All posts by SeattleMoneyCoach

divorce money couple

The “Liberty” Vs. “Safe Harbor” Money Personalities (in divorce)

divorce money coupleDare I say there is a silver lining to divorce? Well, there is.  You get a fresh start in so many ways. And your relationship with money is one of these “fresh start opportunities”.

Money is the ultimate tool for designing a new life you love. However, we often act in ways that can sabotage the very life we want to create. Why? Because we are not in touch with our money personality. And if you don’t know yourself, and what motivates you, you will unconsciously make decisions that may not be for your highest good. 

When you understand your own “money personality”, your new financial life after divorce will be so much easier! I joined Jessica and T.H. on the Divorce etc… podcast to talk all about the different money personalities and how to identify your own. (Go here for the podcast episode: Divorce and Your Money Personality : exEXPERTS)

And here is an article I wrote for them. 

So, what is YOUR money personality? Let’s find out. For starters:

WHY DO YOU WANT MONEY?

Whenever I teach a seminar on money, invariably I ask the audience, “What is the point of having money?” Answers start flying and I throw them on a whiteboard. “Retirement, vacations, money for my kid’s college, pay my mortgage, to have fun, to not be stressed about money, charitable giving, to pay the bills, new car….”

From the specific to the general, there are as many answers as there are people.

How would you answer the question—

WHAT IS THE POINT OF HAVING MONEY?

Or another way:

WHY IS MONEY IMPORTANT TO YOU

Most responses boil down to one of two answers:

  • Money is important so I can do what I want to do.

or

  • Money is important so I can feel secure.

If you could only pick one answer, which would it be? Which answer draws you more? Yes, we all want to pick both answers, but which one has a bit more truth for you?……

To read the full article, please go to: Divorce and Identifying Your Money Personality : exEXPERTS

bombshell business podcast

Podcast: What is really important in life? The Bombshell Business episode

I had a great conversation with Amber Hurdle on the Bombshell Business podcast. From her roots as a poor teenage mom to becoming a successful businesswoman, Amber has had quite the money journey. We shared stories of how we both use money creatively to create a life we love, regardless of how much we actually have.  We talked about people’s money personalities and money histories, as well as the importance of using your money for what brings you joy and passion.  Listen to two women having a deep conversation on what really matters in life… Enjoy

Podcast: Create Abundance with A Spending Plan with Mikelann Valterra – Amber Hurdle | Globally Recognized Branding Expert

 

brave women at work podcast

Podcast: From “money fog” to money as life energy

Podcast host Jen Pestikas of Brave Women at Work, interviewed me on why women feel anxious about money, and how to overcome this stress. We dove into what money fog is, and how money is really a form of life energy. And we talked about living our values in money. We even hit how to escape “golden handcuffs” — when we don’t like our jobs.  This is a jammed packed interview that covers our money beliefs, and how to create a nourishing spending plan that literally helps you architect the life you truly want. (And at the beginning, I share how I got into the field of money coaching.) Enjoy it.

Podcast: Brave Women at Work: EP: 107 Get Out of Your Money Fog with Mikelann Valterra on Apple Podcasts

smashing the plateau podcast

Podcast: On being self-employed, pricing, and building your community

Listen in as David Shriner-Cahn and I talk about running your own ship. David loves working with people who have left the corporate world and gone into consulting. This is a huge shift for many professionals, who now have to market, network, and charge for their services. We had a great conversation on why using a personal spending plan is key to figuring out how much you need to charge. And we talked about how paying yourself first is the most important. We also discussed pricing—how do you avoid undercharging? And how do you set and raise your fees while building a sustainable business? And last, we discussed the role of community for business owners. I shared my experiences of how my participation in business groups over the years has been key to my business success. So, if you are self-employed, or thinking of hanging out your own shingle, listen to this episode.

Podcast: https://podcasts.apple.com/us/podcast/how-to-transform-your-relationship-with-money/id903756992?i=1000591289823

the shrimp tank podcast

Podcast: The Shrimp Tank Episode—guilty pleasures and the differences between men and women

The Shrimp Tank is a podcast “where street smarts and book smarts collide”. Watch a very fun conversation between me and two great guys—Dan Weedin and Craig Swanson. We analyzed their own money personalities. What is underneath Dan’s love of golf equipment, and what about Craig’s love of taking his family on vacation? We also hit how men and women are different. We talked a lot about my tango hobby and spending money on hobbies in general. Their “plead the fifth” section made me laugh hard when they asked about my own guilty pleasures of spending money on tango shoes. And what advice would I give my younger self and what about my own money mistakes?! This is as real as it gets.

Full show video: https://youtu.be/qxAhTWItBc8

Podcast: https://www.shrimptankpodcast.com/how-to-stop-stressing-about-money

How to escape golden handcuffs and live the life you want

When I met Rebecca, she was in her early forties.

She was a well-respected marketing manager in the technology industry. And she was working an insane number of hours every week. 

At our first meeting she told me, “I’ve never made this much money in my life.”

The crunch

While she was surprised and delighted by her income, she was also becoming increasingly concerned and stressed about her work-life balance. She felt as if she was wearing golden handcuffs. The high salary, benefits, and stock options made her feel she would be crazy to leave the position for something that paid less. 

She didn’t have time to work out or unwind. She had been missing many important events for her friends and family because she was working or recovering from working too much. When she did make it out with friends, or find a way to take a few days off for a vacation, she felt too stressed to enjoy it. 

In the back of her mind, she always wondered if she should find a less stressful job. She yearned for a job where she could spend more time on the weekends with friends and family. She wanted a job that didn’t require her to be on her email every waking moment. She wanted a job that ended before 8:00 p.m. every night.

The fog

She was in a fog about her money. In fact, she had never really looked at her money. She was anxious to really see where she was spending her money. She was worried about what she might find.

What if she found that all this hard work, all this time, wasn’t really helping her save money? What if she wasn’t “making this count”? 

Sometimes she even carried credit card debt. She felt embarrassed. She made “made enough,” so how could she let this happen?

As a money coach, I helped Rebecca look at her expenses and savings for the first time in a long time. 

What she saw

Many things become apparent very quickly. There were “money leaks”—money going to subscriptions and services she no longer cared about. And she saw that she was doing a fair amount of “stress spending” to cope with her crazy schedule.

She felt she was on a money hamster wheel—she needed to make enough to spend on big vacations where she could de-stress from her hard work, only to start the cycle over again when she returned. She was shocked at some of the totals we saw.

However, when she looked at how she wanted to live her life, she also began to see that she did not need to make her current salary. Yes, it was nice, but a fair amount of it was going to support her stress spending, or simply leaking out to unimportant things.

And when we looked at her net worth, we saw that the picture was better than she feared.

The light at the end of the tunnel

Her money fears quickly calmed down as she exited the “money fog”. We dove into what she truly needed and wanted in her life, and this brought more clarity. She began to feel in control of her money for the first time. 

A job opened up at a non-profit she kept her eyes on. Lo and behold, she felt she could make the leap. She knew now that it would pay more than enough for her to enjoy her life and keep her on track for the future. 

The golden handcuffs unlocked and fell to the floor.

Her new schedule gave her time to attend a regular yoga class. She re-connected with friends she loved dearly. She started sleeping better, too.

This is the power of financial clarity and creating a nourishing spending plan. The door to your ideal life unlocks and opens for you.

the retirement wisdom podcast

Podcast: Money and Emotions—The Retirement Wisdom Episode

Most of us want to enjoy our retirement someday. And money plays a role—an emotional role. So if you are curious about the emotional side of money, this podcast episode is for you.  Joe Casey, from the Retirement Wisdom podcast, dove into exploring our money beliefs and analyzing where they come from. More importantly, how do they impact us? And how does one develop a healthy relationship to money? We talked about the two most common money personalities, and what happens when they marry each other. And on a practical note, that is also emotional, how do we handle “retail therapy?” And what about retirement? How does the emotional side of money impact us when we become “work optional?”  People have more time in retirement, so having the resources to put into personal interests is key to happiness. And last, what is money coaching and how is it different than financial planning? So listen in, for a deep dive on emotions and money.

Listen here

The secret magic of planning your spending to create your dream life

Tell me, what is it you plan to do with your one wild, and precious life? – Mary Oliver, American Poet

How I love this quote! It captures why I love the art of planning my spending. Because the art of planning your spending is really the art of planning your life. And I suspect you want a wonderful life full of less stress, more peace, and more fun.

Learning how to plan your spending literally gives you the ability to create a life full of magic. Really!

As we all know, nothing happens without a plan. Or things happen, but haphazardly. Maybe you get what you wanted, and maybe you don’t. I am personally not willing to leave my one wild and precious life to chance. Granted, there are enough curve balls (A pandemic!?) but planning my spending means I can literally create a life that gives me what I desire.

And yet so often people are resistant to planning their spending. Even though we all know that it’s difficult to take a wonderful trip without planning. And I consider my entire life a wonderful trip that is worthy of some planning. I want to dance, I want to travel, I want some lovely clothing, I want a nice retirement account. I want time to enjoy it all. This all takes planning. 

I was talking to my good friend about why she broke up with her boyfriend recently. And of course, as women do, it was a long juicy conversation over a bottle of wine. But one of the frustrations she brought up was his inability to plan.  There were so many fun things she wanted to do. And yet he literally seemed allergic to planning. This meant they either wandered around aimlessly in their free time together, or she planned something fun for them to do.

None of this bode well for their future.

She knows that with planning, all things are possible, from going to Paris to creating a life with someone full of joy and love.

Planning and Creativity

Planning. It is as simple a question as “What do I need and want this month?” Then creativity comes into play as we balance this with our incomes and larger goals.  The truth is that creativity responds to articulated needs. When we list out what we need, our creative brain takes on the job of figuring out how to make it happen.

Planning is FULL of creativity. Sometimes, if my resources are going towards a larger financial goal (from paying off debt to building up savings) there may not be a lot of discretionary money left over. Then I ask myself, “how do I creatively get my needs met this month on less money?” My current needs don’t disappear just because I am also focused on larger financial goals. Too often we do not bring creativity into our money lives. We assume that either things work, or they don’t. And if we suspect things “don’t work” then we don’t want to plan. What is the point, we ask?

But planning your spending means you sit down and find a way to make it work. You find a way to get your needs met. You find a way to have what you truly want.

If my need is to spend time with my friends, I may need to find creative ways to see them for less money. Maybe it is over drinks, instead of dinner. Maybe they come to my house for dinner. Planning my spending helped me figure this out.

If I want to go back to school and need more time, maybe I rent out my spare room so I can work less. Planning helps me creatively think through financial possibilities. 

All things are possible with planning. It is true that Rome was not built in a day. But a little planning goes a long way. 

With enough planning, I was able to find the time to take art classes, as well as the money to pay for an art program. Planning enables me to travel for tango. With planning I was even able to build a second home that I rent out. 

Planning your spending IS magic. 

It is a blueprint that you can follow to create a life you have dared not dream about.

The art of planning your spending IS the art of planning your life. 

So tell me, what is it you plan to do with your one wild, and precious life? 

women beyond a certain age podcast

Podcast: Women of a Certain Age talk about money

Listen to this saucy conversation on women and money, as host Denise Vivaldo chats it up with Mikelann Valterra.  They hit it ALL, including what  really motivates spenders vs. savers, stories about how siblings in the same family are so very different with money (and why), and stories of women underselling themselves until Mikelann and Denise show them a different way. Mikelann also talks about the power of simplifying your finances so you are less stressed. Plus:  what happens when “opposites attract” get married, and then money comes up? Oh boy.  This is a super fun conversation to listen to as these two bold women have a no-holds barred conversation about what money is REALLY like for “women of a certain age”.  And it’s loaded with ideas you can use. Enjoy!

https://womenbeyond.podbean.com/e/beating-financial-anxiety-with-mikelann-valtera/

the mean show podcast

Podcast: Get older, stay cool and protect your passions

When Kristen Philipkoski, who hosts the popular online Mean Magazine (Mean Magazine — Lifestyle and irreverence for grown women  (tagline: Get Older, Stay Cool), invited me to chat, I jumped at the chance. We talked about it all!  Here is what host Kristen said about our conversation: 

“One of my biggest takeaways from Mikelann was that the more you know about your spending, the less you will have to think about money. If you get clear on exactly where your money is going, and then decide what is most important to YOU, you can create a life where you get everything you need, don’t waste money on things you don’t care about, and actually think about money less.

What a blessing that would be, right?!

We talk about how to get control of your money, the importance of having a passion that brings you joy (hers is Argentine tango), why opposite money personalities tend to partner up, and so much more…”

Here is the link to listen:

Mikelann Valterra talks money anxiety and the importance of protecting your passions — Mean Magazine