Catherine Morgan, Money Mindsets: How to Transform Your Relationship with Money – InnovaBuzz 472

Catherine Morgan

Catherine Morgan, The Money Panel

In this episode, I’m really excited to have as my guest, Catherine Morgan, a multi-award-winning qualified financial planner, and award-winning financial coach, on a mission to reduce financial anxiety and increase financial empowerment & resilience for 1 million women around the world. 

Featured as one of the Top 32 Female Entrepreneurs to look out for in Business Leader, Catherine is also the host of the top 1% global podcast ‘In Her Financial Shoes’ and founder of The Money Panel.

In our discussion, Catherine talked to me about:

  • Why financial education is not sufficient to fill the financial knowledge gap
  • The physical, practical, and emotional needs to consider around money
  • Money mindsets and stretching your financial comfort zone

Natasha Vorompiova in episode 311 and Lisa Johnson in episode 364 introduced us to Catherine.

Listen to the podcast to find out more.

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Money is not a taboo subject. It is the meaning that we attach to it that makes it taboo. @TheMoneyPanel on #InnovaBuzz podcast Click To Tweet

Show Notes from this episode with Catherine Morgan of The Money Panel

Key points and takeaways from this episode include:

  • You can know every thing there is to know about managing money and growing your wealth, but what matters most is how you make decisions around it.
  • Financial decisions are often based on our emotions, trauma, and things we’ve learned about money whilst we were growing up.
  • Money is not a taboo subject. It is the meaning that we attach to it that makes it taboo.
  • Women tend to be more financially enabled. 
  • Fawning is a psychological response we make when we don’t feel safe.
  • Our relationship with money is influenced by a lot of things such as societal and religious influencers, generational patterns, personal experiences, and lack of financial education.
  • Money is not logical.
  • It’s not true that you become a happier and better person when you have more money. Even if you earn more (than about $75,000), you are no happier than if you earn less than that.
  • Think about those generational patterns that you inherited from your parents or grandparents, and identify which of those patterns are serving you and which of those are sabotaging you.
  • Some of your beliefs about money, even the ones that are perceived to be negative, will ultimately serve you in life.
  • “Money doesn’t grow on your trees”. The positive consequence of holding on to that belief might be that you are just a hard worker. On the other hand, you will always be working hard, if you believe that you have to work hard for money.
  • Scarcity or the idea that we are never going to have enough is the reason why we are always striving for more. 
  • When you say things like, “I am bad at money”, that is when you are connecting your identity to money.
  • If it’s possible in the world, it is possible for you.
  • Reframing your language is really powerful. It’s not enough to just reframe your language. It is also looking at the core beliefs that are attached to your language. 
  • Money narratives in business are the recurring stories that we tell ourselves continuously about money that keep us stuck in that story. It’s important to understand what elements of those core beliefs would you want to keep that are supporting you and what elements would you want to change that will be more supportive of the life you deserve and want to live.
  • Lack of alignment is often what stops us from being motivated. Make sure that you are building a business that is fully aligned with how you want to live and how you want to feel. 
  • Managing money is not about being in control of anything. It’s about being in a state of flow. 
  • Consider these three things when thinking about money – the physical need, the practical need, and the emotional need.
  • Physical need is how we tell our nervous system that it is safe. You want to feel good about money before taking any action steps. When you feel good, you do good. But if you want to do good, you have to feel good first. 
  • Get financially naked. Strip everything back to the basics.
  • Give every pound a purpose. 
  • There is no cookie cutter approach to managing money.
  • Look at your current financial situation from a place of gratitude. Look at it from a place of what you do have rather than what you don’t have. There’s amazing power in recognising from a positive perspective of what you already have rather than looking at it from a place of self-sabotage, guilt, and shame.
  • Stop looking at money from a place of regret or what you wish you could have done. Building wealth is about looking forward, not looking back.
  • Look at your bank statement at least once every quarter or every 6 months. Look at your outgoings and question whether they need to be the same. See if you can reduce or pause some of them, so that you always have money put aside for specific purposes. 
  • When we psychologically give money a specific purpose, we are earmarking that money for that purpose.
  • The power of Profit First is it allows you to put money to a purpose, right from when it is received.
  • Profit First Philosophy: Income minus your profit equals your expenses.
  • Give every pound a purpose as if it is a member of your staff. Think of every single pound as a person arriving at your desk that you assign a job.
  • How you choose to give your money a purpose should be based on what’s most important to you, not what society tells you. It should be based on what specifically is going to help you bring purpose and meaning to your life.
  • Don’t look at your bank statement and beat yourself up for all the extra money that you spent that you shouldn’t have done. This is an opportunity for you to highlight your spending habits and see if they are aligned with your values.
  • What you spend is what you value, and what you save is what you seek.
  • Every piece of content that you create is an asset of your business.
What we spend is what we value, and what we save is what we seek. @TheMoneyPanel on #InnovaBuzz podcast Click To Tweet

The Buzz – Our Innovation Round

Here are Catherine’s answers to the questions of our innovation round. Listen to the conversation to get the full scoop.

  1. #1 thing to be more innovative – Be comfortable with imperfection. It is often the small steps of imperfection that create innovation and new ideas. These small steps create confidence in our ability to not just innovate but follow them through. 
  2. Best thing for new ideas – Helping innovate the financial services profession
  3. Favourite tool for innovation –  Audible and podcasts
  4. Keep project/client on track –  Make sure that the actions they are choosing are based on their own self-motivation.
  5. Differentiate – Stop trying to differentiate towards something new and differentiate from something old. Differentiate away from any negative influences of the past. Allow yourself to become who you truly are rather than following a prescribed identity. No one can be you, so stop comparing yourself and step into who you are.

To Be a Leader

Bring some awareness into your relationship with money. Separate your sense of self from it. It’s the most powerful thing you can do for yourself.

Reach Out

You can reach out and thank Catherine through her website.

Suggested Guest

Catherine suggested we have a conversation with Trauma-Informed Therapist and Coach, Caroline Strawson and Anna Parker-Naples, the Podcast Queen. So Caroline and Anna, keep an eye on your inboxes for an invitation from us to the InnovaBuzz Podcast, courtesy of Catherine Morgan.

Links

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Cool Things About Catherine

  • She is 2021’s Financial Wellbeing Champion of the Year (Money Marketing) and Marketing Influencer of the Year.
  • Aside from being a Certified Financial Coach, she’s also a Certified Practitioner in NLP, Certified Law of Attraction Life Coach, Certified Hypnotherapy Practitioner, Financial Abuse Specialist® and a Trauma of Money Method® Facilitator.
  • She’s best-selling author in 3 categories for “The Woman I’m Becoming”.
Give every pound a purpose as if it is a member of your staff. Think of every single pound as a person arriving at your desk that you have to give a job. @TheMoneyPanel on #InnovaBuzz podcast Click To Tweet

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Jürgen Strauss

Dr. Jürgen Strauss is a transformational marketing strategist, podcaster, speaker, the chief innovator and founder of Innovabiz who partner with innovative, exceptional business coaches and consultants to enable you to build visibility, professional credibility and a deep connection with your ideal, dream clients, so that you will achieve growth and be able to make a difference to more ideal clients. Jürgen's mantra is Let's Make Marketing Human again. He believes that marketing is the art and science of creating and sustaining exceptional, remarkable customer experiences and relationships. You can find Jürgen on LinkedIn, as well as on Innovabiz' Twitter, Facebook, The InnovaBuzz Podcast, The Tales of Marketing Transformation Show and his personal Photography website.

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