42. Money Mindset + Figuring Out Your Finances with Denaye Austad

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Do you ever feel overwhelmed thinking about your finances?

You are not alone! Unfortunately, how to handle finances is not typically taught in our adolescence/young adulthood so it’s not uncommon to feel a bit lost.

In today’s episode, we’ll be hearing from financial advisor, Denaye Austad, all about handling your finances!

We’ll be answering questions such as:

• What are some of the challenges women typically face regarding finances?

• Is a work-life balance achievable?

• How are mindset and finances related?

• What is a scarcity mindset?

• What is an abundance mindset?

• How can I build my finances from rock bottom?

• What should I do about my debt?

• How do I build financial wealth?

“Don’t be afraid to ask questions, even if you feel like you should know the answer already.”

Ask questions. Ask questions. Ask questions. For most people, handling finances is not some easy task. There are many different components to consider, making the whole process very complex. And like I said previously, so many of us were never taught how to effectively do our finances which can make it even more of a challenge.

Never be afraid to ask questions. If you’re ever wondering whether or not you should ask, that typically means you should. You’ll never get better at what you’re doing if you’re not actively trying to learn. Much lot of the time, that will look like being vulnerable enough to ask questions when you aren't unsure of something. 

You might be wondering who to ask your questions to. Financial advisors like Denaye are great resources to use! In today's podcast, Denaye will also be talking about steps that you can take in your personal lives to help get yourself into a sound financial position.

“The context of your specific point in life makes a really really huge difference.”

Let’s talk about debt. It seems as though shame has often been connected to debt. Should you feel shame for having debt? No! Here’s the thing, beating yourself up about having debt will not fix the problem. You won’t gain anything from keeping a negative mindset about the situation.

Whether the debt was in your control or not, mindset has everything to do with getting out of it. The number one cause of debt in America is from medical expenses. Emergencies and unexpected events happen all the time, sometimes leading to debt. Shame has no place here. Sometimes our debt is a result of our own excessive spending and shopping. Shame has no no place here either. However, it is incredibly important that you learn from your mistakes and start building new habits that will lead you in the right direction.

A key element to tackling both kinds of debt, is to make everything conscious. Sit down and actually do the math to understand how much debt you’re dealing with. You don’t have to tell the world but get it out in the open with yourself and whoever else may be involved in your finances. Pretending the debt isn’t there will not make it go away.

“Exactly how it is right now is not how it’s going to be forever.”

3 Steps you can take to build financial wealth:

1. Consider longevity

   1. Make sure you plan ahead so you won't run out of money if you live “too long.” (typical retirement funds only last ten years!)

2. Pay attention to the market

   1. Be educated and take well thought out risk!

3.  Tax favored strategies

   1. Know how much your taxes are and where they’re coming from!

Here are a few of Denaye's favorite budgeting tools!

1. The Mint App and Every Dollar App

   1. These are great if you have a stable income with consistent money

2. The Truebill App

   1. This app is great for entrepreneurs or those with an inconsistent paycheck

Don’t forget to check out Denaye’s podcast, Leveled Up Podcast!

Denaye Austad is a Denver-based financial advisor, and the co-founder of Level Up- a women’s vulnerability and support group that offers women the community and the connections to Level-Up their lives and their businesses.

Her financial practice is focused on providing financial education and planning to female entrepreneurs, high-powered women in business, and their families at every stage of their lives.

Connect with Denaye through her email Denaye.austad@tfaconnect.com or through her facebook!