4 Money Mindsets to Achieve Your Financial Goals with Barb and Maggie

What we spend our money on shows where our priorities live, but what if your spending habits aren’t aligned with the life you want to build? This is where mindset comes into play. Mindset is the key to unlocking your financial potential. 

Your money mindset is everything when it comes to achieving your financial dreams and creating the future you desire. In this episode, we dive deep into 4 key mindsets that will help you take control of your finances and set yourself up for long-term success:

• Abundance Mindset
• Growth Mindset 
• Long-Term Mindset 
• Empowerment Mindset 

This episode highlights the importance of replacing scarcity thinking with an abundance mindset, embracing growth through continuous learning, planning for the long term, and taking control of your finances. We also provide practical tips and actionable advice to help YOU be financially fearless and empowered in 2025! If you're ready to shift your mindset and start taking action, this episode is for you!

Episode Highlights and Timestamps

00:00 Introduction to Women and Money

00:23 Understanding Your Money Mindset

01:22 Embracing an Abundance Mindset

04:11 Practical Steps to Shift Your Mindset

08:57 Developing a Growth Mindset

14:03 Adopting a Long-Term Mindset

20:04 Empowerment Mindset

24:20 Next Steps

Resources Mentioned:

• PurseStrings Curated Directory: A trusted resource for finding vetted financial professionals. https://pursestrings.co/
• Download our ‘Where’s Your Money Going’ Worksheet to track your spending and see where your money is flowing. https://pursestrings.co/where-is-your-money-going/
• Book: The Gap and the Gain
• Money Talks Thursdays: Register to our weekly live money talks and financial discussions every Thursday at 11am central.
• https://us02web.zoom.us/meeting/register/BgXZ5I7wThyiCfiR8BBYlw?fbclid=IwZXh0bgNhZW0CMTAAAR0zAeHIfN8educVOLm80huYQwFMYZSITP0TDm3wBwNBhbgjjD83lSU6bPY_aem_eet20I0qMSAuqViYern07A#/registration

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Transcript

Maggie: [00:00:00] Hey everyone and welcome to today's episode of Women and Money: The Shit We Don't Talk About. We're kicking off 2025 with a focus on how to set and achieve your financial goals and the key to doing that is having the right mindset.

Barb: but before we dive in, let me ask you this. How do you feel about money right now? Do you feel in control or is it something that stresses you out? Your mindset

around money plays a huge role in whether or not you can achieve your financial goals. 

Maggie: So in today's episode, we'll break down the four key mindsets that will help you set and achieve your financial goals in 2025. If you're ready to shift your mindset and start taking action, this episode is for you. Remember, your money mindset is everything when it comes to achieving your financial dreams. 

[00:01:00] 

Barb: Let's kick things off this year with an abundance mindset. Yay. Why? It's because we're so often thinking from a scarcity mindset. We need to change the narrative on that. We really need to think more about abundance. It's believing that there's more opportunity, whether it's a better job or a side hustle that you want to start, or even in investing, because when you have this more of an abundance mindset, then you're going to stop thinking that there's not enough to go around, it's going to cause stress and anxiety, and instead, let's think about creating more possibilities [00:02:00] in our lives. 

Maggie: We always love more possibilities and it's easy to get on that negative overwhelming spiral. But we just want to take that spiral and spiral the other way up to abundance. Why is this important though to help reach your goals? 

Barb: I think because there's so much negativity coming at us from so many different ways that we really need to stop and be really conscientious about our thoughts. I can't tell you how many memes or little social media posts that talk about, you are what you think you are, right? You are what the messages are that you give yourself.

And when you find yourself thinking poorly, I don't have enough, I'm not making enough, I'm not going to get the promotion or what if someone else gets the promotion or, something that isn't enough. We really need to change the narrative. Remember, we talked about that book, The Gap and the Gain? 

Maggie: Oh yeah, that's a good one.

Barb: So often we're looking at, have I come far enough? [00:03:00] We look at what the gap is. Instead, we really need to look at what we gained, right? Especially as entrepreneurs out here. So often it's, you're always reaching and trying to get to that next rung. 

Maggie: Well, in the gap, if you were to reach your arm out in front of you, you're never going to hit that point because every time you take a step forward, that keeps getting more in front of you. And that's like, our goals, it's like there's still so much more out there.

And it's like, I want to reach a million dollars. Okay I got half a million dollars and that's pretty good for somebody who started at zero. You know what I mean? And so it's like, you've got to give props. It's like. Hey, you're not in debt and you have a half a million versus like, Oh, not at a million yet.

It's being grateful for what you have, which I think we'll talk about more too. But you know how you mentioned with social media, it is so much on social media where there's so many people who have these seemingly aesthetically pleasing looking lives and so then it's hard to be like, oh I don't have a bed frame and a bedroom that looks like theirs, it's easy to go into these holes of like it doesn't look like this so i'm not successful where it's like [00:04:00] dude, that's just their bedspread.

That's just their closet. It's just like these little things where it's like let's zoom out and look at the grand scheme which is hard to do when you know, social media is just at our hand. It's easy to doom scroll like people say. So what are some things we can do to take action on this abundant mindset, move forward, get it going, get it rocking

Barb: First of all, we have to be conscious of our thoughts, right? 

Maggie: The hardest part.

Barb: it's really hard, right? It's really ingrained in us. But I think what we have to do is when you find yourself thinking poorly or negatively, 

you need to say, ' Stop, I'm changing the narrative'. That's huge. To be able to do just that is a big deal. If you can change the narrative and say I'm changing this around the more often that you can do that, I think that routine of saying I'm not gonna think that way anymore.

I'm gonna change the narrative. 

Maggie: Ellen Rogan, we've had her on before. We all know she's great at what she does with her money mindset and things like that. And she has this book messages for money. And there's this one spot she has in it where she says, if she has that stop, that thought she'll just [00:05:00] stop. And she's like clear.

Just clear that thought and we're going to redo it again. And sometimes I find myself doing the day like clear. Sometimes I say it like we're in ER, like I'm going to rub those paddles together. Clear, get ready for this new jolt of energy that's going to come in. But it just reminds me of her and her story of how she says that.

And it is like, all right, clear. We're going to, that thought is going now and we're going to move on to the better one.

Barb: I love that. That's a great way to think about it. And so we have to stop, pause, be conscious, clear, and then reframe that thought process. And I remember when I was a little kid, my best friend, Maggie, I was at her house one day and she's like, Oh, before we go, she opened her closet door where there was a mirror hanging there.

She's like, you're beautiful. And then she shut it. And she's like, okay, let's go. And I'm like, Oh my gosh, she did that when we were kids. It's about really giving yourself a positive reinforcement about who you are and what you've done and you're going out into the world and give yourself some good positive juju [00:06:00] before you leave the house.

I thought that was fabulous.

Maggie: And we need those reminders, like, I've had those where I'm there on my bathroom mirror telling me, you're beautiful. You're going to have a great day. I remember being at my friend's house and her sister put those messages all over and she's like, these messages, there's post it notes falling from the pantry.

They're like in containers on the fridge, like, remember, you're abundant. I'm like, what? You know what, whatever works, like it needs to be immersed into your life. So if there's post it notes all over your house, in your fridge, like, so be it. You have that abundance mindset and that's how it's staying in front of you.

Cause it's not just that 10 minutes of meditation. It's like those little thoughts day in, day out during the day.

Barb: Yeah, and we are up against all the negative messages that come at us from all sorts of different places. So it's like we're fighting it back, right? We're pushing it back and saying, I'm not taking that on. And I know that the world is big. The world is your oyster. I love when people like have these speeches like, like Demi Moore the other night, the Golden Globes, I don't know if you saw her speech, but she said [00:07:00] there's so many negative messages that she received about her being an actress and how you're just a popcorn actress and you're never going to make it and you hear this a lot from people in their acceptance speeches that They haven't gotten a lot of good positive reinforcement to really do what their dream is, what they desire, but they keep going and their message is always, if you're doing something that you love, keep going.

So think those abundant mindsets, take that next job, know that you can invest, know that you can be financially fearless. Life is out there to grab, create it and make it your own.

Maggie: I always have to think of it as like, there's my pie and everyone has their own pie. And so it's like, if they're doing really good, that doesn't mean I have less pie. You know what I mean? We can all do good and have a full pie versus Oh, if they start something, they're going to take all my clients.

So now I have less, it's like, No, there's millions of people out there. We all need help. We all have our niche or niche, whatever you want to say. And so it's like, I have my pie, you have your pie [00:08:00] and they don't talk to each other, and that's just, another way to think about it because you can have your pie and eat it too.

Barb: Yeah. The world is your oyster. Over the weekend, I met one of my American heroes, Jim Lovell. I watched his Netflix documentary and he showed from the space capsule, looking back at earth, it was so miraculous and he's like, you don't see boundaries.

You don't see anything down there. You just see this beautiful world. I think we limit ourselves so much in our lives, but we have to say the world is huge. There's so much opportunity out there. There's abundance for all of us. We need to rethink our thinking and know that it's out there for us as well. 

Maggie: I saw this other post that was like a football field and they're like if humans were on this football field on the yardage we'd be one blade of grass by the end zone. And I was like, we are tiny, like, 

Barb: I know. So grab it. 

Maggie: Grab it. All right, next we're going to talk about growth mindset. This mindset is all about the idea that you can [00:09:00] grow, you can learn, you can improve over time, especially when it comes to your finances.

The key though is not to feel discouraged if you are not perfect with money right now. And the growth mindset, you can understand that financial skills can be developed just like anything else. So it's okay to make mistakes as long as you learn. And this is so important because you just have to keep moving forward.

I have realized through so many years of school, I did grad school, all that stuff. And it's like, there was always a goal or an end or like a completion, you saw the end or knew what you had to do to get there. And I realized like having a growth mindset, it's like, there's never an end.

And time is going to keep going. So like you have to keep growing with it. Even if you hit your perfect workout body, that doesn't mean like, okay, now you're done and you can move on to the next thing. You have to maintain it if you want to keep it, and it's just these interesting things where it's not this checkbox or it's just this long life.

It's an ebb and a flow and you've really got to get that growth in where you can. I always keep that just 1% [00:10:00] better every day. Like, what's one thing I did better than I did yesterday? And that, 1% really adds up and moves forward. And if I can get 1%, 75% of the time, we're still moving forward.

Barb: Yeah. What I want to add to that is I saw this post which I thought was great and it was like Start at 8:30 start on Sunday and start on Monday start at 5, you know start just start, you know We always are putting off starting like oh, I'll start that next week. I'll start that in a month. I'll start that when it's convenient, I'll start that after I do these 10 other things. But the thing is, no, now is the best time to start.

And we know, especially with women in investing, they put off investing, they put off taking care of themselves financially, and they waste so much time. Time is money when it's talking about compound interest or investments, that when we're talking about finances, you need to start in order to grow, and you need to learn about your finances in order to grow. 

Maggie: Even just opening a high yield [00:11:00] savings account, like I did it pretty much on my Capital One app. It took, God, if it took three minutes, that would have amazed me. It's so fast and you just move your money there and all of a sudden I'm earning, four and a half percent interest on money that was just sitting in my savings earning 0.01. And it's like, wow, those three minutes today, like that was my 1 percent that launched me forward on my finances. It's always those things that, really took less than five minutes. 

Barb: You put off a year and it, took you five minutes, but 

Maggie: which is almost the 

Barb: sponsored by Capital One, but we can be if they would like to 

Maggie: I would love to be and put that out there in the universe.

But it's always a good time to get started. And I'm one of those people who it's like, great, I'm going to be a whole new person and there's going to be so many great things. So here are the 10 things I'm going to do every single day, 365 days. There's never much success, but. It's so important then just to learn like, all right, I'm going to do this one thing.

And sometimes I feel like the one thing's not enough, but I was like, it's the one thing I'm doing today, so it's fine. I don't need to meditate and journal and work out and [00:12:00] budget and all the things just today, I just need to do one of them, and stay consistent and then add in those things.

Cause as we said, there's no goal, there's no timeline. So it's, how do you make these things stay in your life and not just be there for a period of time, but really be like immersed into your lifestyle. Become part of who you are. Yeah, exactly. That's the word habits.

Barb: Maggie, you've done this. You've done this with working out. How many days in a row? 

How did you get started and tell us about your t shirt? 

Maggie: I got started with literally showing up to the gym and trying to do the 10, 12, 30, if anyone, or it was like 30 minutes at a 15 percent incline at like three. So it's like incline walking, fast incline walking. I was like, we're going to get 15 minutes. We're not even doing 30.

We're getting 15, which like I used to be a person who did CrossFit. Like I was a lot, I ran a lot. So I was like, this is embarrassing, but like, you know what they say is like, just tie on your shoes that day. And then the next day go in. So I committed to a gym membership and then they gave you a t shirt after you checked in a hundred times.

So I was [00:13:00] like, okay, a couple months. And so one day she came up to me, she's like, you came a hundred times. Like, what size t shirt do you want? I was like, yeah. That flew by. And then, it flew by, but then I was also like there and I was like, okay, so some days it was 20 minutes, some days it was 30, other days it was, back to 15.

I felt exhausted, but it was like, I kept being there and then I kept seeing people like lifting and I was like, it was calling my name again. Those things were coming back of like, no, you really like doing that and you want to do it. So all of a sudden I'm like at that gym for like an hour and 20 minutes.

And I was like who am I? Like my cool down was what I used to do for the whole gym time, you know what I mean? And I'm just like, I look back and I was like, okay, so 18 months did pass us, which is just crazy. Cause I was like, no, I just started coming here and it's like, it's been 18 months now, but like the time passes either way.

And it was just doing those small little things every single time. And it feels good. And that way now it's so integrated into my life. It's not something I dread. Yeah it's my habit. So growth mindset, super important. And we got to be gentle on ourselves. So just start where [00:14:00] we are and we're going to grow from where we are.

Barb: I love it. I love it. But let's talk about a long term mindset, right? Thinking beyond the here and now. It's about getting bigger, better, long term goals like saving for retirement, buying a home, even starting a business. Being patient enough to work at that over time. It's so easy to get caught up in what's happening today or this month, but really having a long term mindset helps you make decisions that will benefit your future. And this is so important. There's a lot of people that I meet that are my age, sixties and up, and they really haven't put a good plan together for retirement. It's too hard to start when you're in your sixties.

It's something you need to think about, Maggie, around your age, every little bit. And, it's interesting because there's so much of a purchasing mindset out there. You need it. You need it. Because, I watch TikTok and everything on there, TikTok's just become one big Amazon warehouse. [00:15:00] yeah.

It's a TikTok shop.

And it's funny if there's even some creators on there that'll say, you don't need another eyeliner. You don't need another purse. You don't need another stacking bin. you don't need another, because that's what they're selling you all day long why you need it why you need fast cash fast fashion easy to do click here zip zip put your credit card in done, right and we need to step back and go wait a minute.

This is crazy! Because you need to be a little bit uncomfortable today for a really bright and better future. I'm not talking eating beans either. I'm just talking about 

Maggie: What do you have to eat about beans?

Barb: I like beans, sometimes people think just beans?

All I'm saying is you don't need 42 purses, you don't need 10 pair of black pants. Remember the blog, I think you wrote it about putting your cereal in a container bin. 

Maggie: Yeah. Moving everything in your pantry to a bin and having it [00:16:00] aesthetically pleasing and it's minimum $400.

Barb: I know. So the one thing I want to mention about this is I remember when I watched Sex and the City and Carrie Bradshaw, she said, I've spent hundreds of dollars on shoes and I have no place to live. I literally will be the old woman who lived in her shoes. 

Maggie: She loved her shoes. 

Barb: She loved her shoes, but remember she wanted to buy an apartment or whatever.

And she said, I don't have money for a down payment. Someone looked in her closet and said, Oh my God, it's because it's in your closet, right? There's no return on investment on that. And I'm not saying stop shopping. I'm not berating people. I'm just saying, be conscious around where your money is going.

And are you being a little bit uncomfortable today to prepare yourself for a bigger purchase, a house, an investment, retirement, whatever that might be. It's so important. 

Maggie: I think a long term mindset might be one of the hardest out of all [00:17:00] of these that we're talking about. And sometimes it just seems because something seems so far off, if just got out of debt, and now you're looking, let's say to buy a house, and 

you need 50, 000 down, right? If you have 0, that seems like, Oh my God, I'm never going to get there.

How do I think so long term? How am I going to get this done? How am I going to have all these goals? And I don't think enough people also step back and are like, what do I want? What do I want that future to look like? We're just stuck in the routine and life happens.

It just, whatever falls in front of us, we take versus like mapping out like, no I'm taking these two weeks off. I'm. Going to Italy. I'm putting this 5, 000 aside for it. I'm making that happen for me. But it's hard to think when things are so far out there, even my retirement. I'm like, okay, let's say 35 years, you know, I'm not even 35 yet. How am I supposed to think 35 out when I haven't even been here that long, you know what I mean?

and so it's one of those things that's really hard for my mind to grasp. I just want to share. It's not easy.

Barb: I get it, but we can make it easier. And I think the part of that is you have to, like you [00:18:00] said, what is it that you really want, right? And be clear about it. You want a house someday, you want to retire someday. You want to start by buying a condo. So what's your long term goal may not be retirement today.

It might be buying an investment property to live in. 

So let's say. You don't always need 50, 000 to buy something, but you can say, if I can save 15, 000, what would that take? What would it look like, And then backing into it, we're going to talk about this in our money talks.

What does it mean to set a goal and set a really manageable goal? How do you back into it? And how do you achieve that goal? And it's so achievable when you do it in that way and in that strategy. So you might not want to say long term is 35 years down the road, but long term for you might be three or four or five years down the road.

Maggie: As far as I could even think, cause you're like, anything can be a wrench at any point, what if I get a pandemic? What if I meet the love of my life? What if something just falls into my lap. It's just like you have to be flexible, but I think that's also, bringing [00:19:00] in those professionals and having those conversations of like, all right, in 35 years I want to retire, but how can I use this condo I want to buy today to help get me to that retirement without just feeling I need to spread every dollar that I have into every bucket.

But if they had a plan, like you can buy this, you can rent this, we could resell it and you can use profits for that. Those conversations of, knowing again what those goals are and then presenting that to somebody else who's seen it a thousand times and knows the ins and outs and can help you get on that path, but also when it diverts, adjust with you.

Barb: Yeah, life's a journey. Things are going to happen, but like Michelle did in our podcast, you could buy an investment property, live in it for a couple of years, rented out by another investment property and you start building your retirement right there with investment properties.

It doesn't always have to be the same road everyone else goes down. You can create your own. But really thinking long term is important so that you can do small habitual actions every day that lead you towards that [00:20:00] investment. 

Maggie: Are you ready to move on to the last mindset for today? 

It's going to be the empowerment mindset this is all about taking control of your life. Understanding that you are the one who makes the choices when it comes to money. You are not helpless. You don't have to rely on anyone else to take charge of your finances. And this mindset can really help you feel more confident in your financial decisions and empower you to take action. I feel like this is one that we've push so often because women hear these money messages that are not about that empowerment mindset.

And yeah, reiterate, you do not have to rely on anyone else to take charge of your finances. You can do it and build that team. We encourage that support, a man is not a financial plan.

Barb: Yeah. it's like that little video, it's like, no one's coming. No one's gonna tell you to get up in the morning. No one's gonna tell you when to get to work, when to go back to school. No one's coming to save you. You really have to create one big, beautiful life for [00:21:00] yourself, and you can do it.

Maggie: Yeah. Sometimes I always just think also like, why not me? Why couldn't I have that glorious life? Like somebody on social media who I see have it, why would they be better than me? And let's break those thoughts because like I am just as empowered and just as worthy to have those things as name any name in the book there.

And with this mindset, you can stop feeling overwhelmed by your money, but start really making those intentional choices that align with your goals. And not letting that unfear that uncertainty, hold you back from those smart decisions. And using your growth mindset with your longterm mindset and your abundance mindset to really get that empowerment. It really all comes together as a big cumulative effect for good.

Barb: I love that. And, we're all about empowering money and start empowering women with their money and starting where you are today, wherever that might be. Some people might be like, Oh, I've got 70, 000 in credit card debt. good.

Okay. Let's start there. 

Maggie: Yep, we got to know about [00:22:00] it first, we got to know about it. We got to recognize it. Those are always the first two steps. So knowing you got 70, 000. All right, cool. We know it we recognize it, and we know where that debt is Yeah. 

Barb: And, I'm not saying everyone's in debt. Some people might say, I put all my money in the bank cause I didn't know what to do with investing. Okay, good. Let's get started investing. Or somebody might say, I have student loans, but I have a great job. I don't know which to pay down first, to buy a house, pay down my student.

I just don't know where to move. Okay, good. Let's start there. So wherever you are, let's get started, and we're all in different places in our lives. And no judgment here at purse strings. We're all about stepping into your power. The reason for this is so important. Women are going to be in charge of their financial future at some point in time.

You don't want that to be when there's a tragedy that has occurred and you didn't have any idea where the money was, which we've heard for far too long and that's why we're empowering women to get in front of their financial decisions with these little nuggets of information that we're sharing here with what we're going to be doing on our Thursday morning [00:23:00] money talks with all of the resources we have right at our front page as well as our curated directory of vetted financial professionals. We have done the heavy lifting to empower you just come and grab and use and ask and do. So we always say the first step is knowing where you are, right?

Knowing where your money's going. And that is a tool that we have that we give away. Where's your money going? It's a worksheet. We can put it down here in the notes for people to just grab it and work through it. 

Maggie: Empowerment mindset your money's your power. So knowing where that power is going where it's coming in and where it's being delegated to, that's the first step. Don't think of it as a budget think about what's coming in. This is my power, I mean you can do whatever you want with it, right?

And so With that growth mindset, you choose to spend it on things like your home because you want to keep that roof over your head or the gym because you want to keep going. And so it's where are you putting that power? And using that empowerment to move forward, and not be stuck in any of I [00:24:00] shoulda coulda woulda Okay, we all have shoulda coulda wouldas but we're right here today.

So let's drop that and take that next step forward.

Barb: Once you know where your money's going, let's start tracking it. Where's it going? There's so many people think that they can't make their money stretch, but I think if we all looked at where our money is going, we could find we have a lot more money than we think we do. 

Maggie: Yeah. I think this was a great conversation really talking about these four different mindsets. We had the abundance mindset knowing that there is going to be enough, the growth mindset saying, I can grow, I can learn, I can improve. We have the long term mindset, which really is thinking beyond that here and now.

And then that empower mindset, really taking control of your financial life. Like we said, we know shifting your mindset is not always easy, but it's the first step when coming to your financial changing your financial future. So to take a moment to think about, which mindset do you want to focus on this week?

And that's how we're even breaking it down. It's not focus on all four of these mindsets this week. Pick one and [00:25:00] then, focus on that for the next week. Maybe start by practicing gratitude for the money that you already have, or you're going to take control of your budget. Whatever you choose, we'd love to hear how that's working for you.

Reach out to us on social media or, if you have questions, share it. Register for our weekly money talks and share some of those accomplishments. But that's how we're breaking it down is just pick one thing for the week to focus on. Do one affirmation every day, five days a week, maybe and that's success.

Barb: And we've got more great content coming up, so make sure you tune in next week. We'll be diving into even more practical tips and strategies to help you achieve your financial goals and be financially fearless in 2025. 

Maggie: So until then, we'll talk to you soon and be financially fearless.

Maggie: You've been listening to Women Money, the shit we don't talk about. Now, it's time to take what you've learned and make bold moves towards financial independence.

Stay in the know by joining our newsletter [00:26:00] for exclusive tools, resources, and updates that keep you financially fearless. Head to pursestrings.co and sign up today. Need a financial professional who gets it? Turn to PurseStrings Curated Directory, your go to resource for financial experts who know how to put you first. Love this episode, leave us a review and help us empower even more women to own their financial power until next time,

be financially fearless.