Shifting from Traditional to Modern Perspectives on Money and Wealth with Scarlett Cochran

In episode 100 of Outside The Studio with Tessa:

Maybe, "Money doesn't buy happiness," but it sure makes our lives easier and contributes to a better quality of life. Tessa Tovar invites Scarlett Cochran to talk about her new book, what it looks like to have one big happy life when we rebuild our relationship with money and realizing that earning money is a skill.

Scarlett Cochran is an attorney, financial expert, and entrepreneur. She is the founder of One Big Happy Life and the author of It's Not About the Money- A Proven Path to Building Wealth and Living the Rich Life You Deserve.

Scarlett Cochran has been featured on several news outlets including ABC News Good Morning America: https://abcnews.go.com/GMA/GMA3/video/money-monday-save-future-sacrificing-present-96461818

Timestamps

(00:00) Intro

(01:40) Limiting Beliefs Around Money

(05:25) "Money Doesn't Buy Happiness"

(08:00) Having Nice Things

(12:25) How to Effectively Budget

(16:55) 7 Money Capacities

(20:50) Business Timelines

(23:45) Earning Money is a Skill

(28:10) Debt

(33:10) One year Spending Plan

(35:55) Budgeting with a Partner

(43:55) Simplifying Finances

(49:35) Writing

(52:20) Final Thoughts

(54:25) Connect

4 Key Takeaways

1. Before getting to the nuts and bolts of budgeting, decide what you (and your partner!) value. This means deciding what is most important to you and where to make cuts if needed. Some have the view of saving as much as possible for a high lifestyle later in life, while others prefer to enjoy more luxuries in the present. This also makes less room for resentment towards work or spending restrictions when your needs are met.

2. Both earning and saving money is a practiced skill. Making financial decisions takes trail and error to learn what will work best. For entrepreneurs, asking, "How do I make someone pay for this?" or "What audience am I aiming for?" are key starting points in creating a game plan and those answers may evolve as lessons are learned.

3. For each month, there is a pattern or average in your spending and income. For example, in the summer, the A/C bill may be higher and during the holidays money is spent on presents and parties. For the one year spending plan, you can plan and assess to fit your goals. Scarlett's husband has a property tax on his car, so they budget accordingly throughout the year so that the high bill doesn't feel like a shock. Seeing the big picture of your financial plan can help inform your decisions.

4. Debt is seen as a terribly scary thing, which it absolutely can be when left unattended. However, Scarlett advocates for using debt wisely and to your advantage. Starting off small to learn how to manage it is key while using it to invest and build your wealth. If you struggle with a large amount of debt, healing from the shame and forgiving ourselves is imperative.

Connect with Scarlett Cochran

Website One Big Happy Life: https://onebighappylife.com/

Instagram: https://www.instagram.com/onebighappylife/

Facebook: https://www.facebook.com/onebighappylife

Youtube: https://www.youtube.com/c/onebighappy

Scarlett's new book It's Not About the Money: A Proven Path to Building Wealth and Living the Rich Life You Deserve: https://onebighappylife.com/its-not-about-the-money-book/

Connect with Tessa Tovar

Website: https://tessatovar.com/

Instagram: https://www.instagram.com/tessamarietovar/

LinkedIn: https://www.linkedin.com/in/tessa-tovar-baa27613

Twitter: https://twitter.com/TBenedicktus

The Dark Moon: A Book of Poetry for Savasana: https://a.co/d/e8LgG1T

In Episode 100 of Outside The Studio:

Maybe, "Money doesn't buy happiness," but it sure makes our lives easier and contributes to a better quality of life. Tessa Tovar invites Scarlett Cochran to talk about her new book, what it looks like to have one big happy life when we rebuild our relationship with money and realizing that earning money is a skill.

Scarlett Cochran is an attorney, financial expert, and entrepreneur. She is the founder of One Big Happy Life and the author of It's Not About the Money- A Proven Path to Building Wealth and Living the Rich Life You Deserve.

Scarlett Cochran has been featured on several news outlets including ABC News Good Morning America: https://abcnews.go.com/GMA/GMA3/video/money-monday-save-future-sacrificing-present-96461818

Timestamps

(00:00) Intro

(01:40) Limiting Beliefs Around Money

(05:25) "Money Doesn't Buy Happiness"

(08:00) Having Nice Things

(12:25) How to Effectively Budget

(16:55) 7 Money Capacities

(20:50) Business Timelines

(23:45) Earning Money is a Skill

(28:10) Debt

(33:10) One year Spending Plan

(35:55) Budgeting with a Partner

(43:55) Simplifying Finances

(49:35) Writing

(52:20) Final Thoughts

(54:25) Connect

4 Key Takeaways

1. Before getting to the nuts and bolts of budgeting, decide what you (and your partner!) value. This means deciding what is most important to you and where to make cuts if needed. Some have the view of saving as much as possible for a high lifestyle later in life, while others prefer to enjoy more luxuries in the present. This also makes less room for resentment towards work or spending restrictions when your needs are met.

2. Both earning and saving money is a practiced skill. Making financial decisions takes trail and error to learn what will work best. For entrepreneurs, asking, "How do I make someone pay for this?" or "What audience am I aiming for?" are key starting points in creating a game plan and those answers may evolve as lessons are learned.

3. For each month, there is a pattern or average in your spending and income. For example, in the summer, the A/C bill may be higher and during the holidays money is spent on presents and parties. For the one year spending plan, you can plan and assess to fit your goals. Scarlett's husband has a property tax on his car, so they budget accordingly throughout the year so that the high bill doesn't feel like a shock. Seeing the big picture of your financial plan can help inform your decisions.

4. Debt is seen as a terribly scary thing, which it absolutely can be when left unattended. However, Scarlett advocates for using debt wisely and to your advantage. Starting off small to learn how to manage it is key while using it to invest and build your wealth. If you struggle with a large amount of debt, healing from the shame and forgiving ourselves is imperative.

Connect with Scarlett Cochran

Website One Big Happy Life: https://onebighappylife.com/

Instagram: https://www.instagram.com/onebighappylife/

Facebook: https://www.facebook.com/onebighappylife

Youtube: https://www.youtube.com/c/onebighappy

Scarlett's new book It's Not About the Money: A Proven Path to Building Wealth and Living the Rich Life You Deserve: https://onebighappylife.com/its-not-about-the-money-book/

Connect with Tessa Tovar

Website: https://tessatovar.com/

Instagram: https://www.instagram.com/tessamarietovar/

LinkedIn: https://www.linkedin.com/in/tessa-tovar-baa27613

Twitter: https://twitter.com/TBenedicktus

The Dark Moon: A Book of Poetry for Savasana: https://a.co/d/e8LgG1T