EP 74: Breaking Free from Debt Shame with Gina Knox
Welcome back to another insightful episode of the Breathe More Podcast! Today, we have a very special guest, Gina Knox, who has made a profound impact on my relationship with money as my money coach for the past year. Gina is a Financial Coach for entrepreneurs with variable income and specializes in helping people, especially women and first-generation business owners, navigate their money stories and empower themselves financially.
Understanding Our Money Stories
In our conversation, Gina and I explored the common money stories that often hold us back from embracing abundance. Many of us carry deep-rooted beliefs about money that stem from our upbringing or societal conditioning. As Gina points out, these beliefs can be particularly pronounced in women and first-generation individuals, who may feel additional pressure or shame around financial management.
It’s not uncommon to feel like we’re behind or unworthy when it comes to our finances. I shared my journey of healing these narratives, emphasizing that working with Gina has empowered me to reprogram my mindset. I no longer view money as something to fear but as a tool to create the life I desire.
Gina's Unique Approach
Gina's background is design and worked at Intuit, where she spent five years researching the financial challenges small business owners face. It was there that she realized her passion for helping others manage their money effectively. Transitioning from a stable job to coaching, she now focuses on providing practical strategies and emotional support to her clients.
One of the key points we discussed is the need for a shift in how we perceive debt. Many people think of debt as a negative force in their lives, but Gina encourages us to view it as a neutral tool. Just like a hammer can be used to build a house or cause harm, debt can be utilized wisely or poorly, depending on how we choose to manage it.
Reframing Our Relationship with Debt
During our conversation, Gina challenged the pervasive belief that "debt is bad." Instead, she proposes that we consider how we use debt and the intentions behind our financial decisions. For instance, it’s not inherently wrong to incur debt for a business investment if it has the potential to yield returns. The key is to have a solid plan in place for managing that debt and using it to grow.
As entrepreneurs, many of us face the unique challenge of inconsistent income. This can lead to a cycle of fear and anxiety around money, making it difficult to save or invest. Gina emphasizes the importance of having a systematic approach to managing money, which can actually make it easier to achieve financial goals even when income fluctuates.
Building Wealth While Managing Debt
A particularly powerful insight Gina shared is that we can build wealth while still in debt. This is a concept that challenges traditional thinking. She explains that focusing solely on paying off debt can limit our financial growth. Instead, we should look at the bigger picture: what investments can we make now that will yield returns in the future?
For example, rather than putting every extra dollar toward debt repayment, consider allocating some of those funds toward investments that will generate income over time. This strategic approach allows us to grow our wealth while managing our existing obligations.
The Importance of Emotional Regulation
One of the most important aspects of managing money is emotional regulation. Panic and anxiety can lead to poor financial decisions, and Gina emphasizes the need to approach financial discussions from a place of calm. In her upcoming 30-day debt payoff challenge within the Small Business Money School, she will help participants identify the emotional triggers that contribute to their financial stress and provide tools to manage those feelings.
This challenge also includes practical steps for assessing current expenses and ensuring that money is being allocated toward things that truly matter and drive growth. It's about finding the balance between paying off debt and investing in opportunities that can enhance financial health.
A Safe Space for Financial Growth
Gina has created a safe container for her clients to explore their money stories without fear of judgment. Many financial influencers tend to shame their audiences. In contrast, Gina fosters an environment where her clients can openly discuss their fears and challenges around money. This approach is crucial, especially for women who may have historically faced barriers in financial discussions.
As Gina reminds us, it's not just about making more money; it's about managing what you have wisely and ensuring that your financial foundation is solid. With practical tools, emotional support, and a community of like-minded individuals, you can become truly unbothered when it comes to your finances.
Remember, your money story doesn’t have to define your future. With the right mindset and support, you can create a financial reality that aligns with your values and aspirations.
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