Today we’d like to introduce you to Dawnette Palmore.
Dawnette, we appreciate you taking the time to share your story with us today. Where does your story begin?
Absolutely. Growing up in a lower-class family in a single-parent home, I was never taught how to handle money. When I met my husband in 1996, and we started our family in 1998, we agreed that I would stay home. We had no financial plan, and although we earned money, we didn’t have any savings or retirement plan. Our life felt like the Sonny and Cher song, “They say our love won’t pay the rent before it’s earned our money’s all spent.” It was a constant struggle, filled with anxiety and uncertainty.
As I homeschooled our children, I also managed the accounting for the successful appraisal company my husband and I ran. I didn’t want my children to grow up like I did—no parks, no vacations, no real-world experiences. I wanted to give them everything I never had. But the more we made, the more we spent, and it became clear that we needed a change. The frustration of seeing our hard-earned money slip away without any tangible progress was disheartening.
Eventually, I decided to seek financial knowledge. I knew there had to be a better way to handle our finances. I tried a cash envelope system and did well for a while, but managing irregular income was challenging, and I reverted to old habits. The sense of defeat was overwhelming. I knew we needed to do something, but the idea of catching up felt insurmountable. The fear of never being able to secure a stable future for our family weighed heavily on my mind.
In 2014, I discovered a system and fell in love with its simplicity. It made me believe that it wasn’t too late to take control of our finances. After adopting this system, I shared it with our kids, their youth group, and even people at our church. Seeing others realize they could manage their finances was incredibly rewarding. This inspired me to become a Financial Coach in 2015, launching Proverbs Financial Coaching, now known as Your Money On Purpose Coaching.
Our family began saving money, living on a plan, and paying off debt. In the same year, my husband took a management position he had previously declined, knowing the pay increase would help us pay down our debt faster. Within months, we paid off one of our vehicles, eliminating a $715 monthly payments. The relief and joy we felt were indescribable.
However, our business began to dwindle, barely covering expenses. This loss of income was tough, but our planning, understanding of our income, and diligent use of cash envelopes kept us afloat. Had it not been for these practices, our story might have ended differently. The stress and fear of financial instability were constant companions, but our perseverance paid off. Now, our cash flow has increased, and we have peace of mind knowing we have a plan and are closer to our goals. The sense of accomplishment and security is priceless.
This period of hardship and resurgence has taught our kids valuable lessons. They understand the importance of living within their means, saving money, and paying cash when possible. They also know the incredible feeling of managing money responsibly. The peace I feel knowing they will be okay in this world brings me immense joy and pride.
Today we are now free of consumer debt and have purchased a second home to run as an Airbnb. We have savings, and our retirement is being funded. The best part is that we no longer stress about our money; it has become a source of joy instead of stress and shame.
The principles I use in my life and that my children have adopted are the same ones I apply in my financial coaching. I have seen these principles in action and know they work. There is no greater reward than bringing hope and understanding into the lives of others. The gratitude and fulfillment I experience every day fuel my passion to help others achieve financial freedom.
Would you say it’s been a smooth road, and if not, what are some of the biggest challenges you’ve faced along the way?
“If the road was smooth, there would be no story to tell.” These words encapsulate my journey, marked by numerous struggles and a challenging childhood. Despite these hardships, I have always sought the positive in every situation, looking to the other side of things. Battling a poverty mindset in many areas of my life has been a significant challenge, contributing to some of my struggles. Overcoming these limiting thoughts has been incredibly difficult.
However, my faith in Jesus has kept me strong. I surround myself with people who push me in the right direction and guide me when I can’t see the way forward. About 12 years ago, I was introduced to personal development, and I embraced it wholeheartedly. I’ve read countless books, attended seminars and conferences, and hired mentors and coaches to help me along my journey. These efforts have been instrumental in my ongoing quest to become the best version of myself every day.
Thanks for sharing that. So, maybe next, you can tell us a bit more about your business.
I am the driving force behind Your Money On Purpose Coaching, a business dedicated to empowering professional and entrepreneurial women to take control of their finances. With a focus on those who make great money but struggle to see where it goes, I specializes in helping clients develop a healthy money mindset, create effective cash flow systems, and manage their business finances with confidence. What sets me apart is my personal experience with variable income, having navigated the challenges of irregular earnings for over 23 years. This unique perspective allows me to provide practical, empathetic, and actionable advice tailored to the needs of my clients.
Your Money On Purpose Coaching is renowned for its personalized approach. I work closely with each client to understand their individual needs and goals, crafting customized financial strategies that lead to lasting change. I am committed to help foster a positive and proactive relationship with money that has transformed the lives of many women, enabling them to live financially stress-free lives.
Brand-wise, I am most proud of the lasting impact coaching has had on my clients. Seeing the transformations in their financial health and witnessing their newfound confidence and peace of mind is incredibly rewarding. I wants readers to know that Your Money On Purpose Coaching is more than just financial guidance; it’s a journey towards financial freedom, guided by someone who genuinely understands and cares about their success. I offer a range of services, including one-on-one coaching, workshops, and speaking engagements, all designed to help individuals and small business owners achieve their financial goals with clarity and purpose.
We’d be interested to hear your thoughts on luck and what role, if any, you feel it’s played for you.
I don’t believe in luck. I believe in hard work and dedication; I strive to embody the spirit of perseverance and resilience. For me, obstacles aren’t setbacks but valuable lessons to learn from and carry forward on my journey. These lessons not only shape personal growth but also become wisdom to share with others.
Success, in my eyes, is where hard work, dedication, and consistency intersect. I emphasizes that every achievement is a testament to these qualities, reflecting the relentless effort and unwavering commitment someone brings to every aspect of their life and business. In my coaching, I help my clients to adopt this mindset, transforming challenges into stepping stones toward a brighter future in every area of their lives.
Contact Info:
- Website: https://www.yourmoneyonpurpose.com/
- Instagram: https://www.instagram.com/yourmoneyonpurpose/
- SoundCloud: https://open.spotify.com/show/4s4gulV1z7qCBYEsOZVvUA?si=08549517fe754484&nd=1&dlsi=ae65e92c6eba4a97
- Other: https://e210fb.myshopify.com/
