Your Life, Your Money, Your Terms - with Amanda Steinberg
After having done all the, "supposed to's" like graduating from college, getting a great job (earning six figures a year), buying a nice big house, and starting a family, Amanda Steinberg found herself over $100,000 in debt. In the introduction to her new book, Worth it: Your Life, Your Money, Your Terms, Amanda describes feeling worthless during this time. Amanda dove passionately into educating herself not only about how to create and build wealth in terms of how to save, but she also learned why most women are disengaged from this conversation.
Since then, Amanda has launched DailyWorth (a blog aimed at educating people how to earn more, save more and spend smarter) and founded WorthFM (a digital investing service with a commitment to simplicity). She's been named by Forbes as one of twenty-one New American Money Masters and has appeared on Today, CNN, and MSNBC. Oprah also selected her to the exclusive SuperSoul 100.
On this episode of the WTF AM I DOING WITH MY LIFE? podcast, Amanda discusses the components of your finances you need to assess to get clear on your path.
- What's your money story? What are they things you say about money? For example: “I’m a spender not a saver but that’s ok because I earn so much that I’ll eventually have enough.” "Even if you take your finances into your own hands, if you’re not clear on the mechanisms that work in your brain, then you may fall into some sabotage patterns over and over again that end up demoralizing your efforts," says Amanda
- What are your roots?
What are your assets? What are your investing strategies?
"This is the equity you’re building for the long term and it’s the security. But if you don’t understand the risks associated with each, what you think is an investment can actually turn into a liability."
For example: A business can be an asset if it is a brand that can be run without you or sold for it's contract. However, it could not be considered an asset if someone's business is as a freelancer wherein he or she is selling their time.
- Asses your Wings What is your cashflow? It comes in three difference forms: income, credit and savings.