On this episode of Fierce Lab, Tara talks to Nicholle Overkamp, a personal financial expert and business coach who runs the Wilcox Financial Group, which focuses on financial planning, and PowHERhouse Money Coaching, which focuses on financial coaching. She aims to help women develop positive money mindsets and get started or level up in financial planning and investing. In this episode, Nicholle discusses common reasons women feel apprehensive when it comes to financial decision-making and how to get started with planning and investing.

Nicholle’s work as a financial expert and business coach

Nicholle runs two separate companies — one for financial planning and one for financial coaching. The Wilcox Financial Group is a space for women to receive financial advice, help, and information in an understanding environment. She likens her other company, PowHERhouse Money Coaching, to a bootcamp for money and preparing for financial planning, with a focus on bettering women’s money mindsets. Their services help women become more comfortable with money by breaking down barriers and mitigating anxiety so they can take their finances to the next level.

Common barriers to financial planning

Nicholle says the biggest barriers are fear of being judged, the shame of thinking they should know more than they do, and procrastination due to anxiety and fear of the unknown. Women have also expressed that they sometimes aren’t sure where to seek help or don’t think the help they need exists.

Getting started

Nicholle offers advice for women who are getting started with financial planning. First, take inventory of what you want and what your goals are. From there, you can reverse engineer what to do and how long it will take to achieve those goals. If you don’t have any particular goals in mind, consider what you don’t want; some unrealized goals will probably come to mind. If you aren’t ready to start investing, look into your cash flow, and examine if you are being intentional with your spending. Nicholle stresses the importance of both having emergency reserve savings and simply getting started, even if it's with only a little bit of money.

Money mantras

Having a positive mindset about money is imperative. It's important to recognize the reasons behind a negative (or scarcity) mindset, as self-awareness is empowering. Money mantras are personal, based on what you want to achieve, and should be repeated daily. Nicholle gives some examples including, “I am worthy of receiving money,” and, “I am worthy of keeping money.” Tara also shares her own money mantras.

Listener questions

Tara asked listeners for their financial questions. They include topics like what to do if your employer doesn’t offer a retirement plan, but you still want to contribute; what should come first, paying down debt or saving;  and where to get started with investing once you have an emergency fund and some savings set aside.

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