Financial Wellness with Soledad Tanner of STC Consulting

SPEAKERS

Soledad Tanner, Sheri Davidson

Sheri Davidson 00:18

Hi everyone, you are listening to the wellness inspired podcast. I'm your host Sheri Davidson. Welcome back. If you're new to the podcast welcome. I'm glad you're here. And I am super excited about this episode was solid add Tanner. But first a few things. If you missed the episode with Shauna Tatum on the glorious gut biome, please please please check it out. It was packed with a lot of great information. And I have received some really awesome feedback. So check it out. Let me know what you think. I'll put the link in the show notes. You can click and listen and get ready for episode number four running my teacher race report Franklin Mountains 27k. This will be my first monologue and an ongoing theme. We all know Exercise and Movement is a pillar of health. And research shows it is one of the best things you can do for your health, move it or lose it friends. Now how you choose to move it is up to you, but you have to move. I've found my love of trail running, and it has been the greatest teacher. My goal with these short race reports is to share the life lessons I have learned during each race. I don't think running is for everyone. But I do hope you find an activity you enjoy, you really enjoy doing an activity that is sustainable and gives back to you in a positive way, is the only way you're going to stick with it. So let's see how this goes. And as always feedback as welcome. Let's move on. Please join the wellness inspired community and get updates on new episodes and wellness inspiration in your inbox, you can go to the wellness inspired podcast to sign up, I'll put the link in the show notes. If you like what you hear, please give me a rating and review. Wherever you listen to your podcast. It helps people find me. If you're in the Houston area, or visiting interested in acupuncture, herbal medicine, cupping, dry needling, or all of it, contact us, you can find out more on our website at element five oh m.com. That's element, the number five oh LM for Oriental medicine.com. I'll put the link in the show notes. All of this will be in the show notes. If you're interested in health and wellness coaching, we can connect in the clinic or on Zoom. So reach out, and we'll get you on the schedule. And last, I'd like to share with you two events that I host. I host them once a month. One is a yoga class with Georgia, a friend of mine and a great yoga teacher. Yin Yoga is a passive style of yoga that allows for deep connective tissue release. It's very meditative. It's amazing. I think that it's a great yoga class for anyone. So if you're interested, you can go to the element five o m.com. And click on Events. And you will see a calendar and you can just click on the link under that day. So that would be January the 29th. And it's usually at 10am. On zoom. I also offer a mindful meditation class once a month. The next one will be on Saturday, January the 22nd at 10am. And it is with

me. I am a true believer in mindful meditation. And I think it is a practice that everyone should develop, whether it is an informal practice or a formal practice, and you can do a combination. But this is set up for beginners. So we do interval meditation, almost like when you I don't know if you guys are familiar with couch to 5k. But when you first start running, you usually will do intervals because most people can't run continuously for two to three miles. And so you do interval training. So you might run for three minutes and walk for one. So that's what this meditation class is it is for beginners, and it is set up as interval. So we meditate for seven minutes. And then we come out and we talk I answer any questions and then we go back in and we do that four times. So the class is about an hour long, but it's it's very engaging. And it's great for beginners because you can ask a lot of questions and kind of just get a feel for it. And then you can start practicing by yourself. So again, you can sign up on the website, element five oh m.com website. I'll put that link in the show notes. And I think that wraps it up. So let's jump in and talk about financial wellness facilidad Tanner, money, money money. Yes, I said it and I want to talk about it. You know, in the past, money has been said to be the root of all evil, and I don't believe money is the root of evil. But I do know it's the number one stressor globally. Financial stress dramatically affects our physical and mental health. It is the root of anxiety. ad depression, increased blood pressure, cardiovascular disease, insomnia, intention to name a few. However, no one is talking about it. Until now, we're going to take a walk on the wild side and talk about what was once taboo. In this episode, we're going a little deeper, adding another layer to the numbers, we're going to talk about financial wellness, this might be a new term for most people. So let's define it. What is financial wellness, financial wellness is not just about how much money you have in the bank, financial wellness goes deeper than the numbers. It is about exploring your relationship with money to uncover issues that are negatively impacting the relationship. So we can make better financial decisions for the present and the future. It's how you use the money, you have to do the things that make you happy and healthy. And this will be different for everyone. What makes me happy and how I choose to spend my money will be different than what makes you happy and how you choose to spend your money. But first, we have to know our relationship with money. Is it healthy or unhealthy? Many times we fall into the same pattern as our parents. So it's a good place to start to get an idea of your beliefs around money. So ask yourself What did your parents say about money when you were growing up? Mindset, money doesn't grow on trees, sending the message that we had a lack of money. If we become aware of the struggles and negative beliefs we have around money like lack of, we can change it to make better financial decisions. All we have to do is to work. It sounds easy, but it takes time. So don't expect an overnight success, but a slow crawl to success. I know I've been there. And that's why this topic is very close to my heart. I have experienced anxiety and self induced pressure around money, and it has affected my mental and physical health, especially in the past. I went through a divorce, moved back to Houston from Austin and started my practice with no money, I started experiencing severe anxiety and panic attacks. I have always been a healthy person. This place I was in mentally and physically was very new to me, and incredibly uncomfortable. I was face to face with the value of money and the role it played in my happiness, health and future. So I asked myself, How do I get out of this place and never return? Lose the roadmap? I'm done with this adventure? I am happy to report I am fully recovered from the anxiety and panic attacks. I am still practicing the art of financial wellness. And you know what? I am really enjoying it. And I know that there are many people out there who will benefit from this conversation on financial wellness. Maybe your story doesn't look like mine. But money plays the same role in all of our lives. Money plays the role in our happiness and our health. My next guest Soledad Tanner is the perfect person to talk about this. She is my friend and a financial wellness expert. She is the founder and CEO of STC consulting a financial and business consulting firm that helps improve the profit and productivity of businesses. STC consulting solutions are for corporations, CFO, on demand controller on demand and financial speaking for business owners and startup financial management, financial coaching and training and business consulting. She is also an outstanding international consultant award winner and global financial business consultant and speaker with 30 plus years of extensive international experience in finance and controlling strategy and consulting performance and metrics in the global logistics and banking industry. She received a bachelor's in Business Administration with an emphasis in management from a university in Ecuador, a Master of International Business at the University of St. Thomas and a certificate organizational leadership from Rice University. She is an incredible and smart woman. And I am proud to call her my friend. And I'm so thankful for our friendship. We have known each other for about two years now. And she has been one of the most supportive people of my business, and she's been a supportive friend. So I'm also happy to say that I am a client and I highly recommend her. So without further ado, let's start our conversation Sure, I saw Dad Thank you for coming. I appreciate your time and

Soledad Tanner 09:49
yeah, I appreciate you being here. I thank you for inviting me. This is really exciting. We we talked about it a couple of months maybe weeks ago. We actually talked about it a lot.

Sheri Davidson 10:00

Long time ago, I think I actually mentioned this to you last year, and I filled that, that will be wonderful, and then finally became today's today. So I'm very excited to be here. Thank you. Well, I have to say that this topic resonates with me very intensely. So and I am going to assume that it resonates with a lot of people. The topic of money? Yes. Yes, it's very in, especially in this last year and a half, has become even more of a priority for many families and many individuals, we have gone through unique times. So I think this topic is very timely. Right now. I am very excited to add a little bit of my own experience and my own knowledge to the for the community. Yeah, yeah, I think so much has shifted over the past year. But will we're going on two years now. And I believe. I mean, I know a lot has shifted for me. You know, my, you know, finances, pre COVID was one story, one narrative. And now that we are not going to say post COVID, because we're still in the middle of the pandemic, but things have shifted again. So I'm assuming many families, many people are experiencing that. And so yes, I think this is very timely, and I think very much needed. And I also believe it is going to be even more so in the times to come. And in the coming years, I don't think that we're out of it. And I think that it's going to be a huge focus of movement around the financial wellness. Yeah, I agree with that. Because people talk about going back to pre COVID times, and characteristics. And I don't think there's such a thing as going back to pre COVID, I think we are a find ourselves into a new level. And we have to complete continue to adapt to our new level, and take the opportunity to add additional pieces of knowledge.

Soledad Tanner 12:23

If open to change, then improve some of the things that we were doing before and really take the opportunity to learn, what can we do to reduce the stress of our money? How can we live without within our means? How do we prepare for another difficult crisis? And that was my sidekick, Finn, joining in on the conversation, but go ahead. But that's how we prepare for the unexpected, right? So and we just bounce back and go back to where we were. So that's an example of how life goes, right? Yes. So I think we need to use this time to really think Learn, learn additional key points that can improve our financial health, and our wellness, for the use of stress at knowledge, and really reconsider what are the key elements and we're using to live our life? I think a lot of people we will feel better, if just give it a try. And then they start with some new pieces of knowledge. Yeah, and I want to jump into that. But I so let's let's back up for a second and just let people know a little bit about you. Because I know you. We've been friends for how many years? Did I meet you? Seven to eight to two? Well, definitely two because I knew you before COVID. Yes. Yeah. And we're two years. When did you move into the building? I move? mid January. You're right. COVID was April, no, March. And I think a move early January. Okay. So you weren't even here a year before? COVID hit? No, I was probably
two months. Okay. Which was obviously a scary because it change the way the clients? Yeah. You know, with the business, so that was part of the experience. So adjusting to our COVID See, so. Okay, so going on three years. Yeah. Yeah, I'm very happy. Yeah, no, yeah. You've been awesome. Good Friend, here. And so so why don't you tell people about your business and what you do? And then we'll jump into the wellness piece of it. Super. So my name is Selena timer. I'm the founder and CEO of STC consulting, which is a financial management consulting firm. And what we do is we help businesses in prove the profit and productivity and we add knowledge to an expertise to business owners. Lead, it's, it's really important to add the financial element to managing a business. And I have seen throughout my career that many, many businesses that were subject matter experts do not have that element and, and that can make the difference between success or lack of we know they, as an entrepreneur, one of the first things that you learn if you talk to a business coach, or anybody in the that's an entrepreneur, they say, if you don't know anything, at least know your numbers. Yes. And there's a lot of power in the numbers, knowing your numbers and getting familiar with the numbers. That's why this topic that we're speaking today, it's so close to my heart because it makes a difference. What we do in the businesses, we provide CFO on demand services, controller on demand, financing, speaker, financial management services, business consulting, and coaching and training employees. And we do it for small businesses as well as for corporations do you have as far as like employees, so maybe one employee to 500 employees or what the right now we're working with companies, between 20 and 100 employees, then when I have good friends who have smaller businesses I am at you know, it's my pleasure to to also support them. And I also have a special area of leech area for women. Now, historically, finances been a topic that in many of our cultures have not been really introduced to girls until later in life and some, some of my best clients, Doctor clients, I've never had a finance class or business class been after studying for like 20 years, you know, kind of incredible things that they do, but is critical, even as a lawyer or some medical person, I'm raising my hand. A bad business is part of your business. Yeah. Yeah. And Houston is has been an incredible place. Because the the, the diversity of the community, and the diversity of the industries and just the sheer economic power of this city is incredible. So I love I love being here. And as you can tell by my accent, I wasn't born here. I tell everybody where you're from. Yeah, so I was born and raised in Ecuador, South America. My I'm the daughter of quiet Oregon, spawn your mother and a Swiss German French father and moved to the US in 96. To pursue my MBA and fall we did it at the University of San Tomas. Yes. So I I was after overcoming certain tests that I didn't know how to take but you know, how it goes. So I had to take a TOEFL test, which is an English proficiency test then and then GMAT test, which is a General Management Admission Test and preparation to the university and then it I was so determined and it was it was complex, because it was the first time I study in a foreign language. I do not speak English my language perfectly. I was I had work in English before. But starting in a foreign language is goes into a deeper level of your brain. So it takes you can do it right. But it takes like a double effort to repeat and repeat and repeat until English is really good. Thank you appreciate it. Well, it tooks many years my first English class was I was eight years old. And then yeah, it took it took many years and the advantages I had worked in Ecuador, the English I worked for American firms. So my English became better and better until I got to Texas and I go to the do you say y'all Yeah, I will.

Sheri Davidson 19:25
Say it No, I said, y'all fixin. Yes.

Soledad Tanner 19:33

I was puzzled by that. I learned when, when the first time somebody said did you want to hitch a ride with me? I have no idea like, what is your right to say? It's going to rain cats and dogs. I was scared. So those are the cultural nuances that you learn when you move to another country. Yeah. Yeah. And you do a lot for the Hispanic people. as well, too, is that correct? Yes, that's correct. So, in general, finance is a topic that you see more women now, but it's not common to find women in this industry, but less common is to find a Hispanic woman or international woman doing that and talk talking about improving the wellness of our generation. So I find that it's critical that I become a voice to the community, and also critical than all other young women see, see themselves in what the possibilities of maybe one day doing that? See, the more the more we I give to the community? And, and I talk, every opportunity that I have, and people say, if you give me a microphone, I will speak right. And and I feel that the knowledge is penetrating the community and adding good quality of life to people. Yeah, and I definitely would like to hear more about the cultural differences around money, too. And age. That's correct. So there's different approach approaches to money Depending of how, what generation you belong to, and what country not really only the country by the environment that you were raised. And if if, in some countries, they're more open about money, some countries are more savers, for example, my father, what is the what's the song of the world. So they, they were savers, and also suis people in general, save a lot of money. And in the other aspect, if you come to the US, we tend to have been negative savers, right? We spend our money in on average that we have with us, and we spend the future income, which it's really detrimental when you have a crisis, because you don't have a radio spin when you have an urgent. And so in other countries like Latin America, for example, what I can say is generally in the past, this was a topic that we gave it to the the male partner, he could be a father, husband, brother, so in general, maybe 20 to 30 years ago, it was the male of the family responsible for and as women start getting educated, and went to school and have their own jobs and their own money, then little by little, they start asking the questions and making decisions for investments and savings, and developing a finance personality. So how what do you prefer, in my case, I am a saver. So I love to save from the Give me peace of mind. And that's part of the wellness, the financial wellness, whatever gives you peace of mind. Yeah, the you know that money does have value and it you have to do a little real self reflection, and projection projection of where you want to be in the future. And use your money wisely to help you achieve those things. Correct. And sometimes I hear well, what when they went to have X amount of money, I will do this and that. And I always tell people, if either if you make the minimum wage, after you cover your basic expenses, which are you know, your house, your clothing, your food, your shelter, etc, then those who are always first in the pyramid of needs, right, but after you cover your basic expenses, the next layer is always through choice. And as you just said, Money has value. So what is the value? So will these purchase give me peace of mind and happiness? In the long run? Or it's just a temporary burst? And I understand that they

call it therapy shopping? Or is that retail retail therapy, which sometimes it's needed. Sometimes it gets out of control. And when I think of shopping, I think well, why don't I save for something bigger later, that will give me more, give more produce more in the long term. And everybody has their own choices. I for example, save for trips, and I love to travel and I think that's something that give give me back three times when I'm thinking about it when I'm traveling. And then when I come back and I share the stories with you or my friends saying okay, this is this is how much I learned and this is what I experienced. So yeah, we've talked about that before because you and I are very alike in that way. I'd rather go on an amazing trip than you know spend that money on clothes, my my space, my physical space. I like to spend money because I like to surround myself So with things that I enjoy, but then the next would be traveling and having those experiences rather than actual tangible items that I may or may not use, right. But I think that really leads us into the financial wellness aspect that your finances is not just numbers anymore. Correct. You know, there's this movement, where we have the black and white numbers, but there's this emotional element to it that we're starting to look at. And the numbers is the number one stress globally, this Nadi not not not in the United States, this is everywhere, like people stress about money, and no one's talking about it. And so I love this because I feel like it is a awakening around one the mental health, right and stress. And just as an acupuncturist and a health coach, stress is the number one cause of many conditions of health conditions. Correct. So if everyone globally, if this is the number one stressor, if we can start to talk about these things, and manage these things a little bit better, how will that impact our health? Correct. So this is 31, what financial wellness is, and I looked for some different different meanings that I found Iran and I I'm going to read this to you is having the knowledge, the ability and desire to make intelligent financial decisions, as well as having the capacity to live a happy life, within one's means. I like that. So within one means, so it doesn't talk about you have to make it to this level of that level, is having the knowledge, the ability, that's where we're talking. So we generate experience and questions are higher, you have to work to do it from your inner core, to make intelligent business decisions for you. Because what is good for you may not be when it makes its good, very personal, as well as having the capacity to live a happy life within one's means. I absolutely love this definition. Because they it's way more than just money. And I'm glad to mention because we're doing this recording in September, and September is Suicide Prevention Month. And yes. And and I think, as you mentioned, money is the number one stressor globally, globally. And I think the pandemic has neutralized that or have generalized that for all, so what let's talk about what is a healthy financial life? What would that looks like? Why do I have to learn to manage my financial decisions, or why I need to be prepared to face a financial crisis. So the world is still changing, you know, the job, the way we work, and the way how we work and the way that companies are hiring people, and how jobs are happening right now and in other continents, and your income can be your paradise. And now a lot of people are leaving corporate to start their own businesses. So I feel energetically all of these changes. And I love the concept to have freedom. Yes. And I love the concept to have freedom of choice. Yes, that I get to decide how I proceed. So I continue to enjoy my life with a lot on with less that that cannot be that determine how wonderful my life is going to be. Because I have the knowledge and power to to make the decisions and put me in a good spot. So when you say knowledge, is that a professional knowledge? Or is that a self reflection, self awareness type of knowledge? Because I feel like in order for you to make those decisions, you have to know what's important to you. Correct? I think it's a combination of both. Yeah. So as we grow older and experience new things. So we say for example, what do I prefer to change my car every year? Or do I take a trip? Or what do I prefer what is better for me to continue to save to increase my emergency or to buy me a new sofa? Or what is it? So each one of us, I really, there has to be some reflection about what is important to me. And that is never. It's always a journey because you evolve as you grow. And but if at least I need to know what is important to me now and start making a picture of how do I see myself living later, right? So some people also want to have the desire to have a big house with five bedrooms and a big garden. And for somebody like me, I don't I don't, that doesn't add anything to my life. And I prefer a different kind of housing for for my future. So I think it goes hand by hand, First, I need to figure out and sit down and think what do I want? How do I want to leave? What is important to me? What are my goals? And there's a kind of a mix between my personal and professional goals and my health goals? And at the same time you go, what are my possibilities? And in which, where do I want to be in 235 years? So when health coaching, we I the first that session, the first visit, I always asked them their vision of their optimal health. What does that look like to you? Well, that guy? Yeah, I can, I can imagine that. So I get a picture of how, you know, overall, holistically how my my health is gonna look like, what does that look like, and it takes in every aspect of your life fine. And that's why I invited you here today for the financial wellness, well, financial wellness, because it is a huge piece of our well being. And I think it is so important to address that. But also exercise and also diet, and also your professional life and your spiritual life and all of that, like it is so important for us to have it all align and have one big vision that we can work towards. And it doesn't come overnight, it's something that we all of us have to work towards determining that. And because we're, it's, we are multi layered, yes. And that multi layer continues to grow up and evolve, so expand and expand. And then the priorities move, depending on what season in your life are. But from the financial point of view was kind of you you have an idea where even if it's a basic idea, let's let's be kind to ourselves and not wait until you have a whole book where it is right. It's just, if you write it down and put it in I am I am a fan of sticky notes this user is put it against the wall, look at it for a week, see if it feels right, then you continue right. And then if it doesn't look right, you take another sticky note you put on top of that, and nothing happens, right? So we're trying it on just try switching and which will be first place and which is second place, that's the way approach a lot of very scientific budget for big companies. So we we start put in the priorities and then we move and then you take a step back and you look at it and decide it feels right. So I am a client of solid dads and one of the first things you asked me to do was to dream big yes, like if you could do anything and money was not an object with your business in your personal life. What would you do? Yes, and I like that question I use a question for my clients and also for my friends I use it for me what will I do if when when there are no limits you know, we have wins and we can go as big as our heart goes then that gives me an idea of what is truly going on in your brain but also in your heart. And and most of the time I get the question that is behind all the layers of experiences that we have leave among in our life so I tried to remove those you know kind of peeling the onion kind of thing kind of remove the well I don't know custom much money I don't have it maybe one day and if you look at to read the stories of most of the people that have achieved greatness and I don't mean it only from the point of view of money, but also people that have dedicated to do amazing things for the universe, right? They started in the dining room table like you Apple Apple started in a garage. Yes, yeah, we'd have fun well, I have a laptop or computer or papers. So so how do you

Sheri Davidson 35:00

You know, this emotional component to finances? How do you break the narrative around money? Now I started talking to you was right before the pandemic, I think, yeah, right before the pain, yes, yes. And then the pandemic kit and everything changed for me, I just got scared. Yeah, I wouldn't spend anything, you know, but I mean, obviously, that was a pandemic. And I've never been through one of those before, like all of us. But you know, I also have a narrative around it, you know, a story around money that I one got from my parents, and to just starting out of my starting my business, and I had gone through a divorce, I was living in Austin, I just started my practice. So I was I was at another low alone. And that was the first time I experienced financial stress. Like, I came from a middle class family. But we weren't hurting, you know, we had our food, good food on the table, we had nice shelter, I, you know, went to school and had not everything, but my parents tried to give me everything they did not have. But So for my first time to really experience and reflect on money was after my divorce and started my practice by myself. And I had a very, I was very disconnected with money, my money. And in fact, there were a lot of times that I wouldn't even look at my bank account. Yes. I'm sure because you just because every time I'd look at my bank account, I would just, I would stress out get sad, and like, I'm not where I want to be. And this is this whole cascade of, you know, thoughts. So I'm just wondering, and those some of those things are still with me, even though I'm not in that same place. They're still there, like that narrative is still there. And so I know, the relationship with money is very important. So how do you, as a financial consultant start breaking down, or getting through that narrative, and, you know, healing that part of it. So I always say that babies are not born with financial knowledge.

Soledad Tanner 37:16

That way we feel good about if we don't, we know we talk. And I always say that when I, if I'm sick, I look for an expert, I go to the doctor, because even though I can get copies of my blood work, when I read the three pages of elements, I really, maybe can understand five of them, the basic ones, but I cannot see all of them combined. And so anyway, so that's number one, that this is not something that we should be born with. And you just, it's just like an art or like a science, that is something that we learn more as we are determined to learn about the topic and up and really take control over these, these these topics. So people historically have not talked about money, because if you have too little, there's been shame and judgment around a judgment. And if you have too much, you don't want anybody to know because people can take advantage of you. So historically, we have had that that concept that there is this discount form do with money talks, because it comes from the possibility of being judge. So once we understand that, that other age, and we are not what's going to come and George's right, we are we're in charge and in control of our own life. And I, I get to really understand that concept concept and say, Okay, that's a fact. bed. I am not there. I want to control I want to direct I want to be the driver of my car, you know, I want to be the captain of my ship. I know it's it sounds funny, but but I'm in charge. So how do I decrease this feeling of butterflies in my stomach that I have when I faced reality? So that that concept of I don't want to hear or see or even talk? It really is based on fear. And we it's okay to have fear because fear is there to protect us from from crazy things, right? I mean, you know in a

Sheri Davidson 40:00 

Just a small lion, yeah, I will.

Soledad Tanner 40:03

I will run for I have at the edge of a month time and or heal or building. And I do know maybe too high to win them closer to that, that fear helps you protect you. So once wonder is done, the fear is there to protect us. And it's natural to survive. Now we grew up that fear in our head, and I said, Okay, Mr fear or miss fear or wherever, right? I am the driver, and I'm going to take control over. And as always, baby steps may be baby steps. So maybe one day it could be, let's make a list of all the accounts that we have, and then stop, then you come back the following week. And I said, Okay, now I'm going to make a list of all the credit cards that I have. And the interest rates and the balance in offer today. We leave it there. So be kind to you too, in this process, because this is not a place where you are going to be mean to yourself. If you have made some decisions in the past, you have some reasons where we're going to take it from now to the future, right? And then the next step could be okay, let's sit down and make a list of our income or our checks or potential revenue. Or, or how much historically we have sold. And how much do you think we can sell? And little by little pieces by pieces? On those? We're going to make finance fun, because dow I like that term finance fun. Because you're going to have aha moment. Yeah. When when the when you start going little by little. And it's like losing weight. Right? It's so difficult to to think that's a good analogy too bad if I said, Okay, today we're going to study about calories. Yeah. And how do they work in? Tomorrow, we're going to learn how to read the labels of the food. So another step, and you acknowledge and then on top of each other, and then little by little dude, really, like it's empowering. Yeah, you illuminating that table. And it's in power. Because now when I go to the grocery store and buy some cookies, I got a flip to the back. And I got all not absolutely not this is not right for me. And the same happens with finance. Yeah, no, I really like that. And I've had my own experience of that as well. You know, I feel like the more I know my numbers, and the more I know what's coming in and going out, then I can make educated decisions on how to move forward. Right. So I'm, I'm not there yet. But you're helping me get there. And we have to also to give ourselves a little pat in the back. Yeah, we're doing, let's say we set up a plan to pay our credit card, because I don't want no one to pay off for all my meals, cash. And I'm going to be conscientious about how much money I'm spending on going out during the week. Or I'm going to switch from going out or going out just to make it a special on the weekend. And that way I'm going to save you know, $100 or whatever that is right? Yeah, the same with food instead of eating out every day. I'm going to start prepare cooking at home. Yeah, maybe I cook on Sunday and prep my meals. That's what I tried to do. Right. Yeah. And, and then at least I have food for three days. And then you can freeze it. And then you see Oh, I lost a pound. Okay, I feel good. So I will say these two topics are battles that we have constantly. Yeah, and Baby steps, baby steps, but in the right direction. And I think that having that vision to is really important to know where you want to go. Because if you you know, like you and I, we both love to travel. And if I go to the store and I see you know something for 100. Maybe I see something for my space, that's $100. I can say, Hmm, do I want to buy that vase for $100? Or do I want to go on my trip to the Faroe Islands? Right, right. So it's like, but if I didn't have that vision, or if I didn't have that plan, then I might not make that decision. Right? I might just go ahead and buy and just, you know, like, there's just no structure to it. It's just you're just kind of all over the place. Correct. And that's when your vision of the future. Step number one, your pieces of knowledge are nuggets of pearls of knowledge, one by one. And then now you're making better decisions. Yeah. And now you need to make an appointment with yourself and put it in your calendar. Yeah. And to say that say I do at the 15th of every month, the 15th of every month, I'm going to look at How much money I spent and really want to look at this? What am I? What is what are these expenses saying about my priorities for my business, personally, and do I like the result, so then it comes the most important part, what I'm doing about it, right? If I discovered are spending too much money in meals, typical, and I thought I was spending around, I don't know, $200 a month. And suddenly, it happens that we spend $600 a month just to put a kind of extreme analogy. And then you go, Oh, my God, like, I didn't know. And with this $600, I could have bought my airline ticket to go to x location that you're dreaming to go, or I will have been much better paying the credit card here that I am, then the lot, then the brain starts thinking. And you know, what this is a part that comes here is making an intelligent decision about how you're going to change the future. So then in this example, you can say next month, are only going to go out x times, every Sunday, or Saturday, or once a week, or none at all. And with that next month, I pay my credit card. And when I pay my credit card, I'm going to treat myself to ABC, whatever, that's good for you. So you see progress slowly, is not magical. It's not going to happen overnight, unless you put on your your brain. And

Sheri Davidson 46:34

I can attest to that, because I'm still working. I am still working on it. And you know, and I have decided that it's going to be a lifelong practice, you know, and I think that it feels really good to feel that empowerment, even if it is just knowledge at this point, you know, like, knowing where I want to go, what I want to do, where I want my business to go. And really planning for that is exciting. And it feels more possible. And I really like the word that you use practice. Yeah. Because how do you start making changes? And if you have never, when people ask me, Well, how do I talk to my boss about making more money? Or how do I ask my clients that I want to raise the price? Or I think you're gonna laugh about these, but you can practice in front of the mirror, you can practice and say, Hey, Sherry, you know, what, if it, what happens if somebody invites you to, you know, eat out three times a week? And you want to say no, right? Say, No, it's been, if you're uncomfortable saying, but how are you going to be perceived? Just think about it, practice for the answer. And then when the moment comes, that is natural for you to say, You know what, Mary, I am going to take a break from these. And if you have practice that, then it comes out really easier. And you don't stumble into your own words. That way, when you finish that you feel really, really proud. Because you have made you have made a point will make you you had the time to think how to structure the answer. Yeah, yeah. Yeah. And I think that that that happens a lot, right. And that's the whole taboo part of it, too, is not talking about it. But if you practice it, then, and a lot of parents also with the kids, they don't they, they this idea of how we want to talk about the kids, there's an age to talk about different aspects. But if you're not sure you have never done it. And there's always a first time, just do a little practice with you in the mirror and see how it sounds. So you want you can record yourself in. I've done that a lot. In the very beginning, when I first started my practice it I missed out on a lot of stuff. Be because I did not move from Austin. I was starting fresh. And it takes a while to build a practice, you know, so I was just basically living on ramen noodles. You know, so I missed dinner with a lot of friends. I missed some trips with a lot of friends. Just and I don't remember if I said I just couldn't go or if I actually said I, you know, I'm still building my I don't remember what my dialogue or my narrative was back then. But it definitely was a period of my life where I when I look back on and reflect and I had a lot of time to reflect of what was really important to me, you know, and so I'm actually really grateful for the for the experience because I did learn what, and I know my values now and I think one of the biggest sayings is they say money. I don't know well, we don't hear it much anymore, but they always say money is the root of all evil, you know

Soledad Tanner 50:00

It's not, you know, money is freedom, then it is how you use it. It's not so much how much you make, but it's how you how you use that money to add value to your life. Because I agree 100%. And that's what I learned, you know. And so in that I learned that the things that are really, really important to me, and which is traveling, but you know, I didn't travel for six years, I didn't go, I went on one trip in six years. And it was, I, the only reason why I didn't feel guilty is because it was a seminar, acupuncture seminar, oh, and I went to Costa Rica to do it, they look how his mother was, she makes the priority was to build your practice, which that's what you were saying no to the other things. And while you were growing your practice, I'm remembering that and people say that it takes 10,000 hours to become an expert in a topic. And that's why it takes time, right? But you did something wonderful, you make a trade that you enjoy with knowledge for your practice, you kill two birds with one stone. And also when we think about traveling, when people think about, you know, sophisticated and exotic trips to the Middle East, or Asia, sometimes you just need to get in your car and drive around us and travel here in Texas, or you know, close to where you are, there are beautiful things that you can really relax in, do it within a budget, or going to visit a friend or do things so live is not what happens when you reach to a point that you have in your brain $2 million, or whatever. Life happens when you're working on that. So you better enjoy that. Yeah. And have the freedom and, and the knowledge to make decisions that are okay for you. Yeah, yeah, I like that. We're not dependent on anybody else. Now, if you want to go and look for an advice, that's great that you are the one who makes the final decision, because you leave with the success of that. And also you leave what sometimes the decision could have been better in a different way. But it was you make that decision. Yeah. And that is better. Also, sometimes we it's not fair, we put the responsibility into another person, a sister or brother or a partner. Because sometimes they don't know, even the responsibility of of the decision of the decision, okay. And sometimes they do the best they can, but it's not enough. So every body has to be chained to this decision, and you're responsible for your own health and your own financial health. And I know we've already said this, but it's it's very empowering. And there is a confidence that comes along with that. That is I think you said it earlier kind of radiating. You know, there's, there's something that comes with that to be able to make those decision making resources a long time ago, it was food, right resources. Now we talk a lot about money. And to have those resources and to, you know, you've used the word be in control or be empowered is one of the biggest confidence building. For me, it has been and I'm sure it is for many people like, yeah, there's just a sense of well being Mm hmm. Correct. Correct. It's a sense of balance, a sense of balance, and that you are okay. And you can take care of yourself. But I also think that you have to decide what is okay. Right? Because every that's the part that's different for everybody. Correct? Yeah. Yeah, like for me, and we both talked about, you know, we both live in small spaces. I live in a small space, because I don't want to take care of a home. I don't want to pay I don't want to spend my money on a new AC when I can spend what are they usually like, $5,000. That's a nice trip. You know, but um, but yeah, so yeah. And also, as people said that people would we need to generate this continued talk about money. And historically, something that I remember waiting, people with, with a lot of money, talk a lot about money, with their financial advisors, with their experts. And as we, you know, middle class or, you know, developing and progressing, then we need to talk about you need to choose well, who are going to talk about money, right? Make sure there's a lot of confidentiality on what you said, and make sure the person knows about. It's a subject matter expert on the topic. Yes. I think that's a good point. Yeah, because there's a lot of people that I run into the that say that they are financial advisors, and really, there are some certifications here in Texas that you can take Learn about a specific product. But really, you need to do your homework to make sure that the work you're confident is a person who has your best interest in mind not just selling a financial product to you. That's a very good point. And if you feel a little bit of anxiety, or you feel uncomfortable, and if you feel that you want a second opinion, go for a second opinion. Yeah, this treat is exactly as you would treat a doctor, do you have any tips? Yes. A while, like what, like all of us can have a little bit of an interview as in about the background, say, Okay, how long have you been doing this? You know, can I talk to one of your clients? Can I see? What can I see? You're now wearing social media, right? So you can see they have a website? Or they have, you know, Facebook, or Lincoln Lincoln in account. Most of the people in the financial world are in Lincoln, because it's a professional network. So what kind of what kind of the grace they have? Or Or are they just selling insurance? And they are trying to what, like, how does it work? Right? So it's important to see the certifications are valid. And sometimes it's worth it to pay more. For example, a CPA is somebody who has gone through a location of testing, and they have to keep up. They're there certifications with additional education every year. So the difference for example, how about getting your taxes done by a CPA, with an expert on taxes versus labor next door, who just learned how to plug the numbers in a software, there's a big difference. So I just want to say do your homework, like everything in life? Try to get people that really, really know. And if you feel a little bit comfortable to step away, think about it and come back. Yeah, yeah. Yeah, that's a really good point. Because people are out there that are not what they say they are or not, they don't have your best interest in mind. Like you said, yeah. Yeah. And also, I, I always tell people, when I get a question about an area that I don't know, I tell you, I don't know. Yeah, right. So see, it takes a lot of confidence to say that, and for all of us, this, I'm sure the same for your practice. Yeah, if you get something new, you say, You know what, let me check. I'm gonna check about that, about that, and then come back to you. So I will say Do the same with finance. But I want you to see, I want people to see finances, as something fun, fun. And like a light, I want to think that's something that illuminates your path, and really does that really, really, it's like you're in a dark room, and suddenly, there's a light and you put the light and you see what the dories and you see what the journey is taking you and make an effort that helps you leave a cohesive life and a happy life. And then you can you can give the world the best that you have, because that's what you're here for. Right? We should have started, we should have started this

Sheri Davidson 58:21

interview with a self awareness, mindfulness meditation, because I really believe that you have to know where you are and where you want to go, you have to do some, you have to be self aware, in order to make the best decisions. I think when you add that layer of self awareness on top of the black and white numbers, and then you then I just think it's so much richer and so much deeper. I like that maybe next next next interview, we do that. No, you definitely want to come back. Because I think this is a topic that I would love to keep talking about. I think it's important. And I said it intensely resonates with me and and I'm on a journey to you know, financial wellness. I mean, you know, I always said I have I have a great life. I really do. I mean it's not perfect, but I have got I've got a great life but my only stress has been my finances you know, like and again my life's not perfect, there's definitely ups and downs. But I feel like if I can get this piece honed in for myself, my wellness will just go to another level. I love that and and with that, I want to give some practical tips. Yes, if a person finds themselves like still feeling a little bit, a stress about it, and I don't want you to feel that way. So maybe grab a pen and a piece of paper and there's some really practical baby steps that you can take. So number one, I will say just create a budget you can call it whatever you want it

Soledad Tanner 1:00:00
You don't like the word budget? You can use a word in French and Spanish. So it doesn't give you an insight,

Sheri Davidson 1:00:06 

financial wellness, fun finances?

Soledad Tanner 1:00:10

How can you do that, and I will say, if it's personally just take your checking account, and we'll take your credit card statement, and classify your expenses by topic, for example, meals, gas, medical expenses, marketing, clothing, give entertainment, etc, in take at least 30 days. So one statement, it's better if you can put like three months because that you get an average. But let's say for the first step, just take that in. And then that way, you will have a summary of all your expenses. And then you put your income and then you go, Oh, my goodness, spending, for example, if you're sick or going to treatment, maybe a good 20% of your income may be going through that. But if you're just spending because you haven't really sat down and thought, This is your opportunity, you haven't had the DC blame to say, under the termination to say that's not adding anything to my life is just filling a space. So I don't I you know, and I don't want to continue doing that. And this is the beauty that you get another chance to say take over the the moment and say I don't want to continue doing that. How many more? Do you know I don't want to buy shoes anymore just to say, I want to buy myself a home that are worth more than the shoes or even if you're doing a business, I have a friend of mine that I'm very proud of. So her little Saturday, she just bought a building. Oh, wow, build her business. And we were laughing and we were celebrating separately mine. And I said her name is Paula and I said, Paula, I'm just so proud of you. And in all the invisible sacrifices that you probably made to be there. And we were laughing like the low this low end right now will be to not buy shoes, buy buildings, right. So if that's what you want, then every one of us have had to make invisible sacrifices in order to get where we want to to, to be. The second one is you have credit card. So the second tip period goes, if you have credit card debt, and we all in a way we have it, write it down the balance the the that you own each credit card in the interest rate that you're paying, and the minimum balance that they're telling you sorted by the highest to the lowest, and start breaking your debt. So you think you should start paying the higher interest rates first, if you have one credit card that you're like very little like 200 300 Any data and get over and close that that will give you a little confidence, boost of confidence. And when we can take that we need those right. And then you go if you have a credit card that you're paying 9095 and other you're paying 999 5% is they're paying the most expensive one, because then you are really saving money you're using part of the savings you that you will no longer pay and will pay faster the other one. So I started with the highest interest rate first and see if you can find any, any 0% interest for 12 months around, switch and move at don't spend more money, but pay your credit card debt. I mean, the interest rates are out of control right now. I've been seeing some come through for 29.99% 24.99. It's crazy, because they're theirs for predatory lending. And when they're crisis, there's always you know, opportunities to make more money. And money is a commodity. It's like a cookie is like, you know, like a table you there's supply and demand. And if there's no money, the interest rates will go up. If there's no need of money, it will go down. But when you need it, it's when everybody else need it. So there's so many times that like oh, look at $1 Bill and like it's just a piece of paper, but the value that we put behind that piece of paper and the story that we have around that piece of paper is incredible late, but it's just a piece of paper Correct? Right, but allows you to get on a flight if a family member is sick, and you want to be next to them it that's when the value the value is that piece of paper separates me from being next to my loved one. Yeah, you know that is that So paper separating me from being on my sister brother's wedding, yeah, and enjoying the beautiful day. Those are important things. And the third tip I want to give kind of basic is build an emergency fund. Because now we are going through common. And we will have in life multiple circumstances, that could be the loss of a partner, the loss of loss of a father, Assad, it can be health crisis become me what we have gone through Harvey, and Katrina, it can be floods, hurricanes, storms, earthquakes, pandemics, wildfires, etc, etc. Yeah, also the loss of the job, maybe illness in the family. So when times are good, it's still you know, a smooth sailor, right. And that is your opportunity to build an emergency fund. Even if you make, after you cover your basic expenses, even if you may, or at the beginning of your career, and you say, Well, I don't make much money. It's not the amount of money that you make is this two things. Number one is how you spend that money. Again, after covering shelter, and food and clothes, basic clothes, but also drew habits. So I remember I started saving 1% of my salary when I was at the beginning of my career. And what I did is I set up an automatic withdrawal of the 1% to a savings account. And my first withdrawal I did enough to laugh or cry, it was so little bad, but you get it but I did put 1%. And every time I would get a race, I will increase one point. So I went from 1% to 2%, and then two 3%. So almost, when when you get a raise, and if you put that extra there, you almost don't feel it, nothing happened through late same time before, but you feel good because you got a raise. And then during my professional career, every time I will get a bonus, or, Oh, I will spend 10% of it in something that I needed. Let's add a new sofa or repaired some new tires or for the car, and I will put the rest in the emergency fund. So if you start with one month of a pregnancy fun, you will be better than normal. And then two and three, and four and six. So what is the ideal People ask me all the time? What is the ideal? I said, Well, what makes us number one, what makes you feel comfortable? So if I lose my job, or I have no clients for a month, will I be able to sleep and I will not be worried because here the real reward is living a stress free life, right? But also, you have to consider your field of expertise? And how long will it take you to find a job that replaces the one you have. So let's say I don't know, if you are. If you're if a bookkeeper, I think that probably will take maybe three to four months to find another job maybe. But if you are the president of a university that might take you a year to be selected, or a professor or a doctor. So you're if you think finding another job similar to yours, and the selection process is long, then you need to be closer to the six or nine planets. Right? Make sense. So it's just in reference to your income. But also if you have six kids, if you have you monthly budget, it's like it's different than if you have one kid one child, right? So anyway, those are the three very simple tips that I will suggest that that everybody can do. And they can start right now that you don't need any investment, but will give you peace of mind. Yeah, and some confidence and confidence and knowledge. And once you're swimming into your numbers, when you see your budget, I can tell you the light, the aha moment is going to come well and all those points that you just told us. You have to know your numbers to be able to do them, right. You're saying I'll take 1% of this. I'll take 2% of this. I put the rest of it. Like if you don't know your numbers, correct, you can't do you can't do the math if I make $1,000 a month and my budget is 999 Yeah, maybe you know, how can I put this 1% here something right? Yeah. So you have to know, it's, it's trying to get you from different angles, right to know your expenses, you know your income, and to know what is your residual amount of money in, start putting it. So I want to create the habit. And if I tell you put 10% of your salary, you're gonna be like, well, that's too much. But if you start with 1%, and then it's it's easier soloable making it easier, but start Yeah, yeah. Well, I have a personal story with that as well. Like, when I first started out, I would read,

Sheri Davidson 1:10:36

I would just read about finances and how to build and in a lot of the times, they I read that put aside as much, even if it's $5, or $10, whatever it is, but I never did it. Because like I don't, and this is the narrative. I don't have enough. I don't have enough. So that's where somebody like you is great. Because you can come in and say you do. Yes, you have a look. And let's look at let's, let's let's sit down. And let's look at the numbers. And let me show you. That's the black and white numbers part of it. But the emotional component is no you do. But let me show you. Let me show you how you can let me show you how you can do it. And then we showed you you're not going to even feel it. Yeah. And you're going to leave here and you're going to feel peace. Yeah. And yes, I can do this. And then in the future, my power because I gonna, nothing is gonna happen to me, I will be okay. And I can't imagine where I would be right now, if I would have done that. Hmm. Right at that, reflecting back on it. And like I could have done that. I see. Now I could have done that. But I didn't have the courage or the confidence. Because I was too scared that I wasn't going to have enough, right. But we have choice, then that no change that narrative. Yeah. So so yeah. So it's some, it's a beautiful thing. And also, you mentioned earlier about when you didn't have a vacation for six years, and then you win a trip, you were kind of

Soledad Tanner 1:12:13

feeling a little bit off with that. And after you have, let's say completed three months of an emergency fund. This is a second trip as a second tip, I opened a different savings account, and there was my vacation savings account. So after I had put like 3%, four towards my emergency fund, I start putting 1% towards my vacation fund. And first let's say I will see one or $20 to $30. And you think well. I'm no good. I'm going to Galveston. right with that. But after after I'm a bill year it builds in, in your BC in your life doing other things when certainly do go back and see oh, I have Oh wow. So now you can enjoy that vacation. Yes. You know, 2017 I finally started saying that I was going to take one big trip a year. Okay, so my first big trip was South Africa. And I stayed two weeks, and I did a ultra marathon there. And that was that was the beginning. Then the next year, I ended up doing another race in Utah. So I spent a couple weeks in Utah. And then last year to that well, not 2020 Because nobody traveled in 2020. But in 2019 Right before the pandemic, I did a running adventure in Iceland. Wow. So it was like once a year, I was like I had I knew this was important for me to do this to go on an adventure because I love adventures. And then COVID hits. So obviously I didn't go anywhere last year, and I haven't been anywhere this year. But I do have a trip planned to the Franklin Mountains for race in November. And then I have another ultra on Catalina Island off of

Sheri Davidson 1:14:09

California. So that will be January if you don't love Catalina Island. Have you been Oh, I'm excited. I mean, I've seen so many pictures. I feel like I've already been there, but I haven't. And so I'm super excited about it. And then I've got some other ideas for next year. So hopefully so see how you laugh your face light up with all these ideas. This is when you know your brain. Your your priorities are good for you and your body language changes and it really gets to your heart that I get to live a full life. And we don't need to have let's say a Rolls Royce. That's not your priority, your priorities, amazing trips when you combine wellness and with running and

Soledad Tanner 1:14:54

adventure. So that's exactly who you are. And I recommend that each one of us hasn't really a homework out of these podcasts, then you'll figure out if you haven't yet what makes you really happy. And, and then make sure that you take full control of baby steps, step by step of your own money, your worth, or do the servant. And you need to live the best possible life that you can with what you have, you will do will find the peace and you will enjoy it and the freedom

and the freedom. I want you to be free free. Remember, financial knowledge gives you freedom. So please, please note your numbers. Well, so that I don't think we can talk the way you just ended that so I think this is a great place to wrap it up. And they've been you've been amazing. And I hope you come back. Oh, I'm so appreciative of you.

Sheri Davidson 1:15:57

But so tell people how they can find you. Yes, well, thank you for inviting me. I have loved this and I was all weekend looking forward to talking to you and talking to all of you about this very, very important topic. You can find me my website www sala tanner.com batana with double n and you can also reach me at my mobile 832-998-2136 And you can find me on all social medias. I am in linking, Facebook, business and Instagram. Follow me and so you can learn more about ways that you can make you live better and gain all the financial knowledge in financial health. I love it. Thank you Thank you Well, what did you think? I hope you enjoyed it as much as I did. So dad had a lot to give in the conversation on money. And I really liked her definition of financial wellness. She said, financial wellness is having the knowledge, ability and desire to make intelligent financial decisions. As well as having the capacity to live a happy life within one's means. I just love that. She also had three tips to start a financial wellness lifestyle. Number one, create a budget. Number two, create a plan to pay off your credit card debt, starting with the highest interest rate first. And number three, start to build an emergency fund. That way. If you ever find yourself in a situation where you're unable to work, like a pandemic, you'll have a peace of mind that you have this emergency fund and it's there to support you while you go through difficult times. Why just loved this conversation and it is one that we will keep having. And as always, I would love to hear your feedback. So until next time, be inspired wellness inspired. Thanks for listening, and see you next time. Bye