WEBVTT 1 00:00:00.080 --> 00:00:03.560 Thank you guys so much for coming tonight. I appreciate it. 2 00:00:03.919 --> 00:00:06.240 My name is Fallen and this is the first time 3 00:00:06.240 --> 00:00:08.480 I've done something like this on my own, like I've 4 00:00:08.839 --> 00:00:12.759 been on hosted panels, I guess moderated panels in the past. 5 00:00:13.439 --> 00:00:16.320 And I think in the middle of last year, I 6 00:00:16.359 --> 00:00:18.359 was like, I, you know, you always like think, oh, 7 00:00:18.359 --> 00:00:20.839 you have a platform, right, what will you do with it? 8 00:00:21.320 --> 00:00:23.920 And I wanted to do something for women. And I 9 00:00:23.960 --> 00:00:27.640 started thinking about this and doing different sessions. And one 10 00:00:27.679 --> 00:00:31.480 of the things, you know, Jenny is here, she does 11 00:00:31.519 --> 00:00:33.880 the morning show. And Jenny and I we always talk 12 00:00:33.920 --> 00:00:36.240 about how we grew up poor and. 13 00:00:36.200 --> 00:00:37.960 We did not learn. 14 00:00:38.359 --> 00:00:39.799 I mean, I don't even think I ever heard the 15 00:00:39.799 --> 00:00:43.560 word investment growing up, like ever my entire life. I 16 00:00:43.719 --> 00:00:47.280 come from a very blue collar area, and you typically 17 00:00:47.520 --> 00:00:51.359 work until you physically cannot work anymore, and that is 18 00:00:51.439 --> 00:00:54.320 and then it gets passed down, right, like you just work, work, work. 19 00:00:54.560 --> 00:00:55.159 There is no. 20 00:00:55.200 --> 00:00:58.000 Such thing as retirement, it seems where I'm from in 21 00:00:58.039 --> 00:01:02.520 my small Indiana farming commit unity. And so it was 22 00:01:02.560 --> 00:01:04.799 a new world to me to even start learning about that. 23 00:01:05.000 --> 00:01:07.120 And I started, like my first four oh one k 24 00:01:07.280 --> 00:01:11.799 in my twenties living in Rino, Nevada, and then I 25 00:01:11.920 --> 00:01:15.439 moved here and I started making more money and which 26 00:01:15.560 --> 00:01:18.359 shout out thank you, and so I was like, Okay, 27 00:01:18.359 --> 00:01:19.760 I got to figure out what I'm gonna do with this, 28 00:01:19.799 --> 00:01:23.159 because I would like the option of retiring at some point. 29 00:01:23.680 --> 00:01:26.519 But it still confuses me. And my husband is one 30 00:01:26.560 --> 00:01:30.079 of those people that just seems to understand finance, and 31 00:01:30.159 --> 00:01:33.159 I always to trigger him say that I think compound 32 00:01:33.200 --> 00:01:36.760 interest is made up it and it triggers him like 33 00:01:36.840 --> 00:01:40.719 no other and it brings me joy. But so I 34 00:01:40.840 --> 00:01:44.480 just thought, I see these statistics all the time about 35 00:01:44.519 --> 00:01:47.400 how women are so much farther behind men when it 36 00:01:47.439 --> 00:01:51.359 comes to investing and our finances, and there are lots 37 00:01:51.400 --> 00:01:51.920 of reasons. 38 00:01:51.920 --> 00:01:53.879 There's obviously a wage gap. 39 00:01:53.920 --> 00:01:58.799 There are you know, longer absences from work due to 40 00:01:58.959 --> 00:02:01.280 taking care of children. Typically women are the ones that 41 00:02:01.319 --> 00:02:03.319 take care of the children once they have them. Sometimes 42 00:02:03.359 --> 00:02:06.640 they don't go back to work, longer gaps in their careers. 43 00:02:06.840 --> 00:02:09.680 So there are many, many reasons, and so I thought, 44 00:02:09.560 --> 00:02:13.879 let's bring some experts in and we can ask them 45 00:02:13.960 --> 00:02:17.919 questions and you know, hopefully gain a little bit of 46 00:02:17.960 --> 00:02:21.520 information to help ourselves and you know, maybe our friends 47 00:02:21.520 --> 00:02:25.479 and family moving forward and set ourselves up for I 48 00:02:25.479 --> 00:02:29.759 don't know, a better situation. And so I started, you know, 49 00:02:29.919 --> 00:02:33.719 looking into different people, and these are the three amazing 50 00:02:33.800 --> 00:02:37.120 women that I found, and I'm going to have them 51 00:02:37.159 --> 00:02:40.159 introduce themselves and give you a little information. You probably 52 00:02:40.159 --> 00:02:41.840 saw their bio on what I posted, but I want 53 00:02:41.879 --> 00:02:44.000 them to, you know, talk about themselves for a moment 54 00:02:44.039 --> 00:02:48.000 before we dive into some discussions. So we'll start with 55 00:02:48.199 --> 00:02:50.000 Lindsay since she is closest to me. 56 00:02:51.599 --> 00:02:54.599 Yes, I am Lindsay. I am a financial therapist. So 57 00:02:54.719 --> 00:02:57.360 I am a licensed therapist and my job is to 58 00:02:57.479 --> 00:03:02.960 essentially merge behavioral cognitive therapy with financial education, and so 59 00:03:03.080 --> 00:03:06.479 I see clients one on one. I work with individuals 60 00:03:06.520 --> 00:03:10.800 and with couples because we know that couples often run 61 00:03:10.840 --> 00:03:11.919 into a lot of issues. 62 00:03:12.039 --> 00:03:14.520 So that's the work that I do. 63 00:03:15.000 --> 00:03:19.000 Hi, I'm Elizabeth, Elizabeth Gusofsen. Thank you for having me. 64 00:03:19.759 --> 00:03:22.960 So honored to be here, and I really resonate with 65 00:03:23.080 --> 00:03:25.439 this room and hope you guys feel open to ask 66 00:03:25.479 --> 00:03:29.120 any questions that are on your mind. I'm a lead 67 00:03:29.199 --> 00:03:33.000 financial advisor out in why is that up? Based on 68 00:03:33.080 --> 00:03:37.000 a team at RBC Wealth Management. So I work with 69 00:03:37.199 --> 00:03:41.280 a team of nine and we have quite a bit 70 00:03:41.280 --> 00:03:45.560 of industry experience. There's four advisors and our total experience 71 00:03:45.560 --> 00:03:47.759 on our team is over one hundred and forty years. 72 00:03:48.039 --> 00:03:52.159 We edit it up, so I've seen a lot of situations. 73 00:03:52.199 --> 00:03:55.319 I work with a lot of different types of families 74 00:03:55.360 --> 00:03:59.879 and range of ages and clients. So it is my passion, 75 00:04:00.159 --> 00:04:03.439 is why I get up every day. I love helping people, 76 00:04:04.159 --> 00:04:06.879 and I work a lot one on one with people 77 00:04:06.919 --> 00:04:12.360 as well, because it's you know, a delicate, confidential, mostly situation. 78 00:04:12.560 --> 00:04:14.599 So it's fun to talk to a group of people 79 00:04:15.360 --> 00:04:19.199 and women, especially because I think it's easier to open 80 00:04:19.279 --> 00:04:21.279 up when it is a room of women, So I 81 00:04:21.279 --> 00:04:24.800 appreciate you doing that. But yeah, So I work at 82 00:04:24.879 --> 00:04:28.480 RBC and we are actually big. Our wealth management is 83 00:04:28.519 --> 00:04:32.079 based in Minneapolis, so that's nice. And then we're owned 84 00:04:32.079 --> 00:04:35.040 by Canadian Bank, so we have global resources of a bank, 85 00:04:35.079 --> 00:04:38.600 and we have private banking and lending and investments and 86 00:04:38.720 --> 00:04:42.720 kind of the full range of services in the industry. 87 00:04:42.959 --> 00:04:44.839 And I guess I should say I have been in 88 00:04:44.879 --> 00:04:46.480 the industry for twenty years myself. 89 00:04:46.759 --> 00:04:48.600 Hi, everybody, I'm Hannah Ryan. 90 00:04:48.920 --> 00:04:53.240 I founded Financially Engaged back in twenty eighteen with my 91 00:04:53.399 --> 00:04:58.319 husband Brady, and I am a CPA. I have worked 92 00:04:58.360 --> 00:05:02.120 the last ten years as a CPA for a big 93 00:05:02.240 --> 00:05:05.040 for a public accounting firm, and then I switched gears 94 00:05:05.120 --> 00:05:08.120 and worked at a startup for the last seven years 95 00:05:08.240 --> 00:05:11.839 or so, and then back in August, decided to take 96 00:05:12.879 --> 00:05:16.800 my side hustle, which was Financial Engage, full time because 97 00:05:16.839 --> 00:05:19.160 it is such a passion of mine, as these two 98 00:05:19.240 --> 00:05:22.639 ladies have said, as well, to help as many people 99 00:05:22.720 --> 00:05:25.439 as I can, I really focus on couples in their 100 00:05:25.439 --> 00:05:30.800 twenties and thirties, provide financial resources like helping people pay 101 00:05:30.800 --> 00:05:34.199 off debt and learn how to invest and reach their 102 00:05:34.240 --> 00:05:35.600 financial goals. 103 00:05:36.199 --> 00:05:37.120 Okay, thank you. 104 00:05:38.279 --> 00:05:40.759 So I have different categories that I'll kind of go 105 00:05:40.879 --> 00:05:44.399 through and start things off, but I really want you 106 00:05:44.480 --> 00:05:47.839 all to feel comfortable asking your questions. We have a 107 00:05:47.879 --> 00:05:51.040 microphone over here if you feel more comfortable with a 108 00:05:51.040 --> 00:05:54.399 microphone coming to you. Jenny is the Vana White of 109 00:05:54.480 --> 00:05:58.560 the Evening. She has volunteered to bring the microphone around. 110 00:05:58.720 --> 00:06:02.519 I really want you to fill comfortable and safeness environment 111 00:06:02.680 --> 00:06:07.920 asking your questions and hopefully you'll get some information. 112 00:06:08.120 --> 00:06:09.319 So I'm going to start off with. 113 00:06:09.560 --> 00:06:11.680 We've all kind of talked about budgeting or you mentioned 114 00:06:11.680 --> 00:06:14.079 that a little bit and saving, so I want to 115 00:06:14.120 --> 00:06:16.879 dive in first with what are the most common mistakes 116 00:06:16.920 --> 00:06:19.759 you see women make when it comes to budgeting and 117 00:06:19.839 --> 00:06:23.120 how can they fix them? And anyone can start off, 118 00:06:23.120 --> 00:06:25.079 So maybe we'll start off with you, Hannah. 119 00:06:26.120 --> 00:06:28.319 Yeah, I think the number one thing when it comes 120 00:06:28.439 --> 00:06:32.959 to budgeting is, especially as women, we feel a lot 121 00:06:32.959 --> 00:06:36.879 of guilt it seems, for purchases that we make, and 122 00:06:37.040 --> 00:06:41.439 especially I feel the media like to portray women, especially 123 00:06:41.639 --> 00:06:45.680 in more of a negative light, always highlighting Oh, women 124 00:06:45.759 --> 00:06:49.519 are buying purses or getting their nails done or hair done, 125 00:06:49.680 --> 00:06:52.800 all these things that are little things that bring joy, 126 00:06:52.879 --> 00:06:57.279 and it's not as often highlighted from the male perspective, 127 00:06:57.360 --> 00:06:59.920 and they're doing it just as much as the females. 128 00:07:00.120 --> 00:07:03.360 Men are going on golf trips and signing up for 129 00:07:03.480 --> 00:07:06.120 fantasy football and doing all the things. 130 00:07:06.160 --> 00:07:07.879 It's just not highlighted as much. 131 00:07:07.920 --> 00:07:10.720 So I think when it comes to budgeting, one of 132 00:07:10.720 --> 00:07:14.720 the biggest mistakes women make is just feeling. 133 00:07:14.399 --> 00:07:15.319 So much guilt. 134 00:07:15.399 --> 00:07:19.199 You really have to zoom out and realize that there's 135 00:07:19.240 --> 00:07:23.000 a balance to everything you can have those little joys 136 00:07:23.040 --> 00:07:26.040 in life while you're saving and investing for the future. 137 00:07:26.399 --> 00:07:27.720 Hey, do you want to jump in Lindsey. 138 00:07:28.160 --> 00:07:28.439 Yeah. 139 00:07:28.480 --> 00:07:31.319 So I think the most common thing I see is 140 00:07:31.560 --> 00:07:35.000 similar to that, but a lot of avoidance we leave that, 141 00:07:35.319 --> 00:07:38.160 you know, task, either up to our partners or if 142 00:07:38.199 --> 00:07:41.959 you are you know, an individual, and you're like, I 143 00:07:42.120 --> 00:07:43.839 just don't want to look at the emails. I don't 144 00:07:43.839 --> 00:07:45.439 want to look at the bills. I don't even want 145 00:07:45.439 --> 00:07:48.600 to go there because you have some sort of mental block, right, 146 00:07:48.639 --> 00:07:52.240 And for me, I'm always like peeling things back and like, Okay, 147 00:07:52.319 --> 00:07:55.319 what is going on here? And what I find is 148 00:07:55.360 --> 00:07:59.360 a lot of times we grew up with really confusing 149 00:08:00.040 --> 00:08:02.360 money messages. There was a lot of mixed messages like 150 00:08:02.399 --> 00:08:05.759 we can't afford that, and then simultaneously they would come 151 00:08:05.759 --> 00:08:09.240 home with something that didn't make any sense as to why. 152 00:08:09.319 --> 00:08:11.079 You were just told, like, you can't afford a five 153 00:08:11.120 --> 00:08:13.879 dollars toy, yet your parents are bringing home, you know, 154 00:08:14.079 --> 00:08:16.560 multi hundred dollars worth of something, and so it was 155 00:08:16.639 --> 00:08:17.399 very confusing. 156 00:08:17.480 --> 00:08:19.839 And so I think those messages. 157 00:08:19.360 --> 00:08:22.639 Are really shoved deep down in there, but it comes 158 00:08:22.720 --> 00:08:25.000 up when we're starting to budget and so instead of 159 00:08:25.079 --> 00:08:28.759 actually looking at our numbers. We're really prone to avoiding 160 00:08:28.800 --> 00:08:32.679 it and just it'll be fine, we'll figure it out. 161 00:08:32.879 --> 00:08:37.960 And so that's most common for sure in what I see. 162 00:08:38.000 --> 00:08:40.840 But what I also see then is once we actually 163 00:08:40.879 --> 00:08:43.639 like look at the numbers and we start making a 164 00:08:43.679 --> 00:08:50.440 plan for your money, it's both scary and relieving at 165 00:08:50.440 --> 00:08:53.679 the same time, because shame lives in that black box. 166 00:08:53.759 --> 00:08:56.039 And so once we let light into that box and 167 00:08:56.120 --> 00:08:59.200 let we you know, shed some light on what's actually 168 00:08:59.200 --> 00:09:02.519 happening with the picture, it can feel really good. Even 169 00:09:02.559 --> 00:09:04.159 if the numbers aren't telling you what you want them 170 00:09:04.200 --> 00:09:06.279 to tell you, it can feel really good to like 171 00:09:06.360 --> 00:09:09.240 not be in this weird abyss of not knowing anymore. 172 00:09:09.440 --> 00:09:13.799 So Elizabeth, Okay, so I'm going to add on to that, 173 00:09:13.960 --> 00:09:18.080 but really good points I think for me with the 174 00:09:18.120 --> 00:09:21.440 budgeting pitfalls or you know, where it can. 175 00:09:21.399 --> 00:09:23.279 Go wrong is just not having a plan. 176 00:09:24.279 --> 00:09:26.600 So a lot of it is just taking a look, 177 00:09:26.720 --> 00:09:29.879 even if it's you know, being simple and looking at 178 00:09:29.919 --> 00:09:33.000 your spending you did over the last few months and 179 00:09:33.120 --> 00:09:35.159 just really looking at that, and looking at your credit 180 00:09:35.159 --> 00:09:38.320 card statements, looking at your checking accounts and really analyzing, 181 00:09:39.519 --> 00:09:41.519 you know, we try to keep it real simple, like 182 00:09:41.600 --> 00:09:43.519 what is the money coming in the door, what are 183 00:09:43.559 --> 00:09:46.080 the housing payments and the things you have to make 184 00:09:46.879 --> 00:09:51.360 rent or whatever, and then what is your discretionary And 185 00:09:51.559 --> 00:09:55.159 obviously in our line of work especially, we try to 186 00:09:55.200 --> 00:09:57.200 get people to see where they how much they can 187 00:09:57.240 --> 00:10:01.039 save every month or put towards deb you know, but 188 00:10:01.159 --> 00:10:02.960 in a perfect world, it would be to save and 189 00:10:03.039 --> 00:10:05.200 just really trying to get the budget so that you 190 00:10:05.240 --> 00:10:09.159 can get to that goal. Because for women especially, I 191 00:10:09.200 --> 00:10:11.759 think a lot of us are living in the moment. 192 00:10:11.840 --> 00:10:15.759 We're raising kids, we're dealing with aging parents, husbands, you know, 193 00:10:15.799 --> 00:10:20.720 whatever your your you know, or partners or we're going 194 00:10:20.720 --> 00:10:22.799 through divorce or whatever it is, and you get thrown 195 00:10:22.840 --> 00:10:25.639 into being the person that has to make sure that 196 00:10:25.679 --> 00:10:29.879 you're spending money inappropriate way and and also saving for 197 00:10:30.000 --> 00:10:32.720 long term goals. And and if you set those long 198 00:10:32.799 --> 00:10:35.960 term goals with a plan, either with you know, an 199 00:10:36.039 --> 00:10:41.159 advisor or a financial professional, then you would see yourself 200 00:10:41.200 --> 00:10:43.679 getting achieving and getting towards those goals. 201 00:10:43.679 --> 00:10:44.320 With your budget. 202 00:10:44.399 --> 00:10:46.879 It's not just simply how much do I spend on groceries, 203 00:10:46.919 --> 00:10:49.399 which you know, those types of costs are increasing too. 204 00:10:49.480 --> 00:10:52.480 It's dealing with you know, higher cost of living inflation, 205 00:10:52.720 --> 00:10:55.240 and we all see that, and so if that is 206 00:10:55.279 --> 00:10:58.120 eating into what you are able to save, you know, 207 00:10:58.279 --> 00:11:01.559 kind of tweaking that. And so it's just it's having 208 00:11:01.600 --> 00:11:03.480 a plan and then also reevaluating it. 209 00:11:04.399 --> 00:11:08.320 And yeah, I feel like we often see like you 210 00:11:08.360 --> 00:11:11.879 should save a percentage of your income or something. Is 211 00:11:11.919 --> 00:11:15.000 there a certain amount of your income you should be 212 00:11:15.120 --> 00:11:17.480 saving realistically. 213 00:11:17.320 --> 00:11:21.960 I mean, I've heard the ratio fifty percent on must have, 214 00:11:22.320 --> 00:11:27.480 thirty percent on wants twenty percent on saving savings. 215 00:11:28.080 --> 00:11:29.559 So but that's just like a rule of thumb. 216 00:11:29.600 --> 00:11:32.440 I think everyone's situation is different and sometimes you can't 217 00:11:32.440 --> 00:11:35.039 save that much, but at different periods of your life. 218 00:11:35.120 --> 00:11:37.559 But if you can get a plan in place for 219 00:11:37.720 --> 00:11:39.720 when you you know, if you and if you do 220 00:11:39.799 --> 00:11:41.480 have to switch jobs, or if you do want to 221 00:11:41.480 --> 00:11:43.600 stay home with your kids, or you know, take a 222 00:11:43.600 --> 00:11:46.879 pause in your career, it's more than just having six 223 00:11:46.960 --> 00:11:48.639 months Like the rule of thumb, I would say, is 224 00:11:48.679 --> 00:11:51.320 having six months of emergency fund available. 225 00:11:51.720 --> 00:11:53.639 So if you do have to switch jobs, or. 226 00:11:53.600 --> 00:11:55.519 You know, something comes up and you need you know, 227 00:11:55.720 --> 00:11:58.159 a new roof or whatever, these things that come up 228 00:11:59.120 --> 00:12:02.879 as you're living your life. But also, you know, just 229 00:12:03.120 --> 00:12:07.279 having that additional savings helps you even if it isn't 230 00:12:07.320 --> 00:12:09.320 the full twenty percent. So you kind of have to 231 00:12:09.320 --> 00:12:10.200 look at your situation. 232 00:12:10.840 --> 00:12:14.799 Do you find because I think we've done this even before, 233 00:12:15.759 --> 00:12:18.039 like a no judgment, like I've posted, like I think 234 00:12:18.039 --> 00:12:20.279 we've posted on social media in the past, like how 235 00:12:20.360 --> 00:12:22.039 much I do you have in your savings right now? 236 00:12:22.440 --> 00:12:27.440 A majority majority definitely did not have six months saved. 237 00:12:27.799 --> 00:12:30.799 And another thing that I've seen lately and not to 238 00:12:30.879 --> 00:12:33.639 bring because I don't follow like the Dave Ramseys of 239 00:12:33.679 --> 00:12:35.679 the world, but a lot of things that I have 240 00:12:35.759 --> 00:12:40.200 seen lately with him is that with the younger generations 241 00:12:40.320 --> 00:12:42.639 saying that he's a little out of touch with the 242 00:12:42.679 --> 00:12:46.399 reality of what we are able to save and invest, 243 00:12:46.639 --> 00:12:51.519 and how it's like this is not relatable anymore, especially 244 00:12:51.600 --> 00:12:54.759 due to inflation. Because I'm going to guess, when you 245 00:12:54.799 --> 00:12:57.200 said saved the rule of thumb, even most rule of thumb, 246 00:12:57.240 --> 00:12:59.639 and you said that's gonna be so dependent on each person, 247 00:12:59.679 --> 00:13:02.200 I'm going to guess, how many in this room, and 248 00:13:02.240 --> 00:13:05.159 you don't have to raise your hand, can save twenty 249 00:13:05.240 --> 00:13:09.080 percent of your check each month? No one can save 250 00:13:09.080 --> 00:13:11.240 twenty percent. Maybe a couple people, three people can save 251 00:13:11.360 --> 00:13:13.399 twenty percent of their check, So the majority of people 252 00:13:13.440 --> 00:13:15.720 aren't able to save that much, which I know that 253 00:13:15.720 --> 00:13:18.720 you guys probably run into that quite a bit. Is 254 00:13:18.720 --> 00:13:21.519 that is it just being because you said you also 255 00:13:21.600 --> 00:13:24.039 mentioned we should have these joys in life. You should 256 00:13:24.039 --> 00:13:27.080 be able to, you know, get your nails done or 257 00:13:27.120 --> 00:13:31.279 something occasionally that brings you joy. Is there a way 258 00:13:31.360 --> 00:13:34.240 you look at that and break it down in a 259 00:13:34.279 --> 00:13:37.639 different way that helps you, I don't know, analyze what's 260 00:13:37.639 --> 00:13:40.399 coming in and going out, like you said, that helps 261 00:13:40.399 --> 00:13:43.879 people get started when they can't in the beginning, especially 262 00:13:43.960 --> 00:13:45.080 start saving that much. 263 00:13:45.720 --> 00:13:48.279 I think you really just have to start small. I 264 00:13:49.440 --> 00:13:52.919 definitely agree with a twenty percent general guidance, and I 265 00:13:52.960 --> 00:13:55.480 mean the thing you'll typically see is like five to 266 00:13:55.519 --> 00:13:59.120 ten percent for your short term goals, think like vacations 267 00:13:59.200 --> 00:14:01.440 or down payments. So then maybe like ten to fifteen 268 00:14:01.480 --> 00:14:05.960 percent for your retirement or long term goals. But again, 269 00:14:06.039 --> 00:14:08.720 that's a really high percentage for a lot of people, 270 00:14:08.799 --> 00:14:11.519 and so I hate throwing those percentages out because it 271 00:14:11.600 --> 00:14:14.559 scares people. And so you really just have to take 272 00:14:15.240 --> 00:14:19.200 small steps, like what is an extra ten twenty fifty 273 00:14:19.240 --> 00:14:22.759 bucks that you can save per month and just get started, 274 00:14:23.320 --> 00:14:26.000 because once you get started, you can start taking these 275 00:14:26.039 --> 00:14:29.279 baby steps and then it doesn't feel so hard to 276 00:14:29.360 --> 00:14:30.320 take the next step. 277 00:14:30.320 --> 00:14:32.120 And maybe you can cut back. 278 00:14:31.960 --> 00:14:34.720 On a subscription that you're not really using or you 279 00:14:34.840 --> 00:14:37.159 just signed up for six months ago and forgot about, 280 00:14:37.399 --> 00:14:40.480 or maybe you can focus on trying to negotiate or 281 00:14:40.519 --> 00:14:41.200 raise it at work. 282 00:14:41.240 --> 00:14:41.840 There's all these. 283 00:14:41.799 --> 00:14:44.919 Little things that you could do to help, you know, 284 00:14:45.279 --> 00:14:47.879 have more savings at the end of the month, but 285 00:14:48.480 --> 00:14:51.639 it's overwhelming to think about all of them. So that's 286 00:14:51.639 --> 00:14:53.960 why I always try to guide people to just just 287 00:14:54.000 --> 00:14:55.679 pick one thing to start. 288 00:14:55.879 --> 00:14:59.279 And then if they have, you know, debt in the mix. 289 00:14:59.559 --> 00:15:02.679 Now you're t trying to pay off debt and also save. 290 00:15:02.759 --> 00:15:04.720 Do you have any advice for that? 291 00:15:05.480 --> 00:15:08.080 Yeah, so it depends on the debt, right, And so 292 00:15:08.240 --> 00:15:11.360 I usually look at the whole picture of the debt, 293 00:15:11.440 --> 00:15:13.000 so I, you know, we lay it all out there 294 00:15:13.039 --> 00:15:15.320 and like, what's what is the whole picture looking like, 295 00:15:16.279 --> 00:15:18.840 what is the total amount od on each card, say 296 00:15:18.879 --> 00:15:23.159 it's credit card debt, right, what's the minimum monthly payment 297 00:15:23.240 --> 00:15:25.559 that you have to make? What's the interest rate on it, 298 00:15:25.600 --> 00:15:28.720 and then like look at the whole picture, right, and 299 00:15:28.799 --> 00:15:31.200 if those interest rates are super high, then in a 300 00:15:31.240 --> 00:15:33.600 lot of cases, it actually doesn't make a ton of 301 00:15:33.639 --> 00:15:39.559 sense to be investing aggressively because mathematically, like those interest 302 00:15:39.639 --> 00:15:41.120 rates are just going to eat you alive on the 303 00:15:41.159 --> 00:15:44.720 credit card, right, And so instead of spreading yourself so thin, 304 00:15:45.200 --> 00:15:47.159 you can stay in one lane and say like, this 305 00:15:47.320 --> 00:15:49.879 is the one credit card that I'm going to focus on, right, 306 00:15:50.200 --> 00:15:53.039 everything else, pay the minimum payments, you know, drop your 307 00:15:53.080 --> 00:15:55.759 investments down to just whatever. Like if you have a 308 00:15:55.840 --> 00:16:00.360 match option with like a four oh one K, probably 309 00:16:00.399 --> 00:16:02.279 not as much a four or three B. But sometimes 310 00:16:03.360 --> 00:16:05.440 then like just do that, right, And so like really 311 00:16:05.480 --> 00:16:08.320 stay focused. And I think we get into this all 312 00:16:08.440 --> 00:16:11.559 or nothing thinking of like, well, if I can't save 313 00:16:11.919 --> 00:16:13.720 ten percent or if I can't save twenty percent, or 314 00:16:13.919 --> 00:16:15.480 if I can't max this out, that I'm just not 315 00:16:15.519 --> 00:16:18.639 going to do anything. And that's not what we're going for, right, 316 00:16:18.679 --> 00:16:22.879 And so I say, really, like be be cognizant of 317 00:16:22.919 --> 00:16:26.799 like what is like the highest priority at this point, 318 00:16:26.840 --> 00:16:28.799 and then we can you know, roll that into what's 319 00:16:28.840 --> 00:16:29.679 the next priority. 320 00:16:29.720 --> 00:16:31.639 And that's how I like to think about it. 321 00:16:31.840 --> 00:16:35.279 So speaking, of investing. I think that that's a very 322 00:16:35.320 --> 00:16:37.960 intimidating thing. And like I said, I don't think I 323 00:16:38.080 --> 00:16:39.799 even heard that word growing up. 324 00:16:39.840 --> 00:16:40.279 I don't know. 325 00:16:40.440 --> 00:16:42.360 I mean, I'm sure that like some of the quote 326 00:16:42.399 --> 00:16:46.440 unquote richer family where I'm from, they were I was not. 327 00:16:47.159 --> 00:16:50.440 My family was not. And so when I realized I 328 00:16:50.440 --> 00:16:53.799 wanted to do that, it was very intimidating. And what 329 00:16:53.840 --> 00:16:56.720 I've said to like friends and stuff since learning a 330 00:16:56.759 --> 00:16:59.039 little bit more, I'm like, no, you don't have to 331 00:16:59.080 --> 00:17:01.559 have like thousands of dollars, like just start with like 332 00:17:01.600 --> 00:17:03.279 a little bit here and there, and like you have 333 00:17:03.279 --> 00:17:05.240 to find someone that you trust and did it and 334 00:17:05.480 --> 00:17:08.519 and you you aren't always gonna like mesh with the 335 00:17:08.519 --> 00:17:09.279 person you for. 336 00:17:09.400 --> 00:17:10.519 It's kind of like a therapist. 337 00:17:10.599 --> 00:17:12.960 You probably get this doubly then, but a lot of 338 00:17:13.000 --> 00:17:15.440 people like meet with one therapist and they're like, oh, 339 00:17:15.519 --> 00:17:17.559 this sucks. I don't mess with them at all. Therapy 340 00:17:17.599 --> 00:17:19.720 isn't for me. And then they don't go back. And 341 00:17:19.759 --> 00:17:22.400 I always like, no, keep going. You'll find the right one, 342 00:17:22.519 --> 00:17:24.920 right and they can be life changing. And I think 343 00:17:24.920 --> 00:17:30.319 that's probably the same with a financial advisor, because I've 344 00:17:30.359 --> 00:17:34.039 had a couple now and then you find the one 345 00:17:34.079 --> 00:17:36.160 that you mesh with and you feel like they understand 346 00:17:36.240 --> 00:17:39.960 you and you're like, ah, this feels right. So what 347 00:17:40.119 --> 00:17:44.680 what advice would you give for people who are starting 348 00:17:44.720 --> 00:17:46.640 to look into that they're dabbling, that maybe they're a 349 00:17:46.680 --> 00:17:48.039 little bit intimidated. 350 00:17:48.400 --> 00:17:51.720 Yeah, I think it is very, very scary to start investing, 351 00:17:51.799 --> 00:17:54.559 especially like you said, Falvin, if you don't have a 352 00:17:54.759 --> 00:17:56.119 background in it. 353 00:17:56.240 --> 00:17:58.359 The number one DM I get. 354 00:17:58.279 --> 00:18:02.279 Is how the heck do I get started investing? What 355 00:18:02.319 --> 00:18:05.599 account do I open? What investment do I buy? Just 356 00:18:05.680 --> 00:18:08.839 please tell me, like the first step. And that was 357 00:18:08.880 --> 00:18:11.400 honestly the biggest reason why I wanted to quit my 358 00:18:11.440 --> 00:18:15.000 full time job and do this full time is to 359 00:18:15.119 --> 00:18:19.160 create a course investing for beginners, to teach people that 360 00:18:19.200 --> 00:18:23.480 have never learned it in school or at home how 361 00:18:23.519 --> 00:18:26.319 to actually take those first steps, because even if you 362 00:18:26.440 --> 00:18:29.720 go to a financial advisor, I think it is so 363 00:18:30.000 --> 00:18:35.359 critical to have that basic foundation of investing knowledge to 364 00:18:35.400 --> 00:18:39.160 be able to just advocate for yourself and discuss your 365 00:18:39.200 --> 00:18:43.359 goals and make sure that your investment decisions are in 366 00:18:43.400 --> 00:18:45.680 line with your goals because you're always going to be 367 00:18:45.799 --> 00:18:50.200 your best self advocate, and so having that basic understanding 368 00:18:50.359 --> 00:18:53.599 is going to be critical and it's not complicated. 369 00:18:53.720 --> 00:18:55.440 When you see the men in. 370 00:18:55.480 --> 00:18:59.759 Suits on TV like spouting out all these tickers and 371 00:19:00.079 --> 00:19:04.359 can it look really complex, investing can actually be very simple. 372 00:19:04.640 --> 00:19:09.079 There's strategies to make it very automated and hands off, 373 00:19:09.200 --> 00:19:13.519 and realistically that's the best way to go anyways. And 374 00:19:13.759 --> 00:19:16.519 like Fallan said, you don't need to have thousands of 375 00:19:16.559 --> 00:19:19.279 dollars to start investing. You can literally go on to 376 00:19:19.359 --> 00:19:23.000 Fidelity today and start investing with one dollar. 377 00:19:23.440 --> 00:19:25.039 And so a lot of people think. 378 00:19:24.839 --> 00:19:28.319 That there's this huge barrier to entry and that is 379 00:19:28.400 --> 00:19:31.480 just really not the case. And so I'm so passionate 380 00:19:31.480 --> 00:19:35.759 about teaching this to people because getting started investing early, 381 00:19:36.279 --> 00:19:40.680 even with small amounts, is so so important because of 382 00:19:41.119 --> 00:19:44.799 compound interest, which I know you are joking about, but 383 00:19:44.920 --> 00:19:48.359 compound interest is a real thing and I won't get 384 00:19:48.359 --> 00:19:51.960 into the math behind it, but it becomes a situation 385 00:19:52.039 --> 00:19:57.000 where even starting with small amounts, over time you can 386 00:19:57.039 --> 00:20:00.359 grow to really meaningful, large amounts of wealth in the 387 00:20:00.400 --> 00:20:00.960 long run. 388 00:20:01.519 --> 00:20:03.880 So I think going back to the question is just 389 00:20:04.119 --> 00:20:06.799 how to start investing, right, Okay, So I guess my 390 00:20:06.920 --> 00:20:11.279 advice would be, you know, one of the biggest concerns 391 00:20:11.319 --> 00:20:14.000 that's out there that I hear from a lot of 392 00:20:14.160 --> 00:20:17.200 women that I work with is just how much do 393 00:20:17.279 --> 00:20:20.359 I need to retire? And like what is that number? 394 00:20:20.440 --> 00:20:22.640 You know, I kind of know what I'm studying now 395 00:20:22.680 --> 00:20:25.359 and here's what I have saved. And so we work 396 00:20:25.400 --> 00:20:27.759 a lot on having as you know, like you set 397 00:20:27.799 --> 00:20:30.160 goals and other areas of your life. When you have 398 00:20:30.279 --> 00:20:32.319 a goal with a number tied to it, then you 399 00:20:32.319 --> 00:20:35.359 can kind of measure and see how you're getting towards that. 400 00:20:35.440 --> 00:20:38.039 So it can be broken down to something really simple 401 00:20:38.119 --> 00:20:41.079