More Money Podcast - 359 Climbing Out of Debt and Into Wealth - Clarissa Moore, Money Coach and Founder of Clarissa Explains Money

Episode Date: March 15, 2023

This week on the More Money Podcast, Clarissa Moore from Clarissa Explains Money joins me on the show to talk about debt, credit scores, and the importance of mental health. Clarissa is such an inspiration in the personal finance space and a great example that personal finance is for everyone and anyone can learn how to get better with their money. Clarissa is a money coach and money expert. After paying off over $38K in credit card debt in 16 months and increasing her credit score, she founded Clarissa Explains Money, LLC to help narrow the gender gap in financial literacy. Clarissa’s mission is to help women make, manage, and multiply their money so they can live their best life without going broke. In this episode, Clarissa shares the challenges she faced as a single mom of two and climbing her way out of credit card debt. She also shares the importance of talking about money and how it affects our mental health. It was such a pleasure to chat with Clarissa I know you'll love listening to this episode. For full episode show notes visit: https://jessicamoorhouse.com/359 Learn more about your ad choices. Visit megaphone.fm/adchoices

Hello, hello, hello, and welcome back to the More Money Podcast. This is your host, Jessica Morehouse, and this is episode 359 of the show, and I'm so excited to have my next guest on the show. I've been following her for a few years now, and I love what she's doing. I love her messaging. She is such an inspiration. Honestly, you're going to get so much out of this episode, and very well, because she has a very big social media presence. You may already be following her. You may already be familiar with her. I'm talking about Clarissa Moore. Ooh, you know, Moore, Morehouse, that's fun. From Clarissa Explains Money. So a little bit about Clarissa, she's been able to achieve some huge milestones. After paying off

over $38,000 in credit card debt in just 16 months and increasing her credit score from 545 to 822. She is a single mom of two founded Clarissa Explains Money to help narrow the gender gap in financial literacy. Now, Clarissa's mission is to help women make, manage, and multiply their money so they can live their best lives without going broke. So since assisting people with their finances going back all the way to 2005, Clarissa uses her own story and experiences to empower women and girls of all ages with the financial tools needed to change their lives. And she is the creator of the Budget Bundle, which is a program that has helped over 700 women save over $10,000. And of course, she has been featured on the

Tamron Hall Show, Essence, Yahoo Finance, Business Insider, Next Advisor, Fox, CBS, NBC, and a whole bunch of others. And we're really going to be talking about her story because I feel like so many people have similar stories or are going through something right now and really need someone just to, you know, really just be real, to be honest, but also offer some motivation, inspiration. I mean, I don't think we can ever have enough of that. So you're going to get so much out of this episode. But before I get to it, just a few words I want to share about this podcast episode sponsor. This episode of the More Money Podcast is supported by Bel Air Direct. Want to be in control of how much you pay for your car insurance?

With Auto Merit, the safer you drive, the more you can save. Available in the Bel Air Direct app, Auto Merit provides you with feedback on your driving behavior in real time and offers tips on how to be a safer driver. Your safe driving habits are then rewarded with discounts on your premium. Not only that, AutoMerit has a ton of helpful features to ensure that you're not only driving safer, but more efficiently too. With its fuel efficiency and eco-fuel features, AutoMerit monitors your fuel consumption and CO2 emissions based on a number of factors, including your driving behavior, such as acceleration and speed, where and how much you drive, the average cost of gas in your province, and the type of car you

drive. It will then provide you valuable tips based on your personal driving style and car maintenance to help you save on fuel and reduce your CO2 emissions moving forward. To learn more ways to save on your home and auto insurance, and to get a quote to see if you can save by switching to Bel Air Direct, visit belairdirect.com. Once again, that's belairdirect.com. Welcome, Clarissa, to the More Money Podcast. I'm so excited to have you on. Thank you for having me. You're so welcome. And also, I feel like so many people told me that I should call the podcast the More Money Podcast because Morehouse. And I'm like,

we're like, you know, I like the more more thing going on. We got that going on for each other. So very excited to have you on. I've been following you online for a couple years now. And you've just done such amazing stuff. So I'm thrilled to have you on the show. I think you're such an inspiration. I just recently before I, you know, we had this interview was going on your Instagram and saw you're on the Tamron Hall show, which is like huge. Oh, my gosh. And you were amazing. So, you know, that's a pretty big deal. But, you know, you obviously started from somewhere just like most of us started from like a personal experience that then, you know, inspired you to create something to help others. Let's kind of go back in time a little bit. You know, I know one of something to help others. Let's kind of go back in time a

little bit. You know, I know one of the biggest accomplishments that kind of started kickstarted everything was you found yourself in a credit card debt, you had about $38,000. But then you were somehow able to buckle down and pay it off in only 16 months. Let's go back in time. What happened? And where did you find, I guess, the motivation to pay that off in such a short amount of time? So, yes, that's a ton of debt. I was so nervous. I was ashamed. I was embarrassed because I'm the money girl, right? And then to come out and show people or tell people that I had that much debt was really embarrassing. At the time, I wasn't, you know, Clarissa Explains Money or formerly known as the Budget Queen. So it wasn't as broadcast,

nor did I take pictures and save stuff because it was embarrassing. So yeah, there was that much debt that we had. And it was just a lot of me and my husband is what I call him, not be, he's him not being the best at money. And a lot of times when people get married, they think that, okay, opposites attract. Okay. You know, he's good at this and I'm good at that, or I'm good at this and he's not so good. So to balance each other out, but that's when it comes to money, you really got to be careful

with that. It's not about a balancing out. You have to both be on the same page. And when you're not on the same page, you're going to find yourself down a road you don't want to be down. And that's basically where we were. And then it just continued to get like the more backed up you get, the more backed up you get, right?

You get deeper and deeper into that hole. So I've found myself in that much debt. I decided to leave my husband and, um, the, what motivated me to pay it off is because now I'm on my own. So it's just me. Um, I'm a single mom now I have two children and I want to make sure my kids still have a certain type of lifestyle. Um, and it wasn't nothing glamorous or crazy, but I didn't want them to live kind of in the hood like I grew up in. So I come from very humble beginnings. My mom was a single mom with me and my daughter, me and my sister, sorry. And she was on food stamps. We would get food from food banks.

We even at times didn't have a place to live. We lived in the YMCA. Like we come, I come from very, very humble beginnings and I didn't want my kids to have to go through that. So I really wanted to just make sure I buckle down, pay off this debt so that I can afford the bills and make sure I, I don't change their lifestyle so much where it looks like, okay, well, we're having a hard time now and it's because mommy left daddy and I definitely didn't want that. So which is difficult to do, because I know divorce is expensive and complicated. And yeah, essentially, now you have to before you could split the cost of things with your partner. And then when you're on your own, it's all on you. So how were you able to, to do that to maintain that lifestyle for your kids

on a single income? So at the time, had a business and it was a jewelry business. It was called Glam Fab 2x2 and it was going really good. I buckled down and I started doing as much as I can in my business. And I just thought of all these different types of revenue streams within that business itself. So at the time I was just selling fashion jewelry, bracelets, necklaces, watches, all those things. And then I thought, okay, I can start giving this jewelry to famous people so that they can then promote it because I need people to know that I'm out there. And at the time I was on Instagram, but it wasn't like super, super big yet, but I had a good amount of followers. So now I thought, let me get some of these stars to wear my stuff. So I found a lot of stars online that, you know, and this is when they had like their email address on their Instagram page.

So it made it super easy. Or you could just Google it and try to do some digging and find it. I would send them the jewelry for free and then they would wear it and tag me in it. And then I get all these customers. So then I started to create like a subscription service. So I would allow you to subscribe. It would either be like a small bag or a bigger one. I think at most it was like 30 bucks and you could cancel at any time and you can choose and customize what you want. So sometimes people don't like rings. They

just like bracelets and necklaces. You can choose what you want. It could be gold. It could be silver. It could be rose gold. You can customize it the way you want it to. So that took off. It just took off. I went from having two or three boxes, a friend, a family member there, to having over 70 to 90 boxes at the max, around $19 to $30 a piece. So it grew really fast. All the income that I made from that never went into my pocket. It all went back into the business or went to paying off this debt. And then I also was going to school because I was going to school full time. I was working full time and I had this business full time. So it was a lot. And but I needed to go to school so that I can get my degree and get a better job where I work. And that actually

panned out for me. I got my degree and I got a better job and I increased, I doubled my income at that time. So I think I was making like 30,000 and I went up to like 68,000, something like that. And that helped out too. So all that money, I didn't increase my lifestyle at all. All that extra money went towards paying off this debt. And I, you know, just knowing how to manage my money, like doing balance transfers, making sure I'm paying less interest, things like that really helped me kind of pay it off really fast. That's incredible. That's really incredible. It makes me tired just thinking about all the things that you were doing. I'm curious because, you know, you were in a situation where you got into credit card debt and likely that was because either there was an income issue or just mismanagement of funds.

How did you pivot so quickly into like, OK, we're doing everything this way? Was it just because you were 100 percent control or in control of your finances? Yes. Was that part of it? Absolutely. So I was 100 percent in control of your finances? Yes. Was that part of it? Absolutely. So I was 100% in control. Being with my husband, like when you don't want to like emasculate a man. So I don't want to say, you know, you can't touch the money,

you can't control it, give it all to me. It was really hard for me to do that. But it did get to a point where I'm saying, you know, let me manage it, right? Let me do the budget. Let me figure out where it should go. But it didn't necessarily always work out that way because he had an income and I had an income and I can't just take all of his money. So I tried to budget and say, okay, this is what we need for

this and that. And then sometimes he would even forget to pay stuff. And then I'd be like, oh my gosh, what happened? And then the money's gone, right? So the money's gone. And when you don't have a budget, you really don't know how much money is supposed to be in your bank account and what it's going to. So when he had money in there, instead of paying the bill, maybe slipped his mind, maybe forgot.

And then now the money's gone and we need to still pay this bill. So instead of becoming past due, I would say, okay, let's just put it on the credit card. We could pay it off over time because I don't want my lights cut off. We still need to get food. So any bills that we could pay with the credit card, we would pay with the credit card because we needed the cash to go to paying the rent or paying for other things that you can't use the card for, like paying your credit card. So it was kind of a trade-off but it was really really tight because we didn't make a whole bunch to begin

with and we just lost our jobs too we got laid off because our call center we both worked at a call center and it was moving um down to florida so and we didn't want to take the move too because we just moved to pa so it was just very, very tight. I remember even not being able to afford toilet tissue. Like, like I would literally go to Walmart and borrow toilet tissue from their bathrooms because we didn't even, I didn't even want to spend anything outside of what we budgeted for. And that dollar 50 or how much ever much toilet paper was at the time just didn't cut it. Like that's how strict I was with it. But then moving out and moving on, I didn't need to answer to anybody. I knew what to do. I knew how to do it. I just didn't feel like I had the space to be able to do that when you

kind of have somebody else there to make the decisions too. I know. I feel like it's a thing that a lot of people don't think about when they are trying to, you know, find a partner, a spouse, and you know, their love of their life, they're focused on all the other things that, you know, we talk about relationships, and often money isn't something that we talk about until either there's a big joint expense, or after we make a really big commitment buying a home together or getting married. And then sometimes it's like, oh, well, we can't go back in time. And unless, you know, this sounds like your experience, unless your partner is willing to do things differently, have open communication,

be flexible, it can be impossible. And yeah, like you said, you have less freedom over your financial future if you can't 100% dictate where things are going to go if someone's not on the same page with you? I'm curious, now that you're, you know, a single mom, but, you know, looking at your kind of maybe future relationship, what would you do differently? Or even if anyone is like in a relationship, maybe they're thinking of, you know, making it more committed, what would be some things that you're like, I wish I did this before we got married? I would definitely have the money talk sooner. Now, this past relationship, the relationship I had with my husband, it's kind of different because that was my high school sweetheart.

So I knew him as we were children, right? And I dated him in ninth grade all the way up until we were adults and had children. So that was kind of different. So we didn't really try to get to know each other as adults. I just knew him forever. Like that's, he's all I ever known. But going forward, I'm definitely having the money talk much earlier and I'm looking at those and identifying red flags upfront, right? So there's a lot of red flags that I tell my clients and I tell my followers to look out for. Like if you have a guy who has a job and his job doesn't match his salary, there's something going on. Because I've even been on dates or have been with guys or relationship with guys where they'll have a job and they have way more money than the job entails. So sometimes it's the opposite. It's not always the other way. So I'm like, where's this extra money going? Because you

can find yourself in a jam. And I've had friends and people I've known been in those type of jams where the guy has gone to jail or you're being investigated for something that he did because they think you're in on it. So it goes both ways. But just making sure the income matches the job, just looking at how they handle their bills. When they get something in the mail, are they opening their mail? Are they just throwing it out? That could be a bill. That could be a collection notice. If they're not checking their mail and really big on staying on top of things, then that could be a red flag that they're not staying on top of their money. When you go out, are they just spending all this money and not thinking about how much they're

spending? What do they talk about when they talk about when it's payday? What are they just spending all this money and not thinking about how much they're spending? What do they talk about when they talk about, when it's payday, what are they doing? What are they buying? So there's a lot of things you can look at or ask them to get that information. Usually on the first date or first few days, I don't ask questions, but I do ask certain things like what are some of your goals

or what are some goals that you've accomplished recently that lets you know how motivated and determined they are to kind of stick with things and follow things through. So you can ask certain things without saying how much money is in your bank account, how much money you make. Right. So I try to do that and get around it to really understand their character. Right. Because it's really not about the money itself, it's really how you manage it and whether or not you have those skills to be able to do it. Or if you don't have those skills, you're open to learning, right? Because most people don't have the skills. I mean, that's

what you and me do is like teaching those people those skills, but most people don't have it. And you know, like you've probably recognized with lots of your clients, money's a really tricky subject. There's a lot of shame and guilt and bad feelings surrounding it, but it's, there's no fixing if you're with someone and they just refuse to talk about money or they're very secretive. Those are things that you may not be able to overcome because it's beyond your control, right? And that's something that, yeah, red flag. Yes, absolutely. Those are some of the red flags if they're not open to talking about money, because a lot of people still think it's taboo and that's how they grew up. And I understand, but you have to still be open-minded

about it because especially if you're going to be with me, because I'm the money girl, like you, you can't, we can't have a guy with us and they don't want to talk about money or they want to have. Exactly. It's like, I always talk about. Yeah, exactly. It's like I literally talk about money. Right. So I don't know how we're going to get around that. I know, you know, one of the things that you're also really well known for, and this kind of obviously makes sense since you were able to pay off your credit card debt and lots of people follow you because they want to get that inspiration as well as you also teach people about increasing their credit score. So likely because you had credit card debt, I'm sure it negatively affected your credit score. What were some things while

you're paying off the debt that you're also like, I need to fix this as well, because this has a big impact on my financial future as well. So the credit is a big thing. And I'd say this to a lot of people, because in our community, right in the finance community, a lot of people want to be debt free, right? They want to be debt-free, right? They want to be completely debt-free. They don't want to owe anybody. And so telling them to increase their credit score means nothing to them because it's like, I don't want to be in debt.

I don't need a credit score. But there's so many other reasons why you need credit score besides borrowing money. So I like to teach people about that, just letting them know that it's not just about borrowing money. Jobs are now looking at credit scores to rent a place you need a credit score. Unless you're buying a house cash, you're going to need a credit score. So you might not have credit card debt and buying a car and getting the car loan. But if you're going to buy a house, unless you're paying cash, you're going to need a credit score. Your utilities, any deposits, getting a cell phone.

Now they look at your credit. They do a soft pull to see where you are and the likelihood you are going to be able to pay them back. So my credit score plummeted. It was just, it was terrible. My credit score, I think went as low as I was in like the 700s and it went as low as a 545 and I was devastated. So I did a lot to bring it up. And part of that was, and a big part of that was paying off that debt because that was really weighing it down. But also just taking things off my credit report that shouldn't be there.

Just making sure the information that was on there was actually mine because they've mixed up my name before and they had an account on there that wasn't mine, that wasn't reporting positively. Like 34% of people have at least one error on their credit report. So yeah, so you have to make sure that you're pulling it and making sure what's on there is actually yours. And then there's people who, and that's just a mistake. So I don't think anybody took the card out. Like it was a

typo in the name and the way that they code this information when it gets to the credit bureaus, it's not a bulletproof system, right? And so I actually have a course where I teach people kind of how that works. Like once you open a card or once you open up an account, how that information is translated and what it looks like, it's really just a string of a whole bunch of numbers and letters and And anybody can mess that up. So just making sure everything on my credit report was right. Just budgeting and making sure I'm paying my payments on time. So it's not just the amount of debt you have. And it's also just making sure you're making your payments on time and keeping your utilization down. So it's not that

you can't have any debt or can't use your credit cards. You just got to make sure you're not going over that. The standard is 30 percent, not going over 30 percent of how much your your your available credit. Thank you. Your available credit is your limit. So I'm not going over that. But I say a healthy spot is seven to 10 percent. Like try to get it down even lower. Like 30% is your goal, right? So if you have a lot of debt, try to get it down to 30%. That's your first goal. And then shoot for that seven to 10. So those were just some of the things that I did that helped skyrocket my credit score. Because again, there's five components that make up your credit score

and they're all not centered around just how much debt you have. So you gotta, I like to tackle my, my money issues or anything that I'm doing from multiple angles. So you could get the best results and you could get there faster. Absolutely. Now, I bet a lot of people come to you and they're like, but I'm afraid because I was in debt. And that was a really traumatic experience going through that. Now I have to, you know, I think a lot of people, like you said, are worried about continuing to use credit to improve their credit. And it doesn't, it makes sense. I get it. It's like, we have to use credit in order to improve our credit score. But a lot of people have had bad experiences using credit because it's gotten them into debt. It's really affected

their lives. So what are some maybe tactics that people can utilize to make sure that they aren't afraid of credit and are able to use it responsibly without the fear that they'll get back into debt? Yeah, that's a true fear. And I've had clients, one-on-one clients who have expressed that to me. What I would say, so because of the way of the world now and everybody's so innovative, there are actually companies that allow you to use your debit card and report that on your credit, right? So you don't necessarily have to have a credit card, but they'll allow you to do that and that can help you increase your credit.

So that's one way. And then the other thing is the way that I like the most is just identifying one where the fear comes from, identifying what those habits were that got you into that mess in the first place and try to attack that. So for me, I don't care how much money I spend on food. If I'm going out to eat, I don't care if it costs $200, $300, I'm going to, I'm going to, I'm going to spend it. But where that comes from for me is how I grew up. Like we didn't have a ton of money for food. And to me, having food and having the food that you want, that's wealth to me, right? That means that you are doing good in your life. If you can go into your refrigerator and have a bunch of food in there, have what you want to eat, what you like to eat, right? Like as a kid, we would get one box of

cereal and that was it. Or if we got two, you cannot open up the second one until you finish the first one. Like now we have like six different boxes of cereal. If you want this one today and you want the next one tomorrow, you want to eat it for breakfast, you want to eat it for lunch, you can. But it was just so many regulations around that because my parents had to make sure that we had enough and that everybody can get some. So you got to just think about where that comes from for you and monitor that and just make sure that you're asking yourself certain questions like, okay, am I overdoing it? Is this because of X, Y, and Z? And just really question everything that you're doing when it comes to your money in that particular area that you know you're already struggling with.

And then that way, going forward, you can just kind of, or you can, or don't, right? Or don't change that particular part of you, but you know you have to make it up somewhere else. So what I do is I have my one-on-one clients just figure out where they are when it comes to money and kind of what got them there to begin with. And that always it always helps them out. Yeah. Well, I know, you know, you talk a lot about prioritizing mental health. And I mean, I've been doing this show for almost eight years. And the more and more I talk to guests, the more and more I'm like everything is connected to mental health or something that's happened in your past and our reaction to it as adults and like you said like we all come from different

backgrounds and something that happened that was so you know maybe on the outside doesn't look that that crazy like oh so you know cereal what's the big deal it can have I've seen it with people it's like yeah they overspend in a certain area and you can trace back where did this come from and it was because of some sort of like food insecurity or something you know it's lots of people are like I need to buy a house because we moved around so much as a kid and that caused me a lot of anxiety not feeling like grounded and so that's where I'm like I'm you know putting all my money into a home or only investing in real estate or something like that like all these things are always deeper so like you said it is so vital and difficult

emotionally and psychologically to not just think about money in terms of do this, this, and this, because often we try things and they don't work, and it's because we haven't really gotten to the root problem. But once you can, that's when you can make that progress and do some of the very simple tips of like, this is how you raise your credit score. But let's find out why did your credit score go down in the first place? How did that happen? And how can we prevent that moving forward? So, you know, I love that you really do talk about mental health. Why did you want to make sure that that was a part of the conversation and all the kind of content that you create? Well, one, I have a degree in psychology. So I was originally going to be like a therapist. So I really wanted to do that. So a lot of my one-on-one time with my clients, it feels like a therapy session. I've had clients say, can I just book you for the rest of my life issues? And I was like, you know, I'm not really certified in that, but so I think it's super huge. And also because

I, I think I suffer with ADHD. I have not been diagnosed yet, but, um, I, I know that I am because I've done a lot of studies on it and my son has been recently diagnosed. So I know, and, and I'm actually, um, I have been diagnosed with depression and anxiety and the depression came after, you know, I left my husband and I've never was depressed in the past. But when that happened, like now any, like a lot of things trigger it. So it comes back and it's never left. So that was a gift I got from him. Thank you. So it's super important for me because when I am depressed or when things get very overwhelming, as they do, because I'm the decision

maker for every part of my life. Like I own rental property. I'm a landlord. I make the decisions for that. I'm a supervisor in my job at my nine to five. I make decisions for that, you know, for my household as a parent, like everything I'm just like always looked at to make decisions and make the right decisions. And that can be very stressful. And it is, it's a heavy burden to bear, but you know, you know, with responsibility, it's like that with everything. But I, I get very stressed. And when I do, that's when my depression comes. And when it happens, I am not able to do things in my business. I'm not able to delegate. So I hired

three people last year and they'll be looking at me for direction and I can't get out of bed, right? I can't, I call out of work. So I'm missing work. I'm not doing things in my business. I'm not helping out with my kids, you know, and they have me, right? I'm a single mom. So when I cannot, you know, function mentally, everything else stops or gets put on hold. And it definitely indirectly impacts my finances. And I know that, and I teach women, my audience is primarily working women, and we have a lot of responsibility. We have a lot of responsibility.

So I know that gets heavy. I know it gets to be a lot. So I always have them prioritize their mental health it gets to be a lot. So I always have them prioritize their mental health because you can't pour from an empty cup. You can't. So when they get burnt out and stressed out, just like with me, nothing is going to get done. So it's super important that you make sure that you prioritize yourself and then everything else comes after because that's the only way that the wheels keep going. Yeah, I mean, I completely agree. If you are not okay, there's no way that you're going to stick to any kind of budget, like nothing will work because

you have no reason for it to work until you really identify what is going on. And how do I get help? So I'm curious, you know, what would be some suggestions for people that are listening? They're like, oh, my gosh, this is me. I've tried so many things. I listened to this podcast and still nothing's really working. What would you suggest? This is something that you should maybe try. I mean, obviously, getting professional help would be probably one path. Yeah, getting professional help will definitely work. But also just utilizing, you know, the free resources that are out there. Like I post a lot of free content, you know, your podcast has a lot of great information, your YouTube channel. I've been watching all your videos. I love them by the way. So just utilize the free information.

Cause what I know too, is that a lot of times it's not just not knowing what to do, but you don't have the finances, right? Your finances aren what to do, but you don't have the finances, right? Your finances aren't in order. So you don't have the money to pay somebody to help you. So start where you are. That's my number one piece of advice for anybody. Start where you are and start with what you have, right? Use your free resources and get yourself to a point where you can kind of make ends meet a little and then get some help.

Because like I said, when I'm feeling down and depressed, everything shuts down. And then I also spend a lot of money. So I buy a bunch of perfume. That's my thing. Like I will hoard out on perfume. I buy a lot of food. I eat a bunch of takeout, a lot of snacks. So my money is just, and I don't care what budget I created a week ago, a month ago, a year.

I don't care. I'm spending it anyway. And I don't care what budget I created a week ago, a month ago, a year. I don't care. I'm spending it anyway. And I don't care what bucket is coming out of. So just also making sure that you're prepared, right? And you plan for things. I always got a plan for the plan and the backup plan. So because I know that there's some times where I'm not in the best mood and I'm depressed, I have a sinking fund specifically for when I go and binge out on stuff,

right? So I put a little bit of money in there just so that I'm like, okay, at least I have that cushion and I don't go and use bill money or something like that or money that I'm saving for something else. But if you just make a plan, because you know yourself more than anybody, if you plan for what's going to happen, because it happens often to you, you'll be okay when it happens the next time. So that's another thing. Just start where you are, use what you got, and then plan for every possible thing that you could possibly think about. And I think that also comes from a childhood thing, right? I'm a big saver. So my budget is packed with savings. I have savings accounts, money automatically deposited to them.

I can't even tell you how much money is in it because I just, I never want to be broke again. So I am going to save. But that, and people, and some of my friends and family are like, no, that's really good. No, it's not because I need to be investing most of that money. Yeah. I used to be the same way. You can't just save it. Like you're never going to get anywhere saving all that money. I need to, so I'm trying to, and again, like I said before, know yourself and pivot. So now that I know that I'm like, okay, I have these two accounts. I don't need another savings account.

Take all that money out of that account. Put it right into my 401k, which I did. I opened up a Roth IRA, took all that money out that third, fourth account and put it all into the Roth IRA. So that, that I just know myself and everybody out there knows themselves. So you got to just work around that. A lot of the information that you're getting online is more general, but if you kind of figure out the base of that, like take that general information, understand how that works and tailor it to the way to your life and it'll, it'll work for you.

Yeah, no, I, yeah, it used to be the exact same way. Like I just hoard cash because cash, I understood, I understood where it was, what it was doing, investing. When you just look up investing or just like a financial news, does it make you want to invest your money? No, because all of it is bad news about who lost what, or this stock is worthless now, et cetera, et cetera. And, you know, talk to your friends and family and someone's lost some money from doing, you know, a bad trade or investment. And but ultimately, it's the only way that you're going to afford retirement one day and all these other big things. But it's terrifying. And if you come from a place where money was, you know, infrequent or it was there was always that, know financial insecurity saving was one way to cope

but then you get to a limit where you're like saving will never be enough and so if I keep on just saving and not investing I'm going to end up in the same place so but yeah it's like that that takes that takes a journey on itself so but when you get to that recognize when it is time to to move on to a new kind of path and then one thing that's helped for me really is just kind of like with anything in finance, if you don't understand something, then do your deep dive. Read those investing books that intimidate you so you can understand the language and how things work. So then when you do come up upon something that says ETFs, you're like, I know what that is and how that works. But that takes that takes time. And that that's not a starting point. You know,

you definitely have the foundations to figure out first until you get to that point. But yes, absolutely. Yeah. But yeah, I think a lot of people probably have those experiences. Oh, gosh. Yeah. So, you know, before I let you go, I know, you know, you've been able to inspire and help so many people. I know also, like you have this program that's been able to help 700 women save over $10,000. Is that correct? That's a huge feat because $10,000 for me, when I was in my 20s, that was the goal. They're like, if I can get to that number, I think I'll feel safe. Finally, I was moved out of my parents' house and was trying to do it on my own, I'm like, if I can get to that number, I think I can finally relax a bit and sleep well. And yeah, it helped. But then you still have things to work through. And you're like, maybe it's 15, maybe it's 20. But that $10,000 can be life-changing. What was the program? What you know, what was that involved? How did that look? So it started out as a budget coaching program. And then I changed it into like my budget bundle, where it's like a lot of workbooks, worksheets, ebooks, courses, all

wrapped up around budgeting and managing your money. So it started with that. And that's I actually currently have that still. And I'm looking to revamp it a little bit money. So it started with that. And that's, I actually currently have that still, and I'm looking to revamp it a little bit more. So it's just been getting better and better year over year. So I'm going to be sitting down and kind of ironing out some, some other direction that I have for it. So really, I'm really proud of it because I have people who, you know, they started small. I had one client who put, I think it was 500 bucks into her account, like 500 and something. And she sent me a message and she's like, I can't believe I have this much money in my savings account. And I didn't touch it. And to a lot of people, $500 is nothing,

right? Especially compared to 10,000. But the way that I talk to them is not like I'm sitting on this high horse, saying that I got this and I'm doing all that. I'm just telling them I started small. When I started saving, I was only saving $5 a month because I didn't have a lot of money. I started small, but it adds up. It adds up. You put it in a high yield savings account, it's going to continue to grow. It might be slow at first because it's not a whole lot of money, but it is going to build up. Everybody starts from somewhere. So start with what you have.

That's the biggest thing with people starting out. They look at like you or me or any of the other people and they're like, why am I not? I do that all the time too. Still, it's a terrible thing to do. It's not helpful. It's not at all. And you're looking at a snapshot of somebody's life and they're on year three doing this or year five and you're on day one.

You cannot, like, you can't, right? You're going through different things. You have different struggles. You're not telling the same story, which I tell people that all the time. You too are not telling the same story. So you cannot compare yourself to that person, right? When I see people who are doing the things that I wish I could do, I just use them as a framework to say, it's possible, right? I don't look at them to say, okay, I don't have this. I don't have that. So that's one thing that I instill in people

is to say, start with what you got and start as small as you can and just keep building from that. So that's one thing that I instill in people is to say, start with what you got and start as small as you can and just keep building from that. Because what you're trying to do is to change your habit. It's all about the habit. So it's all about changing your habit. If you could put money in there and not touch it, put a little bit more and not touch it, and you keep doing that a certain amount of times, the amount of money you could put in there is going to increase and it builds up. So yeah, I'm really, really proud of it. It's really, it has been life-changing and I'm super proud of that. And nothing that I could have done with my finances would surpass how much pride I have in being able to help people do the same thing, or if not more. I have people who've saved way more than I have and I taught them how to do it. So I'm really,

really proud of that because my mission is to make sure that, you know, women just have that confidence and competence to be able to manage their money and to be able to take care of their households with or without, you know, a man. That's my number one goal. I love that. Yeah. I mean, that's probably why I was so attracted to you and your message. It's just, yeah, I totally get it. Now, where can people find more information about you? And I know you have lots of great resources on your website. Where can they find that as well? Yes. So www.clarissaexplainsmoney.com. That's my website. So there, like you said, a ton of resources, blog posts, freebies. I've created so many freebies. I can't even. So many. So there, like you said, a ton of resources, blog posts, freebies. I've created so many freebies. I can't even. So many. So I have freebies out there and you can find me on

Instagram. That's where my biggest audience is at Clarissa Explains Money. And yeah, that's how you can find me. Amazing. Well, thank you so much, Clarissa, for joining me, having this amazing conversation with me. I appreciate it. And I can't wait to see what your next chapter is or what the budget bundle will take form in the future. Yes. Yes. I'm excited. Thank you so much for having me. It was a pleasure. And that was episode 359 of the More Money Podcast with Clarissa Moore. You can find her first on her website, clarissaexplainsmoney.com. You can find her on Twitter at clarissaxmoney. And on Instagram, clarissaexplainsmoney. And I will, of course,

link to everything in the show notes for this episode. Just go to jessicamorehouse.com slash 359. And if you want to find any other episode, just go to jessicamorehouse.com slash podcast. You'll find them all there. And also, too, if you are to find any other episode just go to jessicamorehouse.com slash podcast you'll find them all there and also too if you are having trouble searching because I honestly I just got an email from a listener the other day being like hey you had some episode with someone a few years ago talking about life insurance and I don't I can't find it I've been searching I can't find it hit me up email me I will literally find it in two seconds because I remember every single guest. So you can always email me, Jessica at JessicaMorehouse.com. If you ever have a

question like that, happy to help you. Happy to assist. Okay, so I've got some things to share with you. So do not go away. Just a few words I want to share about this podcast episode sponsor. This episode of the More Money Podcast is supported by Bel Air Direct. Want to be in control of how much you pay for your car insurance? With AutoMerit, the safer you drive, the more you can save. Available in the Bel Air Direct app, AutoMerit provides you with feedback on your driving behavior in real time and offers tips on how to be a safer driver. Your safe driving habits are then rewarded with discounts on your premium. Not only that, AutoMerit has a ton of helpful features to ensure that you're not only driving safer, but more efficiently too. With its fuel efficiency and eco-fuel features, AutoMerit

monitors your fuel consumption and CO2 emissions based on a number of factors, including your driving behavior, such as acceleration and speed, where and how much you drive, the average cost of gas in your province, and the type of much you drive, the average cost of gas in your province, and the type of car you drive. It will then provide you valuable tips based on your personal driving style and car maintenance to help you save on fuel and reduce your CO2 emissions moving forward. To learn more ways to save on your home and auto insurance and to get a quote to see if you can save by switching to Bel Air Direct, visit belairdirect.com. Once again, that's belairdirect.com. All right, a little bit of a life update. What have I been up to? Because I feel like I haven't really given a

life update for a little while. Not that I've been my life has been that crazy winter. Nothing really happens, right? But I've been busy. I've been doing some things besides obviously getting more amazing guests for the podcast and putting out new videos on my YouTube channel. Make sure to check me out. Just Google Jessica Morehouse, YouTube or in YouTube, just, you know, Google my name, and you'll be able to find me right there. And speaking and you know, running a business, I suppose and paying my bills. I have also been studying. So in case you don't know, because you know, I don't talk about it all the time. But since about September 2020 is when I kind of started my journey to eventually become a certified financial planner, a CFP.

And really, I don't honestly have future plans of opening up a financial planning firm. I haven't really worked with new one-on-one clients for a year or two. I kind of just stick with kind of the OG clients I've worked with since I became a financial counselor back in 2018. But really, it's ultimately for me to prove that I can do it because it is a very difficult program and very difficult exam to pass. But also, I just want to be more informed to be a better podcast host, a better money expert and better financial educator. And so that is what I'm doing. So it all started in September 2020 when I studied my butt off and passed two exams for the Canadian securities course. That was difficult, and I never want to take that program again. And then in 2021, I took the Canadian Securities Institute's financial planning one course. That wasn't too bad. And then of course, I tried and

failed taking financial planning to that summer. And you know, that's just me being transparent and honest, because guess what, not perfect. And it's okay, because got back onto the saddle, studied my butt off, really just this past fall, you know, around October, November of 2022, passed that exam. And then I really only have two more or only had two more courses after passing that to then be eligible to take this certified financial planner program. And then I really only have two more or only had two more courses after passing that to then be eligible to take this certified financial planner program and then eventually the exam. Like I'm telling you, it's a long road. So one of the prerequisites that I just I just studied for a week and then took the exam was a course called Lending Retirement and Insurance Supplement.

I know sounds so exciting. And it actually kind of was there. There are some things I'm like, oh, this is cool. I'm gonna make some videos about some of these interesting things. And then I have just one more prerequisite right after that. And that one is called law estate and tax supplement. Oh, man, I'm even just saying that out loud. It sounds so dry and so boring, but it must show that I love this stuff because it's not to me. I'm happily reading these textbooks about, you know, state planning and wills and stuff like that. But anyway, so I passed the LRIS, just got to do the LETS course, and then I'm eligible. And I'm hoping that I can do that in the next few weeks or months or something like that. And then I have the, you know, I've got a few decisions to make. Quite honestly, I have to decide whether I am going to go straight towards the CFP or there's another

path where you can become a QAFP first and then bridge over. QAFP stands for Qualified Associate Financial Planner. It's basically one step below the CFP, but still not an easy path. So, but we're getting there. Now, the reason I want to share this with you is, you know, first just to share what I've been up to. But I just want to kind of give some context because I started this show almost eight years ago. And although at that point, I think I'd been blogging for about four years, there was a lot I didn't know. A lot I was ashamed that I didn't know. There's a lot of judgment in the personal finance space, let me tell you, especially when you are talking to people that do work in the actual like traditional financial services industry. And so I hated the feeling of not knowing or feeling dumb. And so guess what I did? I became a financial counselor and then

continued on this path to become a CFP. And not that you have to go down that path, but if you want to do it, I've got some videos on my YouTube channel about lots of the courses I've been taking if you want to check them out. But it's just to say that if I can do it, you can do it. Honestly, remember this gal, I went to Simon Fraser University, graduated in 2009 with a film degree. All I knew after graduating school was how to make, you know, films, write essays, do some, you know, interpretive dance. I'm not joking. I took some courses. And now look at me, totally different career in finance. And so this is just to reiterate the point of the whole point of this podcast, you can learn this stuff. It is not not for you. You're no one's just talented at money. Maybe some people just,

you know, grab it easier, you can memorize things better. But anyone can learn this stuff. So don't be afraid. If you want to take some courses, take some courses. You want to read some books that look intimidating, read those books and educate yourself. And you'll feel so much better once you do learn this stuff. Like that is the number one thing I'm so happy with this podcast is not only have I been able to create all this content that you can listen to and learn, but I've learned a lot too. And it's been a really exciting journey that we've both been on together. So that's just kind of the update I want to kind of share with you. But yeah, speaking of courses,

if you did want to learn about a specific kind of path, and I talk about this a lot on the podcast, passive investing, investing in index funds for the long term, I do have a course called Wealth Building Blueprint for Canadians. I will link to it in the show notes. But of course, you can just go to my website, jessicamorehouse.com slash course. And there's more info there. Happy to chat if you have any questions about it. But again, there's lots of other traditional courses as well. If you want to learn how to build an index portfolio, manage it yourself, all that stuff. Honestly, for all the courses that I've done through the Canadian Securities Institute,

none of this is really covered, like some of it, but I've actually had to build this course, gather from so many different sources and take other courses and stuff and read so many other books and stuff like that. So anyways, this is just to kind of reiterate, I've got a course if you're interested. You can check it out on my website, jessicamorehouse.com slash course. So I'm going to leave it there. But also just to tease my guest for next week, it's also a new friend, Basola Tajani. So I met her back in the fall when we I think I mentioned on one episode where I in like, I think it was November, December participated in this kind of YouTube program as me a bunch of other kind of, you know, up and coming YouTubers learning about how to do YouTube

better. And it was great because it was a Canadian based and I got to meet so many other Canadian YouTubers in different spaces, like beauty or lifestyle or fashion and things like that. And I really hit it off with Pizzola, obviously, because she works in financial services for her day job. But also she's an immigrant. So she's originally from Nigeria and did the crazy, crazy move, which is so inspiring, of moving to Canada on her own and starting a new life. And so I am like, we need to do an episode together because she makes a lot of YouTube videos about her experience and some tips for newcomers to Canada. And so I'm like, this would be a great episode for anyone who knows someone or if you're

listening, you're new to Canada and you want some information about how tickets are, or maybe you're thinking about immigrating to Canada and you're like, what is the process? So you have a lot of things to look forward to next week. So I'm going to let you go there. Big shout out to my podcast editor, Matt Rideout. And I will see you back here next Wednesday with a fresh new episode of the More Money Podcast. Have a good rest of your week. See you soon. this podcast is distributed by the women in media podcast network