Before we learn from some amazing experts, I need to share a HUGE thank you. 🙏
I’m so filled with gratitude for this incredible community. Seeing Financial Adulting out in the world and already hearing about your results has made all the hard work worth it. It’s a dream come true!
Ok… back to our regularly scheduled programming.
I have a vision for personal finance education.
In talking to so many people, especially women, about their financial lives, I’ve found a common thread in many of our stories.
So many of our financial successes come from someone who gave us a nudge.
This might be a colleague who urged us to set up our 401(k), a friend who sat down with us to show us how she budgets, or the colleague who bravely shared what she’s getting paid so we could compare.
Next week when you’re reading Financial Adulting (it comes out in 7 days! 😆) and get to chapter 8, you'll learn that only half the people in the United States invest - and women tend to invest 40% less than men, on average.
These numbers are even lower for communities of color. In 2019 only 34% of Black people and 24% of Latinos owned stocks, compared with 61% of white people.
By this time in the New Year most people have given up on their resolutions or goals. Womp womp. 😩
While we can make some major strides in a couple months, the key to financial success is in consistency.
Small, consistent steps over time lead to big results.
The good news is, the steps can be small and manageable. The bad news is, we’re never done.
So, how do we keep our money motivation up all year round?
A really important shift I had in my own money journey was learning to have compassion for myself.
Before then, I held a lot of shame for the mistakes I made and for what I didn’t know.
It sucked!
What I've discovered is that there is SO much working against us when it comes to money and personal finance.
The list is long for all people but if you are a woman, BIPOC, have a disability, are part of the LGBTQ+ community or a mother (and more), the list just compounds (intersectionality again).
Happy Lunar New Year to all those who celebrate!
Today I am excited to combine some of our favorite things: Financial Adulting (my book and generally) ✅, consumer activism ✅, AND free gifts for you ✅.
Ok here we go....
When you order my new book, you’ll get a bunch of incredible freebies.
It’s the last week in January. We’re passed the point where most people gave up on their New Year’s resolutions.
Your shiny 2022 money goals might feel like they’re already off the hinges.
If this resonates (or you want some extra motivation to press on!) here’s the plan:
I’m excited to introduce you to your new money coach.
YOU.
Yep. You.
Around here we talk a lot about money goals. And for many in the Fiscal Femme community, being able to take care of parents or elder dependents is a future money goal or current reality. So, we want it to be part of our financial plan.
One of the hardest parts about this type of financial planning is having tough conversations with those you care about. I know… It’s never fun to talk about what happens when someone is unable to care for themselves or passes away. BUT I promise, it’s worth it.
Our friend Becca at @blondebrokeandboujie launched another fun and inspirational challenge that I decided to join in - the Use it or Lose it Challenge.
Here’s how she defined it:
"I am on an endless mission to use up all the items that just sit around in my apartment. There are so many things I’m saving for a special occasion, or I keep just in case, or I honestly forget I have.
The New Year is a time when many of us are updating our financial plans. This means looking at our 2022 spending plan against what we’re planning to earn and what we’d like to allocate towards our goals.
The Fiscal Femme started as a blog but shortly thereafter I started seeing clients as a money coach. What I found is that the tedious task of tracking spending is what keeps many people from budgeting and having an understanding of where their money is going.
This reflection is geared towards those who have people depending on them financially, but these tools can also be very beneficial for those without so I still recommend you read this regardless!
Financial planning is complicated enough when we’re planning for ourselves. By adding people depending on you, the expenses get higher (sometimes much higher) and the complexity goes up. It can more easily feel overwhelming.
You all know I’m a huge believer in boundaries. By boundaries I mean protecting our time, energy, and money so we can focus on the things that are most important to us.
As a recovering people pleaser, saying no to things is really hard. I want to support people. I want to be generous with my expertise.
AND this book - i.e. the gift of financial well-being - is THE perfect holiday gift 🎁. Just saying…
I have more BIG, BIG news this week.
As I write this email I am tearing up! (In a wonderful way, don’t worry!). You can now preorder my new book, Financial Adulting. YES! 🤯
AND this book - i.e. the gift of financial well-being - is THE perfect holiday gift 🎁. Just saying…
I have some BIG, BIG news AND lots of gifts for you! 🥳 Here we go… stick with me.
I started the Fiscal Femme as a blog in 2011 (over 10 years ago!). What!? The Fiscal Femme is what it is today because of YOU. Your support, your love, your sticking with me through thick and thin.
Now I want to give YOU something to say thank you!
As we approach the biggest shopping weekend of the year, I want to share the strategies I’ve developed for not over spending (too much).
For years, I matter-of-factly decided I wouldn’t buy anything on Black Friday or Cyber Monday - and I consistently failed. 🤦♀️ Sometimes bigger than others. These are five things that have changed the game for me.
You know I LOVE a good closet clean out but since reading Tanja Hester’s book, Wallet Activism (which I highly recommend btw!), I am now much more conscious of where things go once they leave my apartment.
Fun spoiler alert: I also interviewed Tanja for my book! With fast fashion there are way more clothes at Salvation Army and GoodWill than can ever be used
In middle school we took a field trip to Thomas Edison’s house. Major side note: I later learned that a Black man named Louis Lattimer was instrumental in the invention of the light bulb AND that Thomas Edison was an antisemite who electrocuted animals for fun.
As you tour Thomas Edison’s house you can see the first light bulb from 1879! The 🤯 shocking part is that it’s still burning. It still works after 142 years. WHAT?! This was mind-blowing to me.
As a business owner, I don’t have access to a company 401(k) (or company retirement plan) so I make contributions to an IRA (Individual Retirement Account) and my own business solo 401(k). Regardless of your plan, knowing the deadlines to contribute can help you maximize what you invest.
I like to work backwards each year. To max out my IRA, I take the $6,000 limit and divide by 12. I make a $500 contribution per month.
