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Audrey Faust is a financial business coach, mother, wife, and CEO of Audrey Faust Consulting. With over 25 years in the finance world, she founded her company to help women financially empower themselves and grow their businesses profitably. Audrey holds an accounting degree, an MBA, and is a certified NeuroCoach, bringing a wealth of knowledge and personal experience to her coaching practice.
What inspired you to write She Grows Rich, and what message do you hope readers take away from it?
A few friends inspired me to share about how I grew my wealth from nothing to multi-six figure net worth. At first, I thought, who me, I’m not special, but after I kept getting this message, I really took a good look at what I did and realized it was pretty impressive and that I do get to share it to help women become financially independent.
Your book is geared towards helping women build wealth. What are some of the most common financial challenges women face, and how does your book address them?
There are a lot of beliefs the were instilled in us as children around money that are secretly sabotaging us without us knowing it. In my book we identify those subconscious beliefs, or prosperity blockers as I like to call them and reprogram them so we can operate at a new level. Women also often have fears around their finances, either they think they are not good at numbers, or investing in the stock market seems way too daunting of a task to do by themselves. I have a chapter dedicated to investing and making it super simple for anyone to do.
You emphasize the importance of mindset in achieving financial success. Can you share some practical ways women can shift their money mindset?
Inside the book I have a technique I use to identify any money mindset blocks and reprogram them to new ones. I also share a lot of mantras all throughout the book to help with any scarcity mindset that comes up from time to time.
In She Grows Rich, you talk about actionable strategies for financial growth. Could you share one key strategy from the book?
One key strategy I have is the 7% rule I use. This rule helps you identify whether to pay off your debt early or take what you would put to pay it off early and invest it instead. It’s a strategy I’ve used my entire life to build my wealth. I still have debt, but none of it is above 7%.
What role do confidence and self-worth play in wealth-building, and how can women cultivate these qualities?
Women want to feel educated around building wealth before they dip their toes in. Education makes women feel more confident. That is what I aim to do with my book.
Can you explain how you developed your own financial expertise and what led you to become passionate about empowering women financially?
I started investing in mutual funds in my twenties when I saw an article in the Money Magazine about a couple that invested $100 per month and in 20 years they had $100,000. I wanted that, so I followed the directions in the article and began investing starting at $50 per month and increased it from there. There was never a month that went by that I didn’t invest something. I also worked at Vanguard for 2 years which gave me an amazing education around understanding the stock market. And I realized it is very easy and not as scary or complicated as some think and you don’t need a financial advisor to start.
Many women struggle with financial literacy. How does She Grows Rich make financial concepts accessible and easy to apply?
What my clients tell me over and over again; is how easy and simple I make things for them to understand. Once you get over the fear and are open to learning, it really is simple to start growing your wealth. The only way to become more literate, is to educate yourself.
What are some surprising myths about wealth and success that you debunk in your book?
First, I don’t believe in the debt free model. A lot of financial coaches preach this, but it is not how I built my wealth, and it is a daunting task to try to pay off your debt first. That is why I use the 7% rule in my book to explain what to pay off and what to let go. Often the debt-free model comes from a scarcity mindset. Not all debt is bad, and its often not advantageous to pay it off as you actually lose money by doing so depending on the interest rate.
How can women start teaching financial skills to the next generation to create a legacy of wealth?
Encourage your children to start investing early. You often have a lot of disposable income when your children are still living with you and have jobs. Encourage them to start investing money into a Roth IRA as soon as they start working. Talk to them about money, how to manage it and how to save it, and why to save it.
What’s one small step readers can take today to begin their journey toward financial independence and wealth-building?
The first step is to start. Even if it’s just $50 per month in a mutual fund. Just start. The only thing you can do wrong is to not start investing.
Visit Audrey on her website:
https://www.audreyfaustconsulting.com/
Follow Audrey on Instagram:
@businessfinancialliteracy
Join Audrey on Facebook:
www.facebook.com/audrey.faust/
Subscribe to Audrey's YouTube channel:
www.youtube.com/channel/UCfY8RjyfArU1m14acmR3-Lw
Connect with Audrey on LinkedIn:
https://www.linkedin.com/in/audreyfaust/
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