Conversation #131 | The Climb Back: Restoring Your Income Episode

🎙 Welcome Back to Season 4 of The Mindfully Rich Podcast! 🎙

New Series: "From Six Figures to Scraping By Rebuilding After Financial Distress"

This season, we're diving deep into the emotional and practical challenges of transitioning from a high income to financial hardship and the journey of finding your way back to stability. Each episode is packed with actionable tips and real-life advice to help you rebuild after financial setbacks.

Episode 3: "The Climb Back: Restoring Your Income"

In today’s episode, we focus on the recovery phase—how to restore your financial health and rebuild towards a six-figure income after experiencing financial distress. It's not just about getting back to where you were but about creating stronger, more resilient finances for the future. Here's what we'll cover:

🔑 Tip 1: Rebuild Your Income Streams Whether it's finding a new job, starting a side hustle, or launching a business, diversifying your income is key to regaining financial stability.

🔑 Tip 2: Strengthen Your Financial Habits Develop better budgeting, saving, and investing habits to protect you against future setbacks.

🔑 Tip 3: Embrace the Long Game. Understand that rebuilding your finances is a marathon, not a sprint. Be patient, stay focused, and keep pushing forward.

💬 Closing Thought: The journey back from financial distress is challenging, but it's also an opportunity to build stronger, more resilient financial habits that will serve you for years to come. Every step forward is a step towards financial freedom—so keep climbing!

📲 Connect with Me If you're ready to take your finances to the next level in 2024, visit my website at www.iammindfullyrich.com to schedule a complimentary consultation. Let's rise together!

📢 Follow the Podcast Instagram: @mindfully_rich_podcast

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Chapters

• 0:00 Restoring Income
• 14:05 Building Multiple Streams of Income

Transcript

Speaker 1: 0:00

Hello, hello and welcome back to the Mindfully Rich Podcast, your weekly look at life in finances with a twist, where we talk about improving your overall relationship with money and 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, the Gina Ritchie Richardson. Now let's jump into today's conversation. What's up y'all? What's up we back, we back, yes, and three weeks in a row, okay, might I add. Come on, okay, the one thing I can say since I am back, I've been wanting to deviate, just because that's just how my brain works. I know that we're in this series, but my brain has been like, ooh, I want to do this, ooh, I want to do that, because I didn't get my mind back, I didn't get my creativity back. Your girl is back, so I feel good. So, of course, y'all know gotta always start off with gratitude. Y'all have been listening, listening, listening, like I always ask y'all to do, and oh, my goodness, like we got new cities, new countries. It's been like a thing. I've been loving it and so always gotta start with gratitude. Gotta start graciously thanking y'all. Thank you so much for being a listener. Thank you so much for all of the shares, thank you so much for bringing this podcast into your circles. For those of y'all that do that, for those of y'all that ain't y'all already know, okay, I told y'all team of one, okay, share this thing far and wide. We need everybody to hear it, okay. So, thank you once again. Appreciate all the listens Ever since I've jumped back y'all didn't jump back All of the DMs, all of just the like yes, I'm happy to be back, I want to stay back.

Speaker 1: 1:55

So, not too many yet, okay. Not too much yet, okay. I want to make sure that that consistency builds again. I'm also going to have some advertising. What is it called Advertisements availability? Yes, let's call it that Advertisement availability coming up next week. I should have more information on that for those of y'all that are interested, because your girl can sell grass. Let me tell you what anywhere I go and I love it, the people who know me know I'm going to talk about it, Okay, and so I particularly like to align myself with things that I would particularly like as well. So we definitely will get into all of the advertisement availabilities that are coming up for y'all, so stay tuned for that. Okay, and so let's go ahead and jump back into it.

Speaker 1: 2:44

So for those of y'all that did not listen to last week's episode oh my God, it was a long one, but it was so good when I tell y'all it was good, like I was very patient in this, so I was very kind, very empathetic, and I hate that that trend is out right now just because I talk like this anyway, and so I just didn't say the very demure part, but the episode was really good. I was very patient in this episode and reason being, I've been through it In a lot of aspects. I'm going through it and I wanted to make sure that I was speaking to that other person out there who also is going through it, and this episode is going to live forever, so one day it's going to be speaking to somebody else, and so that's the thing that I love about these episodes and one thing that I've noticed the older these episodes get, the more people listen. So I love that. This is something that is now going to be history and I'm going to be the moved on from this and somebody going to be just starting on this, so that makes me feel so good. And the episode title was Surviving on Savings.

Speaker 1: 3:55

The Making it Last episode, y'all, it was just oh, it was just everything. There was so many aspects of that I'm getting chills just thinking about it so many aspects of that episode where I was like, wow, you are really releasing some things here. This podcast is so therapeutic for me because, even though I'm not saying the full story, getting a chance to just finally say it and to finally feel heard on it Not in a way where I needed to sit down with my friends and feel heard or anything like that because my friends are aware, but it was a different type of therapy that I love being able to do here on this podcast. So if you haven't checked out that episode after this one, make sure you go ahead head on over there. All right, and don't forget, the podcast is streaming on all streaming platforms. Okay, all of them. It's not on YouTube yet.

Speaker 1: 4:49

Y'all, I'm getting there. I want to add the visual, but it's like I'm feeling like I might only put the audio on YouTube. I'm not sure yet. Y'all DM me and let me know what y'all think, because it's only me and I'm just like. Should I do it? Maybe I should, I don't know. I think I will, but I don't know. I got to think about some more.

Speaker 1: 5:09

Anyways, okay, and so I just realized I didn't tell y'all exactly what last week's episode was, just in case y'all wanted to know it. Okay, all right, we talked about surviving on savings when income stops. What does that look like? Some practical realities of stretching your money and your essential needs. Y'all, it was good. Okay, I just went back real quick, just because I wanted to make sure that y'all knew that it was good. So, after this episode, go ahead and go back. Now we can transition and move into our mindful money moment.

Speaker 1: 5:41

And so, y'all, I actually had a song for today, but I don't really like this song, so that's the reason why I ain't really put no song attached to this For the advertisements on Instagram and stuff. I might do it. Okay, because y'all remember my least song is the climb. I think it was called Just the Climb, but as the person that I am for a song, I normally call it whatever the chorus is. But Miley has a song called it's the Climb and I named today's episode the Climb Back.

Speaker 1: 6:12

Restoring your Financial. Nope. I changed the title the notes that I was just looking at was wrong. It's the climb back. Restoring your income. That's what it is. I took financial out. I use financial in so many aspects of my life, y'all, that I was like I need to use another word, and so I had to call it something else. All right, so restoring your income, think back.

Speaker 1: 6:36

I've been telling a story this whole time. So, going from the first episode talking about the fall from high income six figures, whatever, that looks like, two scraping by, then next surviving on saving. So all of this is flowing and it's telling a story, and so that's the reason why we're now at how do we make that climb back? How do we get back to that high income earning capacity? How do we get back to six figures? How do we surpass the figures that we were making before? Because look at it like this Trouble can't last always. It just can't. All right, we got to get ourselves up at some point. The sunshine is going to come out at some point. The favor that we're looking for is going to happen at some point. The seeds that we were planting while we were in survival mode, they're going to start sprouting. So that's why we're talking about the climb back.

Speaker 1: 7:33

How do we restore our income even better than we did the first time, and so I'm always a proponent of multiple streams of income. Whatever streams you choose, that's up to you, but when we're talking about rebuilding our income streams, a lot of people's number one stream of income is going to be from their job. When you're on W-2, when you work for an employer, that is one of the top income streams that a lot of people have, and so let's talk about that for a little bit. I don't know if y'all are on TikTok. I've been looking at a lot of videos, and looking at a lot of HR professional type videos where they're talking about the market that we're in right now type videos where they're talking about the market that we're in right now, how there are so many people applying for one job. I don't know if y'all remember it was back in like 2020 or 2021. It was like the end of 2020 at that, where everybody was quitting their jobs, people were leaving, and so there were so many jobs available at that time. But right now, the market that we in no, that's not the same thing. We ain't even in that you probably got about up to 500 people all competing for the same job. So if you are looking for some type of job in corporate or wherever this job will be, wherever your career field is, at those job opportunities they are slim right now.

Speaker 1: 9:02

This is not to say that you can't get one because, baby, you blessed, okay. You listened to the Mindfully Rich podcast Okay, you blessed, and you are fearfully made. All right, god won't put nothing on you that you can't bear. You going to be able to get the job, okay. But let's just say maybe it may take a little longer because it's taking a long time. I've been seeing the success stories of people saying they applied for 200 plus jobs and finally got the job, or they finally got a job after six months, a year. There are some long time frames that I've seen.

Speaker 1: 9:38

This is not being said to discourage you. I am always saying this to be very real, but everybody is different and so when you're talking about that main source of income for a lot of people, with it being a job, if you're talking about getting a job somewhere, you got to update your resume. Updating your resume, child, go on TikTok. I need y'all to go on TikTok so y'all can see these people who be talking about resumes. They be talking magic. Talk to me right now because I'm like wow, I never knew that I needed to do all of these things. It feels like you're jumping through hoops but because of the job market, that we in these employers ain't got time to be sitting there sifting through 500 and something applications. They looking for keywords, they looking for impact, they looking for all of these things that you have done that can stand out from the rest, and if your resume not doing that right now, you going to get left behind. I just told you everybody and their mama is looking for a job and they may be looking for the same job that you're looking for. So you got to come correct. I don't know if I talked about this in one of the episodes I might have, but I got to talk about it again just in case.

Speaker 1: 10:49

When it comes to your resume, chatgpt has been like my best friend. Whether it's good, bad, indifferent, it feels like it works. Putting your resume into ChatGPT and ChatGPT is free. Putting your resume in there, letting ChatGPT know this is the type of job that I'm applying for, letting ChatGPT see the description of the actual role that you're applying for and comparing it to your resume, so it can make those things in your resume pop out. It's not to add extra to you. It is to make the things that you have pop out, that you've already experienced and done, that you already have listed, make it pop. So on your resume, when an employer, when a recruiter, is looking at it, they'll be able to see those things and not all of the fluff. So when you're looking for that job number one, I'm going to tell you make sure that you get your resume redone. Redone meaning you can take it through ChatGPT.

Speaker 1: 11:45

There are lots of resume writers out there On TikTok. I had no idea that it was so many and the amount that they are charging. I need to go back and look at my prices because I said, how about this A resume? But I get it because if you get the job, if you get the high earning job, you get the six figure job that you want. It was worth every single dime. So I want y'all to take a look, look at your resumes. Are they old and raggedy? What you going to do so that you can get yourself back up? Because employer income W-2 income, as I like to call it that's going to be a lot of people's number one, main source of their income. So you want to look at your resume because if you're applying for a job, you need that thing to be updated. It need to be the Cadillac. I don't even know what's the big card now, cause it's like when, normally, when you mentioned it like the best of something, people normally would say Cadillac. That's why you got Cadillac margaritas. But you need your resume to be whatever that best car is. I'm going to still say the Cadillac, the Cadillac of all resumes. So when they looking at everybody else's, they'd be like, ah, only bring me this. You hear that? Okay, all right. So getting your resume updated. There are other streams of income. There are lots of people.

Speaker 1: 13:05

Now, I know a lot of people like to say side hustles. But a lot of people side hustle, be they business for real, the hobby that they're doing. That is a business. I know a lot of people like to say your little business, uh-uh, now it's time to make it big business. Do you hear me? Whatever that little business is that people been calling little business? Do you hear me? Whatever that little business is that people been calling little? Show them that it's big business. Get on your Zoom. It's time for you to really put in the work in that little business, because we making a big business now. We want people to start noticing and talking. What is that side hustle? What is that hobby that you're doing that can be made into big business? I believe in the last episode I was talking about there are people out there who get paid to cuddle with people, to hug people, to walk with them Y'all people are making money doing a lot of things. I'm not telling you to do that. I am talking to you about your side hustle, about the business that you've been thinking about building, or the business that you've been thinking about building or the business that you're already doing.

Speaker 1: 14:05

That's in the little stage. That need to be made big so you can start making real money from it. We need multiple streams of income y'all. We are not in a day and time where it's multiple streams of income is a luxury. No, it's a necessity. We see what's going on in the world. We see that inflation is continuing to rise. We see that the job market seem a little iffy. So when you get into one, we can't just be changing like that at this particular moment just because I'm a millennial child. Millennials started the trend of every two, three years. Okay, let me tell you what bounce, bounce, bounce. That's what we did. All right, but we, in a time where that may not be feasible because the jobs aren't coming as quick as they used to, it can still be done. Don't leave the first one before you go to the second window. Okay, it could be done, but it's not as easy as it used to be.

Speaker 1: 15:02

So, for that side hustle, for that hobby that you are building into a business, how can you make it bigger? What does it need? What research do you need to do? Once again, I'm going on ahead and say going on to the TikTok. The TikTok is free. Let me tell you what. Chatgpt is also free. Help you with your strategic plan. Help you with getting that business plan together so that you can start elevating it to where it needs to be, so you can start making real money and getting real strategic with it. How much money do you want to make from it each month? How much money do you need? This the thing, y'all.

Speaker 1: 15:40

Whenever we going through the scraping by phase, that's the time that taught you what it is that you need now. So, whether it's an employer that you get a job with and you start making a W-2 income. It's a side hustle that you now have turned into a real big business for yourself. Whatever that extra stream is, you are being strategic this time. I need this amount of money from this job. I need this amount of money from this job. I need this amount of money from my business or, if it's all business, for my entrepreneurs out there. If you are just like you know what, I'm just going to build my business that I got bigger. I'm going to bring in all the money, being very strategic, understanding how much money do I need after taxes? Just because I'm going to always bring the taxes element in there, just in case, just because, for my entrepreneurs out there, when it comes to us making money, when you go to apply for loans like right now, it's house time Most of the people that are my clients they're buying houses. They're showing income, and buying a house is an income game. That's going to be a whole nother episode.

Speaker 1: 16:44

Okay, but when you are trying to prove that income, you have to claim it, so you have to show that on your tax returns. I'm a DBA, so, with a DBA, I have a Schedule C. I have a profit and loss statement with my taxes. That's how your business shows that it's actually making money. So you want to know how much would I pay in taxes if I made this amount of money. Chatgpt is free, the internet is free, you can look that up. Just because I made $40,000 this year doesn't mean that I take away $40,000, especially if I'm going by the rules, if I'm paying taxes. So you need to know what those numbers look like.

Speaker 1: 17:25

Everybody, when I'm talking to you about rebuilding these income streams we building stronger this time, we building better this time and we got to know the numbers. We got to be very intentional, we got to be very mindful when it comes to us building this income so that we can make it last, so that we can keep it. Because this is the thing we coming out of survival mode, we want the best, we going to the mountaintop this time, okay. So just to kind of go back over all of those things, we're talking about rebuilding our income streams after we've been living on savings, after we've been scraping by, knowing how much we need to make. That's going to be very important. That means that going back to it your budget, you're going to need to make sure everything is tight and right. You know what your income factors are, what the income factors need to be. Don't stop till you get them there. I don't want you underemployed, I don't want you under the amount of money that you need to make because we just got through scraping by, we just got through living off our savings. If something ever were to happen again, we need to be able to build higher so that way we can still put away for savings too, so not just our expenses. We want to be able to get there, but we got to get there first by building up our income. And so, since last week's episode was so long, I wanted to make sure that I only concentrated on talking about those income streams, just because that's enough. I want to make sure that I ain't taking a moment, because I understand, especially coming off of surviving on savings y'all. That is hard to do, that is a hard task to do, and I understand it very well. That's the reason why it's rebuilding time. We about to rebuild this income. How can we do that? Sky's the limit. Let me give y'all the inspiration for hope.

Speaker 1: 19:14

I realized that I had to break up with my mind. My mind was telling me all of the things that I couldn't do. My mind was not reminding me that I am more than a conqueror, that the Lord would never put more on me than I can bear, that I can do all things through Christ. That strengthens me. I wasn't remembering any of those things. What my mind was telling me was I wasn't going to make it, I wasn't going to get back to where I was. I'm not going to get back to where I was. It was bringing me down. It was bringing worry into my mind. It was bringing stress into my mind, and when all of those things are in my mind, it is now a part of my heart. I had to remember whose I was. I had to regain my confidence so that I can feel good enough to put myself out there, to get myself back, and I want you to do that today.

Speaker 1: 20:07

If you need to break up with your mind, because your mind is telling you that you can't have what you know God done, put in your heart and told you what you can have, you got to break up with your mind. You got to start feeding yourself with some inspiration, feeding yourself with some positivity, feeding yourself with some positivity so that you can build that confidence back up, because it's time for us to put ourselves back out there. It's time for us to get out, put our boxing gloves on so we can come here and take something okay, because we ain't leaving here without something. All right, and that something that we talking about is the income. We are raising our income in this episode. Y'all. We are raising our income right now in life for those people who are doing that and guess what? We're going to do it. But you got to build your confidence back up so that you can get there, and I believe in you. I know that you're going to do it. I know that you are now, after listening to this episode, you are going to be able to move with confidence. You are going to be able to move into those opportunities. Open doors are happening for you right now, your divine connections to the jobs and the incomes that you want. It is happening right now.

Speaker 1: 21:17

Child, let me tell you what your girl is preaching today. All right, I wasn't even intending on that. I was just like just make them a cute little episode, get them pumped up, get them in a positive mode so that they can go out there and get what it is that they need, because you deserve it. But you got to be planting those seeds. Faith with works that's what I always believe in and I can admit my works had slack for a while because my faith was small. But build up that faith. Listen to what you need to listen to to get you back in that faith-filled mode. Get you back into that doing and working mode, because there's always a time when we got to get up and when we get up, that's when the action is required on us. Okay, so we in recovery mode, y'all you going to do it. You are going to thrive after this. I want y'all to hear me. I am affirming today that you are going to build your income higher than you ever had it before. You going to be able to build your savings back from when you were surviving on it. You are not going to scrape by. I am claiming that right now for everybody. So you are going to recover from this and I hope that everybody that you gained something from this episode today because I know it felt so good for me. So if you need some assistance, your girl is booking for September and October. I got a lot of cute graphics on the podcast page on my page, yes, and I'm excited because I've been working with the same clients for a while and I'm finally at a point where I can open the books up and I can accept 20 new for September and 24 October. I'm super excited.

Speaker 1: 23:02

As a financial guy, I do not play your girl done been in this industry for 18 years. I'm not one of these playing experts out here. I'm a real expert out here. When I say expert, I'm going to use that lightly because I know a lot of people don't like that word. I've done so much. I've worked in so many different spaces in the financial industry Don't forget, your girl is certified in here too. All right, so we're not playing with you. I have so many people who can speak I'm going to put the testimonials up who can speak to the success that they've had with me as their guide, whether they've increased their savings, when we're talking about building their money through CDs or other financial products that can help them with building their money. Talking about helping people with getting their vehicles, helping people with increasing their credit, helping people with just rebuilding their credit as a whole, just whatever it is. I mainly love, of course, the credit and the debt situations, but I can help along the lines of most things, and so go ahead and schedule your complimentary consultation on my website, iammindfullyrichcom. Don't forget, you can connect with the podcast on Instagram.

Speaker 1: 24:11

I'm at Mindfully underscore, rich underscore podcast, and y'all already know the biggest one share, share, share, because, yes, we don't play that over here. Share this thing far and wide. One woman team. And don't forget, next week, if you've been thinking about advertising your business on the podcast, I'll have more details for you here and also on the podcast Instagram page. I probably will throw it on my website as well. But don't forget listen, subscribe and share. That is the main thing I want to make sure that y'all know. Write the reviews on whatever platform it is that you are listening to, and I'm not gonna start rambling. I enjoyed today y'all, but until next time when I hit y'all with another one.