There’s a definition of potential that I really like – existing in possibility. But most of us don’t live that way. There’s a huge social pressure to conform and you have other obstacles to clear before you can even think about the possibilities. So, reaching your full potential isn’t easy! But step-by-step, with a positive attitude and a growth mindset you can do it. And the rewards are enormous. I view reaching your full potential as a well-rounded state. Having financial control, life balance and adequate attention to your physical and mental health sets the stage for exploring all your amazing possibilities.
Host – Teresa Mitchell, CFP ladymoneyllc@gmail.com
In my 20 years in the industry, I have had over a thousand conversations with women who have not felt they have reached their financial potential – usually in the areas of investing and subsequent financial security. I have found the key to moving forward from the image of bag lady to empowered lady is having a different kind of conversation with women than they usually experience with a financial advisor. It is about focusing more deeply on what matters in terms of family, community and life purpose. Approaching the conversation with compassion and a goal of honest, authentic connection creates a sense of trust that makes financial education and taking investment action not only possible but desirable.
To that end I left my longtime wealth management firm and am launching a personal financial coaching platform -- LADY MONEY, LLC. It is intended to help women achieve a sense of financial wellbeing around investing for retirement that imparts peace of mind and ultimately leads to financial security.
Resources...
Reesa Manning Interview https://lady-money.simplecast.com/episodes/take-financial-control-an-interview-with-advisor-reesa-manning
Full Potential https://www.lifehack.org/816335/full-potential;https://www.lifehack.org/articles/communication/9-ways-reach-your-fullest-potential-every-day.html
Potential Definition https://www.merriam-webster.com/dictionary/potential
Achieving Potential https://www.inc.com/marcel-schwantes/science-says-only-8-percent-of-people-actually-achieve-their-goals-here-are-7-things-they-do-differently.html
Branson Quote https://www.cnbc.com/2016/08/04/billionaire-richard-bransons-definition-of-success-has-nothing-to-do-with-money.html
Positive Psychology https://www.psychologytoday.com/us/blog/experimentations/201712/eight-ways-realize-your-full-potential
Mind Set https://www.freshgigs.ca/blog/reaching-your-full-potential-tips-from-a-stanford-psychologist/
Fundamental Needs https://www.simplypsychology.org/maslow.html
Positive Attitude Tips https://www.lifehack.org/articles/communication/11-tips-for-maintaining-your-positive-attitude.html
Negative/Positive Thoughts & the Brain https://meteoreducation.com/how-does-thinking-positive-thoughts-affect-neuroplasticity/
Teresa Mitchell, CFP:Values and money don't mix, or do they? Join me, financial coach, Teresa Mitchell to find out. Let's explore how women can make money while making a difference. This is Lady Money!
Welcome! Please join me for Lady Money Tips in Ten.
There’s a definition of potential that I really like – existing in possibility. But most of us don’t live that way, do we? According to a university study 92% of us never achieve our goal. I wonder if women usually don’t even think in these terms. If you listened to my podcast interview with Reesa Manning, you may have noted my surprise at her accomplishments. I was familiar with her resume, but the real story was in the details. How did a single mom with only a high school education turn a frozen yogurt store into a powerhouse franchise? And in 5 years??
What do you need to get there?
No one tells us how to live our life, but there’s huge social pressure to conform. And you have other obstacles to clear before you can even think about the possibilities. So, reaching your full potential isn’t easy! American psychologist Abraham Maslow has a theory called “Hierarchy of Needs” that may be helpful in understanding the challenges. His pyramid divides basic human needs into three groups – basic needs, psychological needs and self-fulfillment needs. The reasoning is that you must meet the two lower needs before you can focus on growth needs such as self-fulfillment.
If you remember our prior discussion on wellbeing and the Golden Triangle of Happiness you might recall that having close personal relationships, a sense of purpose and financial control seemed to be the key to reaching an on-going state of wellbeing. So, mastering basic financial concepts and having a clear idea of your financial situation make it possible to dream big and actually follow through. That certainly was true in Reesa’s case where taking charge of her financial future led to two amazing career paths.
Does attitude matter?
Stanford psychologist, Carol Dweck writes about the relationship between a growth mindset and potential in her book “Mindset: The New Psychology for Success”. She has a theory that viewing our mistakes as failures results in a “fixed mindset”. This fear of failure puts a limit on personal growth. On the other hand, those with a growth mindset push through challenges and eventually succeed. The good news is you can change your mindset. The limiting fixed mindset will always be in your head, but you have a choice. So, don’t listen to it – because by moving forward and embracing the challenges -- the possibilities will begin to feel endless.
Where does money fit in?
Billionaire Richard Branson said “Too many people measure how successful they are by how much money they make or the people that they associate with. In my opinion, true success should be measured by how happy you are.” However, women are at a disadvantage due to the gender pay and gender wealth gaps -- so I wouldn’t discount money altogether. I view reaching your full potential as a well-rounded state. Having financial control, life balance and adequate attention to your physical and mental health sets the stage for exploring all your amazing possibilities.
How do you start?
Mahatma Gandhi has some great insight: “Keep your thoughts positive because your thoughts become your words. Keep your words positive because your words become your behavior. Keep your behavior positive because your behavior becomes your habits. Keep your habits positive because your habits become your values. Keep your values positive because your values become your destiny.”
Focusing on the big picture is the first step of the Lady Money program. I talk about clarifying your values and using them as a compass when making important decisions, financial or otherwise. This helps you prioritize how you spend your time, what relationships you pursue and the career and/or purposeful activities you choose. Gandhi has mapped out the critical role of maintaining a positive attitude. Here are a few suggestions I have found helpful:
So, reaching your full potential is more of a way of life than the ultimate accomplishment. Maybe living life to the fullest, however you define that, is a better way of looking at it. Helping women explore their potential is one of the primary goals of Lady Money. In my experience, being disengaged from money, limits the possibilities. For women, this is often the final piece of the puzzle. Taking financial control frees you to soar.
TIPS OUTRO:
Thanks so much for listening! I hope you found Lady Money – Tips in Ten, helpful. If you have any questions, you would like me to address,or if you want more information on the Lady Money financial coaching program or blog, check out the show notes. Or you can reach me, your host Teresa Mitchell, at ladymoneyllc@gmail.com.
Until next time, this has been Lady Money – where money and values do mix.