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  • Emlen Miles-Mattingly

A Blast From the Past: Wisdom for Your Financial Life

First thing's first: if you missed this episode, check it out here:

What can you expect from the last blog of 2019?


First of all, I want to thank everyone who has been listening to the podcast, reading this blog, and sharing it with your family, friends, and co-workers.


Your support has been a huge part of our success.


Then I’d like to share the best financial pointers culled from the most popular episodes of the year. Our goal is to help you in your financial life. It was hard to choose which bits of advice to include.


You can always go back and review these episodes if you’ve already read them. If you haven’t, here is your chance!


Let’s take a look back!


Carolyn McClanahan


In August, Carolyn discussed having a healthy lifestyle.


How does this affect your financial life?


The money spent on your grocery bill and health care cost impact your overall wealth. Also, your health affects the energy you need to proactively plan out and execute the life you want.


Carolyn stated that minorities lead the country in diabetes and hypertension. It’s a case of family history, genetics, exercise, and diet.


What does that mean?


Living a healthy lifestyle will mitigate most of the genetic issues that are related to your race.


She used her own upbringing as an example.


In a lot of families, the parents are unhealthy, and their children are learning unhealthy behaviors by observation.


Carolyn said she grew up on doughnuts and coke. Her mother was overweight, and she was, too. She gained even more weight in medical school. However, she also realized that she would be giving lifestyle advice to her patients. That meant she needed to make changes in her own behaviors.


She realized that extending effort getting into the practice of good habits was doable.


She said that changing your habits can make a big difference in your overall health. That also has a trickle-down effect on your children.


Imagine being an example that positively changes the health of future generations!


Health Insurance


Carolyn is also interested in helping clients find accessible health insurance.


She stated before the Affordable Care Act, your only choice was underwriting. However, if you had a health problem, you couldn't get health insurance.


The ACA had both positives and negatives.


One of the positives is that anybody could get health insurance. One of the negatives, it’s hard for the middle class with a job to afford insurance.


If you weren’t able to get subsidies to help pay for your insurance, and you didn't have employer-based coverage, the cost of the insurance was too expensive.


At the present time, employer-based coverage is expensive and the costs are rising. It turns out, our inefficient system is the reason our insurance is becoming prohibitive.


It comes down to overhead.


  • Other countries: five to 15%

  • The United States: 25% to 30%


Carolyn said if we could cut our overhead by 15%, we'd have enough money to pay for primary care for everybody for free.


A secondary problem is that our system has a specialist base. When people have access to primary care they can get on top of chronic health conditions, such as obesity, diabetes, and hypertension. This helps to reduce future health care costs.


It’s easy to see how health care drastically affects our financial life.


Carl Richards


How do you begin to align your behaviors with your financial goals and financial life?


We all have well-intended behaviors, but we still mess up. Perfection isn’t the goal, making progress should be the target.


What is the behavior gap?


Carl describes it as any time we think we're doing something we think is in our best interests, but it isn’t.


Where do we create gaps?


  • Diet

  • Time

  • Savings

  • Exercise

  • Spending

  • Insurance


He said they are our blind spots, and we avoid seeing them because of the pain involved. He claims his job is to encourage people to find their gaps and grow beyond them.


You can take that concept and apply it to anything: health, family or education. I think it fits everything that we're trying to talk about here at Minority Money.


Carl points out that everyone makes mistakes, so how we handle our mistakes counts, too.

When we confront our gaps or make a mistake it's okay to feel guilt or responsibility; they indicate your actions were wrong.


However, blaming yourself and shame is a blow to you.


Kwame Christian


In October, we talked with Kwame Christian about the art of negotiating.


He believes that every conversation is an opportunity to negotiate, and his approach to negotiation involves compassionate curiosity. He also emphasizes managing emotions when you are in the middle of negotiating.


Why is the ability to negotiate so important?


Kwame explained the ability to negotiate is important because you're doing it all the time. You are having a conversation and might not realize how much negotiating is actually happening.


His definition of negotiation when somebody in any conversation wants something. That means we actually negotiate the most with people who are closest to us.


Who is closest to us?


  • Family

  • Friends

  • Colleagues


He said these conversations can be used as strategic opportunities. We’re being proactive and using our persuasive skills instead of floating through our experiences.


How does negotiation fit into the mission of this podcast?


You are negotiating your money with your family. You are also negotiating around diet and health-related issues.


Those all tie into your budget and how you spend your money and create the financial life that you want.


Maricela Miles-Mattingly


In November, I interviewed my wife for the podcast.


Maricela discussed how to make the most of talking with your spouse about money. We all know how talking about finances with a spouse can be complicated. What people might not realize is how much our childhood experiences shape our beliefs surrounding money.


Maricela described her past history, starting in childhood with observing her parents handle topics surrounding money. She explains how it influenced her career as a bank manager--and how she helps her clients because of her own experiences.


Her prior experiences also help shape how she handles her personal finances and how she communicates with her clients and me about them.


We discussed the money mistakes that we’ve made as a couple, and how we have spending limits and daily money talks.


Our discussions keep us on the same page regarding our budget, financial life, and future plans!


We’ve had a look back at the past four blogs, now let’s look forward.


The month of January is going to be dedicated to health and fitness. You will receive lots of tips to help you pursue your new year’s resolutions!

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