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Abundance - the Authentic Tea podcast with Nikki

Nikki is the founder of the Female Money Doctor and is on a mission to change the relationship with have with money to support mental health and wellbeing.


Nikki is helping others to be confident and independent with money management and wealth creation.


Nikki provides online courses and coaching to delve into money issues and create plans for future health and wealth.


Nikki is also the host of The Money Medicine Clinic Podcast where she shares 10-minute takeaways (just like a GP consultation) on how to feel more in control and happier with money.


Episode 26 features Nikki. Join us to find out more about how Nikki learnt her own money personality and explored her relationship with money.


We chat about finding true passion in business and cultivating intention and abundance to live with energy and avoid burnout.


Rachel (00:00):

I am delighted to be joined today by Nikki. Nikki is the founder of the Female Money Doctor and is on a mission to change the relationship we have with money, to support mental health and wellbeing. Nikki is helping others to be confident and independent with money management and wealth creation. Nikki provides online courses and coaching to delve into money issues and create plans for future health and wealth. Nikki is the host of The Money Medicine Clinic Podcast where she shares 10-minute takeaways just like a GP consultation, on how to feel more in control and happier with money. Welcome, Nikki.


Nikki (00:36):

Thank you so much for having me, Rachel. I'm just so excited to be here. It's great.


Rachel (00:42):

It's great to have you here today. I'm super excited to find out more about everything that you're offering and creating. Maybe let's just head right in and start talking about money. Maybe you could explain a little bit about when you started to realize what the impact of money could have and some of those negative impacts specifically on health and wellbeing.


Nikki (01:03):

Yeah. It started with me actually. I was an obstetrics and gynecology registrar down in London. Very, very stressful job, was not enjoying it at all really. Got very burnt out from that job. I was offered a year off so I took it which was amazing. Best decision I ever made. When I was having that year off, I went traveling for five months. I'd saved a little pot of money up and I thought that would be enough and realized quite rapidly that it wasn't enough at all because I was still paying for bills at home and things like that. When I was away, that's when it hit me how much debt I was in, what was going on with my finances because I had time to think.


Nikki (01:45):

When you're working five days a week plus sometimes weekends as well when you're doing shift work, you don't have time to think about life. You just go with the flow, at least that's how it was for me anyway. So, when I had that time to myself, that's when I realized that there was a problem so I start doing something about it. I started reading books, listening to podcasts, all sorts of things to try and help me. Then when I went back into medicine again, I decided that I was going to become a GP. I did six months just floating around going to any and different medical jobs and that's when I started to see it in the patients and my colleagues.


Nikki (02:25):

You don't necessarily notice it. It's only when you're suddenly becoming attuned to it, that you start to realize all of the problems that people have. Having to work loads of hours, getting stressed out because they haven't got enough time on weekends to do anything. Patients not being able to take time off from their work because they haven't got any provisions for looking after themselves when they're sick. You start to see how stressful people get when it comes to money. Yeah, that was it really. That's when I really started to see that the value in what I was teaching myself from what was learning from other people had such implications for medicine as well.


Nikki (03:04):

A question I always ask people now when I talk to them in GP land, anything to do with stress, depression, anxiety, I always say, "How are you with money?" "What's happening with your finances?" Most people will say, oh yeah, this is happening or, oh yeah, I've got this problem or I can't afford to do this or whatever and it does become part of the consultation.


Rachel (03:27):

That's fascinating. I love how you've now been able to start adding that into your clinical practice and to delve a little bit deeper into people's problems. What you now offer people is added value in terms of coaching, say, money coaching. Can you give us a little bit of a flavor of what that looks like? What do you do with your clients when you are chatting through money issues?


Nikki (03:49):

Most people hear about financial advisors, so they hear financial advisors, financial planners, and that's what they think they need to do with their money. On the other side of that, it might be quite intimidating to go and see a financial advisor especially if you don't know what you're talking about or what's going on with your finances. A money coach bridges the gap. It's taking somebody from perhaps not necessarily knowing what's going on with their money, the terminologies, the plans and things or what they actually want out of their life, coaching them through that.


Nikki (04:20):

A coach will help somebody to look into themselves to see what it is they actually want and how they want to solve their own problem and then bringing up the confidence with mentoring as well to help people understand the different terminologies they need to understand. Then if they want to, they can go and speak to a financial advisor down the line, asking the right questions of the financial advisor to make sure they're getting the right person for them. Some of my FAs now are actually offering money coaching as part of their service but I think there's some merit in having a completely separate cheerleader if you'd like to help you through. You can then mix it with traditional financial planning later on. That's generally how it works for me at the moment.


Rachel (05:04):

Was that something that you were able to identify from someone else when you were going through your moment of realizing how much money was affecting you and the challenges you were having with it? Were you able to find a coach or did you work with some advisors to help you through those moments?


Nikki (