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HMM 95: A Journey With Compulsive Debting With Joan Sotkin

The issues you have with money are never about money.  This is a tidbit from my chat with Joan Sotkin.  She also shares her personal experience of compulsive debting and what she learned from that.  

Joan has a wealth of experience and knowledge to back it up.  I’m confident you will learn so much in this particular episode.  

What you’ll learn about in today’s episode:

  • What she learned from her time attending Debtors Anonymous
  • Why money issues are never about the money and what they are really about
  • How your finances are really all about data entry

 

How Joan Grew Up Around Money:

Joan was born in 1940.  Her father was a compulsive debtor and spent money all the time, and her mom was the co-compulsive debtor.  Her parents never saved money, and so Joan did not get a very good background of money – she had to figure it all out on her own.

In her sophomore year her father decided he was tired of giving her money, so he gave her $1000 for the whole year.  Joan planned out the usage of the money very well, and by the end of the year, still had $300 available which her parents then borrowed from her and never ended up paying it back.  It always seemed as every time Joan got some money saved, someone would borrow it from her and not pay it back.  She learned that saving money never paid.  She then became a compulsive debtor herself.

In the 1980’s, she borrowed $1200 from a friend, and built up her business until she was making the equivalent of $50,000 a month today.  Ultimately, she went bankrupt because she had no idea how to control cash flow.

She started attending Debtor’s Anonymous.  Attending these group sessions where sharing is encouraged, led her to focus on learning how to manage money.  She quickly understood money problems are never about money, they stem from the emotional that are learned as a child.

 

Building Money Muscles:

Joan starts off by saying “It’s never about money”. The key is changing your financial position, because your current situation is a habit.  Here are a few of her tips:

  • Learn to manage your money.
  • Dig deep to find out what emotions you developed in early childhood that are manifesting your money situation in your adult life.
  • Under-earning comes from touch deprivation as a child which leaves you with feelings of longing and aloneness.
  • “If you don’t know your numbers you don’t know your business.”

 

What Joan Does Well With Money:

Joan manages her cash flow extremely well.  She first started out using software but found that planning 6 months ahead of time was difficult so she  developed her own spreadsheet, where in one screen, she keeps track of everything.  You can download it here:  www.ProsperityPlace.com/spreadsheet.

She also recommends Quicken for personal and Quickbooks for business which she now uses on a regular basis.

Her Proudest Money Moment:

Her proudest money moment was in her crystal business, when after mailing out 50,000 catalogs, she discovered the she had made the equivalent of $10,000 in sales after visiting her mailbox a few days later!

 

Who Influenced Her the Most in Terms of Money:

Joan shares that her father taught her what not to do!  She also has a brother who was a brilliant business man, and became a multi-millionaire who she very often turns to for advice.  In fact, if she has something going on where she has to spend more than $2000 on something, she has to go to him for his input.

 

How Joan Helps People Today:

Today, Joan helps entrepreneurs and practitioners experience freedom from struggle personally, professionally, and financially. She is THE expert when it comes to understanding how emotions learned in early childhood can affect a person’s business and financial outcomes. Thousands have benefited from her groundbreaking book Build Your Money Muscles:  Nine Simple Exercises for Improving Your Relationship With Money and her ongoing support programs.

 

Her Money Matters because….

“Her money matters because without knowing how to handle  your money, you are going to have a pretty tough life. And the interesting fact is, if you want to make a lot more money than you are making now, you better learn how to manage your money!”– Joan Sotkin

 

Links:

The Prosperity Show Podcast:  https://prosperityplace.com/category/podcast/

Joan’s website:  https://prosperityplace.com/

Download her spreadsheet and video instructions by visiting HERE.

You can buy her book Build Your Money Muscles:  Nine Simple Exercises for Improving Your Relationship With Money HERE.  **

**Please note the link is an  affiliate link so I may receive a small commission if you purchase**

 

Listener Shout Outs!:

This week’s shout out goes to Jennica.  I want to recognize you Jennica because one you have been active frequently in the group lately and from what you have shared you are progressing right along and I love hearing that!  It also serves an inspiration for others especially those who have not come out of there shell yet, so thank you!!

 

I want to hear from you!  What was your favorite takeaway from this episode?  Please share in the comments below or come on over to our community and share with us there.

Abrazos + Much Love,

Jen

 

P.S. THANK YOU for listening!

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**Please note I love to give shout outs to my listeners, so if you’d rather me not mention your email message or play your voicemail on the show be sure to clearly state that, thank you!**

 

 

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