Podcast Summary: Slay The Gatekeeper – Episode: Un-Gatekeeping Personal Finance with Michela Allocca

Release Date: November 19, 2024

In this enlightening episode of Slay The Gatekeeper, host Courtney Johnson engages in a deep conversation with Michela Allocca, author of Own Your Money and Own Your Career. Together, they explore transformative strategies—termed "Cheat Codes"—for mastering personal finance, marketing, mindset, personal branding, and self-growth. The episode delves into practical advice for intentional spending, career development, and personal investment, making it a valuable listen for anyone aiming to take control of their financial and professional life.

1. Introduction and Book Endorsement

Courtney opens the episode by expressing her admiration for Michela’s work, mentioning how Own Your Money was among the books she took to her writing retreat. This mutual respect sets a collaborative tone for the discussion.

Courtney Johnson [00:03]: "I'm here to un gatekeep the gatekept."

2. Cheat Code #1: Shopping Isn't a Hobby

The conversation begins with the first cheat code: "Shopping isn't a hobby." Michela explains that in the age of social media, shopping has been transformed into a passive activity focused on consumption rather than intentional acquisition.

Michela Allocca [01:57]: "Shopping too is now categorized as consuming shopping content... There are so many downsides to treating shopping as something that you're doing all of the time."

Key Insights:

• Intentional Shopping: Shift from impulse buying to purposeful purchasing.
• Dopamine Management: Recognize the temporary pleasure from shopping and redirect that energy into more fulfilling activities.
• Practical Tips: Use tools like WantLocker or create an Impulse List to manage and evaluate potential purchases.

Courtney Johnson [03:52]: "Find what you like within shopping and bring that as a hobby... taking a fashion class or visiting a fashion museum."

3. Cheat Code #2: Do Not Spend Money on Things You're Obsessed With or Feel You Need

Michela emphasizes the importance of prioritizing spending on what truly matters to you, rather than succumbing to societal pressures or fleeting obsessions.

Michela Allocca [12:14]: "Cut mercilessly on the things that you don't care about and spend frivolously on the things that you do."

Key Insights:

• Value Alignment: Assess purchases by how they align with personal values and long-term satisfaction.
• Expense Auditing: Regularly review credit card statements to identify and eliminate non-essential spending.
• Practical Application: Utilize Impulse Lists during gift-giving seasons to ensure that gifts are meaningful and appreciated.

Michela Allocca [10:13]: "The impulse list has helped a lot because it can be hard to come up with something on the spot."

4. Cheat Code #3: Buy High-Quality Things

Investing in high-quality items, especially those made from natural materials, can lead to long-term savings and greater satisfaction.

Michela Allocca [17:00]: "If you look at material composition, what you want to aim to do is buy clothing that is either anywhere between like 75 to 100% natural fibers."

Key Insights:

• Material Composition: Prioritize natural fibers over synthetic ones to ensure durability and comfort.
• Cost Per Wear: Invest in fewer, high-quality pieces that offer greater utility and longevity.
• Brand Recommendations: Stores like Buck Mason and Everlane are highlighted for their commitment to quality materials.

Courtney Johnson [21:25]: "Everything is 100% linen, cotton, wool or cashmere. It's really reasonable prices."

5. Additional Shopping Tips: Embrace Local and Sustainable Choices

Beyond intentional spending, Michela advocates for shopping at farmer’s markets to foster a deeper connection with producers and make more mindful purchasing decisions.

Michela Allocca [25:32]: "Shopping at my farmer's market has done is like open up a new level of buyer consciousness."

Key Insights:

• Support Local: Building relationships with local vendors enhances the shopping experience and promotes sustainability.
• Quality Over Quantity: Fresh, high-quality produce and specialty items can elevate daily living and health.

6. Cheat Code #4: Your Dream Job Does Not Exist

Shifting focus to career development, Michela asserts that the notion of a "dream job" is a myth. Instead, she encourages separating one’s identity from their job and viewing employment as a means to an end rather than a defining factor.

Michela Allocca [33:24]: "I realized my job is not something that's going to help me develop necessarily as my own person outside of my career."

Key Insights:

• Identity Separation: Detach self-worth from job titles and outcomes.
• Career as a Tool: Use employment to build financial security and personal growth, not as a sole source of fulfillment.
• Adaptability: Embrace the transient nature of jobs and focus on personal development beyond the workplace.

Courtney Johnson [36:16]: "Owning the identity or letting go of a previous identity that you don't want to keep."

7. Cheat Code #5: Task Tracking

The final cheat code revolves around task tracking—a strategic approach to managing work responsibilities that can lead to career advancement.

Michela Allocca [36:56]: "Task tracking really does help you advocate during different periods of your career."

Key Insights:

• System Implementation: Dedicate time weekly to document tasks and assess their impact on personal and company goals.
• Value Audit: Identify activities that add significant value versus those that are mere "busy work."
• Career Leverage: Maintain a comprehensive record of achievements to support performance reviews, resume updates, and interview preparations.
• Interview Preparation: Develop an Interview Rolodex using task-tracking data to confidently address interview questions.

Courtney Johnson [42:17]: "When you feel like you have too much on your plate, you have a really clear view of what you're working on..."

8. Investing in Yourself: Personal Development and Career Growth

The discussion culminates with Michela sharing personal investments that have significantly impacted her growth, such as courses, fitness, skincare, and high-quality tools like an espresso machine.

Michela Allocca [27:50]: "I invest in Pilates classes, skincare, and high-quality clothing to present myself in the best way."

Key Insights:

• Continuous Learning: Engage in courses and training that align with career goals.
• Physical and Mental Well-being: Prioritize activities that enhance personal health and appearance as these contribute to overall confidence and professional presence.
• Smart Investments: Allocate resources to tools and habits that provide lasting benefits rather than temporary satisfaction.

Conclusion and Resources

The episode concludes with information on how listeners can access Michela’s books and follow her work:

• Books Available At: Amazon, Barnes and Noble, Target Books, BreakYourBudget.com
• Social Media: Follow @breakyourbudget across platforms
• Podcast: Don’t Depend on Daddy available on streaming services and YouTube

Courtney also invites listeners to join her Patreon for exclusive content and resources.

Notable Quotes:

Michela Allocca [03:16]: "Using my free time to my advantage meant that I was developing hobbies that were helping me just develop as a person."

Courtney Johnson [11:13]: "Find a holiday gift that's going to be practical but a little luxurious... like a gift card to Erewhon."

Michela Allocca [16:05]: "What are the things you are going to be spending money on that you remember and associate a feeling to?"

Courtney Johnson [31:12]: "No matter where you are at your income stage, you can always invest your time."

This episode of Slay The Gatekeeper offers actionable strategies to redefine personal spending habits, enhance career trajectories, and invest wisely in oneself. Michela Allocca’s insights, combined with Courtney Johnson’s engaging hosting, provide a roadmap for listeners aiming to break free from traditional gatekeepers and achieve financial and personal freedom.