WELCOME! USE SEARCH TO FIND RESOURCES FOR SOLO MOMS OF TEENS AND YOUNG ADULTS
SoloMoms! Talk
Aug. 16, 2022

Develop Money Management Super Power w/Florian Fritz

Develop Money Management Super Power w/Florian Fritz

If you want to have more control over your finances you must learn ways to manage money. It may take unlearning everything you thought you knew about personal money management.

Florian Fritz makes personal finance simple and easy. He's a money teacher who shares some values about how solo moms can improve their financial life.

In this interview, he shares how you can develop a winning mindset when it comes to money regardless of how much money you have or make. Listen and learn how you can become your own money hero.

Takeaways:

04:07 - Why money seems to be a mystery to some people

04:11 - How we can better manage money

05:09 - What is financial freedom?

09:17 - Rule #1 of financial freedom

10:48 - How not to rob your future self

13:37 - The 3 superpowers of the Money Hero

17:48 - Parkinson's law explained

19:24 - How to invest in cannibis where it's legal

Connect with Florian in his Facebook group Money Hero

Bio: Florian is the founder of the Money Hero Academy, where he is teaching how to create financial freedom by improving your money mindset, money management and money making skills.

As a financial advisor, Florian realized during the last financial crisis in 2008 that the financial industry was only looking out for their own best interest and not that of their clients. Continue...

Check out  SoloMoms! Talk blog

Watch this interview on YouTube: SoloMoms! Talk TV

Connect with other Moms: RSVP for our next meet up

Learn to set goals that will improve your life: Join the waitlist

Another awesome guest from PodMatch.com

This podcast was recorded with Riverside.fm

Podcast artwork created with Canva

This podcast is hosted by Captivate, try it yourself for free.



This podcast uses the following third-party services for analysis:

Podcorn - https://podcorn.com/privacy

 

This page contains affiliate links. This means that if you make a purchase after clicking one of these links, I may make a small commission with no additional cost to you.

Find out more about SoloMoms! Talk

Transcript

[00:00:00] J. Rosemarie: Tired weary, frustrated. What would you be doing if you weren't raising children alone, what's stopping you from living your best life. Now on solo mom's talk. I discuss with solo mothers, the challenges you face raising children alone. So if you are a working solo mom, dealing with independent children in sensitive bosses, weight and health issues, or even debt collection.[00:00:26] Join us as we discover your path to get and stay healthy, increase your income and live with joy and purpose.[00:00:45] It's hard to keep your head above the water.[00:00:48] To win this fight.[00:00:53] My guest today is Florian Fritz. and we're gonna talk about money and personal finance today. [00:01:00] Welcome Florian. [00:01:01] Florian Fritz: Hey, thank you for inviting me, Jen. [00:01:03] J. Rosemarie: Sure. Thanks. So we have a topic that applies to everyone. but before we delve into that, can you tell us about Florian? [00:01:14] Florian Fritz: Absolutely. I'm yeah. From a money teacher from Vienna, Austria.[00:01:19] and I started in the financial world 18 years ago in 2003 as a financial advisor. And I used to do that for a couple of years. And in 2008 in the last financial crisis, I decided that I didn't like how the financial industry is treating their clients, meaning the clients take all the risk and they pay all the fees and the banks and investment companies make all the money.[00:01:43] So I wanted to do that better. I wanted to find a way how to create wealth, whether markets are going up or down or sideways, or just crazy. And I started to learn from some of the greatest trainers in the world. I traveled from [00:02:00] Singapore to Phoenix from South Africa, Johannesburg to London. So all over the world to learn from some of the greatest people like Kyosaki and his Rich Dad advisors, or.[00:02:09] Some investment fund people, lots of different trainers and okay. After working with a real estate company for a while, where I made the money to pay for all these trips and I tested what I learned, which worked pretty well. I two years ago, I started teaching people how they can take their finances in their own hands.[00:02:29] So they don't need financial advisors and bankers for them. [00:02:32] J. Rosemarie: Okay. All right. Sounds interesting. I love a traveler. all right. So before we delve into your specific, you know, how you specifically show us how to manage money, can you tell us why is money probably the most common, Commodity, if you wanna call it a commodity?[00:02:53] I know it's not, but if you wanna call it that, why is it such a mystery? I mean, we handle it every day. [00:03:00] So why is it such a mystery? [00:03:01] Florian Fritz: Well, because we don't learn about it. We get all the things we do learn about it are basically wrong. Right? What we hear from our parents, media, grandparents, whatever school is, you have to work hard for money.[00:03:17] And it doesn't grow on trade mm-hmm and it's the root of all evil and all these things. Now, if, if that was true, that you have to work hard for money, all those hardworking people should be rich. Right. [00:03:29] J. Rosemarie: That would be the thing, right. [00:03:31] Florian Fritz: yeah. Your experience, are they? [00:03:34] J. Rosemarie: Nope, [00:03:34] Florian Fritz: not at all.Most of them up broke, so obviously there's something wrong with this belief, but we still teach it to our kids. [00:03:41] Hmm. And that's why it becomes such a mystery because what we learned is actually the opposite from the truth. [00:03:50] J. Rosemarie: Okay. All right. That's a good answer. So what can we do then? I mean, how can the ordinary person [00:04:00] just get better at managing their money? [00:04:06] Florian Fritz: Well, first of all, understanding this fact that what you learned about money is probably wrong and start reprogramming yourself and saying, okay, if money, if working, if just working hard is not it, what, what is it?[00:04:19] What works and Rockefeller mm-hmm, it's better to take one day a month to think about your money than to work the whole month for it. So sit down and think about your money. Okay. How am I making money now? Does it work very well? How else could I make money? What, what might work better? What are rich people doing?[00:04:39] Okay, how are they making money? So that's where you start with starting to think differently and to educate yourself how money actually works. [00:04:50] J. Rosemarie: Okay, that makes sense. All right. And taking it from there. we, we hear the term a lot financial [00:05:00] freedom. What does that mean? And how do we create that for [00:05:03] ourselves?[00:05:04] Florian Fritz: What it means I've kept this sign here always right beside my computer. This way you can see financial freedom is as soon as your passive income is higher than your expense. Mm. Okay. Every month, very simple. Right? Mm-hmm . And so money comes in without you working for it, or without you exchanging your time for it, enough money to cover your monthly expenses that's then your financial free, because you don't need that job anymore.[00:05:30] J. Rosemarie: Hmm. [00:05:31] Florian Fritz: How do you achieve it while there are lots of different ways of creating passive? Number one is investing it and getting a return on your investments, interest or growth and value or any type of return you can get from your investment. you can, or rent if you invested in real estate or creating some value, like writing a book recording some music, writing some software, or creating an app today.[00:05:56] Everybody's got a smartphone. Invent an app that people use every day [00:06:00] and you'll make a lot of money with it without you working, because you just put that piece of software, the app in the app store, people downloading it, you get money. [00:06:11] J. Rosemarie: So the main idea is, instead of you sweating for money is letting your money, sweat for you.[00:06:18] Yay. So instead of you working hard for money, make your money work hard for you. Exactly. That. [00:06:24] Okay. All right. I get it. I get it. And how did you become a money teacher? How did that happen? [00:06:30] Well, that happened by me thinking, okay. What do you do? I was working in the financial industry all the time and somehow on the, on the trip of, of learning more, I met a trainer who's training trainers, and.[00:06:48] Yeah there. I suddenly found that I could actually be teaching instead of selling financial products, which I liked a lot better. Cause I just sell a financial product [00:07:00] then. Yeah. That might work for that person or it might not. If I actually teach them how to find the right product for their situation, how to handle money, how to think about money, then they don't depend on me.[00:07:14] They can actually go out and become financially free by themselves. And I think I like that idea a lot better than just giving them a product. That's. Mainly good for the industry because that's what most products are designed for. [00:07:29] Yeah. It makes sense. You know, so it, it goes with the, with the saying, teach a man, how to fish instead of just handing him a fish and having been in the financial sales myself, I know easy.[00:07:43] It is for someone to. change their mind after you walk out the door after they sign and give you a check, they change their mind the next day, because yes, maybe they understand what they're buying, but they don't understand how it works for them or how it benefits them. You know, they may just see [00:08:00] you as a salesperson earning a commission.[00:08:03] So I, I like. What you've decided to do and educate us in how money works one and number two, how to make it work for us. And, you know, it's, a shame that, you know, I worked on Wall Street. I know a lot of very smart people who have no clue about personal finance and I mean, people with. MIT degrees I don't have any idea about personal finance. [00:08:34] So we need people like you to teach us. And we know that debt is one of those things that keep a lot of us from having financial freedom. Can you address debt and how we can[00:08:46] navigate. The, the debt mindset, you know, I gotta have, I gotta have, I gotta have, so I need to borrow, I need to borrow, I need to borrow because I don't have enough money to buy. So can you address that debt mindset and how it keeps [00:09:00] us from being financially free? [00:09:02] Florian Fritz: Absolutely. Let's start with rule number one or the easiest rule. [00:09:06] If you just follow that and nothing else, you'll probably become at least financially well off is spend less than you earn and invest the difference. Mm. So don't go into debt, spend less than you earn and invest the difference. Okay. Let's assume you already are in debt. What do you do? Well, pay it off, obviously, if it's bad debt.[00:09:26] But I advised depending you have to look at the interest that you're paying. What I personally, I had a business partner, bad business partner, somewhere in between when things were going too easy. I started another business. Didn't take care of it. The guy bankrupted the company and suddenly I was half a million dollar in debt.[00:09:43] Mm. Now, I didn't say, okay, all the money I have now is going into paying off that debt. I say, I can, I will invest as much as I can and make the returns. I get pay the debt for me. So I still make my money work and use my income, my [00:10:00] re investment income to pay off the debt, which makes it a lot easier because you're not paying it yourself.[00:10:06] Somebody else is paying it for you. Yeah. So if you check, if you're, if you're paying on your credit card, if you're paying 17 or 20%, obviously you gotta work on, on paying that off first, but if you can have your debt at 5% or something, Or, or, or less, then it's more interesting actually to make your money work and pay the debt off with, with that, with your income and the mindset.[00:10:31] I gotta have it. I gotta have it that you, that you mentioned. Well, think about it every time you buy something that you, every time you borrow money to buy something, you actually are robbing your future self. You can't spend the money in the future and you on top of that, you'll have to pay interest. So next year, You yourself can pay, can buy not, not only the amount that you just spent, but actually a lot more because of the interest of mm-hmm [00:11:00] so stop robbing yourself. [00:11:02] J. Rosemarie: Yeah. Yeah, that makes sense. But then what you just said about, you know, investing and, if you're in the position, use that money, the earnings to pay off your debt goes against what someone like, Dave Ramsey teaches Dave Ramsey said put, put everything except the money you can use to buy rice and beans to eat, put everything in debt.[00:11:27] And then, then you invest, But I prefer what you say, because if let's say you owe, you owe a hundred thousand, I wanna have this discussion. You owe a hundred thousand dollars and your income, you're not paying that down. You can't pay that down unless you're chunking it. Right. But at the same time, if it take you 10 years to pay that off, you're 60 years old, you're 70 and you have no money saved.[00:11:52] So. It makes sense. What you're saying that you try to do them together. I mean, even [00:12:00] if it's a small amount, right. Save, even if it's a small amount, right. [00:12:04] Florian Fritz: Absolutely make your money work for you. Use the compound effect, which is so powerful that most of us can cannot imagine how much money you can make just by saving a little bit every month, getting a good return on it.[00:12:21] Not 0.00. Whatever the bank account is offering. zero. Learn how to get a good return of 10% or, or more. And. Then the compound effect will, will help you immensely to pay off your debts. Mm-hmm [00:12:38] J. Rosemarie: mm-hmm okay. And I know you say you teach people how to, save and invest and teach people about money.[00:12:46] SoloMoms! Talk was designed to curate the stories of solo moms globally. As a facilitator of this platform, I aim to create a peaceful environment where you can share your heart, feel loved and [00:13:00] get the advice you need. So if this sounds like you, why not RSVP for our next virtual Meet Up? The link is below it's, where you can retreat from the chaos of your life.[00:13:12] So you can recharge, connect with other moms and get answers to your burning questions. Remember, you're not alone and you don't have the parent in silence.[00:13:23] So tell us how you help. How do you help us? What service do you offer? And if you have any products, you could talk about those two. We, well, we start with With the pillar. Number one, I have my company is called the Money Hero Academy. Okay. And I think the three superpowers of the money hero Hmm.[00:13:43] Which are the money mindset, money management, and money making. Mm. And we start with the money mindset because as long as you think that money is bad, you can never become rich because your subconscious will protect you. You don't wanna be a bad person. Right. Right. So we start with that and I [00:14:00] have a free seven day attracting money challenge.[00:14:03] Where every day people get two or three tasks to actually find out how their money mindset is right now and then reprogram it, improve it. And from there I go into, I offer a program where we work on money management, implement money management systems work on a very simple investment strategy that everyone can do with an hour a month and still get returns of 15 to 20% yield.[00:14:32] J. Rosemarie: Ah, I like that. And I like that you start with mindset because mindset is everything. Right. it's why we can't finish while we start. Cause we don't start with the right mindset. So I like that. Ah, three pillars. Okay. And how can we get in touch with you? [00:14:50] Florian Fritz: The easiest thing is to join my Facebook group.[00:14:54] Money Hero. So Facebook/groups/money hero that's free. And I share [00:15:00] lots of tools, tips, and techniques in there. In there you can get, I have it money hero, dream roadmap, 12 steps to create your financial. You'll find that in there. Okay. Lot of other resources. So just go there and there are all my contact details in there.[00:15:17] And you can ask questions and get answers and all that for free. Okay. I will put the link in the show, not so people can join your Facebook group. [00:15:27] Oh, so what is Florian grateful for today? What I'm grateful for today? Well, that has doesn't have much to do, with money actually. You know, there's a war going on only 500 kilometers from where I am right now and how I is from the Ukraine.[00:15:44] Aha. And we were able to take in a friend of hers with, with her son and who, who stayed with us. And today I got the promise of, of a kindergarten space for, for the son. So the, the helpfulness of people around [00:16:00] here to offer support is amazing. And that's what I'm most grateful for at the moment.[00:16:05] J. Rosemarie: Aw, thank you for sharing that and thank you for opening your home to someone who is in need, because I'm sure that's a great need right now. So thank you for that. And thank you for sharing that. Wow. Okay. So as you know, our audience are solo moms. The audience is, you know, we're so moms and one of the things, one of the struggles we face sometimes is money.[00:16:35] Lack of money, not enough money, and which if we looked at it closely, maybe that's not really real truth, but do you have one piece of advice for a solo mom regarding their money and their money mindset? [00:16:50] Florian Fritz: Yes. I very often here, I don't have any money to manage and I understand that it's especially difficult for [00:17:00] solo moms.[00:17:01] That's why they always think I don't have any money to manage. I will start once I have it, which will never happen. Even if, if you earn more, there's a statistic that middle class and poorer people for every a hundred dollars, they make more, they actually increase their expenses by 137. Mm. So it waiting doesn't work.[00:17:27] You have, it's like. Tell saying I'm gonna go to the gym once I've lost some weight. That's not the way it works. makes sense. First, you start managing your money. And even if you have very little, let's say I'm Def I'm sure you can save at least a dollar. A month, put it aside. And next month you do $2.[00:17:51] And the next month you do $4 and you will not notice that you have less money at the end of the month. Cause there's this thing called Parkinson's law [00:18:00] that says the demand for something will always match its supply. Mm you know that from time, if you have three days for a project, it will take you three days.[00:18:11] If you give yourself three weeks, it will take the whole three weeks. Right. So if you have more, it will expand. If you have more money, you you'll spend it unless you implement a system where you take something away the beginning of the month and say, okay, 10% of my money, however little that is I'm putting aside and make it work for me.[00:18:35] J. Rosemarie: Mm that's statistics that you quote is that's very devastating to anyone's pocket book, but especially for those who don't have enough in their mind. To begin with, and it, it goes to prove this, this quote that I like to quote by Tony Robbins, where focus goes energy flows. So if, if you [00:19:00] are, if you wanna spend that extra money, you know, I know people who get a bonus every year or tax return refund and they, before they get it, their focus is on what to buy.[00:19:13] Yeah. Right. It's without money yeah. So if we could change that focus to, okay. Maybe I'll put half in a mutual fund or whatever, then in 10 years that focus would shift. Yeah. My focus at the moment I found this new company there is, they started in 2020 in the cannabis business and you can basically buy one plant and they will grow it for you, harvest it and sell the product to a pharma company that produces some medical stuff.[00:19:50] Florian Fritz: And one of those plans really, and all the service around is around $58. And it gives you a huge return by [00:20:00] 40 to 50% return in, in three. So now I'm thinking if I get any money, how many plans can I buy?[00:20:11] then I, three months later, I can spend the returns and still keep the money. Yeah, that sounds interesting, except for where cannabis is illegal. So that, that, that's not a problem. It's a Dutch company and they're growing this. There are plans where it's legal and where the climate is good. And then they're selling it to pharma companies in countries where it's legal and they sell the products in countries where it's legal.[00:20:37] It doesn't matter for you. They never deliver the stuff to your doorstep. Mm. Okay. Well that's an interesting concept. I was born Jamaican. I really support the use of cannabis in, you know, in our health challenges. But for someone listening, I think, you know, I hope they seek legal advice for before they, they, you know, invest [00:21:00] in something like this, especially if you're.[00:21:04] Financial advice. Things is different. A possibility. It can be something different as well. Think of, okay. What could I invest that money in? Find something that you like buy that investment and then later you just spend the returns and to keep the money. Yeah. Yeah, but it makes sense. And I agree, and thank you very much for, you know, because sometime we don't really break it down to the actual steps, you know or a good example of, we just say, well, invest in the market or buy Bitcoin, but that.[00:21:35] One specific is something that somebody could take steps on, right. Or ask question about absolutely. Investment market invest in Bitcoin, all good ideas, but first learn what you're doing. Yes. Well, because most people who just buy Bitcoin will lose in the end yeah. To use it. To buy pizza. Yeah. So [00:22:00] yeah.[00:22:00] Yeah. . All right. Thank you very much, Flo for coming and talking to me today. This is an interesting topic that I don't think we talk about it, but we don't educate about it enough. So thank you very much for coming and talking to me today. Anything else? It's been a great pleasure. Thank you for inviting me and yeah.[00:22:22] Follow rule. Number one, spend less than you earn and invest the difference. Yes. Thank you. Very.[00:22:30] And you can ask questions and get answers and all that for free. Okay. I will put the link in the show, not so people can join your Facebook group. Oh, so what is Florian grateful for today? What I'm grateful for today? Well, that has doesn't have much to do with, with money actually. You know, there's a war going on only 500 kilometers from where I am right now and how I is from the Ukraine.[00:22:57] Aha. And we were able to [00:23:00] take in a friend of hers with, with her son and who, who stayed with us. And today I got the the promise of, of a kindergarten space for, for the son. So the, the helpfulness of people around here to offer support is amazing. And that's what I'm most grateful for at the moment.[00:23:18] Aw, thank you for sharing that and thank you for open your home to someone who is in need, because I'm sure that's a great need right now. So thank you for that. And thank you for sharing that. Wow. Okay. So as you know, our audience are solo moms. Audience is, you know, we're so moms and one of the things, one of the struggles we face sometimes is money.[00:23:48] Lack of money, not enough money, and which if we looked at it closely, maybe that's not really real truth, but do you have one piece of advice for a solo mom [00:24:00] regarding their money and their money mindset? Yes. I very often here, I don't have any money to manage and I understand that it's especially difficult for solo moms.[00:24:14] That's why they always think I don't have any money to manage. I will start once I have it, which will never happen. Even if, if you earn more, there's a statistic that middle class and poorer people for every a hundred dollars, they make more, they actually increase their expenses by 137. Mm. So it waiting doesn't work.[00:24:40] You have, it's like. Tell saying I'm gonna go to the gym once I've lost some weight. That's not the way it works. makes sense. First, you start managing your money. And even if you have very little, let's say I'm Def I'm sure you can save at least a [00:25:00] dollar. A month, put it aside. And next month you do $2.[00:25:04] And the next month you do $4 and you will not notice that you have less money at the end of the month. Because there's this thing called Parkinson's law that says the demand for something will always match its supply. Mm you know that from time, if you have three days for a project, it will take you three days.[00:25:25] If you give yourself three weeks, it will take the whole three weeks. Right. So if you have more, it will expand. If you have more money, you you'll spend it unless you implement a system where you take something away at the beginning of the month and say, okay, 10% of my money, however little that is I'm putting aside and make it work for me.[00:25:48] Mm that's statistics that you quote is that's very devastating to anyone's pocketbook, but especially for those who don't have enough in their [00:26:00] mind. To begin with, and it, it goes to prove this, this quote that I like to quote by Tony Robbins, where focus goes energy flows. So if, if you are, if you wanna spend that extra money, you know, I know people who get a bonus every year or tax return refund and they, before they get it, their focus is on what to buy.[00:26:26] Yeah. Right. It's without money yeah. So if we could change that focus to, okay. Maybe I'll put half in a mutual fund or whatever, then in 10 years that focus would shift. Yeah. My focus at the moment I found this new company there is, they started in 2020 in the cannabis business and you can basically buy one plant and they will grow it for you, harvest it and sell the product [00:27:00] to a pharma company that produces some medical stuff.[00:27:04] And one of those plans really, and all the service around is around $58. And it gives you a huge return by 40 to 50% return in, in three. So now I'm thinking if I get any money, how many plants can I buy?[00:27:20] then I, three months later, I can spend the returns and still keep the money. [00:27:27] J. Rosemarie: Yeah, that sounds interesting, except for where cannabis is illegal. [00:27:32] Florian Fritz: So that, that, that's not a problem. It's a Dutch company and they're growing this. There are plans where it's legal and where the climate is good. And then they're selling it to pharma companies in countries where it's legal and they sell the products in countries where it's legal.[00:27:47] It doesn't matter for you. They never deliver the stuff to your doorstep. [00:27:51] J. Rosemarie: Mm. Okay. Well that's an interesting concept. Been born Jamaican. I really support the use of cannabis in, you know, [00:28:00] in our health challenges. But for someone listening, I think, you know, I hope they seek legal advice for before they, they, you know, invest in something like this, especially if you're American.[00:28:12] Florian Fritz: Financial advice. Things is different. A possibility. It can be something different as well. Think of, okay. What could I invest that money in? Find something that you like buy that investment and then later you just spend the returns and to keep the money. [00:28:30] J. Rosemarie: Yeah. Yeah, but it makes sense. And I agree, and thank you very much for, you know, because sometimes we don't really break it down to the actual steps, or a good example of, we just say, well, invest in the market or buy Bitcoin, but that.[00:28:45] One specific is something that somebody could take steps on, right. Or ask question about [00:28:52] Florian Fritz: Absolutely. Investment market invest in Bitcoin, all good ideas, but first learn what you're doing. Yes. [00:29:00] Well, because most people who just buy Bitcoin will lose in the end [00:29:04] J. Rosemarie: yeah. To use it. To buy pizza. Yeah. So yeah.[00:29:09] Yeah. . All right. Thank you very much, Florian for coming and talking to me today. This is an interesting topic that I don't think we talk about it, but we don't educate about it enough. So thank you very much for coming and talking to me today. Anything else? It's been a great pleasure. Thank you for inviting me and yeah.[00:29:30] Florian Fritz: Follow rule. Number one, spend less than you earn and invest the difference. [00:29:34] J. Rosemarie: Yes. Thank you. Very.[00:29:35] I'm excited to share that Solomon's talk is now on YouTube. Check out these interviews on our new channel. SoloMoms! Talk TV there. You will actually see the interaction between myself and my guests. You will also. Find bite-size clips of daily inspiration to help you manage the struggles of everyday life.[00:29:55] So click Solomons, talk TV below to watch now.