ADHD Money Talk

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?Head over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter

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 sessionHead over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter

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 sessionHead over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter

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 sessionHead over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter

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.DeWiHead over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter

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)Head over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter

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 sessionHead over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter

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 sessionHead over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter

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'tHead over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter

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 sessionHead over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter