Money Mindsets, with Alissa Locke

Season 2: Episode #21

Money Mindsets, Alissa Locke of Money Mentor Group

Alissa Locke’s career in the insurance and financial services industries gave her knowledge about money, but it was her own financial journey – going from being a broke single mother with $60,000 of debt to being able to comfortably retire in her early 50s – that compelled her to become a financial coach. Alissa felt called to help people understand their relationship with money, improve their money habits and gain confidence around their finances. The Money Mentor Group provides individual financial coaching, group coaching, courses, and workshops.

The trauma of poor personal finance decisions
Growing up with parents who are good with their own money does not guarantee the child will
Feelings of deprivation can lead to overspending
Having $60,000 of debt as a recently divorced, single mother
Finding motivation as a single mother to create a better mindset around and relationship with money
Finding resources at the local library about banking, real estate, personal finance, investing, and the stock market
Changing the money mindset involves finding those who are on a similar financial journey as a support system
Being open and transparent with friends allows them to make similar changes
Even though you may be in debt, you need to accept where you are financially while understanding that this is not where you’ll always be
The danger of the phrase, “I deserve…”
Money messages we learned growing up formulate our money mindset in adulthood
Parenting money lessons Alissa tried to implement with her own daughter
Ideas for how to be open about money with a child
Teaching children the make decisions with money
Budgeting as a form of torture
Tracking the variable expenses each month and using separate, non-bill-paying accounts for them
Planning for periodic expenses