MINH PHAM-COSTELLO

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Top 5 Misconceptions about Money for Working Moms: Let's Rewrite the Story








august 22, 2023

Top 5 Misconceptions about Money for Working Moms: Let's Rewrite the Story


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Hey there, unstoppable mamas! Ever found yourself tangled in the confusion of money-making mantras, convinced hustling like a hamster on a wheel was the only ticket to success? Let me tell you a secret: the journey to financial wellbeing doesn't have to be a dizzy whirl of exhaustion or a dull march of deprivation.

Today, we're diving deep into the five most common money misconceptions that tend to trip up hard-working women like us. We'll then flip them on their heads, rewrite the narrative, and introduce you to a world where managing money feels as natural and invigorating as a lovingly brewed morning coffee, promising a day full of potential and fulfillment.

So, are you ready to unmask these myths and embark on a transformative journey towards financial empowerment? Onwards, beautiful mamas, to a future where money doesn't master us, but instead, we master it!

Misconception #1: Working More Automatically Equals Earning More

A straight 60-hour workweek is not the golden ticket to raking in more money. I know, it shook me when I first realized it too!

In a society that often equates overwork with success, it's easy to fall into the trap of believing that the only way brighten the glow of your bank balance is to burn ourselves out. But believe me, it's not just about the hours we clock in – it's about the passion, dedication, and creativity we infuse into that time.

Think about it. When we pour all of our energy into the work we love, the work that stimulates us, the outcome is bound to be extraordinary. It's not the ticking clock that'll make you stand out, but the unique zest and zeal you bring to your work.

And here's another little gem: multiple income streams. Imagine having different avenues funnelling wealth your way. It doesn't mean taking on three full-time jobs! Nope. It’s about leveraging your skills, hobbies, or investments in many smart, little ways, whether it's freelancing, teaching a class, or renting out a spare room.

In fact, you may find that harnessing these diverse income streams gives you the freedom to work fewer hours while still bulking up that bank account. Now, wouldn't that be a delight?

Remember, it's all about working smart, not just working hard. Embrace your unique talents, celebrate your exceptional work quality, and keep exploring ways to diversify your income. Make this perspective shift, and rejoice as it beautifully transforms your financial journey!

So, get ready, fire up that courage, and step onto this exciting new path where work-life harmony isn't just a dream, but a reality. You've got this!

Misconception #2: Money Can't Buy Happiness

Ever heard that overused phrase, "Money can't buy happiness"? It has been drilled into our heads to the point where we've started sidelining our financial aspirations, thinking they won't bring real happiness. Do you see the danger there? I know - it's a misconception that's easy to buy into. But let's not be hasty; it's time for a little myth-busting session!

How about we rewrite this? Let's start by understanding that while stacks of cash might not bring on heart-stretching smiles, the opportunities they create surely can. Money, my dear friends, is a tool. It gives us the freedom to navigate life on our terms, the security to face whatever life throws at us, and the options to choose what truly brings us joy.

Ever dreamed of a well-deserved trip to the beaches of Bali, wanting to feel the sand crunching beneath your toes, or yearned to support a cause that touches your heart? Money can turn those aspirational bubbles into reality. It's not about the paper and coins, but what you can do with them - the memories created, the experiences shared, and the joy spread.

Remember what my favorite writer, Ayn Rand, once said, "Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver." Keep control of your journey, let money serve you, not rule you.

So, let's rebrand our perception of money and happiness, planting the seeds of financial empowerment and personal growth. Money can indeed contribute to our happiness when viewed and used as an empowering tool to help craft the life we desire.

Misconception #3: Budgeting Means Sacrificing Fun and Enjoyment

I used to think that budgeting is like a joy thief, snatching pleasure and carefree moments from us but one day, I flipped the script. Transforming my approach from reluctant budgeting to something I like to call "Mindful Spending."
So, you ask, what exactly is this magic called Mindful Spending?
Mindful Spending, unlike traditional budgeting, doesn't just stand there with a stern face, constantly reminding you of limits and restrictions. Instead, it's like your wise, understanding friend who says, "Hey, you've worked hard for your money. Enjoy the fruits of your labor, but do so consciously."
You see, being mindful means being aware - understanding where your money flows, why it flows there, and how it impacts your overall financial health. It means spending intentionally on things that matter to you, that bring you joy, and cutting out expenses that hold little value.
The beauty of Mindful Spending is that it transforms your mindset around money, strikes a balance between spending and saving and helps you savor life's sweet moments, all while building a secure financial future. Sounds like a dream, right?
So, get ready to redefine money management. Begin with small steps, incorporate Mindful Spending into your life, and witness the powerful ripple effect it has on your financial journey. Remember - you are bold, you are capable, and you hold the power to take control and take charge of your financial wellbeing.

Misconception #4: Planning for Retirement Isn't a Priority Yet.

It's easy to get caught up in the whirlwind of life, juggling our lovely family, bustling career, and the never-ending to-do list. Planning for retirement might feel like a distant concept, shelved for later. But, trust me, we need to recognize that a blissful and worry-free retirement – one that sparkles with lasting memories and financial security – begins now. It is our chance to design our golden years just the way our hearts desire.

  • Start Saving Early: Time is indeed our most powerful ally. Be intentional about setting aside a portion of our income as a nest egg. The earlier we begin saving, the more our money can invest, grow and flourish, thanks to the magic of compound interest.
  • Create a Retirement Plan: Picture your retirement paradise. How do we get there? Let's create a road map that takes into account our unique dreams and goals.
  • Harness the Power of Diversification: Don't put all eggs in one basket. Diversify our portfolio to include safer, long-term investments while sprinkling some higher-return options.
  • Stay Committed To Our Goals: These small, consistent steps are like pebbles that, one-by-one, create the gorgeous tapestry of our breathtaking retirement vision.

Together, my beautiful tribe, let us course-correct this misconception and begin painting our retirement dreams with vibrant colors.


Misconception #5: We Lack the Time or Knowledge for Smart Money Moves.

Time may appear elusive. But we, powerful mamas, possess the magic to transform even fleeting moments into lasting impact. The key lies in remembering that small steps, consistently taken, lead to substantial financial progress.
Let's integrate these small actions into our daily lives:

  • Set a Financial Minute: Dedicate only one minute each day to check the pulse of our financial health. This small habit can unfold big insights into our financial situation and encourage smarter money moves.
  • Reclaim our Coffee Breaks: Let's use this time to learn a new money concept, read a finance book or article, or watch a short video about investing. It's transformative what a few minutes each day dedicated to financial learning can achieve!

Financial knowledge might seem like a high mountain to climb, but let's remember: even mountains are climbed one step at a time! The key is breaking down the financial journey into manageable pockets of learning. And the good news? There are bountiful resources waiting to be explored, right at our fingertips.

  • Online Courses and eBooks: There are countless resources available online, breaking down complex financial concepts into digestible nuggets. These are designed for busy-bees like us, providing knowledge at our own pace and convenience.
  • Financial Podcasts: Transform your commute or household chores into a learning experience by tuning into financial podcasts. It's a simple way to learn about money management and investing on-the-go.
  • Financial Coaches/Advisors: Never underestimate the value of personal guidance. If you feel overwhelmed, consider reaching out for help. Remember, seeking help is a strength, not a weakness!

Now that we have gone over the 5 misconception, let’s embracing these illuminating truths. By adopting a hearty financial mindset, we are also leading by example when it comes to money wisdom for our children. We are showing them that finances aren't a mythical beast to be feared, but a tool to be mastered. We are guiding them towards building a secure and prosperous future, fueled by courage and belief. The seeds of financial wisdom we sow today will bloom into a beautiful garden in the hearts and minds of our children.

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I'm Minh, your Career,
Money and Success Coach.

I help women break through their income plateau without burnout so they can live the life of their dream. 

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© Minh pham-costello 2023  |  Photos by social squares & Unsplash

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