“We don’t need to optimize every dollar,” says Chelsea Brennan, Founder of Smart Money Mamas. “We need to optimize your dollars to work for you." Chelsea grew up with the idea that wealth brings praise and prestige, and for a while, this money story worked for her. She was able to save quite a bit of money throughout her high school and college years and ended up on a career path that gave her financial freedom. The problem was that Chelsea was unable to actually enjoy her money; she was stuck in a role that didn’t allow her to spend time with her kids or to establish the work-life balance she was looking for in adulthood.
When Chelsea was pregnant with her first son, she began to change her money fears and money stories. She started a blog to help answer the money questions many of her fellow moms were posing to her and ultimately left her hedge fund management role. Now, Chelsea runs her own business, Smart Money Mamas and its monthly membership community, the Motivated Mama Society. This group aims to help members change the way they talk about money, overcome emotional blocks, identify what they most want and create the healthy money habits that will help them achieve their biggest goals.
Tune into today’s episode of The Real Estate InvestHER Show for an engaging and informative conversation with Chelsea about creating a healthy money management legacy. Learn about Chelsea’s Money Hierarchy of Needs, how to talk about money and saving with your kids, and how to move beyond your money fears to model positive money relationships for the next generation.
• “If we can get women and moms to have really positive, healthy relationships with money and align their money with their values, that will be modeled for their kids and get passed down and really start to change the narratives we have about money.” (08:52-09:04)
• “Sometimes, just soothing your inner child, inner peace, is valuable. We don’t need to optimize every single dollar. We need to optimize your dollars to work for you.” (12:57-13:08)
• “We don’t want to go sit in our 10-year-old brain, but we do want to peel back: what are your original money memories? What assumptions did you make about money in that moment, and is this a lesson that serves you now? Is this a lesson you would want to teach your kids?” (20:35-20:46)
• “Almost everyone has areas of their life where they are a spender and areas of their life where they are a saver. And so, instead of bringing it to this, ‘I am this thing,’ I challenge you to figure out what’s important to you, where can you spend more money, and where is it important for you to save more money?” (30:52-31:10)
• “The whole goal of teaching kids about saving is teaching them to delay gratification. At the beginning, maybe that’s six weeks, and as they get older it’s years, and then when they’re 13 they are ready to save for a car in three or four years, they are ready to think about college because they’ve built that delayed gratification muscle.” (40:16-40:32)
Connect with Chelsea Brennan
FREE Healthy Money Mindset Workbook: https://smartmoneymamas.com/healthy-money-mindset-workbook/
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