If you’ve been receiving these emails for a while, you know I’m a big fan of sinking funds. Sinking funds are money you set aside to “sink” and they smooth out our spending.
Instead of shelling out money for a flight at the moment I need the ticket, (leaving cash tight or forcing me to put the expense on a credit card to worry about paying later), I set aside money each paycheck into a travel sinking fund.
Happy National HSA day! Yes, this might be the nerdiest holiday EVER lol BUT HSAs are truly magical accounts that I want to make sure you know about.
What’s an HSA? HSA stands for Health Savings Account and you are eligible to contribute to one if you have a high deductible health insurance plan (deductible over $1,400 for an individual and $2,800 for a family).
As someone who is very conscious of my spending and the opportunity cost of each dollar, it can be challenging for me to make a big purchase, ESPECIALLY if that big purchase is a lifestyle upgrade that I’ll be paying for week after week or month after month.
This summer I spent some time thinking more strategically about the coming year (with my Mom - thanks Mom! 🥰) and I realized that J and I had not had dinner alone for MONTHS. Like 5 months.
Last week I decided it was time to buy new workout shoes. My sneakers had seen much (and I mean much) better days. As part of my consumer activism journey, I’m working to make better choices with my money, so I texted some friends and posted in our Fiscal Femme Slack Community to ask for recommendations for women and BIPOC-owned sneaker brands that had a focus on sustainability.
I got some amazing recommendations and ended up purchasing these from Avre Life. The brand is women and BIPOC-owned and their sneakers are made from recycled ocean plastic. 🤩
Over the last year and a half, many of us have seen the impact of COVID and the pandemic in our local communities. Some of my favorite restaurants and stores closed their doors (probably not to return) and other local businesses really struggled and are still figuring out how to get by.
When I interviewed Georgia Lee Hussey, the founder of Modernist Financial, a progressive financial planning firm (and another interview I cannot wait to tell you more about), she talked about the power and success of the shop local movement.
Do you get social hangovers? Social hangovers are what I call the feeling after a dinner or get together where you look back on something you said and cringe or wish you said something different. 😱
Sometimes it’s something silly and DEFINITELY not worth torturing myself over. But other times, I think back on it for years to come.
Linda Scott is an economist, Oxford Professor and author of The Double X Economy. She’s brilliant and in her book makes the case for the epic cost of excluding women from the world economy.
Side note: I can’t tell you how excited I was to interview her for my book. And I can’t wait to tell you more about everything we discussed. It was 🤯🤯🤯
Today is a big day for me. September 1st (today) is the day that the manuscript of my book is due. Friends, I’ve been working towards this deadline since January.
I’ve been learning (brain explosion and brain hurts amount of learning). I’ve been interviewing people that I can’t even believe I get to interview. I’ve been writing my tush off. I've been re-reading and analyzing my tush off.
What if you could retire now? No, I have not been hacked by a cheesy get-rich-quick scheme (although that has happened to a friend of mine recently).
Let me explain… I had the opportunity to interview Rachel Sanborn Lawrence, the head of Financial Planning for Ellevest for my book. We talked about the process she takes people through when they are planning for retirement.
I am two weeks away from my book deadline - eep! As I’m holed away writing and rewriting and rewriting (LOL), I keep thinking about the book I want to give you all.
💰 I want it to give you the foundation you need in EVERY area of personal finance.
💰 I want it to provide perspective on many of the problems with our financial systems and how they disproportionately affect the lives of women and BIPOC, and even more so BIPOC women.
💰 I want it to be fun, digestible and enjoyable to read.
A few months ago, our friend Becca (@BlondeBrokeandBougie) posted a challenge around spending. She encouraged people to start with a free option before investing money into a problem or new hobby.
If you want to work out more, commit to doing free workouts at home (or outside) before signing up for the gym If you want to up your skincare game, start by drinking the recommended amount of water per day (free) or using up products you already have before investing in expensive serums (talking to myself here 🤪).
A few months ago I shared the story about Tiffany Haddish and the $4,000 Alexander McQueen dress that she wore on many red carpets.
I asked where you felt pressure to spend money due to societal norms and it was probably the most responded to email in Fiscal Femme history. You are feeling the pressure to spend and I’m so grateful you took the time to tell us about it.
In order to get a mortgage or refinance your mortgage, the lender will typically require you to get your home appraised. This means someone will come in to check things out and tell you how much the home is worth.
Recent studies have found that "a home in a majority Black neighborhood is likely to be valued for 23% less than a near-identical home in a majority-white neighborhood." This devaluation costs Black homeowners $156 billion in cumulative losses. I interviewed Tiffany Aliche, The Bugetnista, for my book (she’s amazing!) and she shared that not only are people of color earning less, the things they own are worth less, just because they own them.
I am excited to share an update on my book writing process and to answer some of your questions.
I cannot tell you how excited 😆 I am to share this book with you. The information is SO important that part of me wants to circulate the unedited Google Docs with you all RIGHT NOW. Before my book team freaks out… the thought crossed my mind but I promise not to do this. I know it will be worth the wait.
I benefit greatly from intergenerational wealth. Intergenerational wealth is any type of financial support provided by the generation(s) before you.
This is a tremendous privilege. This means that not only have I received financial support from family, but also that I have not had to support them. Having to support parents and grandparents is a financial reality for many.
You might have heard the term MLM lately (or have known about them for a long time). MLM stands for multi-level marketing (also called network marketing) and these companies get their name from the structure of the business.
A sales rep runs their own business selling products but can also recruit sales reps and they typically share in a part of their earnings. And then those reps recruit their own reps and the network continues on its way down.
The Fiscal Femme community has grown to 150,000! 🥳 It's so exciting and inspiring to see this community of financial feminists and allies grow.
💰 This is a community that strives to be wealthy AND wants to do good with that wealth.
💰 This is a community that puts money towards their goals and also wants to enjoy life now.
💰 This is a community that knows that making good money moves is important but also acknowledges the huge systemic issues, discrimination and oppression that women and BIPOC folks face.
