Meet The Money Coach Helping Women Turn Their Six-Figure Incomes Into A Seven-Figure Net Worth

Living paycheck to paycheck is a reality that more than three-quarter of Americans face. In the midst of a pandemic, millions of households found it difficult to cover usual expenses such as food, rent or mortgage and car payments. Even an unexpected bill has one in ten high income earners teetering on the edge of financial disaster. 

The curveballs of 2020 caused many six-figure earners to run into financial hardship when their income was impacted and they had no savings. According to April “The Money Coach” Stewart, the uncertainty of these times led many women to leave their dreams of building wealth on the table. Stewart coaches women on how to create a wealth building plan so that it does not have to be this way.

As a coach, educator, and self-made millionaire, Stewart says, “when it comes to financial success, it doesn’t have to be complicated.” Not having her own perfect blueprint for her road to millions allowed her to see that women need a simple strategy to implement. Coming from humble beginnings, Stewart notes that she was raised in a low-income household where money was not discussed in a positive way and there was no one to teach financial literacy as her parents struggled to make ends meet. “I call it a fear based relationship with money because I was taught that there wasn’t enough of it,” recalls Stewart, “basically where you have a lot of negative thoughts, a lot of angst, anxiety, stress around money. For me, it was not trusting that money would be available for me. I thought it was a limited resource.” 

This indoctrinated thinking is what Stewart believes can have long-term implications, especially for Black households. “No one really looks at us and thinks that we have the potential to become millionaires. So we’re not taught about building wealth in schools and in our families,” says Stewart. “And then sometimes, there are those who have some money, have a good job and accumulate something but often have a tax of helping family members, which can drag on their wealth building potential.”

In the earlier years of her career, Stewart was no stranger to this reality. A high-earner with nothing to show for it, she was just one emergency away from a disaster. Little did she know, such an emergency was right around the corner. After buying her first home and car, she lost her job. With a plan and perseverance, she eventually landed a job and vowed to teach herself finance principles in order to transform her relationship with money. 

Stewart’s millionaire money journey led to releasing the weight of her overwhelming debt, building a 12-month emergency fund, and drawing a monthly roadmap to guide her to her financial goals. This calculated approach became her five step financial methodology that she now uses to help other women do the same, including cultivating a Millionaire Money Mindset, Millionaire Spending Plan, Debt Elimination Plan, Cash Reserve Plan and a Wealth Game Plan. Stewart’s mission for the high-earning professional clients she works with is to leverage her own learnings to guide women to devise their plan to become millionaires in just six weeks. 

Here she shares some of her best advice to help women turn their six-figure incomes into a seven-figure net worth. 

Take Control Of Your Money Story

The vast majority of us are not natural-born savers, so Stewart’s advice is to be intentional about your dialogue around money. A simple repositioning of the thought, ‘saving is not exciting’ can instead focus on a statement that motivates you, such as ‘saving may not excite me, but my goals do. I will focus on WHY I am saving.’ Rewriting your money story and affirming your success is a muscle that Stewart believes to be the foundation of a millionaire money mindset. As she defines it, a money story is your relationship with money over time – an understanding of where you have been with money, where you currently are and then which financial milestones you would like to reach. “It is important to define it so you can transform your story,” says Stewart. “I want more women to feel empowered to take control of their money because regardless of where you are right now, you can always change that. Your money story is not written for you, you get to create it.”

Develop The Discipline For Becoming A Millionaire 

People sometimes shy away from financial discipline because they believe that taking control of their finances could mean giving up a lifestyle that they are accustomed to. Yet, having a money strategy is what creates millionaires. “A lot of times it is not having insight into exactly what you are spending on a consistent basis and not having a plan for how you should direct your money. Sometimes people think that this can be restrictive or limiting, but it is actually freeing,” says Stewart. “Once I started to create a monthly spending plan or budget, I actually learned that I could do more with money. I realized that I had more money than I thought.” Finding money that Stewart was not aware she possessed is the reason why she advocates for creating a millionaire spending plan. Learning how to effectively manage cash flow so that you can make the best use of your resources can begin with the basics – a consistent assessment of your income to expenses ratio. “If you do not know how to approach a budget or spending plan but you know your income and expenses, look at that equation to make sure your expenses are not over your income. Work to make that equation in your favor to where you have more surplus at the end” Stewart advises. “It is important to pay attention to your cash flow because if you are maxed out and you are spending every single thing you make, you won’t have anything to invest and build wealth with.” 

Take A Simple Approach To Wealth Creation

Creating the opportunity for wealth begins with having a debt elimination plan. For Stewart, it is about first learning the effect debt has on your peace of mind — and how you can stop it from diminishing your financial flexibility. Finding out what it takes to become and remain debt free, means the possibility of earning interest instead of paying it. Once eliminating debt, extra money should be allocated to building a cash reserve that will position you for threats and opportunities alike. 

The fastest way to attain millionaire status is investments. “I definitely believe in the stock market and investing but a lot of times it is intimidating for women because they feel like you have to know the hottest trends,” Stewart describes. “However, you can invest in an index fund, which is a mixture of stocks, and you are protected there because it is diversified.” Overcoming this feeling of intimidation when it comes to investing begins with being educated on common myths that stand in the way of financial abundance, such as believing that ‘only the rich can invest’. “This is incorrect and untrue,” says Stewart. “In fact, investing is how so many of the rich became rich. They invest early and often in order to build wealth.” For those who believe investing is too complicated, Stewart responds, “I honestly used to believe the same thing. That’s because I was listening to the talking heads that were making it scary and complicated. When the truth is that investing should be simple and boring.”

Sacrifice Now For A Greater Return

The obstacle that six figure income earners sometimes face is wanting to enjoy their high wage with luxury experiences and purchases, so what Stewart teaches is not about deprivation or restriction. Instead, she says it is about focus, “I want to encourage you to make some of those short term trade offs so that you can achieve your goals. Have your financial foundation set up and everything in place, then just let your money continue to do smart things and let it build wealth over time.” Implementing your money goal strategy can be achieved in four steps. First, write them down and place them somewhere you can see them often. Be specific about what you envision. Instead of saying, “I want to do better with money”…say, “I want to pay off $15,000 of debt in 1 year.” Next make your goal measurable – break your $15,000 debt repayment goal by weekly or monthly steps. Lastly, give yourself a target to aim for by setting a deadline. Stewart recommends making your financial goals relevant to your own lifestyle. You can set goals to cash flow a home renovation, eliminate student debt, or save for a sabbatical from work. ⁠“Different people value different things,” advises Stewart. “So if there are things you really value, I want you to spend your money on those because they bring you happiness. You will be more encouraged to stick with your financial plan if you are able to enjoy the process along the way.”