Intuitive Money Management

Meet Joy Cook

Joy Cook is a certified life coach and Founder of Inspiring J.O.Y., Inc. In her line of work, she helps people explore possibilities, strategies, and solutions to reset and enhance wellness in well-being, finances, and relationships. Joy's goal is to equip her clients with the clarity and confidence necessary for creating whole-life success.

Tune in as she and Grace & Grind Editor in Chief Kharissa Forte discuss life-elevating topics that will help you reset, recenter, and reclaim your JOY.

About This Episode

In this episode, Joy switches hats from certified life coach to accountant as she helps us practice money management skills from a place that aligns with our best self and our highest good.

Key Lessons:

1. Money is a relationship of energetic exchange.

2. You can only grow to the extent of your exposure. If your money isn't growing, check its volume of exposure.

3. A budget helps you see where your money is going and ensure it goes where it needs to go.

4. Your living expenses should be about 30-50% of your income.

Savings and Taxes:

1. Your savings account is not an alternative checking account.

2. There are two basic types of savings accounts everyone should have: emergency fund and living expenses.

3. A poverty mindset is the belief that you'll never have enough money and, consequently, that you won't experience true contentment. This belief leads to poor financial decisions often driven by fear and a desire for instant gratification.

4. Large tax refunds indicate that you're overpaying your taxes throughout the year – essentially, loaning money to the government interest free.

5. If you have debt, you don't have savings until that debt is paid.

Investing vs Giving:

1. Investing is about risk and reward.

2. Giving is an energetic, universal investment detached from the motive of getting anything in return.

3. Life insurance, retirement and inheritance are forms of investments.

4. Compound interest allows money to work for you.

Spending and Credit:

1. If you can't buy it twice, you can't afford it.

2. Paying yourself has to be more about investing in your future than buying things.

3. Credit is okay to help, but should not be a primary financial tool.

4. Credit cards should be utilized at 30% or less of the limit with 50% being the absolute max.

Entrepreneurship:

1. Business owners should have a savings account similar to that of a personal living expenses account as well as an account for taxes.

2. Don't quit a job without your financial house being in order.

3. Strategies for health insurance and retirement funds should be considered in the process of starting a business.

#JOYDROPS:

• Save for the life you want!

• We have to choose stability over instant gratification.

• Don't be disconnected from the business of having a business.

• Giving based on gains is manipulation.

• There's a difference between starting a business and creating sustainability.

• Young people have time and no wisdom. Elders have wisdom and no time.

Self-Reflection:

• How can you tackle your debt in a manner that allows you to still have some wiggle room?

• What constitutes a financial emergency for your family? Is $1,000 reasonable for your household? Create a plan for opening an emergency fund savings account.

• Evaluate your living expenses for six months and create a plan for opening a living expenses savings account.

• Reserach compound interest and figure out how to set up your own account.

• How has your Ego allowed you to satisfy self instead of making sacrifices for the greater good of self?