Sometime ago, I had the privilege of interviewing Lisa Muthoni who is a phenomenal woman when it comes to helping women take charge of their money and financial future. In this interview, Lisa talks about women, money and relationships.
Today’s article concludes the series on Women and Money. You can read the first 3 articles in this series by clicking the following links:
A little background information…
Initially, I wanted to complete this series with an article on how you can create multiple streams of income. However, such information is the backbone of this blog and you can get it by checking out Choose a Business Idea in the Categories section on the right side of this blog.
While Lisa’s interview focuses on women, the principles she shares are applicable to both men and women so please share this post and the interview PDF at the bottom of this page with as many people as you can.
I met Lisa online after an introduction from Walter Akolo of Freelancer Kenya. I had signed up for Walter’s courses on online freelancing and blogging. As we worked together to set up my first blog, he recommended that I work with Lisa to get my finances in order because most self-employed people don’t do this and they get caught up in emergencies that drain their business income.
Following Walter’s recommendation, I checked out Lisa’s website, signed up for a financial audit and forgot about it. A few days later I received a call from Lisa, took up the audit and with her help, started taking my money seriously. That was in July 2013 and Lisa has changed my life for the better. She’s also become a valued friend and someone I recommend women business owners to.
Interestingly, when I was going through the audit with Lisa, I couldn’t ‘see’ how I was going to meet my financial desires. When I took Lisa’s advice of starting where I am and with what I have, I was able to save three times what I thought I could within a month.
That was such a huge eye-opener that I wondered where my money had leaked to all these years.
A few days ago, I talked to Lisa and reminded her of how shocked I was in 2013 when she commented that my household expenses were too high and I could do very well with half that amount. Today, I am a living testimony that you can cut your household expenses without cutting off all the things you like.
This is why I asked Lisa for an interview so that more women could get tips on how to get from where they are to where they want to be financially.
Below is an extract from the interview whereby Lisa explains some of the challenges facing women when it comes to money (and relationships) and gives solutions you can start implementing today. You can also download the complete interview transcript from this link.
Main money challenges facing women
- As women grow older they tend to love too much (spouses, children, relatives and friends) and end up having no money as they spend or give it away.
- Many women consult their husbands, relatives and friends before making decisions and end up not taking action on opportunities.
- Lack of goals.
- Some women take on too many loans and end up having to take more loans to make ends meet.
- Inability to say “No” to manipulation from spouses, partners, children, relatives and friends when they want money or other resources from you.
How can you overcome these challenges?
- Manage yourself emotionally: First, know that you can do it; that you can overcome your challenges and become successful. Second, learn to keep your ideas, goals and finances to yourself. Third, be very careful whom you hang around and vet your friends very carefully. Fourth, learn to say “No” no matter how hard it is in the beginning. Finally, remain humble even as you grow financially.
- Set goals, prioritize them and set a time limit for each of these goals.
- Write down your goals in a notebook and keep this notebook private.
- Take action on your goals.
- Get a financial coach or mentor.
- Make yourself liquid: Start saving money even if it’s in a bank; start an emergency fund; get insurance to help you achieve your financial goals; learn to protect your money.
- Don’t allow people to drag you back so set aside some money for ‘charity’ and use this when you feel compelled to help someone out. When this ‘charity’ money is over, tell people “I’m sorry, I can’t help you” when they ask you for money.
- Don’t let people (especially relatives and friends) know how much you earn: Learn to be more private about how much you earn and what you own.
- Stop loving people too much: The Bible teaches that we love our neighbours as we love ourselves so learn to love yourself first and then love your neighbour, relative or friend.
- Do it now! Start taking action now!
To read the complete interview, and find out how Lisa can help you, click the link below (Right click the link and select Save As to download the document to your computer):
Parting words
Over the last 4 weeks, we’ve focused on practical tips that you can do as a woman to clarify your money habits; identify where you waste or lose money; and create a budget that works for you. Finally, Lisa has given advice that may seem like plain common sense, but which many women have been unable to apply in their lives so far.
It is important that you take the necessary steps to create your own financial stability and independence so that you will have financial freedom in the future.
As we close this series, pick one thing that you have learnt and implement it in your life for the next 30 days. It would be best if you could start from the first step of identifying your money habits and then work through the rest of the steps. And if you’re having problems staying on track, find a buddy whom you can become accountability partners with or take Lisa’s advice and get a financial mentor or coach. If you can identify the correct mentor, the money spent on their fees will be well worth the savings you will make in the future.
What has been your main lesson throughout this series and from Lisa’s interview? Please share your thoughts, ideas and advice with us in the Comments section below.
(Image credit: Stuart Miles at www.freedigitalphotos.net )
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You can read the other articles in this series here:
Part 1: What Are Your Money Habits?
