financialdistress

In today’s episode, I’m bringing back my friend Jason Vitug who is a wellness advocate and best-selling author of two books, ‘Happy Money, Happy Life’ and ‘You Only Live Once’. He's the founder of phroogal.com and is an award-winning creator of the Road to Financial Wellness Project. He is also a certified diversity, equity, and inclusion expert, a certified yoga teacher, and a breathwork specialist. We talk about how money can affect your happiness, the dimensions of wellness that relate to money, and how to achieve a happier life.

“When we can use money as a tool, we can then use money to positively affect these different aspects of our being, these eight wellness dimensions (mental health, emotional health, physical, spiritual, social, environmental, occupational, financial).” -Jason Vitug

“Money isn't everything, but money impacts most things.” -Jason Vitug

What You Will Learn From This Episode

• The turning point and realizations that made Jason write his second book 'Happy Money Happy Life'
• What are the components of a happy life (the 8 wellness dimensions), how they are all connected, and how they are affected by money
• The difference between mental health and emotional health
• Why retail therapy and other coping techniques may actually cause financial distress
• How to spend our money to improve our emotional and mental health
• Why money is one of the most important things and yet also one of the least important things in life
• How can people who tie their self-worth and success with money or work change or stop with that association
• What is a happy life and how to use our money to get that happy life

About Jason Vitug:

Jason is a wellness advocate helping a generation achieve a victorious life through health and wealth. He is a bestselling NY Times-reviewed author of two books: ‘Happy Money Happy Life’ and ‘You Only Live Once’. He is the founder of the personal finance website phroogal.com, creator of the Plutus Award-winning Road to Financial Wellness project, and a certified yoga teacher and breathwork specialist.

While having professional success, Jason experienced financial distress and personal dissatisfaction. His quest to find a balance between achievements and fulfillment led him to resign from his executive job and backpack through 20 countries in 12 months. In that journey, he realized the importance of holistic well-being, where money isn’t the goal but the tool to achieve the goals.

Jason openly shares his problems with credit, the oversized debt, and the spending habits that kept him living paycheck-to-paycheck. He is now living financially well and educates others on achieving financial and career goals without sacrificing life satisfaction.

Resources:

• Happy Money Happy Life: A Multidimensional Approach to Health, Wealth, and Financial Freedom by Jason Vitug
• You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life by Jason Vitug
• com
• Redefining Wealth Podcast with Patrice Washington
• Chronic Pain and Emotional Trauma: An Interview with Kent Bassett and Dr. Howard Schubiner of This Might Hurt Film
• Learn a new coping technique with this training called: Breathwork: Unlocking the Power of Intentional Breathing to Set, Reset and Relax

Connect with Jason:

• Facebook
• Instagram
• Twitter
• Website

Connect with Melanie

• mentalhealthandwealth.com
• melanielockert.com
• Instagram
• Support the podcast through Ko-Fi: https://ko-fi.com/melanielockert
• Buy Melanie’s book “Dear Debt”
• Contact: mentalhealthandwealthshow@gmail.com

Want more content and support?

Sign up for the Mental Hump Newsletter and get our free Mental Health and Money inventory worksheet. You can sign up at MentalHealthandWealth.com.

Also, we host a Mental Health and Wealth Hangout every other Thursday over Zoom at 5 pm PT to chat about all things money and mental health. Join here!

Follow us on Apple Podcast or Libsyn!

Love the podcast? Leave a review on iTunes!

In this episode, I interview Jennifer O'Farrell, a Senior Associate at Dobson Mitchell Allport. Jennifer is a commercial litigation and dispute resolution lawyer.  She has a particular interest in insolvency, personal property securities, administrative and local government law. She began her legal career as a judge’s associate in the Federal Court of Australia.  

In that role, she gained experience in a wide range of areas, including constitutional and administrative law, insolvency, tax, and general commercial disputes.  She added to that experience by then working for a national law firm in Melbourne for 7 years. 

Jennifer is a Professional Member of the Australian Restructuring Insolvency and Turnaround Association.  She has a first-class honors degree in Law from UTAS and is the recipient of both the Tasmanian National Undergraduate Scholarship and the Tasmanian Honours Scholarship. She joins us in this episode to demystify the topic of insolvency and restructuring in relation to small businesses. Enjoy!

This Cast Covers:

• From a judge’s associate to a solicitor at a national law firm, and how she was attracted to the world of insolvency.
• Doing general litigation and also acting for insolvency practitioners like liquidators, administrators, and receivers.
• Australia having some of the harshest director penalties in the world for insolvent trading.
• The current low number of insolvencies due to the federal government’s initiatives aimed at discouraging businesses from entering into insolvency.
• Identifying the critical problems earlier on to ensure one has the resources to fund a restructuring plan when their business is in financial distress.
• Why proper cash flow management is critical to ensuring the sustainable success of a business.
• The wisdom in making sure you pay your tax debts on time.
• Voluntary administration to maximize the prospects of a business continuing in existence.
• Preventing your debtors from getting away from you so you can ensure you have enough cash to meet your overhead needs.

Additional Resources:

• Jennifer on Linkedin
• Dobson Mitchell Allport

Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

In this special episode, Michael, Spencer, and Sam discuss there experience going through the Great Recession of 2008. As part of that discussion, they share insights and lessons learned from that time. They then offer advice, especially to those who are dealing with difficult financial or career circumstances and asking the question, what do I do now?

Listen as the guys share personal aspects of their story, in hopes of providing a helpful perspective in this time of increased uncertainty and distress.

Guest:  Travis Martin, Principal Wealth Adviser, The Wealth Designers

Duration:   14:34

Date Recorded:   4 November 2016