One woman’s journey into debt and back and what she wants to teach you.

A mess with money? Call Emily Burnett.WSG 86

Emily’s problems started as soon as she got her first credit card at age 18.

Then, she says, she “made a mess with her money.” She bought things. She paid the minimum on her card. The rest was carried at a typical credit card interest rate leading her into the lonely place of perpetual debt. This interview is not just a getting-out-of-debt journey, it is also a story about Emily finding the confidence to achieve her true passion: helping others get their life and money roots right as she learned to do for herself.

I am happy to share her story with you because it is relatable, not uncommon, and useful! Please watch our interview (below) and hear Emily tell her story which is both moving and funny.

And……she has written a book: Dear Fellow Spender: Enjoy Using Your Money to Get Out of Debt, Build Savings, and Create a Life You Love and here is a link to her business web site, Moso Money.

Next week we will delve into a tricky area: our kids, our money and how to separate the two. This one is revealing on my part and instructive on Emily’s. She’s launching a program a program called The Financially Fit Young Adult! Your young adult child’s financial fitness has more to do with you than you realize. Here’s what not to do and what to do to help them leave home and thrive. The write up will be for Premium subscribers, but the video will be free to all!

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MAVEN OF THE WEEK! EMILY BURNETT!

Helping women create amazing options by getting their money roots right.

Emily has been intuitive in her career changes and post college re-education. She steadily moved up ladders and doubled her paychecks. And yet, she was still living pay check to pay check and still in debt. For many people it doesn’t matter how much they make, they are always living to their limits.

By 30, Emily was tired of being ashamed and feeling broke. She downplayed her debt and financial situation to family and friends. The worst part was that by aged thirty, this was her second “peak” of debt. The upside to a bad car accident in her mid-20s was that she was able to use some of the settlement to pay off her debt. But since she still hadn’t changed her financial habits, she ended up back in a worse spot a few years later. Her first “peak” was a few years prior, made up of credit card, student loan and car payments to the tune of around $30k. Did you know most lottery winners wind up broke? More money is not the answer, she says. Learning how to take care of your money is the answer.

After confiding in her sister that she had nearly fifty thousand in credit card debt, she asked Emily how long it would take for her to get out of it. Hmm. Good question! She sat down and got “real” about her spending with a pen and a pad of paper. Not just the bills but the expenses like clothing, gifts, travel, meals out. She budgeted that she could wipe out the fifty thousand in debt in three and a half years. She did it in less than two and it felt good. She discovered that taking her spending in hand and adhering to a budget was not a bad thing. In fact, it made her feel empowered to live within her means on her own terms. She felt proud of herself, and still does!

The video interview above tells her journey to debt and back and how it inspired her to start a business to help women not only gain financial stability, but enjoy the process of getting there!

Five Stock Questions:

What did you want to be when you grew up? I wanted to be a mom, a doctor, a spy, or an entrepreneur + writer (even if I didn't fully realize the latter combination was an option).

What are you excited about now? I'm excited about some upcoming travel plans, and jumping into a bunch of writing projects.

What books are on your bedside table? On my bedside table: Anthony Trollope's Palliser Novels, just started the Mrs. Pollifax series by Dorothy Gilman, Four Thousand Weeks by Oliver Burkeman.

What do you do to relax? Reading is my favorite way to relax, but I also like to doodle or watch something. And when I'm not traveling like I have been this year, I find embroidery really cathartic.

What category/subject  would you add to the Guide? Do you write much about minimalism? Not extreme minimalism, but the toll all our stuff can take on us.

Resources from Emily:

Angella Duckworth book, Grit: this book made a big impression on her. She asks her self: do I have grit? Am I able to consistently find the energy and drive to do this?

A Recipe You Won’t Hate!Best Lentil Soup

Emily says: “I am not vegetarian or vegan and I don't even like lentils, and yet LOVE this soup.” It’s definitely soup weather now!

Ingredients:

• ¼ cup extra virgin olive oil

• 1 medium yellow or white onion, chopped

• 2 carrots, peeled and chopped

• 4 garlic cloves, pressed or minced

• 2 teaspoons ground cumin

• 1 teaspoon curry powder

• ½ teaspoon dried thyme

• 1 large can (28 ounces) diced tomatoes, lightly drained

• 1 cup brown or green lentils, picked over and rinsed

• 4 cups vegetable broth

• 2 cups water

• 1 teaspoon salt, more to taste

• Pinch of red pepper flakes

• Freshly ground black pepper, to taste

• 1 cup chopped fresh collard greens or kale, tough ribs removed

• 1 to 2 tablespoons lemon juice (½ to 1 medium lemon), to taste

INSTRUCTIONS

1. Warm the olive oil in a large Dutch oven or pot over medium heat. One-fourth cup olive oil may seem like a lot, but it adds a lovely richness and heartiness to this nutritious soup.

2. Once the oil is shimmering, add the chopped onion and carrot and cook, stirring often, until the onion has softened and is turning translucent, about 5 minutes.

3. Add the garlic, cumin, curry powder and thyme. Cook until fragrant while stirring constantly, about 30 seconds. Pour in the drained diced tomatoes and cook for a few more minutes, stirring often, in order to enhance their flavor.

4. Pour in the lentils, broth and the water. Add 1 teaspoon salt and a pinch of red pepper flakes. Season generously with freshly ground black pepper. Raise heat and bring the mixture to a boil, then partially cover the pot and reduce the heat to maintain a gentle simmer. Cook for 25 to 30 minutes, or until the lentils are tender but still hold their shape.

5. Transfer 2 cups of the soup to a blender. Securely fasten the lid, protect your hand from steam with a tea towel placed over the lid, and purée the soup until smooth. Pour the puréed soup back into the pot. (Or, use an immersion blender to blend a portion of the soup.)

6. Add the chopped greens and cook for 5 more minutes, or until the greens have softened to your liking. Remove the pot from the heat and stir in 1 tablespoon of lemon juice. Taste and season with more salt, pepper and/or lemon juice until the flavors really sing. For spicier soup, add another pinch or two of red pepper flakes.

7. Serve while hot. Leftovers will keep well for about 4 days in the refrigerator, or can be frozen for several months (just defrost before serving).

YUM!

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That’s all for this week!

xo

k