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What if everything you thought you knew about building wealth was wrong? What if the key to financial freedom isn’t about pinching pennies or depriving yourself, but actually spending smarter—and using your money as a tool to create the life you dream of?
Dominique Broadway is a financial literacy trailblazer and a self-made, first-generation multimillionaire on a mission to make wealth attainable for anyone.
She doesn’t just want you to manage your money—she wants you to make one decision that could change your entire financial future. Dominique is so passionate about helping you that she created an exclusive offer for the Goal Digger community to join the Wealth Demystified program at a MAJOR discount!
In this conversation, we’re diving into the bold strategies from her book that challenge traditional money advice. If you’ve ever felt like the wealth-building game was rigged against you, or if you’re ready to take the next step toward financial freedom, this is the episode for you.
The Myth of Saving Every Penny
Dominique kicked off our conversation by challenging a common belief that many of us have been taught: to save every single penny.
While saving is important, she emphasized that it’s not just about hoarding cash under your mattress or in a piggy bank. In fact, she argued that this mindset could be holding us back from building real wealth.
Instead of merely saving, Dominique advocates for what she calls “strategic spending.” She encourages us to think of our dollars as having jobs. When we strategically allocate our money, it can grow and work for us, rather than just sitting idle.
She shared a personal story about a time when she felt anxious about spending money while trying to buy a business and a house simultaneously. A friend reminded her that she wasn’t spending money; she was transferring it to assets that would ultimately yield greater returns than any savings account could offer.
The Scarcity Mindset
One of the key points we discussed was the concept of the scarcity mindset. Dominique pointed out that being overly cautious with our money can lead to a fear of taking risks, which in turn can prevent us from making decisions that could lead to greater financial success.
“My mom always says ‘Scared money doesn’t make money.’” -Dominique Broadway
If you’re comfortable where you are financially and don’t aspire to grow, that’s perfectly fine. But for those of us who want to build wealth, simply saving isn’t going to cut it. Dominique reminded us that we need to be willing to expose our money to fluctuations in order to see it grow.
Mindset Matters
As we continued our conversation, we touched on the importance of mindset in achieving financial goals. Dominique shared her own experience of making decisions from a scarcity mindset, even years after overcoming financial struggles.
She encouraged listeners to reflect on their current financial situation and to make plans based on where they are now, rather than where they were in the past.
This is especially relevant for millennials and Gen Z, who face unique financial challenges such as student loan debt and rising living costs. Dominique emphasized the need for these generations to focus on planning and to stop comparing themselves to others.
Instead of trying to keep up with the Joneses (or the Kardashians, as she hilariously put it), it’s crucial to prioritize financial health and make decisions that align with personal goals.
The Importance of Financial Education
A significant theme in our discussion was the lack of financial education that many people experience.
Dominique pointed out that when we’re scared of something, it’s often because we don’t understand it. This lack of knowledge can lead to poor financial decisions and missed opportunities.
To combat this, she encouraged listeners to take the time to educate themselves about personal finance. This includes understanding income, expenses, and how to make money work for you. Dominique believes that by gaining knowledge and confidence in financial matters, we can make informed decisions that lead to wealth-building.
Avoiding the Trap of “Saving into Debt”
One of the most eye-opening parts of our conversation was when Dominique discussed the concept of “saving into debt.” She explained that many people try to follow every piece of financial advice they come across, often leading to a situation where they’re saving money but still living paycheck to paycheck.
For example, someone might be maxing out their 401(k) and saving diligently, but if they’re relying on credit cards to cover living expenses, they’re not truly in a healthy financial position.
Dominique emphasized that it’s ESSENTIAL to strike a balance between saving and ensuring you have enough to live on. Sometimes, it might even make sense to save less in order to have more available for daily expenses.
The Unique Challenges for Millennials and Gen Z
As we delved deeper into the financial landscape, we discussed the unique challenges faced by millennials and Gen Z. Dominique acknowledged that these generations are navigating a tough economic environment, with many graduates earning less than their parents did at the same age.
Her advice for those feeling overwhelmed by student loan debt and rising living costs? Focus on planning and making your money work for you.
She encouraged listeners to consider alternative paths, such as investing in the stock market, which is more accessible than ever thanks to technology. Dominique believes that leveraging these opportunities can help younger generations build wealth despite the challenges they face.
The Entrepreneurial Mindset
For those of you who are entrepreneurs, Dominique had some valuable insights to share. She emphasized the importance of understanding your finances before diving into business. Many entrepreneurs start their ventures without a solid grasp of their financial situation, which can lead to stress and uncertainty.
Dominique suggested that entrepreneurs (like us, Goal Digger!) should plan their finances in advance, even before income starts rolling in.
By setting aside money for taxes and other expenses, you can create a more stable financial foundation for your business. She also highlighted the importance of understanding the cyclical nature of business and being prepared for fluctuations in income.
The Power of Consistent Check-Ins
One of the most practical pieces of advice Dominique offered was the importance of regular financial check-ins. Many people set goals at the beginning of the year but fail to revisit them until it’s too late.
By consistently evaluating your financial situation and adjusting your plans as needed, you can stay on track and make necessary pivots.
Dominique also encouraged listeners to assess whether their goals still resonate with them as the year progresses. This reflection can help ensure that you’re working towards what truly matters to you, rather than getting caught up in societal expectations.
The Key Question for Financial Health
Towards the end of our conversation, Dominique posed a powerful question that can help assess your financial health: “What are your two magic numbers?” Your two magic numbers are:
- How much money you have coming in
- How much money is going out
If you can’t answer those two questions, you’re not alone. If you don’t have a clear understanding of your income and expenses though, it’s challenging to make informed financial decisions!
Knowing these numbers is crucial for building wealth and avoiding financial pitfalls. So, take Dominique’s advice and have a money meeting with yourself ASAP!
Taking Action on Your Wealth Journey
So, where do you start if you’re feeling overwhelmed by debt or unsure of how to build wealth?
Dominique’s advice is to begin by assessing your current financial situation. Make a list of your income and expenses to determine what’s left over. If you find that you have extra money, consider allocating it towards paying off debt or investing.
Dominique also encourages us to start investing as soon as possible, even while paying off debt. Waiting to invest until all debts are cleared can mean missing out on significant growth opportunities. She suggested starting small, like by investing in companies you love, and gradually increasing your contributions over time.
The Importance of Delayed Gratification
One of the most valuable lessons we discussed was the concept of delayed gratification. Dominique shared a personal story about how her grandparents taught her the importance of saving and investing from a young age.
They would take money given to her for birthdays and holidays and double it if she chose to save it instead of spending it immediately. Brilliant, right?!
This lesson in delayed gratification is something that many of us can benefit from. By prioritizing long-term financial goals over short-term pleasures, we can set ourselves up for greater success in the future.
Embracing Abundance
Throughout our conversation, Dominique emphasized the importance of embracing an abundance mindset.
Instead of focusing on what you can’t have or what you need to cut back on, shift your perspective to consider how you can create more opportunities for yourself.
Whether it’s through side hustles, investing, or leveraging your skills, there are countless ways to generate income. By adopting this mindset, you can open yourself up to new possibilities and ultimately build the wealth you desire.
Demystify Wealth
Remember: building wealth isn’t just about cutting back on lattes or saving every penny. It’s about strategic spending, understanding your finances, and embracing an abundance mindset!
If you’re ready to take control of your financial future, I encourage you to check out Dominique’s book, The Wealth Decision, and explore her program, Wealth Demystified!
Let’s make this year the year we prioritize our financial health and embrace the possibilities that come with it!
