Episode 115 with Naseema McElroy

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Are you feeling stuck and overwhelmed with your finances? In this eye-opening podcast episode, I chat with Dreamer Naseema McElroy, who proves that there’s nothing you can’t learn if you put your mind to it.

Naseema shares her journey from being a labor and delivery nurse, earning six figures but living paycheck to paycheck, to becoming more intentional about her finances, paying off close to a million dollars of debt and building generational wealth.

Naeema now has a six-figure side hustle and is thriving on her path to financial freedom.

So, tune in and learn how to build wealth intentionally. You won’t want to miss this one!

In this episode, Naeema discusses:

  • How to build wealth intentionally
  • What it takes to build a successful side hustle while having a six-figure job.
  • Normalizing money conversations with children.
  • How to teach young children about investing and wealth.
  • How she paid off close to a million dollars in debt.
  • The importance of having a good social circle influence.
  • The debt snowball method and Zero-based budgeting
  • How financial freedom allows her to be an advocate as a labor and delivery nurse for Black women who experience higher maternal mortality

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  • Introducing the guest Dreamer Naseema McElroy [0:10]
  • How being a single mom urged her to be financially intentional [3:20]
  • How she accumulated a million-dollar debt [4:51]
  • Used the Snowballing method and Zero-based budgeting to pay off her debt [7:10]
  • The reason she filed for bankruptcy and its effects [10:19]
  • Importance of a good social circle influence [13:06]
  • The challenge of managing a full-time job as a nurse and a side hustle [14:50]
  • Advocating for fighting against the black maternal mortality crisis [17:19]
  • Managing house expenses in a high-cost state [19:54]
  • Normalizing money conversation with children [21:18]
  • Building wealth is creating a plan to invest in necessary things [25:03]
  • The biggest takeaway is to understand debt and leverage [26:40]
  • Rapid fire Question [31:19]
  • “The transition from making money to building wealth takes real intentionality.” – Naseema McElroy
  • “I just created this platform to share my journey and lessons along the way and hope that other people will be inspired by it.” – Naseema McElroy
  • “I was using the Dave Ramsey method and so I had actually stopped investing, which was one of my biggest mistakes tax-wise.” – Naseema McElroy
  • “You have to ask yourself the question like, who do you wanna be paying? Do you wanna be paying yourself or the IRS? And I’m gonna choose myself every single time.” – Naseema McElroy
  • “When I started changing my circle of influence to people that looked like me, that came from a similar background, that have been through similar things, I understood that wealth was something that I could easily attain.” – Naseema McElroy
  • “Nursing is the ultimate way to` become financially independent because of the flexibility. It’s still my passion that fuels me and I love bringing life into the world.” – Naseema McElroy
  • “Being in a good financial position means I’m not afraid to be an advocate for my patients.” – Naseema McElroy
  • “To invest and to build wealth is to minimize your two biggest expenses, which is your housing and your transportation cost.” – Naseema McElroy
  • “The whole thing is to normalize the conversation about wealth and money that is still very age appropriate.” – Naseema McElroy
  • “You can still access lucrative jobs and opportunities without having to invest so much time and money in education.” – Naseema McElroy
  • “I caution people to understand risk tolerance even though you possibly can grow faster if you leverage money, because you still have to pay that back.” – Naseema McElroy
  • “Social media can be a powerful tool of actual inspiration so that you can surround yourself with people who you aspire to.” – Naseema McElroy
Show Transcript:
About the guest:

Naseema is a published author and the founder of Financially Intentional, a platform about personal finance and living life intentionally.

Naseema discusses how taking control of her finances has enabled her to overcome bankruptcy and divorce, and break the cycle of living paycheck to paycheck. She shares her lessons along her path to help others benefit from the freedoms of financial independence.

Outside of encouraging people to get their financial act together, Naseema is a mother and a Labor & Delivery Nurse. Though making six figures for years, she struggled with money. Finally realizing she couldn’t out-earn her financial ignorance, she knew she had to make some changes. By shifting her mindset around money, being consistent and intentional, she has paid off $1 million debt and grown a six-figure net worth in three years without living in deprivation.

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