Episode 60: Dollar$ Dollars$

🎧 From broke student to financial freedom - Wesley Simpson reveals why your money mindset matters more than your bank balance! In this transformative episode, financial wellness coach Wesley breaks down how to build wealth regardless of your starting point and exposes why location and friend groups impact your financial future.

Through practical wisdom and powerful mindset shifts, Wesley shares why vision and priorities determine financial success more than income.

This game-changing episode explores:

• Why who you surround yourself with shapes your spending habits
• The hidden connection between financial stress and academic performance
• How to create a money vision even if you grew up poor
• Real strategies for prioritizing long-term goals over instant gratification
• The journey from reactive spending to intentional wealth building
• Why rich kids need money mindset training too

Perfect for: Students wanting financial freedom, teens developing money habits, young people from any financial background, and the counselors, teachers, and parents guiding youth toward financial wellness. Plus: Essential insights on transforming your relationship with money before bad habits take root.

To learn more about Wesley Simpson, please click on the link below.

https://lighthousecapitalfinance.ca/index

Transcript

00:04.43
fatimabey
And welcome everyone. Today we have with us Wesley Simpson. He is from Calgary, Alberta in Canada. He is a financial wellness coach from Lighthouse Capital Financial Corporation. And for all of you listeners, this episode is for high school and college students, but adults y'all need to listen to cause this man has a lot of wisdom and um you're going to get something out of this. So how are you doing today with Wesley?

00:31.18
Wes
I'm doing great Fatima, how about you?

00:33.47
fatimabey
Good, good. I'm looking forward to this conversation because I think it's just so important. All right, I'd like to dive right in. So let me ask you, how does location affect finances? Some people don't think about.

00:47.40
Wes
Well, location can be a a number of things. it can be It can be where you live. It can be where you work. It can also be who you surround yourself with.

00:58.09
fatimabey
Hmm.

00:59.39
Wes
So that's a difficult question.

00:59.64
fatimabey
it

01:02.99
fatimabey
How do each of those affect? Let's start off with ah your physical location, like what city and town you're in. How does that affect your finances?

01:11.80
Wes
Well, cost of living will affect you depending on what your income is versus what you're spending out. yeah You could argue that you know if somebody that lives in, say, Toronto or New York City is going to have a higher cost of living than somebody that lives more in a rural area.

01:18.34
fatimabey
Right.

01:26.95
Wes
but

01:26.72
fatimabey
Right.

01:27.73
Wes
somebody lives in a city might have a higher level of income too.

01:31.66
fatimabey
Exactly. So just because it's a higher income doesn't necessarily mean that they're making more because it could be spending more too.

01:38.91
Wes
Correct.

01:40.02
fatimabey
And what about who you surround yourself with? How does that affect your finances?

01:43.90
Wes
That's probably one of the biggest ones because if who you surround yourself with is is normally how it impacts not just your finances, but every aspect of your life.

01:46.16
fatimabey
Mm hmm.

01:55.46
fatimabey
Mm hmm.

01:56.63
Wes
Okay. You surround yourself with people that are positive, energetic, and have a vision for where they're going. You're going to have a lot more success than if you have people that have the opposite mentality.

02:09.29
fatimabey
Right.

02:10.39
Wes
Right? So that' that's the key there. and Surround yourself with people that are going to push you to be better, push yourself to to to want to be better.

02:21.45
fatimabey
So if the its does surrounding ourselves with people who are financially irresponsible affect us?

02:28.70
Wes
Yeah.

02:29.63
fatimabey
How?

02:31.15
Wes
Well, if you're trying to save some money for whatever college or you're trying to save for a special event and you got a friend of yours that's always eating out, always going to the bar, always going to the movies, they tend to guilt you into doing stuff that you wouldn't normally do because you have a better vision for where you want your money to go.

02:46.78
fatimabey
e

02:50.83
fatimabey
Hmm Exactly Yes, thank you for that. That's a perfect example because it's ah a very very real one that most of us don't think about like, oh I really want to go out to the club and every time you go out to the club you spend $50 and Do you really have that?

03:06.81
Wes
Right.

03:07.21
fatimabey
Now that you should know that you can't do that But the frequency with which you do that may be influenced by your friends. You're a hundred percent, right?

03:14.85
Wes
Yeah.

03:15.60
fatimabey
Now let's dive into college students. um Let's talk to them. So what should a college student do right now to have a good financial future?

03:24.65
Wes
Well, they got to have a vision. They got to have a vision of where they want to go, what they want to be, what they want to do. They got to want to know that, you know, where they see themselves in 10 years, five years, two years, and then they're going to start prioritizing those needs. And that's, that's where you'll find certain people. If the desire is to buy a house or to buy a business or to relocate to a different area of the country, they tend to spend less on the non-serving stuff, like

03:59.99
Wes
going out to the pubs every night or eating out every day on Uber or whatever it is. They tend to have a better vision for where they want to be. If they have a goal, if they have a strong enough why, why do I want to do this?

04:17.25
fatimabey
Okay, what about the students who okay It's you can't have this conversation without talking about student loans because the reality is when when a lot of our art

04:24.28
Wes
No.

04:27.53
fatimabey
or college students graduate, they're graduating with this tremendous amounts of debt. I think people are starting to learn and really wake up to that and finding better ways to do it. But unfortunately, we're not going to see those results for several years from now because it takes years to see. But, you know, someone who let's say they're getting out and they're they're getting a position that's going to cost, you know, that's good. They're going to make like 75 grand a year, which is pretty good, ah depending on where you live anyway. And most of the country is pretty good.

04:57.17
fatimabey
So you're gonna make 75 grand a year, however, you you're you're paying 25 grand a year in in loans. I mean, that's a a large portion of your income, so you don't have a lot of income left. How should they plan for their financial future?

05:13.83
Wes
Well, and that's a tough one because there's not a ton left, you know, so they they might be looking at what do I sacrifice today for tomorrow?

05:19.00
fatimabey
Mm-hmm.

05:26.91
Wes
Maybe they don't have an apartment on their own.

05:27.00
fatimabey
Hmm.

05:29.34
Wes
Maybe they got to have roommates. Maybe they have to work a second job short term to try to get the leverage they need to build

05:31.27
fatimabey
Yeah.

05:41.65
Wes
the income or the financial future that they envision for themselves. It's not for everybody. um Some people are going to be quite content just to muck around and make the minimum on payments on the student loans, while others are going to have a vision of paying these off quickly to get them out of the way so they can end up getting a house, they can end up you know buying the business or buying whatever, or going on vacation even.

05:57.75
fatimabey
Yep.

06:04.72
fatimabey
Right. they'll They'll achieve financial freedom a lot faster if they can find a way to to pay it off sooner.

06:11.23
Wes
right

06:11.73
fatimabey
um And I would say another way is to to find a way to, if you're still in college, and and we're talking to you right now, you're still in college right now and you are, you still have a few years left. See what other scholarships are out there.

06:24.98
fatimabey
um See what else you can do to not have to take out as many loans. some Sometimes you can't avoid it, but if you can't avoid it, damn it, avoid it.

06:35.18
Wes
Hands down.

06:35.54
fatimabey
um Yeah, and that's definitely, that's really great advice though. umm Another question is, when should anyone start caring about finances?

06:46.36
fatimabey
We should wait till we're like 25 before we care about finances, right?

06:50.28
Wes
Yeah, I wish. um yeah You can start, you can i've I've seen kids, i've taught I've had kids, when they're 16, they've got a vision.

07:00.32
fatimabey
That's beautiful.

07:01.44
Wes
Okay, and then I've talked to some people, they don't get their vision until they hit 40. the The answer is you you can't change yesterday, so how when is now a good time to get started?

07:06.18
fatimabey
Yeah.

07:11.76
Wes
okay um For some people, the earlier the better, obviously, because of compound interest if you're investing. But the the the freedom that being in control of your money gives you and and is incredible.

07:28.59
Wes
Taking the stress out of your life, not stress not worrying about money, when you have a firm grip of words going where the vision you have for it is actually more freeing than people realize.

07:45.46
Wes
Does that make sense?

07:48.23
fatimabey
Yeah.

07:49.63
Wes
Okay.

07:49.24
fatimabey
Yeah. You. Yeah. Financial freedom.

07:54.76
Wes
it It is and it's not it's not a dollar sign. It's a mentality.

07:58.78
fatimabey
Exactly.

08:00.19
Wes
Right.

07:59.73
fatimabey
Yeah.

08:00.90
Wes
If if you have and And I call it ah don a job for every dollar. But if you actually have a vision for where your money is going to go and you apply it that way, you tend to have a better quality of life because you're not stressed out about it.

08:16.26
fatimabey
That is so true. As adults, because as a teen, I will say right now, as a teen, if you do not figure out how to handle your finances right now, you will be a stressful adult.

08:28.68
Wes
Yep.

08:28.52
fatimabey
There's so many of of us adults running around stress the hell out because we didn't manage our finances when we were younger. We became an adult. We still didn't manage them.

08:38.56
fatimabey
We just kind of let them manage us, which is the wrong way to run things. And then you're just absolutely I'm stressed.

08:49.77
fatimabey
Hold on edit.

08:50.64
Wes
Well, stressed as yeah you' pressed at work, you're stressed with your friends.

08:52.50
fatimabey
I hold on edit. I'm going to stop, stop, stop, stop, stop.

08:55.77
Wes
huh

08:57.44
fatimabey
I, a big fact noise just came on. I don't know if you heard it. I'm going to re-say what I just said.

09:04.25
Wes
Okay.

09:03.91
fatimabey
So ah you didn't hear, but I didn't realize that I left my other Chrome open. I thought I closed it. So I got a notification that popped up and it made a big noise. Um, so I'm going to edit this out, but, um, can you repeat the last thing you just said when you asked me if I understood?

09:23.35
Wes
I squirreled.

09:25.89
Wes
Did that make sense? Um, being stressed about money.

09:30.13
fatimabey
Yeah.

09:31.34
Wes
So if you're if you're stressed about money, it affects every aspect of your life. It affects your friendships.

09:36.43
fatimabey
It does.

09:38.24
Wes
It affects your quality of work. It affects your quality of studies. It affects your relationship with your significant other like that.

09:45.11
fatimabey
You're right. You're right. People don't think about that.

09:47.57
Wes
No, it affects every aspect. It affects your health.

09:52.02
fatimabey
It does big time.

09:56.27
fatimabey
Absolutely. i You have such a valid point. People don't think about money affects every area of our life. It really does.

10:05.00
Wes
right Well,

10:04.91
fatimabey
um

10:08.54
fatimabey
What are the parts of financial planning that people tend to overlook? We all get this cookie cutter stuff that we learn in school, but what's outside the cookie cutter that people tend to overlook that's important?

10:20.63
Wes
well but one thing I try to get people to do is prioritize what's important to them. like I don't care what it is.

10:27.16
fatimabey
Like what?

10:29.13
Wes
if if For you, if if Drinking coffee is a priority out of Starbucks every day. hi How are you making that fit into your and what you've got available for money?

10:41.18
Wes
so you need You need to make sure you put money away for for emergencies. yeah you know thats That's your common sense stuff, right? Put away for your emergency fund.

10:47.57
fatimabey
It is. Yeah.

10:49.28
Wes
But if you don't have a priority list of where you want your money to go and what you want it to do, then you're in a reactionary situation.

10:58.88
fatimabey
And then ah the your money has wings. It'll fly away.

11:01.85
Wes
It's gone. That's why it's currency, man. It's why it's called currency because it flows through your hands. So if you're not intentional with it and you don't have a job for every dollar, it's gone.

11:06.55
fatimabey
Yeah.

11:12.59
fatimabey
Yeah. You're right. Very much so.

11:17.14
Wes
Right?

11:16.73
fatimabey
Very, very good point. Yep.

11:20.82
fatimabey
So, that vision, you keep bringing up vision, and I and i i just think that that's so extremely important. I keep hearing that from you. Vision. so What I'm hearing is that we need to be thinking about where we're going and not just the next five minutes and the next point of gratification, whether it's cigarettes, whether it's drugs, whether it's alcohol, whether it's sex, whether it's going out to the club, whatever your your gratification is and as it relates to money.

11:37.12
Wes
right

11:48.49
fatimabey
So, you know, the next date, whatever it is, if you're only thinking about that, you're going to be the person in the future who's like, why did all my money fly away? um What is it?

11:57.64
Wes
If you're going to have a vision for where you want to see yourself down the road, ah i can I give you an example? okay I had a vision of being in Greece for when I turned 60.

12:09.80
fatimabey
Okay.

12:10.75
Wes
Five years ago, we put it in place. I want to do this. okay But we only had so much money every month. So I looked at what I was doing on a daily basis, said, is that more important than going to Greece?

12:26.55
Wes
One thing was not, it was $10 a day I was spending, threw that into a different account. Five years later, we're in Greece because I stopped spending $10 a day on a certain habit.

12:36.91
fatimabey
Oh, wow. Prioritize, you did say that earlier. So have a vision and prioritize. Those are the two key principles that make a difference between a poor person and a person who's not financially worried.

12:48.38
Wes
Right? What's a bigger priority? This thing you're doing right now or the vision you have?

12:57.74
Wes
what's going

12:57.14
fatimabey
So maybe you just don't buy a new pair of shoes next week, girl.

13:00.59
Wes
no No, just polish up the old ones for a little longer, you know.

13:02.32
fatimabey
um For a little longer, nothing wrong with you buying something here and there, but you can plan We can plan, correct Wesley, we can plan our fun things, our joyous things with our money too.

13:15.30
fatimabey
You don't just have to be all, because sometimes when when teens or when anybody hears this from financial advisors or anyone talking about finances, they're like, save your money and plan and you know all this good stuff.

13:25.83
fatimabey
And they're like, and then I'm going to have a boring life, but you don't have to.

13:30.80
Wes
No.

13:30.56
fatimabey
Cause you can plan for that too. Go out to eat, but don't do it every week. Do it twice a month.

13:36.48
Wes
Right? If the

13:36.92
fatimabey
you know, and you can take that extra hundred bucks you saved by not going out every week and put it towards your trip to the Bahamas or whatever, buying Fatima some whatever.

13:43.09
Wes
team wants and then send it to her, right? um But if if being part of a community is important to you and you get a rush, you need that connection where you go for a coffee with people, just schedule it.

13:53.42
fatimabey
Yeah.

14:02.76
Wes
But don't just do it every day.

14:02.65
fatimabey
yeah You don't need to do it every day.

14:06.51
Wes
Right?

14:06.65
fatimabey
And sometimes you can drink coffee at home. You don't need to have Starbucks.

14:10.86
Wes
Funny how that works. Invite them over.

14:13.03
fatimabey
Yeah, you you really can, because I started to do that myself. im What does it look like when we don't plan for our finances? What does that look like?

14:25.54
Wes
oh frig

14:29.07
Wes
Speaking from experience, pain, um frustration, anger.

14:32.01
fatimabey
That's a good word, yeah.

14:36.87
Wes
If you talk to a lot of people that have helped in the past, it feels alone because they end up in a divorce. um

14:44.27
fatimabey
Hmm.

14:48.11
Wes
Pain. I'm just going to say pain. When you're where you're not planning, you're in pain.

14:52.18
fatimabey
Because you're running from one thing to the next.

14:54.96
Wes
Right? It's your one crisis away from, it's just, it's, yeah.

14:58.94
fatimabey
Total collapse and that's stressful. And then you take out that stress on your girlfriend or boyfriend or your kids or whoever's around you, even coworkers, coworkers.

15:05.56
Wes
Yep. Co-workers, yourself, and anxiety built up.

15:08.90
fatimabey
Yeah. Yeah.

15:12.97
fatimabey
and that causes stress thats within your body, you get an ulcer, your eye starts twitching, lots of other physical things.

15:19.18
Wes
um and so and And for so students, how do you do on those exams?

15:27.80
Wes
If you're constantly stressed about money, how are you doing on the exam?

15:31.88
fatimabey
Especially as a college student, yeah, yeah.

15:33.75
Wes
Right?

15:35.79
fatimabey
Because you're worried about, oh my God, am I going to be able to make next semester because I can't pay the tuition by April, whatever the date is.

15:39.35
Wes
Am I going to be able to pay the rent? Is my apartment still going to be there? My room's going to be there when I'm done the exam.

15:47.84
fatimabey
Yeah, there's a lot of homeless college students. So it's it's a rare very real stress. you you you You have a very valid point. i'm More than I'd like to admit are are there.

16:00.09
fatimabey
Let me ask you this scenario.

16:01.97
Wes
Okay.

16:03.07
fatimabey
Let's say we have a high school student who grew up poor. No one around them has any money either. They know, they just know, Hey, I don't want to be, I don't want to stay poor. So what should they do right now today to make a different future than what they grew up with?

16:22.91
Wes
Right out of set of goals. Why do you not want this?

16:27.02
fatimabey
Ooh. Why do you not want to stay poor?

16:30.68
Wes
Okay?

16:30.46
fatimabey
That's a good idea.

16:31.15
Wes
Because the opposite of why you do not want this is why you do want this. And now you have a vision of where you want to go. The next thing you do is you find a mentor.

16:40.76
fatimabey
Yes. To help you get there.

16:45.44
Wes
Mirrors somebody that you admire that is where you're going, but maybe came from where you're at.

16:45.58
fatimabey
and

16:51.11
fatimabey
Yes.

16:53.45
Wes
Does that make sense?

16:54.97
fatimabey
Absolutely.

16:56.77
Wes
Okay?

16:56.66
fatimabey
So because that person is going to understand that person is going to understand your situation and not just somebody who's been affluent or who's had money all their life. They're not going to understand what it's like to come from zero and then build up because they never came from zero.

17:13.26
Wes
Correct.

17:12.95
fatimabey
So very, very, very, very, very solid sound and just solid advice. Um, so start off with a list. That's something they can start doing today and then get a mentor because that person can help you take you from where you are to where you want to be.

17:28.93
fatimabey
And even if a, uh, let me ask you this Wesley, even if a person is dirt poor today and they fit into the situation I just described, is it still possible for them to become a millionaire in a few years?

17:40.50
Wes
Do they think they can do it?

17:42.87
fatimabey
That's the key. That's the key thing. You're right.

17:44.99
Wes
If you think you can do it, then the only person holding you back is you. So let's go get it.

17:49.32
fatimabey
Yes, you can. Cause there've been people who have done it.

17:53.44
Wes
Exactly.

17:53.21
fatimabey
They didn't. And I said in a few years, I didn't say overnight, it's not gonna happen in five minutes.

17:57.56
Wes
There's no overnight, there's no quick oats for this, okay?

17:57.35
fatimabey
It's going to happen. No.

18:00.83
Wes
This is a process, not an event. It takes time. But when you have the vision and you develop the habits, you create the strategies, you can get there.

18:04.45
fatimabey
Yes.

18:12.80
Wes
And you'll look back one day, you'll go, Holy crap, did I come a long ways?

18:17.26
fatimabey
Yes. And it feels so good. It feels so good. I love it. When I see people just on social media celebrating, my house has paid off. My car is paid off. I just paid off the last time I stood alone, like stuff like that.

18:29.51
fatimabey
I celebrate with them. I think it's beautiful. I love seeing that because I know that they have worked hard and probably struggled to be able to do that. They made sacrifices. Usually almost a hundred percent of the time they made sacrifices to be able to do that.

18:38.57
Wes
Yeah.

18:41.00
fatimabey
And it's especially hard if you're also raising kids, you know, um,

18:43.63
Wes
but Did they sacrifice or did they prioritize?

18:47.96
fatimabey
Ooh, good point. That's a mind switch right there. You can look at it as a sacrifice, or you can look at it as prioritizing, which is a much more positive.

18:58.32
Wes
Yep.

18:59.22
fatimabey
Very good. You're good, Wesley. Wesley's been doing this for 752 years, so I think he knows what he's talking about. um Let me ask you this also.

19:11.30
fatimabey
I'm going to ask you about a different person. so what about the young man or young woman who has parents that are wealthy and been taking care of them their whole life and they're thinking, nah, I don't need to worry about my finances cause mommy or daddy got it. What about, what do you have to say to that person?

19:30.59
Wes
You're in for a rude awakening.

19:34.22
fatimabey
Why?

19:35.96
Wes
Cause the mentality is still the same. You have your base, but if you don't have a vision for where you want to go and where you want to be for both you and your money, it's going to disappear. Eventually mommy and daddy, it won't be there.

19:54.60
fatimabey
So what you're saying, what I hear you saying is it's not so much your means that matters when it comes to money matters. It's your mindset.

20:05.24
Wes
It's a hundred percent your mindset.

20:07.83
fatimabey
Okay.

20:08.75
Wes
I've seen people that have inherited million, million dollars and it's, they it's gone. They blow it because they don't have the mentality in the discipline to see where that money can go for them.

20:25.58
Wes
Does that make sense?

20:24.97
fatimabey
That makes absolute sense.

20:28.66
Wes
Okay.

20:29.10
fatimabey
Mindset, mindset over all matters, not just money matters.

20:32.41
Wes
and We call it, money is called currency because it flows. And if you're not mindful of it, if you're not intentional with it, it'll flow through your hands and disappear.

20:36.85
fatimabey
Good point.

20:45.97
fatimabey
You're 100% right. What other services do you offer?

20:54.43
Wes
Well, I offer, well, I do one-on-one coaching for those that are struggling to get to get going. I offer workshops for those that just want to get a better grip on the foundation or the basic literacy of money. um and And money ties to everything. Money ties to relationships with other people. Money ties to relationship, but most importantly, relationship with yourself. So, although I'm a finance coach,

21:25.22
Wes
Most people think once we're getting done with the coaching that really we're more life coaches because we just help them focus on the area that's the most pain, which for most people is money.

21:36.28
fatimabey
Mm.

21:37.40
Wes
So I do one-on-one coaching and and i work I offer workshops.

21:37.52
fatimabey
Good point.

21:41.37
Wes
I don't sell any products. I basically sell transformation.

21:43.92
fatimabey
Okay. I, ah and this is why I love you. I absolutely love that. I absolutely love that. and um And, um, and I can hear it. We can hear that you sell transformation and because that's what's needed transformation, not just information. And that's what changes people, not information.

22:06.45
fatimabey
And so um how can people find you?

22:10.45
Wes
Well, you can go to my website, lighthousecapitalfinance.ca. um

22:17.93
Wes
I'm on LinkedIn. You can look me up. My name is Wesley Simpson. um I am on Facebook. Lighthouse Capital Finance on Facebook is my business account. um

22:30.51
Wes
in

22:30.36
fatimabey
And the lighthouse capital website ah will be linked in the podcast description. So you guys will be able to get to him there.

22:37.92
Wes
from

22:37.51
fatimabey
And I made a joke about you doing this for a thousand years or whatever number I just said, but how long have you been in this arena?

22:46.32
Wes
Professionally or or indirectly?

22:49.58
fatimabey
Professionally, indirectly, I know it's always longer.

22:50.79
Wes
Professionally, I've been doing this about five years now. Okay. I've been a certified international finance coach for about two years, but I've been helping people fix their money habits and credit and that for the last 20 years.

22:54.98
fatimabey
Really?

23:03.94
fatimabey
I thought it was about 20 years. um It's not it's not two years, just 20 years, because that doesn't count.

23:05.83
Wes
Yeah.

23:09.18
Wes
Yeah.

23:08.68
fatimabey
You've been doing this for a lot longer.

23:10.41
Wes
I've been doing a long life, but I didn't really make it an official business.

23:10.52
fatimabey
um

23:14.33
fatimabey
Yeah.

23:15.38
Wes
till a few years ago.

23:16.80
fatimabey
I understand that I'm the mind shifter. I didn't start I didn't become officially the mind shifter till after the pandemic. But I've been mind shifting my whole life.

23:24.28
Wes
Right?

23:24.05
fatimabey
So just in unofficial capacities and sometimes official without that title in in another positions. But, uh, well, Wes, it has been, Wesley, it's been really, really, really good talking to you.

23:36.85
fatimabey
Um, I really have enjoyed this conversation and. You just did a lot of mind shifting today, and ah it's beautiful. And i I really hope that listeners that you follow up with him um and and seek out his services. He's clearly very good and very straight to the point. And I absolutely love that. So once again, thank you, Wesley.

23:57.66
Wes
It's been an honor. Thank you for having me.