[00:01] Katie: Welcome to The Focus B show, where Katie Stoddart high performance coach, interviews experts around the world in performance and mindfulness. Now here's your host. Katie.
[00:32] Katie: Welcome to a brand new episode of the Focus B show. Today I'm here with Lavinia Osborne. Lavinia is a financial wellbeing coach and consultant and also a blockchain expert. She was one of the top 100 women in tech in 2020. Thank you so much for being on the show.
[00:52] Lavinia: Lavinia thank you for inviting me, Katie. I'm very happy and pleased to be here. I think right now, conversations around money, finance, wealth is pertinent for our financial well being, our mindset, and just for our whole existence as just human beings right now, absolutely.
[01:12] Katie: I feel like starting the conversation by saying, tell me everything. There's so much to learn in the term of financial well being. Could you begin by telling us what different areas are there in financial wellbeing? Because it seems like quite a broad term.
[01:33] Lavinia: Well, financial well being, there's financial well being, there's financial wellness. Then you have education around financial resourcefulness and resistance, meaning resilience, financial resilience. So some people look at different areas of financial wellness and focus on it, be it the resilience part, the education part, where for me, I look at wellness or the well being because I think wellness is different from well being. Wellness can cover a multitude of areas, such as resilience, for example, and education. But well being is looking at how you are internally dealing with financial stress or financial decisions or just your finances, full stop. How is that affecting your well being internally? So I look at financial well being, and when I look at financial well being, I look at it from a mindfulness point perspective. And the reason I look at it from a mindfulness perspective, because a lot of people are not mindful about the emotional impact money has on them. Yes, they can say, I'm stressed about money, I'm stressed about finances. But what people don't seem to appreciate and understand is that when you're unbalanced in your well being, particularly because of finances and money is such an intricate part of their life, you get up and you go to work, you earn money. If you're not earning enough, you're stressed because you're not earning enough. Maybe you're earning enough, but you're stressed with the job, but you can't give up the job because you need to earn or you don't have a job, and so then you don't have enough income coming in, so you're stressed or you've borrowed. I mean, how many friends and families break up because of money? Right? So money is such an intricate part, an intimate part of our well being, of our existence and our engagement, particularly in the society that we have in a capitalist society that we live in. Because some of the issues we have as individuals with money, other societies or other communities that are not so capitalist oriented orientated don't have. Right? And I could touch on that in a moment. But ultimately the point of what I'm saying is that when you have an unbalanced relationship with money, it affects all areas of your life, just like eating can affect all areas of your life. Money does as well. And I don't think there has been enough of enough studies, enough spotlighting, enough information done around this element of our relationship or this element of well being. A lot more than ten years ago when I was talking about this, I mean, I would talk about it and people be like, now people kind of understand more, but still I think there more needs to be done. And what do I mean by that? One of the things or initiatives that I put forward this year, but it had to be put on hold, unfortunately, is that I am launching. So it says something in the pipeline, but it just had to be put on hold is a Global Financial Wellbeing Day. Why do I want to launch a global financial? Wellbeing, day? Because there are many entities and many individuals who are promoting financial wellbeing, financial wellness, financial education, financial resilience, but people don't know what they don't know. Where do you get this information? Who's doing it? What part of the world are they doing? Not that that actually matters, because we live in an internet world, it's global. But where do you find out the information? Right? 2030 years ago, life coaching, no one heard about it and now everybody knows what life coaching is. 20 OD years ago, only a handful of people are doing social media marketing, starting their own business, but now everybody does it, right? So I believe there needs to be a day that really focuses from the consumer aspect to show people, hey, just like International Women's Day, global Financial Wellbeing Day, how are you getting on with your finances? What is your relationship with money? And if it's global, then how many entities could get involved? That one day where all the newspapers are saying, hey, it's Global Financial Well being day, let's talk about money. I'm here in the UK and one of the government agencies, they launched it's a campaign and also a report on financial well being for the next ten years. Most people don't know about it, only people in the industry know about it. This is the sort of information that people should know about just off the bat. And so there just seems to be from the people who are creating these government agencies, corporate agencies who are creating these sort of campaigns, and then it actually trickling down to the mainstream and to the majority of people out there, there seems to be something missing. And I feel like a Global financial well being Day that, like I said, is consumer orientated, would really help get the message out there and really spread the word between the different agencies because there are many people doing very similar things, but they just don't know, right? And if it's for the consumer, why can't we pull our resources together so we're not duplicating because ultimately we want to get a message and our objective out to the mainstream, right? So financial well being is something that I am so passionate about because you can be rich and not have good financial well being. You can have poor and have better financial well being than someone who has plenty of money for various reasons. It could be to do with the work, them working, how many hours to receive or even they've received an inheritance, but they feel guilty about how that money was made, receiving it. The burden of what do I do with it? I've got this money. If I spend it like this or if I invest it in this and this doesn't work, then what am I going to do? What does that say about me? There's so many emotions triggered and associated with money and our relationship with it and how we are perceived by having it or not having it. So going back to your original question, when I talk about financial well being, like I said, I'm talking about it from we are a holistic being, right? So let's look at it from a holistic point of view within ourselves, okay? And so how I break that down is through a program that I put together called Money Mindfulness. So the first one is Money Mindset, okay? What do you say, think and feel. What do you tell yourself about money? What do you hear about money? How do you internalize it? What perspective do you have on money? Then we have money mastery. Money mastery is how do you deal with a negative financial situation? How do you become bigger than it so that you're not consumed by it? Because the reality, Katie, is that people kill themselves over money. People will kill themselves because of the status or the loss of status around money, around not having that job, not having that house, not being part of a certain society, or not being perceived as successful. And these are people who will kill their family. So suicide, murder. And there have already been cases in the news about it right now with COVID It's been like a wildfire that's just swept across the world and it has destroyed industries, it has destroyed livelihoods. And there's a lot of people who are going to be in a place where they just don't know what to do, where to start, how to pick themselves up from the devastation. But this is the thing about a wildfire. A wildfire also cleans the land, allows new buds of growth to grow. So if one can just sit in silence and also have the right resources available to them to help them go through this passage because it's not going to be easy, there's a reason why they say growing pains, any growth, any leveling up. It comes with doubt, overwhelm. It comes with who do you think you are? It comes with, can I do this? And even though I'm doing it, am I going to get the results that I want? It's hard. It's challenging, and especially when it comes to your money and you're trying to eat, keep a house over your head, feed your children, send your children to school, all of those things, all of these things are added pressures. And even if you're single, it's still hard because many of us are determined our self worth on what our title is, how other people see us in regards to the title or success that they perceive we have and the money we make. This is how most people define or label themselves or allow themselves to be labeled. People have to see themselves as successful, irrelevant of what is in the bank. I've had zero in my bank account. I've got to the stage where I have zero in my bank account and I still feel good because I know I trust my journey. I trust I'm going to get a bit woo woo here. I trust the universe, okay? And I'm a Christian as well. And I think in order for you to have mindfulness, you have to understand that mindfulness is about allowing yourself to appreciate that there is something bigger than just you. And sometimes you can't see what's happening on the radar screen. We are not privy to everything now. Things happening outside of our control. COVID was out of our control. But the point being, you have to trust that all is working for my good. I am going to overcome this because most of us have a 100% track record of overcoming our challenges, okay? Be it financial, be it emotional, be it work related. We have generally a 100% track record of overcoming a challenge, of finding a way. But sometimes some people just it's just too much. It gets too much. And again, it's about that whole idea that how am I going to be perceived now? And that thought is so overwhelming to someone. They go to the extreme and they take their lives and the lives of others, which is obviously very sad. And I do believe back just like in 2008, in the coming next year or so, we are going to hear those stories. So I say this because if you're listening to this, please, if you're feeling down, if you're feeling suicidal over money, pick up the phone, talk to someone. There are solutions out there. There are so many stories out there of people who've come back from the brink financial hell. They've been homeless and they've found a way because we as human beings, remember, we as human beings are wondrous. Our capability is unknown to us right now in this moment. Sometimes challenges come so that we can grow into who it is we are meant to be okay. So do not give up on yourself. Do not give up on your situation. And I feel very emotional about this because we have to have kindness in this world and we have to show people there is a way. Plant seeds of positivity. So money mastery is all about how you become bigger than your situation. Being practical, these are looking at the practicals mindset is about the spiritual, the emotional, but mastery is about the practical. What can you do to make yourself bigger than your situation? The next one is money management. A lot of people will have funds or do have funds coming in and sometimes they're just not utilizing it correctly. Sometimes you need to have that mindset to say that I deserve more and I'm open to receive more. And you have to believe that. And as you start to receive more, you have to know what you're going to do with it. So prepare yourself. Just like if you know it's going to rain outside, are you not going to go out with an umbrella? So if you're asking the universe or you're praying and you're hoping for something more to come, you need to know what it is that you are going to do with that extra resource. And this is where money management comes in. It's not just about managing what you have, it's about how you're going to manage what you're going to receive because you've asked for it. So get ready to receive it and then execute it so that you never find yourself in the situation that you are in now. Yeah, because if you know what you know and if you were the person you need to become, you would be it already. And we are always evolving as human beings, and we have to remember that we are always evolving. And as you evolve, you're going to have new challenges, but how you react to it's, just like without many cards, but it's how you work those cards. How are you going to play those cards? Nothing you can do with the cards that you're dealt, but it is up to you how you play the cards. Okay, so money management ultimately though, looks at planning. So planning looks at life insurance. One of the things that has bugged me over the years is seeing people. And I understand if it's a child, but more so adults funeral cost or funeral insurance or even life insurance is not that expensive these days. We probably spend more on our mobile phones than we would with life insurance. As soon as you have a child, you need to start thinking about, okay, what if anything happens to me? How can I make sure there is something left for my child? Okay? You may not be able to create the wealth or a certain level of wealth that you want in your life, because wealth is different for different people. Wealth may look like a million for someone, a wealth just may look like I just want to have a good job that's paying me 30,000 a year because I'm going to go and live in Brazil and it's a remote job. And I know 30,000 a year will be more than enough for me to have the lifestyle and be happy in a manner that I want to be happy in. So it's all very dependent on everybody's individual circumstances. But ultimately, if you can't create the wealth for yourself, then think about the next generation. How can I make sure my children don't have the same mindset, financial issues that I have? Yeah, I don't have any children, but I do have two beloved nieces. Well, three actually, and a nephew. And I've got a life insurance. And they're covered, they will be taken care of. They don't necessarily need to be. But for me, I want to leave them something and I want to leave them something not because, like I said, they need it, their parents are looking after them. But I think it's something wonderful for adult, be it a child or an adult, just to know that someone thought enough about them that they wanted to seed into their future. They wanted to leave something positive into their future so that they can take that and create more with it and share it with whoever they want to share it with, be their children or their these are, these are lessons. And I talk to my nieces and my nephews about money right now. As you said, Katie, I am in the world of blockchain. I run a platform called Women in Blockchain Talks. It's called Women in Blockchain Talks because it's about spotlighting, shining a spotlight on the dynamic women who are building, creating, leading, working in blockchain. You don't have to be a CEO, you just have to be someone who is dynamic and wants to help other people. Blockchain is such a new industry, a new sector, a new space, and no one can say they're an expert on it because it's moving so fast and there's many different elements to blockchain. There's blockchain for good, which is what I'm really about. And blockchain for good is about using the technology to uplift different individuals around the world, be it through finance, be it through medical issues, using the block or education. It's about using the blockchain to create that level of transparency and efficiency and decentralizing certain systems that we have had in place. Like a middleman so taking out the middleman so it's easier and cost more, cost effective. For the peer to peer, it is about peer to peer. And so that's blockchain for good. And the UN, the United Nations, they have put together 17 SDGs. SDGs are the Sustainable Development Goals. And if you look at that, number one is poverty. It's also looking at the food chain supply, it's looking at education, it's looking at medical, it's looking at sovereignty. Your data? Who does it belong to? Right? It looks at all of those things. So people need to appreciate this is the future. Right, but I mentioned SDGs and blockchain for good, simply also because blockchain is not just about crypto, right? And a lot of people confuse cryptocurrency and blockchain as one of the same. Blockchain is the platform that powers cryptocurrencies. If there is no blockchain, there is no cryptocurrencies. But cryptocurrencies are important as well because it's a way of making creating wealth if you know what to do with it. And cryptocurrencies are not just an asset class to create wealth. You can have a blockchain, like, for example, Ethereum. Ethereum is the second most used cryptocurrency after Bitcoin. Okay, so Bitcoin is number one, ethereum is number two. Ethereum is actually a blockchain business application. And what they're applying is smart contracts. So think of lawyers and housing. You have to write a contract, right? Or if you go into a business and there's an exchange, then you create a smart contract, which basically has all the details of what has been agreed upon. So once you go into that smart contract, it's like everything's automated and you don't need to think about, can I trust this person? Is this person going to do the other parties part of that contract? Are they going to do what they say they're going to do? And once you go into a smart contract, it cannot be broken, it cannot be changed. It's basically immutable, which is what the blockchain is. Right? And so Ethereum is the number one platform for creating a smart contract. And so because it is the number one platform for creating a smart contract, people utilize Ethereum. So Ethereum has a lot of uses, which is why it's number two behind Bitcoin in regards to usage, and therefore its value goes up. So the point on what I'm saying is that some people will just buy into Ethereum because they want to just leverage Ethereum going up the cryptocurrency in and of itself. But the ecosystem of Ethereum is totally different because it's being applied to businesses. Does that make sense? Okay, so I run this platform, Women in Blockchain Talks, and as I said, it's about shining the spotlight on women. But the key thing, when my community is open to men and women, I just want to have the women's voices to be heard because right now, the data speaks for itself. 2%, particularly in blockchain, are still women. It's growing. But the data, as I stated, speaks for itself. So we need to do what we can to try and even that disposal. I can't say the word balance. Yeah, but for me, it's not about excluding men. You can't talk about diversity and inclusivity and then exclude half the population, so to speak. Right? And so why is this important? Why am I bringing this up within the context of this conversation is because LinkedIn has stated that blockchain is the future of you right now. Like I said, COVID has basically destroyed a number of industries, businesses. I think it's John Lewis here in the UK. They're on the brink of closure. I think it is, which is just shocking. They've been around for over 100 plus years and a number of airlines have gone out of business or gone into administration due to COVID. And so we have to think about the environment is showing itself. There's science already. So if you are a young person, and even if you're not a young person, because blockchain is for everyone, all right? Blockchain does not discriminate. That's the reason why blockchain was created. It doesn't look at gender, it doesn't look at age, it doesn't look at color. Okay? People do that. But the technology itself is about everyone. So we all need to find our place in it. Be it as users, be it as creators, be it as workers. Right? And LinkedIn has said that blockchain is the future of works. Blockchain, because of cryptocurrencies, is also the future of money. So you have to educate yourself. And in educating yourself, you could also potentially find and position yourself so that you can bring your skill sets into this arena, because this is the future of works. Amazing.
[25:07] Katie: I think you've covered, like, a lot in terms of starting with the education and then going around the financial well being and wellness. And then a lot of what you said gave me goosebumps. When you're talking about growth, pain, and a lot of things people deal with. And I loved your three terms for money mindset, money mastery and money management. That was really nice. And then going towards the blockchain, I just like to circle back to the mindset part. I'm really curious, what are the most common struggles that people have with money? Not in big depths, but the two three that come up the most in terms of money mindset?
[25:45] Lavinia: I would say with money mindset, it's feeling of unworthiness. Unworthiness is a big one, and it can just stem from not getting pocket money, seeing your parents struggle when they're older. Maybe your parents, they had money, but they were quite frugal with it. Maybe asking for help from your parents and not getting it. It could stem from so many areas, but there's an element of one worthiness. What I found is that people can earn money. Most of us will earn a million pounds in our lifetime here in the capital capitalist societies, but it's how to make it work for you. Two very different things there's earning and spending. We're all good at spending because spending makes us feel good. Spending give us value. Hey, look at all the toys and stuff I've got. Look at where I live. So worthiness of being able to say, this is who I am, this is what I stand for, and this is what money means to me, and this is how it will reflect my meaning in the world. And that doesn't mean I have to prove myself or be validated by others. So therefore I have to have A-B-C and D. Does that make sense? And there is another fourth element to the money mindfulness pillars. So it was money mindset, money mastery, money management, and finally money mission. So money mission is what is it that you want your money to mean to you? What legacy, what message? What meaning do you want it to put out there, right? And so money mission is like the highest level because that's a point where you've got more than enough coming in and now you can do something with the extra, so to speak. Be it leave money to a charity, be it leaving money to your nieces and nephews, be it creating investing into a business that can then have an impact on community. Because I do think we have been moving very consistently towards a society that's based more on community and collaborativeness rather than single and ego. Look at what I have, it's more of look at what we have and how we can add more to community, to society. And the whole money mindfulness financial well being adds to that. Because if you don't know yourself and you can't handle your money, then it's difficult to be able to know how you can add your value. And there's different ways of adding value. It's skill sets, experience. But again, there has to be an exchange, right? And we do need money. Let's not beat around the bush about it. But again, it's about what you do with it and how it represents you in the world. And I just want to touch again on money management, so there's planning, there's also savings. So there's five areas I look at in regards to the money management area. So planning, saving debt, the other one is investing and then the last one is and it's escaped me. It will come back to me. Sorry. So number one is worthiness unworthiness and the second one is overwhelm. All right, I want to do something with my money. I know I need to do something with my money. Where do I start? Who can I trust? There's so many scams, there's so many information overload out there. So who can I talk to? And this again is why I think a global financial wellbeing day would be awesome because it would give people an idea of where to start and to have some sort of directory as well. So that is a vision that I have and it's still a vision that I plan to execute. So watch this space. Some people have said, why don't you just do a virtual event? And the truth of the matter is, I just feel like this sort of event, it needs media there, it really needs to be impactful and I just feel like it needs to be a physical event. And I have to go with my gut. So if someone else comes along and takes the idea, so be it. But no one can execute what you have in your mind the way that you can execute it. So that is my vision and I feel that's one of the things that's a legacy that I want to put out there to help people with their relationship with money.
[30:30] Katie: I can already see it. Have you decided what day it will be?
[30:34] Lavinia: Well, I wanted to do it in April, simply because April is new, after the 5 April, because it's generally the new financial year here in the UK. But as I understand, it's not generally the new financial year across the world. So if I'm honest with you, it should have been launched this year, but because of COVID it just had to be put to one side and we just don't know what's going to happen in the coming year. So a part of me feels like I have to just sit with it and just have peace with it. And then when the timing is right and I don't know when the timing is going to be right, I'll just know it in my spirit. I suppose I will just go with it, but I'm thinking April, but we just don't know. And also you need to give a good amount of time to plan these things as well, because when I launch it, I want it to be magnificent.
[31:37] Katie: That's so amazing. Is there a Global Well Being day, just a day dedicated to well being? Is that a thing already?
[31:43] Lavinia: No, there are some money days, but my vision global financial well being? No. And a lot of people will have a day. I think there's one company that's done something around it, but it's more linked to but there's a lot of companies now that have been set up that go into the workplace. So it's financial well being in the workplace that they have an event around that. And then there's another organization that I'm aware of that does sort of financial well being, but they are not collaborating, it's more them doing it and in a way to highlight what they're doing. Whereas Global Financial Well Being Day is not about my business butterfly wealth creation, it's not about women in blockchain talks, it's just about financial wellbeing and it truly is collaborative. It's a day that owns itself. Just like think of International Women's Day. International Women's Day is actually owned by the UN. But it's just put out there to say, hey, whatever you want to do with this day in your community, you do it. Here are some packs, here are some marketing information, some marketing assets like balloons, pencils. With Global Financial, you do with it what you want. It isn't a case of this is my business and this has to be done like this because it's my brand, so to speak. And that's how. I'm thinking of Global Financial. Wellbeing, day. It will belong to everybody because this is an important subject. Amazing.
[33:18] Katie: I feel we've circled from starting off with the Global Financial Wellbeing Day and we finished on it and I think the episode just flew by. I was totally absorbed by everything you said. I think I drank in all of your words and I've learned so much. So thank you so much for sharing all of your wisdom. Where can people find you?
[33:36] Lavinia: People can find me on LinkedIn. LinkedIn is the best place to find me. I am very much as you touched upon in the blockchain world, but as you can see, financial Wellbeing money mindfulness is fundamental to me. And again, this is the reason why I do what I do. And by the time this comes out, my membership site for Women in Blockchain Talks will be launched. And who knows, maybe there'll be more information about the Global Financial Well Being Day out there. But ultimately you can find me on LinkedIn. That's the best place to find me, I would say. And yeah, thank you for having me.
[34:15] Katie: Yeah, thank you so much for being on the show. Dominion. Bye.
[34:20] Katie: Thank you for listening to the Focus B show. We would love to hear your feedback. Let us know in a review how this episode inspired you. Keep buzzing.