ADHD Money Talk

The Story Behind Every ADHD Money Problem

Tue, 09 Sep 2025 05:00:00 -0400

We explore how childhood experiences shape our adult relationship with money, especially for those with ADHD who receive an estimated 20,000 more negative messages than praise by age 10.

• Children with ADHD often develop shame-based beliefs from chronic criticism
• These negative messages literally rewire the developing brain
• The prefrontal cortex (responsible for decision-making) is affected by both ADHD and chronic stress
• Financial struggles in adulthood often stem from childhood shame rather than just executive function
• Conventional financial advice fails because it doesn't address the underlying emotional wounds
• The pattern creates a feedback loop: shame triggers fear, which impairs executive function
• Healing begins by recognizing and addressing the emotional needs of your inner child
• Breaking the shame cycle allows financial management to improve naturally

What moment in this explanation resonated most with you? Let us know in the comments.

Know what you can really spend, in under 1 hour, no overwhelm. Grab free access here → https://unbudgetlite.shamelessmoney.com/

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Head over to our YouTube channel for the full experience on future episodes.

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Head over to our YouTube channel for the full experience on future episodes.

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How Buy Now Pay Later Traps You, Explained

Sun, 17 Aug 2025 19:00:00 -0400

Ever wondered why “pay in four” buttons feel irresistible? They’re designed to exploit ADHD brain wiring—leveraging executive function deficits, dopamine manipulation, working memory overload, and future blindness.

Services like Klarna, Afterpay, and Affirm thrive on “phantom debt,” with the average person juggling 9+ payment plans and paying hefty merchant fees and penalties. Millennials and Gen Z—especially those with lower credit scores—are prime targets.

I share three harm-reduction strategies, including limiting yourself to 1–2 payment plans and finding non-spending dopamine boosts. That’s why I created the UnBudget—a free ADHD-friendly money system that works with your brain, not against it. Link in description.

Know what you can really spend, in under 1 hour, no overwhelm. Grab free access here → https://unbudgetlite.shamelessmoney.com/

Check out ShamelessMoney.com to work with me directly!

Head over to our YouTube channel for the full experience on future episodes.

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Head over to our YouTube channel for the full experience on future episodes.

Learn more about ADHD-friendly financial coaching
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I Lost Everything Despite Being a Financial Planner (My ADHD Money Story)

Wed, 25 Jun 2025 12:00:00 -0400

David DeWitt shares his personal journey from financial disaster to freedom, revealing how understanding the connection between ADHD, shame, and money behaviors transformed his relationship with finances.

• Breaking free from the shame cycle that drives ADHD financial behaviors
• Understanding how self-beliefs sabotage financial progress despite good intentions
• Learning that willpower and discipline aren't effective solutions for ADHD money management
• Recognizing how 20,000 more negative experiences shape harmful core beliefs in people with ADHD
• Discovering how to befriend rather than battle financial demons
• Making sustainable progress by addressing emotional foundations first
• Finding freedom through self-acceptance rather than constant self-improvement

Join our Shameless Money community to decode your money story and build sustainable financial systems designed for the ADHD brain. Check out our Financial Transformation coaching package that includes a deep discovery call, personalized roadmap with your money story decoded, and implementation sessions to build systems that actually work for you.

Head over to our YouTube channel for the full experience on future episodes.

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How I transformed my relationship with money (and how you can too)

Tue, 25 Mar 2025 12:00:00 -0400

On this episode, I'm sharing a transformative system that has eliminated my impulse spending by using something called a "token economy" with gold stars that can be redeemed for desired purchases.

This approach bridges the dopamine gap for ADHDers like you and me by providing immediate, tangible rewards for positive financial behaviors.

• Token economies provide external rewards that help ADHD brains connect daily actions to long-term outcomes
• The system creates your own "currency" earned through completing chores, habits, and financial behaviors
• The system teaches your brain to weigh desire against effort, creating a natural spending pause
• Over time, this approach reduces overall desire for impulse purchases

Visit ADHDMoneyTalk.com to share your experience if you try this system or to ask questions for the show.

Interested in working with me 1:1? Check out my brand new ADHD Financial Kickstarter service: a 90-minute call with me where we dive deep on your money beliefs and financial picture. Within 7 days, you'll get a personalized roadmap designed to help you transform your relationship with money for good.

Head to shamelessmoney.com/adhd-financial-kickstart to learn more.

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ADHD Money Talk is Back! Small 2025 Goals = Big Impact on Your Finances

Tue, 28 Jan 2025 09:00:00 -0500

ADHD Money Talk is back!

Dave is joined by a new (and possibly recurring?!) guest, Max Moclock.

Max graduated from Penn State with a degree in Finance. After 10 years in corporate America, Max started a career pivot to becoming a brand strategist. He received an ADHD diagnosis in 2012 and is passionate about creating space for others to feel confident and empowered, regardless of their diagnosis.

This episode introduces a new perspective on setting New Year’s resolutions through the concept of the **Winter Arc**, which emphasizes achievable goals, the power of visualization, and the importance of celebrating small wins while fostering self-forgiveness.

What's inside?
• Introduction of the Winter Arc as a manageable goal-setting approach
• Importance of focusing on small, consistent victories
• Visualization techniques for achieving goals
• Encouragement to practice self-forgiveness and grace
• Reflections on the distinct challenges faced by individuals with ADHD
• Call for listeners to rethink their approach to resolutions in 2025

Head over to our YouTube channel for the full experience on future episodes.

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Mastering Career and Finances with ADHD: Insights and Strategies from Shell Mendelson

Wed, 05 Jun 2024 06:00:00 -0400

Unlock the secrets to mastering your career and finances, especially if you have ADHD, with insights from our 35-year veteran ADHD career coach, Shell Mendelson. We kick off the episode with an exciting announcement of our new project aimed at helping ADHDers gain better control over their financial lives. Shell shares her invaluable wisdom, including her adapted version of the iconic "What Color Is Your Parachute?" framework, making it more visual and easier to grasp for ADHD minds.

Ever felt like you're your own worst enemy when it comes to making positive choices? Discover the concept of the "safekeeping self" and learn how to break free from internal barriers that hold you back. Shell Mendelson and I have an engaging conversation about the pitfalls of impulsive decisions and the importance of financial planning. We discuss how acknowledging genuine personal interests can lead to long-term satisfaction, and why community support plays a crucial role in successful financial and career planning.

Navigating traditional work environments can be challenging for those with ADHD, but we’ve got you covered. We explore why self-accommodation plans are vital and how rigid corporate settings can stifle productivity. Highlighting real-life examples, we emphasize the importance of flexibility and understanding from employers. To cap it all off, we introduce Shell's book, "A Course for Adults and Teens: Unlock Your Career Path," as a must-have resource for gaining clarity and focus in your career journey. This episode is packed with actionable advice and inspiration tailored for anyone struggling with career and financial challenges while living with ADHD.

Head over to our YouTube channel for the full experience on future episodes.

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Balancing Financial Coaching with ADHD: Insights, Tools, and Personal Growth on the ADHD Money Talk Journey

Wed, 06 Mar 2024 01:00:00 -0500

Discover the interplay between financial coaching and the unique challenges that come with ADHD as I bare all in a transparent reflection of ADHD Money Talk's journey. Step into the heart of my endeavors where I grapple with balancing the creation of engaging content and the depth of client work, all while evolving my business to meet the diverse financial needs of those with ADHD. As we navigate through the lessons gleaned from two years of coaching, I'll share with you the psychological insights that play a crucial role in managing money and how personalized financial advice varies among clients with different incomes and organizational abilities.

Join us as we revisit the tools that have shaped budgeting advice for those with ADHD, from the early days of the Honeydew app to my current favorites like Monarch and Tiller Money. But it's not all about the tools; it's also about fostering a thriving money mindset. Hear recommendations for resources that can deepen your understanding of the psychology behind money and why it's vital to engage with your finances daily. And if you're a fan of Twenty One Pilots like me, you'll appreciate the nod to their upcoming releases, which hint at the fusion of personal interests with professional insights in this episode.

Head over to our YouTube channel for the full experience on future episodes.

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Community Question: How To Pay Less Taxes in 2024!

Fri, 19 Jan 2024 02:00:00 -0500

Ever feel like Uncle Sam is reaching too deep into your pockets? We've got you covered! On today's lively episode, we're unraveling the complex world of taxes for our ADHD community, tackling a tough question from Yvonne in our ADHD Money Talk Facebook group. She's got a state pension and a 403(b), but no 401(k)—so how can she keep a tight grip on her hard-earned cash? Fear not, because we're not just spewing generic advice; we're serving up educational insights that just might spark some genius tax planning strategies for you.

We kick things off with a candid reminder to look at the big financial picture—because tunnel vision on tax reductions can lead to missed opportunities elsewhere. It might sound paradoxical, but we explore why paying more taxes now could actually save you a bundle in the future, especially if you're eyeing a higher tax bracket with a looming promotion. We'll guide you through the ins and outs of Roth IRAs, 403(b)s, and the often overlooked aspect of tax planning over mere tax minimization. Whether you're juggling a state pension or just trying to outsmart the taxman, this chat is locked and loaded with the financial firepower you need to potentially lower your taxable income and secure a wealthier tomorrow.

Join Our Facebook Community Page - https://www.facebook.com/groups/adhdmoneytalk

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Why You Feel Overwhelmed, Dumb, and Lost When Faced With Financial (Or Any) Decisions

Wed, 10 Jan 2024 18:00:00 -0500

In this episode, we dive into the brain's role in financial decision-making, with a special focus on individuals with ADHD. We follow the story of Jordan, who grapples with typical financial decisions, such as whether to make an extra mortgage payment or invest in stocks. Experts like E Sonuga-Barke, G Fairchild, and A Stringaris provide insights into the unique challenges faced by those with ADHD.

We examine how the default mode network, essential for planning and self-reflection, and the amygdala's reward-seeking behavior contribute to impulsive financial decisions that can impact long-term stability.

The episode explores the workings of the ADHD brain, particularly the prefrontal cortex's role in controlling attention and impulses, and the interactions of the frontostriatal and frontoparietal circuits. We also discuss the crucial functions of the anterior cingulate cortex in emotional regulation and the orbitofrontal cortex in error detection, offering a glimpse into the ADHD brain's approach to financial planning.

By the end of this episode, listeners will have a deeper understanding of the complexities of the ADHD mind and the strategies that can assist in navigating the financial challenges associated with it.

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ADHDers Don't need to Go Broke Every Christmas: Try this Instead

Tue, 12 Dec 2023 06:00:00 -0500

Ever wondered how to keep your holiday spending in check while living with ADHD? If so, this heart-to-heart conversation is for you. We're tackling the challenging dance of handling personal finances during the festive season, particularly for those of us with ADHD. This episode promises to provide you with tools to combat the cycle of impulsive spending and the aftermath of regret that often sets in once the celebrations are over. We're going to walk you through a quick and effective 20-minute planning process that respects our need for spontaneity without letting our finances run wild.

Let's take a turn and inject some fun into holiday shopping while also imparting financial responsibility. We'll introduce you to the joy of cashback services such as Rakuten and Swagbucks. These are not just entertaining, but they also make shopping at a myriad of retailers an economically sound choice. You'll get a taste of the thrilling reality that is cashback percentages from various retailers and how these services can substantially pad your savings.

Lastly, we're handing you a survival guide to navigate the tumultuous festive shopping season with ADHD. Be prepared to unearth the significance of setting and adhering to a budget, making the most of cashback services and discount codes, and celebrating your financial victories in the new year. We're here to empower you to overcome the tendencies of impulsive spending and jumpstart the new year with a positive financial outlook. So, join us as we embrace our ADHD, keep things fun, and aim for awesomeness!

Head over to our YouTube channel for the full experience on future episodes.

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The Black Friday ADHD Shopping Personas

Wed, 22 Nov 2023 18:00:00 -0500

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Ready to tackle the chaos of Black Friday shopping with an ADHD twist? Buckle up as we navigate the bustling aisles and virtual carts, unveiling the unique shopping personas you may embody with a sprinkle of ADHD. From the unchecked dopamine chaser, caught up in the frenzy of discounts, to the overwhelmed wanderer, feeling lost amid the flurry of sales, we've got you covered. But that's not all - even if you're the hyper-focused hunter, laser-focused on the best deals, we celebrate your frugal side and offer strategies to enhance your shopping experience.

In this riveting exploration, we also zoom into the myriad of shoppers you cross paths with on Black Friday. Ever met an over-analyzer deal analyst, who scrutinizes every purchase, or encountered a regretful rusher, who operates on shopping adrenaline? Let's not forget the adventurous browser, basking in the thrill of in-store treasure hunts. No matter if you're an impulsive shopper, an overwhelmed buyer, a last-minute procrastinator, or an indecisive shopper, we bring you tips and laughs tailored for your persona. So, gear up for an insightful, humorous journey through the world of Black Friday, ADHD style!

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Start an LLC and Make your Hyperfocus your Business

Wed, 15 Nov 2023 01:00:00 -0500

Does this sound familiar? Have you been told to simply focus harder or try harder to achieve financial success with your hobbies, only to feel frustrated and overwhelmed? It's time to break free from ineffective actions and the pain of not getting results. Starting an LLC can unlock the power of your ADHD hyperfocus, protect your business, streamline your financial management, boost your confidence, and provide you with a step-by-step guide to turning your hobbies into profitable ventures. It's time to take control of your financial success and unleash the full potential of your passions.

In this episode, you will be able to:

Unlock the power of ADHD hyperfocus to achieve financial success.
Discover the benefits of starting an LLC and how it can boost your profitability.
Learn how to separate your personal and business finances to streamline your financial management.
Gain a better understanding of the psychological advantages of starting an LLC and how it can boost your confidence and motivation.
Follow a step-by-step guide to starting an LLC and turn your hobby into a profitable venture.

The key moments in this episode are:
00:00:00 - Introduction: ADHD Brain and Hobbies
00:01:10 - The Power of Hyperfocus
00:03:43 - Brainstorming Business Ideas
00:07:46 -Understanding LLCs and Sole Proprietorship
00:09:52 - The Role of LLCs in Taxation
00:13:50 - Benefits of Starting an LLC
00:15:17 - Clear Separation and Accountability
00:16:21 -Psychological Boost of Starting an LLC
00:17:38 - Steps to Starting an LLC
00:21:48 - Starting an LLC is Attainable

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ADHD and the Art of Productive Procrastination: A Self-Reflective Journey

Wed, 25 Oct 2023 06:00:00 -0400

In the world of productivity, there's a hidden trap that many fall into. It's a cycle that gives us a false sense of accomplishment, but leaves us feeling empty and unfulfilled. Just when you think you have it all figured out, there's an unexpected twist in the story. A twist that reveals the true nature of your pseudo-productivity habits and challenges you to confront them head-on. Are you ready to unravel the mystery and rewrite your productivity narrative?

In this episode, you will be able to:

Boost your productivity by breaking free from pseudo-productivity habits
Overcome fear of failure and unlock your full potential
Take control of your finances by managing perfectionism
Set achievable financial goals and watch your savings grow
Challenge and conquer your pseudo-productivity habits for good

The key moments in this episode are:

00:02:33 - Dave's Personal Experience with Pseudo Productivity
00:05:59 - The Connection between Pseudo Productivity and Fear of Failure
00:08:19 - Different Types of Perfectionism
00:14:46 - Overcoming Fear and Perfectionism
00:15:19 - Continuous Growth and Learning

Want to work with me?
Check out my ADHD Planning & Coaching service.

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ADHD Does Not Cause Your Money Struggle (Hot Take)

Thu, 12 Oct 2023 01:00:00 -0400

If you're feeling constantly overwhelmed and defeated by your financial situation, despite your best efforts to manage your money, then you are not alone! Many individuals with ADHD struggle to establish effective financial habits, often facing difficulties with budgeting, impulsivity, and organization. Despite your intentions, you may find that you are consistently overspending, missing bill payments, or struggling to save, leading to increased stress and frustration.

In this episode, you will be able to:

Understand how ADHD can impact your financial habits and gain strategies to overcome money struggles
Uncover the role of childhood experiences in shaping your relationship with money and learn how to reframe your mindset for financial success.
Discover how emotions can influence your financial decision-making and learn techniques to make more mindful choices.
Explore the underlying causes of your financial struggles and develop a plan to address and overcome them.
Unlock the value of financial therapy, regular therapy, and working with a specialized financial planner to support your unique needs as an individual with ADHD.

The key moments in this episode are:
00:00:59 - ADHD and Money Struggles
00:06:00 - Childhood Impact on Money
00:07:52 - ADHD Symptoms and Money
00:09:12 - Exploring Childhood and AHA Moments
00:15:20 - The Importance of Emotional Decision-Making
00:15:55 - Mistakes and ADHD
00:16:21 - Addressing Root Causes
00:17:44 - The Need for Exploration
00:18:10 - Conclusion and Encouragement

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

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Overcoming Perfectionism when Budgeting with ADHD

Wed, 27 Sep 2023 01:00:00 -0400

Do you want to break free from the grip of perfectionism and finally take control of your finances? Are you tired of feeling overwhelmed and frustrated by the constant pursuit of flawlessness in your budgeting?

I have the solution that will help you develop healthier financial habits and achieve the financial empowerment you desire.

By overcoming perfectionism and celebrating small wins in budgeting, you can finally experience the freedom and peace of mind that comes with taking charge of your money.

In this episode, you will be able to:

Discover the intriguing interplay between budgeting and the pursuit of perfection
Recognize the crucial role of addressing emotional and mental barriers in handling finances
Unearth practical and efficient solutions to the common struggles of adhering to a budget
Learn to triumph over perfectionism and rejoice in the progress you make with your budget
Appreciate the significance of curiosity and self-compassion as catalysts for a successful budgeting journey

Don't let perfectionism get in the way of your budget. Budgeting is a tool for awareness, not judgment. - Dave DeWitt

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

Head over to our YouTube channel for the full experience on future episodes.

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I am Self Employed with Variable Income. Help me Save and Invest

Wed, 16 Aug 2023 01:00:00 -0400

Do you ever feel overwhelmed when managing your business and personal finances? Well, you're not the only one. This ADHD Money Talk episode is specifically designed to provide actionable tips and strategies for those who are self-employed or work as 1099 contractors. We'll guide you through the process of separating your business and personal finances by using business banking accounts. Also, we'll highlight the importance of understanding your business structure and the benefits of utilizing an accounting software for tracking receipts and invoices.

But wait, there's more! We are also taking a deep dive into the various retirement contribution options available for self-employed individuals. Learn the ins and outs of investing in Roth IRA, regular taxable brokerage account, or SEP IRA. We discuss how these investment options can significantly reduce your current tax rate and save you a substantial amount of money in the long run. Remember, with financial decisions, it's always important to consult with a professional and always keep your business and personal finances separate. So, get ready to take charge of your finances in this enlightening episode!

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How Working Memory Impacts Your Financial Habits

Wed, 26 Jul 2023 01:00:00 -0400

Have you ever imagined what it would be like to have a personal assistant that transcribes your thoughts, keeping track of the tiniest tasks that your memory can't hold onto? As someone living with ADHD, this isn't just a passing thought for me, but a constant reality. Join me as we navigate the intricate maze of ADHD, IQ, and working memory, and how this intertwining impacts my everyday life, from conversations and soccer practice to financial management.

The revelation of my IQ test results, a solid 109, puts my verbal comprehension and perceptual reasoning above average. But here's the catch – my working memory is in the 34th percentile. Poor working memory isn't just about forgetting where I put my keys, it's a daily battle that affects my conversations, my sports practice, and most critically, my financial habits. It's about struggling to remember crucial details, even my own phone number. But hey, we're not here to dwell on the struggle. Let's dive into how we can turn these challenges into our strength!

The moment you connect the dots between ADHD, poor working memory, and financial habits is the moment you start gaining control of your finances. Trust me, I've been there. We all know how one impulsive decision can lead to a cascade of unwarranted spending. Been there, done that. But with the help of financial tracking and building cognitive flexibility, I've been able to regain control. It's a journey, but it's doable. Let's embark on this together, learn from my strategies and experiences, and find out how to take control of our finances amidst our ADHD challenges.

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

Head over to our YouTube channel for the full experience on future episodes.

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Revolutionizing Note-Taking: Exploring Productivity Apps for ADHD

Wed, 12 Jul 2023 01:00:00 -0400

Are you ready to revolutionize your note-taking system? Discover the power of productivity apps specifically tailored for those of us with ADHD. We're taking a deep look at how I obsessively hyper-focused on productivity apps and completely transformed my approach to note-taking. We're exploring everything 'Mem', 'Obsidian', 'Akiflow', 'Asana', and 'Amazing Marvin'. Each of these apps brings a unique flavor to the table, changing the game in task creation, project management, and even hobbies like tracking golfing progress.

As we journey through the world of Personal Knowledge Management, we’ll uncover how they can help us generate personalized content for blogs and other materials. We'll chat about AI, explore 'networked thought', and see how it assists in creating a visual map of thoughts and ideas. Beyond that, we're talking about task management and how these apps keep us on top of our game, whether it's work, hobbies or personal life. We'll also cover the downsides, such as the difficulty of setup and lack of integration with other applications, and the quest for a frictionless and integrative platform.

Concluding our tour, we’ll discuss how to make the best use of these apps to maximize productivity while staying mindful of our spending habits. It's been an enlightening exploration of productivity apps and how they can enrich your life and work. So buckle up for a ride through the rabbit hole of productivity apps, their features, benefits, and how you can use them to stay organized and efficient. You don't want to miss it.

Apps mentioned

Mem - networked notes
Sunsama - tasks and daily planning
Amazing Marvin - tasks and day planning
ClickUp - tasks, projects, so much more
Obsidian - networked notes
Roam Research - networked notes
Logseq - networked notes

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Surviving the Summer Splurge: Smart Budgeting Tips and Overcoming Financial Anxiety

Wed, 14 Jun 2023 01:00:00 -0400

Are your summer expenses spiraling out of control? Have no fear, because in this episode, I share my struggles with balancing summer expenses and the unexpected surprises that often come with the season. You'll learn how I'm coping with these financial challenges and stay ready for life's curveballs.

I also dive into the importance of developing financial responsibility and budgeting habits, especially when navigating through the costly summer months. From how having children has helped me get better with money, to how my anxiety has shifted from worrying about paying off debt to now worrying about not being able to save as much money as I wanted, I share my experiences and tips for smart summer budgeting.

Join me as I share some helpful summer budgeting advice and discuss how I'm working towards exiting the demanding work tunnel.

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

Head over to our YouTube channel for the full experience on future episodes.

Learn more about ADHD-friendly financial coaching
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Exploring Monarch Money: The Ultimate Budgeting Tool

Wed, 17 May 2023 01:00:00 -0400

In this episode, we dive into the features and benefits of Monarch Money, an incredible budgeting app that has gained popularity over the past three years. David shares his personal experience with the app and highlights why it stands out from other budgeting tools. From effortless budgeting to intuitive design and gamification elements, Monarch Money offers a refreshing approach to managing your finances. Stay tuned to learn more about its features and how it can help you gain control over your money.

Episode Highlights:

Introducing Monarch Money: A Modern Budgeting Tool

Monarch Money is a relatively new budgeting tool, just three years old.
The app stands out for its modern design and user-friendly interface.
The developers have put great effort into building an intuitive and visually appealing app.

Seamless Account Integration

Monarch Money allows users to link all their financial accounts, including credit cards, bank accounts, loans, mortgages, and investments.
It offers smooth integration with popular financial platforms like Plaid and Finicity.
Manual entry is also available for accounts that cannot be linked directly.

Net Worth Tracking and Zestimate Integration

Monarch Money enables users to track their net worth by including assets and liabilities, such as property values.
The app even integrates with Zillow's Zestimate feature for automatic property value updates.

Transitioning from Other Budgeting Apps

Monarch Money provides easy-to-follow instructions for users switching from other budgeting apps like Mint.
It offers clear guidance on importing statements from Apple, especially for Apple Card users.

Streamlined Transaction Categorization

Monarch Money simplifies transaction management by automatically importing pending transactions and allowing users to edit them.
The app offers customizable rules to categorize transactions automatically based on user preferences.
Users can enjoy the convenience of quick categorization and real-time tracking of expenses.

Visual Cash Flow Analysis

Monarch Money's cash flow tab provides a comprehensive view of income, expenses, savings, and savings rates.
Expenses are categorized by groups, allowing users to identify spending patterns easily.
Users can also analyze spending by merchants to gain insights into specific areas of expenditure.

Effective Budget Planning

Monarch Money's plan tab allows users to set budget amounts and track actual expenses.
The left-to-budget feature helps balance income and expenses effectively.
The app includes a forecast page where users can set budgets for future months, encouraging proactive financial planning.

Adjusting Budgets in Real Time

Monitoring progress and making intentional decisions throughout the month is crucial.
Monarch Money enables users to adjust budgets on the go, reallocating funds between categories or goals.
The "sweep remaining amount" feature allows users to transfer unspent funds to different categories easily.

Conclusion:
Monarch Money offers a refreshing and user-friendly approach to budgeting. With its intuitive design, seamless account integration, and powerful features like real-time transactio

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Listener Question: I Love Saving - and Spending too

Wed, 19 Apr 2023 01:00:00 -0400

Listener Louise writes: "I'm very good at saving. I love watching my savings balance grow and have gamified this process in many different ways to make it interesting and exciting. The problem is that impulse spending kicks in with whatever I'm into at that moment, and suddenly all my savings are gone. How I can stop this happening?"

This problem is common among ADHDers, but I have some practical tips for how to help control spending so you can enjoy saving more. Listen in...

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e58

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Not making progress? Make one BIG sacrifice!

Wed, 05 Apr 2023 01:00:00 -0400

Are you someone with ADHD who's struggling to get a handle on your finances? Well, you're not alone. Many people with ADHD find it challenging to manage their finances, leading to financial stress and anxiety.

But fear not! There is a way out of this financial mess, which could start with making sacrifices.

The Challenge: Make One BIG Sacrifice

I work with so many people who are one sacrifice away from being able to make incredible progress.

Making sacrifices is important for anyone with ADHD who wants financial freedom. It requires discipline, self-control, and prioritization. But with a little effort and sacrifice, you can take control of your finances and live the life you want. So, take a deep breath, plan, and make those sacrifices. Your future self will thank you.

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e57

Head over to our YouTube channel for the full experience on future episodes.

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Listener Questions: Am I Being Overly Money Vigilant to a fault?

Wed, 22 Mar 2023 01:00:00 -0400

Listener Rebecca has transformed from being an impulsive spender to now hyper-fixating on saving and investing.

In today's episode, we discuss the potential struggles with money vigilance and how being close to the financial world can make personal financial decisions harder.

We also explore the decision-making process for buying a car while saving for a house and retirement. We emphasize the importance of striking a balance between immediate desires and long-term financial goals, and ensuring all financial bases are covered before making any big-ticket purchases.

Lastly, we discuss the importance of maintaining a healthy balance when it comes to financial management and the cautionary tale of Ebenezer Scrooge as an extreme example of money vigilance gone wrong.

Join us as we navigate the complexities of money management for ADHD individuals and learn how to find that perfect balance between saving and spending.

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e56

Head over to our YouTube channel for the full experience on future episodes.

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You Are What You Eat

Wed, 08 Mar 2023 12:00:00 -0500

Money does not have to lead us to this life of dependence and scarcity. We were just taught wrong. We weren't taught how money really works. No class in high school shows us how to become wealthy and financially free.

Listen in to hear:

We were never taught how money really works
The biggest difference between the poor and the wealthy
Right mindset but wrong brain

Audiobooks to "read":

Rich Dad Poor Dad by Robert Kiyosaki
Why the Stock Market Goes Up by Brian Feroldi
Atomic Habits by James Clear
Money Mammoth by Brad Klontz
The Millionaire Next Door by Thomas Stanley
Think and Grow Rich by Napoleon Hill
The Automatic Millionaire by David Bach
Broke Millennial by Erin Lowry
Clever Girl Finance by Bola Sokunbi

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When There is No Money Left After Paying The Bills

Wed, 22 Feb 2023 01:00:00 -0500

A listener asked me this question, "What does one do if, after adding up fixed expenses, there is no money leftover and nothing to cut back on?"

Listen in as we assess the situation and I help address:

Viewing Wants as Needs
Food Prices increased 17%
Reducing credit card interest rates
Consolidating debt
Cutting the Cord and Streaming instead
Making More
What you truly want

Of course, I don't have the details and circumstances behind this person's reason for asking the question, but do my best to address the issue from various angles. Hopefully this can help you too.

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e54

Head over to our YouTube channel for the full experience on future episodes.

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How ADHD Adults Can Stop Eating Their Financial Futures

Mon, 30 Jan 2023 01:00:00 -0500

Continually eating out hampers our ability to build our financial future. How do you avoid reaching for your phone and ordering from food delivery services like DoorDash, and GrubHub when it brings so much fulfillment and joy?

Ways to Get Your Food Spending Under Control

Create a spending journal to track the frequency and total dollar amount you spend each week
Set a fixed dollar amount for eating out each month
Budget a dollar amount to spend each month on groceries bought from the supermarket
Shop at discount grocery stores
Prepare most of your meals yourself at home

If you don't enjoy cooking, consider using meal kit services such as;

CookUnity
EveryPlate
Factor 75
Freshly
Gobble
Tovala

Depending on your situation and how entrenched you are in food overspending, you must decide the measures you need to take. If not, you will continue throwing your money away on food that only gives you a temporary good feeling but is damaging your finances and health. I'm not here to judge, but I am here to tell you the truth. We all need to hear it. Get out there and make a change!

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e53

Head over to our YouTube channel for the full experience on future episodes.

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Challenge: Keep Your Monthly Food Spend Under $1,000

Mon, 23 Jan 2023 01:00:00 -0500

Are your weekends and weeknights spent devouring freshly prepared delights brought to you by your local food delivery services like DoorDash, GrubHub, or Uber Eats?

Services like this are attractive to those of us with ADHD because it is a quick, easy decision and eliminates having to prepare a meal. The downside, of course, is the cost of these services.

What is your food habit costing you?

A quick rule of thumb is to spend no more than 15% of your take-home pay on food.

On average, a single food delivery cost is between $40 to $60
If you are ordering out an average of 4 times per week, you’re spending about $1,000 per month
15% of the after-tax take-home pay of $5,000 would be $750 per month for food
That $750 per month, if invested in the market over 20 years at an 8% return, would be $385,000

If you are among the millions of people ordering out multiple times a week, you could be eating your financial future. But I would not point out this problem without providing a solution. Join me next week for steps you can take to stop reaching for your phone and get your spending habits under control.

For more information, read https://www.dewittcm.com/adhdmoneytalkblog/how-adhd-adults-can-stop-eating-their-financial-futures

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Helping ADHD'ers unleash their financial potential through planning and coaching.

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Setting Financial Goals for 2023

Mon, 09 Jan 2023 01:00:00 -0500

As we begin looking ahead into the new year and what we want for our financial goals, it is important that you also reflect on how you did last year to ensure you do not repeat any undesirable spending behavior.

Your order of operations

Here is a quick recap of what your order of operations should be for 2023:

Establish an emergency fund to cover, at a minimum, three to six months of expenses
Pay off any credit card debt
Break big goals down into smaller, more manageable pieces
Review your cashflow and pull back where possible
Track your spending
Set up a reverse budget methodology
Pre-save for upcoming larger expenses
Increase your contribution to your 401(k)
Start contributing to an IRA

The Enactment of New Legislation - Secure Act 2.0

The Secure Act 2.0 was passed on December 29, 2022, allowing employers and plan sponsors to match student loan payments with retirement contributions, like how employers currently match employee contributions to retirement funds like 401(k)s. Employees can set aside up to $2,500 of post-tax money in separate emergency savings accounts alongside their retirement accounts through their payroll deductions.

Participants can withdraw up to $1,000 from their retirement savings per calendar year to cover emergency expenses without penalty. However, the borrower would have to replace those funds within three years before making another similar withdrawal.

Establishing these goals and taking advantage of new legislation where applicable will help you make 2023 the year you successfully become a better financial version of yourself and achieve financial freedom!

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e51

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
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Helping ADHD'ers unleash their financial potential through planning and coaching.

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Happiness Vs. Joy

Mon, 26 Dec 2022 07:00:00 -0500

The term happiness comes from the Old Norse term “happ,” meaning “luck” or “chance.” In the context of the Declaration of Independence, happiness was about an individual’s contribution to society rather than pursuits of self-gratification.

Joy is a quality of the Soul. It is magnificent, divine, confirming, and otherworldly. Joy lives naturally and eternally within us all.

Where is Your Focus?

Money alone isn’t enough to make you happy. However, helping others can give you long-lasting joy and the feeling of true wealth. One mistake people make is to focus on making money instead of improving the quality of life for themselves and the people they care about.

Here are a few ‘life checks’ you can use to see if there are opportunities you could alter your focus next year:

1. Are you prioritizing the relationships with your family first? If not, what can you do to strengthen those bonds?
2. Are you in the right job, and is it allowing you to create future financial security?
3. In challenging times, do you invite negativity in or choose to focus on the positive?
4. Instead of buying that ‘thing’ you think will bring you joy, would you achieve even greater joy by giving that money to someone else in greater need?

Happiness and joy don’t have to be fleeting. Whether they come to us by luck or chance, we can choose to change our lives for the better, even when we feel out of control with our spending, emotions, or a lack of purpose in our lives.

I hope you all take your money life seriously in 2023. Take a few moments to sit down, review your budget, values, and spending, and make plans you can stick to find that purpose, inner peace, and joy.

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
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Helping ADHD'ers unleash their financial potential through planning and coaching.

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Year-End ADHD Money Moves

Mon, 19 Dec 2022 01:00:00 -0500

Christmas shopping isn’t the only important item on your end-of-the-year list of things to do. There are several financial items you should also check to set yourself up for a great 2023 and potentially save money on taxes this year and get a bigger refund.

Top Ten End-Of-Year Financial Checklist

1. Make sure you have not been paying too little tax on your income this year using the IRS paycheck checkup tax withholding calculator
2. If you have any money left over for the year, consider putting it into your 401(k) plan. It will help boost your savings for retirement and will lower your taxable income for this year
3. Plan how you will spend your money for Christmas by creating a list and assigning a dollar amount so you don’t overspend
4. Reflect upon your spending. How did you do in 2022? Could you have done better?
5. Make some financial goals for 2023. Do you have any debt? If so, plan to pay it off before the end of next year. Also, create a goal for what you can save next year
6. Use any FSA funds you may have. This is tax-free money that you will lose at the end of the year if you don’t use it
7. If you have an HSA, consider maxing it out for this year to get those extra health savings
8. If you’re a business owner, consider whether you qualify for the QBI deduction
9. If you have business expenses, consider if it makes sense to defer or accelerate the costs to reduce your overall tax liability
10. If you are in a low tax bracket this year and your income next year will push you into a higher one, consider setting up a Roth conversion while your tax rate is low and have that income grow tax-free

Make Your End-of-Year Financial Review a Family Tradition

Your year-end financial checklist should also include a status check with your family. Teaching your kids how to manage their money when their young will help them become financially successful adults.

In this discussion, you should cover things such as:

What was your budget for 2022, and did your family hold to it? What should your budget be for 2023.
How much did you hope to save in 2022, and were you successful? How should that change next year?
Was your family overpaying for certain expenses like utilities or cell phones? How can you trim those down next year?
Were you paying off debt at the beginning of the year? Were you able to pay it off? What goal should you set for next year?
Does your family have any large purchases on the horizon you need to plan for? Set a goal you can work toward together.

You certainly don’t have to hit all of these goals by the end of the year. However, as you look at this list, try to find at least 2-3 things that you can commit to handling before December 31 and maybe another 2-3 that you can commit to at the start of next year.

This isn’t about getting EVERYTHING right. It’s about making
consistent forward progress one step at a time. What next step will you
take?

For links in the show notes, go to https://www.adhdmoneytalk.com/s1e49

Head over to our YouTube channel for the full experience on future episodes.

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Rewiring our ADHD (my appearance on ADHD Rewired with Eric Tivers)

Mon, 05 Dec 2022 01:00:00 -0500

I was blessed and excited to be a guest on Eric Tivers’ ADHD Rewired podcast.

In this episode, we discuss:

The shame we can feel around our finances
How to use our values to help guide our financial planning
How to get past the mental clutter when facing our finances
Ways to stay consistent with financial management

You’ll also hear some strategies for tackling debt against spending, why “budget” is a “dirty’ word, the importance of filing your taxes on time, and a glimpse into investing.

This interview was originally released at https://www.adhdrewired.com/438-adhd-money-talk-with-david-dewitt

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If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
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Click here to leave a review on my website
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Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

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Lifestyle Creep! (...the silent inflation)

Mon, 28 Nov 2022 01:00:00 -0500

Lifestyle creep, or lifestyle inflation, is a real issue that can affect anyone - especially those of us with ADHD. When our income goes up, it's natural to want to spend more and enjoy life more. But if we're not careful, we can end up in a situation where we're making more money but have less saved. This can be a real problem when we hit a financial snag or want to retire. Suddenly, all those nice things we've been buying don't seem so worth it.

In this episode, we'll explore the issue of lifestyle creep and how it can affect people with ADHD. We'll also look at some ways to prevent or undo it.

Financial Stability Steps to follow:

1) Track spending
2) Have short-term goals
3) Revisit values

Track spending
To track spending, use a physical notebook to write down your expenses each day or download an app to help keep track. Whichever method you choose, be sure to be consistent in order to get an accurate picture of where your money is going.

In order to have short-term goals that will keep you motivated, it is helpful to tie them to a longer-term goal.

For example, if you want to save up for a down payment on a house, you can break down your goal into smaller increments, such as saving $500 per month. This will make the goal feel more achievable and will help you stay on track.

Finally, it’s important to revisit your values from time to time to make sure that your spending is aligned with what is important to you. If you find money is being spent on things that don't bring you true value, it may be time to cut back in order to save more.

Have short-term goals
Assuming the goal is to save more money and prevent lifestyle creep, one way to do this is to set up a savings system to automatically save a certain percentage of each paycheck into a savings account. This way, you are less likely to spend the money on unnecessary things and will have a cushion to fall back on in case of an emergency.

Another way to prevent lifestyle creep is to track your spending and be aware of where your money is going. This can help identify any dangerous spending patterns and make adjustments accordingly.

Finally, it is important to have short-term and long-term financial goals to keep you motivated and on track. Having specific goals to work towards will help you stay focused and avoid lifestyle creep.

Revisit values
If you're worried about lifestyle creep, one of the best things you can do is track spending. This will help you stay aware of where your money is going and help detect any dangerous or destructive spending patterns. You can also set up a savings system to automatically move savings towards your goals right off the top of your paychecks. This way, whatever hits your checking account is yours to spend.

Finally, remember to revisit your values periodically. What do you want your money to do for you? Provide safety, stability, independence, freedom? Ease your day to day stress? Or do you want to get your Chick-fil-A four times a week? Make sure your spending is aligning with your values.

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You're not greedy, you're ADHD

Mon, 21 Nov 2022 01:00:00 -0500

Greed and selfishness are often seen as negative character traits, but what if they're actually symptoms of a bigger issue? In this episode, we'll explore the three differences between people with and without ADHD when it comes to greed and selfishness. We'll also outline a system that was used to get control, understanding, and change.

Why is it important to understand the difference between people with ADHD and those without ADHD when it comes to greed and selfishness?

People with ADHD are more likely to be impulsive and act without thinking, which can lead to them being more selfish and greedy. They may not be able to control their urges to spend money or take things that they want, without considering the consequences. On the other hand, people without ADHD are more likely to be able to control their impulses and make decisions based on logic and reason. This can help them to avoid being greedy or selfish, as they are more likely to think about how their actions will impact others.

Steps to follow:

1. If you have been diagnosed with ADHD, educate yourself on the condition and how it has been impacting your finances

2. Put in the honest effort to address the areas in your life that have brought you down personally

3. Be aware that you are not morally wrong for struggling with ADHD, and that you are at a disadvantage

Read more...

Educate yourself on the condition

Read books or articles on the ADHD, or talk to a professional who can help you understand its effects. Once you have a better understanding of ADHD, you can begin to work on making changes in your life to improve your financial situation.

Other resources for dealing with ADHD, financially, are to develop a budget, set up automatic payments for bills, and set aside money each week for spending. This will help you to see where your money is going and make adjustments to your spending habits. Making small changes in your financial habits can make a big difference in your overall financial health.

Address the areas in your life that have brought you down personally

It can be difficult to be honest with yourself about the areas in your life that need improvement. However, if you want to make progress, it is essential to be honest and to put in the effort to change. This means learning about ADHD and how it affects you, and then working on making changes to your behavior. This is not an easy process, and it will take time and effort, but it is possible to make progress. Once you understand your ADHD and start making changes, you will likely find that your life improves in many ways.

Be aware that you are not morally wrong for struggling with ADHD, you are at a disadvantage

Greed and selfishness are often seen as negative character traits, but they can also be symptoms of ADHD. People with ADHD are more likely to be impulsive and act without thinking, which can lead to them being more selfish and greedy.

It’s important to remember that you are not alone in this. Many people with ADHD struggle with similar issues, and there is a growing body of research and resources to help you. You can find support groups, online communities, and other resources to help you on your journey.

I’d love to hear how you apply to get control, understanding, and change.. Leave me a comment on how it went for you or drop any questions you want me to answer!

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Avoiding the ADHD Debt Cycle and Financial Burnout [Encore]

Mon, 14 Nov 2022 01:00:00 -0500

You've spent six months repairing your financial situation. You are completely out of debt. But now you are tired prone to a slip-up. Your credit cards with zero balances are staring at you begging to be used. This is the most important time of your journey, and when you may be the most vulnerable!

This episode originally aired March 21, 2022.

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ADHD Budgeting Workshop #5 Setting up the Budget Automation

Mon, 31 Oct 2022 01:00:00 -0400

In this final episode of the budgeting workshop, we will complete the remaining steps to implement your budget, allowing you to concentrate on being intentional with your spending.

If you just joined us and would like to start the series from the beginning, here is a quick recap of the episodes:

I have also created and shared a spreadsheet on the reversed budget methodology, located under the resource links at the bottom of the page. Feel free to download and use it as a resource.

Rules of the Road for Budget Automation

The objective of automating your budget is to have three buckets for your money to flow through.

The expenses bucket is for your fixed needs and wants, such as monthly bills, obligations, and commitments that do not vary.
The goals bucket is for directing a specific amount of money you identified in part 4 of the series as your primary goal, such as paying off debt or setting up an emergency fund.
The spending bucket comprises your variable needs and wants, including the money left after the expenses and goals. You may consider this your ‘what I can control’ bucket. If this bucket goes below $0, and you are forced to use a credit card to fill in the gap between now and the next pay period, you will know that you have not successfully budgeted.

The road may prove rocky at times, but don’t give up! Following this ADHD-friendly method will give you the financial control you’ve been looking for and provide clear, organized boundaries with minimal upkeep to keep you focused on making financial progress and becoming a budgeting pro!

Resource:

Link to my Google Docs Budgeting Spreadsheet (click here)

Head over to our YouTube channel for the full experience on future episodes.

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ADHD Budgeting Workshop #4 Selecting the Right Goal for the Budget

Mon, 24 Oct 2022 01:00:00 -0400

When you have ADHD, you must be mindful about setting goals to stay motivated and on track.

Identify the goal
Write out the purpose of the goal and why it is important
Decide on one action step or small task you can do today that would bring you closer to your goal

The ‘Financial Order of Operations’ is one method to help break down the process of identifying goals to focus on first.

The Financial Order of Operations

Have at least one month of your expenses as an emergency fund
If you work for a company that offers an employee 401(k) match, set that up and start getting that match
Once you have the first two steps in place, use the savings from your budget to start knocking off high-interest debt
Start building your emergency fund for three to six months of expenses
Invest in a Roth or traditional IRA, or increase your 401(k) contribution
Fund upcoming large expenses
Max out your 401(k) and 403(b) accounts
Invest extra savings in a brokerage account

Your first goal should be achievable, so make sure you set yourself up for success by choosing something you feel you can accomplish. Once you have completed that goal, set your next one and slowly move up the ladder. That way, you will build a solid foundation that will not only be achievable but will also be meaningful to you.

I have created and shared a spreadsheet on the reversed budget methodology we’re using in this series under the resource links at the bottom of the page for you to download and follow along.

Resources:

Link to my Google Docs Budgeting Spreadsheet (click here)
Debt Snowball Calculator (click here)
Financial Order of Operations (click here)
ADHD MoneyTalk Life Happens Emergency Fund Episode Four (click here)

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If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
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Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

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ADHD Budget Workshop #3 Detailed Analysis of Expenses

Mon, 17 Oct 2022 01:00:00 -0400

Identifying your financial purpose when setting up a budget allows us to maintain our focus on the process and our motivation moving forward.

I've created and shared two documents for you to use as you follow this series. The first is a spreadsheet on the reversed budget methodology, which you can find the link under the resource links at the bottom of the page to download and follow along. The second is a Google form with a list of questions to record your spending habits.

Values, Goals, & Vision

These questions will help you understand what about money is truly important to you and help you connect purpose to your efforts to become financially secure and independent.

1) Why is money important to you?
2) List at least three of your core values
3) What two things would you like to achieve or experience in the next two years?
4) In the next five years?
5) In the next ten years?
6) If you were given $10,000 and were told you could not invest it, save it, or use it to pay off debt, how would you spend it?
7) What if it was $50,000?

When you have ADHD, looking into the future beyond a week is challenging. Answering the questions above allows you to think about your future and identify the important things and some of your long-term goals, which will ultimately help you change how you spend your money.

Spending Analysis Using the 50/30/20 Model

A spending analysis shows what percentage of your money is spent on needs versus wants. The 50/30/20 Model states that you should spend up to 50% of your income on needs, 30% on wants, and the remaining 20% on savings.

It's challenging to save 20% of your income, especially if you're new to budgeting. This model is a guide and something to work toward.

Life is getting more expensive as inflation rises, so sometimes there's not enough money to go around, even if you're putting your money in the right places. Finding ways to increase your income can help. Such as:

Build upon your personal skills to get a higher-paying job
Put yourself out there, and don't be afraid to ask for a raise
Pick up a side job

You are your biggest asset, so invest in yourself!

Resources:
My Google Docs Budgeting Spreadsheet (click here)
My Google Form Budget Questionnaire (click here)
The Dare to Lead List of Values (click here)

Want to work with me?
Check out my ADHD Planning & Coaching service.

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Click here to leave a review on my website
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Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWi

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ADHD Budget Workshop #2 Variable Expenses

Mon, 10 Oct 2022 01:00:00 -0400

ADHDers like organization and structure, so they get excited about setting up a budget. However, following the method over the long term rarely works if we don't spend the extra time setting up an automated system to keep us going when we don't feel like following the process.

I've created and shared a spreadsheet on the reversed budget methodology under the resource links at the bottom of the page for you to download and follow along.

By the end of this series, you will be budgeting as you go throughout your day, with minimal maintenance and only spending the money you have available.

Identifying Variable Wants and Needs

Variable wants are the expenses that vary month to month and get us in the most trouble because this money is often tied to credit card charges such as:

Retail clothing purchases
DoorDash
Amazon.com
Entertainment (concerts and theater tickets)
Gifts
Toys for your kids

Even though variable needs are generally necessity driven, they must be tracked as they can heavily impact your budget. Examples would include:

Groceries
Dining out
Home repairs
Health expenses
Car repairs
Gasoline

As you progress through the worksheet, try not to get bogged down in the minutia in attempting to get everything perfect. The worksheet is a learning exercise to help you get an overall sense of your spending habits in a format that feels comfortable to you so you can ask yourself questions such as:

Are you spending too much?
Where are your problem areas?
Where can you cut back?

Resources:

Link to my Google Docs Budgeting Spreadsheet (click here)
Honeydue.com (click here)

Head over to our YouTube channel for the full experience on future episodes.

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ADHD Budget Workshop #1 Income & Fixed Expenses

Mon, 03 Oct 2022 08:00:00 -0400

Establishing a budget doesn't need to be an uncomfortable experience. Once the basic elements are in place and you become familiar with the process, you'll be pleasantly surprised at how easy it will be to manage money.

I've created a spreadsheet on the reversed budget methodology, which you can find under the resource links at the bottom of the page to download and follow along.

The first step in setting up a budget is determining your net income and expenses.

Identifying Your Net Income

If you are an employee, your paystub will show your net income monthly, semi-monthly (every two weeks), or bi-weekly (26 paychecks per year). For bi-weekly, multiply your net paycheck income by 26, then divide it by 12.

If you have a variable income, you can refer to episode 36, where we covered that topic.
For including a spouse or significant other, follow the process above, then add their monthly net income to yours.

Identifying Your Net Expenses

Many of my clients start to pick up a lot of momentum in the stage I call “Wants versus Needs”.
On the spreadsheet, you will see five expense sections:

Fixed Needs - an expense that comes out of your bank account regularly, like your home mortgage, a car payment, or a utility bill
Fixed Wants - food, clothing, and entertainment
Debt Payments - credit cards and personal loans
Variable Wants – dining out, and vacations
Variable Needs – costs that vary or are unpredictable, like car repair and medical bills

At the end of this stage, you will have separated all of your needs from your wants and identified all your debt payments in one place, which will help you understand how to balance your spending and help you diagnose areas where you can improve.

Resources:
Link to my Google Docs Budgeting Spreadsheet (click here)
Managing a Variable Income with an ADHD Brain - Episode 36 (click here)

Want to work with me?
Check out my ADHD Planning & Coaching service.

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If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
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Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

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ADHD Reverse Budgeting Workshop Promo

Mon, 26 Sep 2022 00:00:00 -0400

As a CFP financial planner, the most rewarding part of my job is comprehensive financial planning helping my clients get their estate in order, investing, and tax planning. My passion is to help people understand the joy that comes with the feeling of power in controlling your money.

Most of the people that come to me are at a point where first, we need to focus on getting their financial house in order and help them identify
their impulsive spending habits.

The most common culprits to 'spending blindness' include:

Having no plan
Feeling chaos
Having your income come in and go out
Over-drafting

Budgeting is setting a system to get a solid foundation in place. Cash flow planning helps us see more clearly and stop being stressed out money. It helps you to begin thinking about long-term plans. Creating a financial plan for your future will be challenging until you get your house in order and the foundation set.

I share a spreadsheet with my clients based on the reversed budget methodology, and will be sharing with you in the next several episodes.

Throughout the workshop, we'll cover the following:

The mechanics of saving
How to set up the automation
How to analyze where you're spending too much
Creating that gap between income and expenses

The point of this podcast is to help transform lives - and I want to do that for you!

Resource: Link to my Google Docs Budgeting Spreadsheet (click here)

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

Head over to our YouTube channel for the full experience on future episodes.

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Stay The Course by Getting Your Money Right

Mon, 19 Sep 2022 00:00:00 -0400

Getting your money right helps in many ways because money touches so many aspects of our lives.

Nothing has ever existed that has created more wealth or has been more influential in the transformation of families and people over time than the stock market.

If you’re an investor, you’ve more than likely noticed how volatile the stock markets have been. However, if you stay the course, you can avoid stepping on the emotional merry-go-round by always keeping the big picture of your future retirement in sight.

Studies show millennials have been giving up on the stock market. Over the past year, 49% have reportedly sold all or some of their investments, compared to only 21% of gen X and 17% of gen Z.

When asked, the main reason millennials sold their investments was to cover household expenses, losses from crypto investing, inflation, and fear.

The Standard and Poor's 500, or simply the S&P 500, is a stock market index that tracks the stock performance of 500 large companies listed on exchanges in the United States.

If you buy into the S&P 500

After 20 years you’ll have a hundred percent chance of earning a positive return on your investment
After 15 years, you’ll have a 95% chance
After 10 years, you’ll have an 89% chance
After 5 years, you’ll have an 81% chance
For one month, you would have a 61% chance

The best advice is to not let the volatility of the market stop your contributions. Instead, see it as an opportunity to continue to contribute when the market's lower when you'll get more return for the same amount of your contribution.

Resources:

Ally article: https://www.ally.com/do-it-right/trends/weekly-viewpoint-august-26-2022-dont-quit-on-investing-3-reasons-to-stay-the-course
Book by Brian Feroldi: Why Does The Stock Market Go Up? Everything You Should Have Been Taught About Investing In School, But Weren't

Head over to our YouTube channel for the full experience on future episodes.

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We All Want Forgiveness, Even Our Student Loans

Mon, 12 Sep 2022 00:00:00 -0400

President Biden announced a plan on August 24, 2022, to forgive student loan debt through the end of December 2022, with payments resuming in January 2023.

To be eligible for the $10,000 debt cancellation, your annual income must have fallen below $125,000 (for individuals) or $250,000 (for married couples or heads of households)
If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt cancellation.
Some of the changes originally made by the Public Service Loan Forgiveness (PSLF) Waiver will become permanent provisions of PSLF, even after the waiver ends on October 31, 2022, and will be publicized through an awareness campaign aimed at eligible individuals. These changes will involve allowing credit for late or lump sum payments and deferment or forbearance for people with qualifying employers
Another newly proposed rule not yet implemented is an income-driven repayment process known as the IDR plan, which will limit payments on federal undergraduate loans to 5% of the borrower's discretionary income and forgives loans of less than $12,000 after ten years of payments.

With an estimated 43 million student loan borrowers in the United States, this relief plan has the potential to positively impact a significant number of households.

Resources:

https://www.gobankingrates.com/taxes/filing/13-states-tax-student-loan-forgiveness

https://www.dewittcm.com/adhdmoneytalkblog/a-lot-of-adhders-have-student-loan-debt.-now-some-relief-is-on-the-way

https://www.kitces.com/blog/biden-student-loan-debt-forgiveness-relief-plan-2022-eligibility-income-limits-pell-grant-payment-freeze-pslf-idr

Want to work with me?
Check out my ADHD Planning & Coaching service.

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If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

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Managing a Variable Income with an ADHD Brain

Mon, 05 Sep 2022 00:00:00 -0400

Stability and organization are two words that best describe an ideal world for the ADHD brain. What happens, then, when someone with ADHD has a variable income? There’s no guarantee of stability, and it’s difficult to organize your expenses when you don’t have a fixed income.

Creating a Repeatable Structure

Establish a budget with a repeatable structure that doesn't require constant tweaking:

Make sure you have enough income to cover your basic expenses
When does the income come in in the month? Does it allow for scheduling?
Look at your previous years of income and see if there are any seasonal patterns
Build in some conservatism for any money leftover
Create a working capital account to put any leftover money in to cover shortfall months
Be more intentional with your spending to bring your overall expenses down
Put a reminder in your phone to review your budget each month and look for areas of improvement
Identify your savings goals and big-ticket items

Draw a Line You Will Not Cross

Define a list of things you will not do and post it somewhere visible to avoid pitfalls that will derail your progress

Dipping into your emergency funds
Using credit cards to smooth out shortfalls
Falling victim to impulse spending
Predicting when your monthly income will be higher or lower

Following this plan using these conservative methods will result in having money left over at the end of the year, allowing you to put that money toward your savings goals.

Remember, your goal is to spend less than you make. If your spending habits are well under control, these strategies will help you reach that goal.

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e36

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Financial Services for ADHDers

Mon, 29 Aug 2022 00:00:00 -0400

As a CFP®, I’m often asked about my services - and what makes me different from others who provide financial coaching or advice.

To begin, the term financial planner encompasses a pretty broad area. For example, some advisors:

Work like an insurance company and sell insurance on commission
Fee-based by selling other investment products like annuities
Fee-only planning as a flat fee for service rendered
Investment managers paid via a retainer fee

The fee-only option is what I do by providing financial planning services.

I am a fiduciary, legally and ethically obligated to do what's in the client's best interest or best faith efforts toward doing what's in the client's best interest. I do not get paid commissions for selling products, and I don't sell insurance or annuities.

The Name Game

Anyone can call themselves a financial planner, financial advisor, or financial services professional, but you must be careful. There's always a risk that they're just an insurance salesperson and not doing any financial planning.

If you're considering working with a financial planner, check their certification history.

Be sure you're working with someone looking at their clients' entire financial landscape and advising them on how to achieve their short and long-term financial goals.

The Niche of Working with ADHD Clients

People with ADHD need more accountability, handholding, and frequent touch points. If we go cold for six months, we need someone knocking on our door. We want a planner who will say, okay, you're ignoring me. I'm coming to find you.

I try to keep my clients accountable. If you pay me and I do not hear from you, I will tell you that this may not be the best fit because I want progress for my clients.

I decided to work with people with ADHD because I understand the struggle and can help them bridge the gap between ADHD, financial chaos, and creating wealth.

It has to start with small achievable steps that feel attainable and are filled with accountability.

Here are the areas I can help you with:

Cash Flow and Budgeting
Debt Management
Identify Insurance Needs
Investing
Opening Accounts and Managing Money
Planning for your Child's Education
Referrals for Tax and Estate Planning
Student Loan Management

To see the plans that I offer, or to work with me, check out my ADHD Planning & Coaching service: https://www.dewittcm.com/adhd

Helping ADHD'ers unleash their financial potential through planning and coaching.

Head over to our YouTube channel for the full experience on future episodes.

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Weighing The Risks and Rewards of Buying Pet Insurance

Mon, 22 Aug 2022 00:00:00 -0400

Some call it their 'Life Happens Fund,' others their 'Emergency Fund.' Whatever you call yours, make sure you have one. But then you might want to take that thought one step further. I'm about to tell you why.

My Dog Willow

Recently Willow, my Bearded Collie, became very sick to the point where she needed to be hospitalized. Anyone who has gone through this before knows how expensive it is to hospitalize a pet. Throughout her illness, I had to make tough decisions where I felt I was choosing between my dog and my money. The stress and anxiety brought on by the situation were overwhelming. Of course, I chose my dog; thankfully, Willow is recovering.

Looking at our now-depleted emergency fund started me thinking about pet insurance and how the situation might have been different if I had already had a pet policy.

The Benefits Pet Insurance

If I had pet insurance, I would not have hesitated to take Willow to the veterinarian when her symptoms started. I would have been able to file a claim and have a majority of the bills covered, thus circumventing any guilt or arguments about how much money we would need to spend on our dog.

I've come to realize having pet insurance is my way of saying I love my dog, I care about her, and I'm doing this to protect her because I want her to live a long, happy life. It would also enable me to avoid the 'in the moment' emotional stress and anxiety when decision-making worsens.

Another benefit of having pet insurance is passing the risk of your dog getting sick to the insurance company in exchange for the peace of mind of your dog's safety in the case of an emergency.

The Costs of Insuring a Pet

How much does pet insurance cost? After a bit of research, I discovered the following facts.

Insuring a four-year-old Bearded Collie is about $30 a month.
A Bearded Collie has a lifespan of about 13 years.
If we had insured Willow as a puppy, we would have spent roughly $1,700 to date, considerably less than what we paid during her illness.
Assuming we had the plan in place since Willow was a puppy and she'll live approximately 13 years, factoring in an 8% increase in premiums each year, that would mean spending roughly $7,700 during her life, or $600 per year.

That's a much more easily digested amount spread over a decade than most of that amount paid out once during an emergency.

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e34

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Your Next Career Move: A Guide for People with ADHD, with Shell Mendelson

Mon, 15 Aug 2022 00:00:00 -0400

Shell Mendelson has more than 30 years of experience in the field of Career Counseling, and has ADHD herself.

She knows it can be difficult to find a job you like, let alone a career you love.

In this interview, Shell shares ways to identify fulfilling work, why it’s important to have passion in what you do, and why she doesn’t recommend disclosing your ADHD when applying for a job.

Job Hopping and Finding Your Passion

“I learned that if I wasn't really happy in my day to day work, I wasn't gonna do that well on it” - Shell Mendelson

Shell tells us a story about when she strayed from her path and was fired from her job.

When we are dissatisfied and overwhelmed about our jobs, it leads to sadness and an extreme lack of satisfaction in life.

We find ourselves job hopping and losing confidence in our abilities.

When working with clients, Shell helps them create the equivalent of an accommodation plan, but more personal and designed for you as an individual.

Disclosing ADHD on a Job Application

When applying for a job, you wanna understand the working conditions that are needed for you need to thrive in.

There are not many companies that recognize ADHD, and you can get people questioning your performance.

If you know the kind of working conditions you thrive in, you can address that right from the outset.

Shell says you can just say, “I need to be and have these particular conditions that I thrive in. And when I am allowed to work within these conditions, you will have the very best employee you've ever seen.”

Make More Money

Knowing what you want puts you in a better position to make more money.

Our ADHD brains are interest based. If we are interested in what we're doing, if we have energy behind it, if we have a good feeling about what the growth potential in what we're doing, then we can be fulfilled and be creative in our work.

Shell teaches ADHDers to use the creativity that their brains love to use in order to learn, grow, and maybe make a shift now-and-then when the timing is right.

Stay ahead of the burnout we all feel so you can make some shifts in your career and keep it sustainable.

Considering the Cost of College

Shell tells the story of an 80 year old person who is still paying off their student loan debt.
People often don't look at what the starting wage is after they leave college.

Before making the decision on a certain college major, look at how much a certain career field is paying. Knowing this can help you make a better decision before spending thousands of dollars, or paying interest on student loan debt longer than you actually work in that career field.

About Shell Mendelson:

Shell offers more than 30 years of experience and education in the field of career counseling and coaching.and coaching. Shell helps others FOCUS on defining, illuminating, creating and transforming lack of clarity to a well-defined career direction and abundant livelihood.

Following her own diagnosis of ADHD later in life, Shell understands profoundly how ADHD can impact one’s work experience and keep many of us from choosing the best ADHD-friendly career path and taking next steps to a fulfilling, sustainable and profitable work life.

Website: https://passiontocareer.com

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ADHD Progressivity and Implementation Strategies, with Dr. Russell Ramsay

Mon, 08 Aug 2022 00:00:00 -0400

The final segment of our three-part series, we'll wrap up our discussion with Dr. Russell Ramsay, co-founder and co-director of the University of Pennsylvania's adult ADHD treatment and research program and associate professor of clinical psychology in the department of psychiatry at the Perelman School of Medicine.

We all know we should do things like eat better and get our money straight, but what kind of implementation strategies do we use to put those things in motion?

Focusing on the Positives

The average ADHD person has up to 20,000 more negative experiences or interactions as they grow up than those who don't have ADHD. The power of negative experiences can be a positive thing insofar as helping us to avoid danger, allowing for problem-solving and learning from setbacks.

It can take as many as four positive experiences to outweigh one negative, so it takes willpower and determination not to give up when things don't go as planned.

Component Features of CBT (Cognitive Behavioral Therapy)

The component features of CBT include behavioral interventions, engagement, and tasks. Tasks are broken down into a sequence of steps, like a menu, as minutely as needed for you to feel they are manageable to complete. Otherwise, you risk what is often known as progressivity, which is escaping a higher priority task. For folks with ADHD, you haven't broken it down small enough if you're not starting a particular task.

For example, you should be preparing for a meeting, but instead, you start doing something else you've been procrastinating. This type of positive procrastination allows you to feel the accomplishment of getting something done, just not what you set out to do initially.
The progressivity task tends to be more manual or hands-on, even among academic tasks like reading or writing.

Front End Perfectionism

Perfectionism is the number one thinking error endorsed by adults with ADHD and is an emotional regulation strategy. We often say, "If I can get this done the first time perfectly, I can be done with it." The reality of that scenario is that it rarely happens.
Things have to be perfect as a precondition to getting started. You tell yourself you have to be in the right mood, or you're nervous about meeting a new client because what will they think about you? We run anticipatory simulations in our heads that may never happen, causing anxiety and self-doubt.

Instead, focus on what you can control, such as being professional, helpful and drawing on positive past experiences.

Resources:
Part 1 of this interview series
Part 2 with Dr. Russell Ramsay
Dr. Ramsay's book: Rethinking Adult ADHD: Helping Clients Turn Intentions Into Actions

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review

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The ADHD Struggle of Impulse Spending, with Dr. J. Russell Ramsay

Mon, 01 Aug 2022 00:00:00 -0400

The second of our three-part series with Dr. J. Russell Ramsay, co-founder and co-director of the University of Pennsylvania's adult ADHD treatment and research program and associate professor of clinical psychology in the department of psychiatry at the Perelman School of Medicine.

Externalized Tricks to Control Spending

One of the most common concerns people with ADHD struggle with is impulsive spending. It's essential to take a clear look at where we are in our life and ask ourselves if what we're doing and if the things we think we want are providing value in our life. You can use a few externalized tricks to help control impulse spending.

Create a vision board of the things you want to work toward and give them timelines.
Do target searches while shopping online to minimize impulsive spending and keep you focused on only the needed items.
Shop with a partner so you can each come to a consensus on what you purchase.
Keep your credit cards at home in a drawer or lock-box where you need to unlock them, creating a delay and allowing you time to decide if you need to make the purchase.
Don't carry cash. Make yourself go to the ATM to get money before buying an item you want.

Implementation Strategies

It takes self-monitoring to manage impulse spending. Online spending was created as a convenience for shoppers but is exceptionally high risk for people with ADHD.

Peter Gollwitzer, a German professor of psychology in the Psychology Department at New York University, focused his research on cognitive rehearsal following an if X then Y coping statement.

For example, you are shopping on Amazon.com. In goal-focused behavior, the X coping statement is adding items to your shopping cart. The Y coping statement is whether to purchase or keep the cart until later.

Thoughts, Feelings, and Behaviors are like a Braided Cord

Cognitive behavioral therapy centers around the role of our thoughts and how they can be a helpful entry point, like changing behaviors can change our attitudes and ideas and recognize our feelings.

Feelings about finances and money can trigger anxiety, dealing with uncertainty. For example, someone whose parent was a gambler or overspending, and their car was repossessed from the parking lot, creating a traumatic memory. Then when they're adults, managing their finances in adulthood resurfaces that childhood trauma. They may worry about losing their job or if there will be another economic downturn.

Our sense of self needs to be stronger than the idea that we are not our income or the letters behind our name. However far we go in school shouldn't define us, but they do get in the way, especially for folks with ADHD. Following through on our design plans for an outcome we want doesn't always work out and may lead us to abandon them without knowing why because, in our minds, we think we've failed.

Resources:
Part 1 of this interview series
Dr. Ramsay's book: Rethinking Adult ADHD: Helping Clients Turn Intentions Into Actions

Want to work with me?
Check out my ADHD Planning & Coaching service.

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The Complexity of ADHD, with Dr. J. Russell Ramsay

Mon, 25 Jul 2022 00:00:00 -0400

ADHD is more complex than just a summarized diagnosis in a diagnostic manual. There are many accumulated small behaviors physicians don't always identify that remain untreated.

In the first of this three-part series, we speak with Dr. J. Russell Ramsay, co-founder and co-director of the University of Pennsylvania's adult ADHD treatment and research program and associate professor of clinical psychology in the department of psychiatry at the Perelman School of Medicine.

Dr. Ramsay has authored numerous peer-reviewed professional and scientific articles and has written five books about adult ADHD, including his most recent book, "Rethinking Adult ADHD: Helping Clients Turn Intentions Into Actions".

The Diagnostic Assessment of ADHD

The diagnostic assessment criteria for identifying ADHD include developmentally inappropriate inattention, hyperactivity, and impulsivity levels. The self-regulation view of ADHD is how efficiently one follows through on what they want to do.

Time management organization also translates to financial management motivation, behavioral initiation, and emotional regulation, which is not anywhere in the official diagnostic criteria. Money is a highly charged matter; telescoping out, it also ties in with the workplace, job loss, and some other risks for ADHD.

The Self-Regulation Model of ADHD

The self-regulation model resides within our executive functions. It's the equivalent of willpower, much like spending all day not eating ten chocolate chip cookies, but at 10:59 PM, you cave and eat them all. That's what's known as inhibitory fatigue. Using the analogy of eating as it relates to spending when you log onto Amazon.com. You spend all day not buying the item, even taking it out of your cart. Still, in the end, you click the one-click shopping and buy the item.

It's part of what the executive functions allow us to do by working toward delayed rewards. Any investment for which we have to buy in, we know we'll be better off. We want it, but it's hard because there's often some short-term cost. We would rather spend the hundred dollars today on something that we can have now than put it into the retirement fund for later.

Having a Plan

So what is your plan? What are you trying to do or not do? Be specific and make sure it's reasonable. Don't try to change everything, like training for a triathlon or deciding to go vegan.

Keystone habits are the routines and practices by which someone operates. They mark the base level of what you do without any need for willpower or persuasion. Whether positive or negative, each of these habits has a ripple effect across everything you do in life and business.

Sticking to the Plan

For people with ADHD, sticking to a plan is a challenge. They may follow it for a day or two and then start anticipating flaws. For example, you plan for your evening walk, and while putting the dishes in the sink, you start thinking, "You know what? It's a little chilly tonight. I'll start tomorrow."

Task interfering or escape behavior like that can also tie back to your financial planning by anticipating what could be some of the risk factors with a financial plan. Make informed decisions, predict and catch when we invariably start slipping up whatever the expense might be and if there’s a possibility of undoing it.

You will still slip up. We all do. What matters is

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ADHD and the FIRE Movement

Mon, 18 Jul 2022 01:00:00 -0400

The 'FIRE movement' is a concept that stands for ‘financial independence, retire early,’ where your investments provide all of your income to support your lifestyle. Hence, you no longer need to work. Sounds pretty good, right? The next obvious question then is how do you achieve this?

Frugal Does Not Mean Deprivation

To retire early, you have to save aggressively in the market until you reach a specific dollar amount you've defined as retirement, where you can stop working and live off your investments for the rest of your life. The idea of frugal living does not mean deprivation. It means being resourceful, optimizing, being savvy with your money, and making decisions moving you towards what you want: independence and freedom.

What if you still want to work and have the option to know you don't have to? You still want the income, so maybe the amount you need to save is less because you're still going to have some income, but you have the pure freedom to do whatever you want. If you're a high earner, you can achieve this by making a few modest lifestyle changes and being very smart and efficient about saving.

FIRE examples for ADHD Brains

If you're not a high earner, that's okay. You can still get there with a few more focused lifestyle changes and embracing the actions of being frugal.

For example, let's say you are 30 years old, earn $200,000 per year, and have determined that you can comfortably live the life you want on $100,000 a year. To be financially independent, you need to save $2.5 million in investments. You get to this number by multiplying the money you need for annual expenses by 25.

Factoring in the stock market, the average long-term return on the stock market is around 7- 8%. The rule of thumb in the FIRE movement is to take 4% of your investments yearly. 4% of $2.5 million is $100,000, which is why the standard rule is 25 times expenses.

You’ve decided you would like to do the FIRE movement. You believe you can cut your expenses, save $70,000 per year, max out your 401k, and put the remaining savings into a taxable brokerage account. Getting to the needed $2.5 million would take 17 years. So at age 47, you could live off your investments for the rest of your life.

The Power of the FIRE Movement

The power of the FIRE movement is there's a tangible result that's exciting and life-changing. It comes down to what your values are and what you want. Do you like what it can give you more than you want the next shiny object or more than you want to buy more clothes or whatever it is that gets in your way? The FIRE movement provides the freedom to live exactly how you want and realize that consumerism is unimportant.

ADHD and FIRE

The main challenge for those of us with ADHD embracing the FIRE movement is we impulsively spend too much and struggle with the idea of being frugal. ADHDers love extremes and do crazy things like skydiving, which is liberating, just not in the right way!

Taking control of our money is a powerful thing, and that feeling of security gives us:

Freedom
Options
Financial Security
Creates More Life Experiences
Helps You Give Your Family More
Enables You Give

Keep the concept of FIRE in the back of your mind as you start out on a smaller scale. Begin tracking your spending and saving habits and work on increasing that gap where you're spending less and saving more.

Head over to our YouTube channel for the full experience on future episodes.

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The Power of NOW

Mon, 11 Jul 2022 01:00:00 -0400

What is the purpose of having wealth? Some people use their wealth benevolently to give back to society. Others use it to create generational wealth for their kids and future generations.

Building wealth is an integral part of our society; however, looking ahead too far in the future can cause us to miss out on what's happening today.

The Power of Now

In 'The Power of Now,' Eckhart Toley encourages us to train our minds to become more present at the moment. Toley believes 80-90% of thinking is compulsive and destructive.

Compulsive thinking is an addiction where you feel you have no control over it and cannot stop. It gives you a sense of false pleasure that invariably turns to pain.

We derive our sense of self from our thinking, and we must keep thinking to keep our ego alive. The ego constantly looks back into the past, projecting ourselves forward.

We can also get so caught up in the past and future that we try to convince ourselves into thinking things like, 'Well, just as soon as this happens,' or 'Once I get this job,' or 'Once I do this, then I'll be happy,' but that rarely happens. True liberation, happiness, and peace come from being truly present.

Personal Wealth

Those of us with ADHD are impulsive. We struggle with the purpose of saving money, and every time we start saving, something happens that inevitably throws a wrench in our plan. The next thing we know, we're back to where we were before. It's very frustrating, overwhelming, and annoying!

We ask ourselves, 'What should I do to get myself moving in the right direction?' It comes down to building personal wealth, which is not just about money. It's life wealth, financial wealth, a wealth of life experiences, and using money as a tool to help you create the life you want.

How Do We Build Financial Wealth?

There are three primary ways to increase our wealth:

Saving money
Making more money
Investing in or increasing the return of our money

If you're an impulsive spender and make a lot of money, one of the most effective ways to increase your wealth is to save more by limiting the amount of impulsive spending. Get a cheaper car, and start trying to peel back your lifestyle.

If you're not making enough money, take stock of your skills. Is there an opportunity to work part-time or start your own business? What about asking your boss for a raise? It's sometimes difficult for us with ADHD to speak up and advocate for ourselves. Find the courage to take stock of what you're good at and get compensated for your work.

When it comes to investing, you need to find a way to make your money do more than sit in a bank account where it's not keeping up with inflation.

Remember, building wealth is a journey. Identify opportunities you feel you can tackle, avoid compulsive thinking, and don't forget to be present!

If you would like to reach out and ask me a question, contact me on Instagram or my contact page at ADHDMoneyTalk.com

Reference links:
Power of Now by Eckhart Toley
Ideas to Make More Money episode #7

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Reverse Budgeting for the ADHD Brain

Mon, 04 Jul 2022 00:00:00 -0400

Reverse budgeting is the most ADHD-friendly way to down spending money into different categories.

Tracking your expenses and coming to terms with where your money's going is essential in developing a better relationship with your money. Apps - like Honeydue - are great tools to begin budgeting.

The most important part of reverse budgeting is identifying your goals. When you get your paycheck, put a portion of that money toward your goals first. The remainder will go toward your expenses. Any money left over is bonus money and is up to your discretion to spend or put back toward one of your goals.

Debit Cards vs Credit Cards

A debit card gives you the tangible feeling of spending real money instead of a credit card, which can feel like fake money that isn't yours.

Once you hit zero, you're out of cash until your next paycheck unless you use a credit card. And if you're using a credit card, you know you've gone over your budget.

Over time, as you become more familiar with your spending habits, you can adjust your categories to avoid falling short. Putting in the work ahead of time will increase your chances of being successful.

Use a Balance Sheet

A balance sheet is a list of your assets, liabilities, debts, and money you have in savings or investments and helps illustrate if you’re on the right path to accomplish your goals.

After you've created that list, decide what the first item on that list you need to address, such as a high-interest credit card, building an emergency fund, or starting an investment account. Putting in the work ahead of time pays off. The last thing you want to do is dip into your savings or any cash reserves you've set aside as a buffer.

ADHD brains loves having a buffer!

Using a balance sheet will also help you take control and feel empowered having control over your money. Once you get the clutter of money stress out of your brain, you have a whole world of opportunity.

Listener Question: Managing a One-Time Gift of Money

"My father has always been working class. He wants to provide for me what he never had, a leg up in life. Now that I'm coming of age, I'm about to receive a one-time gift of more money in assets than I've ever seen in my life. I want to honor the spirit of his action. What can I do to make sure I can trust myself and not treat this like I have every other windfall?"

I recommend having a conversation with your father to understand why he's giving you the money and if he has any expectations on what he would like you to do with it.

Another suggestion would be envisioning what you want out of your life in 5-20 years, and find a way to put the money to work in a way that's going to help you achieve your unique dreams and goals.

If anyone out there has a question for me, send it to me at ADHDmoneytalk.com. Have a great rest of your week. Keep on keeping on, and we'll talk to you soon.

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Avoiding ADHD Pitfalls in a Non-ADHD Relationship

Mon, 27 Jun 2022 00:00:00 -0400

ADHD money struggles often contribute to anxiety, stress, and strain in relationships.

Dr. Stephanie Sarkis, a psychotherapist specializing in anxiety, gas lighting, narcissistic abuse, and ADHD, is joining us today to help us better understand how money and ADHD affect our relationships.

Dr. Sarkis is the author of seven books, including 'ADD And Your Money,' a nationally certified and licensed mental health counselor, an American Mental Health Counselor Association Diplomat in the Florida Supreme Court, and a certified family and surrogate mediator. Her latest book, 'Healing From Toxic Relationships,' will be released on July 26, 2022.

The Potential for Toxicity in ADHD/Non-ADHD Relationships

People with ADHD are more susceptible to abuse because of low self-esteem, so that they may find themselves highly attracted to an organized non-ADHD person. The flip side of that attraction could result in controlling behavior.

For example, your non-ADHD partner knows you struggle with money, so they tell you they'll manage your entire paycheck, and in return, they'll provide you with an allowance or spending money. It won't take long before you feel like you've lost your freedom and you may be in an abusive relationship.

If this happens, talk to your partner; they may not even realize they're doing it. It could be a behavior they saw in their home growing up, and it feels natural. If you and your partner cannot address the issue, try talking to an objective third party like a therapist, financial planner, or financial coach.

Financial Infidelity in an ADHD household

Financial infidelity is when a partner buys something and either tries to hide or downplay its significance to avoid conflict. Splurging on a big-ticket item occasionally is fine as long as you discuss it with your partner beforehand and devise a plan to save and budget your money to make that purchase.

Not everyone with ADHD finds themselves in toxic relationships. It's vital to constantly communicate with the people in your life so you can focus on the things that are going well and minimize those that aren't.

Executive Functions Affect How We Manage Money

Executive functions are housed in the prefrontal cortex of the brain. They take in information, process it, disseminate it, and organize it, all of which challenge people with ADHD. These functions include forethought, long-term thinking, mood regulation, impulsivity, and changing rule sets.

For example, say you're playing a card game, and somebody suddenly changes the rules. It takes a while to catch up and play with a new set of rules.

It can be tricky for people with ADHD to see too far down the road because we're often just trying to get through our day. We must permit ourselves to look into the future, envision a happy life for ourselves, and determine what we need to make that happen.

Your Financial Timeline

Dr. Sarkis suggests creating your financial timeline. Draw a line on a sheet of paper, then label the significant issues that have happened in your life, both good and bad.

Where you would like to go? How many highs and lows have you had in your timeline? Did you have enough money, or experience there times you felt like you didn't know where your next meal was coming from?

Each point on your timeline shows you where you've been and can help show where you're going.

Resources for Dr. Stephani

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What an ADHDer Needs to Know About Credit

Mon, 20 Jun 2022 00:00:00 -0400

Whether it's missed bill payments or impulsive spending, ADHD makes managing money more challenging, which, if we're not careful, can lead to low credit scores.

The good news is you can improve your credit score and keep it in a safe zone by following a few helpful tips.

You Are More Than a Number

In the eyes of the financial world, your financial reliability boils down to a three-digit number, ranging between 300 to 850, known as your credit score. Lenders use that number to judge you on your creditworthiness.

The better your number, the better interest rates you'll be able to secure for things like car loans, credit cards, and mortgages.

Check Your Credit History Regularly

Credit bureau companies like Equifax, Experian, and TransUnion, collect information from various lenders to create your credit history report. The fewer blemishes on your account, the better your score.

It's good practice to check your credit report for errors and verify no one has opened accounts in your name.

The site annualcreditreport.com provides a limited number of reports each year. You can also sign up with Credit Karma for their free service, which alerts you when changes happen to your credit history.

The Five Credit Score Factors

A credit score is made up of:

Payment History - 35%
Amounts owed - 30%
Length of credit history - 15%
New credit accounts - 10%
Types of credit in use - 10%

Avoid these bad credit behaviors

Minimum payments. Only making minimum payments on credit card debt is an uphill climb, and you will see very little progress in paying off debt
Missing Payments. Nowadays, there's no excuse to miss a payment, especially for those with ADHD. It only takes a few minutes to set up an automatic payment cycle
Cash advances. There's no scenario where a cash advance is a good idea. It will immediately start accruing interest, and there's usually a fee tied to it
Maxing out your cards. Maxing out your credit cards means using up all of your available credit, which is one of the main things that make up credit scores
Closing Credit Card Accounts. Closing a card adversely affects your score by raising your credit utilization and decreasing your amount of available credit. Cut up the card or put it somewhere you won't use it, and remove the card information from all online shopping websites

Ways to Improve Your Credit Score

The two most essential things when improving your credit score are payment history and credit utilization. Remember, 35% of your score is made up of your payment history, so a long list of missing or late payments on your credit report will be a huge red flag. This is where setting up automatic payments will help.

If you have a lot of debt and have maxed out credit cards, you need to establish a debt payment plan which I covered in "Credit Cards and ADHD go Together Like Forks and Power Outlets." Using the Snowball Method or Avalanche Method will help you establish a debt payment plan to aggressively pay off debt, which will improve your credit score.

We covered a lot of information today. Remember the big picture and that you're doing this for your fu

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The ADHD Tax the IRS Can't Collect

Mon, 13 Jun 2022 00:00:00 -0400

Don't worry; the government doesn't tax people with ADHD.

The term ADHD tax comes from the times we're charged extra fees and penalties because of having ADHD.

Tina Mathams is The ADHD Accountant and a Money Coach specializing in helping clients with ADHD improve their relationship with money. She explains why ADHD makes money hard for all of us and how to avoid the ADHD tax.

Impulse Spending and the ADHD Tax

By nature, people with ADHD are impulsive. When we have those impulsive moments, we can easily overspend because we're not paying attention to what we're buying. We end up paying extra purely because of how our brain is designed.

Common Culprits Resulting in the ADHD Tax:

Trial subscriptions you forgot to cancel
Overpaying and not confident asking for refunds
Duplicate purchases you forgot you already have
Unpaid Traffic Tickets
High-interest rates due to your credit score

The Shiny Object Syndrome Slows Down Our Brain

We would be working against our natural brain to say we're going to eliminate impulse spending, so we need to learn how to decrease those impulses instead.

For example, have you ever had one of those "Ooh, shiny!" moments when you saw something you just had to have? Did you buy it right then and there, or did you hold off and think about it?

Putting a time limit on something you want to buy can help limit the spending impulse. Tell yourself to wait five days to purchase the enticing item; at the five-day mark, if you still want it and can afford it, buy it.

Slowing your brain down to think about that purchase may not make it look as shiny and amazing on day five as it did on day one, and you may realize you no longer want or need it.

Get ADHD Cashed Up

A process to work through the guilt around spending money is something Tina calls “ADHD Cashed Up”. It helps ADHDers learn the process of tracking expenses and budgeting in a way that works specifically for them.

To find out more about this method and everything else Tina does, reach out to schedule an appointment with Tina on her Instagram page at: https://www.instagram.com/theadhdaccountant.

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Raising a Financially Responsible Child

Mon, 06 Jun 2022 00:00:00 -0400

You've been working hard on your finances, but you have kids who love to spend money almost as wildly as you used to. How do we teach our children about money?

Below are age-appropriate ways to raise a financially responsible child, including some of my favorite tips.

Toddlers: Lead by Example
Children learn by example, and their most influential role models are usually their parents.

…even parents like you and I who have ADHD.

You can't teach a toddler how to budget. However, they will learn by hearing what you say and observing your behavior.

Studies have shown we've developed a basic understanding of financial behavior as early as age 7.

It's never too early to start talking about money with our kids, so lead by example.

First to Fifth Grade
We know money doesn't grow on trees, so kids need to learn where money comes from and how to earn it.

Earning an allowance doing chores is a great way to excite kids about money.

A piggy bank or lidded glass jar is an excellent tool to see how much money they're saving and help them learn to save up for things they want to buy, thus avoiding impulse spending.

Sixth to Eighth Grade
By middle school, kids have a pretty good understanding of money and can grasp the concept of a career and a paycheck.

Help them by explaining the difference between salary versus what you take home due to taxes, Social Security, insurance premiums, and other standard deductions.

Jump$tart Coalition created national standards for educators to set financial literacy goals. Their recommended benchmarks by eighth grade include:

Set priorities to reflect spending goals and values
Discuss the components of a spending plan that includes income, savings, and expenses
Compare saving strategies, including "Pay Yourself First" and comparison shopping
Illustrate how inflation and interest can affect spending power over time
Justify the value of an emergency fund

High School
Teenagers look for and need new levels of independence. Many of the lessons at this stage are firsthand experiences with a checking account and budgeting for college.

Personal checking and savings accounts don't establish credit; they show how to handle finances. A checking account is all a teenager should need, but it’s also good to have a savings account to witness the impact of compound interest firsthand.

Credit cards are another big lesson for our teens. Teenagers must learn the dangers of credit cards and how to use them wisely. Teach them to pay off the balance each month and avoid buying things they can't pay off.

The Importance of Being Benevolent
Charitable giving helps kids understand the impact money can have on others.

Here’s a tip: Have your child use three piggy banks for saving, spending, and giving.

Each time they receive money, they split the cash between the three. Ask what they plan to do with each amount to prepare how they'll use it.

You could also further incentivize them by matching the money they save, much like a company 401k.

Investment Accounts
Teach kids about investing and compounding. Talk about their favorite toys or gaming systems, then show how to invest in the companies who make those items. They learn how they're not only an owner of the product, they're inv

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10 Quick Summer Money Tips

Mon, 30 May 2022 00:00:00 -0400

After working hard to budget and save money the majority of the year, summer is a reward we give ourselves.

Summer represents fun in the sun and vacations, spending that hard-earned money.

Having ADHD can make it harder to resist some of those temptations. However, here are ten fun and easy ways to enjoy your summer.

1. Set a summer budget
Think about all the things you are doing this summer, then plan out your budget in all categories for each month to make room for those expenses.

2. Use cash
Now is a great time to switch to a cash-based budget for the summer. Put those credit cards away and use a debit card. Some banks offer a rewards cashback debit card, so check your local bank.

3. Journal
Keep a spending journal visible in your home, like on your counter. Physically writing down what you buy and how much you spend will keep you aware of your purchases and lead toward more intentional spending.

4. Cancel expenses you don't need
Cancel subscriptions or streaming services indefinitely or temporarily, and return to them when summer is over.

5. Use your Flexible Spending Account
If you have one at work for qualified expenses, remember to use it and not risk losing any balance you've accrued.

6. Turn off/down the air conditioning when leaving the house
If you have animals, adjust the temperature to a comfortable setting while away, then you can adjust it to your comfort when you return home. Using a smart thermostat can help facilitate this to help you manage your energy usage.

7. Find free, fun things to do
Save money in your entertainment category by looking for free events in your area, whether it be free days at a museum, free concerts, festivals, or nearby parks.

8. Pack your lunch
You will save a lot of money with this one small change, and you won't feel as guilty when you spend money going out with friends or family for meals.

9. Find a flexible side hustle
Earn extra cash by walking dogs, driving for Uber, mowing lawns, or babysitting. You will enjoy doing something to help fund the rest of the fun for the summer.

10. Take your vacation at the end of summer
Peak season is the most expensive time to travel. In mid to late August, prices are much lower when travel demand declines due to students returning to school in the fall.

I hope these suggestions allow you to enjoy your summer vacations without the guilt of spending money.

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8 Ways to Gamify Your Finances

Mon, 23 May 2022 00:00:00 -0400

The brain of an ADHDer like me switches to the off position when we think about saving, budgeting, investing, and planning for our future.

Turning our finances into a game can help.

What makes you want to keep playing your favorite game? Is it leveling-up? Unlocking new quests? Working towards a defined reward?

Add game-like elements to make the hard things more fun and rewarding.

Gamify your investing.

McDonald's uses gamification via their Monopoly game to encourage customers to buy more. Buy a medium drink, not the small one, and get a monopoly game piece. It's fun to try and win and makes us feel like we're in control.

Apps to Gamifying Your Finances

Below are a few apps that could help make money more fun:

1. Yotta is an FDIC-insured bank account. For every $25 saved, you get a lottery ticket each week. So if you have $100 in your account, you get four tickets that week and four tickets the following week. Each day, there's a drawing to see if you've won.

2. Zogo earns “virtual pineapples” by engaging you with educational modules. Exchange virtual pineapples for gift cards and charity donations.

3. Digit is a cash-bucket budgeting approach where you have two checking accounts: one for fixed expenses and the other for the money you have free to spend. It looks at fixed expenses and automatically sets aside money for you. #gamification

4. Qapital allows you to visualize and set up savings goals. It also lets you budget and invest using a feature where you can do things with a partner or significant other.

Gamify Your Finances Without Technology

You don’t need a fancy app to gamifying your finance:

5. Design a competition for yourself

How little can you spend? What can you do to spend as little as you possibly can? How fast can you pay off your debt?

Make it a challenge and reward yourself at the end to keep you motivated.

6. Include your friends and family

Involving your friends and family in the competition revs up those competitive juices, especially for those who love competing.

Having someone else doing the same thing as we are where we have to beat them helps us reach our goals faster.

7. Make your rewards reasonable

Don't make your rewards too big. You don't want to reverse your progress, even if it's something as simple as a night out with a significant other or a guilt-free dinner night.

8. Budgeting Tetris

Create a Tetris board where each square is $100. Fill up the board with your fixed expenses.

Then you can visualize, using different colors and crowns, how much money you have leftover after you fill-up the board with your fixed expenses—shoutout to the Stacking Benjamins podcast for this great idea!

Visit the show notes for links to all the resources mentioned at https://www.adhdmoneytalk.com/021

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Sacrifices: My ADHD Money Awakening Story

Mon, 16 May 2022 00:00:00 -0400

ADHD makes managing money hard. It requires a lot of starts & stops, trials & failures, recovering, bouncing back, and resilience.

We may intellectually understand why managing your money is essential, but when it comes to implementing a plan, we hit a wall.

That was me too.

My Story: Digging Myself Into a Hole
My first job after college was as a mutual fund accounting analyst. I became hyper-fixated on becoming a wall street stock analyst.

I studied to get my chartered financial analyst (CFA) certification, and passed level one on my second try.

However, I couldn't quite finish the other two. I was burned out and no longer motivated.

A new hyper-fixation popped up in the comedown of passing the level one exam; I decided to buy a house.

One year into working as a financial advisor, I was focused exclusively on investing. I wasn't operating as the comprehensive planner I studied to be, and fully furnished my home all on credit.

...in one day.

“No interest for 24 months”. Who could resist?

Further big purchases included a golf simulator, gear, lessons, substantial grocery bills, subscriptions, and landscaping. I was out of control.

Amid my spending frenzy, I told myself I would be making way more money, and everything would take care of itself. But it didn't. I depleted all of my savings and built up an enormous amount of debt.

To make things worse, I started dipping into my investments. It all backfired.

Digging Myself Out
So how did I get myself out of the mess? First, I read everything I could find about ADHD.

The new knowledge helped me acquire healing and self-acceptance, which allowed me to feel worthy of having a solid financial situation.

I pursued my CFP certification once again, tracked my spending, and sacrificed things to regain control.

To reduce my expenses $1,300 a month I sacrificed:

$450: Country club membership
$400: Meal kit deliveries
$300: Shopping at different grocery stores
$100: Subscriptions and lowered my cable package
$60: Spa treatments

I also stopped buying golf equipment, accessories, and clothes. The feeling of control was more rewarding than having things.

Where I am Today
Through sacrificing and making adjustments to my life, I am now out of debt and have savings.

I also regularly contribute to my investments!

All the sacrifices helped me developed a "spending awareness muscle" to repel the urge to spend when I see it creeping in.

I hope my story helped you. ind a way that works to get fired up about having a budget. Visualize your dreams, and make them feel real in your ADHD brain.

Recommended reads:

Delivered From Distraction: Getting the Most Out of Life with Attention Deficit Disorder, by Dan Cashman
ADHD 2.0: New Science and Essential Strategies for Thriving with Distraction - from Childhood Through Adulthood, by Edward M. Hallowell
Permission to Proceed, by David Giwerc
Taking Charge of Adult ADHD, Second Edition: Proven

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ADHD and Divorce: How to Navigate Stressful Times when Separating

Mon, 09 May 2022 00:00:00 -0400

Navigating Stressful Times in an ADHD Divorce

Research has shown people with ADHD are twice as likely to be divorced or have more than one marriage than those without.

If you have ADHD, divorce can be extra messy and emotional.

You owe it to yourself, and deserve the clarity, knowledge, and support needed to come out of a divorce knowing you got what you deserve.

Learn about "My Divorce Solution"

In this episode, I speak with Karen Chellew and Catherine Shanahan - who founded My Divorce Solution after their own experiences with divorce.

Karen is a mother of three and has worked for over 30 years in the legal field as a paralegal and business manager.

Catherine is a mother of five, a Certified Divorce Financial Analyst (CDFA), a trained mediator, and has worked in the financial industry for 25 years.

Know the Components of Your Marital Estate

A marital estate includes assets, debts, income, and expenses.

Debt and expenses are two different things, so it's essential to focus on your budget and clearly understand your expenses.

Be aware of marital and non-marital components - and have them documented!

Developing a Divorce Financial Portrait

A divorce financial portrait is a very structured, step-by-step approach, educating a client through a 'launch meeting’, which covers:

•What is essential in their marital/non-marital estate
•Developing and reviewing their budget
•Using an online portal to organize a timeline and track the overall process
•Access to a journal where you can message your advisor and where you can make notes to yourself

The Benefits of Having a Financial Specialist

The divorce financial portrait includes a net worth statement, the person's budget, the financial disclosure, the marital and non-marital demonstration of property, and a table of considerations, which takes every asset and debt and even some income and expenses.

For example: When negotiating the division of the marital home...

•Are you going to sell it or refinance it?
•Which party is going to stay?
• Who will be paying the expenses in the meantime?

When you have the answers to these questions upfront, your attorney can advocate for you.

The divorce financial portrait helps them discuss what they want very specific to their cash flow needs, the tax impact, and other financial considerations.

Another benefit to having a financial specialist is not needing two attorneys to gather the same information, which streamlines the process and provides symmetry among the documentation.

Asking Questions is Not Being Questioned

You have a right to ask questions during your divorce. You deserve to have financial awareness because financial awareness will set you up for having freedom, moving on, and healthier relationships.

If you're interested in more information about the divorce solution, visit https://mydivorcesolution.com

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An ADHD Beginners Guide to Getting Started Investing

Mon, 02 May 2022 00:00:00 -0400

Investing in the ADHD-Friendly Way

The term ADHD-friendly means intuitive and low stress, so new investors will want to select the right investment company.

After researching companies providing various automated investing services, I found one that struck me as very ADHD-friendly, covering all the bases. The service is intuitive for both novice investors and seasoned participants looking for a simplified, automated service to manage their money.

In this episode I walk you through the process of setting goals, opening an account, how to select investments, tweak the portfolio options, and ways to fund the account.

This will conclude our three-week series on investing. I hope it has helped you start thinking about investing responsibly.

If you have any questions, please don’t hesitate to reach out!

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Investing Psychology for ADHDers 101

Mon, 25 Apr 2022 00:00:00 -0400

Successful long-term investing is not so much about the tax treatment of your account or which investments you select. Those things are important, but they pale in comparison to the most critical variable of investing. That's what we will talk about today.

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Nine Key Investing Concepts Every Beginner (and Pro) Should Know

Mon, 18 Apr 2022 00:00:00 -0400

Today we are going to talk about 9 key investing principles and concepts that every beginner (or pro) investor should understand.

I have been fielding more and more questions from clients about how to get started investing, and so I thought it was a great time to roll out a few episodes on the topic.

It is important to me that fellow ADHDers that don't have investing experience understand some key concepts and principles before they embark on an investing journey so that they are prepared for success.

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ADHD and Lifestyle Creep

Mon, 11 Apr 2022 00:00:00 -0400

In this episode I talk all things lifestyle creep through the ADHD lens!

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Is Buying or Leasing more ADHD-Friendly?

Mon, 04 Apr 2022 00:00:00 -0400

It's time for a new car. Should you lease or should you buy? In this episode, I'll talk about the differences between the two options and confess my preference. I believe one option is more ADHD-friendly than the other.

Outline of the Show
Your old car is breaking down! [00:45]
Buying a car [3:36]
Used vs. New [6:40]
Leasing [8:47]

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I'm Out of Debt, Now What? & Can you see ADHD on a Brain Scan?

Mon, 28 Mar 2022 00:00:00 -0400

In this episode, we're tackling the remaining steps in the ADHD Money Mastery Ebook. Specifically, we are talking about building out your full life happens (emergency) fund, starting to invest in a Roth or traditional IRA, pre-funding large expenses, and maxing out your 401(k).

I also talk about recent research I read about which suggests that we may be able to see ADHD on brain scans in the future, or at least be able to use them to help in the diagnosis process!

Outline of the Show
ADHD brain scan [4:05]
Building your full emergency fund [7:15]
Investing with a traditional IRA [11:20]
Investing with a Roth IRA [15:50]
IRA Rules [19:30]
Prefunding expenses [27:21]
Maxing out 401(k) [28:58]
Challenge [30:38]

Resources and Articles mentioned in the show
Brain Scans measure ADHD Inattention - Additude Magazine
IRA Contribution Limits - NerdWallet

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Avoiding the ADHD Debt Cycle and Financial Burnout

Mon, 21 Mar 2022 00:00:00 -0400

You've spent six months repairing your financial situation. You are completely out of debt. But now you are tired prone to a slip-up. Your credit cards with zero balances are staring at you begging to be used. This is the most important time of your journey, and when you may be the most vulnerable!

Outline of the show
Hyperfixating on improving your finances [3:35]
Yo-yo diet [4:00]
How to avoid financial burnout [6:40]

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Facing your Money Monster with Christine Luken

Mon, 14 Mar 2022 00:00:00 -0400

This week I am switching it up and pulling out an interview I recorded many months ago for my old podcast, Invest Smarter.

This was going to be my last episode for that podcast, but I instead decided I would hold onto it for a time to release on ADHD Money Talk because it is so relevant!

My guest, Christine Luken, is the financial Lifeguard. She empowers high-earning individuals to master their money!

We talk about budgeting, the money monster, paying with cash, guilt, shame, and so much more. Check out her website at: https://www.christineluken.com

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Yes, There's a Word for That: Procrastivity! & Are You Leaving Free Money on the Table?

Mon, 07 Mar 2022 00:00:00 -0500

You know that thing that happens where you need to do a big important thing, but then you do a million little not important things instead? Well, there is a word for that. Procrastivity. In today's show, I talk about what it is, examples of how it affects us, and how we can cut it out!

Next, I talk about getting free money. We ADHDers already pay a thing called the ADHD tax. That is late fees, things we don't need, and the food we don't eat. Well, to help offset the tax, we might as well take the free money that is offered to us. And what I am talking about is making sure you get your full match through your 401(k) at work.

Finally, I'll answer a listener question about how to study for an exam while you are also working! Lucy wants tips on how to actually sit down and study.

Outline of the Show
Procrastivity [2:45]
Get your free money! [11:25]
Sitting down to start studying [16:23]

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If you enjoyed this podcast, the best way to help me spread the word is to leave the podcast a genuine review on Apple Podcasts! If you don't have Apple, leave a review on my website, or give me five stars on Spotify.
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Are These Three Things Killing your Budget?

Mon, 28 Feb 2022 00:00:00 -0500

In this episode, we continue the budget conversation. Specifically, we are talking about budget killers. For ADHDers and neurotypicals alike, food, one-off purchases, and subscriptions are the most common reasons we find ourselves harmful each month. I talk about ways to mitigate these dangerous spending habits!

Outline of the Show
Why my budgets failed [2:05]
Mistakes I made setting up my budget [6:27]
The three categories that were holding me back [9:40]
How I spend less on food [12:00]
One-time expenses [16:45]
Subscriptions [19:55]
Get rid of Amazon Prime! [22:37]
Listener Question [22:25]

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If you enjoyed this podcast, the best way to help me spread the word is to leave the podcast a genuine review on Apple Podcasts! If you don't have Apple, leave a review on my website, or give me five stars on Spotify.
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Hyperfixations & Budgets & Taxes, oh my!

Mon, 21 Feb 2022 00:00:00 -0500

The main thrust of today's show is to tell you about the 50/30/20 budgeting rule. It is a rule that can help you diagnose where your most significant budgeting issues lie. That leads me to a conversation about one of the most critical issues ADHDers have with sticking to budgets: hyperfixations. Hyperfixations can be very expensive. I talk about how two of my hyperfixations cost me a lot of money. They aren't inherently a bad thing. The problem is when it causes you to spend money you do not have!

I start the show off with a discussion on taxes with simple tips to prepare. I end the show with two listener questions. One is on what to do with a tax refund, and the other is on cryptocurrency!

Outline of the show
My ADHD financial planning service [00:18]
Update on my life [00:57]
Taxes [3:30]
A story on wealth building [7:25]
The 50/30/20 rule [11:05]
A tangent on my homebuying experience [16:52]
Hyperfixations [20:44]
Fending off hyperfixation spending [24:48]
Listener question on tax refund [25:38]
Listener question on cryptocurrency [28:40]

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Help Me Out!
If you enjoyed this podcast, the best way to help me spread the word is to leave the podcast a genuine review on Apple Podcasts! If you don't have Apple, leave a review on my website, or give me five stars on Spotify.
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Ideas to Make More Money! & ADHDers are Creative...and Dramatic?

Mon, 14 Feb 2022 00:00:00 -0500

Today on the show, we are talking about making more money! Now, this is not just to have more money. It is really because you've realized how important financial security and peace of mind are to you, and you have decided that one of the ways you can improve your life and the life of your family is by having more income. So we get into various ways to potentially make some more money on the side without much investment!

I also talk about ADHD and creativity. Specifically, a study from 2018 suggests ADHDers are more creative than our neurotypical peers. I also talk about ADHD and drama. I read an article that really hit home for me about why we can self-sabotage by inviting drama into our lives unwittingly.

Outline of the show
ADHD and creativity [3:00]
ADHD and drama [4:40]
Making more money [9:38]
Start your own business on the side! [10:15]
All of the other ways to make more money [15:05]
Listener question on credit card selection for a beginner [20:02]

Articles Discussed in the show.
Why We Crave the Drama That Sabotages Relationships
New evidence that the “chaotic mind” of ADHD brings creative advantages

Help Me Out!
If you enjoyed this podcast, the best way to help me spread the word is to leave the podcast a genuine review on Apple Podcasts! If you don't have Apple, leave a review on my website, or give me five stars on Spotify.
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Credit Cards and ADHD go Together Like Forks and Power Outlets

Mon, 07 Feb 2022 00:00:00 -0500

Today on the show, we are talking about credit cards and getting out of debt! Credit cards and ADHD should generally not be combined. I'll talk about how debt is terrible for our mental and physical health. I'll ultimately explain two strategies to get out of debt: the snowball and avalanche method. I'll start the show by talking about something that has been on my mind regarding ADHD and stigma. And today, I am answering two listener questions!

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Outline of the show
ADHD and stigma [2:50]
Debt is bad for our health [6:15]
Credit cards are tempting [8:15]
Debt and the Bible [11:15]
Credit card debt vs. installment loans [11:45]
Minimum payments are evil [13:00]
Tips to stop using your credit cards [15:20]
Getting to the bottom of why we are in debt [18:40]
The Snowball method [19.30]
The Avalanche method [25:20]
Listener questions [27:15]

Help Me Out!
If you enjoyed this podcast, the best way to help me spread the word is to leave the podcast a genuine review on Apple Podcasts! If you don't have Apple, leave a review on my website, or give me five stars on Spotify.
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Let's Talk ADHD Money Mindset

Mon, 31 Jan 2022 00:00:00 -0500

Today on the show we are taking a pause and talking about mindset. Next week we will get back into it with strategies for paying off debt! One of the most common questions and comments I have been receiving is on mindset. How do we actually change our mindset? I will lend some perspective today.

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Outline of the show
I can't remember movies [00:23]
Mindsets I've been hearing [1:18]
It is not that easy [3:15]
How ADHDers struggle with money [5:30]
Financial cheating [6:45]
Executive function & money [7:35]
What is your relationship with money like? [9:00]
Money & childhood [10:40]
Reframe your relationship with money [13:12]
ADHD and self-confidence [ 13:25]
You deserve the peace of mind and control money can bring you [15:15]
The most reliable predictor of happiness [16:00]
How money gives you control [16:50]
Listener question [18:30]
Changing a poverty mindset [19:35]

Help Me Out!
If you enjoyed this podcast, the best way to help me spread the word is to leave the podcast a genuine review on Apple Podcasts! If you don't have Apple, leave a review on my website, or give me five stars on Spotify.
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Why ADHDers Should have a Life Happens (Emergency) Fund

Mon, 24 Jan 2022 00:00:00 -0500

Today during the non-financial topic, I talk about ADHD and time management. I then share how I use my external hard drive (AKA, my planner). We then get into the financial topic, the next step in our financial journey. Once you have your plan and budget, you need to make sure you're allocating your savings efficiently. If you don't have a life happens (emergency) fund yet, that is where you may want to start. We wrap the show up with a listener question about impulsive shopping and finding a healthy middle ground.

Outline of the show
FORO (Fear of running out) [1:50]
ADHD & time management [2:40]
How I use my planner [6:50]
Life happens (emergency) fund [11:22]
How I use my Honeydue account to stay motivated! [19:35]
Listener question [21:10]

Help Me Out!
If you enjoyed this podcast, the best way to help me spread the word is to leave the podcast a genuine review on Apple Podcasts! If you don't have Apple, leave a review on my website, give five stars on Spotify, or review on Podchaser.
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How to Budget when you Have ADHD

Mon, 17 Jan 2022 00:00:00 -0500

Are you excited to start your budget? I know I am! Budgeting with ADHD is a must if you want to change your relationship with money for good.
When I started budgeting in a way that stuck, my entire financial life began to transform. I had finally figured out a way to become mindful of my spending in a way that was sticking. I'll teach you exactly what to do in this episode. Before that, though, I talk about revenge bedtime procrastination.

Outline of the show
Money is self-care [00:18]
Housekeeping for the show [1:00]
Revenge bedtime procrastination [2:40]
ADHD Budgeting! [6:42]
Listener question [21:51]

As mentioned in the show
Revenge bedtime procrastination - Additude Magazine
Honeydue budgeting app

Help Me Out!
If you enjoyed this podcast, the best way to help me spread the word is to leave the podcast a genuine review on Apple Podcasts! If you don't have Apple, leave a review on my website, give five stars on Spotify, or review on Podchaser.
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The ADHD Spending Devil vs. the One Page Plan

Mon, 10 Jan 2022 00:00:00 -0500

It looks like you've made it to episode #2 of the podcast! That is awesome.

Today we are talking about the one-page ADHD-friendly financial plan. I also share a personal struggle and wrap up with a listener question. Do you want a question answered on the show? Click here if you do.

Outline of the Show
My personal ADHD struggle [2:30]
The ADHD friendly one-page plan [6:25]
Listener question [22:15]

Help Me Out!
If you enjoyed this podcast, the best way to help me spread the word is to leave the podcast a genuine review on Apple Podcasts! If you don't have Apple, leave a review on my website, give five stars on Spotify, or review on Podchaser.
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My ADHD Journey & Why Money is Hard for ADHDers

Mon, 03 Jan 2022 01:00:00 -0500

Welcome to episode one of the ADHD Money Talk Podcast! I'm so happy you are here giving this podcast a chance. I sure hope you'll stick around and grow with me as we take charge of our money together and open up new possibilities for your future.

Traditional personal finance advice may not work for ADHD brains. That's where this podcast comes in. We'll put all things personal finance through the lens of ADHD.

Outline of the show
Introduction & how to ask me questions [0:00]
My ADHD Journey [2:52]
Money, and why it's hard for ADHDers [14:03]
Money CAN buy happiness! [18:35]
My money epiphany [20:45]

Help Me Out!
If you enjoyed this podcast, the best way to help me spread the word is to leave the podcast a genuine review on Apple Podcasts! If you don't have Apple, leave a review on my website!
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ADHD Money Talk Trailer

Tue, 30 Nov 2021 11:00:00 -0500

Subscribe to the newsletter: ADHDMONEYTALK.COM

Welcome to ADHD Money Talk, the show gives dynamic but distracted ADHD brains the tools and strategies to take control of their money once and for all, and have fun doing it.

If you save tons of money every month, and have a spreadsheet for everything, and have no worries about money, then show is not for you.

But if you have ADHD, whether diagnosed or you just think you do, and you think you should be a lot better with your money, but for whatever reason, you are just stuck in the mud, then this show most definitely IS for you!

My name is Dave DeWitt and I was diagnosed with inattentive ADHD in 2006 at the ripe age of 16. As a financial planner by trade, but who also has had tremendous struggles with my own money, and finding it excruciatingly difficult to practice what I preach, I've been on a mission to figure out a system that works for me, and I have.

I've since been owning my own finances and I'm going to share everything I'm doing with you. We're gonna tackle everything from budgeting, investing, paying off debt, and plenty of money hacks along the way. I'll interview experts on ADHD and others with ADHD and what they are doing to get their money right. We're also gonna do some fun segments, like the most ADHD thing I did this week, trivia, I'm pumped to have you on this journey.

I have one ask for you, go to ADHDMONEYTALK.com and subscribe to the newsletter. You'll get my soon-to-be-released ADHD money eBook and get a weekly, short email with tips, stories, and be eligible for free giveaways that I am planning. Let's take control of our money once and for all.

Subscribe to the newsletter: ADHDMONEYTALK.COM

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