Ep. 067: Empower Yourself By Managing Your Money w/ Keina Newell
Thinking about money and budgeting can make even the savviest entrepreneurs sweat. So much of how we think and feel about money is based upon learned beliefs and mindsets that don't really serve us. But as business owners it's crucial that we face our fears, know our numbers, and make a financial plan.
On this episode I'm joined by Financial Coach Keina Newell to help you understand what to look at, what to do with those numbers, and what might be holding you back. Plus we talk about how knowing your numbers can empower your decisions from hiring help to raising your rates.
BIO:
Keina Newell helps hardworking and passionate single women and soloprenuers create possibilities with their money. She is passionate about her work and finds no greater satisfaction than helping her clients start approaching the way they manage their money with joy because they’ve learned to feel possibility where they once felt shame, guilt, overwhelm, and anxiety. When she is not coaching, Keina is spending quality time with friends and family and encouraging herself to go to workout! To learn more about Keina head over to Wealth Over Now and explore her tips to manage your money well.
LINKS:
Website: wealthovernow.com
Facebook group: https://www.facebook.com/groups/wealthovernowcommunity/
Instagram: @wealthovernow
OTHER LINKS & RESOURCES MENTIONED TODAY:
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Erika Tebbens: On this week's episode, I'm joined by Keina Newell who helps hardworking and passionate single women and solo preneurs create possibilities with their money.
She is passionate about her work and finds no greater satisfaction than helping her clients start approaching the way they manage their money with joy. Because they've learned to feel possibility where they once felt shame, guilt, overwhelm and anxiety. When she's not coaching, Keina is spending quality time with friends and family and encouraging herself to go work out. To learn more about Keina, head over to Wealth Over Now and explore her tips to manage your money well.
This episode is right on the heels of my rebroadcast of my very popular money, Monday episode. And I just want to say if money freaks you out, if you're really nervous, if the word, "budgeting" makes you want to borrow, just stick with us. I think that after you listen to what Keina has to say and her whole approach to budgeting and looking at your numbers and really making a strategy for growing your wealth.
I think you're going to feel a lot better. She makes it really not scary. And she is an incredibly empowering person when it comes to personal finance. And as we talk about in here, knowing your numbers and feeling confident and empowered around your money, they are absolutely crucial in terms of running a thriving business. Because even if you're making a lot of money in your business, if you don't know where it's going, if you might be accidentally leaking money out places, or if you don't have an intentional plan for how you want to spend it, then you're not optimizing all of your hard work. So join me and Keina for this incredible interview. I know you're going to love it. I know you're gonna love her. Be sure to go to wealthovernow.com and @wealthovernow on Instagram. To learn more about her, find out about her, and she also has a Facebook group with the same name. We mentioned it later in the episode, but I just wanted to say at the top as well. All right. On to the episode.
Hi Keina. Thank you so much for joining me on the Sell It, Sister! Podcast.
Keina Newell: Hi, thank you for having me.
Erika Tebbens: So I'm really excited to be chatting with you. I know we also, uh, had like met each other through our mutual friend, Becky Mollin camp, not too, too long ago. And hopped on zoom for a coffee chat that ended up being like an hour and a half talking about all the things, including food, which is the best thing to talk about.
Keina Newell: Yes.
Erika Tebbens: And I love chatting with you so much, and I really resonated with your approach to money because I'm a big believer in all of the , you know, knowing your numbers and doing my, my money Monday, actually this will come right on the heels of I rebroadcast my money Monday episode last week. And so I let people know we're going to do a deeper dive into what they should do and why they should do it so that it can make a difference in their business.
And a big part of why I want people to feel empowered around their money is because money is power. And I know that that is part of why you do what you do. So I'd love to hear about why you do what you do and why you're passionate about it.
Keina Newell: I love that you, in talking to you, we had that conversation about like money as power in the agency. And I'll just go even off the heels of kind of what the state of America right now. And it's pushed me to think a lot about as a business owner, as a black woman. What is my purpose and what is my role and thinking about, um, what I've always known to be systemic racism. And like, I started my business and specifically working, like I work with a lot of women, both with personal finances and business finances.
And for me, I see it in, in terms of like empowerment, especially because when I talk to women, there's a lot of like shame and overwhelm and guilt and just like, "I've never been good with numbers." And I used to be a teacher, a math teacher specifically, and I'm like, "You're not allowed to tell people that you're not good at math like you would never tell someone 'Ican't read'". So like, you have to have this confidence about math. But, um, when I think about like what I'm doing and why I started doing it, and, and like I said, connected to what's going on with the world right now, there's like the racial wealth gap. And women, right? Like even if you, and thinking about women, like women are underpaid in comparison to men.
And so I think it's important for women to understand their numbers because that is going to bring about what I believe to be generational change in generational wealth. So when I'm working with one client individually, yes, I'm working with that client individually, but, it also spans to like the people that they're connected to, whether it's them showing up better in a partnership, or like if they choose to be in a partnership, they're going to be confident and breaking that cycle of, "I'm just not good with numbers," to having these dynamic money conversations with those people that they touch.
Erika Tebbens: Yeah. I really love that. That is, it's so important. And I will say that when you and I spoke a couple months ago, I know I was telling you about how now I, I budget and I do all these things and I feel really empowered. But if we had spoken, I don't know, a couple years ago, if we met them, it would have been a whole different story.
Uh, and, and I, I feel like I am living proof of what you preach in your inner work and everything, because even though I, like in, in our household, I am the bill payer. Cause when my husband was in the Navy and he wasn't around, I just took it on. Um, and I was fine with that and, and I've always been responsible in that realm, but I definitely had these limiting beliefs around like I'm, I'm not super great at math, I'm not, you know, money makes me really uncomfortable, and uh, I, I didn't really want to talk about it. I didn't want to think about it. Or anything like that. And even in my, my business world, even running successful businesses, it was like, "Well, you know, I'll just I'll deal with like all my money stuff in February when I'm prepping for filing my taxes," and I would be so just filled with anxiety.
Like I, I hated it. And I just assumed that was going to be my narrative forever. And then, and then it wasn't, but, uh, but I love that, that is your mission and it's, it definitely dovetails in with, uh, when I made the jump over to consulting, it was because I realized like women have rad businesses, but they just struggle with learning how to run them so that they can really thrive.
And, and there's so much data to back up what you're saying, not only in terms of like the disparity, but also the stats around when women have money. They put it back into their community. They hire with it. They are philanthropic. Like women with wealth do, do such good work.
Keina Newell: Yeah. There's yeah, I just want all women,especially like, when I think about the business owner side and the empowerment.
And you're talking about like limiting beliefs and the beliefs, I think show up differently in the business world. Cause I even had issues with it when I was like two years ago when I started. It's like, "I just need to replace my salary." And I remember talking to another woman who was in business, she was like, "You know, what would happen if you made more than that?"
And it was like, "Whoa, Whoa, Whoa." You know, like, um, this is what I've made. Someone's always paid me and like, that I don't want to say, like, that was my worth, but I had a ceiling for myself, when it came to my earning potential, which then influenced like how I priced, which influences how much money you can actually make as a business owner.
One of the things I always talk about, especially in the business world is like a dollar is not a dollar. If you made $60,000 in corporate America, you can't then be like, as a business owner," I'm going to make $60,000 was like this." It doesn't really add up in the same way. Cause you gotta like pay your expenses, you're paying taxes for like a dollar it's more like 56. And so just being able to understand, I think that math for yourself, but under like knowing the beliefs that are supporting you in feeling confident about your pricing and feeling confident about your pricing in a way that, you know like, "This is the value add that I bring to whoever my client is, and that's why my price is my price."
Erika Tebbens: Yeah. That is a really important, but hard, hard thing. I feel like for people to wrap their brain around. And I love this, like, I, let's start with mindset because I feel like there are probably people listening who are like, "I'm going to throw up. Like, I don't even know if I can listen to this whole episode. I'm going to throw up thinking about money, thinking about budgeting. I hate it so much. Like, I just, I can't even like focus on knowing my numbers because I just can't like, this feels too, it feels too heavy and too hard so"
Keina Newell: Yeah. That is a really important, but hard, hard thing. I feel like for people to wrap their brain around. And I love this, like, I, let's start with mindset because I feel like there are probably people listening who are like, "I'm going to throw up. Like, I don't even know if I can listen to this whole episode. I'm going to throw up thinking about money, thinking about budgeting. I hate it so much. Like, I just, I can't even like focus on knowing my numbers because I just can't like, this feels too, it feels too heavy and too hard so"
Erika Tebbens: I love that. So what is it that like, obviously they have to get out of their own way to some point to say, "Okay, I'm ready to work with Keina. I'm ready to face my numbers. I'm ready to like, do this."
So once we can kind of get out of our own way and do that when you first work with someone, what, like, what is it that you were helping them so that at the end of that appointment, they have that drastic shift? Like what is happening for them in that?
Keina Newell: I would say what's happening for them is like being able to have a plan that isn't just like figurative, right? Like I know all these things that I've been told and I'm like supposed to do, but none of them make sense or it's, it's always been like so much jargon. Like everybody that I talked to, they use really big words that don't make any sense to me. And like, I, I really like starting with like where my people are in terms of like what they value and what their goals are.
And I want every journey to be very like personal and based off of like what your, what motivates you as like whoever that person is sitting in front of me. Because I think there's a lot of things out there, like other programs and resources that doesn't actually take into account that person that's in front of you.
So like we talk about out like, "Hey, what are, what are your fears, right? Like what is the thing that is like scaring you the most? Tell me your worst situation, like your worst case scenario." And being able to talk them through, like, when I hear them frame certain things, um, I'm able to talk them through what I hear them framing.
Right? And, and even saying, um, like I had a client that I was talking to yesterday, a new client, and she's like, "I just feel like I'm not like I'm going to fail." I was like, well, "What's making you feel that way. Like, you're going to fail." She's like that, "I just like, potentially won't see any progress. Like I'll just be in the same place in a month from now in a year from now."
And so being able to just help her change that narrative, even just like, I would say, just in simple shifts in like words that you use, um, whether it be like, well, "I don't have that money or I don't make them, you know, I don't make that much to, like, this is an opportunity that's going to be available to me."
Like, yeah, maybe the numbers do say that you don't have a thousand dollars to invest in a coaching program, but like how can we shift that mindset and also show your, put your numbers and lay them out in such a way where you see where you have that opportunity to start doing things that you desire, like paying yourself, um, investing in your business and actually your business becoming something that you're excited about and not excited on the numbers side and in the work that you actually get to do.
Erika Tebbens: Yeah. And I think that's a really important distinction because I think that a lot of the common narrative, which is, I feel like spearheaded by, uh, by one, you know, cisgender heterosexual, white dude that we, you know, we all know talks about budgeting, I won't name, so I don't get sued, but like, you know, it's, it's just that archetype of you have to, everything has to be sacrificed.
Everything has to be be, um, all of your joy has to be kind of put on the back burner, if you want to be smart about your finances. And if you don't do this, if you don't, um, you know, if you're splurging and buying like one latte a week or going on a vaca-
Keina Newell: Never going to be rich.
Erika Tebbens: No, you're never, and in fact, you're, you're an idiot. You're an idiot. And if you, you can't do anything until you have six months of savings in the bank and all of your, everything besides your house is paid off. Like it's just this really, uh-
Keina Newell: It's restricting.
Erika Tebbens: Yeah. Yeah. I feel like it's really, um, it feels very like punitive, uh, especially I feel like to women and for years I, I had bought into that and it, it like really messed with my head. And then I was talking to my friend who did some, uh, financial advising and stuff. And we had this conversation. I was like, "So is it possible to like build savings and pay debt and do like fun stuff at the same time? Like, am I allowed to even do that?"
And she was like, "Yes." Yeah. And that, that was like, it sounds so obvious now, but that was mind blowing to me. And I think that a lot of times it's like, when we think about that in personal finance, when we move over to the business world, we're like all of those jacked up beliefs, just come with it.
Keira Newell: I think there's different rules if you will. Um, for business and personal finances, I mean, of course there's different rules. But for myself on the personal side, I'm probably a little bit more strict with myself then on the business side. Like I will openly say, like I use my business credit card and I will use it for the things that I may not like have the cash for. But because I do have a plan for my business finances, and, um, Like for what I've figured out is there are certain things that I will invest in on the business side where let's say I paid $10,000 for a coaching program, right? But that coaching program for me has a return on investment. And so I can pay that off like, "Oh, well I know if this is going to increase my revenue. X Y and Z way. Right? Then this is a sound investment for me to invest in." And kind of like ignore what some of the the rhetoric would be about actually investing in your business.
And that's, I would say like, that shows up probably on the personal side if you're thinking about investing in coaching, whether that's like life coaching or whatever, like, cause it helps you show up in different areas of your life, then you may be showing up in, but that's one of my like "aha" moments that I've had even in the last year to help me think about even my business expenses, what am I investing in? Because some things I don't think I can do, like use the free version of Canva for myself, for instance. And there's not necessarily for me, like a return on investment and being like, "Yes, I need this like $500 Canva," expense, whatever that looks like. Like I might forego that to put money aside, to invest in something that's a little bit more.
That I think is going to help me show up better as a business owner. So even just being able to think through your business expenses in a way where you can say, like, "Is this something I want to keep and why do I want to keep it? Um, is it an expense that I want to revisit or is it an expense that I want to cancel?"
Because when I'm thinking about how much I do want to do what to spend on expenses, how much is actually going out and what, what value does it have in my business?
Erika Tebbens: Yeah, I, uh, I am the same in that I view getting that next level help as a, an investment. Like, I almost view it as like, like in, in your personal life, like if you were to buy an investment property or something, and you have a very clear intention of I'm doing this to build my wealth or build my portfolio or whatever it is.
And I view it the same in business. And actually just having a conversation with a friend yesterday about this, about really that difference that you often see between, uh, people who invest in mentorship versus those who try to cobble things together from a thousand different freebies. And I feel like the people who really invest in that higher level, like show me the way kind of work, it has such a greater ROI than cobbling a thousand things together. And those people tend to be the people who like have their business sort of grows by leaps and bounds versus the people who are like, well, I'm just going to keep trying to research everything. It's like, you can still do it. You can still have success.
It just tends to take a lot longer. And so, yeah, like I, I like the reframe of like, yeah, I have a business credit card and I like to leverage it. You know, just like you would, if I feel like if you were opening a brick and mortar store and you're like, well, I know I need XYZ in order to be successful right from the get go. So I'm going to take out a bank loan and then trust that I can pay it back in the future.
Keina Newell: I think it's like calculated risk is what I think about and knowing, yeah, what's your intention behind it? Um, cause I'm not someone who's like, "That's bad." But being able to for yourself, and I would say it's personal or business, finances is like, you're weighing the pros and cons of this.
If I do this, what does that mean? If I don't do this, what does that mean? And really being able to make what you feel like is an informed decision. Um, And feeling good about that. And, uh, I just, yeah, I think some of the financial advice that's out there, it's like, this is there's one way to the light. You need to follow it.
Um, I saw a funny, like, repost on Instagram that said something about like the, to your point about the lattes, since we've been in quarantine, it's like, well, I'm still not rich. You know, like I'm not buying lattes everyday so, so much for that advice.
Erika Tebbens: Seriously, seriously. I know. Right? Like we're not spending on all these like regular things. And it doesn't necessarily mean we have like, just heaps, more cash sitting around. Yeah. So it sounds to me like your, your first step around, like the limiting beliefs and the mindset is really just like being willing to face it. Just being, being willing to like put on your, your big lady pants and being like, you know what, I'm just going to face the numbers and then not make it mean so much about me as a human and like, yes.
Keina Newell: Yeah. And think about like, when you face the numbers, what are, what's the result that it's going to create for you? Like, I like to take it to that place. Right? Whether it's like, I'll be able to, like, I talk to women on the business side who are like, you know, "I make good money in my business, but I feel like I can't show up for my family because I'm not consistently paying myself to be able to contribute to our family expenses." Or, um, It's like, I'm not sure, like, " I've gotten caught and I don't know how to like, save for taxes.
So I still have this bill from last year." And so I would say like, "If you engage in facing the numbers, like what's the result that, that creates for you?" Whether it's, well, "I could potentially make a plan to take time off because I created my visit business because I like one in freedom and flexibility. So if I face my numbers, then. I'll have a clearer idea of like how much time I could take off and how I can pay myself or it'll help me show up better in my partnership, because I feel like my family will be able to like consistently depend on me." Or maybe it's even going to create more wealth for you, um, in your business, because you'll actually know where your money is going.
And it won't just be that I've been like, "I've been swiping my credit card because I'd been looking for all the like, silver bullets that I think are going to like, get me to that next level." So I would just say like, anyone who's listening to this and you have this like fear and overwhelm, like, you know, that little burning sensation that's in your belly to really take a deep breath and even just like pause right now and say like, "Let me write down, like what results this would actually create for me."
And start from that place of like, um, abundance and like asset based thinking versus like, thinking about it from a deficit.
Erika Tebbens: Hmm. Yeah. Like looking on the flip side side of like, what is possible versus like what actually is right now. Yeah, I think, I think shift is, is really important because I think that, especially for, you know, high achieving women, which tend to be people who become entrepreneurs, we are really ambitious.
And it also means we are really hard on ourselves and we make a lot of things mean. More than what they actually do. Yeah. So when you, so when people are finally like, "Alright, I'm going to do this. I'm going to look at my stuff." And then talk a little bit about that process of like, looking at your numbers and then knowing like what to do with that information.
Keina Newell: Yeah. So I we'll put like an asterisk here. I'm not an accountant or a bookkeeper. Like those are those people play a separate role. I think when you think about people on your numbers team, um, cause if you start talking to me about taxes, I'm going to be like, "You know what? You'll find an accountant."
Yeah. I actually could work with one of my friends every day and she's an accountant. I'm like, "Oh good. Here you go to talking about all this numbers again." But I would say like, if you want to start, like I tell people, like, if you feel comfortable already on your personal, like if you don't feel comfortable with your personal expenses, start there and just getting clear on, "How much money does my business need to pay me so I can feel like you know, I'm getting some return on investment?" So being really clear on what your expenses are on that personal side because maybe right now you are theoretically paying your personal expenses cause you like shift money over whenever you need to pay those personal bills, but you haven't actually said like, "I need to make $5,000 a month or pay myself $5,000 a month," because you, once again, you just haven't sat down to understand what is that number for yourself? Um, I would say like that's one place to start. And then from there, if you do not have, um, an actual separate business account, please open one. Like your accountant will love you.
Your bookkeeper will love you and separate your personal and business finances. Cause you don't want those commingled, especially when it comes to tax time. And so one of the other things that I recommend for people is starting, um, like separate bank accounts within your business for different things.
So like for myself, I, I follow like a loose structure of profit first, but I have an account that's like just for my pay. I have another account for taxes. I have another account for, um, like basically business savings and then I have an account for expenses, but I would tell people to like start looking or open up a separate account just for expenses and take the time to sit down down and look at like, "What am I actually like if I looked at my last month, what are my re like, what are my recurrence bills within my business? And what are like those one off expenses that I know I might have?" Like I think about one-off expenses, like my website domain, um, my website hosts, like it's not something that I pay all the time, but it is an expense, but getting really clear on how much a month are you spending in expenses? So you can start to kind of see what is that baseline for what I need to be bringing in every single month in between paying myself, saving for taxes, setting aside some so that you can be saving for yourself, and then also, um, yeah, like paying your expenses as well. So like, that was a lot to say.
Erika Tebbens: Yeah. But no, it's, it's good. And actually, cause right now it's, it's around the middle of the year. And so I've been thinking recently, like I need to go back into all of those automated monthly charges and just see, is there anything I'm not really utilizing as much anymore that I can get rid of. Cause I think especially in business, there's so many things that it's like, you know, you get that 14 day free trial and think you're going to be utilizing this thing more than you do. And, and then every now and then, like, I just like to go back through and say like, "Is this actually what I, I need to be using?"
Like, do I, you need to be, even if it's 10 bucks a month, like, you know, should I get rid of it because I'm not, I'm not using it and they'd take that 10 bucks and use it for something else, so.
Keina Newell: Yeah. And when you think, like, I think some of us don't know how much we actually spend on things, because it's like $10 here, $10 here, $10 here, right?
Like you have a zoom account. I have a loom, I have Canva. Like all of these little things that add up. And I actually have, you can link it if you want to. There's a spreadsheet that I have where you can like put in your expenses, but really go through that process. Like you're saying, which is like, I'm going to keep revisit or cancel.
In terms of like my business expenses. Cause sometimes you're definitely like, "Oh, I don't even , I can just use the free version of zoom because I'm never doing a call with multiple people that I actually need to pay for the free, the paid version of zoom. Or I noticed that I have, I like these two social media posting programs and I don't need both of them." But really thinking about those expenses. And then I also push people to think about what are those irregular expenses? Um, whether it's like registering your business at like your state level, which is like not something that you pay like here it's, um, every two years you pay, but if you're saving and setting aside money, it's not something that catches you off guard.
And it also like that's the thing that also is going to help you, like, feel competent about like when your expenses fluctuate, right? Or not your expenses fluctuate, but your income fluctuates. So, you know, "If I have $2,000 a month in expenses, well, let me actually try to build a three month buffer within my expense account.
Right? So my expenses are not something that I can't afford to pay if my income fluctuates." But that all takes planning, which is all doable. Um, I realized that if you're listening to this right now and you don't like numbers, you're like, "Keina, you should stop talking." Okay. I promise you, once you know that number, then you can start to like think strate
gically, and then you have an answer for yourself where if you're someone who like, "Oh, you know, sometimes I have $10,000 a month and sometimes it's $8,000 a month." You can start to think about, "What's my average monthly income? What do I do when it's above that I'm out? Well, now you can say, "Oh, I'm going to put that extra funds into savings. I'm going to put the extra funds into my compensation account because I know that it's going to like, even out at some point."
Erika Tebbens: Yeah. And I think that in like, I, as I said at the beginning, why I'm like, if I can do it, anyone can do this is because I used to think that I was budgeting because I knew what was coming in. I knew what our actual like monthly bills were. I would have to pay. And I knew we could cover that. And then just, it was like, well, whatever's left is like, it's just a free for all. Like, as long as there's money in the account, we can make, we can spend it.. And if there's not, or it's getting low, like we need to chill, uh.
Keina Newell: You know, budgeting.
Erika Tebbens: Yeah. Yeah. And after the first of this year, I decided for our personal finances to start using you need a budget. And so. Um, which I know some people also use it in their business, I just haven't, I haven't done that yet. But, um, but when I started making all of those little categories and a lot of them are those things that are once a year, like, uh, our HOA dues, or our like-
Keina Newell: Costco membership.
Erika Tebbens: Yeah. All of those things and yeah. So now that I have them and can just allocate in the process, it's not that thing of like, "Oh my gosh, it's spring. It's time to sign up for the CSA again. And crap. That's 600 bucks that-"
Keina Newell: Where's it coming from.
Erika Tebbens: "Where's it coming from?" And it's, it's super weird. Cause it's almost, I, it feels like witchcraft. But now I look, I look at our accounts and I'm like, I legit don't under how we have like more money. Like it, it's almost like by looking at it, it's like made it compound and it's the same in my it's been the same in my business. Like, I I'm like you, I do like a loose profit first. Um, but one of my big things is like, I love to travel. It's a big part of my, like my personal, why is like that time, freedom and flexibility and the having the means to travel.
And so I have a separate account that comes out. Like I do my owner's draw and then I take a little portion of that and I put it to travel. And it, like, it actually feels motivated and exciting for me because then when I have like a work trip or something, I'm not like, "Oh crap. Oh, I got to put it on the business credit card or it's got to come out of this other thing," or whatever, like, nope.
I just see it all right there. And, and I like, honestly, the more that I've looked at my numbers and the more honest I am about those numbers, I really feel like my my money just grows.
Keina Newell: Yeah. Cause you're, I mean, I had a, um, so I've been doing like client interviews to share with my audience and like one of my clients is like, "Keina, I mean, I know you said this, that like, this investment would pay for itself, but I just really didn't believe you." She's like, "I've had, um, I'm working with like this same amount of money and I have more money." And I'm like, "Yup. This is how this works." And I had another client who I actually talked to last night and she, she said like one of the things that I like have even just been telling my family about cause I always joke on my Instagram that like Christmas is not an emergency expense. It's the same day, every single year, you can plan for that. Right? So it should not catch you off guard, but inevitably she was telling me how in years past, you know, it would be November and she's like, "Crap. You know, I need to like shift some things around so I can afford Christmas. Then I'm gonna put some money on my credit card." And she's like, we start, like, we started working together last winter. And so you just like, "I already have like half of my Christmas budget saved because I've been allocating a little bit every single month." And so when you kind of like treat it for lack of a better word, like a bill.
Like you just throw money into like the little bucket and then grows. And I think that sometimes when you talk about budgeting, which I actually use with my clients, I use the word, like spending plan. Cause I'm like, we're going to be intentional about how we'd like plan to spend your money. But when you're intentional about that, you can have whatever you want.
Um, and it may not be that you can like. Like, I mean, I can't travel around the world three times, you know, back to back. But I can create this space for the things that I love and I enjoy and not have that guilt associated with it when I say yes to something, it gives me more agency. And like, that's, that's what I think budgeting creates for you is, is freedom.
And I think until you've experienced in a way, like even how you're talking about it, you don't know that that's what it creates for you.
Erika Tebbens: Yeah. Yeah, it's true. Cause I really always, like I had heard of, of why NAB, like for years I had even tried it before, but I was like, "I don't know, I don't get this. It's weird."
Like I, I canceled it and then I was like, "No, no, no. Like people who I super trust and like, respect, like they love it. They rave about it. I'm going to go in with an open mind. I'm going again to give it another shot. I'm going to watch all the videos. So I know exactly how to do it. And like, I'm just going to do it. And I'm not going to be judgemental about, like, about the process." And, um, and I know that you talk all the time about give every dollar a job and that it was very much like, in that vein of, I could write actually see, "Oh, where is it all of that extra money going?" And, and going back to what you said earlier about like coming at it from more of like an abundance mindset versus lack.
I used to always view budgeting as well, now I'm not going to be able to like go out to eat or I'm not going to be able to like buy new clothes or whatever. And it always like triggered that like restriction feeling in me. And now I like, I can just look and I'm like, "Oh no. Like I actually feel empowered because I, I can allocate money to going out to eat. And, and it's not just like food $15." Like, it's not like, "Well, we're going to burger King." Like, I'm like, "Oh, wow, we actually can do this." And like, and it's okay. And it won't mess up everything else. And that feels really good. And even, and then on the business side, like, as I choose to invest in other things like coaching or programs or, you know, whatever, I can really look and be like, "Does this seem reasonable?"
And like, "What do I need to get out of it?" Rather than just making that like impulse purchase out of fear of like, "I'm never going to be successful if I don't do this." I can actually look and kind of like, just take a breather with myself and be like, "Let me actually think about if this is the investment I want to make."
Keina Newell: Yeah. And that's the one thing that I would say, most of my, there's like a couple of milestones I would say that I listened for them to talk about it. And one of them is, is like, "Is this how I want to invest my money? And it's not about like stocks or bonds, but right to your point, I have money set aside for clothing or coaching in my business. But is that actually how I want to spend it?" So I think you even make more gratifying decisions that aren't just like in the moment and impulsive. I can even say this for myself. There's times in which I've like shopped and bought things, just because. And then, like, I have a pair of shoes in my closet right now I don't know how long I've had them. I should probably find some goodwill to give them to. But it's like I bought them because they were on sale and it was a good deal and I had to have them and I like, it's one of those, where, even when you think about your emotions in the moment when you're buying things, it's like, what is the thing that's causing you to want to spend money?
How did you feel before and after it? And that's another thing that I do with my clients to get them in the habit of like checking in with themselves. And I think that's important on both sides. Because, yeah, we're just like unaware and something else you said where you talked about budgeting being more, potentially people feel like budgeting makes you feel like I won't be able to do certain things, but I also would say like, if you're not budgeting, you're also like selling yourself a lie in some way. Like yeah, maybe you've been able to buy clothes, but how much credit card debt do you have? Right? And so you've had a fake level of freedom, instead of actual freedom. So that like revolving credit card cycle where it's like, "Yup. Paid my credit card off with my tax return and I'll be doing the same thing next year because like, this is just how I live my life." Versus your tax refund. If like, that's something that you get that, that could be going to like, "Hey, I'm intentionally saving for this awesome trip or putting it towards my emergency fund or investing in myself in X, Y, and Z way. Because like everything else is already really taken care of."
Erika Tebbens: Yeah. And I like how you use the word intentional, because I feel like that is what it has allowed me to do is like, I, uh, I have my like profit account.
I would putting money into it and I keep, you know, like every, I feel like everyone has a Peloton now and I'm like, ah, and I'm like such a, like-
Keina Newell: "I need one too."
Erika Tebbens: Yeah. Well it's like at first I was like, "That's stupid. I don't want a Peloto." But like. I have friends that live all over the place and I'm such an extrovert.
And I love like, it's like, what really did it for me with seeing people tagging all the other people I know, and being like, "Oh, we're going to, we're doing this ride together." And I was like, I'm like, "I wanna ride with like, I want to be, I want to hang with you guys digitally while we like work out and stuff."
And so now I have decided I've been intentional. I'm like, "Okay. My birthday is in November. It's we have really cold winters here. I'm not going to ride my regular bike outside in the winter. Um, but I am going to take that money and use it for that." So it's already like, it's I being intentional. And so there are times like my friend just got hers delivered yesterday and I was like, "Oh, I really want one."
But I was like, "No, just you, you're being intentional." Like it's like intentional, uh, like I'm not like putting it off as like a punishment for myself. It's like, you'll be, you will feel better when you have that money, just all there and you can just buy it and you will feel really proud that you waited.
And also in the meantime, didn't inadvertently squander that money on like a random target run here. Another stupid online purchase they're. Like, it has helped me sort of refocus and be intentional about like, what would I rather have, like that really cool vacation with my family? Or like another pair of jeans right now?
And you know, or, and like, again, this other thing here, and another thing there that like randomly adds up and it's like, "Oh, but now I just missed out on that other really cool thing I wanted to do."
Keina Newell: Yeah. And I think it's, that's not the sexy thing on social media, right? Um, cause on social, I think like consuming social media, I'm mindful of what I consume because it builds within me an inclination to desire things that I don't necessarily need.
Um, so like in my personal life, I like unsubscribed from Ann Taylor. You have a cell every single week one to you. "I don't need you in my inbox." Um, Nordstrom's at the beginning of quarantine, they had an email that was like, "You miss a hundred percent of the sales you don't take." Or something like that.
And I was like, "Ah! You're like in people's heads! Stop!" But I'm done like just a lot of work with myself to know that I can't be tempted by those things. And so to your point, right? It's like, what is that thing that I want to like actually have, and it's going to be exciting for me? Like, I really enjoy experiences. I'm going to not listen to you about this Peloton bike.
I don't even like cycling, but there's definitely some I'm like, well, everybody else is getting one. Maybe I need one too.
Erika Tebbens: To me, you know, cause I'm, I'm all about experiences too. To me it's more about the experience of doing it like with friends, that's the, yeah, that's the hook. That's how they got me.
Keina Newell: Exactly. But it, it's I'll give your case some point. When I moved into my town home, I was like, "You know what? I don't need to be a member at a gym anymore. I'm just going to spend like $200 on gym equipment. Put it in my garage. I'll just work out in my garage." I've used it more in quarantine in the six years that I've lived here. Okay. I found myself like a pipe dream, um, that my garage was going to become a gym, but I feel like if I got a Peloton and I'd be like, "Ooh, this is so fun."
And I'd be like, "When's the last time you went and rode your bike, Keina?"
So, yeah, I shouldn't use workout equipment as a, as an example, maybe kitchen, kitchen tools. We can go back to food. Yeah. KitchenAid mixer. I think that, I got it for my birthday. Good money well spent.
Erika Tebbens: Yeah. KitchenAid mixer, definitely money well spent for sure. Well that's uh, to that point of food is because we love to go out to eat at like really nice, like those places that are like, "Ooh, this is like a splurge kind of a place." And, um, and so that for us, like other people, so that it's like super nerdy, but for our 10th anniversary, we went to Sweden to this restaurant that you had to make reservations for like six months in advance. And like we've told some people about it and they're like, "You spent that kind of money on like one meal?" and we're like, "Hell yes, I'd do it again in a heartbeat. Like, absolutely." But then again, like other people, so we'll buy, you know, I don't know, like an ATV or whatever, and they, cause they want to go out and ride it around. And to me I'm like, that seems I would never want to spend money my money on that. And so I think it is like, it's good to find those things, even if other people think that they're ridiculous, but like those deep motivating factors, which for me, I'm like, "I will, I will work harder if it means like I get to go out to like a bougie farm to table dinner and be spoiled." Like, to me, that feels motivating.
Keina Newell: Yeah. No, I , I agree with you. And I, that's to your point of earlier, it's, "Do I want the new pair of jeans or do I want to save up for something else that I want?" Like one, I hate that we are in this role that we're in now because I have marked on my like bucket list. I think it's called outstanding in the field. Have you heard about that? No. So it's like a whole tour across the nation. I'm also really good guys at spending money. So if you ever need help spending your money. Outstanding in the field, they do farm to table dinners and they literally put this big, long table in a field.
I've never been, I've only seen it, you know, in the pictures, but they put a big table in a field. So it's on a farm, like a local farm. They'll have a local chef. That will cook food from the farm and they serve. So it's like a whole experience that it would just be with like random people from the community, but they're all across the United States.
I think there may be some, there might be some that are like also international, but I think it's upwards to $300 for a ticket. Like that sounds incredible
Erika Tebbens: Yeah. No, I , I agree with you. And I, that's to your point of earlier, it's, "Do I want the new pair of jeans or do I want to save up for something else that I want?" Like one, I hate that we are in this role that we're in now because I have marked on my like bucket list. I think it's called outstanding in the field. Have you heard about that? No. So it's like a whole tour across the nation. I'm also really good guys at spending money. So if you ever need help spending your money. Outstanding in the field, they do farm to table dinners and they literally put this big, long table in a field.
I've never been, I've only seen it, you know, in the pictures, but they put a big table in a field. So it's on a farm, like a local farm. They'll have a local chef. That will cook food from the farm and they serve. So it's like a whole experience that it would just be with like random people from the community, but they're all across the United States.
I think there may be some, there might be some that are like also international, but I think it's upwards to $300 for a ticket. Like that sounds incredible
Keina Newell: Yeah, but I wanted to go, "I was like, I'm going to go to big Sur cause they had one." I was like, "Then I could go to big Sur and they could just be this whole thing. I had a couple of girlfriends tagged that also enjoy eating and so yup we'll meet up." And then the world's shut down. But yeah, that'd be here nor there.
Erika Tebbens: I know. Someday, someday. So I know before, cause I definitely, I want you to talk about a little bit about the like pricing and everything. Like you mentioned before, how that can help you amplify your, your, uh, revenue and just by knowing your numbers and feeling empowered. But I would say another thing back to sort of like our, our mission for our businesses and everything is that one thing, budgeting, and looking at my numbers has enabled me to do is actually give more. I have a separate giving fund and that has been huge. Especially, uh, recently is that I could just look at that and be like, "Oh, okay, well, what's and there? What are the places I want to donate now? I can donate." And it actually feels really good for me to know that my, like the people who hire me, who generally tend to be like, like mindset to know that like, because they pay me and I'm trying to be a good steward of my money that I can in turn then give to these other organizations that I'm interested in.
And also if you know, my, my free content, like the podcast or anything else I do, or free trainings, or if I decide privately to work with somebody at a lower rate, the main revenue that I get, it actually enables that free and low cost help that I can put out there and like charitable giving. And that feels really, really good. And I, but I, I feel like in the past it was always something I was like striving for. But now I am a lot more intentional about it. And again, that feels more motivating cause it's like, well, the more I make, the more money goes into that giving fund. The more I can do for other people.
Cause I also realized that there will always be people even at the lowest rate I've ever had, who just cannot like, you know, financially make it happen to work with me, so yeah
Keina Newell: yeah. And I would say a lot of the women that I work with, there's like a philanthropic, like motivation in there for them. And like one of my values is definitely community and it's actually, so my former life, when we connect on this is like I was a teacher completely by accident. Um, but the reason I, the teach for America and the reason I stayed in education, cause I like wanted to give back and that was really important. And so now in my business, it's like, how do I continue to do that?
Whether it is in of my time or is it in, you know, money? I actually am working with one of my former students who I taught fifth grade math too. And she is now like a junior in college. Um, but yeah, it's, it's like the sweetest little moment. I'm like, "Oh my goodness. You're like me when I was younger, but so much smarter."
But like, that's, it, that's important for me to be able to have that, like that's one of the things that my business can create for me is that I can spend my time in a way that it supports the community. And also my money can support the community. And even on my personal side, it's like, how do I set aside money for giving?
And that's something that you can plan for, and it's not, maybe you don't give every single month, right? Or maybe you give every quarter, whatever that looks like, but you can be to the point of being intentional, you can be intentional about those things and set money aside so that it's not something that you're like, "Oh, I want to give, but I don't really have any money to give." If you're always planning for that.
Erika Tebbens: Absolutely.
Keina Newell: You also know what you could switch out if you're like, "Oh, I only have $500 to give, but I would like to give a thousand, where can I free up money in other areas to make that more."
Erika Tebbens: Yeah, definitely. And so to that point, because then, you know, as entrepreneurs that requires us to actually pay ourselves well and, you know, get paid well.
So when you are working with people who are also entrepreneurs and they sort of figure out all their budget and everything. Talk to me then a little bit about their they're sort of like "ahas" around their pricing and how they can do that in a way where maybe they raise their price and they don't freak out about it.
Keina Newell: Um, I think when they see the numbers and it's all broken out, like if we like kind of run percentages, like I love running scenarios. So what happens if you make this much a month or what happens if you make this much a month, what would you need to do to get to that number that, um, you, you know, that that's like your financial goal for yourself.
And I would say that like, for most of my like business people, it's just like an aha moment. Like, "Wow, I could get there, like that's possible.?" And it doesn't necessarily mean, that I have to do more work or I think there's more incentive to raise rates if, if that's what that means because of the fact that they see like how that yields, um, to them having a more like abundant life, like the life that they dreamed of when they went into business for themselves versus the life that they've created, because they may be charging rates that just don't make a ton of sense.
Erika Tebbens: Yeah, absolutely. Absolutely. That's I know that, uh, that has been the case for me and I, I think too, cause the people that you and I work with, like you said, philanthropic, but also like when we hire help, whether it be a VA or whatever else. Like, we don't want to be hiring the $5 an hour, like overseas. Like, I feel like we, I was jiving a client about this yesterday. Like, like I got cold pitched a thing, and it was like, and we have $1 an hour chat available with, I don't know. It's like, "I, no,"
Keina Newell: In fact that scares me, please move on.
Erika Tebbens: Right? Like I was like, I don't even understand how that is possible, but like, no, like the people who I have worked for me, like, I want to pay them well, and I'm happy to pay their asking rate and everything. I don't want the $5 an hour overseas person, just, just because it's available to me like that doesn't feel right. So in turn it's like, I want to be supported in my business and I want the people who are supporting me to get paid well. So that means that I also have to be like, oh my, I feel like that is how my rates, like, there's a few things that go into it, but like part of it of it is, you know, I also want my clients to know that like their dollars they're giving me are also helping to support a proper cost of living for anyone else on my team.
Keina Newell: And something that I actually talk with, like my other instagram business friends. It's really amazing, the relationships you can build on social media. But sometimes I'm like the bully, I will say when it comes to talking to people about their pricing. Um, and not so much clients, but my friends where I'm like, "You're not getting ready to charge $200 for that for in fact, I'm going to tell you that I wouldn't want it because it's too cheap."
I think that it's probably not that good because it's $200 and I'm like, "And I know you and I know it's good, but I'm going to let you know, as a business owner, I'm going to look for the thing that's like $2,500 or $3,000," Which is crazy because I, I like, I've just started to think about money in a different way, especially on the business side and that's not to say that someone who charges more is amazing, but when I kind of think about the consumer side of things and how I weigh certain things definitely in the beginning, I was like, "I can't pay $2,000." Like there was a lot of fear around that, but when I see to some extent, there is some quality difference sometimes when you pay a little, a little bit more.
Um, so I just would tell people, like, even think about that, like, what is your own lens that you purchase things through? Because I also don't think that you can charge, I think you have a fear of charging higher rates, when you also aren't willing to invest at a higher rate. So, you are someone who's like trying to find the $5 things, and so in turn, you don't actually probably make big investments, like I said, in your business, and then you don't know what that feels like and what benefits that can yield, um, investing at that higher level.
Erika Tebbens: Yeah. I feel like it's almost like a self perpetuating cycle or like a self fulfilling prophecy, like in a way. Yeah, it's true. Like it's, it's weird. Like buying buyer psychology is really interesting and, and pricing does it, like it tells the story because you could be an amazing, I don't know, coach or whatever. And if you're charging $500 a month, but you're working with six figure earners, they're going to be like, "No, thank you. That person's probably crap. Even if you're the best."
Keina Newell: Yeah. Yeah. Yeah.
Erika Tebbens: So it's, it's just interesting how that, how that works.
Keina Newell: I think it's right. Like when you start to play with the numbers, like, okay, well, if I had a $3,000 rate, how many people would I have to sign versus my like $800 rate and how many people would I have to sign?
So like even just doing, doing some basic math can encourage you and writing down I think for business owners, it's like, what does that, what value do you provide that person or the business. And really, really being able to continue to go through that exercise for yourself so you feel confident about that price that you're charging.
I mean, I remember when I raised my prices and one of my business coaches was like, "Yup, Keina this is how much you're going to charge?" I was like, "Oh, a question."
And I had to get really confident and like, why are my services that much? Cause for me, I'm also in an interesting space where people come to me. And especially on the personal finance side, they're like, excuse me, I'm trying to get out of debt and no, I just thought you had any money.
Erika Tebbens: Yeah. Yeah.
Keira Newell: It's like, it really is an investment in self. And I tell them like, we'll find the money. Like if you figure out like, and you decide, this is what you want to invest in, we'll figure out how to pay for it. And inevitably like, everybody is like, "I know that when you see the price it's steep, but it is well worth the investment. And I would do it over again."
Erika Tebbens: Yeah, absolutely. Absolutely. I love that. Well, thank you. I don't want to taken too much of your time. I am a want to be respectful of all of that, but I know you have a Facebook group and you said you also have that, that spreadsheet. So where can people find those?
Keina Newell: Um, my spreadsheet. I'm going to link it. I'm going to give it to you first look, I'm like, I don't know the website address.
Erika Tebbens: No, it's all good. I know I have like Bitly links and stuff and I'm like, "Wait, what is this?"
Keina Newell: Yeah, cause it's like a hidden page. But if you're on my social media page, which is @wealthovernow on Instagram, there's definitely a tagline that says like, you want freedom and flexibility for your business um, So it's something to that effect. Don't quote me. And that's where you can find definitely that download as well as like there's the other two downloads are more personal finance centered, but that specific download is definitely in my Instagram handle.
Erika Tebbens: Awesome. Thank you. Yeah. Cause I know I need to like go to them. I was just telling you, I need to go back and look at all my, my stuff. And what is the name of your Facebook group?
Keina Newell: Uh, Wealth Over Now. It's real, real simple
Erika Tebbens: Real, real simple. Awesome. Cause that's what your website wealthovernow.com and on Instagram @wealthovernow. And people should definitely check you out, whether they need help with personal or business, or both because it is life changing. Like you said, it is, it gives you freedom. I used to just roll my eyes at that, but now I'm like, "No, it's true. People need to know about this."
Keina Newell: Yeah. It's I mean it's so, it's so empowering. And it's like the skill that keeps on giving. Like you learn it, you teach your kids as you make more money, then you know where that money goes and I think it's incredible. I can talk about numbers all day.
Erika Tebbens: Yeah. Yeah. And back to your original point before we hop off. But it, that is like, really, like you said, like when, you know, and then you can teach your kids or teach, you know, your siblings or whomever, that is really how you make that long lasting change, and then more people feel empowered and have power because they're more financially savy. Can really leverage that for whatever they want to do with it in the world.
Keina Newell: Right now I'm like, you can vote with your dollars. Especially if you know where your dollars are and, um, yeah. Money talks.
Erika Tebbens: Yeah, it definitely does. And I know like, you know, you and I talked a lot about food and we talked about local food. We're talking about going to these like big farm to table dinners and stuff, but that is one of those things like for years, I have, you know, an and I'm not perfect about it, but I love to vote with my dollars on food.
And it's, I mean, obviously legislation is important and more of that as needed in so many areas. But, uh, I feel like we, we underestimate the power of what money can do in the meantime, before better laws and stuff pass.
Keina Newell: Yeah. And that's, I would say like, that's one of my personal missions is to like, how do I continue to learn more there in that space?
And even just like, think about where my dollars are going and things that I'm a part of. Like, let me actually look at your mission and your values and you know, if that makes sense. So I think like people discredit. Well, if I'm just doing it, what change will it really occur? But I think if we get more people thinking in that way, it really does, like, it changes what's happening.
Erika Tebbens: Yeah. It really, it really, really, really does. Like, and it's true. It can often feel like, well, I'm just one person and it's just my $10 donation, but it's like, yeah, but if a hundred people gave $10, you know, like you think about that and how much that can be. So it doesn't all have to just be ultra wealthy people like there.
And it is, it is exciting to see on social media, as of late people compiling like lists of businesses and just different places. And I even feel like with COVID, people already were like, how are we going to start supporting more local businesses and keep these places afloat? And now it's, it's shifting even more.
And I think that's cool. Like, I know people get really nervous about like, competition and stuff. And I'm like, "Nope, I am here for all day long. Like show up with your values, your best people will find you." And like, When other companies show up with their values, we get to make better purchasing decisions too.
Keina Newell: I’ll be, I’m excited to see what ships come out of this in the next year to 10 years. Like what, what, what stays, what sticks.
Erika Tebbens: Yeah, me too. Me too, for sure. Well, this was so fun. I mean, gosh, I could talk to you all day.
Keina Newell: I know, I guess we should really end. They're, "Oh, they're ending, but not, okay."
Erika Tebens: Three hours later. And we're like, where are you going down to eat when the quarantine is over?
Keina Newell: Well, you gave them the warning that we talked for an hour and a half when our coffee chat, um, Yeah.
Erika Tebens: Yeah. Yeah. I know. I like, I seriously. I have my coffee chats are scheduled for 30 minutes. I really need to bump that up. Like it's the ludicrous that I think that 30.
Keina Newell: But it gives you an out, if you don't really want to talk to that person.
Erika Tebens: It's a very good point.
Keina Newell: You don't have the excuse, like, "Oh, you know what? I have another call. That's backed right up to this. I've got to get off right at that time."
Erika Tebbens: Yeah. If I, if I accidentally end up getting on with somebody who is like, secretly pitching me there. They're like MLM product and I'm like, yep. They're opportunity.
And I'm like, "I got to bounce. Yeah. Thanks." I love it. Well, thank you Keina. I am going to link everything in the show notes so people can find it, but I appreciate you and I appreciate your time and I hope people check you out because you are a wealth of knowledge. I'm terrible.
Keina Newell: Beautiful.
Thanks so much for tuning in to this episode of the Sell It, Sister Podcast. If you loved it and you want more, be sure to subscribe so that you never miss an episode and then head on over to. sellitsisterhood.com to join my free Facebook community group. And as your mama said, "Sharing is caring." So if you got a lot of value out of this episode, be sure to share it with your biz besties too.
Okay. Now get out there and "Sell It, Sister."
