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Ep 249 Transcript

00:02

Welcome to this episode of The joyful scaling podcast. And today we’re talking about money and your relationship with it. My guest today is Jenny Sevilla, she created the five money nudes around our spending and saving habits. And we’re going to do a deep dive into what exactly those five money moods are. And the purpose, Jenny created these things. The whole purpose was to help women uncover the blind spots, the money habits, and strike a work life balance that gives you energy, joy, and hope, which is really awesome. Right, Jenny is the president of outrigger financial a first full service investment management company here in Charleston, South Carolina. She’s a certified financial planner, and she’s passionate as you’re going to hear about helping women build confidence in their financial decision making skills and equipping us with strategies to achieve our monetary goals. I met Jenny at one of her monthly women wealth and wine events here, held in this beautiful place called the harbor club in Charleston. It’s a beautiful background for a fun, empowering time spent with amazing women. So if you are local here in Charleston, you definitely want to reach out to her. But let’s welcome Jenny to the shelf. i Hi. Thanks for having me, Judy. Hello, I’m so excited for this. And you and I both know this has been kind of on the calendar and pushback because of whatever reasons. I’m so glad you’re here. Okay. So I want to start here inside your media kit, you make a statement that touched my heart, you said, I used to be so focused on success, that I forgot to stop and enjoy my life. So I would love you to start there. And tell us about that moment. Because I’m sure many of our listeners can relate to that.

 

01:45

Absolutely, it’s been a long journey to find that moment. You know, out of college, you hit the ground running as as hard as you can, right? You’re out to prove something to everybody to be the you know, I deserve the shot, I deserve the chance to move it all the way up to the top. And then something happens, something triggers it that makes you slow down, whatever it is. And it was in those moments where I actually stopped and paused and reflected and spent time with family and friends, that it all came to fruition. This is not what life is really about the life moments that really touch your heart and get you to smile is what we should be focusing on and stop proving something to everyone else. So as I started the Financial Services journey that I’ve been on now for almost 13 years, I was found myself doing the same thing. I’ve had to prove myself that I’m to to everyone else that I can do it too. And as I was working with more and more women, I was realizing I was looking at myself saying I see what you’re doing your your career driven woman, you’re balancing the family life and have all these external pressures on you and you’re not stopping and pausing. So I brought that into how I can deliver financial services to women. And it really turned everything around. I started seeing the money moods, and that’s where it all came about.

 

03:18

Wow, that’s so good. And I know I I have a lot of joy in my business. But I need to focus more time outside of the business like I’m an empty nester. So I’m just being real with everybody here. I’m an empty nester and my husband, he always find something to keep him busy. For me, it’s like, okay, I have a spare moment, I’ll do something in my business, you know. So this is so good that and that’s why I love coming to your event because it was great meeting other women and talking things and hanging out with other than myself. So let’s dive in these money moves, there’s five different money moods, and I would love you to take us through each of them. And we’ll try to see which one we are.

 

04:06

I’ll start with mine. I am a guarded money mood. In the way this this really started affecting me from a business standpoint, looking at a bank account every day. Not sure if I’m saving enough wanting to see, you know, a certain number in the bank account to feel that satisfaction and that comfort. Where it did not serve me was not investing in my business. I was too focused on saving that I wasn’t willing to let go. And I can remember the day that I joined the harbor club and I was sitting across from Missy if anyone’s in Charleston as Missy she’s fantastic. And I joked to her and said, I have been holding off on doing this because I didn’t want to spend the money. Right? When I finally as my hands were shaking across the table, giving her my application You know, she laughed. I had the realization like this, this is opening a door. And that’s how I’m able to host these beautiful events every month with women wealth and wine was my ability to let go of that guarded money mood and actually invest in my business. And it led me to you lead has led me to so many different people that have helped me along the way that I’m so grateful that I did that. So that guarded money mood. While it’s fantastic when you need to save money. It can work against you when you really need to let go of that money for growth

 

05:35

and development. Okay, I think that is something I think I’m right about there. Yeah, that’s very that resonates with me. Okay, so garden is one tell us about another.

 

05:47

Spontaneous is the next I’d love to touch on it is the exact opposite, spontaneous mood of ability to spend easily finding that retail therapy. It’s the sitting it on your phone at midnight, spending $500 on Amazon waking up the next morning going, what did I just spend money on. But it’s also the fun mood that gets you out of the house, right? And your friends are drawn to that because it’s, it’s an easy conversation, say, Judy want to go here? Sure, let’s go, I have no idea if I have the money or not, but I’m gonna go I’m not gonna miss out on a good time. What the flip side, what it doesn’t serve you doing is when you start building up debt, that can be the downfall where you’re not focusing on building the reserves, not focusing on the long term goals, forgetting that the purpose of this money is for something other than Amazon, or the you know, trip to Bali for the weekend, or whatever it is. And that’s where the spontaneous mood kicks in.

 

06:50

Okay, that definitely is not me.

 

06:54

No, no, we know. And all five of these moods work in harmony together. So sometimes it is good to be spontaneous. And just to, you know, fly off the seat of your pants. Just go and have fun and just forget about everything. As long as you pull it back and remember all of those goals, then that’s when it all works together.

 

07:15

Well, let me say this. And then because I know, you say everybody has a dominant mood. So I guess maybe we’re straddling across a couple of these because I feel like when I’m on vacation, I even say to my husband, don’t ask how much I saved so that on this vacation. I’m doing what I want without thinking like yeah, that’s kind of spontaneous in that moment. Absolutely.

 

07:40

It is. Absolutely because you shift in and out of this all the time all of these moods as we go through them, you’ll you’ll probably find a moment where you have actually been that mood and it’s great to be able to pull all of it together.

 

07:54

Okay, all right. So we have Gordon spontaneous What else is there

 

07:59

generous, the generous mood this one is probably my very close second of wanting to give right? As women we are typically nurturing we’re willing to give our time our energy, our money, whatever it is to someone who needs it, who we may say needs it more than I do. So you could see how how important it is to to possess this mood, especially in you know, in the world we live in today give it will come back, and it normally comes back to 310 times in the amount that you give the problem. Here comes the flip side being overgenerous. If you’re if you’re sacrificing your own long term goals in order to give that’s where you have to keep it in check. and direct the generous mood in the way that’s beneficial not only for you, but for the other person as well. Yes, so the generous mood.

 

09:01

Okay. Hmm. Hmm. See, I feel like I feel like maybe because I was raised poor just I hope you don’t mind I’m interjecting kind of as these do. And getting through this. I was raised poor and so I still struggle with some money. Thoughts that don’t serve me. So you know, I tend to be very generous with me with my heart with my time and I’m a little bit more. I’m a lot maybe a lot more guarded with my dollars then. And that yeah, interesting, huh? Okay, so guarded spontaneous generous. What is the opposite of generous? Is there one

 

09:38

or not really opposite, um, dreamy, maybe as far opposite as it could be in dreamy, dreamy Of course. I’m a very I’m a big fan of the dreamy mood. It is the person that helps me get out of my guarded mood to see you know what? go for the gusto. Go for it big. You know what? You work hard. You need to spend the money and get what you want. Right? By the $400 pair of boots. You deserve it. Right? Yeah. Where that dreamy mood may not serve you is when it comes with the high interest credit card debt. Right. So sometimes the dreamy mood can cause this air of, I’m buying this not to make myself feel better, but for other people to see me as something as I made it. So you’re really using the mood to portray something as opposed to giving yourself kudos.

 

10:41

Gotcha. Very interesting. Wow. That is so good. Okay, so the last one I know is passive. What? Yeah.

 

10:48

Okay. Visual head in the sand. I mean, that’s the past mood in a nutshell. It’s not wanting to face it. It’s not wanting to have the conversation, right? It’s the, yeah, I probably don’t have enough money, I haven’t saved enough. But I don’t want to change anything or do anything, because I just don’t want to face the music. That’s the passive mood. When it comes to money. It’s not looking at the bank account. I find a lot of folks who are in that in that passive mood avoidance is the dominating driving factor here. Just avoid the conversation, change it. Just not want to want want to tackle it. How that can serve you though, it can actually be a good thing, huh? Tell me. Right. So as business owners, we’re always looking at our business, right? Looking at different aspects and delegating. The hard part that some women may face is the delegation part and releasing that trust, we have to really get into that passive mood and understand you gave it away, give it time to work itself out, let that person fall into the into the roll and get comfortable. Before looking at it again, you have to be a little passive when it comes to business in that fashion.

 

12:14

Wow, that’s so interesting. When you initially said that about passive, I was thinking about how in my 20s, I was told 401k And of course in your 20s At least I did again with with not good money, thoughts. My thing was I’m young. I don’t need that now shot.

 

12:35

Mm hmm. Yeah, absolutely. A lot of people have carried that around. Without all this time in the world, then you look up and 30 years have gone by? Mm hmm.

 

12:46

That right? Yeah. Oh, okay. So is there anything with respect to these moods? That because you talked a lot about how we can use those to leverage business. But is there anything that we didn’t touch on, that comes to mind in the way of being smart CEOs and really CFOs for our business?

 

13:09

setting the goals, this is all this is in every coach’s playbook, you have to have a goal. And the same goes for your finances to personally or in business. You want to set that pie in the sky goal, you know, one day I’m going to hit a million dollars of revenue in my business, that might be the pie in the sky. But what you may not be doing is setting the milestones along the way. So set the first goal at 250 or whatever that number feels attainable, you’ve got to find that first step. And when you get to it, celebrate it. If you have your community of people gather around a beautiful charcuterie board a bottle of tofu, tofu, Turbo cucina, or whatever it is that you want, and celebrate the moment because it gives you that momentum to keep going. So that before you know it, you’ve reached the second and the third and the fourth, and you’re just getting that much closer to each one of those goals to hit the pie in the sky. So that’s part of money, moods as well, I think it’s very important. You can look at your retirement goal. There are numbers out there all kinds of you know, how do you calculate your retirement number? And, you know, perhaps it’s I need $100,000 A year in retirement, well multiply that by 25. And tell me are you going to have that in the bank at any point at any given time of your life? And most people won’t. It’s just an unattainable number. But we are all going to retire at some point. Right? We have an expiration date when we’re called home. So we have to have that momentum to keep moving along with out the difference of these ridiculous numbers or you know, the numbers that we’re going to shy away from, because milestone markers are the backbone of money, moods and how we keep moving forward and how we’re going to reach those goals.

 

15:16

That is so good. So is there a percentage of our income? That we should just totally like earmarking almost pretend that it doesn’t exist, because we want to sock it away. Is there such a, such a rule of thumb or not? Really? Does it vary so much?

 

15:33

It certainly varies, but just to have a number 20 to 30% of your income, if you could put it over to the side, later money.

 

15:44

Okay, okay. How about this, before we wrap up, the biggest mistakes that you see women make when it comes to money, overall, comes to mind.

 

15:59

Sacrificing the later money, you know, when you when that money goes into a later bucket. And this is another strategy that I’m I talk about the bucket strategies, and you you forget that you need now money. Next year, money, and later money. When you don’t build those buckets appropriately, if something happens, and you have to rob the later money, it costs so much more that you don’t even realize. And that’s the time factor for that money that you’re really sacrificing. So without building your buckets in an order that gives you the ability to put later money aside and not steal it. That’s probably the biggest, biggest one that I see the most. Okay, you know, women, right? Oh, no. I was gonna say women, you know, lay in bed and stare at the ceiling fan or stress out about what, what if? What if? What if? And so when you have that comfort of knowing I have my bucket of money if I need it, it just frees up that mind space so much? Yeah,

 

17:11

yeah. And I think especially, I think there are many women. And this was me early on in my marriage, my first marriage, when I’m thinking, Well, my husband has the 401k at work. So I’m covered. Like, I don’t have to deal with that, like, you know, and so. So you know, then you find yourself in a situation where you’re not married, you’re divorced, and all of a sudden, you’re like, oh, my gosh, you know, so I don’t know, I thought if there’s any advice you might have for a woman who thinks, Well, my husband has that handled,

 

17:42

Mm hmm. Having your own money, I think is very important. It’s it, you just never know, it could be, you know, the the worst of a sudden death that will change the trajectory of that. And when you realize that the I need money right now is not as easily attained, because of the planning that has already been put in place without your knowledge. That’s the scary part that I see when when there’s a sudden life event where everything’s wrapped up into the house, or everything’s in the later money, and you have to have money in your hand right now. That would be where I would say, get involved, you need to know at least know how to get to the money if you need it, where it is who to call, be involved somehow, and not let someone else be telling you

 

18:43

what to do. I love that. And right behind you. The sign says financial empowerment for women. We need to be empowered to take care of ourselves, just because it’s our thing to do, right? Definitely. Oh, this is so good. All right. Well, Jenny, tell us about this virtual workshop you have coming up. So ladies, you don’t have to be in Charleston to consume some more of Jenny’s awesomeness. So go ahead and tell us about that.

 

19:07

Sure, you can find more details on my site, money moods.us/events. On that site, you’ll find the details that every Thursday, every third Thursday, I should say, starting in the month of May. There’ll be a virtual workshop, you can come online, check out the details, the topics will change and giving you that financial education, financial empowerment and the awareness that you need to keep moving forward in your financial journey.

 

19:38

Wow, that is so good. I will make sure to drop that inside that link inside of our notes. Where else besides your website, is there another place that you’d like to connect with people because I’m sure the ladies are gonna want to find you.

 

19:50

Please do reach out to me all handles. I’m at money moods everywhere. So if you would connect with me, follow me like me, all of those ones. Wonderful things that would be very helpful to keep building the community.

 

20:04

Awesome. Awesome. All right. Well, Jenny, thank you so much for your time and your wisdom. I learned a lot. He gave me a lot to think about, actually. So thanks so much.

 

20:13

Thank you for having me. I really appreciate it.

 

20:15

All right, my pleasure. Well, ladies, listen, if you’ve enjoyed this episode, and you had some aha moments, I want to hear about them. Would you please leave us a rating and a review wherever you’re listening, and I encourage you to visit my new podcast page on my website, Judy Weber co slash podcast. If you scroll down a little bit, you’ll see an opportunity for you to leave me a voice note. You can ask me a question. give me feedback. And maybe I will be featuring you on an upcoming episode of the show. So check out Judy weber.co/podcast Once again, thank you, Jenny. Thank you ladies for listening. And we will see you next time.

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