Podcast Summary: How to Money – Episode #932: "CRUSH Your Money Goals" with Bernadette Joy

Hosted by Joel and Matt | Released on January 15, 2025

In this episode of "How to Money," co-hosts Joel and Matt welcome Bernadette Joy, an expert money coach and author of the newly released book, "Crush Your Money Goals." The conversation delves deep into personal finance strategies, debt payoff methods, entrepreneurial ventures, and innovative goal-setting frameworks designed to help listeners achieve financial independence.

1. Introduction to Bernadette Joy

Joel and Matt introduce Bernadette Joy, highlighting her enthusiasm for personal finance and her expertise as a money coach.

Bernadette Joy [02:55]:
"Thank you so much for having me. And that was the best intro I've had in a long time."

Joel [03:02]:
"Come on, you just got to get better."

2. Bernadette’s Personal Debt Payoff Journey

Bernadette shares her transformative experience in 2016 when she faced $72,000 in student loan debt, leading to a pivotal realization about managing finances.

Bernadette Joy [05:46]:
"2016 was the year that I was set to graduate from my master's in business. I had $72,000 in student loans, which triggered my quarter-life crisis."

She discusses the emotional impact of debt and her initial approach to tackling it using the snowball method inspired by Dave Ramsey.

Bernadette Joy [10:34]:
"The snowball method simply says that regardless of interest rate, you go for tackling your debts from smallest amount to biggest amount."

3. Entrepreneurial Side Hustles

Bernadette recounts her side hustles during her debt payoff journey, which not only helped her generate income but also laid the foundation for her current career.

• Resume Review Business:
  Started by offering resume feedback and editing services, initially charging $19 and later increasing to $400 per service.

• Dress Rental Service:
  Billed as the "local Rent the Runway," she lent dresses to women for special occasions, promoting cultural experiences and community support.

Bernadette Joy [12:26]:
"One of them was to help people review their resumes. I started charging $19 for that and eventually could charge $400."

4. Decision to Rent Instead of Own a Home

After paying off mortgage debt, Bernadette and her husband decided to rent, seeking flexibility and closer proximity to their interests. This decision allowed them to travel more and invest in other opportunities.

Bernadette Joy [16:49]:
"We decided to sell all of our real estate and go back to renting, which allowed us to travel more frequently and invest in other types of investments."

5. The CRUSH Framework for Goal Setting

Bernadette introduces her proprietary CRUSH framework, an alternative to traditional SMART goals, designed to help individuals achieve financial independence through ambitious and meaningful objectives.

Joel [27:08]:
"Bernadette, what is your crush approach to goal setting and why?"

C – Curate Your Accounts [29:45]

Organize all financial accounts into a single tool to gain a clear overview of assets and liabilities.

Bernadette Joy [30:44]:
"Curate your account means to act like a curator and not a hoarder, ensuring every account has a clear purpose."

R – Reverse into Financial Independence [33:30]

Start with the end goal of financial independence and work backward to determine necessary steps.

Bernadette Joy [35:15]:
"Calculating your financial independence number helps you prioritize debt payoff and investments effectively."

U – (Undertaken in the full podcast, but context suggests it relates to intentional spending or another strategy in the CRUSH acronym)

S – Spend Intentionally [48:00]

Implement the "Dollar Rule" to simplify spending decisions without tracking every expense.

Bernadette Joy [48:00]:
"If a purchase costs a dollar per use or less, go ahead and buy it without overanalyzing."

H – Heal Your Money Wounds [49:51]

Address emotional and psychological barriers related to money, often stemming from past experiences.

Bernadette Joy [52:17]:
"Healing your money wounds means acknowledging and addressing past financial traumas to make better future decisions."

6. Reframing Financial Concepts

Bernadette challenges conventional financial advice by rebranding and redefining key concepts to make them more relatable and actionable.

• Emergency Fund to "Keep Calm Fund":
  Moves away from viewing emergency funds solely as life-or-death reserves to a broader tool for maintaining composure during unexpected events.

Bernadette Joy [30:56]:
"I call it my keep calm fund because it's not just for emergencies but for anything that requires you to stay calm and handle situations effectively."

7. Understanding Net Worth and Self-Worth

The discussion emphasizes the importance of accurately assessing one's net worth and recognizing that self-worth is not solely tied to financial standing.

Bernadette Joy [38:38]:
"Everyone that I've worked with had an inaccurate picture of their net worth. They often felt worse off than they actually were."

She advocates for realistic financial assessments to bolster self-confidence and informed decision-making.

8. Budgeting with Peers and Positive Peer Pressure

Bernadette encourages budgeting with trusted peers to foster accountability and gain realistic perspectives on financial standing.

Bernadette Joy [36:24]:
"Find two peers to regularly discuss your financial goals and updates. This accountability helps correct misconceptions and supports progress."

9. Overcoming Self-Doubt in Financial Decisions

The conversation explores the psychological barriers that prevent individuals from making confident financial choices, such as investing and saving.

Bernadette Joy [40:34]:
"Social media is a significant contributor to feelings of inadequacy in personal finance. Practices like Screenless Sundays can help reset expectations."

10. Innovative Spending Strategies

Bernadette introduces unconventional spending strategies, such as treating eating out as a budget-friendly and culturally enriching activity when done intentionally.

Bernadette Joy [53:22]:
"Eating out once a week can foster community and cultural experiences without derailing your budget if done intentionally."

Notable Quotes with Timestamps

• Bernadette Joy [05:46]:
  "I had a quarter-life crisis when I saw I owed $72,000 in student loans."

• Bernadette Joy [10:34]:
  "The snowball method helps you gain momentum by paying off smaller debts first."

• Bernadette Joy [30:56]:
  "An emergency fund should be a keep calm fund for any unexpected events, not just life-or-death emergencies."

• Bernadette Joy [38:38]:
  "Understanding your net worth accurately can significantly improve your financial confidence and decision-making."

• Bernadette Joy [52:17]:
  "Healing your money wounds is crucial to preventing past traumas from affecting your financial future."

Conclusion and Takeaways

Bernadette Joy’s insights provide a fresh perspective on personal finance, emphasizing psychological well-being, intentional spending, and strategic goal setting. Her CRUSH framework encourages listeners to adopt a more ambitious and holistic approach to achieving financial independence.

Key Takeaways:

• Embrace Ambitious Goals: Move beyond SMART goals to set more meaningful and impactful financial objectives.

• Organize Financial Accounts: Gain clarity by curating all financial information into a single platform.

• Reverse Engineering Financial Independence: Start with the end goal and work backward to create actionable steps.

• Intentional Spending: Utilize the dollar rule to make informed and stress-free purchasing decisions.

• Heal Financially: Address emotional barriers to make better financial choices.

• Community and Accountability: Engage with peers to support and validate your financial journey.

Resources:

• Book: Crush Your Money Goals by Bernadette Joy
  Available at CrushYourMoneyGoals.com

• Monarch Money: Recommended tool for financial account management.

• Social Media: Follow Bernadette at Instagram and YouTube.

Final Thoughts:

This episode serves as a comprehensive guide for individuals seeking to overcome debt, set ambitious financial goals, and achieve lasting financial independence. Bernadette Joy’s blend of practical strategies and psychological insights offers listeners a well-rounded approach to managing and excelling in their personal finances.