EP 020 - Marissa Elliott - Debt & Understanding Your Relationship with Money

Who is Marissa Elliott?

Marissa is one of the founding partners of Capital Core Financial. She has over 12 years experience as a financial advisor and is the co-host of a radio show called Conversations with Money.

She is passionate about finance and speaks regularly about strategies to support people of all ages in having a brighter financial future.

Why did I bring Marissa onto the show?

I brought Marissa onto the show because debt and money are a regular source of stress for many of us.

I wanted to talk to her about how we can get out of student debts, VISA debts, tackle buying houses and start planning for our future.

With the right mindset and strategies in place, the money we make can empower us, to live the lives we want rather than living in stress.

What will you learn?

• The one habit Marissa believes in to get your spending back on track. Marissa was kind enough to provide me a sample of the system she uses (See below).                                
• How your personal beliefs can be impacting the amount of money you have
• The importance of having conversations about money with your significant other (this is the #1 reason for divorce after all)
• How the way you were brought up with money impacts the way you view and interact with money
• The one product Marissa recommends to all her clients as a way of tax sheltering your money
• Marissa’s life metaphor she learned in Argentina hiking mountains

The One Habit to Adopt

In the podcast Marissa talked about the importance of tracking all your expenses. The #1 mistake people make is they spend more than they bring in. We have so much access to credit and we impulsely buy the next shiny object we desire, which leads us into debt.

She recommends to input your expenses into a Google Doc for a whole month to increase your awareness about your personal spending. The spreadsheet has been an effective tool for herself and the clients who've implemented it.

Budgeting Sheet

Marissa was kind enough to grant me access to the document. If you want access, you can reach out to me on Twitter @filipsierpinski or to her via email below.

Connect and Learn More About Marissa

Business Website - Capital Core Financial

Email - marissa@capitalcorefincial.com

Lunch with the Ladies - 5 Steps to Getting Your Finances Back on Track

Podcast Notes

• Capital Core financial & creating an advisory business that has conversations that go much deeper than just money @ 4:40
• Marissa’s upbringing with money @ 7:40
• Why is debt such a problem in 2016? And something so many people struggle with? @ 11:00
• What’s your relationship with the amount you’re making versus the amount you’re spending? @12:30
• Marissa’s one habit to help you understand where your money goes @ 14:00
• 70% of lottery winners spend their earnings in the first 3 years - Marissa explains why @19:00
• How do we avoid overspending? Become connected to every dollar you spend @ 19:30
• Does tracking your spending take too much time? @ 21:00
• How to remove shame from your relationship with money @ 24:00
• The more connected you are with your number the better @ 27:15
• What is your first memory of money? Why that is important @ 30:00
• The people who have a hate relationship with money are typically the most in debt @ 31:30
• How to identify the relationship you have with money @ 36:00
• The stereotypical roles of male and female in relationships and how these affect debt @ 40:00
• Talking about the things that matter creates space in your relationships @ 42:30
• The way we do anything is the way we do everything @ 44:15
• “Be gentle with the mountain and the mountain will be gentle with you.” - Marissa’s metaphor for life  @ 46:00
• How is Marissa planning for new own retirement? @ 48:30
• Using tax sheltered vehicles to protect your wealth @ 50:00
• Learning to climb the mountain (life) without suffering @ 52:45
• Marissa’s biggest challenge - being present while enjoying the climb @ 53:30

Mentioned in the Podcast

 

Capital Core Financial

Aconcagua, Argentina - mountain Marissa hiked

The Obstacle is the Way - Ryan Holiday (one of my favourite books I’ve read recently)

Lunch with the Ladies Blog Post