How To Get More Money
“Money, Money, Money. It’s A Rich Man’s World” – Abba
The secret to getting ahead is spending less than you earn. Sound familiar? It’s sounds like a piece of cake right? But when you try putting your money where your mouth is – so to speak – it’s tricky.
Hannah McQueen, financial personal trainer, author and founder of enableMe equates it to weight loss. Diets don’t work – you need to change the way you eat. Hannah’s found the same is true of of your financial situation, if you’re not doing so well you need to change your relationship with money.
When I first discovered Hannah (left), the personal trainer reference really resonated. I mean, heeellllooo. We benefit from the guidance of a personal trainer when it comes to fitness and weight control, so it made sense when it comes to money. “It’s one of those things where we know what we have to do, but it’s really hard,” says Hannah. Uh huh, yes, we hear you Hannah.
So many of us have money issues. Seriously.
“When I started it was aimed at me really,” says Hannah. “I mean I get money, I have a background in law and accounting so I get it, but I wanted to conquer my mortgage.” Hannah’s an accountant and has a Masters degree in tax.
After graduating from university Hannah and her husband were earning about $30,000 between them. Fast forward a few years and they were earning 10 x times that much.
“But I wasn’t any happier or wealthier. We were still living payday to payday,” says Hannah. “We had a mortgage of about $300,000–400,000 and I worked out we’d be paying $1,000,000 in interest and that bothered me.”
Of course, with her commercial background Hannah understood compound interest and the longer the loan the more you have to pay. “You expect that, but it was weird, it really bothered me,” she says.
So she contacted a lecturer at the University of Auckland and asked him if he could help her with the calculus.
“Six months later I had a formula that would shave hundred of thousands of interest off the mortgage, but it assumed I had money left over.”
In reality very few people have a cash surplus, most of us are just getting by so she worked out a formula that worked and that was the start of enableMe.
“There is a lot of emotion around money and it’s management,” says Hannah. “It’s like health, weight and lifestyle. You know what you have to do but it’s very difficult. The overall goal is to get there as fast as possible so you need someone to help you. Especially with finances within relationships there can be a whole dynamic around money.”
“On average we’re all spending more than we earn,” says Hannah. “My clients earn anywhere from $50,000 to $2million per year. But in some ways the more money you earn the harder it is because you feel you have a right to spend.”
“That’s why I set up enableMe – it’s so rewarding to see people turn their financial lives around. It’s like a gym membership. We work with you for 13 months at a cost of $1,000-$4000 depending on the complexity,” she says. “We work with all kinds of people, some have a mortgage, some don’t. Sometimes we get a mortgage for people and we get a commission through the bank for that so we give that back. We’re not mortgage brokers, we’re trying to help you get rid of your mortgage.”
Control of money is one of the most worrying things in life for people, and financial stress is the leading cause of insomnia and relationship break downs.
It pays to get your financial act together. Hannah’s book The Perfect Balance: How To Get Ahead And Still Have A Life is brilliant and packed full of fiscal wisdom from mortgages, to shares, to money and relationships, to children, to getting ahead faster. We couldn’t possibly cover it all, but we’ve got two copies to give away!
Here’s an excerpt:
The Most Common Money Traps Are:
- Burying your head in the sand
- Relinquishing control of your finances
- Instant gratification of living for today
- Lack of clear medium- and long-term goals that truly motivate you
- Propping up a sinking ship
- Believing someone else will save you, or that the future will take care of itself, somehow
- Doing nothing
- Living in a home you can’t afford, or staying home when you need to be working
- Having more children than you can afford
- Generosity in excess of your means
- Champagne tastes on a beer budget
You can see an interview with Hannah here (it’s 10 minutes)
What do you think? Do you need this? WEEE DO 🙂
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