Guide to Managing Money Like a Boss,’ joins us on the podcast today to share her wisdom with our listeners.
I am super motivated by all of the moms who I haven’t reached yet who I haven’t helped yet, says Catherine. We start the conversation by talking about what motivates her and the experiences that inspired her and led her to write her book. Catherine mentions that she had to face 28 rejections over a period of four and a half years before finally getting her book published. We talk about how she was able to stay strong and push through all these obstacles until she reached her goal and advice she has for people who are facing rejections while pursuing their goals.
Getting into the core concepts Catherine covers in her book, we talk about the mindset we generally have towards money, how emotional labor affects our lives, and how to develop a growth mindset. We also dive into some of the money management concepts, including net worth, goal setting for families, family budget meetings, eliminating high-interest debt, cash flow management, and developing a wealth mindset. Wrapping up the episode, Catherine shares a story of how maintaining an emergency fund helper her with an unexpected disaster and some tips and tricks for deciding how much you should allocate for an emergency fund.