We recently connected with Dawnette Palmore and have shared our conversation below.

Dawnette, appreciate you joining us today. Do you have a hero? What have you learned from them?

“My children are my heroes. As we age, it’s easy to hold back, to lose our sense of adventure and daring. But when I observe my adult children navigating through life, they serve as a constant reminder to be fearless, to embrace risks, and to view life as an exciting adventure. Their presence inspires me to improve and become a better person. They rekindle my capacity to dream and to persevere, reminding me that setbacks are just opportunities to dust myself off and try again. They have a remarkable way of keeping me young at heart, while also helping me stay focused on what truly matters and my purpose in this world.”

Dawnette, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?

Growing up in a lower-class family within a single-parent household, I never received any guidance on managing finances. In 1996, I met my husband, and when we started our family in 1998, we made the decision for me to stay at home. Unfortunately, we didn’t have a solid financial plan in place, and as time passed, although we were earning more money, we weren’t saving or thinking about retirement. Our financial situation felt like the lyrics from Sonny and Cher’s song: “They say our love won’t pay the rent, before it’s earned our money’s all spent.”

While I homeschooled our children, I also handled the finances for a thriving appraisal company that my husband and I owned. I was determined to provide our kids with a different upbringing than I had, one filled with parks, vacations, and real-world experiences. However, as our income increased, so did our expenses.

I eventually realized that I needed to gain financial knowledge to improve our situation. It was clear there had to be a better way. I came across a cash envelope system that worked well initially, but when my income became irregular, it became challenging to manage. Consequently, I stopped using it and reverted to old spending habits. I knew we needed to make a change, but the overwhelming feeling of being far behind left me uncertain about where to begin.

n 2014, I discovered Dave Ramsey’s “The Baby Steps” system, which resonated with me at that time. Although I no longer implement his principles, I felt it was a doable approach. After using this system for a while, I took it a step further and shared these principles with our kids, their youth group, and others. The joy of seeing others realize they could achieve financial success too was incredible. This inspired me to become a Financial Coach, embarking on a journey to empower others to gain clarity, control, and confidence in managing their finances. I also recognized the importance of further developing my expertise, so I sought additional training to refine my skills in financial coaching.

In 2015, Proverbs Financial Coaching was launched, later rebranded as Your Money On Purpose Coaching in 2022. This transformation allowed my family to start saving money, live according to a plan, and pay off debt. During that same year, my husband accepted a management position after previously declining it for two years. His reasoning was that the increased pay would accelerate our debt repayment. Little did we know the challenges that lay ahead and how the principles we had adopted would guide us through tough times. Within a few months, we successfully paid off one of our vehicles, eliminating a hefty $715 monthly payment.

However, our business faced declining revenues month after month, barely covering our expenses. This loss of income took a toll on us, but our commitment to monthly spending plan, understanding our income and expenses, and faithfully using cash envelopes played a crucial role in navigating this challenging period. Today, our cash flow has improved, giving us peace of mind as we follow our financial plan, bringing us closer to our goals.

This journey of hardship and resurgence has also imparted invaluable lessons to our children. They understand the importance of living within or below their means, saving money, and paying with cash whenever possible. As we transition into the empty nest phase, we take pride in watching our hardworking, generous, and independent children navigate life. They’ve learned that work equals money, which translates to more opportunities in life. The peace of mind, knowing they’ll thrive in this world, fills us with joy.

The principles I apply in my own life and teach my children are the same principles I use in my financial coaching. I’ve witnessed these principles in action and can vouch for their effectiveness. There is no greater reward than bringing hope and understanding into the lives of others through financial empowerment.

I have the privilege of serving my clients daily, assisting them in improving their relationship with money. My role involves providing clarity on their financial patterns, helping them align their behaviors and habits with their financial goals and values, and crafting a customized plan that suits their unique life circumstances. I guide them every step of the way toward achieving the life they dream of.

As a financial coach, what sets me apart are two key principles. Firstly, I prioritize my clients’ individual needs and desires, steering clear of imposing my own values or conforming to societal expectations. Many coaches tend to impose a one-size-fits-all approach, which I find counterproductive. Secondly, I specialize in assisting those with variable income, a category that includes small business owners and individuals on commission-based earnings. This is particularly exciting for me, as I have personal experience with irregular income spanning over 23 years.

The most rewarding aspect of my role, which I prefer to call myself an Expert Money Coach, is witnessing the profound transformations in my clients’ lives. I’ve observed how relationships and marriages have been revitalized and saved because money is no longer a source of stress for them. Now, they can openly and freely discuss their finances. I take great joy in empowering women to expand their businesses beyond their wildest expectations. I have the privilege of witnessing my clients’ dreams materialize right before our eyes. This work is profoundly fulfilling, and I cannot envision myself doing anything else.

We’d love to hear a story of resilience from your journey.

A significant factor contributing to my success on this journey has been a fundamental shift in my mindset. Throughout my upbringing and into adulthood, I held onto the belief that I would perpetually live paycheck to paycheck, face financial struggles, accumulate debt, and that the luxuries of life and living on my terms were reserved for the wealthy.

One pivotal moment in reshaping my mindset was delving into personal development. Engaging with personal development materials allowed me to dream beyond what I had once considered impossible. As I started to believe in these dreams, my habits and behaviors naturally began to transform, and my life underwent a profound shift. You see, I had been playing the same old records from my childhood—internalized messages like “you will always be poor,” “you can’t afford that,” and “that’s not for you.” However, as I rewrote this inner narrative, I began to feel a renewed sense of hope. I realized that not only could I dream big, but I could also achieve those dreams. The conversation within myself shifted from “I can’t afford it” to “how can I afford it?”

The language we use when speaking to ourselves is of utmost importance. If I had not taken this transformative step, I genuinely believe I would not be where I am today, both in terms of my accomplishments and my personal growth

Where do you think you get most of your clients from?

The most effective means of acquiring new clients for me is through referrals from my existing clients. At times, articulating my services can be challenging, as it entails more than a mere transaction; it encompasses a profound transformation in someone’s life. When individuals have personally undergone this transformation, they are enthusiastic about sharing their own life-changing experiences with their social circle. And that becomes a referral for me.

Contact Info:

• Website: www.yourmoneyonpurpose.com
• Instagram: https://www.instagram.com/yourmoneyonpurpose/
• Facebook: https://www.facebook.com/yourmoneyonpurpose
• Linkedin: https://www.linkedin.com/in/dawnette-palmore/
• Youtube: https://www.youtube.com/channel/UCw-sMq0qa6XPvVn4G0QFJ_A
• Other: https://www.yourmoneyonpurpose.com/links