I’ve recently had Barbara Huson on my podcast to chat about her new book, Rewire for Wealth.
You may know her under her previous name of Barbara Stanny from before her marriage.
Her book, Overcoming Underearning, absolutely changed my life when I was a financial writer, and I’m so grateful for her book!
Meet Barbara Huson
Barbara Huson is the leading authority on women, wealth, and power. As a bestselling author, financial therapist, teacher, and wealth coach, Barbara has helped millions take charge of their finances and lives.
Barbara’s background in business, her years as a journalist, her Master’s Degree in Counseling Psychology, extensive research, and personal experience with money give her a unique perspective as the foremost expert on empowering women to live up to their financial and personal potential.
Barbara Huson has been featured on Good Morning America, The View, Extra, The O’Reilly Report, and many times on CNN, MSNBC, CNBC, Fox News, PBS, NPR, and the New York Times, and USA Today.
Barbara is the author of 7 books:
- Prince Charming Isn’t Coming: How Women Get Smart About Money
- Secrets of Six-Figure Women: Surprising Strategies to up Your Earnings and Change Your Life
- Overcoming Underearning: A Five-Step Plan to a Richer Life
- Finding a Financial Advisor You Can Trust: A Guide for Investors and Those Who Want To Be
- Breaking Through: Getting Past the Stuck Points in Your Life
- Sacred Success: A Course in Financial Miracles
Barbara Huson on Financial Writing
“I never expected to be a financial writer.” Although she grew up in a wealthy family, her father’s only advice about money was ‘don’t worry.’ She married a stockbroker and found out early in her marriage that he was also a compulsive gambler.
“And the insane part is that I continued to let him manage the money for the 15 years we were married. He did everything and I just signed whatever he told me to sign.” So not only was he losing the money they earned as a couple, but he also squandered away Barbara’s inheritance. At this point, she decided she didn’t want to deal with money.
She had three daughters at the time of her divorce and found a job as a journalist writing for the San Francisco Business Times. “I was hired for a freelance project to interview women who were smart with money. Those interviews changed my life. I not only got smart about money, but I wrote my first book brainstorming.”
Women and Wealth Building
Barbara says that we’ve been enculturated to believe that women aren’t good with money. “We’ve come to believe that money and finances are overwhelming and mystifying.” However, she says that controlling your financial situation can be simple, and we should take time to get smarter.
In addition, Barbara notes that women are generally less confident about making financial decisions than men. “When it comes to financial decisions, I find that I still ask my husband or somebody else.” Lastly, financial planners will defer to husbands or male partners when both partners come in for advice.
She reminds us, “The more we understand and know about money, the more confident we will be, the more apt we are to make decisions for ourselves.” Barbara also notes that we don’t have to make financial decisions alone. Getting a coach or financial planner is a good step in the right direction.
Her recommendations? Make sure you are making your decisions from an informed place, from a place of knowledge. She has three steps you can take to gain more understanding about money. When you do these three steps consistently for the next few months, you will be amazed at how you feel.
Barbara Huson’s Three Steps to Financial Freedom
First, take a few minutes each day to check out the latest financial news. Whether that is online, reading a financial magazine or book, you want to get educated. She says you’ll want to familiarize yourself with financial jargon and current trends. “I remember subscribing to the Wall Street Journal and I couldn’t understand what it said. So I took what was then section C the finance section, and I put it on the kitchen counter.”
Secondly, talk with financial experts. Barbara said she would invite others out to coffee to pick their brain. Most people were willing to chat about finances with her.
Lastly, make sure you have savings transferred from your checking account or your payroll check into a savings account. You can start small by adding $10 a month. The point is that you want to make this a habit. When you are consistent with savings over time, your money will add up quickly.
Why Women Aren’t Earning Fair Wages
“There’s three reasons why I believe women aren’t earning what they deserve and what they’re worth,” says Barbara.
First, she says, we don’t value ourselves. Second, we don’t respect what we bring to the table, so we give away our knowledge, experience, and time for free or bargain prices.
Secondly, women can be codependent when we put everybody else’s needs before our own. By setting solid boundaries, nurturing ourselves, and serving ourselves, we can stop codependency.
Third, we need to be uncomfortable. “The number one requirement to go to the next level of earnings or anything in life is the willingness to be uncomfortable.” The willingness to do what you don’t think you can do.
It’s important to value yourself, respect yourself, create strong boundaries and take care of yourself. “Most importantly of all, do what you fear because that’s how you succeed.”
Why Money Mindset is Important
“One day I started feeling that I was losing interest in my work. I started feeling something was missing.” This went on for some time, and after praying and reflecting, she read a neuroscience article and knew she came across the missing piece.
She started to study neuroscience and see how she could integrate this science into the process she was using to educate women about finances. She found that neuroscience practices could expedite the learning process and weaken fears associated with money.
Resistance as a Pillar of Change
Resistance is a sign that you’re changing. This is a normal feeling that happens when you deviate from the norm. Your brain says that new things are dangerous, and it resists any change. Resistance is the psychological reaction to an internal conflict. She recommends working with your resistance, looking at why your resistance is trying to protect your psyche. Realize that once you get past resistance and being scared, success is on the way!
Bringing the Past Into Your Financial Future
Barbara began attracting very high earners several years ago. “When my book Secrets of Six-figure Women came out, I started attracting women that were making six, seven, and eight figures.” At this point, she realized that there was usually trauma, deep pain, or unresolved emotions that they were keeping down. The financial turmoil became a distraction from the emotional pain of past trauma.
“Trauma is relative and trauma has many faces. It’s not just being beaten. It can come from seeing a parent ill or having your brother bully you. Our logical rational brain immediately shuts down and we go into fight, flight or freeze.” This is the reason she focuses on trauma work with women, referring them to a trauma therapist.
Rewire Your Brain for Wealth: the Basic Three Steps
“The three steps are recognize, reframe, and respond.” The first step is to recognize negative thoughts. Recognize your negative thoughts now with criticism or judgment, but recognize and become aware so you can change your thought patterns. Then separate yourself from the thought. Finally, remember to acknowledge with curiosity, reframe with a more positive affirmation and respond as if that reframe was true.
Become a Powerful Woman
Barbara says, “My definition of a powerful woman is someone who knows who she is, knows what she wants, and expresses herself in the world unapologetically.
Essentially our fear of power is our fear becoming all we can be instead of watering ourselves down. So if you’re having money problems, I suggest diving in deeper and becoming aware of why you’re afraid to be fully who you are.”
Resources that are mentioned or add value to this episode:
- Free Facebook Group: High Ticket Sales For Women Coaches and Course Creators
- Persuade To Profit
- Make Money Your Honey Book
- Check out my Live Training Online Here!
- Subscribe to my YouTube Channel to get the latest videos