From Corporate Muzzle to Invested Development | Amanda Holden The Dumpster Doggy
Episode 294
Episode Guide
Episode Summary:
Episode Timestamps
ChooseFI Podcast Episode Show Notes
Episode Title: Innovative Approaches to Personal Finance Education
Hosts: Jonathan Mendonsa, Brad Barrett
Guest: Amanda Holden, Founder of Invested Development and the Dumpster Dog Blog
Episode Summary
In this episode, Brad and Jonathan converse with Amanda Holden about innovative approaches to personal finance education. Amanda shares her unique nickname, derived from her frugal lifestyle while saving to travel. The discussion highlights the importance of accessibility in financial education, especially for women, and explores how humor and relatability can enhance the learning experience. Listeners will learn about overcoming financial challenges and practical steps towards empowerment.
Key Topics Discussed
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Introduction of Amanda Holden
- Amanda's background and her mission to democratize finance.
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The Meaning Behind Dumpster Dog
- Origins of Amanda's nickname derived from her frugal lifestyle.
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Frugality During Corporate Life
- Amanda shares her experience cutting expenses to save for travel.
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Discussing Financial Independence
- Conversations about the importance of financial independence and how to identify when it's time for change.
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Importance of Accessibility in Finance
- The role of humor and relatability in financial education; creating shame-free discussions about money.
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Final Thoughts and Promotions
- Amanda shares actionable advice and how listeners can connect with her.
Key Insights
- Humor can make personal finance education engaging and memorable.
- Investing is achievable for everyone, and it doesn't require extensive market knowledge.
- It's okay to make mistakes with money; the journey matters more than perfection.
- Women’s financial empowerment is critical; having women involved in financial discussions benefits everyone.
- Experiment with side projects to explore entrepreneurship before making a significant leap.
Actionable Takeaways
- Track Your Spending: Begin managing your money better by tracking your spending habits.
- Start a Savings Plan: Consider initiating a savings plan or side project to explore new opportunities.
- Engage on Social Media: Reach out to Amanda on Instagram for financial advice and resources.
Episode Mentions
- Related episode: Interview with Dominick Quartuccio
Discussion Questions
- How does humor impact learning in finance?
- What is your personal approach to budgeting?
Speaker Highlights
- Amanda Holden: Known for her unique approach to fun finance education and advocacy for women's financial empowerment.
Related Resources
Conclusion
Join Brad and Jonathan in the journey of transforming personal finance education, emphasizing humor and relatability while aiming for financial independence.
Podcast Intro & Extro
- Podcast Intro:
- Podcast Extro:
Embracing Financial Empowerment: Insights from Amanda Holden
In the world of personal finance education, Amanda Holden stands out with her unique approach of combining humor and relatability. As the founder of Invested Development and the Dumpster Dog Blog, Amanda emphasizes the importance of accessible financial education, particularly for women. In this article, we will explore actionable strategies inspired by Amanda's insights on overcoming financial challenges, investing, and the significance of democratizing finance.
The Dumpster Dog Ethos: Making Finance Fun and Accessible
Amanda reveals that her journey into personal finance education began with a deeply frugal lifestyle as she aimed to save enough money to travel. Her quirky nickname, "Dumpster Dog," symbolizes her resourcefulness and creativity in managing money. Amanda encourages individuals to embrace mistakes and understand that perfect financial behavior is not required to achieve success.
Embrace the Journey
It’s essential to accept that everyone’s financial journey will have ups and downs. As Amanda states, "You don't have to be perfect. You don't have to be holy about your money." The first step in financial empowerment is to redefine your relationship with money, focusing not on perfection but on progress.
Recognizing Financial Challenges: Spending vs. Income
One key theme in Amanda's philosophy is distinguishing between spending challenges and income challenges. It's crucial to assess your financial situation holistically to identify the roots of any issues you may face.
Analyze Spending Habits
A practical way to start is by tracking your spending habits. Consider using mobile apps or simple spreadsheets to record your expenses. Look for patterns where you may be overspending and identify areas where you can cut back.
The Role of Women in Financial Education
Amanda passionately advocates for women's financial empowerment, highlighting the positive societal impacts when women manage money effectively. When "women have a seat at the table, the world is a better place." Here are ways to foster financial literacy among women:
Build a Support Network
Creating a support network is vital for sharing financial education. Engage in discussions with friends, family, or community groups about financial topics. Share resources, insights, and experiences to create a collective learning environment.
Encourage Side Hustles for Extra Income
Consider starting a side project or side hustle as a means of generating extra income. Amanda suggests beginning on the side allows individuals to test their interests and entrepreneurial inclinations while still maintaining job security.
Investing Made Simple: Shifting Mindsets
One of the most significant barriers to financial independence is the misconception surrounding investing. Many believe that investing requires extensive knowledge or resources, but Amanda asserts that "investing is achievable for everyone."
Start Small and Grow
Begin your investment journey with small amounts. Consider opening a low-cost brokerage account and contribute regularly, even if it’s a modest amount. The key is consistent contributions to build wealth over time.
Consider Automated Investments
Look into automated investment options such as Robo-advisors. These platforms can guide you in creating a diversified portfolio without the complexity of active trading. Set it and forget it—this approach allows you to invest without overwhelming yourself with daily market fluctuations.
Comedy as a Tool for Financial Education
Amanda's unique ability to make finance enjoyable through humor resonates with many. By incorporating relatable anecdotes and lighthearted comparisons (like equating a 401k to Caboodles), she demystifies complex financial concepts for her audience.
Use Relatable Analogies
Whenever discussing financial topics, try to utilize analogies that your audience can relate to. This approach will make the concepts more digestible and memorable.
Actionable Takeaways for Financial Empowerment
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Track Your Spending: Start by understanding where your money goes. Use budgeting tools or apps to track expenses and identify areas for improvement.
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Begin a Side Project: Explore entrepreneurship by starting a side project that excites you. This can lead to additional income and potentially ignite a new career path.
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Automate Investments: Simplify your investing process by automating your contributions to a retirement plan or brokerage account.
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Connect with Your Community: Engage with local organizations or online communities focused on improving financial literacy and empowering women financially.
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Reach Out for Resources: If you’re interested in a formal education platform, check out resources like Amanda’s Invested Development course, which is tailored to make learning about finance straightforward and enjoyable.
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Be Open to Mistakes: Embrace your financial journey, recognizing that errors are opportunities for growth. Share your experiences with others to build a supportive community.
Conclusion: Your Path to Financial Independence
As you embark on your quest for financial independence, remember that the journey is unique for everyone. With insights from Amanda Holden on making finance enjoyable, accessible, and relatable, you can take actionable steps toward achieving your financial goals. Embrace the process, acknowledge your mistakes, and know that investing is within your reach. Keep striving for financial literacy and empowerment—each step brings you closer to a more financially secure future.
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Amanda Holden
Website:Â Invested Development
Website: The Dumpster Dog Blog
Instagram: Dumpster.doggy
Email: [email protected]
What You'll Get Out Of Today's Show
Amanda Holden's approach to educating others includes laughter and shenanigans to democratize information and get it to stick.
Amanda worked in corporate America at an investment management firm, but helping rich men get richer wasn't her calling. She hated the job and decided to establish a set of rules that we allow her to quit in six months and go travel.
She chose to supplement her bare-bones spending by living off the excess of others. That including asking for leftover uneaten lunches which earned her the nickname, Dumpster Dog.
Pulling burritos out of the trash and drastically cutting her spending worked. Amanda's savings enabled her to leave the job she hated and travel for a year.
Dumpster Doggy has now become her identity, showing others how they can make it work even if they don't have a lot.
Being privileged enough to live in one of the wealthiest countries in the world also means that we take it for granted and are surrounded by vast amounts of waste. Are we throwing so much away that we are sabotaging our chance to get what we really want?
While each day she felt like she was trying just keep putting one foot in front of the other, at the time, she didn't think of it the changes she was making to leave a toxic work environment as a metamorphosis.
She hated the job so much that she felt like the only option was to quit and start over from zero. Hating it that much allowed her to take a risk on doing something that aligned better with who she wanted to be and what she wanted to do.
Her advice to anyone who doesn't dislike what they are doing quite as much as she did is to start saving and doing what they want to do on the side. Then assess once there is momentum to decide if you want to take it further.
Amanda acknowledges that she was privileged with a level of comfort and security when taking her leap as she had a family to fall back on for help if needed.
She isn't trying to sell entrepreneurship to everyone. It makes sense for some people but there are aspects of it that she doesn't love. It won't be the right fit for everybody.
What worked for Amanda was starting by giving her service away for free and collecting as much feedback as she could. While she has the blog, For her business, she started out cold calling on sororities. She asked to come in to teach them about investing and then collecting their feedback.
After building this foundation, she began to explore what the sticking points were for people and how she could begin to charge for her services.
Amanda says it's all about connections, so utilize your network to get your information into the hands of whoever can help get you in the door.
Amanda wants women to be in the conversation because when they have a seat at the table, they have wealth and the world is a better place.
To reach women and make the material accessible, Amanda avoids jargon and uses comedy as an educational tool. For instance, she leads with equating a 401K or a Roth IRA with a Caboodle, which is just a fancy place for you to store your treasures.
Amanda also uses a shame-free approach to money. Women are constantly feeling shamed about money, whether it's for making too much or too little, or for how they choose to spend it. She trusts you to be grown up enough to make spending decisions for yourself.
Everyone deserves to be able to spend a little bit of money on themselves and have some fun. Living paycheck to paycheck might be a problem of spending too much or it might be not earning enough. Saving and investing can be automated if spending is the problem, while a conversation about earning might be warranted if income is the problem.
In addition to removing the shame associated with money, Amanda says you don't have to be perfect. She uses her own mistake stories to help bring people in.
While building her business, Amanda worked as a bartender and freelance writer. She still freelances for the regular income but she also puts on personal events that are more fun than the corporate speaking events where she feels muzzled.
Amanda was teaching investing courses on Zoom well before Zoom became a thing. She's been able to scale the course by putting it on video.
The first thing she tells people is that investing is absolutely in their capacity and that if you take a set it and forget it approach, you'll probably do better than the investing experts.
Course information can be found on her Instagram page. If interested in contacting her for a speaking event, reach out to her on Instagram or by email.
Resources Mentioned In Today's Conversation
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