Financial Perspective - Madeline McQueen
There are 3 words that describe Madeline McQueen – Trainer, Speaker, Coach, but the word that I believe really sums her up best is inspirational. Madeline is on a mission to help women to get from where they are today, to where they want to be; and she does this by coaching people on Clarity, Confidence and Empowerment.
A couple weeks ago I caught up with this multi-talented speaker, trainer and coach to dig into how she started her business, her thoughts on personal finance and dive into her financial dreams.
1. What is your view on financial literacy?
“Education is absolutely everything. Too many of us are learning about financial literacy a bit later in life, BUT it is certainly better late than never. Every piece of knowledge about this subject that we can gain is a feather in our caps, hence my motto when it comes to money is: Make Money – Manage Money – Multiply Money.
In fact, this is something that I am teaching my kids – as they are getting older we are instilling in them the discipline of saving, investing and always having money to get out of any situation.- for example, if they are going out with friends, the need to have enough money for a cab ride home so that they can leave when they want to leave.
I also think that the COVID-19 pandemic has shined a light on finances, and people have begun to take a deeper look at their goals, determine what is most important to them and start to really plan for their future. “
2. How did you learn about money management?
“I’m still learning about financial literacy and I’ve learned about money management the hard way. I had parents who were good with money so that was my model, but I did not understand money, my mum used to say that every time I have 2 pence I want to spend it!
So, I learned by speaking with friends and family and I also learned by reading books – the Richest Man in Babylon is one of the books that I read that really made me take a closer look at money and the relationship that I had with money. All I can say is that this is a work in progress and I will continue to learn about money on my life’s journey.”
3. What is your earliest money memory?
“I have a distinct memory of being 5 or 6 years old and asking my parents for 5 pence to buy a piece of candy on my way to school. And I learned that this was the way to exchange it for ½ penny sweets and crisps. The lesson was that I needed to have coins in my pockets to trade them for snacks and sweets. A small thing but this is where my relationship with money began.”
4. What is your proudest financial achievement to date?
“As I mentioned before, I have come a long way. When I was younger, I did not understand how credit cards worked and used them often and only paid the minimum; this was a recipe for disaster. As the debt continued to climb, I realized that what I was looking for was instant gratification to help me feel better about where I was in life. Prior to starting my current business, I was in IT sales and my husband in IT consulting and in 2002 the bottom fell out of his industry and we had a hard time paying our debts, so we decided to sell our home to and clean the slate. This was quite humbling, and I vowed to never be in this situation again.
I took the initiative to really understand how credit cards work and decided that if I do not have the funds to pay for the items that I want to buy, in full by the end of the month, I do not buy the item. I also learned the credit is not your money, I know that may sound silly to some, but by fully understanding this one fact really empowered me to look at credit differently.
So, all that to say that my proudest financial achievement to date is that I recently bought a new car – a KIA Sportage and I paid for it, in full and in CASH! This way there is no monthly stress to come up with the money to pay for the car, I just focus on maintaining the car and putting in petrol. I will keep this car for a long time!”
5. What is next for you, on your money journey?
“ Having taken control of my money in my 40’s I now keep a sharp eye on our finances. We are on track, and my husband and I are looking to secure another property. This is quite exciting and we are looking at property in the UK and Barbados! What is great is that we have the opportunity to plan for this next purchase. I am also really interested building wealth and ensuring that our kids understand money, know how to make, save and invest it. When it comes to our kids, I am steadfast on ensuring that they set up3 bank accounts – one to save, one to pay bills and one for general living expenses. I’m committed to constantly speak about multiplying money as, I have learned that this will help provide them with choice and ultimately freedom.”
Learn more about Madeline McQueen by visiting her website and you can follow her on Instagram at @themadelinemcqueen.