IAM2920 – Personal Finance Expert Helps Families Eliminate Debts

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Transcription:

Ashley Patrick 00:00
I would tell myself to stop trying to figure it out on your own and spend some money to do it quicker, faster, easier.

Gresham Harkless 00:39
This is Gresh from the I Am CEO Podcast, and I have a very special guest on the show today. I have Ashley Patrick of Budgets Made Easily— Easy. Ashley, it's awesome to have you on the show.

Ashley Patrick 00:48
Hi, thanks for having me. Glad to be here.

Gresham Harkless 00:50
No problem. Super excited to have you on. And what I wanted to do was just read a little bit more about Ashley so you can hear about all the awesome things that she's doing. And Ashley is a personal finance expert and founder of Budgets Made Easy. She helps families eliminate debt using simple strategies so that they can stress less and live the life they want. She was able to pay off $45,000 in debt in just 17 months, including $25,000 in student loans in just 10 months. She is a Ramsey Solutions Master Financial Coach and helps people like you manage their budgets so they can live the life they want. She has a bachelor's degree in psychology and helps you to get to the root of your money problems. She's been featured on Fox Business, Yahoo Finance, USA Today, MSN, CNBC, NerdWallet, and of course now the I Am CEO Podcast. Ashley, are you ready to speak to the I Am CEO community?

Ashley Patrick 01:38
I am. Awesome.

Gresham Harkless 01:40
Awesome. Awesome. Well, super excited to have you on the show. And I, I just wanted to kick everything off with hearing a little bit more about what I call your CEO story. I wanna hear about what led you to start your business.

Ashley Patrick 01:48
So I started my business after we paid off our debt. Um, I was a police officer and a detective for 10 years at a local, um, smaller agency outside of Charlotte. And once people started seeing that I was actually debt-free. You know, when I was paying off the debt, I would get comments like, well, what if you die tomorrow? And things like that. Like, quit acting like you're destitute. And, but you know, once they saw I was successful and paid off the debt, everybody started asking me, you know, the same questions. And so—

Gresham Harkless 02:17
You do it.

Ashley Patrick 02:18
Yeah. And so in like just a couple months later, I came across a blogging income report and I was like, oh, well, I could start a blog and, you know, I'm getting the same questions over and over, so maybe I could kind of make money helping other people do the same thing. And so that's really how I started it. And then shortly after, I got pregnant with my third child. So it was slow going, but once I had him, I was able to stay at home and quit my stressful job and build my business because we were debt-free. If I hadn't had paid off that debt, I would still be stuck in a stressful job that I was just really burnt out on and not able to build my business like I wanted to. So it really gave me, being debt-free gave me the freedom to build my business and focus on it more.

Gresham Harkless 03:05
Yeah, that makes so much sense. And I think a lot of times, and I don't know if you've definitely, you know, heard this as well from, you know, people that, you know, heard your story and want to be able to aspire to do that, is a lot of times you don't think something is ever going to be able to happen. It's not realistic until you hear somebody that does it. And then not only are you excited about it, it gets you energized. You want to know the nuts and bolts of how exactly they made it happen.

Ashley Patrick 03:24
Oh, absolutely. And you know, when I was paying off debt, I would lay awake at night and just read debt payoff stories. Like I would just, and I would read some of the same, same ones, but it's like it helped motivate me. And so that's what I really wanted to do with my blog. And so I share lots of debt payoff stories as well. So yeah, just being able to see other people do it just shows that you can do it. And for most people, uh, that really helps motivate them to just keep going, that they can see that it is possible.

Gresham Harkless 03:53
Yeah, absolutely. Kind of creates that energy. And once you have that energy around you, you have that environment, then you start to take those, those small actions, which sometimes we gloss over to actually make sure that happens.

Ashley Patrick 04:03
Absolutely.

Gresham Harkless 04:04
Awesome. Awesome. Awesome. So I know you touched it a little bit about, you know, what you have on your blog. Could you take us through Budgets Made Easy? Like how exactly and what exactly you're doing to support the clients that you work with?

Ashley Patrick 04:13
So my ultimate goal is for people to pay off their debt. And in order to do that, you really have to manage your budget. And so that's why I kind of focus on budgets, you know, Budgets Made Easy, but you do have, you know, it's the foundation for everything else that you do. So my goal is for you to pay off debt, but in order to do that, you need to manage your money better with a budget. Um, you know, maybe save money. So I do talk about saving money, but I'm not an extremely frugal person. Like if I, if I have the money and it saves me time to pay a little bit more for something, I will. So I'm not like a total cheapskate. But you know, when I was paying off debt, I was like, I cut, especially there towards the end, like I cut everything that I possibly could. Like, I always tell the story that like, I think it was, we were one month out and my husband's like, when we're debt-free, can we buy shaving cream again? Like, so, you know, like, yeah. So, you know, I did, when I was paying off debt, I did cut some things, but like, generally speaking, I'm not like super, I'm not an extreme couponer. I'm not super frugal, but, you know, it's all about prioritizing your money. Um, and your time to get to your, your short-term goal for your long-term goals. So, you know, paying off debt is a short-term goal so that you can reach your long-term goals of like, like me quitting your job. Um, if that's what you want, staying at home with your kids, you know, retiring someday, paying for your kids' college, going, you know, we, I paid for Disney. We went to Disney the next year, all paid for in cash before we even went. So it's really like sacrificing now for what you want later. Um, so that you can build long-term wealth and just live the life that you want. Um, and I've also started, uh, the Money Mindset Podcast.

Speaker B 06:00
Mm-hmm.

Ashley Patrick 06:00
And so that really helps people. So doing your budget is one thing, sticking to it, following through with it is a whole nother thing. So as I have grown my business, I've kind of realized that I need to help more with, um, the mindset of spending. Like, you know, people, it's kind of like, I always think of it like losing weight. Like, you know, you should eat right and you should lose weight, But it's a whole nother thing to actually do it. And so a lot of that is just your mindset and working on that. So that's what I've been really focusing on here the last several months is trying to help people change their mindset around money so that they can make the long-term changes and improvements in their habits so that they can get to where they want to be.

Gresham Harkless 06:40
Yeah, I absolutely love that. And I love how you do that in different ways, you know, with the podcast and the blog and everything that you have going on. Because I think, you know, a lot of times, well, the saying is the quickest way to eat an elephant is one bite at a time. And I think when you look at your debt, sometimes you look at it as that elephant. You have no idea how to do it. But yeah, understanding step by step, okay, the first thing I want to do is start with a budget, but also be aware of this mindset aspect because I might have some type of association. And I, I don't know if you would say this, but I feel like we probably all have some type of association with money and understanding what that is and how to work towards that or try to fix and work on that is something that we definitely need to do.

Ashley Patrick 07:19
Absolutely. And you know what I've, I've found as well as couples. So like we each have our own individual mindset and how we think about money based on how we were raised and things like that. And then you may have your, your spouse, significant other may have a completely different mindset. And so you guys really have to, um, identify your individual mindsets and then come together as a couple and work together and compromise. Like nobody can be 100% right. Or wrong, you know, you kind of have to work together. So, um, that's kind of part of focusing on the mindset as well.

Gresham Harkless 07:52
Yeah, absolutely. And I think that's definitely, you know, a huge thing because we sometimes undervalue or under, I guess, uh, attribute like how important the mindset is and a lot of things that we're trying to do and achieve in our, in our lives. So, um, I, I was gonna ask you for, uh, what I call your secret sauce. And I didn't know if that, that mindset piece was part of your secret sauce, but it's the thing that you feel kind of sets you apart and makes you unique.

Ashley Patrick 08:14
Yeah, I'd say the mindset and then just a lot. Well, my followers say it's just like my personality and helping people. You know, I want to help you as much as you will help yourself. Like, I can't do it for you, but if you're willing to put in the effort and do the work, I will help you as much as I can along the way. And so, you know, I'm very encouraging and I help people through the process. Because, you know, it can feel kind of lonely, like if you're not surrounded with like-minded people and our society is so, debt is so normal that even, you know, when I was paying off debt, people were like, you're crazy. Like, why are you paying off debt? You know? So when you can surround yourself with other people that are rooting for you, you'll be more successful. So that's kind of what I try to do to help people.

Gresham Harkless 09:04
Yeah, absolutely. And I appreciate you doing that because a lot of times, you know, to try to find like-minded people, as you said, you know, a lot of times you'll hear that, know, what if you die tomorrow? So you should be spending all your money now, but just kind of having that different mindset. A lot of times we may not be able to find that around our family and friend groups. So you might have to look to, um, you know, different resources like yourself, like your podcast and everything you have going on and you built to find that kind of environment.

Ashley Patrick 09:30
Absolutely. And Facebook groups are great. Um, and then Instagram, you know, certain hashtags are really great as well, just so that you can kind of be around and have that Um, encouragement from other people going through the same things that you are.

Gresham Harkless 09:44
Absolutely. I love it. So, I wanted to switch gears a little bit, and I wanted to ask you for what I call a CEO hack. So, this could be an app, a book, or a habit that you have, but what's something that makes you more effective and efficient?

Ashley Patrick 09:56
Ooh. Well, I will say that, um, I am a procrastinator, so I, you know, I put off doing things. So, some of the things that I've done in the, um, this year that have really helped me further my business is hiring people that are better at that than I am. And so, you know, I just pay people to do the things that I just don't want to do. But another thing, a lot of people encourage you to do this to be more effective. So I have found that it is, gosh, I can't talk right now. It has helped me stay on task because I am such a procrastinator. And if I don't know like specific specifically what I need to do today, I'll just like look at Facebook and I'm on Instagram. Like, you know, I'm not really like doing anything. Um, so I don't know if you can see this here. So it's kind of like your big 3. Um, so like 3 things that you need to do for the week. Um, and then you break that down and I have daily sheets as well. So, um, like pick 3 things that you need to get done to further your long-term goals. And then some things that you should do or would like do, like if you, um, have time. So that has really helped me focus and stay on track a little bit more is making like a top 3 list for each day or the week. Um, so that has helped me.

Gresham Harkless 11:16
Yeah. Nice. I, I love that. So now I wanted to ask you for what I call your CEO nugget, and this is a word of wisdom or a piece of advice, or if you could hop into a time machine, what would you tell your younger business self?

Ashley Patrick 11:26
Oh my gosh. I would tell myself to stop trying to Figure it out on your own and spend some money to do it quicker, faster, easier.

Gresham Harkless 11:36
I love it. And so now I wanted to ask you my absolute favorite question, which is the definition of what it means to be a CEO. And we're hoping to have different quote unquote CEOs on this show. So Ashley, what does being a CEO mean to you?

Ashley Patrick 11:46
Uh, being a business owner, you know, taking charge and being the leader of your business because, you know, if you want to make money with a blog, you know, people say, well, I'm just a blogger. No, you're a business owner and you're the CEO of that business. So, you know, calling yourself that, and that's what I love about your podcast is, you know, own it, own that you're a CEO and run your blog as a business like you are the CEO.

Gresham Harkless 12:11
Absolutely. Yeah. And as we've kind of talked about before, you know, saying it and make sure it's in your mindset is a huge thing. So own it and make sure you do, um, all the action steps before that. But a lot of times you have to have that mentality. You have to say it in order for that to happen. So truly appreciate that definition and truly appreciate your time even more. What I wanted to do is pass you the mic, so to speak, just to see if there's anything additional you want to let our readers and listeners know. And then of course, how best they can get ahold of you, subscribe to the podcast, find out about all the awesome things you're working on.

Ashley Patrick 12:40
Yeah. So, you know, if you are wanting to build a business, you know, take the initiative, um, invest in yourself, invest in your business, and, um, you'll get there a lot faster. You know, if you're wanting to pay off debt, since, you know, that's what I do as well, uh, you can find me at budgetsmadeeasy.com or The Money Mindset Podcast, wherever you're listening to this podcast. And, you know, just take it one step at a time. Stay focused. Know that there will be setbacks, whether it's with running a business or paying off debt. But if you can mentally prepare yourself for those setbacks, know that, you know, there's still so much room to grow on the other side and you can't have success without failure. So just know that it'll be okay and to just keep going. Uh, success is inevitable. I actually have it on my dry erase board back there to remind myself, like when something just doesn't work out the way I want it to and I think, oh, this is gonna be such a good idea and it falls flat. You know, I just gotta remind myself to keep going, that it will happen eventually. It just takes time and learning. You know, it's a learning process whether you're paying off debt or building a business. Uh, you just have to keep going. Just don't stop.

Gresham Harkless 13:49
Absolutely. Yes, I, I do. I truly appreciate that. And we will have the links and information in the show notes so that everybody can follow up with you as well too. But absolutely, you know, you can't have success without failure and, you know, success is inevitable. Once you have that mindset, you understand that it's not gonna gonna be easy. Success is not a straight path. There's a windy road. There's some, there's some potholes definitely here and there.

Speaker B 14:09
Yes.

Gresham Harkless 14:09
But as long as you're prepared for that mentally, as you said, then that helps ensure the likelihood of being successful.

Ashley Patrick 14:14
Absolutely. Thanks so much for having me.

Gresham Harkless 14:17
No problem. Appreciate you. And I hope you have a phenomenal rest of the day.