It’s our April Financially Fab Female of the Month (no foolin’)! In this series, we less-than-humble-brag about millennials who have learned major life lessons about what it takes to make mo’ money and manage what they’ve got.
Alex Weber is the founder of True North Life Design, a life coaching startup that empowers women to discover who they really are and what they really want to achieve. An accomplished former journalist who went through a quarter-life crisis at the age of 23, Alex realized that despite how good she looked on paper, it wasn’t making her happy. So she made a major career shift into “soul-preneurship” and hasn’t looked back.
But the writer in her hasn’t wandered off: Alex published her first e-book, Discover Your True North, in January. This spiritual roadmap helps show millennial women that happiness is within us – as long as we get out of our own way.
Now, the #girlboss who lived “the textbook millennial life” is sharing how her money mindset evolved from her mid-teens, to the quarter-life crisis, to how she now gets cozy with her cash every Monday.
Alex shared her high vibes and cash flow wisdom with Mo’ Money Mo’ Progress and our #MoMoneyPosse!
1. Hi! Who are you and what do you do?
I’m Alex! I’m a life coach, writer and founder of True North Life Design, a website that empowers women to connect to their inner wisdom and design lives they love. Through one-on-one coaching, group programs, and workshops, I help women understand their values and beliefs in a really deep way, then inspire them to take action and create the life they truly want to be living.
I also send out a weekly coaching newsletter, for free, with tons of tools, resources and guidance for millennial women who desire to live radically happy, authentic lives. You can subscribe by visiting True North Life Design.
2. Do you have a money habit that you practise that has made a big impact on how you made mo’ money or manage what you’ve got?
Yes! And it’s been a game changer. When I first started my business in 2015, all of the “money stuff” really freaked me out. So I actually hired a financial coach to get my butt in gear. She gave me THE best piece of advice I’ve ever heard about money: make it fun. Now every week I take myself out on a “Dollar Date.” I go to my favourite cafe, snuggle up with a luxurious latte and get intimate with my money. I pay all of my bills, send out invoices, update my spreadsheets… anything financial that needs to get done that week happens on my Dollar Date. I also typically do this Monday morning, so it’s out of the way and off my mind. This weekly practice has totally shifted the way money feels to me. It no longer feels scary or like a chore, I actually look forward to it!
3. Who taught you to manage your money? What was their best advice?
To be honest, my parents were a little “hands off” when it came to teaching me about managing money. So a lot of what I’ve learned, I’ve learned through experience. I first started earning an income when I was 15 and over the past decade have made tons of mistakes. I’ve gotten myself in and out of debt a few times and that experience in particular as taught me so much about money.
So honestly the best piece of advice I have, especially for millennials, is to know the difference between GOOD DEBT and BAD DEBT, and to only accumulate the good stuff. Good debt is accumulating debt in order to make more money. Student loans and business loans are examples of good debt because the intention is to use those loans to advance your education or business, both of which will lead to money down the road. Bad debt is accumulating debt that will not make you money. Using credit cards for online shopping and vacations are examples of bad debt. This is the debt that haunts you and can become really challenging to pay off because not only do you have to tackle the physical debt, but you’ve got to deal with your mindset. A “spend now, pay off later” mentality can be really tough to shake and can keep you in trouble for years.
4. What does being “financially stable” mean to you?
To me financial stability means not having to worry about money. It means feeling comfortable and at ease with your finances, and earning enough to have all of your physical, mental, emotional, and spiritual needs met.
5. What is the main lesson that you think Millennials need to learn, or hear about, when it comes to making mo’ money and mo’ progress?
Keep going! I know what it feels like to graduate with student debt and feel like you’re always behind financially. But I also know that it is possible to change your financial situation with intention and consistent action. You might not see results right away, especially if you’re an entrepreneur, but don’t get discouraged! There is a compounding effect that happens when you keep moving towards your big goals and dreams. All of the little tasks and tiny to-dos may not feel like they’re taking you very far, but they are! So keep going and trust that every step you take is a step closer to financial stability and eventually financial freedom!