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The People Teaching People Podcast Episode 40: Empowering Financial Independence with Jolie Viguers

040: Empowering Financial Independence with Jolie Viguers

In this episode of The People Teaching People Podcast, Jolie Viguers, a seasoned CPA and financial coach, joins me to discuss a range of topics including money, finances, financial coaching, community, curiosity, and values. 

Jolie shares her journey from becoming an accountant to founding Well Bean Coaching, her own financial coaching business, emphasizing the importance of understanding one’s money stories and deep values. She talks about her approach to financial coaching, which focuses on empowering clients by aligning their financial plans with their life’s goals and values. Jolie also delves into the nuances between financial coaching and financial advising, her target clientele, and how she tailors her coaching techniques to individual needs. Additionally, Jolie discusses her popular online community, the Canadian Ladies Money Club, and shares insights on addressing common financial questions like whether to pay off debt or invest. Throughout the conversation, Jolie emphasizes the importance of continuous learning, compassionate curiosity, and maintaining alignment with personal values.

Jolie is a CPA and Financial Coach with a passion to make her clients more confident with their money.  She works with women to understand their money stories and deep values, in order to achieve alignment with their spending and investing. Resolving the stress and frustration of debt and cash flow struggles and transforming that into sustainable plans makes for a big impact!  Jolie has worked as an accountant for 20+ years, and is active in the Financial Independence community. She is also the leader at “Canadian Ladies Money Club” on Facebook, with a mission to normalize the conversations about money.

 

Listen in as we talk about:

02:57 Becoming a financial coach

05:24 The role of a financial coach

08:54 Who benefits from financial coaching?

11:20 Personalizing financial coaching: drifters vs. strugglers

13:40 The path to financial independence

18:35 Teaching and learning as a financial coach

23:14 The emotional aspect of financial coaching

27:58 Couples and money: navigating different values

30:13 The Canadian Ladies Money Club

32:56 Celebrating financial wins in a supportive community

34:05 The power of community in financial learning

37:29 Navigating the debate: paying off debt vs. investing

43:45 Influential educators and the Trauma of Money course

48:04 Staying true to values in financial decisions

52:45 Jolie answers some rapid-fire questions

56:00 Jolie’s words of wisdom 

 

Connect with Jolie:

 

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Today’s episode is produced by VOLT Productions, a full-service podcast production agency helping creators and entrepreneurs launch, grow and monetize their shows. You can learn more about the agency’s founder Simona, their work and their team by going to www.voltproductions.co

 

PERSONALIZING FINANCIAL COACHING: DRIFTERS VS. STRUGGLERS

Jolie’s financial coaching methodology centers around empowering her clients by guiding them to articulate their life aspirations and then strategically aligning their finances to achieve those objectives. This comprehensive approach encompasses not only educating clients on fundamental financial concepts such as math, account management, investments, budgets, and compound interest but also delving into the psychological aspects and mindset associated with money matters.

Prior to diving into numerical analyses, Jolie dedicates significant time to address her clients’ money mindset and narratives. It’s important to note that Jolie’s services do not involve the sale of insurance or investment products; her primary objective is to equip her clients with the skills and confidence to manage their finances autonomously.

Jolie’s clientele presents a diverse array of challenges. Some are characterized as ‘drifters’, individuals who, although not facing financial hardship, lack a clear roadmap for their financial future. These clients seek clarity on major life goals, such as retirement planning, short-term lifestyle enhancements, and strategic investment approaches to support their objectives.

On the other hand, Jolie also works with clients she refers to as “strugglers”. These individuals may grapple with insufficient income, difficulty managing expenses, or significant debt burdens. In such cases, Jolie’s focus shifts towards debt reduction strategies and restructuring cash flow management to foster financial stability and resilience.

 

Jolie Viguers is a CPA and the Founder  of and Financial Coach with Well Bean Coaching.

 
WHAT IS FINANCIAL INDEPENDENCE

Jolie explains how financial independence (FI) stems from the concept of FIRE, which stands for Financial Independence, Retire Early. While retirement and its timing are subjective, FI specifically means not relying on income from work but rather having sufficient investments to support oneself indefinitely. This is often visualized as having a “million-dollar account,” based on the 4% Rule from the Trinity Study, which suggests living off 4% of one’s investments annually. For example, a million dollars would provide $40,000 per year, so if you need $40,000 to live, you’d aim for a million dollars in investments.

Achieving financial independence means reaching a point where work becomes optional. This goal can vary depending on additional income sources like rental properties, pensions, or government benefits. Her work with clients focuses on helping them achieve this state of financial independence, enabling them to choose whether to work based on preference rather than necessity. This journey encourages alignment with personal goals and values, ultimately offering more options and freedom. For instance, with sufficient savings, one could opt for part-time or seasonal work, enhancing life satisfaction and flexibility. The key is to work towards financial independence so that working becomes a choice rather than a requirement.

 

THE EMOTIONAL ASPECTS OF FINANCIAL COACHING

“When your student becomes the teacher, that’s the ultimate, because they are solid on the understanding.”

Jolie’s approach to working with clients is one where she is rebuilding trust when it comes to money and creating opportunities for learning with compassionate curiosity. So much of the work that Jolie does with people is so personal and in depth, that they are able to move through this quite quickly. Having said that, there can still be a lot of shame, fear, and anxiety in conversations around money. Jolie supports her clients in building up their competence with money and finances so that they can ‘do the things’. By having her clients practice ‘doing the things’, they build up their confidence. Jolie loves when her clients let her know that they have taught what they have learned to someone else. The students have become the teachers. 

Having an approach of compassionate curiosity, helps Jolie support her clients in the emotional aspects of financial coaching. She meets people where they are at and takes things slowly, step-by-step, and celebrates the wins, big and small, right alongside her clients. 

 

COUPLES AND MONEY: NAVIGATING DIFFERENT VALUES

“What do you value? Do you value being debt free or do you value having more in your investments?”

Jolie approaches working with couples who have different values and ideas by facilitating conversations that often aren’t happening or aren’t going well. She finds that a common issue is the lack of communication or unsuccessful discussions about money. Jolie’s role involves facilitating these conversations, encouraging curiosity, and exploring each person’s perspective. Each partner may have different feelings about the same financial situation. For instance, one partner might feel accomplished with a net worth of a million dollars, while the other feels they are falling behind. This difference in perception can lead to disjointed feelings between partners.

Jolie emphasizes the importance of discussing and normalizing these feelings to create a shared understanding of what success looks like for both partners. She encourages conversations about what would be considered good, what success means, and how much is enough. This process involves a lot of listening, inspiring, and compassionate curiosity. Jolie’s goal is to help couples develop a plan that aligns with their shared values and goals, fostering better communication and mutual understanding.

 
THE POWER OF COMMUNITY IN FINANCIAL LEARNING

“The more we learn and do as part of our communities, the stronger our communities become.”

Jolie highlights the special nature of community, emphasizing how it brings together people curious about the same topics, allowing them to support and learn from each other. In her community, members can lean on one another, ask questions, and celebrate their wins and progress in a safe space. She expresses pride in the growth of her community, noting that it will likely continue to expand and thrive. By the time the episode airs, she expects the community to have grown even more.

Jolie mentions the recent addition of many new members and the help of a few moderators to manage the increasing activity. She values the consistent and reliable support from regular contributors who provide solid answers to questions. Additionally, Jolie allows anonymous posts, which, although challenging for building a community feel, enables more vulnerability and honesty. This anonymity encourages members to ask difficult questions without fear, fostering a welcoming environment for financial discussions.

 

Jolie Viguers is a CPA and the Founder  of and Financial Coach with Well Bean Coaching.

RAPID-FIRE QUESTIONS

What is something that you would love to learn about or something that you would love to learn how to do?  The ins and outs of the new system for her business

What is a book, podcast, movie, or TV show that you have enjoyed recently?

  • Podcast: The Money Scope Podcast
  • Podcast: I Will Teach You To Be Rich

If you could sit down and have a conversation with someone that you would love to learn from, who would it be? Her late Grandma

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