ADHD Money Talk

On this episode, I'm sharing a transformative system that has eliminated my impulse spending by using something called a "token economy" with gold stars that can be redeemed for desired purchases. This approach bridges the dopamine gap for ADHDers like you and me by providing immediate, tangible rewards for positive financial behaviors.• Token economies provide external rewards that help ADHD brains connect daily actions to long-term outcomes• The system creates your own "currency" earned through completing chores, habits, and financial behaviors• The system teaches your brain to weigh desire against effort, creating a natural spending pause• Over time, this approach reduces overall desire for impulse purchasesVisit ADHDMoneyTalk.com to share your experience if you try this system or to ask questions for the show.Interested in working with me 1:1? Check out my brand new ADHD Financial Kickstarter service: a 90-minute call with me where we dive deep on your money beliefs and financial picture. Within 7 days, you'll get a personalized roadmap designed to help you transform your relationship with money for good.Head to shamelessmoney.com/adhd-financial-kickstart to learn more.Struggling with money chaos and ADHD? Start your money transformation with my ADHD Financial Kickstarter session. A one on one meeting where we'll dive into into your unique situation and build a personalized roadmap tailored to you. No generic advice—just clear, actionable steps to transform your relationship with money. One premium session, one comprehensive plan, zero subscriptions. Book your call today! shamelessmoney.com/adhd-financial-kickstartLearn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter

ADHD Money Talk is back! Dave is joined by a new (and possibly recurring?!) guest, Max Moclock.Max graduated from Penn State with a degree in Finance. After 10 years in corporate America, Max started a career pivot to becoming a brand strategist. He received an ADHD diagnosis in 2012 and is passionate about creating space for others to feel confident and empowered, regardless of their diagnosis.This episode introduces a new perspective on setting New Year's resolutions through the concept of the **Winter Arc**, which emphasizes achievable goals, the power of visualization, and the importance of celebrating small wins while fostering self-forgiveness.What's inside?• Introduction of the Winter Arc as a manageable goal-setting approach• Importance of focusing on small, consistent victories• Visualization techniques for achieving goals• Encouragement to practice self-forgiveness and grace• Reflections on the distinct challenges faced by individuals with ADHD• Call for listeners to rethink their approach to resolutions in 2025Financial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

Unlock the secrets to mastering your career and finances, especially if you have ADHD, with insights from our 35-year veteran ADHD career coach, Shell Mendelson. We kick off the episode with an exciting announcement of our new project aimed at helping ADHDers gain better control over their financial lives. Shell shares her invaluable wisdom, including her adapted version of the iconic "What Color Is Your Parachute?" framework, making it more visual and easier to grasp for ADHD minds. Ever felt like you're your own worst enemy when it comes to making positive choices? Discover the concept of the "safekeeping self" and learn how to break free from internal barriers that hold you back. Shell Mendelson and I have an engaging conversation about the pitfalls of impulsive decisions and the importance of financial planning. We discuss how acknowledging genuine personal interests can lead to long-term satisfaction, and why community support plays a crucial role in successful financial and career planning.Navigating traditional work environments can be challenging for those with ADHD, but we've got you covered. We explore why self-accommodation plans are vital and how rigid corporate settings can stifle productivity. Highlighting real-life examples, we emphasize the importance of flexibility and understanding from employers. To cap it all off, we introduce Shell's book, "A Course for Adults and Teens: Unlock Your Career Path," as a must-have resource for gaining clarity and focus in your career journey. This episode is packed with actionable advice and inspiration tailored for anyone struggling with career and financial challenges while living with ADHD.Financial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

Discover the interplay between financial coaching and the unique challenges that come with ADHD as I bare all in a transparent reflection of ADHD Money Talk's journey. Step into the heart of my endeavors where I grapple with balancing the creation of engaging content and the depth of client work, all while evolving my business to meet the diverse financial needs of those with ADHD. As we navigate through the lessons gleaned from two years of coaching, I'll share with you the psychological insights that play a crucial role in managing money and how personalized financial advice varies among clients with different incomes and organizational abilities.Join us as we revisit the tools that have shaped budgeting advice for those with ADHD, from the early days of the Honeydew app to my current favorites like Monarch and Tiller Money. But it's not all about the tools; it's also about fostering a thriving money mindset. Hear recommendations for resources that can deepen your understanding of the psychology behind money and why it's vital to engage with your finances daily. And if you're a fan of Twenty One Pilots like me, you'll appreciate the nod to their upcoming releases, which hint at the fusion of personal interests with professional insights in this episode.Financial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

Ever feel like Uncle Sam is reaching too deep into your pockets? We've got you covered! On today's lively episode, we're unraveling the complex world of taxes for our ADHD community, tackling a tough question from Yvonne in our ADHD Money Talk Facebook group. She's got a state pension and a 403(b), but no 401(k)—so how can she keep a tight grip on her hard-earned cash? Fear not, because we're not just spewing generic advice; we're serving up educational insights that just might spark some genius tax planning strategies for you.We kick things off with a candid reminder to look at the big financial picture—because tunnel vision on tax reductions can lead to missed opportunities elsewhere. It might sound paradoxical, but we explore why paying more taxes now could actually save you a bundle in the future, especially if you're eyeing a higher tax bracket with a looming promotion. We'll guide you through the ins and outs of Roth IRAs, 403(b)s, and the often overlooked aspect of tax planning over mere tax minimization. Whether you're juggling a state pension or just trying to outsmart the taxman, this chat is locked and loaded with the financial firepower you need to potentially lower your taxable income and secure a wealthier tomorrow.Join Our Facebook Community Page - https://www.facebook.com/groups/adhdmoneytalkFinancial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

In this episode, we dive into the brain's role in financial decision-making, with a special focus on individuals with ADHD. We follow the story of Jordan, who grapples with typical financial decisions, such as whether to make an extra mortgage payment or invest in stocks. Experts like E Sonuga-Barke, G Fairchild, and A Stringaris provide insights into the unique challenges faced by those with ADHD.We examine how the default mode network, essential for planning and self-reflection, and the amygdala's reward-seeking behavior contribute to impulsive financial decisions that can impact long-term stability.The episode explores the workings of the ADHD brain, particularly the prefrontal cortex's role in controlling attention and impulses, and the interactions of the frontostriatal and frontoparietal circuits. We also discuss the crucial functions of the anterior cingulate cortex in emotional regulation and the orbitofrontal cortex in error detection, offering a glimpse into the ADHD brain's approach to financial planning.By the end of this episode, listeners will have a deeper understanding of the complexities of the ADHD mind and the strategies that can assist in navigating the financial challenges associated with it.Financial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

Ever wondered how to keep your holiday spending in check while living with ADHD? If so, this heart-to-heart conversation is for you. We're tackling the challenging dance of handling personal finances during the festive season, particularly for those of us with ADHD. This episode promises to provide you with tools to combat the cycle of impulsive spending and the aftermath of regret that often sets in once the celebrations are over. We're going to walk you through a quick and effective 20-minute planning process that respects our need for spontaneity without letting our finances run wild.Let's take a turn and inject some fun into holiday shopping while also imparting financial responsibility. We'll introduce you to the joy of cashback services such as Rakuten and Swagbucks. These are not just entertaining, but they also make shopping at a myriad of retailers an economically sound choice. You'll get a taste of the thrilling reality that is cashback percentages from various retailers and how these services can substantially pad your savings. Lastly, we're handing you a survival guide to navigate the tumultuous festive shopping season with ADHD. Be prepared to unearth the significance of setting and adhering to a budget, making the most of cashback services and discount codes, and celebrating your financial victories in the new year. We're here to empower you to overcome the tendencies of impulsive spending and jumpstart the new year with a positive financial outlook. So, join us as we embrace our ADHD, keep things fun, and aim for awesomeness!Financial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

Subscribe to the new and improved newsletter!https://www.adhdmoneytalk.com/Ready to tackle the chaos of Black Friday shopping with an ADHD twist? Buckle up as we navigate the bustling aisles and virtual carts, unveiling the unique shopping personas you may embody with a sprinkle of ADHD. From the unchecked dopamine chaser, caught up in the frenzy of discounts, to the overwhelmed wanderer, feeling lost amid the flurry of sales, we've got you covered. But that's not all - even if you're the hyper-focused hunter, laser-focused on the best deals, we celebrate your frugal side and offer strategies to enhance your shopping experience. In this riveting exploration, we also zoom into the myriad of shoppers you cross paths with on Black Friday. Ever met an over-analyzer deal analyst, who scrutinizes every purchase, or encountered a regretful rusher, who operates on shopping adrenaline? Let's not forget the adventurous browser, basking in the thrill of in-store treasure hunts. No matter if you're an impulsive shopper, an overwhelmed buyer, a last-minute procrastinator, or an indecisive shopper, we bring you tips and laughs tailored for your persona. So, gear up for an insightful, humorous journey through the world of Black Friday, ADHD style!

Does this sound familiar? Have you been told to simply focus harder or try harder to achieve financial success with your hobbies, only to feel frustrated and overwhelmed? It's time to break free from ineffective actions and the pain of not getting results. Starting an LLC can unlock the power of your ADHD hyperfocus, protect your business, streamline your financial management, boost your confidence, and provide you with a step-by-step guide to turning your hobbies into profitable ventures. It's time to take control of your financial success and unleash the full potential of your passions.In this episode, you will be able to:Unlock the power of ADHD hyperfocus to achieve financial success.Discover the benefits of starting an LLC and how it can boost your profitability.Learn how to separate your personal and business finances to streamline your financial management.Gain a better understanding of the psychological advantages of starting an LLC and how it can boost your confidence and motivation.Follow a step-by-step guide to starting an LLC and turn your hobby into a profitable venture.The key moments in this episode are:00:00:00 - Introduction: ADHD Brain and Hobbies00:01:10 - The Power of Hyperfocus00:03:43 -  Brainstorming Business Ideas00:07:46 -Understanding LLCs and Sole Proprietorship00:09:52 - The Role of LLCs in Taxation00:13:50 - Benefits of Starting an LLC00:15:17 - Clear Separation and Accountability00:16:21 -Psychological Boost of Starting an LLC00:17:38 - Steps to Starting an LLC00:21:48 -  Starting an LLC is AttainableHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

In the world of productivity, there's a hidden trap that many fall into. It's a cycle that gives us a false sense of accomplishment, but leaves us feeling empty and unfulfilled. Just when you think you have it all figured out, there's an unexpected twist in the story. A twist that reveals the true nature of your pseudo-productivity habits and challenges you to confront them head-on. Are you ready to unravel the mystery and rewrite your productivity narrative?In this episode, you will be able to:Boost your productivity by breaking free from pseudo-productivity habitsOvercome fear of failure and unlock your full potentialTake control of your finances by managing perfectionismSet achievable financial goals and watch your savings growChallenge and conquer your pseudo-productivity habits for goodThe key moments in this episode are: 00:02:33 - Dave's Personal Experience with Pseudo Productivity 00:05:59 - The Connection between Pseudo Productivity and Fear of Failure 00:08:19 - Different Types of Perfectionism 00:14:46 - Overcoming Fear and Perfectionism 00:15:19 - Continuous Growth and LearningWant to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

If you're feeling constantly overwhelmed and defeated by your financial situation, despite your best efforts to manage your money, then you are not alone! Many individuals with ADHD struggle to establish effective financial habits, often facing difficulties with budgeting, impulsivity, and organization. Despite your intentions, you may find that you are consistently overspending, missing bill payments, or struggling to save, leading to increased stress and frustration.In this episode, you will be able to:Understand how ADHD can impact your financial habits and gain strategies to overcome money strugglesUncover the role of childhood experiences in shaping your relationship with money and learn how to reframe your mindset for financial success.Discover how emotions can influence your financial decision-making and learn techniques to make more mindful choices.Explore the underlying causes of your financial struggles and develop a plan to address and overcome them.Unlock the value of financial therapy, regular therapy, and working with a specialized financial planner to support your unique needs as an individual with ADHD.The key moments in this episode are:00:00:59 - ADHD and Money Struggles 00:06:00 - Childhood Impact on Money 00:07:52 - ADHD Symptoms and Money00:09:12 - Exploring Childhood and AHA Moments 00:15:20 - The Importance of Emotional Decision-Making 00:15:55 - Mistakes and ADHD 00:16:21 - Addressing Root Causes 00:17:44 - The Need for Exploration 00:18:10 - Conclusion and Encouragement Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Do you want to break free from the grip of perfectionism and finally take control of your finances? Are you tired of feeling overwhelmed and frustrated by the constant pursuit of flawlessness in your budgeting? I have the solution that will help you develop healthier financial habits and achieve the financial empowerment you desire. By overcoming perfectionism and celebrating small wins in budgeting, you can finally experience the freedom and peace of mind that comes with taking charge of your money.In this episode, you will be able to:Discover the intriguing interplay between budgeting and the pursuit of perfectionRecognize the crucial role of addressing emotional and mental barriers in handling financesUnearth practical and efficient solutions to the common struggles of adhering to a budgetLearn to triumph over perfectionism and rejoice in the progress you make with your budgetAppreciate the significance of curiosity and self-compassion as catalysts for a successful budgeting journeyDon't let perfectionism get in the way of your budget. Budgeting is a tool for awareness, not judgment. - Dave DeWittWant to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Do you ever feel overwhelmed when managing your business and personal finances? Well, you're not the only one. This ADHD Money Talk episode is specifically designed to provide actionable tips and strategies for those who are self-employed or work as 1099 contractors. We'll guide you through the process of separating your business and personal finances by using business banking accounts. Also, we'll highlight the importance of understanding your business structure and the benefits of utilizing an accounting software for tracking receipts and invoices.But wait, there's more! We are also taking a deep dive into the various retirement contribution options available for self-employed individuals. Learn the ins and outs of investing in Roth IRA, regular taxable brokerage account, or SEP IRA. We discuss how these investment options can significantly reduce your current tax rate and save you a substantial amount of money in the long run. Remember, with financial decisions, it's always important to consult with a professional and always keep your business and personal finances separate. So, get ready to take charge of your finances in this enlightening episode!Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Have you ever imagined what it would be like to have a personal assistant that transcribes your thoughts, keeping track of the tiniest tasks that your memory can't hold onto? As someone living with ADHD, this isn't just a passing thought for me, but a constant reality. Join me as we navigate the intricate maze of ADHD, IQ, and working memory, and how this intertwining impacts my everyday life, from conversations and soccer practice to financial management.The revelation of my IQ test results, a solid 109, puts my verbal comprehension and perceptual reasoning above average. But here's the catch – my working memory is in the 34th percentile. Poor working memory isn't just about forgetting where I put my keys, it's a daily battle that affects my conversations, my sports practice, and most critically, my financial habits. It's about struggling to remember crucial details, even my own phone number. But hey, we're not here to dwell on the struggle. Let's dive into how we can turn these challenges into our strength!The moment you connect the dots between ADHD, poor working memory, and financial habits is the moment you start gaining control of your finances. Trust me, I've been there. We all know how one impulsive decision can lead to a cascade of unwarranted spending. Been there, done that. But with the help of financial tracking and building cognitive flexibility, I've been able to regain control. It's a journey, but it's doable. Let's embark on this together, learn from my strategies and experiences, and find out how to take control of our finances amidst our ADHD challenges.Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Are you ready to revolutionize your note-taking system? Discover the power of productivity apps specifically tailored for those of us with ADHD. We're taking a deep look at how I obsessively hyper-focused on productivity apps and completely transformed my approach to note-taking. We're exploring everything 'Mem', 'Obsidian', 'Akiflow', 'Asana', and 'Amazing Marvin'. Each of these apps brings a unique flavor to the table, changing the game in task creation, project management, and even hobbies like tracking golfing progress.As we journey through the world of Personal Knowledge Management, we'll uncover how they can help us generate personalized content for blogs and other materials. We'll chat about AI, explore 'networked thought', and see how it assists in creating a visual map of thoughts and ideas. Beyond that, we're talking about task management and how these apps keep us on top of our game, whether it's work, hobbies or personal life. We'll also cover the downsides, such as the difficulty of setup and lack of integration with other applications, and the quest for a frictionless and integrative platform.Concluding our tour, we'll discuss how to make the best use of these apps to maximize productivity while staying mindful of our spending habits. It's been an enlightening exploration of productivity apps and how they can enrich your life and work. So buckle up for a ride through the rabbit hole of productivity apps, their features, benefits, and how you can use them to stay organized and efficient. You don't want to miss it.Apps mentionedMem - networked notesSunsama - tasks and daily planningAmazing Marvin - tasks and day planningClickUp - tasks, projects, so much moreObsidian - networked notesRoam Research - networked notesLogseq - networked notesWant to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Are your summer expenses spiraling out of control? Have no fear, because in this episode, I share my struggles with balancing summer expenses and the unexpected surprises that often come with the season. You'll learn how I'm coping with these financial challenges and stay ready for life's curveballs.I also dive into the importance of developing financial responsibility and budgeting habits, especially when navigating through the costly summer months. From how having children has helped me get better with money, to how my anxiety has shifted from worrying about paying off debt to now worrying about not being able to save as much money as I wanted, I share my experiences and tips for smart summer budgeting. Join me as I share some helpful summer budgeting advice and discuss how I'm working towards exiting the demanding work tunnel.Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

In this episode, we dive into the features and benefits of Monarch Money, an incredible budgeting app that has gained popularity over the past three years. David shares his personal experience with the app and highlights why it stands out from other budgeting tools. From effortless budgeting to intuitive design and gamification elements, Monarch Money offers a refreshing approach to managing your finances. Stay tuned to learn more about its features and how it can help you gain control over your money.Episode Highlights:Introducing Monarch Money: A Modern Budgeting ToolMonarch Money is a relatively new budgeting tool, just three years old.The app stands out for its modern design and user-friendly interface.The developers have put great effort into building an intuitive and visually appealing app.Seamless Account IntegrationMonarch Money allows users to link all their financial accounts, including credit cards, bank accounts, loans, mortgages, and investments.It offers smooth integration with popular financial platforms like Plaid and Finicity.Manual entry is also available for accounts that cannot be linked directly.Net Worth Tracking and Zestimate IntegrationMonarch Money enables users to track their net worth by including assets and liabilities, such as property values.The app even integrates with Zillow's Zestimate feature for automatic property value updates.Transitioning from Other Budgeting AppsMonarch Money provides easy-to-follow instructions for users switching from other budgeting apps like Mint.It offers clear guidance on importing statements from Apple, especially for Apple Card users.Streamlined Transaction CategorizationMonarch Money simplifies transaction management by automatically importing pending transactions and allowing users to edit them.The app offers customizable rules to categorize transactions automatically based on user preferences.Users can enjoy the convenience of quick categorization and real-time tracking of expenses.Visual Cash Flow AnalysisMonarch Money's cash flow tab provides a comprehensive view of income, expenses, savings, and savings rates.Expenses are categorized by groups, allowing users to identify spending patterns easily.Users can also analyze spending by merchants to gain insights into specific areas of expenditure.Effective Budget PlanningMonarch Money's plan tab allows users to set budget amounts and track actual expenses.The left-to-budget feature helps balance income and expenses effectively.The app includes a forecast page where users can set budgets for future months, encouraging proactive financial planning.Adjusting Budgets in Real TimeMonitoring progress and making intentional decisions throughout the month is crucial.Monarch Money enables users to adjust budgets on the go, reallocating funds between categories or goals.The "sweep remaining amount" feature allows users to transfer unspent funds to different categories easily.Conclusion:Monarch Money offers a refreshing and user-friendly approach to budgeting. With its intuitive design, seamless account integration, and powerful features like real-time transaction tracking and budget forecasting, the app empowers users to take control of their finances. Discount code for 30% off your first year: DEWITTCMwww.monarchmoney.comHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Listener Louise writes: "I'm very good at saving. I love watching my savings balance grow and have gamified this process in many different ways to make it interesting and exciting. The problem is that impulse spending kicks in with whatever I'm into at that moment, and suddenly all my savings are gone. How I can stop this happening?"This problem is common among ADHDers, but I have some practical tips for how to help control spending so you can enjoy saving more. Listen in...For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e58Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Are you someone with ADHD who's struggling to get a handle on your finances? Well, you're not alone. Many people with ADHD find it challenging to manage their finances, leading to financial stress and anxiety.But fear not! There is a way out of this financial mess, which could start with making sacrifices.The Challenge: Make One BIG SacrificeI work with so many people who are one sacrifice away from being able to make incredible progress. Making sacrifices is important for anyone with ADHD who wants financial freedom. It requires discipline, self-control, and prioritization. But with a little effort and sacrifice, you can take control of your finances and live the life you want. So, take a deep breath, plan, and make those sacrifices. Your future self will thank you.For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e57Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Listener Rebecca has transformed from being an impulsive spender to now hyper-fixating on saving and investing. In today's episode, we discuss the potential struggles with money vigilance and how being close to the financial world can make personal financial decisions harder. We also explore the decision-making process for buying a car while saving for a house and retirement. We emphasize the importance of striking a balance between immediate desires and long-term financial goals, and ensuring all financial bases are covered before making any big-ticket purchases. Lastly, we discuss the importance of maintaining a healthy balance when it comes to financial management and the cautionary tale of Ebenezer Scrooge as an extreme example of money vigilance gone wrong. Join us as we navigate the complexities of money management for ADHD individuals and learn how to find that perfect balance between saving and spending.For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e56Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Money does not have to lead us to this life of dependence and scarcity. We were just taught wrong. We weren't taught how money really works. No class in high school shows us how to become wealthy and financially free. Listen in to hear:We were never taught how money really worksThe biggest difference between the poor and the wealthyRight mindset but wrong brainAudiobooks to "read":Rich Dad Poor Dad by Robert KiyosakiWhy the Stock Market Goes Up by Brian FeroldiAtomic Habits by James ClearMoney Mammoth by Brad KlontzThe Millionaire Next Door by Thomas StanleyThink and Grow Rich by Napoleon HillThe Automatic Millionaire by David BachBroke Millennial by Erin LowryClever Girl Finance by Bola SokunbiWant to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!Click here to leave a review oHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

A listener asked me this question, "What does one do if, after adding up fixed expenses, there is no money leftover and nothing to cut back on?"Listen in as we assess the situation and I help address:Viewing Wants as NeedsFood Prices increased 17%Reducing credit card interest ratesConsolidating debtCutting the Cord and Streaming insteadMaking MoreWhat you truly wantOf course, I don't have the details and circumstances behind this person's reason for asking the question, but do my best to address the issue from various angles. Hopefully this can help you too.For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e54Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Continually eating out hampers our ability to build our financial future. How do you avoid reaching for your phone and ordering from food delivery services like DoorDash, and GrubHub when it brings so much fulfillment and joy?Ways to Get Your Food Spending Under ControlCreate a spending journal to track the frequency and total dollar amount you spend each weekSet a fixed dollar amount for eating out each monthBudget a dollar amount to spend each month on groceries bought from the supermarketShop at discount grocery storesPrepare most of your meals yourself at homeIf you don't enjoy cooking, consider using meal kit services such as;CookUnityEveryPlateFactor 75FreshlyGobbleTovalaDepending on your situation and how entrenched you are in food overspending, you must decide the measures you need to take. If not, you will continue throwing your money away on food that only gives you a temporary good feeling but is damaging your finances and health. I'm not here to judge, but I am here to tell you the truth. We all need to hear it. Get out there and make a change!For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e53Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Are your weekends and weeknights spent devouring freshly prepared delights brought to you by your local food delivery services like DoorDash, GrubHub, or Uber Eats?Services like this are attractive to those of us with ADHD because it is a quick, easy decision and eliminates having to prepare a meal. The downside, of course, is the cost of these services.What is your food habit costing you?A quick rule of thumb is to spend no more than 15% of your take-home pay on food.On average, a single food delivery cost is between $40 to $60If you are ordering out an average of 4 times per week, you're spending about $1,000 per month15% of the after-tax take-home pay of $5,000 would be $750 per month for foodThat $750 per month, if invested in the market over 20 years at an 8% return, would be $385,000If you are among the millions of people ordering out multiple times a week, you could be eating your financial future. But I would not point out this problem without providing a solution. Join me next week for steps you can take to stop reaching for your phone and get your spending habits under control.For more information, read https://www.dewittcm.com/adhdmoneytalkblog/how-adhd-adults-can-stop-eating-their-financial-futuresWant to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

As we begin looking ahead into the new year and what we want for our financial goals, it is important that you also reflect on how you did last year to ensure you do not repeat any undesirable spending behavior.Your order of operationsHere is a quick recap of what your order of operations should be for 2023:Establish an emergency fund to cover, at a minimum, three to six months of expensesPay off any credit card debtBreak big goals down into smaller, more manageable piecesReview your cashflow and pull back where possibleTrack your spendingSet up a reverse budget methodology Pre-save for upcoming larger expensesIncrease your contribution to your 401(k)Start contributing to an IRAThe Enactment of New Legislation - Secure Act 2.0The Secure Act 2.0 was passed on December 29, 2022, allowing employers and plan sponsors to match student loan payments with retirement contributions, like how employers currently match employee contributions to retirement funds like 401(k)s. Employees can set aside up to $2,500 of post-tax money in separate emergency savings accounts alongside their retirement accounts through their payroll deductions.Participants can withdraw up to $1,000 from their retirement savings per calendar year to cover emergency expenses without penalty. However, the borrower would have to replace those funds within three years before making another similar withdrawal. Establishing these goals and taking advantage of new legislation where applicable will help you make 2023 the year you successfully become a better financial version of yourself and achieve financial freedom!For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e51Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

The term happiness comes from the Old Norse term “happ,” meaning “luck” or “chance.” In the context of the Declaration of Independence, happiness was about an individual's contribution to society rather than pursuits of self-gratification.Joy is a quality of the Soul. It is magnificent, divine, confirming, and otherworldly. Joy lives naturally and eternally within us all.Where is Your Focus?Money alone isn't enough to make you happy. However, helping others can give you long-lasting joy and the feeling of true wealth. One mistake people make is to focus on making money instead of improving the quality of life for themselves and the people they care about.Here are a few ‘life checks' you can use to see if there are opportunities you could alter your focus next year:1. Are you prioritizing the relationships with your family first? If not, what can you do to strengthen those bonds?2. Are you in the right job, and is it allowing you to create future financial security?3. In challenging times, do you invite negativity in or choose to focus on the positive?4. Instead of buying that ‘thing' you think will bring you joy, would you achieve even greater joy by giving that money to someone else in greater need?Happiness and joy don't have to be fleeting. Whether they come to us by luck or chance, we can choose to change our lives for the better, even when we feel out of control with our spending, emotions, or a lack of purpose in our lives.I hope you all take your money life seriously in 2023. Take a few moments to sit down, review your budget, values, and spending, and make plans you can stick to find that purpose, inner peace, and joy.Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Christmas shopping isn't the only important item on your end-of-the-year list of things to do. There are several financial items you should also check to set yourself up for a great 2023 and potentially save money on taxes this year and get a bigger refund.Top Ten End-Of-Year Financial Checklist1. Make sure you have not been paying too little tax on your income this year using the IRS paycheck checkup tax withholding calculator2. If you have any money left over for the year, consider putting it into your 401(k) plan. It will help boost your savings for retirement and will lower your taxable income for this year3. Plan how you will spend your money for Christmas by creating a list and assigning a dollar amount so you don't overspend4. Reflect upon your spending. How did you do in 2022? Could you have done better?5. Make some financial goals for 2023. Do you have any debt? If so, plan to pay it off before the end of next year. Also, create a goal for what you can save next year6. Use any FSA funds you may have. This is tax-free money that you will lose at the end of the year if you don't use it7. If you have an HSA, consider maxing it out for this year to get those extra health savings8. If you're a business owner, consider whether you qualify for the QBI deduction 9. If you have business expenses, consider if it makes sense to defer or accelerate the costs to reduce your overall tax liability10. If you are in a low tax bracket this year and your income next year will push you into a higher one, consider setting up a Roth conversion while your tax rate is low and have that income grow tax-freeMake Your End-of-Year Financial Review a Family TraditionYour year-end financial checklist should also include a status check with your family. Teaching your kids how to manage their money when their young will help them become financially successful adults.In this discussion, you should cover things such as:What was your budget for 2022, and did your family hold to it? What should your budget be for 2023.How much did you hope to save in 2022, and were you successful? How should that change next year?Was your family overpaying for certain expenses like utilities or cell phones? How can you trim those down next year?Were you paying off debt at the beginning of the year? Were you able to pay it off? What goal should you set for next year?Does your family have any large purchases on the horizon you need to plan for? Set a goal you can work toward together.You certainly don't have to hit all of these goals by the end of the year. However, as you look at this list, try to find at least 2-3 things that you can commit to handling before December 31 and maybe another 2-3 that you can commit to at the start of next year. This isn't about getting EVERYTHING right. It's about making consistent forward progress one step at a time. What next step will youtake?For links in the show notes, go to https://www.adhdmoneytalk.com/s1e49Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

I was blessed and excited to be a guest on Eric Tivers' ADHD Rewired podcast.In this episode, we discuss: The shame we can feel around our financesHow to use our values to help guide our financial planningHow to get past the mental clutter when facing our financesWays to stay consistent with financial managementYou'll also hear some strategies for tackling debt against spending, why “budget” is a “dirty' word, the importance of filing your taxes on time,  and a glimpse into investing. This interview was originally released at https://www.adhdrewired.com/438-adhd-money-talk-with-david-dewittWant to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Lifestyle creep, or lifestyle inflation, is a real issue that can affect anyone - especially those of us with ADHD. When our income goes up, it's natural to want to spend more and enjoy life more. But if we're not careful, we can end up in a situation where we're making more money but have less saved. This can be a real problem when we hit a financial snag or want to retire. Suddenly, all those nice things we've been buying don't seem so worth it.In this episode, we'll explore the issue of lifestyle creep and how it can affect people with ADHD. We'll also look at some ways to prevent or undo it.Financial Stability Steps to follow:1) Track spending2) Have short-term goals3) Revisit valuesTrack spendingTo track spending, use a physical notebook to write down your expenses each day or download an app to help keep track. Whichever method you choose, be sure to be consistent in order to get an accurate picture of where your money is going. In order to have short-term goals that will keep you motivated, it is helpful to tie them to a longer-term goal. For example, if you want to save up for a down payment on a house, you can break down your goal into smaller increments, such as saving $500 per month. This will make the goal feel more achievable and will help you stay on track. Finally, it's important to revisit your values from time to time to make sure that your spending is aligned with what is important to you. If you find money is being spent on things that don't bring you true value, it may be time to cut back in order to save more.Have short-term goalsAssuming the goal is to save more money and prevent lifestyle creep, one way to do this is to set up a savings system to automatically save a certain percentage of each paycheck into a savings account. This way, you are less likely to spend the money on unnecessary things and will have a cushion to fall back on in case of an emergency. Another way to prevent lifestyle creep is to track your spending and be aware of where your money is going. This can help identify any dangerous spending patterns and make adjustments accordingly. Finally, it is important to have short-term and long-term financial goals to keep you motivated and on track. Having specific goals to work towards will help you stay focused and avoid lifestyle creep.Revisit valuesIf you're worried about lifestyle creep, one of the best things you can do is track spending. This will help you stay aware of where your money is going and help detect any dangerous or destructive spending patterns. You can also set up a savings system to automatically move savings towards your goals right off the top of your paychecks. This way, whatever hits your checking account is yours to spend. Finally, remember to revisit your values periodically. What do you want your money to do for you? Provide safety, stability, independence, freedom? Ease your day to day stress? Or do you want to get your Chick-fil-A four times a week? Make sure your spending is aligning with your values.Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ersHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Greed and selfishness are often seen as negative character traits, but what if they're actually symptoms of a bigger issue? In this episode, we'll explore the three differences between people with and without ADHD when it comes to greed and selfishness. We'll also outline a system that was used to get control, understanding, and change.Why is it important to understand the difference between people with ADHD and those without ADHD when it comes to greed and selfishness?People with ADHD are more likely to be impulsive and act without thinking, which can lead to them being more selfish and greedy. They may not be able to control their urges to spend money or take things that they want, without considering the consequences. On the other hand, people without ADHD are more likely to be able to control their impulses and make decisions based on logic and reason. This can help them to avoid being greedy or selfish, as they are more likely to think about how their actions will impact others.Steps to follow:1. If you have been diagnosed with ADHD, educate yourself on the condition and how it has been impacting your finances2. Put in the honest effort to address the areas in your life that have brought you down personally3. Be aware that you are not morally wrong for struggling with ADHD, and that you are at a disadvantageRead more...Educate yourself on the conditionRead books or articles on the ADHD, or talk to a professional who can help you understand its effects. Once you have a better understanding of ADHD, you can begin to work on making changes in your life to improve your financial situation.Other resources for dealing with ADHD, financially, are to develop a budget, set up automatic payments for bills, and set aside money each week for spending. This will help you to see where your money is going and make adjustments to your spending habits. Making small changes in your financial habits can make a big difference in your overall financial health. Address the areas in your life that have brought you down personallyIt can be difficult to be honest with yourself about the areas in your life that need improvement. However, if you want to make progress, it is essential to be honest and to put in the effort to change. This means learning about ADHD and how it affects you, and then working on making changes to your behavior. This is not an easy process, and it will take time and effort, but it is possible to make progress. Once you understand your ADHD and start making changes, you will likely find that your life improves in many ways.Be aware that you are not morally wrong for struggling with ADHD, you are at a disadvantageGreed and selfishness are often seen as negative character traits, but they can also be symptoms of ADHD. People with ADHD are more likely to be impulsive and act without thinking, which can lead to them being more selfish and greedy. It's important to remember that you are not alone in this. Many people with ADHD struggle with similar issues, and there is a growing body of research and resources to help you. You can find support groups, online communities, and other resources to help you on your journey. I'd love to hear how you apply to get control, understanding, and change.. Leave me a comment on how it went for you or drop any questions you want me to answer!Want to work with me?Check out my ADHD Planning & Coaching serviceHelp Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

You've spent six months repairing your financial situation. You are completely out of debt. But now you are tired prone to a slip-up. Your credit cards with zero balances are staring at you begging to be used. This is the most important time of your journey, and when you may be the most vulnerable!This episode originally aired March 21, 2022.Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

In this final episode of the budgeting workshop, we will complete the remaining steps to implement your budget, allowing you to concentrate on being intentional with your spending.If you just joined us and would like to start the series from the beginning, here is a quick recap of the episodes: Ep. 40, Part 1 Income and Fixed ExpensesEp. 41, Part 2 Variable ExpensesEp. 42, Part 3 Analyzing ExpensesEp. 43, Part 4 Selecting the Right GoalI have also created and shared a spreadsheet on the reversed budget methodology, located under the resource links at the bottom of the page. Feel free to download and use it as a resource.Rules of the Road for Budget AutomationThe objective of automating your budget is to have three buckets for your money to flow through.The expenses bucket is for your fixed needs and wants, such as monthly bills, obligations, and commitments that do not vary.The goals bucket is for directing a specific amount of money you identified in part 4 of the series as your primary goal, such as paying off debt or setting up an emergency fund. The spending bucket comprises your variable needs and wants, including the money left after the expenses and goals. You may consider this your ‘what I can control' bucket. If this bucket goes below $0, and you are forced to use a credit card to fill in the gap between now and the next pay period, you will know that you have not successfully budgeted.  The road may prove rocky at times, but don't give up! Following this ADHD-friendly method will give you the financial control you've been looking for and provide clear, organized boundaries with minimal upkeep to keep you focused on making financial progress and becoming a budgeting pro!Resource:Link to my Google Docs Budgeting Spreadsheet (click here)Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

When you have ADHD, you must be mindful about setting goals to stay motivated and on track.Identify the goalWrite out the purpose of the goal and why it is importantDecide on one action step or small task you can do today that would bring you closer to your goalThe ‘Financial Order of Operations' is one method to help break down the process of identifying goals to focus on first.The Financial Order of OperationsHave at least one month of your expenses as an emergency fundIf you work for a company that offers an employee 401(k) match, set that up and start getting that matchOnce you have the first two steps in place, use the savings from your budget to start knocking off high-interest debtStart building your emergency fund for three to six months of expensesInvest in a Roth or traditional IRA, or increase your 401(k) contributionFund upcoming large expensesMax out your 401(k) and 403(b) accountsInvest extra savings in a brokerage account Your first goal should be achievable, so make sure you set yourself up for success by choosing something you feel you can accomplish. Once you have completed that goal, set your next one and slowly move up the ladder. That way, you will build a solid foundation that will not only be achievable but will also be meaningful to you.I have created and shared a spreadsheet on the reversed budget methodology we're using in this series under the resource links at the bottom of the page for you to download and follow along.Resources:Link to my Google Docs Budgeting Spreadsheet (click here)Debt Snowball Calculator (click here)Financial Order of Operations (click here)ADHD MoneyTalk Life Happens Emergency Fund Episode Four (click here)Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Identifying your financial purpose when setting up a budget allows us to maintain our focus on the process and our motivation moving forward. I've created and shared two documents for you to use as you follow this series. The first is a spreadsheet on the reversed budget methodology, which you can find the link under the resource links at the bottom of the page to download and follow along. The second is a Google form with a list of questions to record your spending habits.Values, Goals, & VisionThese questions will help you understand what about money is truly important to you and help you connect purpose to your efforts to become financially secure and independent. 1) Why is money important to you?2) List at least three of your core values3) What two things would you like to achieve or experience in the next two years?4) In the next five years?5) In the next ten years?6) If you were given $10,000 and were told you could not invest it, save it, or use it to pay off debt, how would you spend it?7) What if it was $50,000? When you have ADHD, looking into the future beyond a week is challenging. Answering the questions above allows you to think about your future and identify the important things and some of your long-term goals, which will ultimately help you change how you spend your money. Spending Analysis Using the 50/30/20 Model A spending analysis shows what percentage of your money is spent on needs versus wants. The 50/30/20 Model states that you should spend up to 50% of your income on needs, 30% on wants, and the remaining 20% on savings. It's challenging to save 20% of your income, especially if you're new to budgeting. This model is a guide and something to work toward. Life is getting more expensive as inflation rises, so sometimes there's not enough money to go around, even if you're putting your money in the right places. Finding ways to increase your income can help. Such as: Build upon your personal skills to get a higher-paying jobPut yourself out there, and don't be afraid to ask for a raisePick up a side jobYou are your biggest asset, so invest in yourself!Resources:My Google Docs Budgeting Spreadsheet (click here)My Google Form Budget Questionnaire (click here)The Dare to Lead List of Values (click here)Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

ADHDers like organization and structure, so they get excited about setting up a budget. However, following the method over the long term rarely works if we don't spend the extra time setting up an automated system to keep us going when we don't feel like following the process.I've created and shared a spreadsheet on the reversed budget methodology under the resource links at the bottom of the page for you to download and follow along.By the end of this series, you will be budgeting as you go throughout your day, with minimal maintenance and only spending the money you have available.Identifying Variable Wants and NeedsVariable wants are the expenses that vary month to month and get us in the most trouble because this money is often tied to credit card charges such as:Retail clothing purchasesDoorDashAmazon.comEntertainment (concerts and theater tickets)GiftsToys for your kids Even though variable needs are generally necessity driven, they must be tracked as they can heavily impact your budget. Examples would include:GroceriesDining out  Home repairsHealth expensesCar repairsGasoline As you progress through the worksheet, try not to get bogged down in the minutia in attempting to get everything perfect. The worksheet is a learning exercise to help you get an overall sense of your spending habits in a format that feels comfortable to you so you can ask yourself questions such as:Are you spending too much?Where are your problem areas?Where can you cut back?Resources:Link to my Google Docs Budgeting Spreadsheet (click here)Honeydue.com (click here)Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Establishing a budget doesn't need to be an uncomfortable experience. Once the basic elements are in place and you become familiar with the process, you'll be pleasantly surprised at how easy it will be to manage money.I've created a spreadsheet on the reversed budget methodology, which you can find under the resource links at the bottom of the page to download and follow along.The first step in setting up a budget is determining your net income and expenses.Identifying Your Net IncomeIf you are an employee, your paystub will show your net income monthly, semi-monthly (every two weeks), or bi-weekly (26 paychecks per year). For bi-weekly, multiply your net paycheck income by 26, then divide it by 12.If you have a variable income, you can refer to episode 36, where we covered that topic. For including a spouse or significant other, follow the process above, then add their monthly net income to yours.Identifying Your Net ExpensesMany of my clients start to pick up a lot of momentum in the stage I call “Wants versus Needs”.On the spreadsheet, you will see five expense sections:Fixed Needs - an expense that comes out of your bank account regularly, like your home mortgage, a car payment, or a utility billFixed Wants - food, clothing, and entertainmentDebt Payments - credit cards and personal loansVariable Wants – dining out, and vacationsVariable Needs – costs that vary or are unpredictable, like car repair and medical billsAt the end of this stage, you will have separated all of your needs from your wants and identified all your debt payments in one place, which will help you understand how to balance your spending and help you diagnose areas where you can improve. Resources:Link to my Google Docs Budgeting Spreadsheet (click here)Managing a Variable Income with an ADHD Brain - Episode 36 (click here)Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

As a CFP financial planner, the most rewarding part of my job is comprehensive financial planning helping my clients get their estate in order, investing, and tax planning. My passion is to help people understand the joy that comes with the feeling of power in controlling your money.Most of the people that come to me are at a point where first, we need to focus on getting their financial house in order and help them identifytheir impulsive spending habits. The most common culprits to 'spending blindness' include:Having no planFeeling chaosHaving your income come in and go outOver-draftingBudgeting is setting a system to get a solid foundation in place. Cash flow planning helps us see more clearly and stop being stressed out money. It helps you to begin thinking about long-term plans. Creating a financial plan for your future will be challenging until you get your house in order and the foundation set. I share a spreadsheet with my clients based on the reversed budget methodology, and will be sharing with you in the next several episodes. Throughout the workshop, we'll cover the following:The mechanics of savingHow to set up the automationHow to analyze where you're spending too much Creating that gap between income and expenses The point of this podcast is to help transform lives - and I want to do that for you!Resource: Link to my Google Docs Budgeting Spreadsheet (click here)Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Getting your money right helps in many ways because money touches so many aspects of our lives. Nothing has ever existed that has created more wealth or has been more influential in the transformation of families and people over time than the stock market.If you're an investor, you've more than likely noticed how volatile the stock markets have been. However, if you stay the course, you can avoid stepping on the emotional merry-go-round by always keeping the big picture of your future retirement in sight.Studies show millennials have been giving up on the stock market. Over the past year, 49% have reportedly sold all or some of their investments, compared to only 21% of gen X and 17% of gen Z. When asked, the main reason millennials sold their investments was to cover household expenses, losses from crypto investing, inflation, and fear.The Standard and Poor's 500, or simply the S&P 500, is a stock market index that tracks the stock performance of 500 large companies listed on exchanges in the United States.If you buy into the S&P 500After 20 years you'll have a hundred percent chance of earning a positive return on your investmentAfter 15 years, you'll have a 95% chanceAfter 10 years, you'll have an 89% chanceAfter 5 years, you'll have an 81% chanceFor one month, you would have a 61% chanceThe best advice is to not let the volatility of the market stop your contributions. Instead, see it as an opportunity to continue to contribute when the market's lower when you'll get more return for the same amount of your contribution.Resources: Ally article: https://www.ally.com/do-it-right/trends/weekly-viewpoint-august-26-2022-dont-quit-on-investing-3-reasons-to-stay-the-courseBook by Brian Feroldi: Why Does The Stock Market Go Up? Everything You Should Have Been Taught About Investing In School, But Weren'tHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

President Biden announced a plan on August 24, 2022, to forgive student loan debt through the end of December 2022, with payments resuming in January 2023. To be eligible for the $10,000 debt cancellation, your annual income must have fallen below $125,000 (for individuals) or $250,000 (for married couples or heads of households)If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt cancellation.Some of the changes originally made by the Public Service Loan Forgiveness (PSLF) Waiver will become permanent provisions of PSLF, even after the waiver ends on October 31, 2022, and will be publicized through an awareness campaign aimed at eligible individuals. These changes will involve allowing credit for late or lump sum payments and deferment or forbearance for people with qualifying employersAnother newly proposed rule not yet implemented is an income-driven repayment process known as the IDR plan, which will limit payments on federal undergraduate loans to 5% of the borrower's discretionary income and forgives loans of less than $12,000 after ten years of payments.With an estimated 43 million student loan borrowers in the United States, this relief plan has the potential to positively impact a significant number of households.Resources:https://www.gobankingrates.com/taxes/filing/13-states-tax-student-loan-forgivenesshttps://www.dewittcm.com/adhdmoneytalkblog/a-lot-of-adhders-have-student-loan-debt.-now-some-relief-is-on-the-wayhttps://www.kitces.com/blog/biden-student-loan-debt-forgiveness-relief-plan-2022-eligibility-income-limits-pell-grant-payment-freeze-pslf-idrWant to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Stability and organization are two words that best describe an ideal world for the ADHD brain. What happens, then, when someone with ADHD has a variable income?  There's no guarantee of stability, and it's difficult to organize your expenses when you don't have a fixed income.Creating a Repeatable StructureEstablish a budget with a repeatable structure that doesn't require constant tweaking:Make sure you have enough income to cover your basic expensesWhen does the income come in in the month? Does it allow for scheduling?Look at your previous years of income and see if there are any seasonal patternsBuild in some conservatism for any money leftoverCreate a working capital account to put any leftover money in to cover shortfall monthsBe more intentional with your spending to bring your overall expenses downPut a reminder in your phone to review your budget each month and look for areas of improvementIdentify your savings goals and big-ticket itemsDraw a Line You Will Not CrossDefine a list of things you will not do and post it somewhere visible to avoid pitfalls that will derail your progressDipping into your emergency fundsUsing credit cards to smooth out shortfallsFalling victim to impulse spendingPredicting when your monthly income will be higher or lowerFollowing this plan using these conservative methods will result in having money left over at the end of the year, allowing you to put that money toward your savings goals. Remember, your goal is to spend less than you make. If your spending habits are well under control, these strategies will help you reach that goal.Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionFor more information, visit the show notes at https://www.adhdmoneytalk.com/s1e36Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

As a CFP®, I'm often asked about my services - and what makes me different from others who provide financial coaching or advice.To begin, the term financial planner encompasses a pretty broad area. For example, some advisors:Work like an insurance company and sell insurance on commissionFee-based by selling other investment products like annuitiesFee-only planning as a flat fee for service renderedInvestment managers paid via a retainer feeThe fee-only option is what I do by providing financial planning services.I am a fiduciary, legally and ethically obligated to do what's in the client's best interest or best faith efforts toward doing what's in the client's best interest. I do not get paid commissions for selling products, and I don't sell insurance or annuities.  The Name GameAnyone can call themselves a financial planner, financial advisor, or financial services professional, but you must be careful. There's always a risk that they're just an insurance salesperson and not doing any financial planning. If you're considering working with a financial planner, check their certification history. Be sure you're working with someone looking at their clients' entire financial landscape and advising them on how to achieve their short and long-term financial goals. The Niche of Working with ADHD ClientsPeople with ADHD need more accountability, handholding, and frequent touch points. If we go cold for six months, we need someone knocking on our door. We want a planner who will say, okay, you're ignoring me. I'm coming to find you. I try to keep my clients accountable. If you pay me and I do not hear from you, I will tell you that this may not be the best fit because I want progress for my clients. I decided to work with people with ADHD because I understand the struggle and can help them bridge the gap between ADHD, financial chaos, and creating wealth.It has to start with small achievable steps that feel attainable and are filled with accountability.Here are the areas I can help you with:Cash Flow and BudgetingDebt ManagementIdentify Insurance NeedsInvestingOpening Accounts and Managing MoneyPlanning for your Child's EducationReferrals for Tax and Estate PlanningStudent Loan ManagementTo see the plans that I offer, or to work with me, check out my ADHD Planning & Coaching service: https://www.dewittcm.com/adhdHelping ADHD'ers unleash their financial potential through planning and coaching.Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Some call it their 'Life Happens Fund,' others their 'Emergency Fund.' Whatever you call yours, make sure you have one. But then you might want to take that thought one step further. I'm about to tell you why.My Dog WillowRecently Willow, my Bearded Collie, became very sick to the point where she needed to be hospitalized. Anyone who has gone through this before knows how expensive it is to hospitalize a pet. Throughout her illness, I had to make tough decisions where I felt I was choosing between my dog and my money. The stress and anxiety brought on by the situation were overwhelming. Of course, I chose my dog; thankfully, Willow is recovering.Looking at our now-depleted emergency fund started me thinking about pet insurance and how the situation might have been different if I had already had a pet policy.The Benefits Pet InsuranceIf I had pet insurance, I would not have hesitated to take Willow to the veterinarian when her symptoms started. I would have been able to file a claim and have a majority of the bills covered, thus circumventing any guilt or arguments about how much money we would need to spend on our dog.I've come to realize having pet insurance is my way of saying I love my dog, I care about her, and I'm doing this to protect her because I want her to live a long, happy life. It would also enable me to avoid the 'in the moment' emotional stress and anxiety when decision-making worsens.Another benefit of having pet insurance is passing the risk of your dog getting sick to the insurance company in exchange for the peace of mind of your dog's safety in the case of an emergency.The Costs of Insuring a PetHow much does pet insurance cost? After a bit of research, I discovered the following facts.Insuring a four-year-old Bearded Collie is about $30 a month.A Bearded Collie has a lifespan of about 13 years.If we had insured Willow as a puppy, we would have spent roughly $1,700 to date, considerably less than what we paid during her illness.Assuming we had the plan in place since Willow was a puppy and she'll live approximately 13 years, factoring in an 8% increase in premiums each year, that would mean spending roughly $7,700 during her life, or $600 per year. That's a much more easily digested amount spread over a decade than most of that amount paid out once during an emergency.For more information, visit the show notes at  https://www.adhdmoneytalk.com/s1e34Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Shell Mendelson has more than 30 years of experience in the field of Career Counseling, and has ADHD herself.She knows it can be difficult to find a job you like, let alone a career you love.In this interview, Shell shares ways to identify fulfilling work, why it's important to have passion in what you do, and why she doesn't recommend disclosing your ADHD when applying for a job.Job Hopping and Finding Your Passion“I learned that if I wasn't really happy in my day to day work, I wasn't gonna do that well on it” - Shell MendelsonShell tells us a story about when she strayed from her path and was fired from her job.When we are dissatisfied and overwhelmed about our jobs, it leads to sadness and an extreme lack of satisfaction in life.We find ourselves job hopping and losing confidence in our abilities. When working with clients, Shell helps them create the equivalent of an accommodation plan, but more personal and designed for you as an individual. Disclosing ADHD on a Job ApplicationWhen applying for a job, you wanna understand the working conditions that are needed for you need to thrive in. There are not many companies that recognize ADHD, and you can get people questioning your performance. If you know the kind of working conditions you thrive in, you can address that right from the outset.Shell says you can just say, “I need to be and have these particular conditions that I thrive in. And when I am allowed to work within these conditions, you will have the very best employee you've ever seen.”Make More Money Knowing what you want puts you in a better position to make more money.Our ADHD brains are interest based. If we are interested in what we're doing, if we have energy behind it, if we have a good feeling about what the growth potential in what we're doing, then we can be fulfilled and be creative in our work.Shell teaches ADHDers to use the creativity that their brains love to use in order to learn, grow, and maybe make a shift now-and-then when the timing is right. Stay ahead of the burnout we all feel so you can make some shifts in your career and keep it sustainable.Considering the Cost of CollegeShell tells the story of an 80 year old person who is still paying off their student loan debt. People often don't look at what the starting wage is after they leave college. Before making the decision on a certain college major, look at how much a certain career field is paying. Knowing this can help you make a better decision before spending thousands of dollars, or paying interest on student loan debt longer than you actually work in that career field. About Shell Mendelson:Shell offers more than 30 years of experience and education in the field of career counseling and coaching.and coaching. Shell helps others FOCUS on defining, illuminating, creating and transforming lack of clarity to a well-defined career direction and abundant livelihood. Following her own diagnosis of ADHD later in life, Shell understands profoundly how ADHD can impact one's work experience and keep many of us from choosing the best ADHD-friendly career path and taking next steps to a fulfilling, sustainable and profitable work life.Website: https://passiontocareer.comWant to work with me?Check out my ADHD Planning & Coaching serviceHelp Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Helping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

The final segment of our three-part series, we'll wrap up our discussion with Dr. Russell Ramsay, co-founder and co-director of the University of Pennsylvania's adult ADHD treatment and research program and associate professor of clinical psychology in the department of psychiatry at the Perelman School of Medicine.We all know we should do things like eat better and get our money straight, but what kind of implementation strategies do we use to put those things in motion?Focusing on the PositivesThe average ADHD person has up to 20,000 more negative experiences or interactions as they grow up than those who don't have ADHD. The power of negative experiences can be a positive thing insofar as helping us to avoid danger, allowing for problem-solving and learning from setbacks. It can take as many as four positive experiences to outweigh one negative, so it takes willpower and determination not to give up when things don't go as planned.Component Features of CBT (Cognitive Behavioral Therapy)The component features of CBT include behavioral interventions, engagement, and tasks. Tasks are broken down into a sequence of steps, like a menu, as minutely as needed for you to feel they are manageable to complete. Otherwise, you risk what is often known as progressivity, which is escaping a higher priority task. For folks with ADHD, you haven't broken it down small enough if you're not starting a particular task.For example, you should be preparing for a meeting, but instead, you start doing something else you've been procrastinating. This type of positive procrastination allows you to feel the accomplishment of getting something done, just not what you set out to do initially.The progressivity task tends to be more manual or hands-on, even among academic tasks like reading or writing.Front End PerfectionismPerfectionism is the number one thinking error endorsed by adults with ADHD and is an emotional regulation strategy. We often say, "If I can get this done the first time perfectly, I can be done with it." The reality of that scenario is that it rarely happens. Things have to be perfect as a precondition to getting started. You tell yourself you have to be in the right mood, or you're nervous about meeting a new client because what will they think about you? We run anticipatory simulations in our heads that may never happen, causing anxiety and self-doubt.Instead, focus on what you can control, such as being professional, helpful and drawing on positive past experiences.  Resources:Part 1 of this interview seriesPart 2 with Dr. Russell RamsayDr. Ramsay's book: Rethinking Adult ADHD: Helping Clients Turn Intentions Into ActionsWant to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to bHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

The second of our three-part series with Dr. J. Russell Ramsay, co-founder and co-director of the University of Pennsylvania's adult ADHD treatment and research program and associate professor of clinical psychology in the department of psychiatry at the Perelman School of Medicine.Externalized Tricks to Control SpendingOne of the most common concerns people with ADHD struggle with is impulsive spending. It's essential to take a clear look at where we are in our life and ask ourselves if what we're doing and if the things we think we want are providing value in our life. You can use a few externalized tricks to help control impulse spending.Create a vision board of the things you want to work toward and give them timelines.Do target searches while shopping online to minimize impulsive spending and keep you focused on only the needed items.Shop with a partner so you can each come to a consensus on what you purchase.Keep your credit cards at home in a drawer or lock-box where you need to unlock them, creating a delay and allowing you time to decide if you need to make the purchase.Don't carry cash. Make yourself go to the ATM to get money before buying an item you want.Implementation StrategiesIt takes self-monitoring to manage impulse spending. Online spending was created as a convenience for shoppers but is exceptionally high risk for people with ADHD.Peter Gollwitzer, a German professor of psychology in the Psychology Department at New York University, focused his research on cognitive rehearsal following an if X then Y coping statement.For example, you are shopping on Amazon.com. In goal-focused behavior, the X coping statement is adding items to your shopping cart. The Y coping statement is whether to purchase or keep the cart until later.Thoughts, Feelings, and Behaviors are like a Braided CordCognitive behavioral therapy centers around the role of our thoughts and how they can be a helpful entry point, like changing behaviors can change our attitudes and ideas and recognize our feelings.Feelings about finances and money can trigger anxiety, dealing with uncertainty. For example, someone whose parent was a gambler or overspending, and their car was repossessed from the parking lot, creating a traumatic memory. Then when they're adults, managing their finances in adulthood resurfaces that childhood trauma. They may worry about losing their job or if there will be another economic downturn.Our sense of self needs to be stronger than the idea that we are not our income or the letters behind our name. However far we go in school shouldn't define us, but they do get in the way, especially for folks with ADHD. Following through on our design plans for an outcome we want doesn't always work out and may lead us to abandon them without knowing why because, in our minds, we think we've failed.Resources:Part 1 of this interview seriesDr. Ramsay's book: Rethinking Adult ADHD: Helping Clients Turn Intentions Into ActionsWant to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

ADHD is more complex than just a summarized diagnosis in a diagnostic manual. There are many accumulated small behaviors physicians don't always identify that remain untreated.In the first of this three-part series, we speak with Dr. J. Russell Ramsay, co-founder and co-director of the University of Pennsylvania's adult ADHD treatment and research program and associate professor of clinical psychology in the department of psychiatry at the Perelman School of Medicine. Dr. Ramsay has authored numerous peer-reviewed professional and scientific articles and has written five books about adult ADHD, including his most recent book, "Rethinking Adult ADHD: Helping Clients Turn Intentions Into Actions".The Diagnostic Assessment of ADHDThe diagnostic assessment criteria for identifying ADHD include developmentally inappropriate inattention, hyperactivity, and impulsivity levels. The self-regulation view of ADHD is how efficiently one follows through on what they want to do.Time management organization also translates to financial management motivation, behavioral initiation, and emotional regulation, which is not anywhere in the official diagnostic criteria. Money is a highly charged matter; telescoping out, it also ties in with the workplace, job loss, and some other risks for ADHD.The Self-Regulation Model of ADHDThe self-regulation model resides within our executive functions. It's the equivalent of willpower, much like spending all day not eating ten chocolate chip cookies, but at 10:59 PM, you cave and eat them all. That's what's known as inhibitory fatigue. Using the analogy of eating as it relates to spending when you log onto Amazon.com.  You spend all day not buying the item, even taking it out of your cart. Still, in the end, you click the one-click shopping and buy the item.It's part of what the executive functions allow us to do by working toward delayed rewards. Any investment for which we have to buy in, we know we'll be better off. We want it, but it's hard because there's often some short-term cost. We would rather spend the hundred dollars today on something that we can have now than put it into the retirement fund for later.Having a PlanSo what is your plan? What are you trying to do or not do? Be specific and make sure it's reasonable. Don't try to change everything, like training for a triathlon or deciding to go vegan.Keystone habits are the routines and practices by which someone operates. They mark the base level of what you do without any need for willpower or persuasion. Whether positive or negative, each of these habits has a ripple effect across everything you do in life and business.Sticking to the PlanFor people with ADHD, sticking to a plan is a challenge. They may follow it for a day or two and then start anticipating flaws. For example, you plan for your evening walk, and while putting the dishes in the sink, you start thinking, "You know what? It's a little chilly tonight. I'll start tomorrow."Task interfering or escape behavior like that can also tie back to your financial planning by anticipating what could be some of the risk factors with a financial plan. Make informed decisions, predict and catch when we invariably start slipping up whatever the expense might be and if there's a possibility of undoing it.You will still slip up. We all do. What matters is catching it early and containing it, so it's just a slip and not a total relapse.Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

The 'FIRE movement' is a concept that stands for ‘financial independence, retire early,' where your investments provide all of your income to support your lifestyle. Hence, you no longer need to work. Sounds pretty good, right? The next obvious question then is how do you achieve this?Frugal Does Not Mean DeprivationTo retire early, you have to save aggressively in the market until you reach a specific dollar amount you've defined as retirement, where you can stop working and live off your investments for the rest of your life. The idea of frugal living does not mean deprivation. It means being resourceful, optimizing, being savvy with your money, and making decisions moving you towards what you want: independence and freedom.What if you still want to work and have the option to know you don't have to? You still want the income, so maybe the amount you need to save is less because you're still going to have some income, but you have the pure freedom to do whatever you want. If you're a high earner, you can achieve this by making a few modest lifestyle changes and being very smart and efficient about saving.FIRE examples for ADHD BrainsIf you're not a high earner, that's okay. You can still get there with a few more focused lifestyle changes and embracing the actions of being frugal. For example, let's say you are 30 years old, earn $200,000 per year, and have determined that you can comfortably live the life you want on $100,000 a year. To be financially independent, you need to save $2.5 million in investments. You get to this number by multiplying the money you need for annual expenses by 25.Factoring in the stock market, the average long-term return on the stock market is around 7- 8%. The rule of thumb in the FIRE movement is to take 4% of your investments yearly. 4% of $2.5 million is $100,000, which is why the standard rule is 25 times expenses.You've decided you would like to do the FIRE movement. You believe you can cut your expenses, save $70,000 per year, max out your 401k, and put the remaining savings into a taxable brokerage account. Getting to the needed $2.5 million would take 17 years. So at age 47, you could live off your investments for the rest of your life.The Power of the FIRE MovementThe power of the FIRE movement is there's a tangible result that's exciting and life-changing. It comes down to what your values are and what you want. Do you like what it can give you more than you want the next shiny object or more than you want to buy more clothes or whatever it is that gets in your way? The FIRE movement provides the freedom to live exactly how you want and realize that consumerism is unimportant. ADHD and FIREThe main challenge for those of us with ADHD embracing the FIRE movement is we impulsively spend too much and struggle with the idea of being frugal. ADHDers love extremes and do crazy things like skydiving, which is liberating, just not in the right way!Taking control of our money is a powerful thing, and that feeling of security gives us:FreedomOptionsFinancial SecurityCreates More Life ExperiencesHelps You Give Your Family MoreEnables You GiveKeep the concept of FIRE in the back of your mind as you start out on a smaller scale. Begin tracking your spending and saving habits and work on increasing that gap where you're spending less and saving more. After two years, how do you feel? Do you feel more accessible and less stressed? I already know what your answer will be.Want to work with me?Check out my ADHD Planning & Coaching service.HelHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

What is the purpose of having wealth? Some people use their wealth benevolently to give back to society. Others use it to create generational wealth for their kids and future generations. Building wealth is an integral part of our society; however, looking ahead too far in the future can cause us to miss out on what's happening today.The Power of NowIn 'The Power of Now,' Eckhart Toley encourages us to train our minds to become more present at the moment. Toley believes 80-90% of thinking is compulsive and destructive. Compulsive thinking is an addiction where you feel you have no control over it and cannot stop. It gives you a sense of false pleasure that invariably turns to pain. We derive our sense of self from our thinking, and we must keep thinking to keep our ego alive. The ego constantly looks back into the past, projecting ourselves forward.We can also get so caught up in the past and future that we try to convince ourselves into thinking things like, 'Well, just as soon as this happens,' or 'Once I get this job,' or 'Once I do this, then I'll be happy,' but that rarely happens. True liberation, happiness, and peace come from being truly present.Personal WealthThose of us with ADHD are impulsive. We struggle with the purpose of saving money, and every time we start saving, something happens that inevitably throws a wrench in our plan. The next thing we know, we're back to where we were before. It's very frustrating, overwhelming, and annoying!We ask ourselves, 'What should I do to get myself moving in the right direction?' It comes down to building personal wealth, which is not just about money. It's life wealth, financial wealth, a wealth of life experiences, and using money as a tool to help you create the life you want.How Do We Build Financial Wealth?There are three primary ways to increase our wealth:Saving moneyMaking more moneyInvesting in or increasing the return of our moneyIf you're an impulsive spender and make a lot of money, one of the most effective ways to increase your wealth is to save more by limiting the amount of impulsive spending. Get a cheaper car, and start trying to peel back your lifestyle.If you're not making enough money, take stock of your skills. Is there an opportunity to work part-time or start your own business? What about asking your boss for a raise? It's sometimes difficult for us with ADHD to speak up and advocate for ourselves. Find the courage to take stock of what you're good at and get compensated for your work.When it comes to investing,  you need to find a way to make your money do more than sit in a bank account where it's not keeping up with inflation.Remember, building wealth is a journey. Identify opportunities you feel you can tackle, avoid compulsive thinking, and don't forget to be present!If you would like to reach out and ask me a question, contact me on Instagram or my contact page at ADHDMoneyTalk.comReference links:Power of Now by Eckhart ToleyIdeas to Make More Money episode #7Lifestyle Creep episode #15Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!Please shareHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Reverse budgeting is the most ADHD-friendly way to down spending money into different categories.Tracking your expenses and coming to terms with where your money's going is essential in developing a better relationship with your money. Apps - like Honeydue - are great tools to begin budgeting.The most important part of reverse budgeting is identifying your goals. When you get your paycheck, put a portion of that money toward your goals first. The remainder will go toward your expenses. Any money left over is bonus money and is up to your discretion to spend or put back toward one of your goals.Debit Cards vs Credit CardsA debit card gives you the tangible feeling of spending real money instead of a credit card, which can feel like fake money that isn't yours.Once you hit zero, you're out of cash until your next paycheck unless you use a credit card. And if you're using a credit card, you know you've gone over your budget.Over time, as you become more familiar with your spending habits, you can adjust your categories to avoid falling short. Putting in the work ahead of time will increase your chances of being successful.Use a Balance SheetA balance sheet is a list of your assets, liabilities, debts, and money you have in savings or investments and helps illustrate if you're on the right path to accomplish your goals.After you've created that list, decide what the first item on that list you need to address, such as a high-interest credit card, building an emergency fund, or starting an investment account. Putting in the work ahead of time pays off.  The last thing you want to do is dip into your savings or any cash reserves you've set aside as a buffer.ADHD brains loves having a buffer!Using a balance sheet will also help you take control and feel empowered having control over your money. Once you get the clutter of money stress out of your brain, you have a whole world of opportunity.Listener Question: Managing a One-Time Gift of Money"My father has always been working class. He wants to provide for me what he never had, a leg up in life. Now that I'm coming of age, I'm about to receive a one-time gift of more money in assets than I've ever seen in my life. I want to honor the spirit of his action. What can I do to make sure I can trust myself and not treat this like I have every other windfall?"I recommend having a conversation with your father to understand why he's giving you the money and if he has any expectations on what he would like you to do with it.Another suggestion would be envisioning what you want out of your life in 5-20 years, and find a way to put the money to work in a way that's going to help you achieve your unique dreams and goals.If anyone out there has a question for me, send it to me at ADHDmoneytalk.com. Have a great rest of your week. Keep on keeping on, and we'll talk to you soon.Want to work with me?Check out my ADHD Planning & Coaching serviceHelp Me Out!If you enjoyed this podcast, please share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

ADHD money struggles often contribute to anxiety, stress, and strain in relationships. Dr. Stephanie Sarkis, a psychotherapist specializing in anxiety, gas lighting, narcissistic abuse, and ADHD, is joining us today to help us better understand how money and ADHD affect our relationships. Dr. Sarkis is the author of seven books, including 'ADD And Your Money,' a nationally certified and licensed mental health counselor, an American Mental Health Counselor Association Diplomat in the Florida Supreme Court, and a certified family and surrogate mediator. Her latest book, 'Healing From Toxic Relationships,' will be released on July 26, 2022.The Potential for Toxicity in ADHD/Non-ADHD RelationshipsPeople with ADHD are more susceptible to abuse because of low self-esteem, so that they may find themselves highly attracted to an organized non-ADHD person. The flip side of that attraction could result in controlling behavior. For example, your non-ADHD partner knows you struggle with money, so they tell you they'll manage your entire paycheck, and in return, they'll provide you with an allowance or spending money. It won't take long before you feel like you've lost your freedom and you may be in an abusive relationship. If this happens, talk to your partner; they may not even realize they're doing it. It could be a behavior they saw in their home growing up, and it feels natural. If you and your partner cannot address the issue, try talking to an objective third party like a therapist, financial planner, or financial coach. Financial Infidelity in an ADHD householdFinancial infidelity is when a partner buys something and either tries to hide or downplay its significance to avoid conflict. Splurging on a big-ticket item occasionally is fine as long as you discuss it with your partner beforehand and devise a plan to save and budget your money to make that purchase.   Not everyone with ADHD finds themselves in toxic relationships. It's vital to constantly communicate with the people in your life so you can focus on the things that are going well and minimize those that aren't.Executive Functions Affect How We Manage Money Executive functions are housed in the prefrontal cortex of the brain. They take in information, process it, disseminate it, and organize it, all of which challenge people with ADHD. These functions include forethought, long-term thinking, mood regulation, impulsivity, and changing rule sets. For example, say you're playing a card game, and somebody suddenly changes the rules. It takes a while to catch up and play with a new set of rules. It can be tricky for people with ADHD to see too far down the road because we're often just trying to get through our day. We must permit ourselves to look into the future, envision a happy life for ourselves, and determine what we need to make that happen.Your Financial TimelineDr. Sarkis suggests creating your financial timeline. Draw a line on a sheet of paper, then label the significant issues that have happened in your life, both good and bad. Where you would like to go? How many highs and lows have you had in your timeline? Did you have enough money, or experience there times you felt like you didn't know where your next meal was coming from? Each point on your timeline shows you where you've been and can help show where you're going.Resources for Dr. Stephanie Sarkis:Website and social channels: http://stephaniesarkis.comPre-order “Healing from Toxic Relationships”: http://stephaniesarkis.com/toxicrelationshipsHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session

Whether it's missed bill payments or impulsive spending, ADHD makes managing money more challenging, which, if we're not careful, can lead to low credit scores. The good news is you can improve your credit score and keep it in a safe zone by following a few helpful tips.You Are More Than a NumberIn the eyes of the financial world, your financial reliability boils down to a three-digit number, ranging between 300 to 850, known as your credit score. Lenders use that number to judge you on your creditworthiness. The better your number, the better interest rates you'll be able to secure for things like car loans, credit cards, and mortgages.Check Your Credit History RegularlyCredit bureau companies like Equifax, Experian, and TransUnion, collect information from various lenders to create your credit history report. The fewer blemishes on your account, the better your score.It's good practice to check your credit report for errors and verify no one has opened accounts in your name. The site annualcreditreport.com provides a limited number of reports each year. You can also sign up with Credit Karma for their free service, which alerts you when changes happen to your credit history. The Five Credit Score FactorsA credit score is made up of:Payment History - 35%Amounts owed  - 30%Length of credit history - 15%New credit accounts - 10%Types of credit in use - 10%Avoid these bad credit behaviorsMinimum payments. Only making minimum payments on credit card debt is an uphill climb, and you will see very little progress in paying off debtMissing Payments. Nowadays, there's no excuse to miss a payment, especially for those with ADHD. It only takes a few minutes to set up an automatic payment cycleCash advances. There's no scenario where a cash advance is a good idea. It will immediately start accruing interest, and there's usually a fee tied to itMaxing out your cards. Maxing out your credit cards means using up all of your available credit, which is one of the main things that make up credit scoresClosing Credit Card Accounts. Closing a card adversely affects your score by raising your credit utilization and decreasing your amount of available credit. Cut up the card or put it somewhere you won't use it, and remove the card information from all online shopping websitesWays to Improve Your Credit ScoreThe two most essential things when improving your credit score are payment history and credit utilization. Remember, 35% of your score is made up of your payment history, so a long list of missing or late payments on your credit report will be a huge red flag. This is where setting up automatic payments will help.If you have a lot of debt and have maxed out credit cards, you need to establish a debt payment plan which I covered in "Credit Cards and ADHD go Together Like Forks and Power Outlets."  Using the Snowball Method or Avalanche Method will help you establish a debt payment plan to aggressively pay off debt, which will improve your credit score.We covered a lot of information today. Remember the big picture and that you're doing this for your future. You'll have more freedom and security, a more vibrant life, and be able to wake up feeling less stressed about money. Work with me:Check out my ADHD Planning & Coaching service.Helping ADHD'erHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery session