How (and Why) to Shift Your Money Mindset | Business with Purpose Podcast EP 314: Jen Smith, Frugal Friends
My guest this week is Jen Smith, a personal finance expert and author of the Amazon best-selling book The No-Spend Challenge Guide.
Jen and her husband paid off $78,000 of debt in less than two years making well under 6-figures. She talks about it on her blog, Modern Frugality, and as the co-host of the Frugal Friends Podcast.
3:07 – Jen 101
- Jen’s podcast teaches people how to spend.
- She believes people can live a life they love with the money they already have.
9:48 – Money mindsets
- We think that money is just numbers on a screen when you check your account balance or dollars in a wallet, but it’s only a means to get the things you want.
- Money touches everything in your life that you care about.
19:30 – Pivotal moments
- There are pivotal moments in your life where you can choose to be challenged, but it will provide a lot of growth.
21:58 – Dealing with debt
- Paying off debt is like going on a diet. You try to go extreme and lose it fast, and then a week in you aren’t doing it anymore.
- The radical middle is making small changes with large impact.
32:41 – Less friction
- The less friction and barriers there are to paying for something, the more people pay, on average, according to studies.
39:53 – Post debt hangover
- After paying off debt, it can be hard to get over the shame of how you previously spent money.
- You can always choose a different path.
51:17 – Get to know you
- Her splurge item? CrossFit
- Something we’d never guess about her? She doesn’t like celery.
When I was able to identify what a money mindset really is, I was able to start identifying what I thought about money.
We think that money is just numbers on a screen when you check your account balance or dollars in a wallet, but it’s only a means to get the things you want.
Money touches everything in your life that you care about.
Thank you to our partners of the show!
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