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When’s the last time you talked about money?
Whether it’s with your significant other,
a family member or even yourself . . .
It isn’t always easy.
Today our special guest is teaching us how to do so.
I have an interview with Dorethia Conner, author of the new book #MoneyChat.
She breaks information down into bite size chunks and makes what may seem overwhelming, more manageable in her new book.
Here’s our Q & A about her new book.
What is someone’s #MoneyChat?
Your #MoneyChat is what you SAY and DO with your money. I believe the two are directly related and that you have to change what you say in order for your actions to follow. #MoneyChat’s are the conversations you have with friends, colleagues and family at lunch, at the coffee shop, in the car, during game night… do you join the pity party or bring positivity to the conversation? Are you sharing the wisdom you have learned (without being overbearing) or keeping it to yourself? Are you educating those in your household on successful money management? That is your #MoneyChat
I know you have a Twitter chat at #MoneyChat. Why did you write #MoneyChat: THE BOOK?
Before the book was the website and before that the online Twitter Chat – which is the catalyst for the #MoneyChat movement. It is a way to take a conversation that can often be shameful or awkward and make it less intimidating. It’s a community, I want people to know we are all in this together and there is no judgment. After doing the chat and workshops for a few years, I decided it was time to put on paper some of the key things that we had discussed , some of the reoccurring topics I heard during the chats and in my financial coaching practice, thus we have #MoneyChat THE BOOK.
How should readers apply this book to their personal finances?
I wrote #MoneyChat THE BOOK in 3 sections based on common themes I was finding in my financial coaching practice. Most people wanted to get out of the debt hole and learn successful money management so that they could save, invest, retire and create college funds for their kids. Throughout each chapter there are ‘how to’s and action plans’. Highlight, dog ear and underline the things in this book that resonate with you and follow the action plans.
What are some of the best tips you can offer people who have tried, but just aren’t good with their personal finances?
First, I’d say don’t beat yourself up, only look toward the future, but do learn from your past mistakes. You don’t want to repeat the cycle.
Second, get back to the basics, a notebook and pencil. List all your monthly income and subtract your monthly expenses. Do this at the start of each month on a new page in the notebook.
Third, there are all kind of websites and cell phone apps that are free! You may have to log your information into them once and then monitor or update. These sites/apps are perfect for people who can’t keep up with a written budget; don’t know their investment status, etc. You can print graphs, reports directly from the sites. It is also easy to update changes in your financial situation.
If none of this works, get help. There are free community programs and you can also hire a financial coach. Financial coaches help you create a financial strategy and teach you how to handle your money yourself with education and guidance.
As a financial coach, what’s the biggest mistake you see people make when it comes to their money?
I would say not seeking help, not learning how to manage their money where they are now financially. This isn’t only those who are facing financial challenges, I coach low, middle and high-income earners as well who may be financially stable, but have no financial strategy for their money. There are so many financial magazines, blogs that have a wealth of information. There are also free financial events that people can go to in order to get started that many don’t take advantage of.
Throughout the book you tell people to “do their research.” Can you briefly explain what that means?
Let’s say someone wants to set up a 401k at the employer. Doing the research for them means learning about what a 401k is, finding out how much they have to contribute in order to get the employer match, what investments are included in the 401k and how are they performing? What financial company administers the employer 401k? Google their name online to find out if they are a reputable company.
Researching is finding out everything you can about a topic so that you can make an educated decision. Most of it can be done with the click of a button.
Why was it so important to add action plans in the book?
I always give homework to my clients with instructions on how to complete. When I was learning about personal finance I hated to hear ‘live beneath your means’ because I didn’t know how to. I was already as low as I could go. After you tell someone what to do, you have to tell them how. Therefore, I have action steps throughout the book to help readers make it happen in their finances.
Thank you for answering questions about your book, #MoneyChat THE BOOK: How To Get Out of Debt, Successfully Manage Your Money and Create Financial Security! and sharing your insight. If you’d like to connect with Dorethia and learn more about her book, find her on Twitter at @MoneyChatLIVE & @DorethiaConner Visit www.themoneychat.com and www.connercoaching.com
Dorethia Conner Kelly, MBA is the president of Conner Financial Coaching, LLC, providing results-oriented personal finance and business coaching services. She is also the founder of the popular #MoneyChat personal finance blog, themoneychat.com and online Twitter chat.
Dorethia’s financial expertise has been featured in various national media including Black Enterprise, U.S. News and Nerd Wallet. She lives in Detroit, Michigan with her family.