Today’s guest is Eileen Joy. We chat about how she went from rock bottom, bankrupt and broke to now totally debt free and on track to retire early. We discuss the weekly money conversations she has with her son and how she uses an allowance as a financial learning tool to teach him about spending, giving, saving and earning, We talk about the investment account she has opened up for her son, and we get into the common limiting money beliefs she sees from clients in her money coaching business.
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Today’s Guest
Eileen Joy
Eileen is a Money Coach, coaching busy and overwhelmed single moms, helping them manage money. She currently lives in the state of Georgia with her 10-year old son.
- Follow @eileenjoymoneycoach on Instagram and Facebook
- Email eileen@eileenjoy.com
You’ll Learn:
- How Eileen’s childhood experiences in relation to money created a scarcity mindset and fear of not having enough money
- Her early relationship with debt, including graduating from college with $30,000 of credit card debt
- How Eileen fell further into debt during her marriage through spending habits, resulting in $100,000 in credit card debt and bankruptcy
- How she went completely broke after her divorce
- What led to Eileen massively turning her life around, including what she did to get educated about money to develop better money habits
- What led her to become a money coach
- What age she started teaching her son about money and how she started normalizing the conversation around money
- The weekly money conversations she has with son centred around allowance, interest income and his investment account
- How she builds on money concepts the older he gets, including how he should be saving at least 50% of his allowance and working towards his savings goals
- How she created a kid 401k to teach him how a 401k works
- How she has used an allowance as a financial learning tool to teach her son about spending, saving and giving
- Why she uses both the Greenlight card as well as physical cash
- The spending challenge she put her son through and the lessons she wanted him to take away from it
- Where she opened up an Investment account for her son and what they invest in
- The benefit of rolling over a UTMA account into a Roth IRA when he starts working
- The common limiting beliefs that she sees from clients in her money coaching business
- How changing your money mindset is the most important aspect to start with
- The importance of tracking your money in and outflows
Resources
- The Money Book and Hideaway Bank by Elaine Wyatt
- Rich Dad’s Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom by Robert Kiyosaki [Amazon Affiliate link]
- Escape the rat race, learn how money works and become a rich kid by Robert Kiyosaki [Amazon Affiliate link]
- Cashflow for kids boardgame
- Greenlight debit card, savings account and bank app
- Famzoo, prepaid card and finance app for kids
- Gohenry, debit card and app for kids
- Fidelity Youth investment account
- UTMA (which stands for Uniform Transfers to Minors Act) that allow parents to transfer financial asset to a minor without establishing a trust
- Roth IRA which is a tax-advantaged individual retirement account which you contribute after-tax dollars
- The Millionnaire Next Door, by Thomas J. Stanley and William D. Danko [Amazon Affiliate link]
- The Psychology of Money by Morgan House [Amazon Affiliate link]
- Follow and tag moneydadpodcast on Instagram to comment on topics and ideas discussed during the episode that resonated with you or share with a friend
Thanks for listening!
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Thanks to Eileen for joining me this week!
In case you missed it, make sure to catch up on last week’s episode “Episode 008: Brainbucks and Bringing Financial Literacy into the Classroom with Khanh Vuong”!
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