081: Be The Boss Of Your Money, With Chella Diaz
The Sex, Money, and Food Podcast
Taking your financial inventory…
Do you ever feel like money owns you, rather than you owning it? Or maybe you’re just overwhelmed by the thought of saving and haven’t a clue where to get started. If that’s the case you’ll love today’s guest and our conversation!
On this edition of The Sex, Money and Food podcast, I’m joined by Chella Diaz. Chella is a money management guru with a practical approach you’ll love and embrace. She’s on a mission to empower others and their relationship with money. She wants you to be the boss of your money – tune in today to find out how!
More About This Show
From an early age Chella Diaz has been fascinated by money, and spent over 20 years in the banking and financial industries. She saw firsthand how little information most people have around money management, and she also saw the different habits the wealthy have from those who live paycheck to paycheck. Today we dive into all of those areas, and more!
Because her mission is to empower others, she always meets her clients wherever they are in their financial journey. Unlike many financial experts, she doesn’t have a cookie cutter approach that she applies to everyone.
When I asked her what differences she sees in the habits of the rich versus the poor, she said the wealthy pay themselves first. They take that money and put it into an account that serves a purpose like investing in retirement, real estate, etc. They create a wealthy account and set that money aside for long-term gains, it is not to be used for anything but long-term investments.
She also recommends credit unions over banks, for good reason. Credit unions are typically
non-profits and you as an account holder actually own a percentage of it. They also have lower interest rates, and lower fees than big banks so you can keep more of your own money!
And speaking of keeping more of your money, she has a very simple strategy to develop the wealthy habit of paying yourself first: take $5 from every paycheck and set it aside in your long-term investment account. Then after that, pay your bills. Once your bills are paid, whatever is leftover is for going out, movies, new clothes, etc.
Once you’ve gotten into the habit of doing this for a few months, start putting away $10 from every pay period. And if you get a raise or a bonus, put half of that away too.
Do both of these things regularly and consistently: keep increasing the amount you save, but don’t make it painful! Small amounts are easy to get used to, which is why she suggest starting with those and incrementally getting yourself to 5% of your paycheck.
Also on today’s episode, Chella shares a simple 3 bucket system you can use to teach your kids about money (it’s a system you can use too!), the books she recommends for truly understanding what it means to be a millionaire, as well as why you should never pay ATM fees again. Chella has all of those tips and more to help you become the boss of your money, tune in to hear them all!
Tweetable: “The wealthy pay themselves first.” ~Chella Diaz
Chella Answers the Questions
Q: Rank the following in order: sex, money, food.
A: Food, sex then money. Money is last because I’ve got that under control!
Q: There is nothing better in life than…
A: having people around you that appreciate you and see you for who you are.
Q: Your ultimate pleasure in life is?
A: Actually that’s so much! I enjoy cooking and baking, I enjoy it when people enjoy meals. There’s a bonding that happens, we go back to old-fashioned breaking bread together. I enjoy it when friends and family come together to enjoy a meal.
Q: What does being a boss of your own money smell like to you?
A: It’s refreshing! It’s that smell you get after a rain, the light rain that washes away the dirt from the streets. It’s that rain – it’s light, crisp and refreshing. It allows you to take a moment and pause and appreciate the fact that you are there.
Q: What is a mistake or a circumstance you went through in your 20’s regarding sex, money and food that is has allowed you grow and learn from. Or is there something that you would say…I will never do that again!
A: As you asked a few things popped up but the one that came to the surface is going through my divorce. I lost part of my identity, I was no longer the wife and I became a single parent. That was the toughest thing. But the growth that I have done since then – it didn’t happen overnight but it did happen!
Q: What book are you reading?
A: What Is Your EQ? by David Gruder. I always have Think and Grow Rich by Napoleon Hill by my bed and I read it a couple of times a year. And As A Man Thinketh, by James Allen is also by my bedside. These I have so I read them over and over again.
Resources From This Episode
- Chella Diaz’s website
- Chella Diaz on Twitter
- Chella Diaz on Facebook
- Fall In Love With Food, Sex and Money Summit
- Think and Grow Rich, by Napoleon Hill
- As A Man Thinketh, by James Allen
- Money: Master the Game, by Tony Robbins
- The Millionaire Next Door, by Thomas J. Stanley
- Millionaire Women Next Door, by Thomas J. Stanley
- Subscribe to the Sex, Money and Food Podcast on iTunes
- Get your free audiobook at Audible