A conversation with Eileen Joy, founder of Money Coach for Moms and host of the Moms Who Money podcast. Eileen teaches professional moms how to finally have enough money to choose how to spend their time and live life on their terms.
Eileen Joy is the Money Coach for Moms, a Certified Financial Educator and a Certified Financial Literacy Professional. She works with high achieving professional moms to teach them step by step how to overcome financial stress and break free from living paycheck to paycheck so that they can invest with confidence and provide a safe and secure future for themselves and their children.
In this episode, Eileen Joy discusses her challenging financial upbringing and the impact it had on her own financial journey, including her struggle with debt, bankruptcy, and divorce. She shares how she rebuilt her life by investing in herself and emphasizes the importance of financial literacy, particularly for women and children.
Eileen talks about her program, Money School for Moms, which aims to educate and empower mothers to manage their finances more effectively and provide their children with a strong financial foundation. The conversation also touches on the cultural pressures of financial success, normalizing money discussions at home, and overcoming the fear of financial conversations to achieve financial freedom.
“It just hurts me to see people struggling. It's so awful. It really hurts me. And, it really is just one person at a time, one child at a time, one mom at a time. and it's like. All you need to know is that it's not your fault, that things are the way they are because you were never taught. No one sat down and taught you. You didn't know. You're just doing what everyone else is doing, right? You bought into the American dream and that's what everyone's doing, right? But take a step back. Think about to yourself what do I want? What's most important to me, and spend your money on that.“ - Eileen Joy
Key takeaways:
- The best investment is to invest in yourself. Eileen shared how she lost everything - her house, her livelihood, even her health when she got divorced in 2016. Yet, though her financial resources were slim, she knew she needed to invest in herself. The first thing she did was to get a therapist to help her through this low period, irrespective of the cost.
- Stop keeping up with the Joneses. Eileen lives in an amazing home - a rental, in a good school district, that comes with a handyman and landscapers - she doesn’t have to spend anything to maintain it! She knows what is important to her, rather than following our culture’s message that you need a large home with a three car garage and a vacation home and a boat, which leaves most of us with little to no savings and up to our eyeballs in debt!
- Normalize the discussion of money in your home. Discussions about money are taboo in our society. Eileen urges us to stop keeping money such a secret from our kids. Show your kids your paycheck: this is gross earnings; this is net earnings after the deductions. Have a weekly money date. By taking away the fear of having money conversations, we can teach our children how to be more intentional with their money choices.
About the guest:
Eileen Joy is the Money Coach for Moms, a Certified Financial Education Instructor, the host of the Moms who Money podcast, and founder of Money School for Moms™. She helps moms stop stressing about money so they can break free from living paycheck to paycheck, confidently invest and set themselves and their kids up to be millionaires! Her 12-year-old son knows more about money than most adults and is on track to be a multi-millionaire. Eileen created an easy system that any busy mom can follow and specializes in working with high achieving, professional moms who are committed to investing in themselves and their children and know that money is their next step. Eileen provides a safe and comfortable environment to learn about one of the most avoided and taboo subjects, money. No more Shame, Guilt, or Embarrassment.
Website: https://www.momswhomoney.com/
Linkedin: https://www.linkedin.com/in/momswhomoney/
Facebook: https://www.facebook.com/EileenJoyMoneyCoach/
Instagram: https://www.instagram.com/eileenjoymoneycoach/
Podcast: Moms Who Money
Free resource: 6 Steps To Money Smart Kids
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Disclaimer: Please remember that the information shared on this podcast does not constitute accounting, legal, tax, investment or financial advice. It’s for informational purposes only. You should seek appropriate professional advice for your specific information.