In this episode of the “Money & You” podcast, host Michelle Perkins emphasized the importance of understanding your current financial situation to calm down fears and anxiety during uncertain economic times. She focused on how to control your mindset and emotions regarding money, and what proactive measures you can take, such as assessing personal finances, budgeting, and saving, possibly differently for the times. She highlighted the need for clarity around spending habits and the importance of distinguishing between necessities and luxuries.
During a period of economic fluctuation where people are navigating potential job loss or increased expenses, she encouraged listeners to take small, manageable steps towards saving, even if it seems daunting, to foster a sense of security. When things feel out of your control, it’s more important for individuals to take control of their financial futures, promoting resilience in the face of uncertainty. The overall message is to focus on productive actions rather than panic, ultimately aiming for a better understanding of personal finances.
00:00 – Understanding your financial mindset
05:52 – Gaining clarity on spending
12:59 – Building savings for security
Key Takeaways:
– Clarity Reduces Fear: Understanding your personal financial situation (spending and savings habits) can alleviate anxiety about economic changes.
– Mindset Matters: Managing your emotions and thoughts is essential for making sound financial decisions. Individuals can manage their mindset by observing their feelings and thoughts, regulating their nervous system through activities like running or meditation, and avoiding panic.
– Take Action: Start saving, even if it feels impossible. Small steps can lead to significant progress over time. Making a comprehensive inventory of all spending habits, including spending on adult children, and distinguishing between necessities and discretionary expenses helps to understand one’s financial situation.
– Educate Yourself: Use this time to learn more about personal finance and improve your financial literacy, rather than panicking and reacting to the news.
Additional Resources:
– Michelle encourages listeners to check out the “Money & You” podcast for more insights and expert guests.
– Consider taking courses or workshops on financial management to enhance your understanding and skills.
For much more on ALL things money mindset, money management, how to earn a great living and take control of your finances…Subscribe to my weekly podcast, Money and You:
https://podcasts.apple.com/us/podcast/money-you-with-michelle-perkins/id1365907575?ign-itscg=30200&ign-itsct=podcast_box
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