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Hey everybody, just wanted to come on here really quickly and just really talk about how you you can understand your money story.
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Hey everybody, just wanted to come on here really quickly and just really talk about how you you can understand your money story. So if that sounds interesting, please stay tuned, like and comment the video and yeah, let's get into it. Hey, yes. So my name is Prince Chenou. I work at a big financial institution and these are just some tips that I've learned thus far and just really want to just give back to anybody that's willing to listen and just truly trying to give as much impact or wisdom as I can.
So really understanding your story, your money story is truly important to I guess ma mastering money. And so this really makes me think of how your past so much influences who you are today. And I really can go into that even with my own personal example because I remember whenever I was little and give you a little background about myself.
I was originally born and raised in Cameroon, Africa. We came to states in 2010 and I remember whenever both my parents, my mom is specifically, we would always we would always go to church, big believer in my faith, and whenever on our way home from church, we would always go past a McDonald's.
And I would always ask her every single time I could, I would ask her, "Hey, mom, can we please go to McDonald's?" And she would always tell me, "No, we have food at the house." um she would always tell me that she doesn't have money for that but and it was just funny to me understanding her dynamic in that aspect and she was very frugal with her money very frugal and I think I really played an effect too on me as to why I'm frugal today um so she really had a big impact on my on my life and that really goes into my next topic of just understand the two different dichotoies or two different types of uh mentalities that you may have around money one could be a scarcity mindset and the other could be an abundance mindset and you can of course there's you can always have one or the other but just really understand those are the two main sort of mindsets that you can have and so as I talk let me jump into just talking about scarcity mindset a little bit more so that's really just having that mentality of being scared of money or like feeling like you're going to lose it at any time and so you're just trying to hold on to as much as you can and you're really just trying to you may not know where your money may go so you're really trying to hold on to it as much as you can and you're not necessarily spending money or you're not um you're just scared essentially.
Um and so I really think and I'm I'm in that camp as well like I I had to learn past that of understanding that the importance of money and understanding that you can't let money rule you but you have to rule money yourself. And so one tip that I learned um that really helped me a lot would I would just say creating a budget for myself.
Seeing where the money was going because money's coming in but we we know where money's coming in at but we half of the time doesn't don't know where the money's going out. I would say that would be a big thing to help me out especially with having that sort of mindset of just trying to hold on to everything and not let it go.
um just really creating a budget for yourself and understanding where your money flow because it gives you that sense of peace and security of knowing where the money's going at. That's the first tip I would say. So the second tip I would say is really just if you have a lot of money just sitting in your checking account or savings account and right now they're probably earning 01%.
Um just move that over to a high yield savings account. So if you are going to hold on to that money, have the money make more money if if possible. Um, so there's a lot of different high yield savings account options out there. I'm not going to necessarily um give you or try to push one or not, but if you if you have any questions, I would love to help.
So, please please put down in the in the comments. I would love to help. So, that's from the scarcity mindset. So, moving over to abundance mindset, what that looks like. So, that's having that feeling that you don't know, you don't know what's going to happen tomorrow, so you want to spend everything now.
So you want to just live in the now and not worry about tomorrow. And that there is a importance there's something to say about that aspect because you just don't want to save and look forward for the future and never look at where you at in the moment and cherish those moments you have now.
And some other things that would look like as as abundance is always feeling like you have to do everything now. um just looking looking to do things for the now but not necessarily for the future. And one of the tips I would say to really help with that is also I would just creating a budget for yourself.
But the caveat to that is really having putting some money aside specifically designated to the spending money aspect. So, this gives you that freedom to spend and splurge on different things, but at the same time, it gives a a confine and helps you still work towards those long-term goals that you have in the future.
And that would help a lot just really just having that spending money allocated within the budget. Um, so you can still have that freedom and just knowing that you can do what you want with that set amount of money. Um, I hope this helps. I hope this helps. I mean, I would love to be able to help anybody that have any questions.
And if you don't mind doing something for me, please put down in the comments what your money story is. I'd love to hear of how it was like with you growing up. What was your parents telling you in the car on your way home? Um, definitely had a big impact on my life and I would love to be able to hear from you all as well.
If you have any questions, please let me know. Um, like, comment, and subscribe and thank you.
This video is for general educational purposes only and is not personalized investment, tax, or legal advice. Every situation is different. Talk with a qualified professional about your circumstances before acting. PLC Wealth Partners is a registered investment adviser. See our disclosures.
