086: Building your financial IQ and EQ with Marion Mays
Mia and Dinah interview certified money coach, Marion Mays, to discover how to improve your financial IQ and EQ, build wealth, and manage your money more confidently.
Marion Mays is the founder of Thalia Stanley Group, a firm dedicated to helping women in their prime with both financial literacy and financial capability. With 30 years of experience in the financial services sector, Marion is a certified money coach who focuses on empowering women in three specific areas: making more money, managing money better, and multiplying money. She is also an ambassador for both the Women's Network Association of Australia and the Ladies' Finance Club. Marion is passionate about helping women develop their financial IQ, financial EQ, and financial capability.
Marion shares valuable insights on developing financial IQ, EQ, and capability, as well as the importance of understanding our money stories. She also discusses the different roles of financial professionals and offers tips on building wealth and managing finances systematically.
Understanding Financial IQ and EQ
- Financial IQ refers to our knowledge and understanding of financial concepts, while financial EQ is based on our emotional intelligence and the beliefs and behaviours we have around money.
- Our money stories, formed in our formative years, greatly influence our financial EQ and can impact our relationship with money.
- Marion suggests a three-step process to identify our money stories:
- writing down our first money memory
- exploring our patterns with money
- writing with compassion about our current financial reality.
- Understanding our money stories helps us recognise our beliefs and behaviours around money and make conscious choices to change them if needed.
Managing Finances Systematically
Marion emphasizes the importance of setting up a values-based money planner that aligns with our highest values.
This planner should include provisions for meeting our current needs, enjoying money in the present, and taking care of our future selves.
Marion suggests allocating a percentage of our income to savings or investments, even if it's a small amount, to benefit from the power of compounding interest.
Marion highlights the accessibility of investing through micro-investing apps, which allow individuals to start investing with small amounts of money.
She encourages individuals to find investment vehicles that match their risk profile and to start taking the first step towards building wealth.
Marion also emphasizes the importance of teaching children about compounding interest and the benefits of investing early.
Navigating Money Differences in Relationships:
- Marion advises couples to have open and honest conversations about their money stories and values.
- Understanding each other's perspectives and meeting them with compassion can help find common ground and develop a system that works for both partners.
- It's essential to acknowledge and respect each other's financial beliefs and behaviors while working towards shared financial goals.
Choosing the Right Financial Professional
- Marion explains the roles of financial professionals, including financial counsellors, certified money coaches, and licensed financial planners.
- Financial counsellors are best suited for individuals in financial distress, while certified money coaches focus on financial IQ, EQ, and behaviour change.
- Licensed financial planners specialise in financial products and can provide advice on investments, insurance, and retirement planning.
Building financial IQ, EQ, and capability is crucial for managing our finances effectively. By understanding our money stories, setting up a values-based money planner, and taking small steps towards building wealth, we can improve our financial well-being. Additionally, open communication and understanding in relationships can help navigate differences in money beliefs and behaviours. Whether seeking guidance from financial professionals or utilising online resources, taking control of our finances is a powerful step towards a more secure future