EP18 – Money Mindset with guest, Paula Wilimek
Question 1 – Tell us more about yourself and what changes have taken place in your business?
Paula explains that she has been in the financial industry for over 14 years including working with large organizations but shifted her business over the last few years to focus on the money mindset with clients. After recognizing a disconnect in the industry, she realized that more accessible money services were needed. Which is why she created and launched her business and financial workshops.
Question 2 – Why do you think some people have money issues?
Paula shares the reality that none of us have a financial literacy background, which is why people have pulled their money beliefs from their family experience. She explains that people can then start to recognize why they do what they do with money, based on their family upbringing. In rare cases, perhaps there were good influences from family but in many circumstances, that was rare.
Nat brings up the notion that the education system should include more information and education in finances as well as relationships; because ultimately, they both come into play with our relationship with money.
Ang asks Paula about the details of her Money Mindset Workshops. Paula created the workshop that dives into how your family origin around money IS your money story. And everyone has a money story. The workshop investigates your first memory around money and the underlying message around money in your family. Some of the myths or stories that are discussed are the perceptions that rich people are greedy and or money is dirty. She remarks that those beliefs have a big effect on how you live your life right now.
In regards to the money story, Ang asks if Paula has noticed an ongoing trend in her client’s money story. Paula quickly responds that she hears a lot of (and most particularly with women) that they feel they are undeserving of money. And that a lot of perceptions is that they are greedy to want money, or that they don’t deserve to make a lot of money. Nat describes that she feels that this type of mindset also affects men as she has heard these types of money stories from them. She also shares a bit of her own money story around seeing her parents work constantly. She reflects that she understood working all the time and sacrificing time with family was the only way to make decent money. Now, she understands that she has the capability to make her own story and one for her children. Paula agrees and reiterates that we have the power to change our money story.
Paula remarks that shame around money is learned and that we are ill-equipped as adults because of the lack of financial literacy training. And instead of asking for help, we feel the need to shame ourselves.
Question 3 – How did you mentally take the leap and begin to believe you were meant for this journey?
Paula describes that she initially (and timidly) rolled our her workshop offerings. And luckily, she describes that she received really powerful feedback. She reveals that the thing that keeps her going is seeing the “ah-ha” moments from participants taking her workshops. Ang asks Paula to share one of those Oprah ah-ha moments, which was of a participant who didn’t feel that she had a money story. And once going through the workshop, she realized that her perception around money (from witnessing her parents at a young age) was that of trading a lot of time in order to make good money. Her breakthrough was realizing that it was not something she wanted for her life. Paula shares that it is always so interesting the money stories that come out during her workshops and that we need money in our life so it is important to work through those stories so as we honour where we want to go.
“Your money story doesn’t go away… you have different versions or it evolves.”
Question: What is your take on business owners that are playing small?
Does Nat ask if she feels that it is based on fear or scarcity? Paula agrees that yes, scarcity and fear come into play and that as business owners, we are forced to handle “all of our stuff.”
And as much as you want to do well in your business, some people don’t want to set targets or monetary gains too high. Basically it is less scary and safer to aim low.
Nat reads a quote that Paula had shared through her Instagram stories from the book, You Are a Bad Ass at Making Money by Jen Sincero, “rich is able to afford all things and experiences required to fully experience your most authentic life while the amount of money you will need will depend…”
Questions: What are your thoughts on entrepreneurs investing in their business (financially)?
Paula reminds us that the investment is always there. There are (and will always) be opportunities to invest in growth as the landscape of business is constantly changing. She shares her experience in investing in workshops and courses, including Nat’s Social Media Content Workshop. She remarks that even just the landscape of social media has opened up opportunities to learn and grow and how important social media is to our business.
“You need to spend money to make money.” Nat shared this saying that her dad used to say and they all agree that it is true, especially these days and in business. And that’s not to say to spend it frivolously but to make smart investments.
Question: What steps can someone take who is dealing with debt or shame, guilt, greed when talking about money? (in order to get over their negative money mindset).
Paula responds with letting the guilt and the shame go because that is not on you. But from there, to educate yourself with available resources. Read the books, ask people, seek out a financial expert.
Nat shares her story around the time she was a single mother and the guidance she received from a financial advisor at the time. She was told to start by putting $25 a month away. And from there, increase that amount to begin saving. Paula explains that many people don’t even start with saving because they feel that they need to be in a certain spot or place in their life before they can start. The discuss that it is better to start now because there really isn’t ever going to be a good time to start.
Does Ang ask what would be some advice Paula would give around teaching our children about money and mindset? And Paula’s answer was, “practicing gratitude for money.” Using gratitude to help them understand the value and appreciation for it.
Nat shares that she learned to put aside 10% of everything she made as a young adult. And how she would do until she spent her savings on concerts and travel. She explains how she has instilled that concept with her eldest son.
The ladies go on and chat about their first memory of money and first purchase. These items included a Milli Vanilli cassette tape, original Lite-Brite and a toy motorcycle (which was gifted to her brother). Tune in to figure our which purchase belonged to the ladies. This leads to more conversation about the importance of gratitude practices.
Paula shares that she keeps a gratitude journal and more about her adjusted morning routine since being in this pandemic. She mentions that although it has changed, she gets up at 5 a.m. to meditate, journal, affirmations and a thirty-minute workout. She mentions that she has her own set of affirmation cards and has a bit of a podcast blooper which is really funny (make sure to tune in around the 23:45 mark).
The final question for today’s interview – “What is one failure in your life that you can relate back to?” Paula has to pause and think about her answer but ultimately reveals that it was staying in a relationship for too long. And a lot of her reasoning was around the financial obligations surrounded by their commitment.
And the episodes finishes off with the ladies agreeing that the failures we have had have helped get us to where we are today.
Let’s put this episode into focus:
- Practice gratitude with money
- 2. Money isn’t scary, so don’t be afraid of it
- Everyone has a money story but everyone has an opportunity to change that money story
- Investing in your business is crucial in order for your business to grow
To connect with Paula Wilimek: