Financial Empowerment: money shame, financial literacy, and how to have more of it 💰
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- เผยแพร่เมื่อ 17 เม.ย. 2024
- Financial empowerment is your ability to take control of your finances, make informed decisions, and effectively manage your resources to achieve your goals and improve your overall well-being.
Unfortunately, many people are holding onto limiting beliefs and habits around money that create stress, and leave you feeling disempowered.
In today’s episode, Michael speaks to Personal Finance Coach, CPA, and TedX Speaker, Michael Kim, to guide you toward financial empowerment.
Some of the topics they’ll cover are:
💸The unique financial challenges gay men face
💸How financial literacy enables you to take greater control of your life
💸The impact of financial stress on your mental health and relationships
💸How does your financial situation impact your ability to be authentically you
💸Dealing with shame and inadequacy around income, debt, and finances
💸Understanding the influence of your personal money narrative on your financial outlook
💸Strategies for improving your personal financial situation
Join us for an inspiring discussion on empowering yourself to achieve greater security and unlock opportunities, enabling you to live the life you truly desire.
Today's Guest: Michael Kim
Website - www.michaeleekim.com
Instagram - / michaeleekim
Related Episode: Money Mindset
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This is sooo eye opening! I did go through a dark path a couple years ago when I started teaching online while I started living in one of the most expensive cities in the world (completely coincidental), so I was quite worried about my old lifestyle, fomo and comparing myself with financially stable friends my age. But I’ve come a long way, now I’m definitely in a better place, and the next step is investing I guess. I’m already paying a property, but I absolutely need to invest more, so thank you both so much for the guidance!
We're thrilled to hear that you found the video eye-opening and that you've made such positive strides! Investing is definitely a great next step, especially with the solid foundation you've built. Wishing you continued success on your journey!💰🌈
Great podcast.. I've been on a finance journey for almost ten years...I've learnt alot and there were alot of ups and downs. Needless to say I've adapted my strategy with new learnings and my changing circumstances. I budget, save and invest. Still working on a few goals.
I'm in Ireland so the tax land Scape is probably different in Canada.
I work in area of mental health and we say what you don't know will get you... My answer jokingly is taxes...great work!
Thank you for sharing your finance journey with us! Adapting your strategy along the way is key, and it seems like you're doing an excellent job with budgeting, saving, and investing. The tax landscape can vary quite a bit from country to country. Your work in mental health is incredibly important, and we love the saying, "What you don't know will get you... My answer jokingly is taxes...great work!" It gave us a good chuckle. 😆Keep up the fantastic work!🤩
My issues with math/money are complicated, I've always loved math and I'm actually quite good at it, when it's in the abstract. I love trig, and calculus but failed basic algebra and struggled with finance. I've done a little research and it seems like i have symptoms of dyscalcula, which is like dyslexia but specifically with numbers and calculations.
I found working with a financial planner vital. Find someone who is qualified and let him guide you. Sure there is cost for this service. It's been some of the best money spent and made!!
Your passion for abstract math is impressive!👏Acknowledging potential challenges like dyscalculia is crucial. Seek specialized support to boost your financial literacy and embrace your unique journey to empowerment!🤩
I have been trading for about 6 months now and just about every mine, it backfires and slaps me in my face. Nearly impossible for me to catch more than a few points I try to do top down analysis but it doesn't work for me . I say to myself, clearly I'm in the 90% that lose money, so I open a demo account, do my analysis, then take the opposite of what I would normally take and get the same result. I'm starting to feel hopeless, any advice for a struggling trader?
Indeed, the recent market downturn serves as evidence that a vast majority of individuals lacked a sufficient understanding of the underlying financial dynamics at play.
Don't listen to him, don't give up. Mining takes time(months, even years) to master, even the pros learn everday. Never the less, if you lose money no matter which side you take, maybe you need to look at how you are managing active trades rather than how you are entering them. My advice, find a mentor . And also, try incorporating the use of oscillators, Bollinger and pivot points into your strategy. And most importantly move to higher TFs(4h or 1D preferably), you'll thank me later.
You're absolutely right. While I don't incur losses with every trade, my primary challenge lies in allowing my winning trades to fully develop. I often find that I miss out on significant movements in the market. Instead of capitalizing on these opportunities, my trades tend to reverse after initially moving in my favor. Additionally, I acknowledge that my entry points could be significantly refined. Finding a mentor to guide me through these challenges would be immensely beneficial, although I recognize that locating a reputable mentor is easier said than done. If you happen to know any legitimate mentors, I would greatly appreciate any recommendations you could provide.
I've been working with a financial advisor since I started investing. In today's market, the challenge lies in timing purchases and sales of trending stocks, which seems straightforward but can be tricky. My portfolio has grown significantly, making about $1500 bi-weekly. Essentially, what I'm saying is that the 5% of consistently profitable traders often fly under the radar; they're typically low-key individuals. I rely on my account manager to handle entry and exit orders for me.
Would you mind recommending the specific professional you utilize for their services? I'm facing numerous marketing challenges and could use some assistance.
Both of you are very cute, but is the main idea of the podcast that gay men better have money than not have it?
Thank you for the compliment! While financial empowerment is a key focus of our podcast, we believe financial literacy is for everyone, and our aim is to support all listeners in achieving their financial goals. We appreciate your perspective!😍🤗
The only 2 things I got out of this podcast are "money allows us to do things" and "we should talk about it", other than that there is no substance. My apologies for being blunt.