← The Goal Digger Podcast | Top Business and Marketing Podcast for Creatives, Entrepreneurs, and Women in Business
The Goal Digger Podcast | Top Business and Marketing Podcast for Creatives, Entrepreneurs, and Women in Business
835: Cutting Out Fancy Lattes Won’t Make You Rich – Here’s What Will
00:51:00
With Dominique Broadway and Jenna Kutcher
Loading summary
Transcript111 lines
- [00:02]
Dominique Broadway
It's going to be how can we be more strategic? By leveraging technology AI, the Internet to make more money on the side to leverage technology or leverage the ease of financial markets in general to have our money growing for them.
- [00:17]
Jenna Kutcher
I'm Jenna Kutcher, your host of the Gold Digger Podcast. I escaped the corporate world at the age of 23 with nothing more than a $300 camera from Craigslist and a dream. Now I'm running a seven figure online business that feels even better than it look all from my house in small town Minnesota with my family here. We value time as our currency. We mix the woo and the work and we are in the pursuit of building businesses that give us the freedom to live lives that we love. I've always loved turning big goals into reality and I'm here to help you do the same. This isn't just a peek behind the curtain. Come along with me and my guests as we tear the whole curtain down. Every week we tackle practical no fluff marketing strategies and host honest discussions on what works and what doesn't. Join me and my expert guests for actionable insights to help you grow your dream business with confidence. Pull up a seat and get ready to be challenged, inspired and empowered. This is the Gold Digger Podcast.
- [01:19]
What if everything you knew about building wealth was wrong? Like what if the key to financial freedom isn't about pinching pennies or depriving yourself, but actually spending smarter and using money as a tool to create the life that you're dreaming of? Today's guest is about to flip the script on how you think about money. Dominique Broadway first came on the Gold Digger Podcast way back in 2020 and in case you're just meeting her, she's a financial literacy trailblazer and a self made first generation multimillionaire on a mission to make wealth attainable for anyone. She's been named one of the top money experts by Go Banking Rates, one of the top financial advisors for millennials in the US and a top 30 under 30 honoree in Washington, DC. Dominique has spoken at universities like Georgetown and Howard and has been featured on major platforms like Time, USA Today, Refinery29 and more. But here's what I love most about Dominique. She doesn't just want you to manage your money. She wants you to make one decision that could change your entire financial future. She is so passionate about helping you that she created an exclusive offer for the Gold Digger community to join her wealth demystified program at a major discount. Head to jennicutcher.com forward/wealth to get the roadmap to break free from financial stress, to take control of your finances and start building generational wealth, even if you've never invested a dollar before. That's jennicature.com wealth now in this conversation, we are diving into the bold strategies from her teachings that challenge traditional money advice. So if you've ever felt like the wealth building game was rigged against you or you're ready to take the next step towards financial freedom, this is the episode for you. Dominique, welcome back to the Gold Digger podcast.
- [03:02]
Picture this. You're at a party and someone asks you what you do as a marketer. Like, how do you even begin to describe it? You have to generate leads, score them, contact them, create content, gather data, and tomorrow you have to do it all over again. And you also are spending time wondering if all that you're doing is even working. Marketers are spread way too thin. But HubSpot has a better way. With the help of HubSpot's collection of AI tools, Breeze, and features like Content Remix, you can turn one piece of of content into a suite of assets. You can also pinpoint the best prospects with predictive lead scoring and level up your campaign KPIs with a new analytics suite. So your day to day becomes less busywork and more driving revenue through the roof. And most importantly, you'll have a way easier time describing what you do at parties. Visit HubSpot.com marketers to learn more. That's HubSpot.com marketers.
- [04:00]
Dominique, most of us have been taught to save every single penny, but you say that that might be holding us back. So I want to know, because you have this amazing belief, can you break down how spending instead of saving could actually be the key for us to build wealth?
- [04:17]
Dominique Broadway
That's a good question. Okay, so it's not just spending, but strategic spending. And I like to think about it as giving all of our dollars jobs, right? So, you know, the way most of us are raised is like, save, save, save, save, save, save, save. Put all your money under the mattress or in a piggy bank, which is cute, but it's not growing there, right? And so that's one of the things I even had to realize as I started, you know, hitting higher income levels. I even retraced and was like, okay, I'm going back to hoarding all this cash and saving all this cash. But if you realize that once you start strategically spending your money, then your money starts to grow. And if you think about it that way, you'll have way more save Way more invested than if you had just had that money sitting there. So, example, I had a situation, a coup, years ago, and I was, like, trying to buy, like, a business, and I was trying to buy a house. Like, at the same time, I was, like, freaking out. And I never forget. I went to my friends and I said, oh, my God, I just, like, I spent all this money. Like, this is crazy. Like, I am nervous. And they were like, you didn't spend any money. You just transferred it to another asset. And now both of those assets have returned me way more than any savings account would have ever given me. So I want you guys to, you know, get out of that. Even sometimes that saving mindset, as great as it is, it could also be a scarcity mindset because you're so scared to expose your money to any possible fluctuations that would allow it to go away. But as my mom always says, scared money doesn't make money. Right. So if you like where you are and you want to stay in this situation, that's fine. But saving is going to get you there. You're not going to be able to really save yourself to tons of wealth. Right. Unless you just get a ton of wealth. But for most of us, we're not just getting a hoard of cash thrown in. So we have to figure out how to strategically spend our money so that it's actually making money for us.
- [06:04]
Jenna Kutcher
Okay. This is so good. I was actually recently having a conversation with my therapist about just 2025 and plans and things. And one thing that came up for me that I just thought was so interesting is that a lot of times I still make decisions from that scarcity money mindset, like, a decade later. Right. And I was like, I want 2025 to be the year where I fully understand and make decisions, knowing that I don't have to consider the money side of things, which is an immense privilege to be at this place in my career. But I recognize that, like, even now, I sometimes make scared decisions around money.
- [06:48]
Dominique Broadway
Yeah.
- [06:48]
Jenna Kutcher
And it's so interesting. So what would you say about that? Because I feel like so many people, they're manifesting, they're having these visualizations for the next year of all these things. Right. But maybe they're not actually being conscious of some of the mindset things that are likely holding them back.
- [07:05]
Dominique Broadway
Yeah, that's good, too. Oh, believe it or not, it's. This is what I've learned. Yeah. This whole life game is mindset, literally. Right. So every single day we're trying to fight all these, like, different Thoughts and things that are holding us back. And unfortunately, I feel like sometimes with visions and vision boards and all these things that we're manifesting, I feel like people are either on one side, they're either. Or one of two sides. They're either, like, just being super, super unrealistic. Like, how you gonna go from $0 to owning a jet by the end of the year? I'm not sure how that's gonna happen. Right. To being like, I'm visioning, but I'm only visioning, like, little teeny things for myself, which comes back to that scarcity mindset. Right. So I think it's important to really create a plan and to also honestly sit down and look at, like, how much money do I really have to make these things happen. Right. And I think even your therapist probably almost told you, like, girl, stop. Because my therapist told me this, like, stop acting like broke. Go look at your bank account, at your assets, and like, make plans based off of that. Right. Don't make plans Based off of 10 years ago Dominique, whose house is in foreclosure. That. That, you know, that's not the same plan. So I do think it's important for us to, like, all of us to sit down and say, okay, where are we currently financially and like, realistically based on that. If we, you know, if we're, I don't know, save. If we've saved $200,000 so far, if we want to get it to half a million, or what's our plan to get there? Because there's a strategic way to get there. Right. And so. But I think that also comes back to the education.
- [08:31]
Jenna Kutcher
Yeah.
- [08:32]
Dominique Broadway
And a lot of people are making decisions because they are uneducated on a lot of personal financial topics. And when we are scared of something, Right. It's typically because we don't know nothing about it. Right. Like, you think about anything you ever try to do, you, like, I don't know anything about that. I'm good. Like, I'm not going over there. So that's why I think that for people for next year, so that they can actually reach their goals. Because unfortunately, most people do not reach any of their goals whatsoever. But if they can sit down and kind of say, like, okay, this is exactly where I am. This is where I want to be, what are the actual steps that I can start to take month by month and not trying to have it all done by the end of January to make this goal happen? And I think the other thing is having consistent check ins. I think this is like, the most important part, because a lot of times we'll create these goals at end of the year, beginning of the year, and then we're like, you know, like, we look back up in November and we're like, okay, so what do we do? Like, you ain't checked in and there's opportunities. Right. To constantly pivot or make changes and make sure that you're hitting those goals.
- [09:36]
Jenna Kutcher
Yeah. And make sure that the goals were even the right goals in the first place. Like, I feel like sometimes we can check in in, like, June and be like, oh, does that still ring true? Like, is that really what I want? I love this. And you brought up, like, the perfect point is, like, my therapist was like, what would you need to do to, like, start making decisions from a new way? And I was like, I would need to see all the numbers and know that I genuinely do not need to make decisions based on this any longer. And so that was exactly what we talked about, where I think, you know, a lot of times money is like the monster under the bed, and we're too afraid to turn the lights on for whatever reason. And so it's so powerful where we can take numbers that don't necessarily hold emotional meaning and kind of take the emotion out and say, here's data. Here are numbers. This can direct us. And I think a lot of times with money, it is such an emotionally led experience for people that they just don't even go for it.
- [10:36]
Dominique Broadway
It is. And when they, like, you saying, if you have information, if you had the data, you would just. You would feel more comfortable because you're going in with information. And a lot of us are making plans with no information whatsoever, hoping to dream.
- [10:51]
Jenna Kutcher
Okay, so what are common financial habits that lead to this trap of, quote, saving into debt, and how can people avoid it?
- [11:02]
Dominique Broadway
Okay, so saving into debt. So one of the biggest things that I've seen is people who listen to every single financial expert on the Internet, TikTok, whatever, and they basically tried to implement every single thing. Okay? So one of the things that I used to see when I used to work with clients one on one is they would come to me and they're like, you know, hey, I make $100,000 a year, and I have, you know, X amount saved, you know, maybe $30,000 saved, but I have $70,000 in debt. And they're like, but I'm also maxing out my 401k and I'm maxing out my Roth. I'm doing all the things, and I'm like, this is great. But they're like, yeah, but I'm paycheck to paycheck. Why? And I'm like, because you're saving too much money. Meaning that you're saving so much money that you don't even notice it. But you're depending on your credit cards to live. Right? So now you've ended up in a situation where, yes, you're saving, you're doing all the things that all the experts are telling you to do. We appreciate that as financial experts. But unfortunately, you're putting so much money to your savings account that when it comes time to live, you're literally just having this happen to your credit cards. And I've seen this so often there. There's people like, I'm doing the things, I'm doing what I'm supposed to do, but you're doing too much. So essentially, it would make more sense to sometimes for a lot of people to save less. Right. To make sure that they still have money to actually live. And that money that you're saving, eventually, once it starts hitting your emergency fund or your savings goals, then you can start having it to start investing and growing for. So that's a really, really common thing. I've seen so many people saving, which is great, but living off of credit cards, and their credit cards are charging them crazy 20, 30% interest rates. It just doesn't make sense.
- [12:48]
Jenna Kutcher
Yeah. Oh, this is good. And it is interesting because I think in any area, financial, marketing, business, personal development, I think it's really important to really pay attention to who you're letting pour into your life and to not overcomplicate things. Because there are a lot of different ways to get to the same destination. Like, I could say, like, Dominique, let's meet at the coffee shop. And I could take five different paths to get to this coffee shop. And a lot of times a teacher will teach the one path that worked for them or their students. But if you're following five different maps and they're all telling you to go down different roads, you're going to get confused and lost. And so I think that that makes a really strong point as well. Okay, so here's something that I want to talk about because this happened to me as well. But millennials and Gen Z face something really unique when it comes to financial chall. And I'm talking about two things right now. Student loan debt and rising living costs. I was just listening to a podcast yesterday with Cody Sanchez, and she was just talking about how, like, for the first time ever, like, in our Lifetimes. People that are graduating are like, making less than what their parents made when they're coming out of school. And so it's just this different economic landscape. And so what advice do you give.
- [14:01]
To these groups who feel like they're.
- [14:02]
Kind of coming up against some really hard things when it comes to, quote, living the American dream in terms, terms of having a job, paying off your debt, and getting things like a home, it's tough.
- [14:14]
Dominique Broadway
I'm not gonna lie. Like, as a millennial, I look at Gen Z and what's the other generation? I'm like, I, I don't envy y'all at all.
- [14:22]
Jenna Kutcher
No.
- [14:22]
Dominique Broadway
So I would say it is hard. And honestly, I don't think, I think every generation has their thing. I remember when we graduated, like, for me, the financial market was completely crashing, the real estate market was crashing, People were getting laid off. So we all have our things. But just remember that most things do tend to work themselves out, right? Or you have to do the work, but they do tend to work out for the greater good. So I would say you really have to really focus on planning, honestly, because you need to really sit down and say, okay, this is what my income is. And the biggest issue I feel like with Gen Z and even Millennials too, is I feel like I'm old saying this with social media and unfortunately, because people are like trying to keep up with everyone else. They know their salary is 100 or 90 or 80,000 or whatever it may be, but they're like, still feeling the desire to keep up with the Joneses or I call it the Kardashians now. So I think it's going to be important to, you know, if you need to stay home for a year or two, do it. Like, don't worry about what people think. I think that's going to be the biggest way for people for that generation to get on top is one, stop worrying about what people think. Two, making sure that you're investing. So this is this time more than anything, it's about how can I make whatever salary that I do have work for me, right? How can I make the dollars that are coming in, like, grow, right? We see cryptos on the rise and Nvidia and Apple and all these stocks are hitting their all time highs. You should have money in these, right? There's an ability for you to make a decent amount of income, just have your net worth increase just by having your money in the market. So I think that's one of the things that I feel like my parents didn't do they did not do the stock market at all. They were like, we don't understand this. And I think that our generation and Gen Z, they have, I think the next generation is generation Alpha. We do have this amazing, amazing access to investing. And it's so much easier. When I was a stockbroker, like to invest, like you had to call me. Yeah. Basically come in.
- [16:22]
Jenna Kutcher
What?
- [16:23]
Dominique Broadway
Yeah, it's like on the phone. And then you had to have like $5 million or a million dollars for us to even invest. And it was very, very complicated to do anything, to do options, to do everything. And I think that with the Internet and technology and like the ease of investing now, that is going to be the saving grace for that next generation. I really feel it's going to be, how can we be more strategic by leveraging technology, AI, the Internet to make more money on the side, to leverage technology or leverage the ease of financial markets in general to have our money growing for them. So they're going to have to think a lot more strategic, but also like, this is the time to figure out how to make your money grow for you. Like, you can't just work. Like you gotta do other stuff. I think that's gonna be the key.
- [17:12]
Jenna Kutcher
You know, running a business is a lot like growing a garden, which is something I am obsessed with. You start with an idea, you nurture it, and before you know it, things are growing and fast. But here's the thing. Just like any garden, running a business has its weeds. The payroll, the hr, the paperwork. And that's why I have to tell you about a move we just made in my own business in switching to Gust. Gusto takes a hassle out of payroll and hr. They're like that expert gardener who steps into weed water and makes sure everything's blooming just right. Like, imagine having all of your payroll taxes filed automatically, onboarding a breeze and benefits that work with your budget. Because Gusto makes all of that possible. Plus, they genuinely care about small businesses like yours and mine. I mean, it's no wonder Gusto is rated the number one payroll product for small businesses. Four out of five employers say Gusto helped them stay compliant with federal and state regulations. And with Gusto, simple guided software and user friendly interface, payroll and HR are no longer exhausting, they're rewarding. Do you want all of this and more with no hidden fees? Try it out for three months free@gusto.com gold digger that's gusto.com gold digger. Let's talk about something I think most of us can Relate to, which is last minute card panic. It's the holiday season and instead of scrambling to find stamps or digging through those generic store bought cards, you can actually be ahead of the game for once. That's what MoonPig is all about. MoonPig lets you create the most thoughtful personalized cards. You can add your favorite family photos, write something that'll make your loved one smile, laugh, or even tear up a little. And they'll even give you a nudge if you need some inspiration for exactly what to say. And here's the real magic.
- [18:56]
Get this.
- [18:57]
Moonpig mails the cards for you. No stamps. No late night trips to the post office. Just you on the couch with your cozy blanket making holiday magic. Think about how much joy you can spread this year. Whether it's grandma getting that sweet family portrait or a friend unwrapping a gift card that you've slipped inside the holiday card itself. It's so easy to add that personal touch. And with MoonPig, you can send cards to everyone on your list in a few clicks so you never forget anyone again. It'll make you love sending cards all over again. And because I want for you to try it too, your first card is absolutely free. Free. Just head to moonpig.com US/gold digger. Again, that's moonpig.com US/ gold digger. Go make someone's day. Everyone deserves a Moon Pig card.
- [19:45]
Yeah, it's such an interesting time. And it's, it's, you know, it's funny too because I think a lot of times, especially entrepreneurs, we're not used to managing our money in that way, especially for coming from that more traditional setting of like every two weeks your bank account gets the check. And I remember for me, like with the photography background, which you can relate to, and you were in that world, that creative world with me is that like it was so interesting to figure out how to manage my money, especially in such a seasonal type of business where like I made the majority of my money for the year in a six month time period. And then I had six months of very quiet. And so I remember, I'm like, nobody like taught us how to do this, how to pay ourselves, like, what does this look like? And I feel like for a lot of entrepreneurs listening, they're not necessarily having the plan in place to understand that everything is cyclical. Whether it's the cycles of the stock market or the real estate, you know, world, or the cycles of your business. And when you can figure out your life.
- [20:50]
Dominique Broadway
Yes, yes.
- [20:51]
Jenna Kutcher
And when you can figure out the predictability of things and, like, the likelihood of things. It not only, like, calms your nervous system a little bit, but it allows you to rest and know when to hustle and, like, how that that flow goes. And so what would you say for, like, entrepreneurs who are maybe newer in their business and kind of starting to figure out the money side of business? Because I think that is something where we need more resource.
- [21:15]
Dominique Broadway
Yeah, for sure. I think you got to figure out the money side almost first before you even really get started. And I think a lot of times what I've seen is entrepreneurs, like, they start their thing and they're making money, and then they're like, oh, now what? But if there was a way for you to even start thinking about, okay, so this is what I'm expecting to bring in this month, or this is how many clients I'll have this month. So if I do bring in this $10,000 before it even comes in, start planning it. You know, start planning, am I going to take $2,000 and put it aside for taxes? Or I'm going to, you know, put X amount aside for rent or whatever it may be. But I think that for a lot of people, especially have a creative mindset. They're in general, people in general, but they just struggle with, like, that side is scary. So that's also where I'm like, get help, right? Try to find someone that can help you, even if you're not necessarily in a position to hire a professional, maybe even talking to a friend who maybe you admire financially. Or you see that they. You actually see that they make good financial steps. But it is going to be really important. And I can almost guarantee you one thing, like, if you don't get that figured out, your business is never going to excel. Like, it never is. And, like, also, if you're struggling with your personal finances, that's going to carry over to your business. Like, just don't think you're going to start a business and be like this, a financial expert. No, like, it's going to carry over. So it is going to be really important for you to, like I said, ideally, try to plan before the money comes. And even, like you said, Jenna, like, if you know that, hey, I'm. This is my time, these six months, eight months are my time, then you need to figure out how can you take that and stretch that throughout the year?
- [22:52]
Jenna Kutcher
Yes. That's the only way I was able to rest in the off season was understanding the cycle and not panicking every time it hit Right. Because I feel like as entrepreneurs, it's like there's the busy times, and you're like, I can't wait for it to slow down. And then it slows down and it's like, do I need to get a new job? Is this actually a viable career? What is going to happen? And I was like, when you start to see the cycle and understand it and plan for it, then you can actually ride the wave in a way that allows you to have the freedom that you likely desired when you started this whole thing in the first place. Which I just.
- [23:28]
Dominique Broadway
I think, also understanding that you have to be prepared for any cycle. And I think that's the biggest thing I've even learned, like becoming a mom and then becoming a single mom. These are cycles ain't nobody prepped you for. We don't preempt us for this stuff. So that's why it's important in general to be just financially prepared. I remember even during the pandemic or before the pandemic, people always, I used to have clients like, oh, my gosh, what am I saving for? What's this rainy day? And I'm like, we're in it coming. It's a rainy years. This is what we were preparing for.
- [24:03]
Jenna Kutcher
Yes.
- [24:04]
Dominique Broadway
You want to be prepared for anything. Any curveball that life throws your way. I think another curveball I'm even seeing with people in their finances is sometimes their parents are getting sick and they're having to become caregivers. And so there's so many different things that come that may be outside of just your business. Normal ups and downs that could put you in a mental state where you're not in the mood to work or whatever it may be. So, you know, having the emergency fund and just being aware of your finances and what they are, what's coming in and what's going out is going to be very important.
- [24:37]
Jenna Kutcher
Yes. Oh, my gosh, I love this. Okay, so in your book, you propose a single question to determine if someone is truly on top of their finances. So we've been talking about this, right? And we're like telling people, you got to have a plan. Can you share what that question is and how we can use it to assess our financial health? Because I think this is going to be the breaking point in this episode where someone is like. Like, I'm either in it or I'm out of it, and I need to get in it.
- [25:01]
Dominique Broadway
Yeah. So I believe the question you're referring to, which is a question I ask people all the time, that totally Just hangs people up.
- [25:09]
Jenna Kutcher
Yep.
- [25:11]
Dominique Broadway
What are your two magic numbers? Meaning how much money do you have coming in?
- [25:14]
Jenna Kutcher
Yep.
- [25:14]
Dominique Broadway
How much money do you have coming out or growing out? When I tell you, most people have no clue whatsoever. Truly no clue.
- [25:23]
Jenna Kutcher
Yeah.
- [25:23]
Dominique Broadway
And to me, that is scary. And that's because if you don't know what you have coming in and you don't know what you have coming out, then you literally have no clue whatsoever what's going on with your finances. And one of the things that I can guarantee you. And as a financial space, we can't guarantee anything, I can guarantee you that you will be broke for your entire life if your expenses are always higher than your income.
- [25:48]
Jenna Kutcher
Yes.
- [25:49]
Dominique Broadway
Simple as that. So if I ask someone those questions, if they can't even give me a ballpark, I'm like, you have no clue about your finances?
- [25:56]
Jenna Kutcher
Yeah.
- [25:56]
Dominique Broadway
No clue whatsoever. And a lot of times people are like, oh, wait, let me. Let me see if I can pull my pace. No, no, no, no, no, no. You need to know your income and your expenses. Just like, you know who Kim Kardashian is dating. Just like, you know your birthday. Just like, you know the tick tock.
- [26:13]
Jenna Kutcher
Dance trend of the moment.
- [26:14]
Dominique Broadway
Like, if you don't know that, like. Like, you're. You have the. Your priorities are all wrong.
- [26:18]
Jenna Kutcher
Yeah.
- [26:19]
Dominique Broadway
So this is, to me, one of the biggest things that's really. Yeah.
- [26:22]
Jenna Kutcher
Yeah. I love that. And I think, too, it's like, if you don't have an awareness or even, like, a consciousness around it, you can't change it either. Right. And so if it's something that needs to be changed and you haven't even noticed it, that's a really big red flag. We were recently, Drew and I were talking about just, like, our living expenses and, like, evaluating, like, what does it actually cost? And, like, how much do we spend? And, like, where are areas that we're spending, maybe more than we're accounting for and things like that. Because I was teasing him the other day, and I was like, you know, when we grew up, my mom didn't have this, like, disposable income to, like, go to the aquarium and buy the cotton candy there, you know, like, it wasn't that way. And I was teasing him because I'm like, well, parenting is a hell of a lot easier when you can just use money in the sense of, like, to do activities and to eat out and, like, you know, it's a lot easier in that way. I was like, we did not grow up that way. And so we were just Laughing at, like, how, you know, sometimes you just spend and you don't even pay attention. Where a simple outing to, like, the free zoo turns into, like 50 bucks and you're like, oh, wow, that's really interesting. And so awareness. I know. And I'm like, oh, my kids. Oh, my gosh. Okay, so your mission, which I absolutely love and why I just love chatting with you, is just to make wealth attainable for anyone. And I feel like it hasn't been that way, especially like when we look at starting. Starting points and things like that. So if someone is really overwhelmed by debt right now, or they're really looking at like, this is the year that I need to change my finances or I need to invest or I need to get savings. Where do you even begin on the wealth journey? Like, give us point A on the map. If we all want to go to the same place, which is the wealth zone, how do we start?
- [28:09]
Dominique Broadway
Yeah. So as I mentioned earlier, the very first thing you need to do is assess where you are currently financially. That's the most important part because you can't. And figure out where you're going if you don't know where you're starting. Right? Yeah. So that's the first thing. Make a list of all your income. Make a list of all your expenses. That's going to be key. From there, you want to determine how much you have left over, if there's anything left over at all. Because if there's something left over, then we can use some of that to start allocating towards our debts. If there's not, then we need to figure out how. For me, some people like to cut back. In some areas you do need to cut back. But for me, it's like, how can I make more money?
- [28:42]
Jenna Kutcher
Yes.
- [28:42]
Dominique Broadway
Always the answer was like, how can I make more money? Right. Which is why I love all the things that you do in your business. Because it's like, okay, we just gonna make more money.
- [28:48]
Jenna Kutcher
Yeah.
- [28:49]
Dominique Broadway
Figure out how, you know, getting generous programs and figure out how you're going to make some more money and bring in additional income with the skills that you already have. I think that's something that honestly, almost anyone can do. After that, as I mentioned, you want to start. If you have debt, you want to start putting that money towards your debt. When you're looking at your debt, make a list of all the debts you have. Okay. And then start tackling them one by one. This is the same exact thing I had to do when I was getting out of debt. And I know a lot of financial experts say, you know, tackle the highest interest rate first, which is cool. It's great. But, like, listen, I got adhd. Like, I need microwave. Like, I don't have time. So, like, I need quick results. I need very, very quick results. And so for me, when I was tackling my debt, there were some interest rates, There were some debts that had higher interest rates, but there were some little teeny debts that I just get those out.
- [29:37]
Jenna Kutcher
Get them out of there.
- [29:38]
Dominique Broadway
Yeah. I'm like, I need some quick wins. So, like, knock those out and then you start tackling the highest interest rate, but just so you feel like you're doing something, you know, to stay motivated. And then after that. And I also feel like while you're tackling debt, you can start investing. That's my thoughts, because I feel like a lot of people are missing out on money in the market because they're waiting. I hate when people say, oh, my gosh, I'm waiting to start investing until I pay off my student loans, which will be in five years. I'm like, do you know how much money you're missing out on? Hundreds of thousands, if not millions of dollars. Right. So that's when you want to start allocating some money to investing. You know, having your money set aside for your emergency fund is going to be important as well. But then it's like, how can we slowly just start getting into the market and having our money work for us? And to do that, it's honestly super simple. I always tell people, make a list of some of your favorite companies you use. Right. It could be whatever brands you love that you frequently use all the time. That's a great place to start investing. Pick a dollar amount, right? You could say, hey, I'm going to start with 200 bucks a month or 500 bucks a month. Month. And I tell people to start with just two stocks so you're not getting overwhelmed. You ain't trying to start with 20. Yeah, exactly.
- [30:51]
Jenna Kutcher
You're not Robin Hood on the trading apps.
- [30:53]
Dominique Broadway
Exactly. Maybe you're saying, hey, I'm gonna start with 500 bucks. Cool. I'm gonna put maybe 250 in Apple and 250 in Nvidia or whatever, consistently every single month. And then set it and forget it so that it happens automatically.
- [31:07]
Jenna Kutcher
You don't even see the money. I feel like that's the thing. When people get that money into their account account, then to allocate it feels painful. And I remember my mom, I was saying, like, with 401ks and stuff, like, don't even see it. Don't even know that it exists. Don't even like, don't even let yourself see that piece. Just get it out.
- [31:25]
Dominique Broadway
Yeah. And that's why so many people have more money in their retirement accounts than they have in their regular savings. It's because that money, you ain't thinking about it. It's like sneakingly going into your investment account.
- [31:38]
Jenna Kutcher
So.
- [31:38]
Dominique Broadway
So honestly, one of the simplest ways to build wealth is to just do that and do it consistently. I have this one graph I like to show my students just to prove to them that this works. I call it the boring vanilla way of investing. If someone starts at the age of five doing 200amonth every single month, by the age of like 65, which I know seems like a long time, but by the age of 65, they would have a little over. Based on a 7% return, which is super conservative the way the market's been, they would have about $2.5 million. Now, if you're getting really good returns, like what we're getting from Apple, which could be 28% or Nvidia 180%, that honestly could be. And I ran the numbers closer to 8 to 10 million. Now, most of us don't know a lot of 65 year olds with 8 to 10 million dollars.
- [32:22]
Jenna Kutcher
Yeah, right.
- [32:23]
Dominique Broadway
I know that the timeline seems long, but that 200amonth, if you start at the age of five, which we could do for our children, which I've done for my children, that's not a. It's not a lot of money. Over time, you're not adding another dollar in. Just $200 consistently go to the aquarium.
- [32:38]
Jenna Kutcher
And buy less cotton candy and bada bing, bada boom, baby.
- [32:42]
Dominique Broadway
And less Barbies. I'm like, yeah, messages for me. Yes, less Barbies. But basically saying like, a lot of this stuff is not complicated, but if you can take some of those steps, you're not going to get rich overnight. So if anyone's telling you to get rich overnight, like run really fast.
- [32:56]
Jenna Kutcher
Yeah.
- [32:57]
Dominique Broadway
But you could literally change your entire financial life in a year just by doing the things I just told you.
- [33:05]
Jenna Kutcher
It's time to turn that big, bold idea of yours into a business. You've got the creativity, the hustle and the passion. But there's one tool that takes it from a great idea to a thriving shop, and that's Shopify. Shopify makes it ridiculously easy to transform your dream into an online store that actually sells. Whether it's a product, a service, or a membership. Shopify's platform offers the world's number one checkout, which means more sales and fewer abandoned carts. And with shop pay, you can boost conversion rates by up to 50%. That's more cha Ching moments. Think about the small brands out there. Absolutely crushing it. The secret behind so many of them is Shopify helps you sell online, in person and everywhere in between. So your shop is thriving. Wherever your customers are. Are businesses that sell more Sell on Shopify. Sign up for your $1 per month trial period at shopify.com gold digger all lowercase go to shopify.com gold digger to upgrade your selling today. Shopify.com gold digger.
- [34:13]
Okay, I have to give a shout out to my grandma and grandpa because I don't know that I've ever shared this on the podcast, but this seems like the perfect time. So Sulo and Dolores shout out to them. They're both still alive. So when we were kids, they were smart. They set up this college account for us and instead of on birthdays or your first communion or whatever, instead of giving us cards with 20 bucks in them, they would always just put the money into the account for us. And so for Christmas we would just literally get an envelope with a statement of the college fund. But here's what they did. Well, so on her birthday is I literally have this like visceral memory of like sitting at the birthday, opening all the cards and like I probably got like a hundred dollars total, right? And they would say anything you give to us right now, we will double for you. And so it was of like, do I need immediate gratification and need to go buy this or am I willing to wait and know that I will get double the amount of money? And it was so genius on their end of like teaching a five year old delayed gratification and what that could become. And I remember that by the time I got to college there was like a few thousand dollars in it. And it probably would have been way more if they would have invested it.
- [35:25]
Dominique Broadway
Versus talk with my grandfather about that.
- [35:30]
Jenna Kutcher
But that lesson that I think a lot of us as parents struggle to teach our kids, like I feel like we have daughters the same age and we're trying to like teach them like money and the exchange of money. And like I recently took Cocoa to Chicago and I told her on the way there, I said, said, I want for you to pay attention to every time mommy takes her wallet out because I am spending money and I want for you to just understand the exchange and I want for you to see what things cost money because kids just don't have a consciousness around.
- [35:58]
Dominique Broadway
Right.
- [35:59]
Jenna Kutcher
And so it's interesting. But I just. I loved that lesson from my grandparents because I remember every holiday I would, like, sit there and hold all the money and be like, okay, yeah, okay, I'll save 20 of it for myself to spend, but the rest I'll give to them. And. And just how that taught that. And I think that was such a value. Valuable lesson that they shared.
- [36:15]
Dominique Broadway
Let me. Let me share one of the things. Two of the things. But one of the things my grandfather did specifically shout out to all the grandparents out here. But when I was a kid, he would have me say this thing. He's like, dominique, there's two people in life. What type of people are they? And I'd be like, they're spenders and they're savers. Now, when I was a kid, I had no clue, but whenever I would come over, he'd be like, what type of two people are there in the world? And I'd be like, spenders and savers. And over time, I'm like, subconsciously. And then he would say, like, and what are you? And I'm like, I'm a saver, Pop Papa. So subconsciously, I, like. As I got older, I don't know if, like, I was. It caused me to save too much at times.
- [36:47]
Jenna Kutcher
Yeah, yeah.
- [36:48]
Dominique Broadway
But it really got me in this mindset that there's people in life who make money and spend all of it, and there's people in life who get money and save it and invest it.
- [36:55]
Jenna Kutcher
Yeah.
- [36:55]
Dominique Broadway
Then my grandfather started doing saving bonds for me. He worked for the federal government, and so he would put. He started with 25amonth. As soon as I got a Social Security number, 25 bucks a month. And then over time, he started to add more and more. And because it was savings bonds, you know, it was still a lot. It was good. But like you say, if it was in the stock market, it would be tons more. But I. That was me. I was the one that taught them about the stock market when I turned 16, when I was teaching myself. So, you know, I joke with him. I'm like, papa, I would already be a millionaire, you know, when I was younger. But it also just shows that it doesn't take a lot of money. Right. We didn't name any big numbers. We named 25, 50, et cetera, et cetera. So we can change our lives and our children's lives. And I love that, you know, instant gratification rule or kind of like lesson your grandparents taught. But Those are things that we should be even teaching our children as well.
- [37:49]
Jenna Kutcher
Yeah, I think it's. You know, it's so interesting because I do feel like even just looking at, like, our ancestors and all the different things and beliefs that are passed down, and I feel like. Like our generation specifically, but all past generations have tried to do better, each one that goes. But I feel like we have done a lot of the work of, like, unpacking different mindsets and beliefs and digging in to understand it. And I think, especially as women, when we've been raised in this society, which you kind of touched on, I think we should go a little deeper on is, like, this idea of, like, if you want to have more money, you need to cut back versus earn more. And I feel like these are the things that you and I jam on in the sense of, like, for me, I'm like, go get that latte and enjoy that. Like, life is way too short to drink crappy coffee. And, like, I think it is so much easier to generate more than to cut back. So let's talk about that, because I actually think that this is a very deeply held belief. Belief by so many of us, and it's something that we often hold ourselves back from, like, the joys of life and some convenience and comfort and things like that. And so if somebody's listening to this and their first thought was, like, in order to get good with money, I just need to cut back, what would you say?
- [39:12]
Dominique Broadway
I would say, no, that's not the case now. I would say this is one time when I do think you need to cut back. And I think when you're doing that initial financial audit, right. To see where you are currently financially, that's when you determine, are there some things that don't bring me joy?
- [39:24]
Jenna Kutcher
Yeah.
- [39:25]
Dominique Broadway
So that's one of the things I even, like last year, like, I was headed to Europe for two months. I was like, I'm selling my G Wagon. This thing, it's all the time. It has no miles on it. Why am I going to let this sit for two months? It's not bringing me all the joy that I expected it to bring. I'm going to sell it. Right? And I took that money and put it into the market, and now it's grown exponentially. So I would say it's always important to sit down and say, like, when you are considering cutting back, like, does this thing bring me joy?
- [39:51]
Jenna Kutcher
Recondo our financial life?
- [39:53]
Dominique Broadway
Yeah. Like, seriously, like, exactly. Like, if it's not bringing you joy, to get rid of it. Because that could literally be money that you can use to start investing. So the short answer is, yes, there are some things that we're spending and you need to stop spending on it because it is a waste of money. But if there's things that bring you joy, yeah, truly, I'm all about spending on it. Because my thing is, if I want to go here, do this, do that, my answer, as you just mentioned, is always going to be, how can I make more money? For me, that's typically, it's either going to be in my business, business or in the stock market. I know I can always go to the stock market. You know, I'm an investor. I'm also a trader. I can do click a couple buttons, boom, boom, boom, boom, boom. And I can have the market generate money for me, right? But that also comes to having that education, right? Knowing how to make money in the markets, feeling comfortable, right? Or even like, how you teach a lot of great things, like making money with podcasting or even just using your email list all. There's so many different ways. And I think that, that, that is the biggest thing. Like, you have to realize there's more ways to make money than. There's ways to cut back. Like, you can cut yourself back to the streets, technically, but then what? How are you gonna be able to make money? You know what I mean? So it's like, I think that there's so much more opportunity in thinking of, how can I make money? So I always like to tell the students in our program, what is your goal? What do you need to make to replace your income on a monthly basis? Take that number, and then we're gonna divide it into a daily number, right? And then maybe you can use that daily number for a couple things, right? Some people are business owners, some people are maybe investors, traders. Figure out how you can either use your business to make that money on a daily basis, or maybe trades and make money on a daily basis, or invest in that way it's broken down to a smaller part. And you're not just like, oh, my God, I would love a latte, but I can't have a lot. No, life is too short. Get the latte, book the flight, fly in first class, go to pairs, do all the things.
- [41:42]
Jenna Kutcher
Because.
- [41:42]
Dominique Broadway
Because also, too, I've taken trips that have sparked the craziest business ideas inside of me that have made me millions of dollars, right? So a lot of times when we're like you said, we're like, oh, no, we're just, we're hold back, we'll wait, you know, until we're 65.
- [41:58]
Jenna Kutcher
65, yeah.
- [42:00]
Dominique Broadway
One of my favorite quotes that I've literally been living my life off of is don't fear failure. Fear regret. Right? And many of us are coming back and in the fear of like, like going broke or whatever it may be. Instead you should be more concerned about regret. Like waking up at 90 and being like, oh my God, I never did any of those things I wanted to do because I was, you know, trying to cut back on the lattes or whatever. Like, it doesn't make sense. And so I feel like there's a bunch of people walking around Jenna, that are just like, really, really, really sad. And it's because they feel like that is the thing that they need to do, right? Instead of thinking more of an abundance mindset and saying, saying what are all the. Because the money is out here.
- [42:40]
Jenna Kutcher
We like, how can you make $5? Like it. Like, there are a. Like, go carry somebody's groceries to their car and get a five dollar tip and go buy your latte. Like, to me, it's so much easier to generate. Like, I just.
- [42:55]
Dominique Broadway
Yes, I have my students set a 200 a day goal. I'm like, just try to see if you can make 200 a day consistently. That's it. Or you could even start smaller. 50 bucks a day. And you're doing that by just understanding the markets. Like, people are literally out here making money, money, doing so many different things, right? And we see it all the time. You know, I always think about like Apple's market cap, right? So market cap is short for market capitalization, which is the total value of all of Apple's publicly traded shares. It's like 3.59 trillion, which is not million, not billion, but trillion. Yeah, there's three something trillion dollars of one company floating around every single day. The money's there. You just gotta figure out how to, how do you attract it to you? So. So to me, that's way easier versus cutting back on my favorite drinks and flavors.
- [43:43]
Jenna Kutcher
I know. I just feel like for women, I want them to see the possibility all around them and I want them to like, really simplify it. Because it's like even if you made a 20 PDF download and one person bought it a day, that would change your life, right? Like, it, it's, it's just so interesting to me that our first tendency is to cut back instead of to like, explore more. And I hope that this is the year that we start to like, see the possibility everywhere and to like unlock that for us and for future generations. And to, like, just bring that, like, creativity and ability to experiment and excitement back. Because, dang, that is like, once you do that, once you're, like, hooked, right? And so it's like, how can we get more people that experience the world is.
- [44:36]
Dominique Broadway
Yes, yes.
- [44:37]
Jenna Kutcher
Okay. You teach people so much more about this. So where can people learn from you, be a part of your community? Give me all of the places.
- [44:46]
Dominique Broadway
Yeah, well, first, like, easiest thing, gotta grab the book the Wealth Decision. And I love, I love the book. I might be biased, but it's really just about making wealthy decisions every single day. And many of us are walking around making broke decisions at every single day. But imagine if you decided to, like, every day make a wealthy decision. So this can help you with that. And then we also have our wealth demystified program, which we have an amazing offer for you guys to join at a super discounted price as well. So in that program, we're literally breaking money mindsets like the old traditional thoughts to help you understand that abundance is the way to go and exposure. And one of the things that I love when my students say once they start to understand the investing world is they're like, oh, my gosh, I can never unsee this. Like, I can never what I've been exposed to. And it's their information, you know, for the rest of their life. Like, I can't take that away from them once they're exposed to it and it's changing their family's lives. So those are some of the things that we're doing in our program, teaching just money, mindset, wealth, understanding how to invest all the things in the stock market, how to make your money grow, trading, everything. Because like you said, once you see it, you can't unsee it, right? And then you really can see all the possibilities.
- [45:54]
Jenna Kutcher
And what's crazy about this, that I just think a lot of people don't really think about, is that when you learn this once you get to reap the rewards and the growth and the dividends over and over and over again. And so it's like actually insane when you think of the value in your book, in your program, et cetera, that someone literally gets to learn this information and they get to keep in their pocket it every penny generated from that.
- [46:23]
Dominique Broadway
Decision and their children.
- [46:25]
Jenna Kutcher
Crazy. Yes, you'd be crazy not learn it. Jennicutcher.com wealth to check out Dominique's amazing community jennicutcher.com forward/wealth Dominique, thanks for coming back on. I mean, before we close out. We talked five years ago, basically, like right when the world was shutting down.
- [46:43]
Dominique Broadway
Literally.
- [46:43]
Jenna Kutcher
What is something that is exciting you in your life? Right?
- [46:47]
Dominique Broadway
Oh, believe it or not, it's downtime. I'm enjoying downtime. I feel like I've just been balls of the wall, as balls of walls, as they say, for the past five years. And I'm finding so much joy and quiet in journaling and just slowing down inspiration. So that's where I am right now. That's honestly bringing me the most joy outside of, like, helping my students and seeing when they win. So it's like, if I can downtime plus seeing that people are having their financial eyes open, like, those are bringing me the most joy.
- [47:18]
Jenna Kutcher
Amazing. And where can everybody connect with you?
- [47:20]
Dominique Broadway
Yeah. So Instagram, dominique, Broadway or dominicbroadway.com you can get the book anywhere that books are sold, Audible, Target, everywhere, Amazon or just financesdomystified.com so amazing.
- [47:32]
Jenna Kutcher
Thank you so much for coming back on the show. It's been such a joy to just watch you rock and to raise our babies in the same stage of life. It's just been awesome. So thanks for coming back on the show.
- [47:43]
Dominique Broadway
Thank you.
- [47:45]
Jenna Kutcher
Oh, I love talking about money. I know that a lot of people shy away from the topic, but I feel like the more that we shine a light on it, especially as women, the more that we illuminate what is actually possible in the world for us and the more that we unpack some of those unconscious beliefs and mindsets that are likely holding, holding us back and keeping us from enjoying life. I'm so grateful Dominique came back on the show. It's been so fun watching her journey unfold over the last five years. And every time she comes, she brings such amazing wealth and knowledge. No pun intended. Again, if you want to check out her program, wealth demystified, head to jennicutcher.com forward/wealth. And thank you so much for listening to this episode of the Gold Digger podcast. Of course. Until next time. Time. Keep on digging your biggest goals, and I hope you make some money in the process.
- [48:35]
Thanks for pulling up a seat for another episode of the Gold Digger podcast. I hope today's episode fueled you with inspiration, gave you information that you can turn into action, and realigned you with your true north in life and business. If you've enjoyed today's episode, head on over to gold diggerpodcast.com for today's show, notes, discount codes for our sponsor, freebies to fuel your results, and so much more. And if you haven't yet, make sure you're subscribed so that you never miss a future show. We'll see you next time, Gold Diggers.
- [49:09]
Dominique Broadway
Please note, this episode may contain paid endorsements and advertisements, and individuals on the show may have a direct or indirect financial interest in products or services referred to in the episode. Your support through affiliate links or sponsored content helps us continue to bring you valuable content. Thank you for being a part of the Gold Digger community.