#6 Why You Should Pay Yourself First

September 23rd, 2019 · 18 mins 39 secs

About this Episode

Learn why you should pay yourself first and side hustle ideas!

Patrina Dixon, the It’s my money lady with itsmymoneyjournal.info Bio: International Speaker, Award-Winning Author, Finance Coach, Blogger and Podcaster.

Find out more at www.itsmymoneyjournal.info
Follow Patrina on IG and Twitter: @itsmymoney_ or Facebook: @itsmymoneyjournal

Resources mentioned in this episode:
Four Financial Languages
Automatic Millionaire

[7 Day Pay What You Want Challenge](www.budgetsmadeeasy.com/budget-challenge)
Budgeting for Beginners: A Step-by-Step Guide

Full transcript:
Hey, it's Ashley Patrick with the money mindset podcast. And today I am so excited to have Patrina Dixon a k a. It's my money lady with, it's my money journal.info a on the podcast today. She's going to be talking about budgeting and side hustles and all those great things. She's an international speaker, award winning author, finance coach, blogger and podcaster. Welcome, Katrina. Welcome Ashley. I'm so glad to be here. Thanks for having me. I am so glad to have you here. Uh, so why don't you just jump right in and tell us a little bit about yourself. Sure. So in addition to the things that you, you've named, I'm also a mom, which is actually one of my favorite roles. I'm a husband, or excuse me, a wife to my wonderful husband. So I love to add those because you know, the titles

give like the personal tie. Those are my wise, like I, you know, I do what I do to show my daughter, if you put the work in, you can accomplish goals that you want to accomplish and live the sort of life you wanna live. So, um, she's, she's my why and then my husband is my, you know, one of my hugest supporters in addition to, um, my mom. So that also about me.

Yes. Having a big why is so important. So I'm so happy that you said it like that because that's like the big thing behind developing your money mindset, which is what my podcast is all about. And you know, just having your big why and knowing your reason for continuing. So that's, I love that you said it that way. So tell us a little bit about what you do to help people with their finances. Sure. So, and being a certified financial education instructor, uh, it affords me the opportunity to work with individuals one-on-one. Um, so I have clients that I work with to really be their accountability partner because a lot of what I share with them or not, um, is not hard.

And some of them have tried it in many different ways. Um, so it's about showing them and having them be accountable when they meet with me on the frequency for which they do that. Okay. Did you do this? Did you stay on track with what we talked about? So it's that one-on-one. Um, you know, like I said, training being their accountability partner, helping them to reach their financial goals. And then on a larger, um, a larger scale, I, uh,

facilitate workshops with both youth

in adults. So I'm, yeah, I'm hired in to come in and talk about topics like budgeting and side hustles, entrepreneurship and things of that nature. Again, all financial concepts to help folks find additional dollars by decreasing spending that they're, that they may be doing or side hustles, meaning additional ways for them to earn dollars so that they could pay off debt or increase their savings.

I love that. I love that you are doing workshops with a young people because it's so crucial to really develop the money mindset and how to handle your money at such a young age. Do you feel that when you do these that they're really receptive to the information? Yeah. No. So Ashley's interesting that you asked me that. So I'm a much older person and I'll say wiser a person. When I originally started, I was a bit delayed.

Am I journey, um, because my goal was wanting to work with young people and I had a lot of people say to me, like, young people are not going to relate to you. You're much older than they are. How you're not, you know, when you were their age, things were different and you know, you'll get that resistance. But I'm finding the exact opposite. Um, you know, I, I try to get as much information about the young people that I'm going to speak with so that I can come in and sort of meet them at their level, if you will. And I'm there. I'm getting, uh, you know, they, they are very engaged. Um, you know, uh, the, the questions that they asked are right on point. I, um, you know, get wonderful responses to the surveys as to thank you so much. Please teach my mom or my dad or whomever. Um, yes, they, you know, interestingly enough, they are really receptive and because of their engagement in their responses to surveys, it allows me to get, you know, be in front of additional youth by way of sharing those in the organization. Sharing. Yes. Thoughts about my workshops to others.

Oh, that's awesome. So just out of curiosity, have you been doing it long enough to have them, uh, come back like a couple years later? The like give you feedback on how it really like impacted their life on how they handle money? Yes, yes. Oh Wow. Great question. So yes and yes. So I'm in two different yeah.

Ways have I had that sort of feedback. So I'm actually one of the interns that's working for me now. She attended my workshops through the wide WCA and now she's actually one of my interns. Like, oh, help me do this. Yeah. So it's really great. And then I've actually, I do a, a local TV show here just for a local station here. And um, I had a couple students on one that had gone through a book club that I used to host as well as one that had gone through my workshops. And both of them came on talking about, uh, decisions that they've made regarding money that was different before they went through my class. So it was like, okay, I'm one, one young lady said that I had a dance to go to and then another event she had to go to, she was like a totally different people that were going to be there. Why did I need a new dress? I didn't need a new dress. So I saved the money from like that. My friends were spending on a new dress for the second event when I knew I wasn't going to see the same people. So she was like, I started to think about my money differently after going through your workshop.

That's awesome. That is so great that these young people are getting such a great headstart in life because I agree low and Morton does start young, you know, we all make mistakes with our money and the younger you can learn it the better. So that is, I love that. Absolutely. What is your number one budgeting tip? Like whenever you do these workshops, whether it's with the youth or you know, young adults or whoever, like what's the number one thing you try and stress to people?

Pay Yourself first. And I say that, and it can be done in many different ways. Uh, pay yourself first because when life happens, like the car break down, the water heater breaks, you have to take care of it so you have to pay yourself first. So, um, there's like I said, oh, there's many different ways that that can be done. I encourage people to, um, automate paying themselves first. So just like a, you know, you have your 401k, your taxes, whatever it is, come out. Also have your contribution to your savings to come out first. So spend your money on you by habit directly going into the savings account of your choice. I always encourage web-based savings accounts, but whichever of your choice, just make sure that that's done first before you start doing everything else. That's

great. Now what about, do you ever get people, and I see it so much in today's society, especially like I even saw it this morning on Facebook, but people don't believe that they can get ahead. Like they feel like they're just stuck in this cycle of not making enough money, not being able to save for emergencies. You know, they think that millionaires were born into it, which, you know, those of us that know the research, know that most millionaires are self made. You know, and you know, I think there is a disconnect between what people think is a millionaire. Like, you know, they think they make $1 million a year versus like they have a net worth of $1 million. So, you know, there is definitely a disconnect in our society about that. But you know, for somebody that's really struggling to believe that they can get out of the cycle and they can budget and save money, do you have any tips or advice on just getting past that mindset and shifting into believing that it's even possible for them?

Yeah. You know, again, another great question and I actually in all candor, um, sometimes struggle with uh, no knowing folks that I know that need to learn the various different tactics and strategies that I can share with them or others can , um, getting them to understand exactly what you're saying. Like, you need to invest a little in yourself so that you'll be in a better place financially. And it's because of what you said, their mindset, I can't do it. I don't have enough to do it. They can't wrap their head around paying someone to help them manage their money better. So, um, yeah. So, so how do I help with that or what do I see? I see it. Um, unfortunately it's a very hard nut to crack and I would just say it's a little by little, I love Shannon testimonials because when folks can see somebody that looks like you, maybe you've grown up with or what or whatever have you are doing exactly what you can do as well.

Sometimes that encourages them to try to, you know, take that step or that leap forward to do the same thing. So testimonials are really critical. I tried to put them on my site, on my social handles so they, they can see that it happens. Um, the other thing I would say is I'm continuously trying to, uh, share when there is all free opportunities for folks to be a part of that. When there's community events or when there's um, you know, like, like a podcast like this that's available where they can listen and they can hear this is a person that started here and here's where they are and here's what they did to get there. I think sometimes it's like a story resonating with them that they can say, oh wait a minute. That's my exact situation and what that he or she do. Oh wait a minute, let me try that. So it's about, you know, you have to continuously put, put it out there, make this stuff available and, and hopefully eventually, you know, you would start to see a mind shift change.

Yes. That is so true. Like that really helped me when we were paying off all of our debt. As I would lay in bed at night and read debt, pay off stories, like we just read a couple and then I would go to bed, go to sleep because it was like I saw other people doing it as like they can do it, then I can do it too. So that is, and of course I listened to tons of podcasts and stuff. You know, it's just actually right. You got to find what you can to, you know, get motivated. So now another aspect that you know, you help people with is making extra money. So we may have this person that they're starting budgeting. Um, they're really, they, they know that they can do it or at least they're starting to believe that they can do it, but they really just aren't making enough money. Like they don't have enough money. They have too many bills. Like even when they sit down, they do their budget. Like it's not necessarily a spending problem with an income problems. So what kind of tips or ideas do you have somebody that just needs to make some extra money?

Yeah, so now I don't, I want to make sure that we're clear in saying sigh hustles in my eight view side hustles are different than second jobs. And I say that because I liked it. The find a side hustle is fine. I think a way to monetize things that you are passionate about and enjoy doing. Um, a second job is you can go out and you know, work at the mall or whatever have you and you're still, you need to, you know, punch in at a certain time, punch out at a certain time, take your lunch at a certain time. Maybe depending on the job you get where a certain thing in my mind, although that will help you increase the amount of income that you have. It is different from a side hustle. I see a sigh hustle as something that you're doing that you're getting paid for, that you love doing.

So when I work with clients, when they are looking for ways to increase money coming in, what do you enjoy doing? If you didn't have to go to work, what would you like to do? If it's baking, if it's um, I don't know, drawing, whatever it is. People need artists for books. People that are authors. Sometimes they need illustrators. If you like baking during the holidays, people that are very busy can't bake that pie or those muffins that they need. Maybe you can pick up an income like that. So it's what would you, what do you enjoy doing? Like if you didn't have to go to work, you didn't, the kids are all taken care of and they're playing. So what would you like to just sit down and do? Even if it's reading, maybe it's getting paid to do reviews. So that those are the ways that I a, um, try to encourage people to make that extra income. So it does it seem like it's another laborious thing that you have to do and it's actually something that you can't wait to do and you're getting paid to do it.

That's it. Great. I mean, those are really good ideas. I mean, that's how a lot of things like on Etsy and um, you know, uh, this people do sewing and crafts and things like that, you know? And that's Kinda how they get started with that. So I love that you are taking the approach of finding something that you love so that, you know, cause sometimes it can take you a while to get out of debt and things like that. So if you're finding ways to make extra money that isn't so daunting, like delivering pizza or something like that, that's those are really,

if you, if you like driving. So maybe Uber eats or maybe you know, Sherry's different. So it's like it's trying to get out of them, you know. You know what, uh, Ashley, what I find sometimes in some, some of my clients live locally, so I've meet Facebook face to face with them. Um, they are, they literally pause for an extended period of time because they really don't know what they have a passion for because they just haven't had time to indulge in that. So it's always interesting because it's like, I, I um, I am not too, shouldn't be the one telling them this is what you should do to do as your side hustle. It's more about pulling out of them what they enjoy and is, it always amazes me when some folks take a, you know, take quite a bit of time to figure out what do I like, like I don't know, cause I haven't done something that I did in a long time. It's about getting that money, paying bills, but when you, when you see in their face, when they start to really think about it and then, you know, articulate it and then it's like, wow, I never even thought about that. Like I love watching that happen.

Yeah. That's awesome. Because we get so busy with just the day to day life and kids and running here and there that, you know, we can, as adults we kind of lose sight of what makes us happy, like our hobbies and things like that. Like it just, that's one of the first things to go. So, you know, they probably haven't thought about it in a long time, like, or even thought about how to make money with it, which is a huge thing. Like they may just do it for fun or do it for their friends, but to actually have somebody tell them, hey, you could make money doing this is probably very eyeopening for them. Yes. Yes it is. Um, okay. And I like to ask everybody what their favorite nonfiction book is because you know, they say most millionaires read at least one book a month and it's really about self-improvement and changing your mindset. So I know I kind of threw that question on you. Do you have anything that comes to mind that is like, you know, a nonfiction book that is your favorite?

Oh my gosh. I read a lot of self-help books

like um oh or I should, I guess finance top finance topic book. So I guess that could be in that category cause I can't, yeah. Okay. So, um, you're the, I'm trying to think of what I'm packing cause I'm actually prepared to go to fin con. Are you on to think gone? No, I don't get to go this year or next year. I just realized yesterday that I can't go next year either. I'm really sad. Oh, why are you a, because of the dates that I've already gone out of Kansas for my grandma's 80th birthday. So it's, you know, I have that. So I don't know. You must do that. So let's see. The books that I've, I'm most recently acquired a need to finish reading. So I would say it's the, um, four financial languages by, uh, Tara or madam money. Uh, that's one that I have. Um, let's see. Automatic Millionaire, I purchased that actually a while ago. I haven't finished reading that either. I'm really bad about that.

Oh, that looks good. I gotta read it. And then it says, um, speakers is another book by a woman named Cheryl Wood. Oh, okay. I haven't heard of any of those. And that's why I love about this question because usually it's books I haven't even seen or heard of. So I'm adding those to my list. All right. Where can people find you? Oh yes. So, um, my website is, it's my money.info. So that's I t s m y m o n e yjournal.info. I'm on Twitter, Instagram. It's, it's my money underscore and Facebook is at, it's my money journal. Awesome. And do you have any last words of wisdom? Yeah, so I said it earlier in the recording, but pay yourself first. I know it may sound very difficult to do, or you have to make sure you pay your mortgage or rent a car payment, whatever it is. I don't care how much it is, if it's five, 10 or $20 make sure that's the first thing you do because when life happens, you have to take care of it. That's great. Thank you so much for coming on and speaking with us today. Oh, they actually, thank you for having me.