We are thrilled to introduce you to Natalie, the Founder of Money Mindset Coach. Natalie coaches women to move towards wealth through taking control of their money and managing their assets.
We chatted about financial stress, how to invest and creating good money habits…
Tell us a bit about yourself and your business.
As a Money Mindset Coach, I work with individuals and groups of millennials and Gen Z, on their money mindset. Taking them out of scarcity mode and into abundance. This transformation takes place through workshops and my money mindset course. Educating, elevating and empowering people in different areas of personal finance is something I truly enjoy. Encouraging wealth dates, paying yourself first, having a £1K starter emergency fund and learning to invest is something I constantly champion.
Your background is in fashion, how did you end up as a financial coach?
I've always been interested in money and how it works. Growing up I was a keen saver and hoarded money (I never really knew what I was saving for). Being in fashion for almost a decade, I saw how other people spent their monthly wage, feeding it back into the company and individual designer brands every month. A lot of them also lived paycheck to paycheck, with maxed-out credit cards and large overdrafts. I'd tend to have frank conversations about money at work and they were very refreshing to anyone who'd listen. I knew there must be many people who lived like this and I wanted to help. That's when I looked at my Instagram as a business and took to posting regularly. I launched my money mindset program a few months after that and the rest is history (like they say) :-)
Money can be seen as an overwhelmingly stressful subject and many people don’t like talking about it. Why do you think that is?
People don't like talking about money because they think money measures how valued they are as a person or not, (you know?) How other people value you, based on what you have or don't have and how much money you earn. Especially, for women, this widens even more with the gender pay gap. There's almost an underlining, but the accepted stigma that it's normal to be 'bad with money.' When did that become the norm? Many people can be stuck in a rut because, they don't earn enough and are struggling to make ends me, therefore they wouldn't want to openly talk about this subject.
What do you think are the key things we should all be doing to make the most of our income?
Finding ways to increase it! This will always be my answer. Firstly, with your employer then secondly through multiple streams (e.g. side hustles: flipping, selling old clothes, catering, sewing) whatever you're good at, find a way to monetise it! Make sure you're always preserving as much as your income, by paying yourself first. Taxman takes 20% from basic ratepayers, make sure you're automating at least 10% towards your saving goals and investments. It's important to have a wealth date on or after payday, where you can budget for the month ahead. See where your money is going and whether you're over-paying in areas (e.g subscriptions, takeaways) you'd be surprised how much spending goes on in these areas.
Women are statistically less likely to invest – why do you think this is?
Statistically, women are better investors than men (especially long term), so it surprises me there aren't many of us investing. I think when we think of an investor we visualise a white, male, late forties, pinstripe suit. We don't see where we fit into the investor image and therefore stay away from it. Women need to remember that we are already investing in our workplace pensions. This is something that we pay into each month and forget about, that is how easy investing can be. Education is key!
Do you have a top tip for someone looking to invest for the first time?
Firstly make sure you have some cash savings set aside for any emergencies, commonly known as an emergency fund. This stops you from having to dip into investments. Think of investing as long term, five years minimum and do some research on what investing is. Read books like "Rich Dad Poor Dad" and "The Compound Effect." It's important that we walk before we run. Never attempt investing without learning the basics. Listen to podcasts, watch YouTube, follow inspirational Instagram accounts and take courses. Think about why you want to invest? "Because everyone is doing it and I have FOMO" is not the answer. I invest so that my money can work harder for me and give me back time to live a life I love.
What’s been your biggest learning curve?
I remember when I started out, I would be focused on likes and followers and would feel down when I didn't get enough likes on a post I worked really hard on. I wondered if I was doing something wrong and felt imposter syndrome. Then I sat in my thoughts, journaled and manifested. I started to care less and less about followers and likes and made it my duty to continue to put out great content. I learnt that someone is always watching, whether they comment/like or not, they're seeing your posts. As soon as stopped worrying about that, my engagement grew and opportunities flooded my way. Focus on self and stay true to you!
What’s the favourite part of your job?
Seeing the transformation in my clients. Some were really scared of money before and had negative financial blocks that hindered their monetary potential. That all changed when they worked with me and I couldn't be happier for them. Money can be extremely emotional so it's important to recognise that and then let it go.
What are the main things you look for in jewellery?
I like unusual, statement pieces. Something that not everyone has. I'm the type of person who would buy a popular item and wear it the following season instead (fewer people will own it).
What’s your most worn/favourite item of jewellery?
My gold DKNY watch. I wear it daily and have owned it for years. People mistake it for a Rolex all the time (sign maybe? One day) I can leave the house without earrings, necklace and bracelet but watch, never!
Silver or Gold?
Silver for investment (You didn't think I'd answer this question without putting a financial twist on it, did you?)