Episode 23

The F Word- Finances [PT 2]

In this episode of Beyond the Bombshell, host Michelle and guest Josh discuss the importance of realizing where one's money is going and how much is being spent, invested, and owed. They introduce the 'LID exercise'- a strategic system that involves assessing the individual's Lifestyle, Investments, and Debt. They also delve into the impact of current interest rates on mortgages and the ongoing inflation issue. They highlight the reality of people living paycheck to paycheck and share a Mexican fable, illustrating the irony of our pursuit of wealth and comfort. Michelle and Josh advocate for a balance between pursuing business opportunities and enjoying life's simple pleasures.

00:00 Introduction and Welcome

00:00 The Struggle of Starting a Conversation

00:23 The Importance of Financial Health Check

02:23 The Reality of Financial Management

04:14 The Impact of Lifestyle Choices on Finances

05:04 The LID System: Lifestyle, Investments, and Debt

07:07 The Challenge of Balancing Lifestyle and Financial Health

12:09 The Experiment: Cutting Down on Groceries

15:07 The Future: Setting Up Kids for Financial Success

16:52 The Reality of Self-Employment

17:30 The Struggles of Work-Life Balance

17:45 The Power of Podcasting

19:19 The Importance of Financial Health Check

20:03 The Consequences of Ignoring Financial Health

21:18 The Reality of Inflation

22:36 The Importance of Starting Now

28:38 The Fable of the Fortune Hunter

31:24 The Importance of Financial Planning

33:01 The Role of Support in Financial Health

34:57 Conclusion: The Journey to Better Financial Health





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About the Podcast

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Beyond the Bombshell

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About your host

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Michelle Stokes

Meet Michelle Stokes, the ultimate multitasking dynamo! As a wife and mother, she knows a thing or two about balancing the chaos of everyday life. But that's not all—Michelle is also a passionate advocate for local women in business, supporting and cheering them on every step of the way. Born and raised on Fogo Island, she brings a vibrant bay-girl energy to everything she does.

Michelle is a visionary & empire builder owning multiple businesses & investment properties. As the co-owner of @sold.by.stokes, she works hard to make a difference and provide opportunities to agents, staff & clients. With a background in nursing, she knows the importance of building trust with clients, a value she carries into her real estate career.

When she's not working, Michelle loves walking, hiking, and exploring new destinations. Her zest for life is contagious, keeping us engaged on social media and inspired to chase our own adventures.

Join Michelle on this fun and relatable journey as she shares insights on fashion, stunning home designs, motherhood, and the excitement of changing careers. Get ready to put your needs first and embrace a life filled with joy, style, and endless possibilities with Michelle Stokes as your guide.