Here's How a Mother and Entrepreneur Makes Family Finances Shine

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This week for Money IRL I had the honor to interview Paloma Concordia, an entrepreneur and mother living in the Bay Area who’s currently re-defining her money mindset with her budding company and growing children in mind. Read how she’s making money moves with intention and clarity.

What’s your money focus right now?

Right now, I'm focusing on taking my business to the next level, professionally and financially speaking. I know having a positive money mindset and shattering limiting beliefs will allow me to break my own boundaries. So it’s exciting to see platforms like dahla which can help people shift their perspective about their funds. I recently met with a financial advisor to help me understand my financial situation and set measurable goals, on her blog she writes that “Wealth is 90% psychology and 10% money mechanics” (Claiming Prosperity). Reading that has really helped me change my perspective! Once I shift 100% into a mindset of abundance and gratitude, and educate myself on the money mechanics, then I know that money is going to flow into my life more easily.

That must be helpful. How does money affect your marriage?

I’m married with four kids and I run my own business. When my husband and I got engaged, I told him that along with love and companionship, I see marriage as a business partnership too. We’re signing a legal contract, and financially accountable to each other. We both agreed to manage our finances and home accordingly. We have business meetings at least once a month to check in on our financial status. We also try and plan weekend retreats now and then, where we set goals – whether financial, or other aspirations in our personal lives for the year ahead. We really enjoy the process, and it’s helped us build a strong foundation for our future.

We also split up the operations, but I guess you could say I’ve taken the lead in keeping things organized. I like to make spreadsheets and have taken my experience in retail and business management to help us with tracking expenses and keeping information easily accessible so we can see where we’re at each month.

Very cool. What are some of your financial goals this year?

Building up an emergency fund, chip away at debt, then tackle the retirement fund. I had a 401K at one point when I was working in the corporate world, but I cleared it out a long time ago to pursue my goals as an entrepreneur.

On a personal note, our goal is to buy a house in a few years, but living in the Bay Area is another challenge #capitalism #gentrification. If you earn less than $100K year, you are considered low income here.

Switching gears a bit – what was money like for you growing up?

I never felt like there was money lacking growing up. I had my own bedroom, and always got what I needed, but I don’t think I was spoiled either. I started working when I was 16, and paid for my first car with the first $2,000 I earned. I like being responsible with my money, but we all make mistakes, and that’s just part of life. Being an entrepreneur was something I practiced early on; I remember going around the neighborhood offering to wash cars, and even had a lemonade stand.

What do you want your kids to learn about money?

I want to teach them about having a positive mindset. I want to show our kids that we are rich in health and our relationships.  I tell them that money is energy. If you have good energy, money will come your way.

What have you learned most about money?

When you least expect it, money will show up. Whenever I’ve been on the edge of nothing and I worry what I will do, something happens – an old check will come in the mail, someone will gift me money, or an old client will reach out. If you think of money as energy and you’re doing good things in the world, doing your best, at the end of the day the money will come.

My best friend and I have started calling money, “mana” instead, just calling it something that evokes positivity makes us feel that way too. "Mana" is a word from Hawaiian culture that means power.  “Having meaningful work to do, enjoying harmonious relationships with those around you, and being of service in some way all help to gather mana.”  Mo Mana, Mo Blessings!