729: 10 Practical Steps to Reaching Your Financial Goals

0:01Okay, I have been on this ruthless pursuit to purge any clothes that I'm not actually wearing. Like if I haven't reached for it in months, it's got to go. I am trying to be really intentional about what I bring into my closet right now, which means I am only buying pieces that I know I will actually wear and use. Revolve just gets it though. I'm literally wearing my brown Autry sneakers from there right now and my new suede purse. It fits my laptop in it. So it's basically a fancy shoulder bag that works for everything. I love finding pieces like that. Things that look good, but also work hard for my actual life.

0:35Their holiday shop is live right now with all the good stuff. Sparkly party dresses, cozy sets, cute gifts, everything you need for whatever is on your calendar. And it's all in one place, which makes shopping feel way less overwhelming. Whether it's a weekend away, a big night out or a holiday party, your dream wardrobe is just one click away. Head to revolve.com forward slash gold digger, shop my edit and take 15 % off your first order with the code gold digger. Fast two day shipping, easy returns. it's literally the only place you need to shop from. That's revolve.com forward slash gold digger to shop my favorites and get 15 % off your first order with the code gold digger.

1:13Offer available for a limited time. So happy shopping. We have been taught that like, no, money equals value. And if you don't have it, then you're less valuable. And so people don't want to admit that maybe they're having trouble accessing money, trouble managing money, because they know that the world is going to see them as less valuable, which is really such a shame. Hey, my name is Jenna Kutcher and I am obsessed with all things business, marketing numbers, and helping you to navigate both the messy and the magical seasons of this thing called life. I'm a small town mama who took a$300 camera, grew a successful photo biz, and now I work from home and run a seven figure online business.

1:52I teach you the tried and true secrets to building a career you adore. Shy away from the real talk? No way. Money, hardship, growth, loss, and marketing are all topics we discuss here. Think of this as your one-stop shop for happy hour with a gal pal mixed with business school. Pull up a seat, make sure you're cozy and get ready to be challenged and encouraged while you learn. This is the Gold Digger podcast. We all want to live within our means and do things like safer retirement and invest and yet still have some leftover each month for fun. But as most people know, real life can get in the way of even our best intentions, especially with money.

2:29To ensure we set realistic financial goals and stay on track to meeting them, my guest today is here to help. Popularly known as the Budgetnista, Tiffany Aliche is the powerhouse dedicated to making life-changing financial education accessible to women worldwide. And she's no stranger to the Gold Digger podcast. She's schooled us on financial literacy back in 2019 and 2021, but Tiffany has even more to teach us. In case you're just meeting Tiffany for the first time, she's a financial educator, a New York Times bestselling author, and star of Netflix, Get Smart With Money. Through her platform, Tiffany impacts countless lives, and her brand new hands-on workbook, Made Whole, takes a practical approach to transforming financial dreams into reality.

3:15Today, she's doing what she does best, teaching us practical tips for reaching our financial goals. Without further ado, let's talk money, honey. Tiffany Aliche, welcome back to the Gold Digger podcast. 2023 was the year of AI. It's all anyone has been talking about. Every business pro with a newsfeed has heard it's time-saving and game-changing, but how can it actually help you brainstorm ideas, create lead-driving content, and tackle your to-do list? Meet HubSpot's new AI-powered campaign assistant, a totally free AI tool tailor-made for marketers and business builders who spend hours each day on content creation.

3:56Campaign Assistant is a game changer for creating marketing campaigns at scale. It quickly turns your key selling points into cohesive pitches, which helps you deliver knockout emails, ads, and landing pages in just minutes. And you can start seeing the benefits fast. Just choose your content type, input a few key points, pick a tone like friendly or witty, and let the AI robots handle the rest. You can copy and paste the content to whatever channel you'd like, or even convert it directly into publishable campaigns without leaving your HubSpot interface. So work smarter, not harder. Head to HubSpot.com slash campaign dash assistant to test drive campaign assistant for free.

4:38That's HubSpot.com slash campaign dash assistant. Oh, this feels like a reunion in the best possible way. And this was the best year ever because I got to hug this guest in real life, which always makes me so happy. Tiffany, welcome back to the podcast. Thank you, Jenna. It was really awesome to meet you in person because you know how sometimes like you're so used to seeing someone online. They're like, oh, hey, I'm like, wait, I've actually not met you in person. I was just telling Tiffany, I was like talking about my interviews and Drew was like, who are you talking to? And I said, Tiffany, he goes, oh, the budget nista.

5:13And he knew who you were. And I was like, that is just how impactful your work is, but also just like how your spirit shines. And I can attest to like in a room, even a crowded room, I just can feel your energy. At one point we were sitting by each other, we just kept grabbing each other's hands and tapping each other's legs. And I think it's so special to connect in that way. Now I want to do something a little bit different today because you've already been on the show multiple times and I want to kind of dive into the meat. Like I just want to like skip the small talk. People can go back and listen to how you got to where you are today, which is an amazing story and definitely go listen to those episodes.

5:50But I really want to get to the meat of like, how can we become financially savvy? Like, how can we find stability, security? I think these are all things that we are asking ourselves, especially as the world is shifting and we're preparing for a new year. So talk to me about that. Let's just dive right in. Well, honestly, Jenna, it's if you were to look at social media and all that's happening in the news, it's just all feels so overwhelming and scary, right? Interest rates are at all time highs. There's a shortage of homes. Literally, I saw, which I thought was a joke at first. I think it was a TikTok of the TikToks that showed that somebody in Canada, because Canada is experiencing an even bigger housing crisis than we are, where somebody was renting half their bed.

6:34Stop it. Because there's like not enough homes, not enough apartments, not enough that it's like you cannot rent like the room and there's two beds in the room. No, no. Half their bed. And she thought it was a joke, but then she did a little deeper dive and found out that that was, in fact, what they were renting. And I was just like, what is happening in that we have to do something dramatically different if we are going to survive whatever this financial downturn that has been brewing for a while? It's, you know, that we have to look at our money differently. And I believe that the only way to survive is going to be through community, you know, for the last 15 years as the budget.

7:14I have built community, especially with women who are navigating their finances. But I'm not just talking about like your online community. I mean, like siblings, parents, neighbors. Like I just I just had a Friendsgiving the other day and I was telling my neighbor because her husband passed away a number of years ago and she's got two kids that she's raising. And I was like, if you ever get overwhelmed, like, girl, like I have a kid's cave because my niece and nephew come over all the time. I was like, you could drop the kids off. I'm always home. They can play. I'll feed them. They can play with my niece and nephew because they always come over anyway.

7:50I have this thing called Sunday Supper where I have my neighbors and sisters come. So I'm like, you don't have to be here if you just need a break, you know. And so that kind of community mindset, you know, like I bought a condo earlier this year. And so I'm moving into that condo. But the house I live in now is paid off. And so my sister is going to live in this house with her two kids and then I'm going to live in the condo. There's no mortgage. So I just told her cover the carrying costs, which is the taxes and like her utilities, which is less than half of what she's paying now. And so that's what community, you know, kind of looks like.

8:24And I just think that there has to be a shift to that. How can we lean on each other, tap into folks that we know and might not know quite as well to make sure that we see our way through this difficult time? Yeah. One thing that you I love that. And I also just think to there comes this level of transparency. I was listening to the radio the other day. They were saying that like the word of next year is authenticity. And I feel like it's this word that we've talked about for a decade on the internet. But I think that it is really becoming prominent of like, how do we show up authentically in this world of AI and as everything is shifting and what is real and what is not real anymore.

9:03And I think that authenticity and community go hand in hand and it allows you to really open yourself up and be fully seen. And when I think about being fully seen, I think of this idea of wholeness, which is what you teach about. Can you explain like, what is financial wholeness and how the heck do we get there? So financial wholeness is a concept I came up with a few years ago when I was writing my first traditionally published book. It's a New York Times bestseller, you know, a couple of two New York Times bestsellers chilling. And so I, because I felt this visceral reaction against the term financial freedom, because it didn't feel inclusive, you know, that everyone might not reach financial freedom.

9:45Everyone might not get this pile of money. And then what? So I thought about myself as preschool teacher, Tiffany, if she never got, quote unquote, this pile of money, does that mean she doesn't get a good life? So I thought, can I create instead this system where even if you don't get this pile of money, that you could still have a really good life? And so financial wholeness is the system that I came up with. And it's 10 steps. It's budgeting, savings, debt, credit, income, investing, insurance, your financial team, your net worth, and estate planning. Look, I've become kind of a systems nerd.

10:21And anything that gives me more space in my day, I'm all in. And a reliable connection is a huge part of that because when the internet lags or cuts out, everything pauses and suddenly the simplest tasks take forever. I learned really early on that dependable internet, it's not a luxury, it is a must. Whether you're a content creator like me, a restaurant owner, or running a busy dry cleaning business, you need that steady connection to support your team and your clients. That's why I'm excited to share a solution for my fellow business owners. Spectrum Business keeps businesses of all types connected with internet, advanced Wi-Fi, phone, TV, and mobile services, all with connectivity solutions built for your budget.

11:02And they have a truly incredible offer. Business owners can get free business internet advantage forever when you add four or more mobile lines. It's simple with no contracts and no added fees. Visit spectrum.com forward slash free for life to learn how you can get business internet free forever. Restrictions apply. Services not available in all areas. When we were young, we dreamed of castles and fairy tales. And as we grow up, those dreams might shift into building something real, like starting a business. You need a website, payment systems, a logo, and a way to reach customers. It can all be overwhelming and confusing, but thankfully, that's where today's sponsor, Shopify, comes in.

11:45Shopify powers millions of businesses around the world and 10 % of all U.S. e-commerce from big brands to folks just getting started. They offer beautiful ready-to-go website templates so you don't need design skills to look professional. Their AI tools help with product images, descriptions, discount codes, and more. Shopify also makes it simple to run email and social campaigns so people can find you. And if you ever feel stuck, their award-winning 24-7 support is always available. Turn those dreams into and give them the best shot at success with Shopify. Sign up for your$1 per month trial and start selling today at shopify.com slash gold digger.

12:25Go to shopify.com slash gold digger, shopify.com slash gold digger. Those 10 core steps, if you can learn to master and maintain them, even if you lose your job, you'll still be okay. Even as inflation is flaring up, you'll still be okay. Even as interest rates are too high for borrowing, you'll be okay. So financial wholeness is really like this baseline that you can weather the external financial storm because you are financially whole. It is the foundation for the rest of your financial life. And then you might start a business and you might do this and that, and then you might grow wealth.

13:02Great. But at the very least we had this foundation for you and so that is how you achieve it that you you have to learn to master and maintain those 10 things and that's why I wrote get good with money my initial book and my most recent book made whole which is the workbook version the supplement if you will to that book because I knew that folks needed not just kind of like here's how you do the thing but in made whole the book it's here's how you do it and before you move on to the next chapter let's practice. Yes. You know, let's talk about the power of that because there is something like, I mean, there's so much science behind it, but like when we actually take pen to a paper and write things down, something really big shifts.

13:47And I think that for so many people, money is such a scary topic. They can't even open up the app on their phone, let alone like sit down and write the numbers down because they don't even know what they're looking for. And so to be guided through that process. And so talk to me why it is so important to like actually do the work. Like it's one thing to learn. That's a beautiful thing, right? But when you are actually like holding the mirror up to yourself, really digging in. So talk to me about why this came to be this way and like how you created this workbook to go alongside of your main book.

14:21So as you know, I taught for 10 years as a teacher and have my master's in education. And there's a reason why in school you get homework every night. It's not because a teacher is like, if I can't have fun, neither can you. You know, that's not why. The reason why you get homework is that the teacher understands that you have to put into practice something that you've just learned. You know, if you want to really see movement toward adopting that thing and making it your own. You know, my father would have this thing that he would tell us after we graduated, whatever, my master's, my bachelor's, my high school, he would say, the beautiful thing is that you now have the next level of education and education once given can never be rescinded.

15:03No one can ever take that back from you. And so with like the reason why I wrote it in this way with each chapter, you know, each of these financial wholeness steps immediately giving you the space to do the work, to practice the work is because you're going to be imperfect at first. So one, I'm like, here's the lesson. I'm going to teach it. Two, inside the book, I said, here's what it looks like properly done. So I give you the visual to see like, okay, got it. And then three, here's the place for you to practice to do it. And even if you're like, oh my gosh, I messed up. Like literally the book comes with this free toolkit that's online that allows you to print additional pages so you can keep practicing until you get it right.

15:45And then fourth, and what makes the book really special is I invite you to, remember I said community, I invite you to one of my online communities to continue the work alongside other people also doing the work. So you get the guide me, you get the physical representation of what it should look like, you get the space to practice, and you get people to surround you as you practice who are also practicing. And if you have those four things, there is no way not to do better. There is no way not to shift the needle in your favor. And so there's no way not to achieve financial wholeness. One thing that I think is so powerful, and Drew and I were actually just having a conversation about this is when you can get into rooms, either physically or digitally with people who aren't afraid to talk about money, your understanding of it shifts in massive ways.

16:34Drew and I were just having this conversation about when I joined my first mastermind and I like walked into a space where people weren't afraid to talk about how much their launch did or what their goal was or what their profit margins were. And like, I had never been exposed to that. So let's first break down, why are people so secretive about money? Like, why is it so taboo? Cause I've never understood that. I've always been someone who's like, ask me anything and I'll tell you, which could be good or bad, but like, where does this come from? Because money has been unfortunately linked to judgment, right?

17:08That it is a value judgment, right? That if you don't have money, it's almost like a value judgment about who you are as a person, you know, and that's just not true, you know, because a lot of people have money just because they happen to be born into a certain family. You know, some people have access to money. I live on the East coast, so it's easier to find employment here. I didn't choose this, you know, I didn't choose the country that I was born into. I didn't choose the family that I was born into. So much of that is the reason why people have easier access to money. And so, but unfortunately we have been taught that like, no, money equals value.

17:47And if you don't have it, then you're less valuable. And so people don't want to admit that maybe they're having trouble accessing money, trouble managing money, because they know that the world is going to see them as less valuable, which is really such a shame because that's just not true, you know? And I hope that's why I talk about my mistakes so freely because I know people see me, they're like, oh my God, I love Bajanista. And I'm like, and at one point I was$35 ,000 in debt because of a scam. And I lost my house to foreclosure. And, and, and. And they're like, wait, so this person that I like and admire also had money issues.

18:24So two things can be true, right? That you can like admire someone and they could have a lack of access to money or financial issues. And those two things can still inhabit the same space in the same person. And so I think that's what it really is. Unfortunately, money is linked to an unfair judgment about who you are and what you're capable of. And it's just unfair and not true because so much of it really depends on the family you were born into, where you live, you know, the country you happen to be born into, you know. And so as a result, though, you know, we make people feel bad and they don't want to feel bad.

18:59Who wants to feel judged? Yeah. Looking for a new podcast to add to your business building lineup? I have the perfect recommendation for you. Marketing Made Simple, hosted by Dr. J.J. Peterson, brought to you by the HubSpot Podcast Network. Marketing Made Simple brings you practical tips to make your marketing easy, and more importantly, make it work. From what you should actually be saying in your nurture emails, to how AI can save you time and money, to practical tips for turning your website into a sales machine, Dr. J.J. Peterson does exactly what he promises each week. He makes marketing simple.

19:36Listen to Marketing Made Simple wherever you get your podcasts today. Are you dreaming of closets that are not only aesthetically pleasing, but also incredibly functional? Look no further than modular closets, DIY closet systems that you can mix and match to meet your exact organizational needs. Since we built a custom home, the sky was the limit when it came to our closets. And I did a lot of research to figure out the best solution for our closet space. We chose modular closets and I couldn't be happier with the results. Their online design tool is user-friendly offering a 3D visualization of the final product.

20:13And I was able to experiment with different configurations, shelving options, and finishes until I achieved the perfect look and functionality for every single closet. Oh, and if you're someone that you need help with your garage, they recently launched their highly anticipated garage organization systems too. With modular closets, you can bring your dream closets to life effortlessly, just like I did in my own home. For more information, go to modularclosets.com. That's modularclosets.com for custom closets made affordable. Would you say like, I mean, cause even being a part of your community and like scenes, people celebrate wins and talk about their struggles.

20:53And so if it just brings like a humanness to the whole discussion. And I think that that is like one of the things, like, I love how you're talking about, like, pull it out from being secret, like pull it out of the darkness, bring it into the light, even if it's hard or scary or bad, if you think that. And I just, I think it's so powerful to be in conversation with other people who are willing to talk about money because you can just learn so much. Yes, it is. Because one, like I do this thing whenever I go live, I'll say something like, if you've had money trouble in the last three months, put a one in the comments.

21:31Yeah. And because I want people to see one, one, one, one, one, one, one, one. And you're like, wait, wait. Yeah. It's not just me. Yeah. You know? Yes. It's not just me because that's the thing about shame, right? Shame loves for you to think that it's just you. Shame is like, it's just me and you. You're all by yourself. Nobody could possibly understand. But the only way to shake shame is to give voice to it. the moment you put a one in the comments and you see thousands of other ones you're like oh wait okay so and then i'll get even more granular i'm like who had an issue this month put a two in the comments two two two two and you're like oh who had an issue that cost more than a thousand dollars because i want people to see like even in your like minutia of like oh well it's different because i have two kids well so does she what's different because i'm unemployed well so are they yeah and you're like oh because once you can drop the i'm alone in this then we could start working on now collectively we could work together to fix it that's always been my aim and you know why i started the budget needs to because as i was navigating my own financial journey and struggling i thought to myself this is really lonely i can't be the only person out here and i promised myself i always promised myself this and to me this is a true mark of a teacher that i promised myself if i can learn it i will teach it yes you know that's always a promise that i've made i feel like that that is one of the like i think people are called to be certain things, some people, right?

22:52And I know since I was a little girl, I knew that I was called to be a teacher and that I was certain things that I learn expressly because I'm supposed to then teach it. I am not here to keep any of those things to myself. And so sometimes when I'm going through a thing, I'm like, okay, God must really want me to teach this thing because I'm learning it the hard way. Yes, oh my gosh, oh my gosh. So in your 10-step process, The first one is to build your budget. And we actually talked about this in a past episode. We talked about different budgeting things and ways. So I want to go to step two, which so many people struggle with.

23:28And I think is a really good focus as we navigate a time of year where people are spending a lot, but also a time of year where people are looking forward for next year with intention or goals or resolutions, whatever that is. And that's saving. And I think it's so hard to start to think about like, what do I need to save? How do I save? And in your book, Made Whole, you talk about how to calculate your savings goal number. Can you talk a little bit about that? Because I think for so many people, the idea of savings even feels daunting or it feels like it's too small. It's not enough. It's not even making a dent into what the goal is.

24:04So let's walk through that. Well, first, when you're first thinking about saving, I want you to, especially if you have very little to save, don't worry about the number at first. We're just practicing habit. So it's like when you first start working out, like, let's be real. Like, I'm going to run three miles maybe today and then we'll see you in three months because you're not, you know. So in the beginning, it's like, I just need you to go outside and walk around the block. We're just practicing saying I am the type of person that gets up, puts on my shoes and I move my body. We just have to get let's get that under control.

24:35That might take you six months of just I take a walk every day, you know. And then once you become that kind of person that I save, so it could be just$1,$5,$10. It's actually not about the amount. You're retraining your mind to say, I'm actually a saver. The amount doesn't matter. I'm the type of person that saves. And then once you get there, then you can start asking yourself, what's the things I'm wanting to save for? So when you first start saving, it's easier to have a specific goal in mind. I wanna go on vacation. I wanna buy a house. I wanna get winter clothes, whatever it is. So deciding what that thing is that you're wanting, how long before you want to get that thing.

25:17So let's just say the thing you're wanting is going to cost a thousand dollars, right? It's a plane ticket to Bora Bora, right? And you're like, I would really love to buy this plane ticket in 10 months. So the math is easy. It's a thousand dollars divided by those 10 months. So the goal is to try to save as close to or over a hundred dollars a month to get to that thing. So that way every month, you know, you're not thinking about the big number of a thousand. You're really just like, OK, what do I need to do to get to a hundred dollars saved this month? You know, and there might be some month where you're able to do 200.

25:51That's great because there might be a month you're only able to do 50. And so you're able to like offset. I think the key is and when it comes to savings is to mimic the way squirrels save. So I live on the East Coast and right now it's fall slash winter is right. And so there's so many acorns on the ground. and the squirrels are going crazy. And so because squirrels understand that abundance comes around seasonally and they work the hardest and save the most during abundant times. Human beings are the opposite. They're like, ooh, child, it's good times over here. I'm gonna chill because I can relax.