Money Musings 💭 A 🤯 reframe
We recently started a new ritual where we go around the table and each share 2 things we’re grateful for. 🙏
Gratitude is a powerful practice to cultivate abundance and a ritual like this starts to wire our brains to look for things that we’re grateful for throughout the day.
What is abundance? Abundance is having more than enough.
The opposite of abundance is scarcity or not enough.
Many of us operate in the space of "not enough" for most of the day. Ads try to cultivate scarcity so that we are more likely to buy 🛍 things. Because when we don’t have enough, we need more. 🎰
One of the most powerful mindset shifts I’ve had in my financial life is this:
It’s already more than enough. Or it’s never going to be enough.
Now I want to qualify this - this only applies to those of us who have our needs met. We have enough food to eat, we have a roof over our heads, we’re healthy and we are safe.
If our needs are met, we get to make this choice. It’s already more than enough. Or it’s never going to be enough.
Think about it. How much money would you have to have in order to not want for anything else? Take a few minutes and map it out.
And it’s not just about spending. When I go through this exercise, I’m making some major lifestyle upgrades (hello chef 👩🍳 and house manager 📆!) but I’m also starting foundations and businesses and my impact is correlated to how much money I have.
A few years back I watched the docu-series "Inside Bill’s Brain" about Bill Gates, and what stood out to me the most was the episode where Bill has to ask his friend (Warren Buffet) for money. He’s stressed out about the budget on a project and struggles to make his dollars go further.
He has over $100 BILLION dollars and he’s having these conversations about money.
It’s already more than enough. Or it’s never going to be enough.
The realization that it was never going to be enough was very depressing to me at first (give yourself time!), but it’s also hugely liberating. It’s a hack to let go of the rat race and escape acquisition culture. It’s permission to stop keeping up with the Joneses’.
It’s a way to tap into gratitude for what we have.
For those of you who know me, you know I’m ALL about us getting paid - earning more money and investing in the things that are important to us. We still want to go after it 👊 and 💯 we deserve it. It’s just not going to be the financial and life fix most of us think it will be.
I know this is a very different way of thinking, so I encourage you to reflect on it and share your thoughts! And I’d love to hear if it resonates with you.
MONEY MOVE OF THE WEEK
SUPPORT LGBTQ+ OWNED BUSINESSES.
Happy Pride Month, all! 🏳️🌈🏳️⚧️ Anytime we purchase something - an item or a service - we have the chance to vote with our values. You can switch a recurring expense or take the time to do some research before making a one-off purchase.
We asked you, our amazing Fiscal Femme community, to share your favorite LGBTQ+-owned businesses and here’s what you came up with.
I’m always working to be more mindful about where and how I make all of my purchases, but this month, I’m giving extra consideration to finding and supporting businesses owned by the LGBTQ+ community. If you have more you’d like to share, please reach out!
YOU GOTTA SEE THIS
HOW TO SUCCESSFULLY NEGOTIATE SEVERANCE.
I sat down with Cinneah of Flynanced - one of our favorite personal finance creators - to talk about how she successfully negotiated severance. Some of the info she shared blew my mind. 🤯
First, what’s severance?
While I viewed severance as payment for a certain number of weeks after being laid off, it often is more of an exchange. You sign paperwork and waive any rights to sue your employer in exchange for a certain amount of money.
It’s important to note that many people don’t receive any severance. I had dinner with a friend last week who was laid off on Monday and that’s when her pay ended.
But if you do receive severance or expect to, here are Cinneah’s tips to maximize it.
When you’re laid off, don’t rush to sign anything. There might be pressure or urgency from your manager, but really take time to read through it for yourself. Take note of anything that sounds or feels strange. There might be other clauses outside of severance that don’t make sense.
Find a labor or employment attorney to speak with. Cinneah decided to work with an attorney to negotiate her severance on her behalf. Look for an attorney or firm who offers a free consultation so that you can learn more and understand if you have a case (before you spend money). Use your network or your local Bar Association to get a referral.
If you move forward with an attorney, be prepared to pay a retainer which can be a few thousand dollars. Think about where that money will come from. Will you borrow from savings or adjust your spending?
If you haven’t been laid off but are wondering what you can do now just in case. Here’s what you can do.
Monitor WARN notices. Warn notices are notices that the Department of Labor has to publish at least 60 days in advance of a mass layoff at a company with over 100 employees. You can look on the Department of Labor’s website to see if there is an active WARN notice for your company. I have since learned that there are many ways companies can get around WARN notices but it can still be helpful to check.
Download your employee handbook. All of the documents from HR that talk about what you are entitled to as an employee including equity, stock options, and bonus. This is very helpful when you’re speaking with an attorney. Employees often lose immediate access to these things when they are laid off.
Beef up your networking. Even if you are laid off in one role, it doesn't mean you can’t reapply and work with other teams. Start talking to recruiters, hiring managers, and networking in general. This can set you up for success in the case of layoffs and ease your nerves.
For those who were laid off or are looking to pivot, Cinneah has an amazing course called "Six-Figure Skills" that shows you how to do a skills aligned job search so you can discover new job titles that fit your transferable skills. Use the skills you already have to earn more. 💰
MY TRAVEL JOURNEY
TRAVEL CHILDCARE.
Living and working in another country with young kids adds a layer (or a few, lol) to our planning. One of the things that makes this type of trip possible for us is that we’ll be traveling with our au pair.
Overall, we are huge fans of the au pair program which is essentially a cultural exchange plus childcare program. Your au pair lives with you and essentially becomes part of your family. You share your culture with them and they share theirs via traditions, food and language. It’s also been incredible for all of us to learn some Spanish.
We really love that our au pair can travel with us. It brings so much flexibility to our travel 🗺️🗺️ and because we are able to work remotely for a lot of what we do, we are able to stay for extended time in other places (like Florida in the winter!). Plus, it’s really nice to have a babysitter for some adult time.
It’s important to note that it’s a tremendous privilege to be able to afford childcare year-round and to have the space to house someone in our home. Plus, of course, to travel with an additional person. It’s something we have to factor into our budget as far as flights, stay and food.
your weekly money wins
Here are all the amazing money moves you made this week 👏👏👏 SO SO many wins this week! Please keep them coming.
Amy B: Had two great, very busy weeks of work, made a chunk of money. Bought a battery operated mower, we'll see how well that goes...
Quea S: My 401k is worth 10,000! This is the second time I've had $10k in my possession! Go future me!!!
Ashley A: Paid way too much money for my daughter's birthday party - worth it to relieve stress 🥰
Caitlen: Started a new job that pays my worth (double prior salary)
Leigh B: Finished saving for an emergency fund! Next up: house down payment 🏡
Roseena: Increased auto savings & Roth investments 💃 increased 401K contribution by 1% - prep for raise!
Doga: Opened a HYSA and made $3 in the last week
Leah C: Making my returns on time!!!
Monique F: I said no to a bachelorette party! Saved myself the $2K 🫠
Andrea C: Added to the travel fund for a trip I'm planning to India
Al: Revised my budget in line with a raise at work and new expenses at home
Rachael M: Made some $ in a professional music job for the first time ever!
Schell: It's so small, but ate dinner at home instead of buying out
Bailey M: I did NOT buy the $40 concert t-shirt that I didn't actually need nor want to spend money on
Erika S: Was stressed due to a big medical bill, then felt grateful that I even had the $ to pay
Ari: Used a gift card to get groceries
Darby T: Organized a garage sale instead of just donating everything to Goodwill
Ay N: Completed a no spend month and saved $600 more than the previous month
Ashley P: Paid way too much money for my daughter's birthday party - worth it to relieve stress 🥰
Caitlen: Started a new job that pays my worth (double prior salary)
Leigh B: Finished saving for an emergency fund! Next up: house down payment! 🏡
Xena: Increased auto savings & Roth investments 💃 increased 401(k) contributions by 1% - prep for a raise!