It is vital to check in on your money mindset year round, but especially as we go into the holidays. Latasha Kinnard said on the Happiness in Progress podcast, “I want to create generational wealth for my family. That’s the biggest gift I could give them.”
Today you will hear from Latasha Kinnard. She is the CEO of Godeste where she helps her clients maximize their income and effectively build for the future. She is the #1 Amazon bestselling author of 20-Something & Rich.
The Money Mindset You Need for the Holidays
In this conversation, Tasha explains how important it is to not let all of your hard work saving and getting out of debt that has happened throughout the year, take a back seat just to buy gifts.
She says, “You do no one any favors by diminishing your financial standing. You’re going to do everybody in your life a favor by fortifying yourself financially.”
While the U.S. gets in a gift-buying frenzy, Tasha says it’s more thoughtful to think of what your loved ones’ love languages are. She says it’s much more meaningful to think of something like how to give the gift of quality time (easy as movie tickets) or giving the gift of words of affirmations.
When you look at someone’s love language you will end up with a more meaningful gift.
“Don’t use Christmas as an excuse to go out of control, spending money you don’t have, putting money in the pockets of corporations that don’t need it,” Tasha suggests.
“Christmas is about giving, but it has nothing to do with shopping.”
When Tasha said these words to me I wanted to give her a standing ovation.
“Christmas is about giving, but it has nothing to do with shopping,” Tasha said as she explained that we have been bombarded with messaging telling us that we need to buy to give.
That means we have some mindset shift work to do revolving around the holidays.
Tasha says that looks like spending quality time with people you love, telling them how important they are, giving to people who are struggling, etc.
She says we need to start asking ourselves what kind of values do we want our children to have around the holidays. Do we want them to value buying? Do we want them to value service? Do we want them to value gifts? Do we want them to value love?
Number One Budgeting Mistake
Want to know the number one budgeting mistake?
It’s that people aren’t making budgets!
They’re not making budgets around what to spend in their daily lives and they’re certainly not making budgets around what to spend at Christmas.
Tasha said only 30% of people actually keep a budget from day to day.
Lack Mentality’s Impact on your Money Mindset
Money mindset exercises can be very beneficial for you to think about the relationship you have with money.
Tasha shares a money mindset exercise she has her clients do. She has them think about their first magnetic money memory. A magnetic money memory is a memory that is very emotionally charged revolving around money.
Tasha’s magnetic money memory is when she was shopping with her mom and her sister. As they get to the store, her mom bends down to eye level and says “Listen. Don’t touch nothing. Don’t look at nothing ’cause you can’t get nothing.”
She described it as “standard black mom talk” that gutted her, making her whole energy change.
She says the conversation put her on notice to not even think or imagine ever getting something.
Tasha still gets emotional about the experience explaining how it shifted how she walked into every store throughout her life regardless of how much money she had.
“Even though I might be making more money than I ever had in my life – I walk into a store and I have this feeling, ‘I can’t buy anything, I can’t have anything.’ That’s where that comes from.”
Tasha explains having a lack mentality like this is not good for our money mindset.
How to Break the Money Mindset Cycle that Doesn’t Allow You to Gain Wealth
Everyone has a financial set point.
In this conversation, I share how my husband and I never took a moment to determine what our relationship with money was. As we made more and less money through our early years of marriage – I found our spending would rise to pay increases. Basically, what Tasha calls our ‘financial set point,’ never changed.
Tasha says the only way to change your financial set point is to move the needle.
To start breaking the money mindset cycle that is holding you back from gaining wealth – she suggests starting with affirmations. She says it is important to believe your situation can be different and to start thinking differently about money.
“When you start to look at the relationship you have with money and the cycles it’s put you through – you have to say enough is enough,” Tasha explained so you don’t go through the same cycle year after year after year without moving the needle on your financial set point.
If you want to shift your financial set point – Tasha says there is no easy way to do it. But it starts with asking yourself what is the story you’re going to tell yourself about money.
More in this conversation:
- Affirmations to focus on what you want the holidays to be like around 14 minutes in the conversation
- Why there doesn’t need to be shame when you choose to start changing your budget
- How much you need in your emergency fund at 20 minutes in the conversation
- Do I save first or do I pay off my debt first?
Resources from the conversation:
In this conversation, Tasha and Danielle talk about staying out of debt during the holidays, redeeming your holiday budget and how to change your mindset around money.
– Check out this couple who went on a strict budget right as the holidays began
– This post will show you how to save money the week of Christmas