SHEcorporated One Step Empire

Light the candles and pour some wine, it's time for a MONEY DATE!

September 28, 2022 Kristy Carruthers Season 3 Episode 18
Light the candles and pour some wine, it's time for a MONEY DATE!
SHEcorporated One Step Empire
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SHEcorporated One Step Empire
Light the candles and pour some wine, it's time for a MONEY DATE!
Sep 28, 2022 Season 3 Episode 18
Kristy Carruthers

If you were in a relationship with someone, and you told them they just weren’t very important to you – how long do you think they would stick around?

Probably not very long. 

Now imagine that relationship we are talking about is with your money. Are you giving it the time it deserves?

If you refused to spend any time with your partner, do you think that relationship would grow?  Of course not.

But we do that with our money all the time.  We say it’s not that important, we don’t want to deal with it, we don’t even look at our accounts and make sure everything is as it should be. We’ve all heard that what you focus on grows.  And it’s true with your money as well.  If you don’t give it the time it needs, it’s not going to grow like you need it to.

Penelope is with us today to change all that in the best way possible.

She is helping us create a better relationship with our money with Money Dates.  

Penelope is a financial training powerhouse and this episode is packed with tips to help you get control of your finances, grow your own golden goose, become financially free and more.  

This is the finance lesson for all of us who don’t speak accounting and need help to love working with our money again and helping it grow.

I see you out there.  So get ready to light a candle and pour yourself a glass of wine while we talk money dates and why YOU need them!


Scholarship to Financial Freedom 101 –

Money Date Checklist –

Connect with Penelope

Ready to SMASH Your Goals?   We're here to help!

Make this the year that changes EVERYTHING.  

Now offering limited spots in our full day “Done with You” Success Blueprint Days  for personalized marketing and strategy to propel you to your biggest year ever!


Show Notes Transcript

If you were in a relationship with someone, and you told them they just weren’t very important to you – how long do you think they would stick around?

Probably not very long. 

Now imagine that relationship we are talking about is with your money. Are you giving it the time it deserves?

If you refused to spend any time with your partner, do you think that relationship would grow?  Of course not.

But we do that with our money all the time.  We say it’s not that important, we don’t want to deal with it, we don’t even look at our accounts and make sure everything is as it should be. We’ve all heard that what you focus on grows.  And it’s true with your money as well.  If you don’t give it the time it needs, it’s not going to grow like you need it to.

Penelope is with us today to change all that in the best way possible.

She is helping us create a better relationship with our money with Money Dates.  

Penelope is a financial training powerhouse and this episode is packed with tips to help you get control of your finances, grow your own golden goose, become financially free and more.  

This is the finance lesson for all of us who don’t speak accounting and need help to love working with our money again and helping it grow.

I see you out there.  So get ready to light a candle and pour yourself a glass of wine while we talk money dates and why YOU need them!


Scholarship to Financial Freedom 101 –

Money Date Checklist –

Connect with Penelope

Ready to SMASH Your Goals?   We're here to help!

Make this the year that changes EVERYTHING.  

Now offering limited spots in our full day “Done with You” Success Blueprint Days  for personalized marketing and strategy to propel you to your biggest year ever!



So we are here today with Penelope Jane Smith, who is the premier financial freedom mentor for women entrepreneurs. She's an author international speaker and certified trainer, helping women get a handle on their money, figure out how to become financially free and then chart of course, to get there. Hey Penelope, thanks for 

Penelope: being with us today.

Hey Christy. Oh my gosh. I'm so excited to geek out with you about money. This is like my favorite thing in the world to do, and I adore you and I, this is gonna be. 

Kristy: I'm so excited to have you here. We've been trying to get this together for a little while now. So I'm, I'm so pleased that we finally get to do this.

Now we're gonna dig into, , something that you talk about that I love this concept, which is money dates, what they are, why we need them and how to do it. But before we get into that, can you give us a, a bit of your [00:02:00] backstory? You've got a really interesting story on how you got to where you are and, and really helping women entrepreneurs 

Penelope: build their.

Yeah, well, actually it's a very painful story, but also educational. So I'm happy to bear my soul for the sake of everyone's learning. , you know, one of the things I talk a lot about is financial freedom and passive income, because freedom is one of my highest values. Right. And I was fortunate enough to have learned this concept of financial freedom and passive income when I was in my mid twenties.

So I decided, okay, I'm going to invest in real estate and become financially free. And, , I took $10,000 of my own money. And in four years I turned that into over $6 million in real estate. Wow. And I was on track to be financially free. By the time I was 31, meaning I could, you know, basically retire at 31.

 but then the real estate market crashed right in 2008 and everything changed. Like my amazing credit was ruined. I lost my gorgeous house to foreclosure and I [00:03:00] struggled and I struggled and struggled to make ends meet. And ultimately I was forced to declare bankruptcy. So I went from having millions in real estate, almost financially free to being millions of dollars in debt.

You know, scrambling to find a place to live and, declare bankruptcy. So it was like huge swing. Right. And then as I was trying to figure out, like, where was I gonna live and what was I gonna do? I got invited to attend this high level mastermind group on Neer island, which is Richard Branson's private island in the C.

And Christy, it was a $50,000 investment for this six day mastermind. There were no refunds, no payment plans. So if there was ever a time in anybody's life to say, I can't afford to do that. It would've been me right then. Right. Cuz I had like. Less than a thousand dollars to my name, no credit since my credit was trashed, but I had this strong, intuitive hit that somehow for some reason I was supposed to be there.

And so [00:04:00] I asked my inner credit to take a coffee break and amazingly I did it. And if we have time, I'm, I'm happy to share with you how I ended up doing it. , but the important thing is like I made it to Nera island. and I'm really glad I did, cuz that was really the beginning of turning everything around the facilitator of the group announced publicly that he wanted to win a Nobel prize for singlehandedly turning the economy.

And that really inspired me. So I started asking myself, well, what could I do to turn the economy around? And so I'm like sitting there with this question one night at the very top of this billionaire's private island. And I got an answer, I got a download. Can I share what I came up with? Absolutely.

Awesome. So here's, here's what I. Found out or here's the download that I got. I noticed that each person has their own personal economy that may or may not have anything to do with the overall economy at large, like my personal economy was in the tank, right. I was in the middle of losing everything, but there were [00:05:00] people on Neer island and back home where I live in California, there were having their best year in business ever while I was losing millions of dollars.

So I figured if I could support enough individual entrepreneurs. To create their own economy, their own personal economy of abundance. Then eventually we would hit a tipping point and that would shift the economy at large. And so I started making micro loans to women, business owners in third world countries.

So we'd have a positive, global impact right off the bat. And I started focusing on supporting other women to make more money, cuz that's something I'm really great at. And then as a byproduct, I ended up tripling my business. and fortunately, my business is now pretty awesome. You know, it took us a while to schedule this interview, cuz I just had my second baby and it's really nice to be in that position of being able to bond the baby and my five year old and, and not really have to worry about money.

You know, I'm able to make a healthy six figures. We're on track across the seven figure, this mark or [00:06:00] seven figure mark this year. , if I keep doing what I'm doing, which is. Not that much with the baby. So I, I think, I think we're gonna hit it. , you know, I normally work like 25 to 30 hours a week. Right now I'm working maybe.

To 10 hours a week. , so I had plenty of time for the kids. You know, I paid cash for my dream wedding, extra long maternity leave. The first time, lots of awesome vacations have beautiful car, beautiful house, built my retirement accounts back up all these things. And I'm really grateful for. The level of financial freedom that I've been able to create in my life.

And actually just a few months ago, , we bought our new dream home in Benicia with amazing panoramic views of the water. So like, as I'm here doing this interview with you, I can look up above my webcam and see the water and it's gorgeous. And that's why I'm so passionate about sharing this stuff with.

With your audience and listeners is because I've lived through some people's worst nightmares financially and lived to tell the tale. So [00:07:00] hopefully I can help you avoid some of the painful and terrible mistakes I've made if you're listening to this. And if you have faced financial challenges like I have, then hopefully I can show you how to.

Adjust yourself off recover, rebuild, like rise, rise, like a Phoenix from the ashes, right? So that's, that's where I'm coming from here. Hopefully that helps. 

Kristy: I, I love that idea of a personal economy and, and it's something you and I share is, is that passion for women finding financial freedom, because I think that is.

that's the key and whatever freedom, you know, whatever freedom means to them, whether that's the ability to buy the dream house, whether that's the ability to spend more time with the kids, whether that's the ability to leave, you know, a, a, a terrible relationship, whatever it is, the more, the more, , independent financially independent a woman is the, the better her life is.

And I think the better the life of the community is as well as a result. Right. So, I just, I absolutely love, I love 

Penelope: what you're doing. . Yeah. And there's a spectrum of financial freedom, right? Like when you can [00:08:00] pay your own bills and support yourself and you don't have to depend on somebody else, there's freedom there.

When you don't have a lot of consumer debt, there's freedom there. When you own your home free and clear there's freedom there like there's levels. And when I talk about financial freedom, what I'm most excited about is what I would consider like the ultimate milestone on that spectrum, which is where the income from your assets.

Pays all your bills pays for your lifestyle. So you don't have to depend on your business or a job or a partner or an adult child, or a government or anyone else for money, which means that you are totally at choice about what you do with your time and energy. And so to me, that's the ultimate freedom and that's what really makes my heart and soul sing.

Like I think about the movie, brave heart, where it goes freedom and it just. Lights me up, you know, and that, that feeling of being unleashed and living from that place of freedom and joy is what really drives me. And that's what I want for every. Agreed. 

Kristy: Agreed. [00:09:00] So you have an interesting concept. We're gonna talk about a few things here today because you've got all sorts of great things to share, but I really like the idea of a money date first of all, let's talk about what is a money date.

Penelope: Oh, absolutely. This is one of my favorite things in the whole world, because as you know, I'm super passionate about financial freedom. And my goal is to support women entrepreneurs to become financially free in five years or less, starting from wherever they are right now. And the reason I'm passionate about women entrepreneurs specifically, even though I also work with people who have jobs, men, people of all ages, , but women entrepreneurs.

Are massively underserved by the current financial planning services industry. Like, I don't know if you know this Christie, but most financial planning models are designed for men by men. And there's a natural gender bias kind of baked into the industry, just like a lot of industries. So it doesn't take into account.

Women's longer lifespans the difference in our career paths, like right now I'm with the babies. Right. And so what ends up happening is statistically. Women end up with less retire, less money [00:10:00] at retirement, but it has to last us longer. And that really upsets me so that's why I have a really special place of my heart for women entrepreneurs specifically.

So when we talk about how to become financially free in five years or less, I do that through my wealth accelerator system. And there's four parts to that. There's mindset, education systems, and strategy. Or mess for short, because a lot of us are hot mess when it comes to money. , so when we talk about systems, the reason that I'm such a big believer in systems is because human beings aren't naturally great with money.

Like the way our brains are wired, our natural human behavior has us do really stupid things with money. But if you can put a system in place that works with your human behavior and try, instead of trying to like overcome it with willpower, Doesn't work very well, then you're gonna be more successful.

And the reason I'm so excited about the money date is because [00:11:00] it's like the one system that makes all the other money systems work. It's like in the Lord of rings, Lord of the rings. It's the one ring to rule them. All right. If you can do your money date, then everything else is easy. And that's what I love about it.

In fact, I do a three day online event called financial freedom, 1 0 1. And over the three days, we put all your systems in place to turn your business into a vehicle for creating wealth and freedom. So we look at how you're managing and saving and investing money wisely. To become financially free.

And the system at the heart of all those systems is your money date. So what the money date is, is it's kind of like date night, like you've heard of having date night with your partner, right? Mm. So, this is kind of the same thing, but with your money and just like you have a relationship with your partner or a relationship with other people, you have a relationship with money.

So how do you make that relationship really strong and amazing. So your money stays with you, works hard for you, grows with you, right? The [00:12:00] first step is to decide that money is important to you. And that doesn't mean that money is the most important thing in the world, or that it's more important than other things like your healthier relationships, but you can still acknowledge that money plays an important role in your life since it makes it easier for you to buy things as well as save and invest for the future.

Right. So imagine you're in a relationship with somebody and you tell them you're just not that important to. How long do you think they're gonna stick around? Not long, right? Not if they have any kind of self worth. Right. So you can't really imagine or expect that money's gonna stick around either.

If you're saying that it's not important, you know, like imagine me telling my five year old, oh gosh, I don't even wanna, I don't even wanna say what I'm about to say. But like, imagine I look at, in Gabriel's eyes and I say, you're just not that important to. I don't wanna look at you. I don't wanna deal with you.

I just wanna pay somebody else to handle [00:13:00] you. Like that's gross. Yeah. Right. It makes my heart sick to even say that as an example. Yeah. But how often do we hear people say that stuff with money? I just want somebody else to handle it. I just wanna pay somebody else to look at it. I don't wanna deal with.

Especially with 

Kristy: women, I think too, there's this real stigma to, yeah. Societal stigma, I think to women wanting money and liking money and, , you know, more so even than, than men. So there's all sorts of internal barriers we need to get past as well. 

Penelope: Yeah. We have all these weird beliefs and attachments.

Like it's not okay. Like when I say money's important, right? Well, it's not as important as my relationships or it's not as important as I health. I never said it was . I just said it was important. I think this whole thing of like, well, do you want health or relationships or money or health or money or relationships?

I think that is like a very weird question. It's like, would you rather have your arms or your legs? [00:14:00] I'd 

Kristy: like them 

Penelope: all they're they're both important. They're all important. Like why, why do I have to choose? That's a, that's a ridiculous. Premise, right? Like they're all important. , so if you can just acknowledge that money does play an important part in your life.

That's gonna be the first step in having a great relationship. Just like, you know, your partner's important to you. Your kids are important to you. Your friends are important to you, your family's important to you, right? , so when money is important to you, you're willing to spend quality time with it.

Just like with somebody you're dating. And that's why my all time favorite tool for having an awesome relationship with money is this money date. And that's why we're talking about it today. So your money date, how it works is you carve out sacred time in your schedule to give your money, your full attention, just like date night, right?

You can do this weekly every other week. I'd recommend at least once a month, but that's it, it's the sacred time in your calendar. There's a saying that goes where your attention goes, energy flows and [00:15:00] results. Where your attention goes, energy flows and results show. So what I found is that when you pay attention to your money, you'll have more of.

And in the past, when I didn't have a regular money date, I would handle my finances randomly. I would pay bills when I got around to it, which meant sometimes I was organized. Other times it was chaos. I always did tons of money in fees and mistakes that could have been avoided if I was just paying attention.

In fact, I had a team member embezzle from me, Christie, so embarrassing, like, and I didn't catch it for. You know, cuz I wasn't doing regular money dates. I wasn't really paying attention. And my money was basically saying, okay, well, if I'm not important to you, I'm gonna go somewhere else. Mm-hmm right. But now that I have regular money dates.

Not even perfect. Right? Like I skip money dates, I move them around. It doesn't have to be perfect to be amazing. But, ,now I have clarity around my finances. I feel like I'm on top of things. When it comes to money, I make way better financial [00:16:00] decisions. So it's like, Hey, do I wanna invest in this mastermind or hire this new team member?

Or, you know, the other day, one of my team members just asked for a raise and I was like, okay, let me see what I can do. and I have the information I need to make those decisions. So I love it. And I think you will, too, if you're listening to this 

Kristy: and so much stress comes from the unknown as well. You know, we put it off, we put it off, we put it off because we don't wanna know, but the stress we're causing ourselves by not sitting down and actually looking at all of this is, is more often than, than it would be.

If we just, we just looked at it, we dealt with it and then the stress goes away. Oh, or at least the stress at the unknown goes away. there might still be some stress with what you find, but it's still better to know than 

Penelope: not know there is stress around unknowns for sure. And you might even be surprised to find that as you improve your relationship with money, your other relationships also improve.

Like one of my VIP clients shared in our Facebook group that, you know, she's got a master's degree in finance. She's worked for a hedge fund company. She's always been the one to manage the finances in her [00:17:00] relationship. , but now with their money dates, her husband is telling her, Hey, we got our money date tonight.

And he actually like, looks forward to log in, logging in and seeing how their money's doing. And that was something that was a huge hurdle for them before. So she shared that she felt like money dates had really brought them closer together in more ways than just money. And she's not the only one that shared that.

So I think it also gives you this wonderful, , opportunity for. More bonding and intimacy. If you are sharing your finances with somebody. 

Kristy: Excellent. So, so money date 1 0 1. What does 

Penelope: it look like? What do we do? All right. So let's, , let's dive into, what do you actually do on your money dates? And actually I put together a money date checklist for you.

You can use it as a template. So if you go to money, date, money, date, You can download this template. , but it's really nice to have a checklist because then [00:18:00] you know exactly what to do on your money. Right. And the very first thing you might wanna do is if this is a date, , you might wanna set the mood.

So one of my clients is a sex and relationship coach, and she's like, if this is a date, I'm gonna wear a lingerie. So the first thing on her checklist is she puts on lingerie, right? Some people, , will put on music and dance for a minute. Other people will get a glass of wine or a cup of coffee or tea. I like to light a candle.

It's just, it's a very simple, quick thing, but lighting a candle makes it feel like this sweet, yummy ritual, you know, instead of just another thing on my to-do list. So I really enjoy it. It feels special to me when I'm doing my money date and I, and all it takes is lighting that candle, which is just a moment.

So I would encourage that 

Kristy: so much. You make it something that you look forward to, right? That's yeah. And that, 

Penelope: that's part of the idea of setting the mood first, [00:19:00] because. Some people really resist the idea of doing money dates. Some people are just like, oh yeah, let's do it. And other people are like, I'm scared.

You know? It's like, like you were saying, they're stressed around unknowns, but like they're scared. They're really scared to look at it. I've had some people just like break into tears at the idea of doing a money date, but I'm like, well, could you light a candle? You know? Or could you dance for a minute?

It's like, okay, I could do that. You know? And what. Winning is just doing that one thing, you know, like that's all you're committing to do is dance for a minute. It's like, if you can commit to that, you're you're done and you win. And maybe once you do that, you decide to look at the next thing on the checklist, you know, or maybe you don't.

So during your money date, after you've set the mood, you can. Find out how your money is doing by, you know, reviewing your financial statements, reconciling your accounts, filing receipts. Like obviously it depends on you and your specific situation, what you do during your money dates. , but I would use that money [00:20:00] date, checklist template, and update it for yourself.

, and then how I have it set up is I have weekly action items, monthly action items, quarterly and yearly. And I have, , one copy of my money, date checklist. I try to keep it to one page. I have one copy on my computer so I can change it and update it when I want it. But then I have a physical binder.

That I just pull out during my money date, I open it up and I look at what's that first thing on the list. So again, if you want my money, date, checklist, template to model, you can get that at money, date, , but should I throw, should I throw out some more ideas Christy? Sure. Yeah. Give us a couple more and we're gonna put that link 

Kristy: in the show notes as well.

So if you're driving. You're listening. don't try and write it down. We'll we'll have it in the show notes and you can, you can click over to it, but let's, let's talk about just a couple more of those. I really there's just so many things. I, I love about this and I think as with anything, if you set aside the time for it, you know, I'm, I'm continuously harping on [00:21:00] people setting aside business development days in a lot of our training, because if you don't set the time aside for it, it.

Especially if it's something that you don't particularly wanna do, you push it to the side, you push it to the side. And then three months later, you're like, I have done no business development in three months because there's a million other fires to put out. So I love the idea of, of really setting this time aside.

And it's a, non-negotiable on your calendar. It's your, you know, you are your most important client for that particular moment and, and it gets done. I think it's 

Penelope: amazing. Yeah. And hopefully it does become something you really look forward to and enjoy. I would love to do a money day one day a week.

there's just like other stuff I have to do. So I, I keep mind to about an hour usually. , so usually the first thing I do after I've set the mood is I just like, look at my accounts. You know, , if you have a checkbook that you're balancing, you might balance your checkbook, but basically reviewing your accounts, like seeing what your money's up to, and that allows you to see, are there any unexpected charges, you know, is there anything weird going on [00:22:00] or does it look like me and my bank or in agreement on what's happening?

, as an entrepreneur or business owner, I would recommend having a separate account for business and personal. You know, if you don't already have that, , If your business is structured as a sole proprietorship, I would say it's still important to keep them separated, cuz it's gonna help you keep really good records in case of a tax audit.

And if you have your business set up as like a corporation, then like legally you're required to do that. So I would have separate accounts and, and look at it, balance your checkbook. If you need to do that. , one of the things that I have on the money date checklist is to transfer money to your prosperity account.

So if you pull up the checklist and you're like, what does that mean? , well, this is something we go more into at my financial freedom, 1 0 1 event, but setting up a money management system where you have specific bank accounts for specific purposes, like maybe you have a special account just for putting money aside for emergencies, or maybe you have a special account just for setting money aside for taxes.

Like how many of [00:23:00] us have. Ended up with like a big tax bill and been like, ah, you know, and not have the money set aside. It's nice to just have that system there, or even setting, saving up for a car or an educational program or a vacation. It's nice to have specific accounts. So specific jobs, , as well as investing, right.

That's really important. So I call these your prosperity accounts and this step reminds you to transfer a specific amount or percentage to those accounts on a regular basis. , I also put on here to pay bills and I made a note to express appreciation. And what that means is a lot of people feel contracted when they're paying bills.

So this is a remember, I talked about mess, mindset, education systems, and strategy. This is a mindset thing. It's a prosperity consciousness practice of transforming that feeling of like stress or contraction into a feeling of prosperity and expansion. So this allows you to cultivate a sense of [00:24:00] appreciation when you're paying bills by thinking about what you're receiving or have already received in relationship to that bill.

So let's say for example, you are paying your bill for the internet, right? Think about how amazing it is to have internet access in your house. Like high speed internet, right there into your. Mind blown. Like, I didn't have that when I was a kid. I remember, you know, when we first got those modems and it was like, ding, ding, ding, and I like made that sound.

It took a while to boot up and it was so exciting to put like, White text on a black screen on like a bulletin board where other people could see it. And I'm like, oh my God, I'm living in the future. Right. And that's like nothing compared to what we have now. So like, when I think about how amazing the internet is and how cool it is that we can, you know, do this interview on zoom right now.

,that's pretty awesome. Right? So I can tune into that feeling of like awesomeness and appreciation instead of like, oh, there goes another, you know, $85 or whatever. [00:25:00] So I think that's a really important distinction. And then I'll mention one other thing. That's on the checklist so that you know what it is, but on there, I also have a note to, , review or update your cash flow plan and your cash flow plan is another word for budget.

The reason I call it a cash flow plan is because budget can be triggering for some people. , but whatever you call it, it's, it's an important tool for giving each dollar an assignment or a job before the month begins. This is one of the ways to get your money working harder for you. And that's something we go deeper into at financial freedom.

1 0 1, if you wanna check that out. So this step reminds you to create your monthly cash plan and then. Review and update it and make adjustments as the month goes on. So let's say you forgot to include a bill that's due like my, or something surprising happens. Like my cat needs to go in and have an ultrasound, you know, I didn't budget for that, so I need to adjust.

, so those are some things that you might wanna put on your money, date checklist, as well as like maybe [00:26:00] doing a quarterly profit distribution or, , money making projects, money, keeping projects. You know, I have all of that on my checklist. 

Kristy: gonna check out that tool myself as well.

So we'll put it in the show notes and I love the idea of this. I'm gonna start having money dates. maybe order in some, some dinner, have a glass of wine, make it a night. , I think that's amazing. And I appreciate you sharing that with us. Now. We had alluded to, and we've got a few minutes.

, I would love to kind of circle back to this. You talked about, , specifically, , Becoming financially free. And I know this is a whole topic on its own. Yeah. , but I would love if we could use just a few minutes at the end here, just to share some thoughts on, , becoming financially free in well, five years or less or whatever timeframe.

, Some top tips just for women entrepreneurs, especially newer women entrepreneurs. We've got a lot of newer women entrepreneurs who listen to, to this podcast, , a few tips to get them headed in the right direction. And then you've got some more great tools on your, your site that we can link in the show notes for that as well.

Penelope: Yeah, absolutely. [00:27:00] So when I'm working with people on charting a course to become financially free in five years or less, there's really three steps. The first step is to tune into your financial freedom vision. This is the quickest it's. You know, what's, what's the lifestyle you want to create, you know, how much passive income would you actually need to be financially free?

Like a lot of people don't have that clarity. And so I would recommend that you tune into like, well, where do you wanna live? What kind of car do you wanna drive? What kind of support do you want in terms of childcare, someone to, you know, cook your food, someone to give you a massage, you know, what do you do with your time?

If you didn't have to. For money. Like some things are gonna be the same as now. Some things are gonna cost more. Some things are gonna cost less. And some of the best things in life don't cost any money at all. Like one of my favorite things is taking a walk with my five year old doesn't cost. Any money fills my heart with joy, right.

Something that costs more is living in this beautiful house. So you kind of write out like, what [00:28:00] is that vision that you want? And keep in mind, you can make like a basic, comfortable and luxurious version. because the basics gonna be the easiest to hit mm-hmm and then once you hit it, you can then, you know, expand it from there.

It's easier to get more of what you already have. Right. So I would go for kind of like an enough, and then some version is like the first thing you really focus on. And then expand after that, I used to think I wanted like eight different vacation homes and a purple Ferrari and a private jet and having owned 35 properties all over the us.

I realized there's a maintenance energy to owning. And I'm like, I don't really need to do that. And how often would I be going to all those places anyway? And what if instead, I just took a really nice vacation wherever I want whenever I want, you know, that would be a lot. That would actually be a lot easier.

So. Kind of write out what is, what is your vision for what you want your life to be like? And you start seeing like how you can live into some of that. Now. Like I'm, I'm pretty [00:29:00] much living my financial freedom vision. It's awesome. And then put some numbers to it. Like how much passive income do you actually need?

So once you know how much you need, like, let's say you need $10,000 a month. right. Then the next step is to buy assets. This is the golden goose model of investing. This is where you buy something. That's gonna give you income that you can then reinvest or it's gonna grow and you can reinvest. So this is like you put money into the golden goose and the goose lays the golden eggs.

And eventually you want a big enough golden goose, and it's gonna give you that $10,000 a month in golden aches. Right? That's the goal. And while you're building, you can just keep growing the goose. So you wanna look at like, how do you grow your goose faster and how do you get it to lay more golden eggs?

So for some people that's all they need and I'm able to help them become financially free in a few months because they just need to get their goose working better. Right? Like the goose isn't really producing. But then once they get the goose gold and [00:30:00] eggs, then they're like, yay, I'm free. Right. , if that's not enough to get them there, then the third step is to fill in whatever passive income you need by creating assets.

So creating new passive, or semi passive income streams that, , don't need a lot of money down or don't need any money down. So this could. Anything from, you know, royalties licensing, you know, online membership programs that don't require a ton of like your, your marketing and time. It could be, it could be drop shipping for some people.

One of my clients, , she has us a licensing deal for a supplement that she created, where another company does all the fulfillment in marketing and manufacturing. And she makes like $70,000 a month in passive income from that. Wow. That's amazing. Right. So those are the kind of things that you can just.

You know, magically create, I actually have a, , a free e-course on my YouTube channel. If you go to YouTube and type in Penelope Jane Smith, one of the playlists says free. E-course how to make passive income. [00:31:00] So if you want more ideas, ., for how to make passive income, golden goose wise, or, you know, from scratch, then I would definitely check that out.

So that's kind of the, the three steps, like your vision. So, you know, you're creating buy assets, create assets. 

Kristy: And you 

Penelope: have an ebook as well. Yes. The financial freedom formula, like really walks you through what I just said and helps you figure out what's your magic number.

So like how big of a golden goose do you need, you know, to get the golden eggs you need. And, , it's, it's a quick read, but super, super powerful and helpful. And you can grab and download that ebook for free. If you use that. 

Kristy: Perfect. Okay. And we'll link that in the show notes as well.

Thank you for all of these amazing resources. There's yeah. So much great stuff here that, , we can tap into. 

Penelope: And you know, if you want, if you're like, I am digging this and you like my energy and you wanna do a, a deep dive and like work with me over three days, , you can check out financial freedom, 1 0 1 that is gift from [00:32:00]

You can go to my website and buy a ticket it's $497. But if you use that magic link that I just gave you gift from, you can come on scholarship. You just put down a deposit, which you get. After the event, because we ship you, , workbook and materials, and we only wanna do that if you're actually planning to come.

So that's why we ask for that refundable deposit. Ah, that's amazing. 

Kristy: All right. Well, before we wrap up here, this has been so much great Seth pen, and I really appreciate it. , one 

Penelope: more thing I'd like to ask you 

Kristy: because we have a lot of newer women entrepreneurs that, that do listen to the podcast. Can you give us your kind best piece of advice for a newer woman entrepreneur?

And it might be finance. It might be something else, but something that you, you could share with them that would help them on their. 

Penelope: Well, okay, so there's there's general and then there's in terms of creating financial freedom. Okay. So I would say in general, the best piece of advice I can give you is to model success, , because there are other people who have figured out a lot of stuff, so you don't have to reinvent the wheel and [00:33:00] figured out all on your own.

, I discovered that, you know, I. I discovered my life purpose was to speak and train and educate people like I'm doing now, but I didn't know how to do that. So I decided to just do a workshop, invite everybody I knew. And, , I charged $10 for 90 minute workshop. Nine people came, I made $90 at my first little event.

And I mean, Christy. I was on fire. I was like, oh my God, I'm living my dream. I'm living my passion. This is the best thing ever. But then it was like, okay, $90. And I'm back to score one and I've already invited everyone. I knew. So what do I do now? Right. And then I went to, , an event where they taught people how to, um, lead events and speak and write books and create info products and all these things I wanted to do.

I'm like, oh my God. That's exactly what I want. And. After much deliberation, cuz I'd already invested a lot in myself. I decided to hire them as my mentors. And I did a two day event. After that. [00:34:00] I wasn't even done at the program. I, I started like I did the first weekend of the program and then led my event.

And in two days, Christie, I made $52,000. With like 20 people at the event. And I'm like, oh my God, I didn't know. You could do that. And so that first year I made about $220,000 in a brand new business, living my dream, living my passion. And it was all about modeling success. They gave me the templates, the skills, the scripts, the practice, the mindset.

Everything. So that was the difference between trying to figure it out on my own $90 and modeling success, 52,000 and then, you know, 220 that year. And I've gone on to make millions and millions and millions of dollars since based on what I learned from that program, you know, that's really powerful. So I think sometimes we can be, you know, penny wise and pound foolish and be like, oh, well, you know, this, this program is $5,000 or $10,000 or $20,000, or, you know, whatever we.[00:35:00] 

We seem to have no problem dropping a hundred thousand dollars on a four year degree. Mm-hmm I have my degree in Spanish literature that has not helped me anywhere near as much as that program. I mentioned. Did you know? So why is it that we'll shell out a hundred grand on a bachelor's of the arts, but then B it, you know, a thousand, 10,000, 20,000 on something that's gonna help you make a lot more money.

It's kind of crazy. Whatever the price point. I mean, even if you're just starting with books and YouTube videos, model success, don't try to figure out on your own. That is like the biggest thing I can share for entrepreneurs in general, in terms of creating financial freedom, start building your golden goose right now.

There's there's. There's no time like the present, like the best time to plant a tree was 20 years ago. And the second best time is today. So start now, now, now, ,with whatever you can do a thousand dollars, $5,005,000, a hundred dollars, $5, a dollar just like start putting that money into buying assets that are gonna grow for you and get that golden goose ol and eggs for you.

Now [00:36:00] it might not be really impressive in the beginning, but over time, the power of compound interest. Mind blowing and you'll be so, so happy you. 

Kristy: So we are gonna link all of those. Amazing resources from Penelope in the show notes. If you're, , driving and you can't write this down, the other place you can go to look for these things is one step That's the podcast website, and that's where you'll find all the shows, all the links, all the things.

 So it's one step and we'll have it all there as well. And I just wanna say, thank you. Thank you so much for being with us today, Penelope. I really enjoyed this conversation. Go give that baby a smuggle for us all. And enjoy your time and, thanks 

Penelope: for being here. Thank you, Chris.

I went way too fast. I, I, I hope we can keep talking again in the future. We absolutely will.