About this episode
Today’s episode features a real Money Nerd, Whitney Hansen . Whitney paid off $30k of debt in 10 months. She also bought a house at 19 and got her MBA for $472. She started out life with some hardships but that fueled her interest in personal finance. Now she’s taking her lessons and empowering others through financial coaching. Listen, learn, and let us know what you think about Whitney’s awesome insights. Episode Summary Whitney’s Background Whitney’s parents separated after an abusive relationship They then moved to Boise in a two-bedroom apartment Her mom was supporting them with $7.25 of income This was all to support a family with six children Whitney tells a story of how excited she was to get a mattress out of the trash This was when she was 18 Helping Others Save Some people think they can out-earn bad spending Whitney’s #1 point is to find the values and “why” of the person you’re trying to help Not all tactics are going to resonate with people but leading by example is a great start She also talks about being relatable If you only share the wins, it can seem unobtainable Start of Financial Coaching Whitney was $30k in debt but working two jobs She focused and paid off all her debt in 10 months After that people started hitting her up for advice That’s when she discovered financial coaching Money Coach vs Financial Advisor Money Coach’s can’t tell someone what type of insurance they should buy They shouldn’t tell a client to buy a specific stock They also shouldn’t try to give specific tax advice Instead, a Money coach should focus on saving, philosophy, and just holding them accountable. Tips to Becoming a Money Coach It’s important to understand how hard a client is willing to work It can change how you work with them or if you should work with them at all You also should start coaching for free or heavily discounted That way you can see if you really want to do this before getting too invested Key Takeaways Pressure makes diamonds: We loved how Whitney took her circumstances and used them as motivation Speak their language: Whitney talks about resonating with people about money. You have to meet them where they are and not just try to force them into doing things that worked for you. Call to Action Take and share financial tips with someone. Try some of the tips Whitney mentioned and really try to resonate with the person. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review ! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital . This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here! Whitney’s Information Her Website: Whitney Hansen Her Podcast: The Money Nerds Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)