302: [Wanda Belle] Breaking the Cycle: Financial Literacy for the Sandwich Generation

Wanda Belle CEO of Bell Financial Services

Wanda Belle Video Episode

Links:

• Belle Financial Services - https://bellefinancialservices.com/

  
  

Blog:

In today’s fast-paced world, many individuals find themselves caught in the whirlwind of financial responsibilities, particularly those in the sandwich generation. This group often juggles the financial needs of both their children and aging parents, leading to feelings of overwhelm and anxiety. In our latest podcast episode, we sit down with financial wellness coach Wanda, founder of Bell Financial Services, who shares her journey of financial transformation and offers invaluable insights to help you navigate your own financial challenges.

Wanda's story begins with her own struggles with debt and a lack of financial literacy, which she experienced early in life. After a difficult divorce, she found herself with a low credit score and a mountain of debt. But instead of succumbing to despair, Wanda took control of her finances by creating a detailed plan to tackle her debts, understand her expenses, and build her financial confidence. She emphasizes the importance of taking things one step at a time, a mantra that resonates with anyone feeling overwhelmed by their financial situation.

One of the key takeaways from our conversation is the significance of budgeting. Wanda suggests starting with a review of your bank statements from the past 30 days to get a clear picture of your spending habits. By highlighting fixed and variable expenses, individuals can better understand where their money goes and where they can make adjustments. This practical approach not only helps in creating a budget but also fosters a sense of control over one’s finances.

Wanda also discusses the importance of monthly financial check-ins, especially for those with children transitioning into adulthood. These check-ins not only keep the lines of communication open but also empower young adults to take charge of their financial futures. Wanda shares how she has instilled financial discipline in her son, ensuring he understands the value of budgeting, saving, and responsible credit card use.

In addition to budgeting, Wanda highlights the need for financial education. She recommends resources like David Bach’s "Smart Women Finish Rich," which provides foundational knowledge about personal finance and budgeting. This education is crucial for anyone looking to improve their financial literacy and make informed decisions about their money.

Wanda’s journey is a testament to the power of discipline and planning. She encourages listeners to be proactive about their finances, negotiate bills, and seek ways to reduce expenses. With the right mindset and strategies, financial freedom is attainable, regardless of one’s starting point.

If you're feeling stuck in your financial situation, take a moment to listen to this episode. Wanda's insights and experiences will inspire you to take control of your finances and move towards a more secure and confident financial future. Remember, you are on nobody's timeline but your own, and with the right planning, you can achieve your financial goals. Tune in now to learn more!

Transcript:

302_ [Wanda Belle] Breaking the Cycle_ Financial Literacy for the Sandwich Generation.pdf

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Glossary of Key Terms:

• About That Water Podcast: A podcast hosted by Anthony Weaver, focused on helping the "sandwich generation" build strong financial habits.

• Authorized User: Someone added to another person's credit card account, allowing them to use the card and potentially benefit from the primary user's credit history.

• Bell Financial Services: Wanda Belle's company, offering personalized one-on-one coaching, group workshops, and financial education.

• Budget Billing: A program offered by utility companies that averages out energy costs over a year, resulting in a consistent monthly bill.

• Cash Flow: The total amount of money being transferred into and out of a business or personal account. Wanda Belle recommends reviewing it quarterly.

• Credit Utilization: The amount of credit you're using compared to your total available credit. High utilization can negatively impact a credit score.

• Debt Management: Strategies and plans to effectively reduce and eliminate outstanding debts, often prioritizing high-interest debts.

• Discipline (Financial): The habit of consistently adhering to a financial plan, making responsible spending and saving choices, and avoiding impulsive financial decisions.

• Financial Anxiety: Stress or worry related to one's financial situation, often stemming from debt, lack of savings, or economic uncertainty.

• Financial Literacy: The ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

• Fixed Expenses: Costs that typically remain the same each month, such as rent/mortgage, loan payments, or subscriptions.

• High-Interest Debt: Loans or credit with significantly high annual percentage rates (APRs), such as many credit cards, which can make it difficult to pay off the principal due to accumulating interest.

• Money Mindset: An individual's beliefs and attitudes about money, which influence their financial behaviors and decisions.

• Pescatarian: A person who does not eat meat but does eat fish.

• Planning (Financial): The process of setting financial goals and creating a roadmap to achieve them, involving budgeting, saving, and investing strategies.

• Rewards/Points: Benefits offered by credit card companies (e.g., airline miles, cash back, discounts) as an incentive for using their cards.

• Sandwich Generation: Adults who support both their aging parents and their own children financially.

• Smart Women Finish Rich: A book by David Bach mentioned by Wanda Belle as a significant influence on her financial journey, focusing on financial literacy for women.

• Variable Expenses: Costs that can change from month to month, such as groceries, entertainment, or dining out (e.g., Uber Eats, Amazon purchases).

• Wealth (Wanda Belle's definition): Freedom; the ability to do things without worrying about cost, to spoil family/friends, and to be carefree about the financial future.