We’re excited to introduce you to the always interesting and insightful Dawnette Palmore. We hope you’ll enjoy our conversation with Dawnette below.
Hi Dawnette , so great to have you on the platform. There’s so much we want to ask you, but let’s start with the topic of self-care. Do you do anything for self-care and if so, do you think it’s had a meaningful impact on your effectiveness?
In my quest for self-care, one principle stands out: prioritization. Every day, without fail, I carve out time for myself. Whether it’s a workout session, a wholesome meal, or an indulgent donut, I ensure that I dedicate a moment to my well-being. My alone time is sacred, as is my ritual of soaking in my hot tub. I firmly believe that this daily commitment is the cornerstone of becoming the best version of myself.
Appreciate the insights and wisdom. Before we dig deeper and ask you about the skills that matter and more, maybe you can tell our readers about yourself?
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.
There is so much advice out there about all the different skills and qualities folks need to develop in order to succeed in today’s highly competitive environment and often it can feel overwhelming. So, if we had to break it down to just the three that matter most, which three skills or qualities would you focus on?
I believe that the qualities that have impacted my journey the most are perseverance, a willingness to learn, and the ability to pivot. No matter what happens, whether things go my way or not, I do not give up. I keep going, trying new things or different ways. Secondly, I am always willing to learn. If I can’t figure it out on my own, then I learn from others. I am an avid believer in personal development, so I am always looking for ways to improve myself. The third quality is the ability to pivot. Sometimes things do not work out the way we wanted, and sometimes we need to make changes or do things differently than we planned.
My advice would be to keep an open mind on your journey, do not give up on your dreams or goals. Remember that life is a journey and an adventure; you never know what is going to happen or how it is going to happen, so take everything with a grain of salt, learn from it, move on, and enjoy the ride no matter what
What was the most impactful thing your parents did for you?
The most impactful action I’ve taken for my parents is breaking generational chains. Refusing to succumb to the challenges of my upbringing, I transformed adversity into motivation. Instead of being a victim, I saw it as an opportunity to rise above and demonstrate to my parents that hope persisted. By breaking cycles of abuse, fractured families, poverty, and limiting mindsets, I’ve forged a new path. Through my journey, I’ve shown their grandchildren that our past doesn’t define us; rather, it fuels our determination to excel and inspire. I’ve repaired what was once fractured, demonstrating resilience and perseverance. With empathy and understanding, I refrain from blaming my parents, recognizing they did their best with what they knew. Learning from their experiences, I’ve paved a way forward for my children, instilling values that foster lasting generational change and a revitalized family legacy.
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
