Know Yourself, Know Your Money | Business with Purpose Podcast EP 228: Rachel Cruze

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I remember my journey of becoming debt free. I read so many books about how to take control of your money and how to budget. There are a lot of financial resources out there, but there’s not much about why you handle money the way you do. 

My guest today is Rachel Cruze, and she is trying to tackle that very issue. Rachel is a two-time No. 1 best-selling author, financial expert and host of The Rachel Cruze Show. Her new book is Know Yourself, Know Your Money: Discover WHY you handle money the way you do, and WHAT to do about it!

3:42 – Rachel Cruze 101

• Rachel is an author and speaker and loves talking about anything involving money and personal finance. She is the daughter of financial expert Dave Ramsey. 
• She became interested in public speaking when she was 15 and realized it was a gift she wanted to share. 

6:16 – Being Dave Ramsey’s kid

• Rachel jokes that people think she had mutual fund birthday parties and summer budget camps growing up. But her mom and dad taught her a lot about money. They filed for bankruptcy the year she was born.
• She learned how to handle money emotionally, spiritually and tactically. But the conversations with her parents were never obsessive or legalistic. Her parents let her make mistakes so she and her siblings could learn to handle money. 

9:38 – What she learned from her parents

• Rachel watched her parents become successful with money and be outrageous givers. She has been impressed with the private ways they are generous, without any fanfare.  

11:20 – My childhood and financial past

• When times get tough, some turn to alcohol or drugs. As I explain to Rachel, I turned to spending money and used it as a coping mechanism. I was $36,000 in credit card debt in 2008 and became debt free in 2012. 

15:28 – Know Yourself, Know Your Money

• Money is so emotional. There is so much guilt and shame around this topic. Your net worth starts to become your self worth, and you start to believe: “This is who I am.” Breaking that cycle is so powerful. 

18:46 – The psychology behind money

• To understand why you handle money the way you do, you have to go back to the way you grew up. 
• There are four money classrooms people fall into: anxious, unstable, unaware and secure

25:17 – How to begin changing bad money habits

• You have to have an element of hope. Getting out of debt requires a lot of sacrifice, so you have to know why you’re doing it.

27:12 – Adapting to change

• Doing a budget is not fun, but once it becomes a part of your life you can’t imagine not having it there. It takes a shock to the system to change. 

29:41 – Get to know Rachel

• What does Rachel do when she wants to treat herself? She doesn’t need a designer bag. She loves spa days, pedicures and pampering.
• Her favorite song to jam out to? “I’m Proud to Be an American”
• Her favorite meal? Pepperoni and banana pepper pizza

FEATURED QUOTES

“Your net worth starts to become your self worth, and you start to believe: ‘This is who I am.’ To break that cycle is so powerful.” – Rachel

“To understand how you handle money today, you have to go back to your childhood.” – Rachel

RACHEL CRUZE | Ramsey Personality

Rachel Cruze is a two-time #1 national best-selling author, financial expert and host of The Rachel Cruze Show. Since 2010, Rachel has served at Ramsey Solutions, where she teaches people to avoid debt, save money, budget and how to win with money at any stage in life. She’s authored three best-selling books, including Love Your Life, Not Theirs and Smart Money Smart Kids, which she co-wrote with her father, Dave Ramsey. Her latest book Know Yourself, Know Your Money: Discover WHY You Handle Money the Way You Do and WHAT to Do About It will release in January 2021. Follow Rachel on Twitter, Instagram, Facebook and YouTube or online at rachelcruze.com.

ADDITIONAL RESOURCES:

https://www.rachelcruze.com/

https://www.rachelcruze.com/store/product/know-yourself-know-your-money-book

Thank you to our partners of the show:

Ammas Umma 

Did you know I have an ethical brand directory? That’s what Chelsea used to start finding products for her boutique almost four years ago! Now, Amma’s Umma carries over 50 intentionally sourced brands and is the perfect one stop shop for all your gift giving needs. As a thank you to the Still Being Molly community, she is offering 20% off with code SHOPWITHMOLLY. Head to shopwithmolly.com for all the details.

GOEX

At GOEX, we believe in the power of purchase. We use a simple t-shirt to connect our customers with their apparel makers. GOEX customers sustain fair wage jobs that liberate workers from poverty and empower them in their families and communities. We are proud to be a verified member of the Fair Trade Federation. Shop sustainable, eco-friendly t-shirts and sweatshirts with purpose today at goexapparel.com.

Simple Switch

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The Lemonade Boutique 

This episode is sponsored by The Lemonade Boutique, a women’s clothing with a cause store. Featuring ethically made and fair trade items from over 10 countries, every item is made by women facing extreme challenges such as trafficking, poverty, and more. Your purchase empowers women to take life’s lemons and make lemonade.  Shop at THELemonadeBoutique.com. Listeners of the Business with Purpose Podcast can save 15% by using code PURPOSE15 at checkout.

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