Conversation #125 | The 5 Steps You Need To Set Clear Financial Boundaries In 2024

Hello Hello! 

Welcome back to The Mindfully Rich Podcast, where I believe that financial success is not just a dream—it's a tangible reality I'm claiming in each of your lives this year!  Today, I'm diving deep into a crucial topic that can transform your finances in 2024!

Question: Do you know if you currently have financial boundaries in place? If not, it's time to change that because for you to win with your money and finances this year, discipline is the key to unlocking that success, and it all starts with establishing clear financial boundaries for yourself and the people in your life.

In this episode, I'll guide you toward financial empowerment by establishing clear boundaries for your financial goals. We're saying goodbye to dreaming big and taking tangible steps to turn those dreams into reality. 

This year, the Mindfully Rich Podcast is dedicated to arming you with the knowledge, motivation, and strategies you need to create a roadmap for success and establish the financial boundaries that will set you on the path to victory.

This year, we're not just talking about financial goals; we're making them happen. So, prepare for a transformational episode today to explore the five essential steps to financial boundary setting. It's time to kickstart your journey towards financial freedom and make 2024 the year you achieve those long-desired financial dreams.

Book Me As Your Financial Guide:

Everyone's financial journey is unique, and I emphasize the importance of research when tailoring strategies to your specific goals. Whether you're looking to save for a home, invest for retirement, or pay off debt, customizing your approach is critical.

But the guidance continues! I want to introduce the option of working with you as your financial guidance coach. To kick things off, I invite you to a no-cost discovery call to explore if we're the perfect fit to work together. I'll also explain how my expertise can complement your efforts, offering personalized strategies and support on your financial path. Click Here to book an appointment with me!

Above all, I want YOU to win in your finances. To achieve this victory, we delve into the significance of using vision boards to keep your goals at the forefront of your mind. It's not just about setting goals; it's about seeing them, believing in them, and taking actionable steps to turn them into reality.

Please tune in to Episode 125 as we embark on a financial empowerment journey, setting SMART goals, crafting strategies that lead to success, and solidifying your financial boundaries.  

Don't forget to check out the link below for your no-cost discovery call—I'm here to help you achieve your 2024 financial goals. Let's make it happen together!

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Chapters

• 0:00 Establishing Financial Boundaries
• 14:17 Creating Financial Boundaries and Goals
• 21:10 Highlights of Past Episodes

Transcript

Speaker 1: 0:00

Hello, hello, and welcome back to the Mindfully Rich podcast, your weekly check-in that encourages you to elevate your overall relationship with money, and a guide to building better financial habits. On each episode, I'll discuss real-life situations and give y'all practical advice. The point of this podcast is to help you stay in your financial lane so you won't end up broke. I'm the creator and host, gina Richie Richardson. Now let's jump into today's conversation. What's up y'all? Welcome back, welcome back. First of all, do y'all hear this voice? Okay, my voice is on one today. We good, all right, you can hear me very clearly. Raspy where? All right, I've been drinking some new water, okay, stand hydrated, doing all of the things, throw a coat. The tea is working, okay, and y'all? I just got to thank y'all for bearing with me, because I've been trying to stay consistent. So, for those of y'all that are new, okay, the podcast started off great in 2020, consistent, consistent, consistent. But last year fell off, and so this year, I've been trying to figure out is this going to be weekly or is this going to be bi-weekly? And I feel like we're going to be on a bi-weekly schedule just because that's what's been feeling more natural and that's what I've been producing. So I feel like that's what we're going to be. But if y'all get an extra episode, just know I was in a good mood that day. Okay, if it's weekly, just know I was in a good mood. But don't expect the episode every week. Just know every other week that's what we at right now and I like this flow, especially with me jumping back into everything, and so let me just go ahead and start with gratitude and say thank you so much. I appreciate all of my rich gang, all of those who have been with me from the beginning to those of y'all that just jumped on now.

Speaker 1: 1:50

I was just on the Miss Wanda's radio show, which is also in podcast form. It's called Full Circle. I want y'all to make sure you go check out her show as well. Love Miss Wanda. Oh my God, we had such a great conversation. It was all off the cuff Like Miss Wanda is just a pro and it was just so cool. So if you haven't checked out the conversation, I went live on my Instagram page, mindfully Rich, and I have it pinned so you can go back and you can go check it out. You can also go to Miss Wanda's podcast, full Circle. It's on all streaming podcast platforms. You can go listen to the conversation there. It was really good, really in depth. I mean, a lot of great gems were dropped that day. If you haven't checked it out, please I encourage you to go listen to it right after this.

Speaker 1: 2:43

Okay, and so thank y'all so much for all of the listens. Y'all are really keeping the numbers up. Love that. Keep sharing the episodes with everyone. Share on social media platforms, share word of mouth. I mean that is the biggest form of, I believe, like referrals, I believe word of mouth is the biggest form. So y'all, make sure y'all keep telling people. That's all I gotta say. Just keep telling people. Okay, and thank you for all the people you've told.

Speaker 1: 3:12

All right, so please make sure that you are writing reviews as well. The reviews help to share the word of how you're liking the podcast. So if you like an episode, if you got a second not if you got a second, you got a second go do it. Go write a review. All right, write a review. Let everybody know. I want to brag and say look how many people love it. All right, so make sure y'all are writing the reviews wherever you are listening at. So I know Spotify has reviews. Apple Podcast has them as well. I believe the other platforms got it. Just wherever you at, write a review, tell people on your Instagram, share it on your stories Okay, I just need people listening, all right.

Speaker 1: 3:57

So, now that we've had our marketing meeting, okay, because y'all are marketing For those of you are new, marketing, this one woman team over here, so y'all the marketing team Okay, let's go ahead and get to the reason why y'all are here. And so, for those of y'all that are new, I have been talking a lot about winning in 2024 with your money. I want y'all to win. This is our year, we have the now, all right. So I am in therapy right now. So I want y'all to know y'all are getting the best version of me lots of new perceptions, expectations. I'm just a deeper Gina right now and I am loving the person that I am becoming, just because therapy is really helping me to dig deep and to see things another way. I'm getting some things out there like very introspective right now, so let's thank therapy for that, okay, but I want y'all to win with your money in 2024.

Speaker 1: 4:57

So I've been talking a lot about goals and creating those smart goals, and once we have those smart goals created, having a vision board, so you have that visualization in front of you each and every day. But I want to go back to smart goals. Just in case you haven't been listening, I want you to make sure that you go back to episode 123 and 124. A lot is talked about in those episodes, but smart goals are our strategy to making sure that our financial goals are specific, measurable, achievable, relevant, realistic and we have a timeframe associated with that goal, because that's going to help us with the strategy that we need to create to get into that goal.

Speaker 1: 5:39

Because we not playing with goals over here, no more. Okay, we we not doing that? I don't know if we did that in 2023. We ain't doing that this year. We making sure that, whatever it is that we set that we going to make sure that we have some type of realistic way to achieve it. Let's just say it like that All right, no dreams over here. We not we not doing no dreaming, not round here, partner. All right, we making sure that we got some good goals so that we can achieve and I know y'all got some goals. I know y'all got some things that you want to achieve this year and I want to make sure that I'm being that guy to help you with thinking about these things and making sure it's top of mind and being that accountability partner that you need on this journey, and that's what I'm going to be.

Speaker 1: 6:28

All right, and so onto the reason why y'all are here, and that is to get into our mindful money moment conversation, and this is a segment that I created back in 2020. The objective of it was to take a song title and curate a conversation around that. I realized that there wasn't going to be a song title to go with everything that I needed to talk about, so there's no song title today, but just wanted to give those of y'all that are new what this segment was created for and what it was what is supposed to do. But I still have a conversation in mind and because we're talking about our goals, we're talking about creating a vision board for it, and because I want y'all to win this year, I want to make sure that you have some discipline and financial boundaries established so that you can reach those goals. So, yes, we are getting back into the conversation of boundaries. Y'all and I just can't wait.

Speaker 1: 7:28

So let's go ahead and start off with talking about what a boundary is. So a boundary is defined as the line that marks the end of an area. So when we talking about boundaries as it relates to money and finances, we're talking about setting clear expectations around how you and SBQ engage with your money and your finances and how you allow money to affect your relationships and those relationships, meaning the people that are around you. So when we're creating those boundaries, you need boundaries for yourself, along with boundaries for the relationships that you have created. This is big y'all. So you're going to have to put on your big girl and big boy pants today, because we about to get into it, because I know that lots of people don't have financial boundaries, because this is one of the biggest concerns that I see with a lot of my clients, a lot of people who I talk to about their finances. So that's why I know it's something that we need to dig into and talk about so that you can get to establishing the clear boundaries in your money and your finances that you need to achieve your goal.

Speaker 1: 8:41

And this goes for everyone, of all income brackets. Everyone faces this. You can have a dialing your pocket. You can have a couple million in your pocket. There's always going to be something that's going to come up with people that are around you that are going to come to you for help. What are those financial boundaries that you have in place? And if you don't have any in place, you are in luck, because I'm going to talk about five ways that you can create financial boundaries to accomplish your 2024 financial goals.

Speaker 1: 9:19

So the first step in creating financial boundaries so that you can accomplish your 2024 goals is going to be prioritizing your financial goals. You are the one who knows what your goals are. Other people don't. So you're going to have to be the one that is honoring the things that you want to do, and that's going to be putting you first. I'm learning this in therapy because I'm not good with doing that. I had a lot of people pleasing. That was inside of me. We getting rid of that spirit. Okay, we put in me first, lucius, okay. So you have to prioritize you, because if you're doing for others, how are you also going to be able to do for you? And I'm one of those people who loves to serve. I love to help other people out, I love to be there to assist them. But who's going to assist you? Who's going to prioritize you? You are, and I am giving you permission today to put yourself first and the financial goals that you have for your money and finances in 2024. You have to understand and give yourself permission to know that these things are important to you. So putting you first is going to be at the top of the list and your first step in creating your financial boundaries this year.

Speaker 1: 10:42

So your next step is going to be defining your limits. I get it. We want to help people out. We want to make sure that they have the things that they want, that they need. Our family members, our friends, whomever it is that you help out financially. They probably have been coming to you for financial stuff for a long time. But now, if you haven't defined what your limits are going to be, it is time for you to stop and say this is where I draw the line at. Is that going to be $5, $50, $100, $200? I don't know what that looks like in relation to, in relation to your financial goals that you've already set. So if you have savings goals and you're trying to save a certain amount of money, that means that you're going to have less money to be given out to your family, to your friends, or for you to even be spending out yourself, just because financial boundaries are not only going to be for the people that are in our lives our family, our friends but those financial boundaries are also going to be for you too. So you're going to have to create some discipline for yourself as well, along with the discipline you're going to need to tell everyone else. This is where my limit is Now. For some of y'all, this may be easy for you to do, but I know a lot of people have a lot of clients. This is not something that's going to be easy for them, because people are used to coming to them, also have clients that are used to spending their money the way that they want to spend it. But when we have a goal, we have to concentrate on what that goal is. So there has to be some things that we are limiting in our lives so that we can reach those goals. All right.

Speaker 1: 12:35

So, moving on to step three, when you are creating financial boundaries, that is learning to say no, no, no to yourself, no to your family, no to your friends. You may not be able to go, because you got a goal that you got to achieve. You need that money to go towards that goal. You may have to say no when somebody asks you for money. You map. You may have to say no To whatever that thing is, that you saw this on sale that you think that you want to buy right now because it feels microwavable and you feel like you want to get it because the price is right. You are going to have to learn how to say no, and that is a complete sentence no to yourself, once again, and no to everyone else. It may even be no to your kids. I don't know what or who you may have to say no to, but you are going to have to learn how to do that if you want to create Financial boundaries so that you can reach your goals. Everybody's Income is different, everybody's debt is different, everybody's needs and wants are different. So I don't know what that looks like for you and who or what you need to say no to, but you know what your goals look like, you know the people that's in your life and you know who you need to say no to. So go on and get to getting. You got my permission. Tell them no, hell. No to some of the people, okay, but you get what I'm saying. Okay, let's go ahead and move on to step four and that's gonna be Reframing the conversation.

Speaker 1: 14:17

Now, this one is funny to me. I love this one because this is something that I talked with my best friend about all the time when someone asks me for money, just because I'm looking at financial boundaries in this particular aspect, when someone's asking me for money. So if someone is asking me, always tell her girl. Just tell them you was about to ask them for some money, like I need to borrow some Money, like I was just about to call you. That is reframing the conversation. Okay, let them know I was just about to ask you, can I hold something? Because it ain't nothing like somebody calling you and asking you for money and then you asked them for money. That conversation About to end real quick, I promise you. They about to get off the line. I even say you know what? Let me know when you find the money, because I still need it. So maybe they'll give me some money too.

Speaker 1: 15:06

Okay, reframe that little conversation because once again, we got goals that we trying to make in 2024, we winning with our money and finances in 2024. So, after saying no, reframe that conversation. I ain't got it. What's up? Who else got it? You got it for me. Let him even send it to you and then just send it back to him at the time that you say you're going to send it back Once again. We got goals. So there's going to be people that we're going to have to say no to. There is going to be times that we're going to have to reframe that conversation, especially for those people that don't know how to define them limits. Reframe the conversation. I promise you you will get a good laugh. You got to get a great laugh, okay. And also, you still got your money in your pocket, okay. And so moving on to the last step in creating financial boundaries so that you can accomplish your 2024 financial goals is having a plan, because we've set these goals, we've done the work to create these smart goals.

Speaker 1: 16:16

We know that we have people in our lives, whether that be your family, mom, dad, cousin, sister, brother, your friends, your kids. We know that we have people in our lives who we may take care of financially or that we may give money to occasionally. So, knowing that, how can you create a plan that allows you to do less? What does that plan look like? So for some you're probably screaming and saying but Gina, you all know I got to do this, I get it. So plan out what that's going to look like. That's just like with my kids. I give my kids money. I also purchase clothes and things that they need things like that. They're on a budget. I can't just purchase endless things because I got goals that we trying to make, so some things are going to have to fall by the wayside not the things that they need. I'm talking about the once. So I know that I have them on a budget. This is what I can do.

Speaker 1: 17:18

You need to understand what is that plan going to look like for you when it comes to allowances that you may give out, those monies that you give out to others in your life. What is that going to look like? So, with looking at that and all of the steps that I've said today making sure that you are first prioritizing your financial goals, but setting those limits for others and saying no to others when you need to how is that going to fit into your plan so that you are ready when they, when they come to you because they're going to hit you with the. I need it because or if I don't do it right now, or my life's going to be cut off, my rent going to be this. They're going to hit you with the sad stories, but you got to be ready. You got to create that discipline, that financial boundary that is going to help you with achieving your goal, because if you don't do it, who else is going to do it for you?

Speaker 1: 18:19

I want you to really think about that, because if this year is the year that you want to achieve some things that you haven't been able to achieve in prior years, how are you going to get there if you don't create financial boundaries? You're not. So you have to learn how to put yourself first. Prioritize you, set those limits, say no when you need to say no. Refrain those conversations, because they can get deep, they can get you into a corner, but you got to figure out how you're going to turn that around and then also know what your plan is going to be. All right, I want you all to sit with this episode, because those was a lot of good gems that I just dropped. All right, listen to this one over and over, because you going to need to make sure that you got this down pack, because financial boundaries are important not only for ourselves, but for the people that are around us. We got goals, we got things we trying to do in 2024 and I want to make sure that you are off on the right foot in doing that. So listen to this again.

Speaker 1: 19:21

I also have another episode about financial boundaries. That is absolutely amazing. I didn't even want to try to recreate it. It's episode 85, the year of my birth. Y'all episode is bomb, and I talk about and break down the different ways to create boundaries with the different people in your life, and even how to create those boundaries for yourself. I go way more in depth. It's episode 85. Go ahead and check that out, and I hope that this conversation has been fruitful to you, because once again, I want to be your accountability partner and the person that is there to help you win, guide you into that winning season that you want to see in your money and finances for 2024. Woo, what a great episode.

Speaker 1: 20:08

And so if you need a guy just because I understand everybody's financial situation is different we're talking a lot about how you can form your goals, but you may need that one on one care you need somebody to go and sit right there with you Not go, but sit right there with you so that you can understand what that goal will look like in strategy form for you specifically. And so I'm your girl, I'm your guy. Y'all can now book me as your financial guy. Go ahead onto my website I believe it should be in the notes where you could just click on it to book an appointment with me. Now, of course, we're going to start off with just a little consultation, a little discovery, called just to see where you're at, see if you're ready to invest in your financial future. If not, I probably won't be the coach for you, but we can just sit down and we can decide what looks good for you and even if we're a fit. So go ahead and do so and y'all, that's it.

Speaker 1: 21:10

I don't want to start rambling, child. Y'all know I don't like doing that. So if you haven't listened to the first episodes of the year, get into those. If you need to go back for those of y'all that are new, lots of great episodes I promise you I got something on everything. Go ahead and go back and check it out, but that's all I got and got no more. And until next time when I hit y'all with another one.