Episode Details
Back to EpisodesYour Money Story Is Running Your Life and Here’s How to Rewrite It with Danielle McKinley
Description
What if the biggest thing standing between you and true wealth isn’t your income, your investment strategy, or your business but the money story you’ve been carrying since childhood?
In this episode of Life-Changing Money, Barbara sits down with Danielle McKinley to talk about the psychology of money, building and exiting a business, creating generational wealth, and why understanding your money story can completely change the way you build wealth.
They talk about how childhood experiences can quietly drive our financial decisions, Danielle’s five money archetypes, and why even highly successful entrepreneurs can struggle to actually hold onto and enjoy the wealth they create. Danielle also breaks down infinite banking, how properly structured whole life insurance can potentially be used to build and leverage wealth, and why understanding both the benefits and limitations of these strategies matters.
In this episode, we cover:
- How childhood experiences create lifelong money stories
- Why making more money doesn’t automatically change your relationship with money
- Danielle’s five money archetypes and the “Hustling Hero”
- The connection between self-worth, overworking, and financial success
- Danielle’s journey from college dropout to successful entrepreneur
- Building a company for 12 years before ultimately exiting
- What she wishes she knew before selling her business
- What it was like selling to private equity and navigating a two-year earnout
- How Danielle approached investing after her exit
- Using trusts as part of a generational wealth plan
- Teaching children about money instead of simply handing them wealth
- Common misconceptions about life insurance
- Living benefits and their potential role in wealth protection
- How infinite banking is designed to work
- Potential risks of improperly structured policies
- Why your financial strategies need to align with your individual money story
Connect with Danielle:
https://www.instagram.com/moneyshameslayer/
How To Get Involved:
Life-Changing Money is a podcast all about money. We share stories of how money has impacted and radically changed the lives of others—and how it can do the same for you.
Your host, Barbara Schreihans (pronounced ShREE-hands) is the founder and CEO of Your Tax Coach, and the creator of the Write Off Your Life Course. She is a top tax strategist, business coach, and expert in helping business owners and high-net-worth individuals save millions in taxes while increasing profits.
When she’s not leading her team, coaching clients, or dreaming up new goals for her company, you can find her drinking coffee, hanging out with her family, and traveling the world.
Grab a cup of coffee and become inspired as we hear from those who have overcome and are overcoming their self-limiting beliefs and money mindsets!
Do you have a burning question that you’d love to hear answered on a future show?
Please email it to: podcast@yourtaxcoach.biz