Posts in Financial Grownup
Bobbi’s Stepdaughter Ashley shares her Top 5 Money Tips Encore
Bobbi’s Stepdaughter Ashley shares her Top 5 Money Tips Encore
 

Ashley Kaufman, who bought her NYC apartment at age 24 shares how she did it, plus her best money tips for financial grownups. 

Money Tips

  • Be the planner of the friend group

  • Always be searching for discounts

  • Have a monthly self reflection session on your spending

  • Don't make yourself feel bad for spending money, but live within your means, do not spend more than you have

  • Always buy pet insurance!

 
 

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Full Transcript:

Bobbi Rebell:
Hey, grownup friends, a big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart. This book was not easy to write because I had to get honest with myself about what was working with my teen and young adult kids and what was not working. I also had to be prepared to share it with all of you.

Bobbi Rebell:
First of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear. By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts. I am really happy with how Launching Financial Grownups came out, even though it really was hard to be, like I said, that honest, and it was a lot of work. But I really love doing it and I'm really happy with how it came out.

Bobbi Rebell:
On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important because the algorithm picks up on them and that can make the book a lot more visible to more people. I truly appreciate it and I really also appreciate all of your support.

Ashley Kaufman:
When it came to moving into the apartment, I made a running list of here are all the things that I'm going to need to purchase, from a spatula to a couch. It came down to me creating the Excel spreadsheet with three different retailers and a column for more specialty items and comparing the prices. Maybe the items wouldn't be exactly the same at three different stores, but it would be close enough that I could decide between each of them and compare the prices because every cent counted.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups, with me, certified financial planner, Bobbi Rebell, author of Launching Financial Grownups, because you know what? Grownup life is really hard, but together we got this.


Bobbi Rebell:
The big question I am constantly asked about my book, Launching Financial Grownups is, did your stepdaughter really buy her apartment at age 24? Then, how did she do it? Then, how can we do it? Well, the truth is, she focused and she made some really tough choices. It was not all perfect to say the least. Ashley also truly embraced the financial grownup lifestyle. You're going to hear more about that soon.

Bobbi Rebell:
Ashley wrote the epilogue to the book, Launching Financial Grownups, but until now no one has heard directly from her about all the details. Ashley not only reveals in her interview exactly how she did it and what she might do differently, she also is going to share her top money tips, including some that I am adopting myself. Yeah, you can tell I'm pretty proud of her. Here is my 25-year-old stepdaughter, Ashley Kaufman.

Bobbi Rebell:
Ashley Kaufman, you are a financial grownup and I can't believe I'm saying that after I've known you since you were eight years old. Oh my gosh. Welcome.

Ashley Kaufman:
Thank you for having me. Can't believe it's taken this long to get on the podcast.

Bobbi Rebell:
Okay. First of all, let me just say that you're the first of your siblings to come on the podcast, and your father has come on for our Summer Watch Series, and he does want to return. But he never came on to give actual money advice, money tips like you are, so you are special, Ashley.

Ashley Kaufman:
Thank you. Thank you.

Bobbi Rebell:
We're going to get to your money tips, which by the way, a lot of people know you because you wrote the epilogue to Launching Financial Grownups. It's been a big hit. Everyone says that is the best part of the book. I get a lot of people asking me something that we talk about in the book, which is the fact that you bought an apartment at age 24. I want to give you a chance to talk about it.

Bobbi Rebell:
How did you do it in short, but also how has it been? Because the book was written really a year ago, more than a year ago at this point and a lot has happened.

Ashley Kaufman:
Yeah. I was able to do it in short, by saving a lot, living at home after college and saving every dollar that I made. Immediately after graduating from college, I picked up a summer job, even though I had a job starting in August where I work now. I picked up that job with the intention of continuing to save and aggressively saving so that I could buy an apartment and move out.

Ashley Kaufman:
Not that I didn't enjoy living at home and eating with Harry every night, but when you're 22 and moving home after college, you really want to move out and live your own life like all of your friends are. So it was definitely hard in that regard just because I saw my friends living their own lives, renting apartments all over the city and furnishing them and making it their own space. I felt a little claustrophobic, just kind of like, I don't have my own space. I'm living at home.

Ashley Kaufman:
But in the end it's been worth it. I absolutely adore where I live now. It took a little bit of adjustment after moving in also to just make it feel like home, and it's taken the majority of the year to get there.

Bobbi Rebell:
Before I get to asking you about how it is living in your own apartment, tell me about the choices that you had to make, because it sounds simple, "Well, I just saved a lot of money by living with my parents." But it's not really that simple. You did have to make some choices and you did miss out on some things or make adjustments to your plans many times.

Ashley Kaufman:
Yeah. I think COVID helped a lot and not being able to go out with friends. I did also miss out on some things my friends were doing, like going to music festivals, which in retrospect seems like it was a massive waste of money anyway, but seeing all my friends there and having a good time, it definitely felt like I was missing out on something.

Ashley Kaufman:
There were also times where my friends would be going out to brunch every week and I just wouldn't go along with them because every dollar ended up counting. I was really tight when I did put the down payment down on my apartment and then had to go buy furniture, so every dollar ended up adding up to allowing me to live where I am now.

Bobbi Rebell:
One thing that stuck with a lot of people in the epilogue in Launching Financial Grownups is you said something like, "I love Excel. I'm an Excel kind of girl." How did you use systems to help you save the money, track money, and then help you when you were moving into this apartment and setting up your own home?

Ashley Kaufman:
Yeah. I do love Excel. I took a course on Excel in college, and since then, just everything has been in Excel. I have my monthly budgeting in there, which I have since college. I have a list of my running expenses that are the same every month, as well as a list of things I would like to do that month. If it doesn't add up to have me saving what I would like to be saving every month, I will make cutbacks and adjust, but Excel really runs my life.

Ashley Kaufman:
I mean, I have tabs for vacations I want to go on, I have tabs for, here's an expense that comes up once a year, like renewing my pass to the zoo, which I really enjoy, but I have to budget for that. It helps me keep track of that. When it came to moving into the apartment, I made a running list of here are all the things that I'm going to need to purchase, from a spatula to a couch. It came down to me creating the Excel spreadsheet with three different retailers and a column for more specialty items and comparing the prices.

Ashley Kaufman:
Maybe the items wouldn't be exactly the same at three different stores, but it would be close enough that I could decide between each of them and compare the prices because every cent counted.

Bobbi Rebell:
Looking back, what advice would you give to other people that have short-term, but big goals? Not necessarily buying an apartment, because not everybody wants to do that. It's not the right choice for everybody. People might want to move around, have other priorities, but if they have a short-term goal, what's the best way to get there?

Ashley Kaufman:
To really take a step back and look at what you're spending and do I really need be doing this? I mentioned earlier that I have a zoo membership. Maybe every year, I don't need to renew that if I don't see myself going, and I have a financial goal that I need to hit, or let's say something like I've been looking into buying a new couch. There's small steps that you can take to get to where you need to go by just taking that step back and reviewing all of those choices.

Bobbi Rebell:
Just being accountable and doing a self-audit of where you are right now and what matters most to you for that season of your life.

Ashley Kaufman:
Yes.

Bobbi Rebell:
All right. That goes into our money tips that you brought with you that are new money tips, but I think makes so much sense for everybody, not just young people, but it's very relatable, certainly in the young adult phase of life that you're in and you're 25 years old right now. I can't believe it.

Ashley Kaufman:
I know.

Bobbi Rebell:
The first of five money tips that we're going to get into has to do with, I would call it the FOMO thing, like your peer group and what's going on there. What's your money tip there?

Ashley Kaufman:
My money tip for friend groups is to always be the planner in the friend group, by being the planner, you can be cognizant of other people's requirements while also staying within your own budget. If people want to go out at night to say a club or something, you don't have to go to the fanciest nightclub to go have a good time with your friends. Some people might want to in your friend group, but other people might not be able to afford it.

Ashley Kaufman:
You can really make sure that you are courteous towards others while also staying within your own budget and maybe the budgets of your friends, if you're aware of their needs and requirements financially as well.

Bobbi Rebell:
I love that because we tend to think just reflect on ourselves like, "Wow, this is a stretch for me financially." But we also may not realize that it may be a stretch for everybody, but nobody really wants to say anything. It's actually a really considerate thing of your friend group to bring up the cost and to be the planner and control those things. Your second money tip is something your dad has gotten so good at and I'm so proud of him, and it has to do with making a little extra effort when you're buying stuff.

Ashley Kaufman:
Yes. My second tip would be to always search for discounts, which goes back into being a planner. If you want something, wait for it to go on sale, wait to find a discount of some sort. If it's travel, be planning over a year in advance and make sure that you are tracking any sort of discount. Marriott hotels I know specifically you can cancel up to 24 hours in advance or up to 48 hours in some cases so it doesn't hurt to book something while you're searching for something else, or searching for a better deal.

Ashley Kaufman:
There are also corporate discounts to look at at larger companies. Discounts through loyalty programs. I'll occasionally get something in my inbox from Marriott due to my status. You get X, Y, and Z number of extra points for participating in this program we have going on, or memberships like Costco. Costco Travel actually has some great deals to be found.

Bobbi Rebell:
Okay. Your money tip number three has to do, I think, with the ultimate in wellness and self-care.

Ashley Kaufman:
My third money tip is to always have a monthly reflection session. Whether you think that you need it or you don't, you probably do. It's just sitting down with your monthly credit card statements and your bank statements, and just seeing where there could be changes. It doesn't necessarily need to be cutting things, but it could be you have a subscription service like Ipsy or Birchbox, but every time you walk into TJ Maxx or Petco, you're buying makeup or things for your dog.

Ashley Kaufman:
You could be canceling those subscriptions and spending it on items that you really want, rather than what's just showing up in a subscription box.

Bobbi Rebell:
That's really good advice. I'm going to give that some thought, because I have a makeup/skincare subscription box that comes four times a year, that I do love the surprise element of it, but the truth is that they're not necessarily things that I would buy. I'm going to take that one to heart, Ashley. All right. The next one has to do with really the emotional elements. It's an emotional money tip.

Ashley Kaufman:
My next tip would be to don't make yourself feel bad for spending money, but live within your means. Don't spend more than you have, but don't make yourself feel bad for going out for a $5 coffee with your friends. I'm very guilty of this.

Ashley Kaufman:
I will occasionally cancel plans because I feel like it's not within my budget and it makes you feel bad because number one, you're ruining relationships with friends, and number two, you're really are developing an unhealthy relationship with money, where you feel like you have to cut something else in order to make up for something that really isn't hurting you that much.

Ashley Kaufman:
If it's not within your means, go ahead, cancel the coffee date with your friends. But if it's really not going to stop you from paying your bills that month, it might be okay to spend a little extra.

Bobbi Rebell:
I would add that don't forget that at many coffee shops like Starbucks, even though you think the smallest one is a tall, there's actually a short, which is even cheaper. You can get a short, plain coffee and have your coffee plans and not spend as much money as you... You don't have to spend for the 7 or $8 fancy espresso drink.

Bobbi Rebell:
Number five is my favorite of all, because you are a new pet owner, which is something that you did wait to do until you could afford it. We had a lot of financial discussions as a family because you have a dependent, Ashley.

Ashley Kaufman:
Yeah. Yeah. We just brought home my little dog, Walnut. She's a Maltese puppy. She is my entire world, but my tip related to dogs would be to always buy pet insurance, cats, dogs, whatever you can insure, always insure your pets. It should never be a question of whether you can afford care for your animal. I built my $500 deductible into my emergency fund when I went and signed up for pet insurance.

Ashley Kaufman:
I know that if something happens with my dog, it's a $500 deductible that I've covered in my emergency fund and then my insurance will cover 90% of it. I don't have to worry about calling the vet for the smallest of things. My dog had an episode in the middle of the night a few weeks ago where she was shaking. It wasn't super concerning, but I didn't hesitate to call the vet and find out that it was probably normal because I knew that I could cover the cost.

Bobbi Rebell:
I remember when you were thinking about adopting a dog, that you really in advance researched all the costs, including medical costs. I think that was so important because it is a dependent and it is important to understand the full scope of what you could be in store for, because you love your puppy. You're never going to say no and it's important to know what you're in store for. I was so proud of you just in the run-up to getting Walnut.

Ashley Kaufman:
Thank you.

Bobbi Rebell:
On that note, final thoughts and where can people be in touch with you? I know Walnut, the Maltese, is a big star as well so people might want to follow her.

Ashley Kaufman:
You can follow me on Instagram @AshleyKaufman or Walnut @Walnutthemaltese. Walnut is much more interesting on Instagram than I am, I have to say.

Bobbi Rebell:
Well, you are the brains behind the Walnutthemaltese Instagram account, so you get credit for both accounts. Thank you so much. I'm so proud of you, Ashley.

Ashley Kaufman:
Thank you.

Bobbi Rebell:
By the way, Walnut is starting to get inquiries for brand deals. She is so unbelievably cute. Feel free to DM @Walnutthemaltese on Instagram. I loved how candid Ashley was about the importance of having a healthy relationship with money and prioritizing living your life. She's okay missing some music festivals that frankly, she probably just wasn't that into anyway, but she does kick herself for foregoing coffee plans with a friend because she's so committed to staying on budget. It's delicate.

Bobbi Rebell:
I've talked about my own issues letting go and letting myself spend money. The lines are blurry on this, but when it comes down to it, money is the means to do what you want, so do what you want. Apply that thinking and don't let an unhealthy relationship with money keep you from living your life. I would tell everyone to replay this episode, but the truth is, we have it all for you in the show notes. Just go to my website at bobbirebell.com for those. It also will give you a full transcript.

Bobbi Rebell:
You also can sign up for our newsletter there, where we send podcast previews and interesting news articles to you just twice a month. I haven't asked this in a while, but please take a minute and write a review of the podcast on Apple Podcasts or wherever you enjoy listening to us. Biggest thanks to all of you for supporting the show.

Bobbi Rebell:
Please, please help me get the word out. Tell a friend, share on social and just keep listening and being in touch on all the socials. Big thanks to Ashley Kaufman for helping us all be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media LLC, editing and production by Steve Stewart, guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts, by going to my website, bobbirebell.com.

Bobbi Rebell:
You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complementary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First connect with me on social media @bobbirebell1 on Instagram and Bobbi Rebell on both Twitter and on Clubhouse where you can join my Money Tips for Grownups club.

Bobbi Rebell:
Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me, and you know what? It really motivates others to subscribe. You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well.

Bobbi Rebell:
Most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind word so many of you send my way. See you next time and thank you for supporting Money Tips for Financial Grownups.

 
Advice, Financial Grownup, Money, Personal FinanceBobbi Rebell KaufmanAshley Kaufman, Pets, Money Tips
4 Investing Half-Truths + advice for 2023 with Kirk Chishol
4 Investing Half-Truths + advice for 2023 with Kirk Chishol
 

Episode Description: Kirk Chisholm of Innovative Advisory Group and the host of the Money Tree podcast shares some controversial viewpoints that may have grownups questioning the market assumptions we take for granted.

Timestamps & Main Points:

  • 00:00- Introduction

  • 06:56 - Half Truth #1

  • 07:30 - Cash is trash

  • 09:09 - Half Truth #2

  • 11:26 - Half Truth #3

  • 11:52 - Where do people invest?

  • 13:45 - Diversification is volatility management.

  • 15:45 - Half Truth #4


Kirk’s Bio:

Kirk Chisholm is a wealth manager and principal at Innovative Advisory Group, Host of the Money Tree Investing Podcast and all around interesting guy. He is an outside the box thinker who provides a different perspective on many commonly held beliefs in personal finance. He has a rare expertise with alternative investments held in self-directed IRAs which has helped many investors invest in their passion. Kirk was recently recognized as one of the top 100 most influential financial advisors in the US by Investopedia.

 
 

Links to resources mentioned in the episode!

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  3. Share the podcast with your family, friends, and co-workers.

Full Transcript:


Bobbi Rebell:

Hey grownup friends. There is something I don't talk about publicly that I have decided to start sharing, even though it can be a bit embarrassing, I get digital overload and it stresses me out for good reason. Because when you have so much junk on your computer, because you're not as organized as you should be, because you get caught up in all the things that you have to do. If you don't deal with it, all that stuff on your computer starts to really slow things down and can become a total drag on your productivity. For me, there is nothing worse than finally motivating to get stuff done, only to be derailed by a sluggish computer that is just not cooperating. A little while ago I decided I was going to stop just kind of hoping that things would get better and I was going to deal with it.

I downloaded something called CleanMyMac. It's from a company called MacPaw. I was skeptical but I took a deep breath and I tried it. Long story short, it totally worked. I loved how I could see it work through my files with clear and easy to understand graphics. I could see what was messing things up, and CleanMyMac would ask me for my okay before deleting files, so that something I did need to keep didn't go bye-bye. That was one of my biggest fears. I recently reached out to the company and they are offering 10% off to my financial grownup listeners who want to also get CleanMyMac. To get that 10% off CleanMyMac, you do need to go to my link. It is bobbirebell.com/cleanmymac, B-O-B-B-I-R-E-B-E-L-L dot C-O-M/cleanmymac. And that is all one word. I promise you, you'll be so happy. I want you guys to be in touch with me. Let me know how it goes. You deserve to lower the stress of data overload. Trust me. So worth it.

Kirk Chisholm:

Diversification's not really protecting you. Diversification is volatility management. Risk management doesn't work because the markets have changed in the last 20 years where now big selloffs affect everything including bonds. So that's why you have to be aware. You can't just diversify and say, "I'll be okay." Because this year, stocks, bonds, everything was down similarly. So you really weren't protected by diversifying.

Bobbi Rebell:

Your listening to Money Tips for Financial Grownups with me, certified financial planner, Bobbi Rebell, author of Launching Financial Grownups. Because you know what? Grownup life is really hard, but together we got this.

This interview was like a punch to the gut. I'm still processing it, my friends. As you heard in the clip at the top of the episode, my guest has some very strong opinions about how we see the market, how we approach investing and maybe now with the market having such a rough year, now is the time to take a step back and really reexamine so many of the market truth that we just take for granted, and I'm in there. I take a lot of things for granted, things like buy and hold and don't miss the best 10 days of the market, things like that. Things we talk about and we just assume are great investing advice. But maybe not. Kirk Chisholm runs Innovative Advisory Group. You may also know him as the host of the Money Tree podcast. Kirk has been in the investment advisory business for decades, and he's developed perspectives that you may or may not agree with. But I can assure you, you want to hear. I'm still processing, as I said, a lot of what he said, but Kirk really made me think about things that I took for granted and at least question why do I take them for granted. I have a big takeaway I'm going to save it for after the interview here is Kirk Chisholm.

Kirk Chisholm, you are a financial grownup. I am so happy to finally, finally, finally have you on the podcast. So welcome.

Kirk Chisholm:

Thank you for having me on, Bobbi.

Bobbi Rebell:

For disclosure, the reason I'm laughing so much is this is actually our fourth attempt. Most of our failures were because I have had various illnesses highlighted by a wonderful experience with COVID. We've also had some technical issues. So we are finally here and I'm so excited to get it done and have you on the podcast and I'm going to be on your wonderful podcast, the Money Tree at some point in 2023, you also have a firm called Innovative Advisory Group as well is a great investment option for many people. Tell us a little bit about that and your philosophy and then we're going to get into investing half-truths.

Kirk Chisholm:

Sure. Yeah, absolutely. Thanks Bobbi. Thanks for having me on the show. I love your show by the way, so your listeners are very lucky to have you.

Bobbi Rebell:

Thank you.

Kirk Chisholm:

Yes. So basically I've been in the industry for about 23 years and I started in the broker dealer side at Paine Webber, back when it was Paine Webber, then UBS, and Smith Barney, and then decided to go out my own because I just didn't see the value of the big firms. There was a time where they did have them, but then at everyone was a little bit more the same. So it just didn't have the same value. So what we did is 2008, we've started Innovative Advisor Group with the idea that you could have outside the box strategies. Because most of the industry is very regimented and it's very kind of inside the box. You have to do these things in a certain way and that's not how investing works. Talk to any real estate investor, they put all their money in real estate, they don't touch the stock market. Why should they? Right? If they know invest in what they know as Peter Ellens used to say.

So we focused on investing outside the market, in alternatives inside of retirement accounts. And of course we do traditional strategies, but I think the alternative stuff is really fascinating because some of the best investments we've seen have been on the alternative side.

Bobbi Rebell:

And you do specialize in alternative investments I should say. You mentioned 2008, here we are in closing up 2022 as we record this both very, let's call them interesting years for investing. Certainly challenging in a time when it makes sense to sort of reexamine the things that we sometimes take for granted when it comes to investing. And we're going to get through some of them, which is for example, always buy and hold is the way to go or that printing money always causes inflation. These are sort of what you call investing half-truths, and I'm excited to hear your perspective on them because I like many people do take these things as sort of the way to go and the standard advice that may not always hold up as our world is evolving. So we're heading into 2023, we're going to talk about some of the investing half-truths as you like to call them. The first one is cash is dangerous. Tell us about that.

Kirk Chisholm:

There's a steam in the financial, I don't know, if just the zeitgeist, there's the whole industry talks about how when you have high inflation cash is dangerous. Why? Well, if you have high inflation, your cash should be worth a lot less next year. And then they tried out this chart, which is 100-year chart which says, "Hey, in early 1900s, cash is worth a dollar and now it's worth 3 cents in the dollar." Wow, that's really scary. Well, I don't know anybody who kept cash for 100 years. That to me seems ridiculous, right? So you have people like Ray Dalio who says cash is trash, and over long-terms, he's right. But short-terms, it's different. If you look at up to the third quarter of this year, 2022, the S&P 500 was down 25%. The Nasdaq, 33. 30-Year US Treasuries are down 30%. Safe bonds, right? Down 30%.

Real estate, 30%. Gold, 8.4. How much was your cash down? Zero. If anything it made a little money but you weren't getting much in interest. Call it zero, okay. Being generous. So we had 8.2% inflation at some point. Now at 7.7. If you look at the real returns, which is inflation adjusted, so instead of the S&P 500 being down 25%, it's down 32%. The Nasdaq instead of 33, it's down 41, Treasury is down 38, gold down 16, cash is down 8.2, which one performed the best?

Bobbi Rebell:

Cash.

Kirk Chisholm:

It's still cash, right? And here's the framework you need to take away from this. It's not that cash is good or bad during inflation. It's that inflation affects every single asset class equally. So those math nerds out there, if something affects both sides of the equation equally, you can remove it. So when we look at returns, we don't look at inflation because it doesn't matter, what is the nominal return is really what matters because if cash is the best performer, and you're down 8.2%, that's still the best performer. Just because you have inflation doesn't mean you're going to make money. It just means it's the best of the bad options.

Bobbi Rebell:

Okay. So let's move on to the next investing half-truths. This one I totally buy into. You always have to be invested. Obviously later in life when you're taking money out of your savings, that's different. But for the most part, most of us when we're in the investing accumulation and growth stage, I've always been told, after you have your emergency fund, you need to be invested. The money should not be sitting in cash, to contrary of what we just talked about. Tell us about that. Why is that a half-truth?

Kirk Chisholm:

There's this theme of you always have to be invested. This has been around for decades. And the reason was if you look back in the '80s and the '90s and some of the 2000s, if you were always invested, the market would just go up. It's kind of this buy and hold kind of theme. Oh, you just be invested and it'll continue to go up. And I think what that does is it kind of dumbs down the aspect of investing that's really important, which is understanding what you're in. So if you just think the market's going up 7% or 8% a year because you're in the market, then you're going to be disappointed. So from 2000 to 2013, you basically lost money for 13 years and it was up and down. But January of 2000, till July of 2013, you would've lost 30 basis points a year during that time.

It wasn't until after July that actually you broke even. That's 13 years of lost time. So yeah, you could have been invested in the market but you wouldn't have made money from that start to point. Now, there was a ton of volatility, just like we're having now. And think of it this way. So from the peak of 2007 until the bottom of 2009, you lost about 58 and a half percent, if you were in the S&P 500, okay? That's not a small number. Now, think of you were in cash, how much did you lose? Zero. Right?

Bobbi Rebell:

Right.

Kirk Chisholm:

Now your cash just made you 100% return because you can buy twice as much of that S&P 500 shares as you could have year prior.

Bobbi Rebell:

Okay. But if we told everyone to just put all of your money in cash, for the majority of people, that would not work out well, because the truth is over time it has been proven that your money does increase more if it is invested, especially if it's diversified. One of your other half-truths that I'm obviously segueing into is that diversification manages risk. We've always been told be diversified. And I know many people think that investing in an index is diversification. That's not always true. It absolutely depends on how diversified that index is, right? Tell me why you feel this is a half-truth, that diversification manages risk.

Kirk Chisholm:

Yeah, and I want to address one quick point before we get into that which you mentioned, which is where do people invest? This is really hard. I'm giving you these mental models so that you can understand how the markets work. I'm not telling you to be in cash or stocks. I think that's important because if you're doing one thing and you never change your mind, then you're going to eventually be wrong even if you're right most times. So the whole diversification strategy that you mentioned, diversification, people have always looked at this, actually diversification started as an academic study. It was never intended for Wall Street, but what Wall Street realized is, "Hey, if we have diversification and it reduces risk, then we can sell more mutual funds." That's how this started. This wasn't like an academic proven positive thing that works all the time. It was a theory that people said, "Hey, this looks good enough to sell mutual funds to people."

Diversification actually does a really good job at reducing volatility. Now volatility is this up and down, you see any given day or week, it reduces volatility because in normal times it gives you a smoother ride. Some things go up, some things go down. But overall it's going to have a smoother ride in a direction you hope you're going. Now the problem is when it doesn't work. 2008, 2017, 2020, 2022, there's a difference between risk and volatility. Volatility is this up and down movement. Risk is what we call a permanent impairment of capital, which like 2008, dropping close to 60% is a permanent impairment of capital. Oddly enough, 2020 came back. So that technically would be volatility. But the point is no one wants to lose half their stuff. If you look at 2008, withstanding gold and cash, everything went down 58 and a half percent given a few percentage either way, but 2020 was the same thing.

Virtually everything went down the same. Which means diversification's not really protecting you. Diversification is volatility management. Risk management doesn't work because the markets have changed in the last 20 years. We're now big selloffs affect everything including bonds. So that's why you have to be aware. You can't just diversify and say, "I'll be okay." Because this year, stocks, bonds, everything was down similarly. So you really weren't protected by diversifying. So you just need to be aware of that aspect so that you're not blindly doing this and just saying, "Why did I lose so much money?" It's because it's not a good risk management tool. It's a good volatility management tool.

Bobbi Rebell:

So then what is a good risk management tool?

Kirk Chisholm:

This is where it gets into being hard. I try to think of simple frameworks to give people. The way I've kind of looked at it is you have to have a framework for risk management. Now everyone's different. Some people say, "If it goes down more than 5%, I'm out." But you have to have a more active mentality or you need to find tools like we use Options as a way to manage risk, because I can define the worst case scenario and say, "Nothing will be worse than this no matter what happens in the world." So I like Options as a tool for that, but it's not for everybody. So I'm not saying this is all in one tool for everybody, but you need to find a strategy that is acceptable to you. Now one strategy might be you invest in rental property and that's what you do for a living. You're really smart when it comes to real estate investing.

I have a lot of friends, they do this professionally and they'll always invest in real estate and they know how to manage that. And you're still getting your cash flow, you're still getting your returns, but you need to know what you're investing in. If you're going to be passive, then you need to expect the fact that we could have a period like the early 2000s or the '70s where your returns are lackluster for 10 years.

Bobbi Rebell:

But not everyone can be an expert on those things. Very often we have jobs that there's a reason that all of these investment management firms exist because we have to outsource it. I want to gets back to one half-truth before we run out of time. So an investing half-truth that fascinates me that you talk about is that you have to be invested in order to get the best 10 days. You don't want to miss the best 10 days. I'm not sure if I phrased that correctly, so feel free to correct me.

Kirk Chisholm:

Yeah. So when I started this industry in '99, a whole bunch of wholesalers would go through the office and they would give you all these charts and say, "Here's a chart, you can use this to sell our mutual funds." And it was just weird. But anyway, that's the culture of the broker dealer world. So there's one I kept seeing over and over and over again, is basically if you missed the 10 best days, your performance would be cut in half. Since 1980, if you're invested all the time, your $10,000 would've grown to $700,000. If you missed the 10 best days, it would've been only $341,000. Well that's significant. I should be invested all the time, right?

Bobbi Rebell:

Yeah.

Kirk Chisholm:

I mean, that's obvious.

Bobbi Rebell:

I'm buying in. Sure.

Kirk Chisholm:

However, if you missed the 10 best days, your performance was lackluster. If you were invested all the time, it was much better. However, if you missed the 10 worst days, you would've doubled the performance than if you had just been invested the whole time. So it's what I call of Wall Street half-truth, where they tell you what you need to know to buy their mutual fund or to buy their narrative. But if you actually look at the numbers, it's not completely true, because missing the 10 best days is incentivizing you to buy something and never sell it, which is Wall Street's preference. But if you were to miss the 10 worst days, which is why we focus on risk management, if you miss the 10 worst days, then you're much better off and you don't have periods of big losses, which is if you invested all the time, like we talked about, you could be down 60% in your portfolio.

That is historically okay, that happens. It's not all the time, but it happens. So you just need to look at the full picture. So the half-truths are about showing you the difference between this little piece over here and the whole rest of the picture, which if you understood, you'd say, "Okay, I can make better decisions now because I understand the scope of what's going on."

Bobbi Rebell:

All right, so what's your best advice heading into 2023 for the average investor? Who is not able to time the market, to miss the worst 10 days and to get the best 10 days, because that's just not realistic for most of us.

Kirk Chisholm:

You should start thinking about your portfolio differently. For example, interest rates have been zero for a very long time, except for now. Now you can get three-month treasuries, which are virtually, if you can't say guaranteed about anything, that's as close as you can get to give you a guarantee of safety. So you can get 4% in change on three-month treasuries, which is great. 4% compared to losing 20%, 30% is pretty nice. So I wouldn't say go all in on bonds, but if you're going to have fixed income in your portfolio, you should look at short-term bonds, three months, maybe even six months at the most. But interest rates are going to keep going up for at least the next six months. So you shouldn't go out too far. But if you can lock in 4%, 5% on a bond for three to six months, I think you're in good shape. Savings bonds are phenomenal. You could get 9.6% I think as of October, now it's, I think 6.8. That's a pretty good yield. Now it's only $10,000 per year per person, but that's still a really good rate.

Bobbi Rebell:

A little more with your tax return if you can, if you get a tax refund.

Kirk Chisholm:

Right. So that's something anybody could do and that's like a no-brainer approach. You're getting a good yield, almost no risk. So it's a good approach. But outside of that, I would just say learn as much as you can and think about valuations. If you look back in the '70s, valuations got so cheap that it was blatantly obvious that it was a good time to buy. It didn't matter if it went up or down from there. It was just things like Warren Buffett made all his money. His best returns were in the late '70s and early '80s because it was just so cheap that things were, you could have just thrown a dart at a board and you could have made money. Right now, it is so expensive that things are more expensive now than they were prior to COVID, and then they were expensive. People were talking about how expensive it was prior to COVID and we're still above those.

So the fact that we've gone down 20% to 30% on the markets, we're not even close to where we should be. So be very careful about your investments. Don't feel like you need to be all in. Don't be afraid to be in cash. Just be more conservative with your investments than you think you should be. Because the one rule that if you take nothing away from this, you should take this away. In a bull market, the idea is to make money. In a bear market, the idea is not to make money. The winner of a bear market is the one who loses the least. Now you might think about that, you think you're crazy, but we're in a bear market. Markets have all been down this year. The one who lost the least is cash. And the cash has still lost 8% into inflation, which means it's still down, but it's lost the least.

So don't think about it as, "I need to make 7% this year." Because you could lose a lot of money. Think about it as, "How can I protect myself? What can I do to be more conservative and lose the least until things change?" And if you want to know when things are going to change, I'll give you an easy framework. Watch the Fed. If they start reducing rates, then you can get a green light to start investing. If as long as they're raising rates, you should keep your foot on the brake, not on the gas.

Bobbi Rebell:

All right, thank you so much Kirk. Where can people find out more about you and be in touch?

Yeah, I'm pretty easy to find. You can find me on Money Tree Investing podcast. It's moneytreepodcast.com is the website. Also, you can find me at innovativewealth.com. That's our website and you can pretty much find me everywhere. I'm pretty easy to find.

Bobbi Rebell:

I know the holidays are a time we're all supposed to get excited about, but sometimes it just feels like I can't celebrate until I get through my never-ending to-do list. That includes gifts. It's exhausting. I mean, I love the smile on people's faces when I get them something that's going to be meaningful and that they love. But the truth is it's also really hard and I'm really getting tired of giving people the same old, same old. I mean, I feel like we're finally emerging from this pandemic and I just want something that will get them to smile. So my team and I have been working really hard to up the ante over at Grownup Gear with some super fun new stuff. My personal favorite, the baby bibs and the onesies with phrases like, I can't believe you are the grownup either, and new colors and designs of our top selling generosity line. And for the holidays, if you spend just $50 on any of the items from our generosity collection, we will gift you a $10 gift certificate that you can spend on something to be generous too, well yourself. Just use code holiday, H-O-L-I-D-A-Y. And thanks again to everyone supporting Grownup Gear. Your business helps small projects like this podcast, which remain free for all of you. Happy holidays guys.

So if you follow me on Instagram or on TikTok, you're going to see some of the video clips where I will look very confused and honestly kind of skeptical. I was. I try to be open-minded with what my guests are saying because there's so much that we can learn from them. And by the way, Kirk is a very smart guy. He made his arguments very well. A lot of what Kirk says makes sense. Maybe I'm just stuck in the things that I take for granted. And I like that he has me questioning them. On the other hand, when he talks about the market going down for years and how it would absolutely be better to have been in cash for those years, of course, so we can buy more at a lower price, of course, sure, but I'm just not smart enough or good enough or whatever, and maybe I don't pay the right people who are smart enough, but I can't identify those years.

And so I'm kind of lost, because someone like me, and many of you I suspect, kind of have to default to being in the market in the bad years so that we can be in the market when the good years come along. That said, I love a good discussion and I totally appreciate Kirk's viewpoints. Hopefully my conversation with Kirk got all of you at least questioning the things that we take for granted, which is something we should always be doing.

If you are not already, please go to my website, which is just my name, bobbirebell.com, or go to the show notes and sign up for my newsletter where I share more useful information for financial grownups and of course DM me. Let me know what you thought about this, and every episode. I am @bobbirebell1 on Instagram, and Bobbi Rebell pretty much everywhere else. And of course, also, if you can, please as a little holiday gift to me, consider writing a review of the Money Tips for Financial Grownups podcast on Apple Podcast. Or if you listen on any other platform that has space for reviews, means a lot to me. And by the way, definitely send me a screen grab of it if you do so. So I can thank you. I also want to thank Kirk Chisholm for helping us all be financial grownups.

Money Tips for Financial Grownups is a production of BRK Media LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support, and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show, as well as show transcripts by going to my website, bobbirebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media, @bobbirebell1 on Instagram and Bobbi Rebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups Club. Second, share this podcast on social media and tag me so I can thank you.

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Advice, Financial Grownup, Investing, Money, Personal Finance, PodcastsBobbi Rebell KaufmanTemplate, investing tips, stocks, stock market
All about I-bonds with Jeremy Keil
All about I-bonds with Jeremy Keil
 
 

I Bonds currently pay 9.62 percent but that is ending very soon. Certified Financial Planner Jeremy Keil joins us to explain what I Bonds are, why the interest rate is expiring and how to decide whether they are right for you. 


 
 

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Full Transcript:


Bobbi Rebell:
Hey, grown up friends. A big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life by helping Your Almost Adult Kids Become Everyday Money Smart. This book was not easy to write because I had to get honest with myself about what was working with my teen and young adult kids and what was not working, and I also had to be prepared to share it with all of you. So first of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear.

Bobbi Rebell:
By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts. I am really happy with how Launching Financial Grownups came out even though it really was hard to be, like I said, that honest. And it was a lot of work, but I really love doing it and I'm really happy with how it came out. On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important because the algorithm picks up on them and that can make the book a lot more visible to more people. So I truly appreciate it and I really also appreciate all of your support.

Jeremy Keil:
9.62. A great interest rate. You cannot find that anywhere. You can't find that in 12-month CDs. You can't find that in savings accounts. And, of course, there's a few different quirks, again, with the I bonds we'll get into. But the reason why rates are so high is because it's just based on inflation. And inflation, unfortunately, has been high, but thankfully you can get some good value out of what's going on.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, Certified Financial Planner Bobbi Rebell, author of Launching Financial Grownups, because you know what? Grown up life is really hard, but together we got this.

Bobbi Rebell:
Let's talk about savings bonds. Savings bonds used to sound really boring. In fact, they were really boring. The returns were kind of blah, especially compared to other opportunities that were out there. But things are changing. Between the bear market and the rise of inflation, something pretty interesting is happening with what are called I bonds. I as in inflation. Let me say though from the get go that this episode is, as is always the case frankly, for information and hopefully entertainment only. I'm not advising anyone to make any specific investments.

Bobbi Rebell:
That's going to depend on your personal situation and your goals, but you should at least know about different investments, in this case, I bonds, in order to make that decision. So my guest this week is Jeremy Keil. He is a Wisconsin-based financial planner and also the host of the Retirement Revealed Podcast. In our interview, Jeremy and I discuss what I bonds are, how they work, how you can actually buy I bonds. It's not where you think or where you usually get most of your investments. We also talk about how much you can buy. There are limitations and then there's little loopholes. And, most of all, why they are currently paying so much more than other investments. Stay tuned to the end because we also get into some quirks that you really need to know if you are considering putting some money into I bonds. And also a very important deadline. Here is Jeremy Keil.

Bobbi Rebell:
Jeremy Keil, you're a financial grownup. Welcome to the podcast.

Jeremy Keil:
Thanks for having me on, Bobbi.

Bobbi Rebell:
You are a Certified Financial Planner. You have your own practice out in Wisconsin and you are also the host of the podcast Retirement Revealed. I asked you to come on because you focused, recently especially, on something that I am incredibly curious about and I think our listeners really need to know about, and that is something called I bonds. So it's a letter I and then the word bonds. Explain what exactly are I bonds and why do we care, especially at this moment in time?

Jeremy Keil:
You got it. Well, you right might remember back in the day growing up, your grandparents probably gave you paper savings bonds for a gift. Christmas, birthdays, things like that. I bonds are savings bonds. They're U.S. government bonds. They're no longer on paper. And the I part means it's tied to inflation. And so no one really cared or knew about these until about the middle of 2021 when all of a sudden the rates started getting pretty good.

Jeremy Keil:
Middle of 2021, they were 3.5% and your average bank account was 0.01. And so that was a pretty good deal. Then they went to 7% and now, through the end of October, they're at 9.62%. So if you buy an I bond on October 30 or before that, then the rate will be 9.62%. And I threw in a little funky date there, October 30, because when you buy an I bond, you can only do it through treasurydirect.gov. You got to go direct to the U.S. government. They make it effective the next day. And so if you're on Halloween listening to this, have some fun, but don't bother buying an I bond because October 30 is the last day for the 9.62%.

Bobbi Rebell:
Okay, we want to talk about why these rates are so much higher than other investment options, the risk involved in them, and then also what's going on on October 30. Let's start with, first of all, why are the rates so much higher? What's going on? Is there some kind of disconnect? Because, as we record this, which is October 6 of 2022, we're recording this, the stock market has been kind of a disaster the last few months. People have been losing quite a bit of money depending on where you're invested. And these seem very safe and kind of a no-brainer. How do they work? Why is the interest rate so much higher and why has it jumped so much recently?

Jeremy Keil:
Yeah, so I'll call it a quirk, not a disconnect. One reason why the stock market's down is because usually the stock market drops when there's a sudden quick inflation. And that's what happened. All of a sudden, inflation just kicked up. It was somewhat a surprise to most everybody. And yet the I bonds, I stands for inflation, they are tied directly to the inflation rate. And so when you see inflation high, that initially usually historically kicks down the stock market, but it's also tied a hundred percent. It kicks up the rates in these I bonds. And so it's also interesting too because usually in the newspapers and the news media, you'll see the 12-month inflation rate. And most of the time in the last year you've seen inflation's at around 8%, which is a pretty high rate. But the way I bonds are figured out is they take the last six months of inflation and they double it.

Jeremy Keil:
You normally see a 12-month rate, but they've looked at the last six months and doubled it. And so back in April of 2022, they had the March numbers and it came out that inflation was 8, 8.5%, whatever it was. But it was kind of a ramping up. The last six months of that 12-months number was really high and that happened to have been the number they use for inflation bonds, the I bonds on there. So 9.62% is the rate for anyone that bought in May of 2022 all the way through the end of October 2022. And that's interesting. 9.62, a great interest rate. You cannot find that anywhere. You can't find that in 12-month CDs, you can't find that in saving accounts. And, of course, there's a few different quirks again with the I bonds we'll get into. But the reason why rates are so high is because it's just based on inflation. And inflation, unfortunately, has been high, but thankfully you can get some good value out of what's going on by looking into I bonds.

Bobbi Rebell:
So when you're buying an I bond, what kind of account should you put it in? Is it a taxable asset where you should maybe put it in something that's a retirement fund or is it something where you're going to pay tax on? Where is the best place to put these I bonds if you buy them?

Jeremy Keil:
You got it. So you used a term taxable. I like to use the term non-IRA. It's just not special. It's just like your bank money. You cannot buy an I Bond inside of a Roth IRA. You cannot buy the I bond inside of your traditional 401k, anything like that. It's basically a replacement for your bank money. If you thought, "I don't need this bank money for the next 12 months or so", then you can put that money into an I bond and think of that 12-month number or 12-month time because you absolutely cannot, no way, get your money out of I bonds for the first 12 months. That's a rule. No matter how hard you try, you're not getting the money out. So the only money you should put into I bonds is money that you expect to not use for at least 12 months because you can't get it out.

Jeremy Keil:
And if you take it out in the first five years, you lose the prior three months interest as a penalty, which sounds big, sounds bad, but when you run the numbers, even after losing that last three months of interest, it still comes out to a pretty good rate. And then that gives us kind of a first tip with I bonds is looking at more a 15-month purchase at the minimum. Because if you really like the interest for the first year and you don't like the interest a year later, well, you want to wait about three months, then cash out your I bond because then you're cashing out and losing the bad interest and holding on to the good interest that you got the first 12 months.

Bobbi Rebell:
But you can't buy unlimited amounts of this. There are some caps to how much you can actually buy and then there's sort of a loophole with respect to taxes, to your tax refund.

Jeremy Keil:
A bit of that. So the maximum purchase is $10,000 per person per year. So a lot of people say, "Oh, that's not terribly too much." Most Americans don't have $10,000 in the bank. And so most Americans can benefit by purchasing I bonds and not actually running up against that $10,000 limit. Folks that have more than that and want to buy more than that, well, you might be married. That's 10,000 for you, that's 10,000 for your spouse. You might want to put some in the name of your kids. You might have a revocable living trust because you've done some estate planning and your trust can buy the $10,000 worth of I bonds.

Jeremy Keil:
And you might have an LLC. Perhaps you have a business and that business can buy the $10,000 worth of I bonds. So there's a lot of, I wouldn't say ways around it, but just knowing the rules that it's per person, per entity, I'd say most couples might be able to get 20,000, maybe even 30,000. Perhaps they could get more depending on what their kid situation is or their business situation is. And, hey, if you max out in one year, wait until January. It's per calendar year. You can get another. It just resets. You get another $10,000 per person or entity once you hit January.

Bobbi Rebell:
Now you talked about October 30 and that's because it's the end of the month and you need 24 hours. You need to buy it one day before the end of the month. What exactly is going to happen in November? I mean, how do we know it's not going to go up and get even better because it feels like inflation is still pretty bad right now.

Jeremy Keil:
Yeah, you get it. Inflation is bad on a 12-month basis. That's what you normally see. But the I bond rate is based on the prior six months. So the November rate will be based on what happened between March and September. And so far we're about a week away from that number release. So October 13, if you're listening October 13 or later, I'll have that posted right on our podcast website, which is retirement-revealed.com. We're doing the math every month on what the projection will be.

Jeremy Keil:
And, finally, October 13, we'll have the full six months that's on there. So we'll know for sure. But right now it's trending the last two months of inflation have actually gone down. And so you see the numbers that say inflation's 8% above. It's actually reporting 10 months of really bad inflation and the last two months, inflation has actually gone down. We'll see if it happens again for a third month straight. It's just kind of a quirk of how people report inflation with 12-month numbers. I bonds are based on six month numbers and if you really dig into it month by month, which I like to do, you'll notice that the last two months, inflation's actually gone down

Bobbi Rebell:
When you're actually going to buy an I bond, whether it's for money or also you can do it right with a tax refund money as well, right? That's an extra thing?

Jeremy Keil:
Yes. So that's an extra thing. So you could get, on top of the 10,000 per year of online I bonds, you could have your tax refund refunded to you, not direct to your bank, but through I bonds. Those are actually paper. You'll get them in the mail. And so some people are sending in a $5,000 extra payment. It's called a quarterly estimated payment. They're sending in that extra payment early in December or so because they want to file and get an extra refund coming back and they're choosing those paper savings bonds, those I bonds. That's a way to get more I bonds.

Bobbi Rebell:
So you could file your taxes. Let's say you got an extension on your taxes and you're filing them in October. You could send in an overpayment and ask for it to come back in the form of an I bond. And that's a way to actually put more money into I bonds if you wanted.

Jeremy Keil:
That's absolutely it.

Bobbi Rebell:
Okay, great. So that happens automatically. That's something you do on the tax form. You can obviously speak to your tax preparer about that or I'm sure there's ways to figure it out through the IRS that it's on the forms, right?

Jeremy Keil:
Yeah. That's a form. We'll see if I get you the exact form before we're done talking, but it's a form, I believe. I'll figure it out. I'll figure it out for you.

Bobbi Rebell:
We'll figure it out and we're going to put it in the show notes for you, the form that you need, which is going to be on my website, which is just my name, bobbirebell.com, but I'm sure you can also find it on Jeremy's website. So if you're not buying it through a tax refund, do you have to have it through a brokerage account or a savings account or whatever or can you literally just go to treasurydirect.gov and buy it that way? Or do you need it to be in an account?

Jeremy Keil:
Yeah, that's the only way to buy it is treasurydirect.gov. Yeah, you can not buy I bonds through a brokerage account or a bank. Some people are used to buying them through a bank or a payroll deduction. Those are all old school ways to do it. Treasurydirect.gov. Or, and I found it here, it's form 8888. Easy to remember.

Bobbi Rebell:
Okay.

Jeremy Keil:
Form 8888, so tell your tax prepare if you want to get those I bonds, "Here's how I want my refund to come out to me" and you can put right in there up to $5,000 of your refund can come out as a I bond.

Bobbi Rebell:
Oh wow. Okay. So the limit though for the refund is $5,000. So that kind brings you up to 15,000 per person. Well, I guess it's 5,000 per tax return, right?

Jeremy Keil:
That's exactly it. So a married couple, 10,000 each plus 5,000 for the tax return gets you 25,000 for the year as your maximum.

Bobbi Rebell:
All right. What else do we need to know before we wrap up?

Jeremy Keil:
When you're thinking of short term money, you deserve more interest. And your bank is out there getting more interest through things like treasury bills or they're loaning out your money to make a better interest rate. I'd encourage you to go get the best interest you can find and it's definitely not your local bank. It's going to be a place like a high yield savings account. It's going to be a place like treasury bills, six month treasury bills especially, are a higher rate right now. But these I bonds have been kind of hot since middle of 2021. They look like they'll continue that way at least through the end of October of a purchase you can get for 12 months and get more interest than you can get anywhere else for 12 months guaranteed. So just look into those things.

Bobbi Rebell:
Thank you so much. Tell us where people can find more about you and your podcast.

Jeremy Keil:
Yeah, we've got the Retirement Revealed podcast, so just look up Retirement Revealed wherever you listen to podcasts. And then if you'd like to learn more about what we do on the retirement planning front, just go to fivestepretirementplan.com and you'll see some videos about here's how we take people through the retirement planning process.

Bobbi Rebell:
And those are great videos. Thank you so much, Jeremy.

Jeremy Keil:
Yeah, thanks, Bobbi. It's been fun.

Bobbi Rebell:
There is something I don't talk about publicly that I have decided to start sharing even though it can be a bit embarrassing. I get digital overload and it stresses me out for good reason. Because when you have so much junk on your computer because you're not as organized as you should be because you get caught up in all the things that you have to do, if you don't deal with it, all that stuff on your computer starts to really slow things down and can become a total drag on your productivity.

Bobbi Rebell:
For me, there is nothing worse than finally motivating to get stuff done only to be derailed by a sluggish computer that is just not cooperating. A little while ago, I decided I was going to stop just kind of hoping that things would get better and I was going to deal with it. I downloaded something called Clean My Mac. It's from a company called MacPaw.

Bobbi Rebell:
I was skeptical, but I took a deep breath and I tried it. Long story short, it totally worked. I loved how I could see it work through my files with clear and easy to understand graphics. I could see what was messing things up and Clean My Mac would ask me for my okay before deleting files so that something I did need to keep didn't go bye bye. That was one of my biggest fears. I recently reached out to the company and they are offering 10% off to my Financial Grownup listeners who want to also get Clean My Mac. To get that 10% off Clean My Mac, you do need to go to my link. It is bobbirebell.com/cleanmymac. B-O-B-B-I-R-E-B-E-L-L.C-O-M/Cleanmymac. And that is all one word. I promise you you'll be so happy.

Bobbi Rebell:
I want you guys to be in touch with me, let me know how it goes. You deserve to lower the stress of data overload. Trust me. So worth it. As you could probably tell, this is not an investment that I have made in the past because the fact is saving bonds have just not been competitive with the stock market. And while I do want to repeat that this is not an endorsement of I bonds, because everyone's financial situation is different, it's important to at least know what's going on so you can make those decisions.

Bobbi Rebell:
On that note, how are you guys feeling about your investments and are there new kinds of investments or investments that haven't been front and center in recent years, like I bonds, that you want to know more about? DM me on Instagram at BobbiRebell1 or on Twitter at BobbiRebell and please go to my website, bobbirebell.com, and sign up for my free newsletter where you will get more useful investment tips and ideas.

Bobbi Rebell:
You can also get the show notes with links to the things that we talk about on this podcast, like that IRS form, which is important. I think that was really interesting. And you can also get full transcripts of every podcast that we do for free. Just go to the podcast dropdown menu right on the top of the page. I also want to thank those of you who have left reviews for the podcast and ask that if you have not to please consider taking a couple minutes to leave one.

Bobbi Rebell:
I know everyone's so busy, but the support is really appreciated and means a lot to me. If it's easier, take a screenshot while you're listening and just post it on social media and tag me so that I can share it as well. And also thank you because it means a lot. It's really important to me to grow the community and get the word out and help more people. So thank you. I also want to thank Retirement Revealed podcast host and financial advisor Jeremy Keil for helping all of us be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support, and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts, by going to my website, bobbirebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup.

Bobbi Rebell:
The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media at BobbiRebell1 on Instagram and BobbiRebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups Club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts.

Bobbi Rebell:
Reading each one means the world to me. And you know what? It really motivates others to subscribe. You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind words so many of you send my way. See you next time and thank you for supporting Money Tips for Financial Grownups.

 
Advice, Financial Grownup, Money, Personal FinanceBobbi Rebell KaufmanJeremy Keil, CFP®, Financial Planner, I Bonds
3 ways to stop feeling bad about money with Kelley Holland
3 ways to stop feeling bad about money with Kelley Holland
 

Kelley Holland, author of You Are Worthy: Change Your Money Mindset, Build Your Wealth & Fund Your Future joins Bobbi to share strategies financial grownup strategies to boost your money mood and get back on track to your money goals

 
 
 
 

Follow Kelley!

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Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

  1. Subscribe to the podcast, so you never miss an episode.

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Full Transcript:


Bobbi Rebell:
Hey, grownup friends. A big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart. This book was not easy to write because I had to get honest with myself about what was working with my teen and young adult kids and what was not working, and I also had to be prepared to share it with all of you. So first of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear.

Bobbi Rebell:
By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts. I am really happy with how Launching Financial Grownups came out, even though it really was hard to be, like I said, that honest, and it was a lot of work, but I really loved doing it and I'm really happy with how it came out. On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important because the algorithm picks up on them and that can make the book a lot more visible to more people. So I truly appreciate it and I really also appreciate all of your support.

Kelley Holland:
A lot of financial health has to do with small steps taken on repeat, and you can start taking those steps today. And the sooner you start, the sooner you'll feel better.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, Certified Financial Planner, Bobbi Rebell, author of Launching Financial Grownups. Because you know what? Grownup life is really hard, but together we got this.

Bobbi Rebell:
I love the line from our guest that we heard in the open. Just think about it. A lot of financial health has to do with small steps taken on repeat. It makes me think about that movie Groundhog Day with Bill Murray, or even better, 50 First Dates with Drew Barrymore and Adam Sandler doing the same thing over and over. Yeah, it's pretty basic, but in this case, when it comes to investing, basic will likely serve us all well. My guest is Kelley Holland. She is a longtime financial journalist with stints everywhere from The New York Times, to Business Week, to CNBC, where I got my start. She is also the founder of Own Your Destiny. She is a financial coach and is now sharing her wisdom with all of us in her new book, You Are Worthy: Change Your Money Mindset, Build Your Wealth, and Fund Your Future.

Bobbi Rebell:
In our interview, we talk about why women sometimes don't trust ourselves with money, and quite simply don't believe in ourselves. We lack the confidence. Kelley and I also talk about the jargon in the financial industry which often alienates so many of us and makes us feel intimidated. The truth is money skills are skills that have to be learned. And Kelley does an amazing job in our interview of sharing the best way to get past those obstacles that are keeping us from doing the things we know in our hearts we need to do. A lot of us, we just don't want to make mistakes. You're going to love this. I'll see you on the other side. Here is Kelley Holland. Kelley Holland, you are a financial grownup. Welcome to the podcast.

Kelley Holland:
Thank you, Bobbi. I'm delighted to be here.

Bobbi Rebell:
We're excited to have you here to talk about among other things, your new book, You Are Worthy. And in just a few minutes, we're going to talk about three ways to stop feeling bad about money, which is something that is a theme that runs throughout the book. But before we get there, I want you to tell us a little bit about yourself and how you came to write this book.

Kelley Holland:
Well, this is a bit of a long and winding road. I spent a couple of decades in business and financial journalism at various national publications, and along the way I started writing about personal finance and became really focused on women's money challenges. A lot of them are structural and we know them. The pay gap, the more time we spend out of the workforce, the fact that it's harder for us to save. So there's all that. But what I realized after a while was that there was something else that seemed to be going on. Because I had lots of company sharing information with women about you should do this and you should save this way and here's a way to think about your savings and retirement. But nothing was changing. The pay gap was stuck, the workforce participation was stuck.

Kelley Holland:
And so I realized something else had to be going on and I decided it had to do with mindset. The more I talked to women about how they felt about themselves in relation to money, the more I saw that there was a mindset that kept a lot of us from bringing our A game to deal with the real challenges that are out there. So the book distills that and what I learned from my coach training and what I've learned from my clients as a financial coach. And it's all put together in a way that's designed to both encourage you and educate you to take charge of your money.

Bobbi Rebell:
And it's also very relatable in that you have specific, and although you do keep people anonymous, you have very specific stories and very specific challenges that the people you interviewed. And it's a substantial number of people. I think over a hundred, you said-

Kelley Holland:
Over a hundred.

Bobbi Rebell:
... that you interviewed for this book. And the stories, I mean, if you don't relate to the first one, you're going to relate to the next one and probably the next one. And I think that's something very special about the book as we see each other in the people that you present to us in the book.

Kelley Holland:
Well, I really wanted to include that because one of the things that goes on with women and money is we feel uncomfortable talking about it and then we wind up feeling alone with our money challenges and we sort of feel like are we the only ones who feel this way? So part of what I wanted to do was not just be a talking head saying, "Do this, do that, I believe in you," but also make available the voices of other women just like my readers, who offer examples of, "Look, this person does feel the way you do and they're just as successful as you are, but they still have these hangups."

Bobbi Rebell:
So we have to change this. So you brought with us, and this is just a small snippet of the kinds of information you have in this book and the kinds of, frankly, specific, actionable things that people can do in the book. You brought with you three ways to stop feeling bad about money, the first of which is really recognizing that no one is born financially literate. Tell us more about that.

Kelley Holland:
Well, it's true. We aren't. We don't come out of the womb knowing how to manage money. And Bobbi, you're an ace at raising financial grownups so you know this, that this has to be taught. But it's kind of luck of the draw as to whether we do learn this along the way to adulthood. Not everyone can have you for their mom. And we do know that parents tend to talk to sons more than daughters about money, and they definitely tend to talk to sons more about investing and making their money grow. We also know that most states don't require financial education to graduate from high school, which I think is nuts, but they don't. So it's really up to chance as to whether you ever learn this stuff.

Kelley Holland:
And then women also get a whole lot of messages about being bad with money and being chronic overspenders and silly and irresponsible. So we start to kind of underestimate what we do know. So yes, if you feel like you don't know this material and you're beating yourself up about that, remember no one is born with this and it's just a matter of chance as to whether you get it growing up or not.

Bobbi Rebell:
And I think you bring up an interesting point because a lot of the information out there is focusing on fixing problems rather than applauding success.

Kelley Holland:
Absolutely, absolutely. And that's such an important part of moving forward with something that really takes time, like getting control over our financial lives. It's really important to be able to notice when you're succeeding and reward yourself in some fashion, even if it's just a silent pat on the back, but notice that you are doing something good for yourself and you can keep doing it.

Bobbi Rebell:
Let's move on to the second way to stop feeling bad about money, and that is to remember that what happened in the past is over. And by the way, side note, this applies to relationships too.

Kelley Holland:
This applies to everything.

Bobbi Rebell:
We tend to bring the past with us and project it forward into the current situation and we need to kind of break away from that.

Kelley Holland:
Absolutely. And it applies to the six cookies I ate last night. I mean, come on, there's nothing we can do, but what you can control is ahead of you. So recognize that and recognize that, as I said, a lot of financial health has to do with small steps taken on repeat, and you can start taking those steps today, and the sooner you start, the sooner you'll feel better.

Bobbi Rebell:
And now the third way that we can stop feeling bad about money, and I love this one because it is so specific, although you have some extra things you're going to add in here. Use the power tools at your disposal. I feel better about everything already just reading that.

Kelley Holland:
Well, you do have power tools. Look, let's be serious for a minute. Now money is, and we know at the end of the day, just a tool for living. That's what it is. No more, no less. We attach all kinds of emotional weight to it and we have all kinds of complicated feelings around it. That's why I wrote You Are Worthy. But it is just a tool and there are other tools that you can use to make good use of money. So one of these is automation. If you, for example, were to set up an automatic deposit from your paycheck every time so that you were putting 25 or 50 or a hundred dollars in a savings account, you would be building an emergency cushion for yourself and barely feel the pain if you just took it right off the top and you made a decision once to do that. And then just you're much more likely to let it run. So that's a power tool at your disposal.

Kelley Holland:
Another one is you don't have to do all the specific work of investing. You don't have to become an expert stock picker, if that's even a thing. You can invest using funds and you don't even have to invest in funds where you research the managers to find out who's super smart. You can use passive funds like index funds and many exchange-traded funds. I know you've had other guests on who've gone into detail about this, and I don't want to go down too far on that, but just using funds is a big time saver. Even financial writers like Michael Lewis will say that this just, when they do this, it saves them enormous amounts of time and worry. And then another one is harness-

Bobbi Rebell:
Oh, but let me just, I do want to caution though, what are the things that you need to look for when choosing a fund? Because even if you just look at the returns, it's a little bit more complicated in terms of what you will actually earn. I mean, some of them are a lot more expensive, for example, than others, and you have to know what you're paying for and whether you want to make that investment as well. I guess active versus passive, you've explained, but there are still fees involved.

Kelley Holland:
Absolutely, and it's a great idea to be really watchful of fees because if you think about, I mean, just the math is, over time, more or less, you're going to earn about 7% a year in the stock market if you smooth it out. So if you have a fund that charges a 1% management fee, you're giving away one seventh of what you could be earning. So just be very aware that even what might look like a small percentage for a fee can add up to a lot in terms of your returns and your performance.

Bobbi Rebell:
Absolutely. And then of course, time is money. Literally.

Kelley Holland:
That's your third power tool is the power of time. The sooner you can get your money invested and working for you, the more time the growth on your investment has to grow. And that's how you get that multiplier effect where you really can build wealth.

Bobbi Rebell:
A lot of women might be hesitant to invest. For example, right now as we record this, we are in by some measures a bear market. People are very nervous about the stock market potential or current recession, however you choose to define it. What do you say to people who say, "Okay, I get it, but I'm just going to wait till things calm down," which is almost wait to do something in your life until you have "more" time. And that never really comes. What's your advice to people that are skittish about the market right now and very afraid? And it's a valid fear of losing money if they put it into the stock market or other investments.

Kelley Holland:
It's a very valid fear and the markets are choppy right now and they're more often than not going in one direction. They have been since January. It's really unpleasant. The first thing is take the long view. Recognize that if you're investing now, you're investing in a market that has fallen more than 10%. So you're better off investing now than you would've been in January. Second, you may be super brilliant, but none of us know exactly when the market will turn around. So it's impossible to know and the only way to participate in that eventual uptrend is to be in the market.

Kelley Holland:
And then the third thing I would say is that even after all that, if you're still nervous, it's perfectly fine to tiptoe in, just like tip toeing into the ocean instead of just diving under that wave. You can, if you have a thousand dollars to invest, invest $200 today, 200 next Monday, 200 the Monday after that, and so on. It's a perfectly fine way to invest. The key is to just get started.

Bobbi Rebell:
What is the biggest resistance you get from women when you were interviewing for this book? I don't want to call them excuses, but when people say, "Oh, I like your ideas, but it's just not going to happen because." What are you hearing from them and how do people overcome that?

Kelley Holland:
Well, for some of them, they just don't want to deal with it. I mean, when I interviewed these women, the offer was spend half an hour with me, talk about money. I'll anonymize your responses and I will offer you 30 minutes of free coaching. I only had two women sign up for the coaching. And I had other people spread the word about this whole thing and one of them answered back, "I'm not doing it. I would rather walk on hot colds, but I will tell my friends."

Bobbi Rebell:
Why? Why was that?

Kelley Holland:
Well, there's an version to entering this space because a lot of us feel less than capable. We don't like to do things we feel we're bad at. I mean, I'm not going to tell you the last time I picked up a tennis racket. It did not go well and I haven't done it in a long time. We don't like to engage with these things. We also can very easily feel overwhelmed. You and I both know that the world of finance is full of jargon and it feels kind of male. And even if you think about it, the language is pretty male. When you think about targeting return, beating the market, benchmarks, it's all, it's kind of male. We don't talk about, as a well-known study said, knitting a portfolio. It sounds weird, right? But that is what we do. So it's easy to feel unwelcome in this world. It's easy to feel ill-informed. And it's easy to feel like something's going to go wrong if you try it. So it's, for many women, easier to just look away.

Bobbi Rebell:
What is the solution? How do you get them to the table?

Kelley Holland:
So the thing to switch, I think, is around mindset and around self-trust. Because when you have a sense of self-trust and self-worth in this space and you believe you can do this and you have clarity about why you would do it, the goals that managing your money will help you achieve, then you can go out and start building your net worth. You can get the skills, you can create the plan, and you can get to work.

Bobbi Rebell:
Well, your book, You Are Worthy, is a great first step in that direction. Tell us more about where we can get the book and more importantly, where we can get in touch with you.

Kelley Holland:
Sure. So the book's available wherever books are sold. Patronize your local Indie bookstore, buy it from Amazon, everybody has it. And if you want to find me, you can get lots of resources on my website and the easiest way there is kelleyholland.com, which is, here's the tricky part, K-E-L-L-E-Yholland.com. And then you can also find me on Twitter, @KKelleyHolland, and on LinkedIn. And I spend a lot of time on both.

Bobbi Rebell:
Thank you so much.

Kelley Holland:
Thank you, Bobbi.

Bobbi Rebell:
There is something I don't talk about publicly that I have decided to start sharing, even though it can be a bit embarrassing. I get digital overload and it stresses me out for good reason. Because when you have so much junk on your computer because you're not as organized as you should be because you get caught up in all the things that you have to do, if you don't deal with it, all of that stuff on your computer starts to really slow things down and can become a total drag on your productivity. For me, there is nothing worse than finally motivating to get stuff done, only to be derailed by a sluggish computer that is just not cooperating. A little while ago, I decided I was going to stop just kind of hoping that things would get better and I was going to deal with it.

Bobbi Rebell:
I downloaded something called CleanMyMac. It's from a company called MacPaw. I was skeptical, but I took a deep breath and I tried it. Long story short, it totally worked. I loved how I could see it work through my files with clear and easy to understand graphics. I could see what was messing things up. And CleanMyMac would ask me for my okay before deleting files so that something I did need to keep didn't go bye-bye. That was one of my biggest fears.

Bobbi Rebell:
I recently reached out to the company and they are offering 10% off to my Financial Grownup listeners who want to also get CleanMyMac. To get that 10% off CleanMyMac, you do need to go to my link. It is bobbirebell.com/CleanMyMac. B-O-B-B-I R-E-B-E-L-L.C-O-M/CleanMyMac. And that is all one word. I promise you, you'll be so happy. I want you guys to be in touch with me. Let me know how it goes. You deserve to lower the stress of data overload. Trust me. So worth it.

Bobbi Rebell:
I love that point that Kelley made at the end about not wanting to do things that we are bad at. I mean, obvious, right? That's fine when it comes to something like what Kelley said about tennis, okay, of course. But it's not really optional when it comes to things like paying attention to and making intentional decisions about our money. What stands out to you from Kelley? I would love to hear from you. You can DM me at @bobbirebell1 on Instagram and at @bobbirebell on Twitter. And please check out my TikTok channel. I'm trying so hard. I really would love your feedback because I am definitely still figuring this one out.

Bobbi Rebell:
And by the way, for those of you that do follow me on social media, you probably have seen that I'm starting to try to get out there more to more conferences and gatherings and see people IRL. I would love to get to meet some of you in person, so please reach out if you are having an event come up, either something with a group you belong to or your corporation wherever you work, I would love to be a part of it and help out. Just go to bobbirebell.com/speaking. Like I said, I would love to be part of it and help make a great event.

Bobbi Rebell:
On that note, make sure you're also following Kelley Holland. Her socials are in the show notes, which are available right on my website, bobbirebell.com. Just click on the podcast tab. You also get full transcripts there. Kelley is doing some great stuff on her book tour, so try to drop in on one of her appearances IRL or virtual. And with that, I want to say a big thanks to Kelley Holland for helping all of us be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media LLC. Editing and production by Steve Steward. Guest coordination, content creation, social media support, and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts by going to my website, bobbirebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup.

Bobbi Rebell:
The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media, @bobbirebell1 on Instagram and @bobbirebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups Club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me. And you know what? It really motivates others to subscribe. You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together we got this. Thank you for your time and for the kind words so many of you send my way. See you next time. And thank you for supporting Money Tips for Financial Grownups.

 
Financial Grownup, Personal FinanceBobbi Rebell KaufmanMoney Mood, Wealth, Money Mindset, Kelley Holland, You Are Worthy, Author
How to invest in real estate without owning property with Scott Carson
How to invest in real estate without owning property with Scott Carson
 

Investing in notes can be profitable but it is complicated. Bobbi gets the basics and the red flags from WeCloseNotes.com’s Scott Carson

 
 
 
 

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Full Transcript:


Bobbi Rebell:
Hey, Grownup friends, a big thank you to so many of you that have already bought my new book, Launching Financial Grownups, Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart.

Bobbi Rebell:
This book was not easy to rate because I had to get honest with myself about what was working with my teen and young adult kids and what was not working. I also had to be prepared to share it with all of you.

Bobbi Rebell:
So, first of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear. By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts. I am really happy with how Launching Financial Grownups came out, even though it really was hard to be, like I said, that honest. It was a lot of work, but I really love doing it, and I'm really happy with how it came out.

Bobbi Rebell:
On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important because the algorithm picks up on them and that can make the book a lot more visible to more people. I truly appreciate it, and I really also appreciate all of your support.

Scott Carson:
You have many people that walk away, especially in a recession. You have people that just bought a house, got laid off, unfortunately just left. Well, if they've got a really low interest rate on their mortgage, it's a great way for you to take over property without ever having to qualify for financing.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups, with me, Certified Financial Planner Bobbi Rebell, author of Launching Financial Grownups, because you know what, grownup life is really hard, but together we got this.

Bobbi Rebell:
Are you guys watching the stock market and getting a little nervous again? Maybe thinking it's time to actually look to diversify and look into new places to invest your money, places where it may not be as liquid, it may be a little bit more risky, but you at least have, as I mentioned, a little more diversification, and maybe can see some upside to the economic troubles that some people are calling a recession. This episode is going to be very interesting for you. We are going to be talking about an area of investing that I frankly don't know that much about. It is a way to invest in real estate without actually taking possession of and buying real estate. In other words, you aren't buying the property to live in or to renovate the property, to renovate and then flip it or be a landlord, an active landlord for years, managing it hands on the ground or paying a company to manage it. You're just using financial resources, money, to get some of the benefits of real estate as an investor.

Bobbi Rebell:
I have a fantastic guest to explain to us how it works, and this is important, the red flags. Because while there is clearly opportunity, you have to know what you are doing. This is not for amateurs, but it is for anyone willing to put the time into it who has the right risk profile and is interested in diversification. It's really interesting, I was fascinated. My guest is Scott Carson. He is an entrepreneur, his company is called We Close Notes, and he also has a podcast called The Note Closers. And no, this is not the kind of note that you wrote on a post-it note. I was fascinated by it all. It's all going to be explained to you, it's going to make a lot of sense, and then you can decide if it's right for you. We're going to have some resources where you can get more information if you do want to proceed. But this is really interesting stuff that I wanted to know about, and I really wanted you guys all to know about, just as an option and potentially an opportunity for profit. Here is We Close Notes' Scott Carson.

Bobbi Rebell:
Scott Carson, you're a Financial Grownup. Welcome to the podcast.

Scott Carson:
I'm honored to be here today to share our knowledge and just give to your audience after all those financial crimes that were listed today.

Bobbi Rebell:
Well, I recruited you for this episode because the stock market has been a little bit scary, and I want people to know that there are other ways to invest, especially ways that you can still have some liquidity in different amounts, but the stock market is not the only game in town, and it doesn't necessarily mean you have to buy a property. I will explain more about that going forward, or something where it's not liquid. There are a lot of interesting ways that people can get more bang for their buck in terms of investing. And also, maybe a little bit more with interest rates rising, that creates a different opportunity in some ways. So, your company is called We Close Notes. Before we get into the opportunities, I want you to just explain where you're coming from, and your perspective and your experience.

Scott Carson:
I've been an active real estate investor for over 20 years. Previously a financial advisor with a little company called Smith Barney and Chase Bank back in the day. Got into mortgages and originating back in 2004, but literally have been buying notes, performing and non-performing notes, for the last 15 plus years, since 2008. When the last recession hit, I went from the origination side of the business to the de-origination side, and started buying mortgages direct from banks and hedge funds where people were not paying a mortgage. We make our money by buying that debt at a discount and then working it out with the homeowners to try to keep them in their houses with some sort of plan, without taking the property back. That's our preferred strategy actually, just to come back on track, back paying on time. It turns into a really good return for us, does good for the community, does good for the borrowers. As I like to say, we're making America great again, one defaulted mortgage at a time.

Bobbi Rebell:
We're going to go through five ways to invest in real estate without owning property in just a minute. But I want to take a step back and have you explain, first of all, what do you mean by origination and what exactly is a note?

Scott Carson:
Good question. Origination, we'll start first with that, is where you're creating mortgages or you're getting somebody approved for a mortgage. When you go to buy a house, you usually need to get approved for a mortgage. What that means is that a mortgage broker will evaluate your financials to see what you qualify for. They are going out originating mortgages to Chase or Wells Fargo, or any of the 5,000 plus loan companies out there, basically originating mortgages that way. A note, basically, it's an IOU. If you have credit cards, student loan debt, car payment, mortgage, owe your brother Bubba five bucks, you're in the mortgage space, it's an IOU basically. That's a note space. I like to buy notes that are secured by real estate, which is basically mortgages. I primarily buy mortgages in the first lien or senior lien position. There are seconds or juniors and other things, lines of credit people may have against their houses and stuff like that. But I buy first lien mortgages backed by residential for real estate. Does that make sense?

Bobbi Rebell:
Yes, and that is not the same as a treasury note, correct?

Scott Carson:
That's correct.

Bobbi Rebell:
We think of 10 year notes as treasury notes. This is not what we're talking about here.

Scott Carson:
Exactly. We're talking about the mortgages on the actual properties.

Bobbi Rebell:
Okay. Let's get into our five ways to invest in real estate without owning property. The first way is wholesaling. Tell us about that.

Scott Carson:
Wholesaling is the process of finding a deal, finding a property or a note, finding something at below value, getting it under contract, and then flipping the paper or flipping that contract to another investor for commission. Let's say I'm driving around my neighborhood, which is a common way for investor. They see them ugly property, something that needs some work. They knock on the door, they know the owner and the owner just wants to get away from the property. They're like, "I can't rehab it, I can't fix it. I just want to be done with it." So they may put it under contract. Let's say the house, maybe with some work is worth 150, but they get under contract for 60 because that's what all the homeowner wants, and they're able to say, "Hey Scott, do you want to buy this property from me? I'll flip you the paper. I've got under contract for 60. You can buy my contract for 70 grand, and I'll make 10 grand as the wholesaler."

Bobbi Rebell:
So you're not necessarily putting your own money out there.

Scott Carson:
Exactly. You're basically just getting it under contract and flipping the contract to another end buyer who's willing to pay you commission. We've gotten wholesale fees from anywhere from $500 all the way up to $100 grand before.

Bobbi Rebell:
Right. Tricky to find though, right?

Scott Carson:
It's a lot of work. It's a lot of either direct mail or driving neighborhoods, knocking on doors. You've got to be really good and be a bird dog for a lot of people out there buying. You can make great money like that, but I don't really consider that truly investing because you're just flipping the paper. You're constantly working. There's not really anything coming in long term from it, but it's a great way. Most investors in the real estate side, that's how they get started. Wholesaling and figuring out what's going in their markets, and then either flipping paper or flipping properties that way.

Bobbi Rebell:
If you know a market well, it is something that can make sense for you because you have a sense of what things are really worth versus what people in a certain situation are willing to take to get out of a precarious situation. Okay, number two, buying a note, your specialty.

Scott Carson:
This is my specialty. Most people think when you say buying the note, that means you're buying the property. No, you're buying the debt and becoming, technically, the bank. Now, the beautiful thing about this is you control the real estate without actually owning it. What I mean by when I buy note, I literally buy the mortgage from a bank. I'm usually buying it a big discount, 50, 60 cents on the dollar. But the borrower still owes that money. They still owe what they owe. So let's use some simple math. Let's say they borrow, they bought a house, they get laid off of work, the house was worth a hundred, they financed a hundred. Well, they haven't paid in six months to a year, and then maybe they owe 110 now with back payments. Well, they haven't paid in a year. That bank will often be looking to sell that mortgage, that non-performing note, off to investors like me.

Scott Carson:
I could come in, offer the bank, let's just say 50 grand on a hundred thousand dollar house. Well, I buy the note, I now become the bank, the lender, and I make my money by then negotiating with the homeowner. Say, "Listen, Mr. Homeowner. I know you're behind, you had COVID or laid off of work. You owe 110. I know that previous bank wanted you pay the full year of back payments or six months, you can't afford it. What can you afford? Let's work out a payment plan and get you back on track." So if their interest rate, let's say was 5%, and I bought that note at 50 cents of the dollar, if I get them back on track, that's technically a 10% annualized return to me, which is a pretty good ROI to me.

Scott Carson:
If they keep paying for 12 months to me, then I could technically turn around and sell that note to Wall Street or other investors at 85, 90, 95 cents on the dollar. And if I paid 50 and sell it at 85, I just made a 35% profit on it, plus cashflow along the way. So I like that aspect. I don't want to own real estate. I've been an investor, but buying the note allows for you to control their real estate, work with the homeowners to keep them in their properties if they can. If they don't pay, then we go the route to foreclose because we have the same rights as the bank does.

Bobbi Rebell:
The next one is a little bit of a gray area, to be fair, because we did say not owning property. So it's taking over property, subject to current financing. Explain that, this is sort of a blend.

Scott Carson:
It is a bit of a blend. You have many people out there who live in a property and then can either a) no longer afford to sell their property because they can't afford to pay the commissions, they owe more than the property's worth and they just want to walk away from it. We've dealt with subject to deals like this, what we call subject to deals, where we will step in, take over the mortgage payments of the property, subject to the existing financing and either a) pay the homeowners to walk, make up their arrearages or whatever they're behind on, pay up the taxes. People will walk away from assets all the time. And why this is an advantage to the borrower versus them just walking away is it keeps the foreclosure off their record, which will ruin their credit for seven years.

Scott Carson:
We set these subject to deals basically about three years. It gives us time to make payments on behalf of the bar. What we will do is either put a render in the property that's paying above what the full mortgage payment is, or we'll owner finance property to somebody else in a wraparound mortgage. You should always have an attorney to help you out with this title companies, and professionals out there on the paperwork to make sure everything is disclosed properly, and making sure you're not violating state rules or laws or anything like that.

Scott Carson:
But you have many people that walk away, especially in a recession. You have people that just bought a house, got laid, unfortunately just left. Well, if they've got a really low interest rate on their mortgage, it's a great way for you to take over property without ever having to qualify for financing. One of the great things people don't know is most mortgages were completely assumable prior to 1985, and then VA loans were basically the only ones that were assumable. But me being the bank, if somebody wants to take over the loan on a note, I'm always willing to do that as long as I get paid. And most banks won't care. They do have what's called a due-on-sale clause, and if you're doing a subject to deal and transferring, it looks like a sale. But most of the time the banks aren't going to force it as long as they start getting paid on time. A bank would rather hold a note that's now re performing, versus going through all the problem with foreclose and then take the property back, especially if it's in a state that has a long foreclosure timeframe.

Bobbi Rebell:
So interesting, especially because, by some definitions, we are in a recession right now, so that is an opportunity for somebody. Number four is become a private lender. Tricky, you really have to have capital. How realistic is that?

Scott Carson:
It's actually very realistic. If you've got a 401k from a previous company of some sort, and you move it into a self-directed IRA of some sort, you can often lend money out to other investors at above average rate returns. 6, 7, 8, 10, 12% to investors who are looking to buy real estate or need money to flip. A great way to find people that are looking for these type of investor loans is attending your local real estate investor clubs or networks. There's a whole secondary market of investors that are lending money out, 25, 50 grand, on fix and flips and other things out there.

Scott Carson:
A lot of people think if I live in California, I need 1 million to buy a property. Well, no, there's plenty of people that have bought property, but they needed a little bit of help with repairs to fix up the property, to sell it off on the secondary market. We've actually helped a lot of our students get started as private investors if they've got 25, 50 grand, just to get the ball rolling.

Bobbi Rebell:
The advantage to that is that if you can pair up with somebody who knows what they're doing in terms of flipping a house or something, the other person might have the expertise and you have the financing. So not everyone has both. You may not have the expertise and know where to begin with that. They may know what they're doing and maybe they just need more money to get the properties that they intend to flip, and they have the market expertise to do it. The fifth one is taking over payments and then owner financing to another buyer investor. That sounds complicated, a little bit intimidating.

Scott Carson:
It seems like it, but it isn't. But we talked previously about taking over property subject to. I know a lot of people don't want to be into the three Ts, toilets, tenants and trash outs. They don't want to do that. But if you take over property subject to, and it's got a low interest rate, let's just say 3, 4%... Many people are looking to buy a property that can't qualify traditionally and would be happy to pay a higher interest rate of 8 or 9%, that can bring a sizeable down payment down and have you carry the terms of that mortgage for two years, three years while they work to get their credit back on track, and then they can refinance after a period of time. As always, you always want to have an attorney help with your paperwork and close at a title company, and create the paperwork so it's Dodd-Frank compliant, and there's plenty of RMLOS out there that can help you create that.

Bobbi Rebell:
I'm going to throw a bonus question at you and we have not discussed this in advance, but can you talk to us, another way to invest in real estate without owning property hands-on is REIT. Can you talk about what a REIT is, and the opportunities there?

Scott Carson:
Yeah. A real estate investments trust is a company that has a variety of real estate investments in there. It's a fund and they jump through the hoops of the SEC. Most of the time, it's usually a lot of larger commercial properties in a REIT in a lot of cases, and you can buy a share, and invest in that REIT as a small part of the overall portfolio. And they will usually be paying back an annual return on investment. Often, sometimes, maybe get a little share of the profit on the back end too, as well. But usually, it's just like an investment stock, but in individual stocks of a company, you're buying a share of one commercial property or a portfolio of properties as well.

Bobbi Rebell:
Finally, in this rising rate environment, because we do expect the fed to continue to raise rates, and that in turn impacting the housing market, talk about how that affects this whole idea of investing this, whole strategy of investing.

Scott Carson:
Well, you've got to make sure that your money's not losing value every day. With inflation, stuff like that, our buying power is reducing dramatically in a lot of cases, and you want to be buying something that's got fixed assets to be returning on a solid return to you. That's why cash flowing real estate, buying a rental property that's cash flowing, or investing in a note, because notes do really, really well, and maintain the ROIs as far as continuing to pay. It's a lot of opportunity for you. You got to take advantage of it and be putting money into things like that as part of your portfolio.

Scott Carson:
As always, you want to make sure it's balanced, make sure you're investing in something that you have knowledge in or learning to learn knowledge, and always seek your professionals out there. The biggest mistake you can make as an investor is invested something you have no clue about, or you just listened to a podcast. Go listen to the professionals, talk to people who are doing it. There's plenty of professionals around you to do that, to help you guide your way and hold your hand along the way.

Bobbi Rebell:
Absolutely. But you can learn a lot from a podcast, including yours, which has over a million downloads. So quickly tell us about that, and where people can be in touch with you.

Scott Carson:
Yeah. We have the number one podcast in the note investment industry called the Note Closers Show. Like I said, 700 plus episodes. It's a mixture of me teaching specific nuggets about note investing, and then also bringing on great guest experts. Bobbi will be on here shortly, vendors, and other investors in the industry to help you learn firsthand experience from what their journey has been. Their tips or tools, and strategies to help them maximize, and turn problem properties into profitable solution. You can always find the episodes on any of your podcast platforms, but you can also check out the website, weclosenotes.com that's weclosenotes.com. If you're listing, make sure, if you listen to this podcast, make sure you hit that subscribe button and leave Bobbi a five star review. We as podcasters love to hear from our audience, so do Bobbi a favor and hit subscribe and leave a message.

Bobbi Rebell:
Thank you so much.

Scott Carson:
Hey, thanks for having to me, Bobbi.

Bobbi Rebell:
There is something I don't talk about publicly that I have decided to start sharing, even though it can be a bit embarrassing. I get digital overload and it stresses me out, for good reason. Because when you have so much junk on your computer, because you're not as organized as you should be, because you get caught up and all the things that you have to do, if you don't deal with it, all that stuff on your computer starts to really slow things down and can become a total drag on your productivity. For me, there is nothing worse than finally motivating to get stuff done, only to be derailed by a sluggish computer that is just not cooperating. A little while ago, I decided I was going to stop, just kind of hoping that things would get better and I was going to deal with it.

Bobbi Rebell:
I downloaded something called Clean my Mac. It's from a company called MacPaw. I was skeptical, but I took a deep breath and I tried it. Long story short, it totally worked. I loved how I could see it work through my files with clear and easy to understand graphics. I could see what was messing things up. And Clean My Mac would ask me for my okay before deleting files, so that something I did need to keep didn't go bye-bye. That was one of my biggest fears.

Bobbi Rebell:
I recently reached out to the company and they are offering 10% off to my Financial Grownup listeners who want to also get Clean My Mac. To get that 10% off Clean My Mac, you do need to go to my link. It is BobbiRebell.com/CleanMyMac, B-O-B-B-I-R-E-B-E-L-L.C-O-M/CleanMyMac. And that is all one word.

Bobbi Rebell:
I promise you, you'll be so happy. I want you guys to be in touch with me, let me know how it goes. You deserve to lower the stress of data overload. Trust me, so worth it.

Bobbi Rebell:
Okay my friends, that was a lot, but really good stuff. I encourage everyone to go to my website. Just my name, BobbiRebell.com, B-O-B-B-I R-E-B-E-L-L, where a transcript is available, so you can review all that information if you are interested. Of course, there's a summary via the show notes as well, right there for you. Absolutely feel free to be in touch with Scott through his website at weclosenotes.com. His podcast, The Note Closer, sets over a million downloads, so that is another great resource for a ton of information to get you started. I do want to remind everyone, you need to know what you are doing if you want to do this kind of investing. But lots of interesting stuff there, and potentially lots of opportunity.

Bobbi Rebell:
I want to do more episodes on investing and opportunities for you, so please be in touch and let me know the topics you want me to cover. What do you want to learn more about? You can be in touch by DMing me on Instagram @BobbiRebell1, that's number one, or on Twitter @BobbiRebell. I am also including money tips and investing information in my newsletter, so you can sign up for that right on my website. Super easy, just my name, BobbiRebell.com. Scott and I, by the way, connected through a conference where I spoke, and I would love to get out there and help more people with their money and with investing, and just knowing more about parenting kids and teaching kids about money. So please be in touch through my website, just BobbiRebell.com/speaking if you would like me to come and speak to your group. Of course, big thanks to Scott Carson of WeCloseNotes.com for his help in helping us all be Financial Grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media LLC. Editing and production by Steve Stewart, guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show, as well as show transcripts, by going to my website, BobbiRebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a Financial Grownup. The podcast, and tons of complimentary resources associated with the podcast, is brought to you for free, but I need to have your support in return. Here's how you can do that. First connect with me on social media, @BobbiRebell1 on Instagram, and @BobbiRebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups Club. Second, share this podcast on social media and tag me so I can thank you.

Bobbi Rebell:
You can also leave a review on apple podcasts. Reading each one means the world to me. You know what? It really motivates others to subscribe. You can also support our merch shop, grownupgear.com by picking up fun gifts for your grownup friends and treating yourself as well. Most of all, help your friends on their journey to being Financial Grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind word so many of you send my way. See you next time, and thank you for supporting Money Tips for Financial Grownups.

 
Entrepreneurs, Financial Grownup, MoneyBobbi Rebell KaufmanReal Estate, Real Estate Investing
How To Get Adult Children To Launch with Marriage Kids and Money podcast host Andy Hill
How To Get Adult Children To Launch with Marriage Kids and Money podcast host Andy Hill
 

Bobbi joins Marriage Kids and Money host Andy Hill to talk about everything from realistic money discussions with kids, letting your emerging adults make money mistakes and preventing boomerang kids. 

Bobbi Rebell and Andy Hill review the following:

  • The importance of realistic money discussions with your children

  • Why you need to let your children make money mistakes

  • The balance of gifting wealth and teaching your children the value of hard work

  • How to prevent boomerang kids

 
 
 
 

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Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

  1. Subscribe to the podcast, so you never miss an episode.

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Full Transcript:

Worried about your adult child moving back home? You're not alone! Boomerang kids are a group of adult children who move back in with their parents after going out into the world. 

John, a concerned parent of a teen, wants to make sure his daughter doesn’t do this! 

Author Bobbi Rebell joins me to share how we can get adult children to launch (and stay launched).

Bobbi Rebell and I review the following:

  • The importance of realistic money discussions with your children

  • Why you need to let your children make money mistakes

  • The balance of gifting wealth and teaching your children the value of hard work

  • How to prevent boomerang kids

 
Advice, Entrepreneurs, Family + Relationships, Financial Grownup, Money, Personal FinanceBobbi Rebell KaufmanAndy Hill, Podcast Guest, Podcast Episode, Marriage Kids and Money, Podcast Host, Financial Grownup, Children, Kids and Money
Episode 400! Bobbi’s Stepdaughter Ashley shares her Top 5 Money Tips
Episode 400! Bobbi’s Stepdaughter Ashley shares her Top 5 Money Tips
 

Ashley Kaufman, who bought her NYC apartment at age 24 shares how she did it, plus her best money tips for financial grownups. 

Money Tips

  • Be the planner of the friend group

  • Always be searching for discounts

  • Have a monthly self reflection session on your spending

  • Don't make yourself feel bad for spending money, but live within your means, do not spend more than you have

  • Always buy pet insurance!

 
 

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Did you enjoy the show? We would love your support!

Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

  1. Subscribe to the podcast, so you never miss an episode.

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Full Transcript:

Bobbi Rebell:
Hey, grownup friends, a big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart. This book was not easy to write because I had to get honest with myself about what was working with my teen and young adult kids and what was not working. I also had to be prepared to share it with all of you.

Bobbi Rebell:
First of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear. By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts. I am really happy with how Launching Financial Grownups came out, even though it really was hard to be, like I said, that honest, and it was a lot of work. But I really love doing it and I'm really happy with how it came out.

Bobbi Rebell:
On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important because the algorithm picks up on them and that can make the book a lot more visible to more people. I truly appreciate it and I really also appreciate all of your support.

Ashley Kaufman:
When it came to moving into the apartment, I made a running list of here are all the things that I'm going to need to purchase, from a spatula to a couch. It came down to me creating the Excel spreadsheet with three different retailers and a column for more specialty items and comparing the prices. Maybe the items wouldn't be exactly the same at three different stores, but it would be close enough that I could decide between each of them and compare the prices because every cent counted.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups, with me, certified financial planner, Bobbi Rebell, author of Launching Financial Grownups, because you know what? Grownup life is really hard, but together we got this. Hey grownups, welcome to episode 400 of this podcast. You are in for a very special treat. I have a guest that is making her podcast debut, and you're going to absolutely love her.

Bobbi Rebell:
The big question I am constantly asked about my new book, Launching Financial Grownups is, did your stepdaughter really buy her apartment at age 24? Then, how did she do it? Then, how can we do it? Well, the truth is, she focused and she made some really tough choices. It was not all perfect to say the least. Ashley also truly embraced the financial grownup lifestyle. You're going to hear more about that soon.

Bobbi Rebell:
Ashley wrote the epilogue to the book, Launching Financial Grownups, but until now no one has heard directly from her about all the details. Ashley not only reveals in her interview exactly how she did it and what she might do differently, she also is going to share her top money tips, including some that I am adopting myself. Yeah, you can tell I'm pretty proud of her. Here is my 25-year-old stepdaughter, Ashley Kaufman.

Bobbi Rebell:
Ashley Kaufman, you are a financial grownup and I can't believe I'm saying that after I've known you since you were eight years old. Oh my gosh. Welcome.

Ashley Kaufman:
Thank you for having me. Can't believe it's taken this long to get on the podcast.

Bobbi Rebell:
Okay. First of all, let me just say that you're the first of your siblings to come on the podcast, and your father has come on for our Summer Watch Series, and he does want to return. But he never came on to give actual money advice, money tips like you are, so you are special, Ashley.

Ashley Kaufman:
Thank you. Thank you.

Bobbi Rebell:
We're going to get to your money tips, which by the way, a lot of people know you because you wrote the epilogue to Launching Financial Grownups. It's been a big hit. Everyone says that is the best part of the book. I get a lot of people asking me something that we talk about in the book, which is the fact that you bought an apartment at age 24. I want to give you a chance to talk about it.

Bobbi Rebell:
How did you do it in short, but also how has it been? Because the book was written really a year ago, more than a year ago at this point and a lot has happened.

Ashley Kaufman:
Yeah. I was able to do it in short, by saving a lot, living at home after college and saving every dollar that I made. Immediately after graduating from college, I picked up a summer job, even though I had a job starting in August where I work now. I picked up that job with the intention of continuing to save and aggressively saving so that I could buy an apartment and move out.

Ashley Kaufman:
Not that I didn't enjoy living at home and eating with Harry every night, but when you're 22 and moving home after college, you really want to move out and live your own life like all of your friends are. So it was definitely hard in that regard just because I saw my friends living their own lives, renting apartments all over the city and furnishing them and making it their own space. I felt a little claustrophobic, just kind of like, I don't have my own space. I'm living at home.

Ashley Kaufman:
But in the end it's been worth it. I absolutely adore where I live now. It took a little bit of adjustment after moving in also to just make it feel like home, and it's taken the majority of the year to get there.

Bobbi Rebell:
Before I get to asking you about how it is living in your own apartment, tell me about the choices that you had to make, because it sounds simple, "Well, I just saved a lot of money by living with my parents." But it's not really that simple. You did have to make some choices and you did miss out on some things or make adjustments to your plans many times.

Ashley Kaufman:
Yeah. I think COVID helped a lot and not being able to go out with friends. I did also miss out on some things my friends were doing, like going to music festivals, which in retrospect seems like it was a massive waste of money anyway, but seeing all my friends there and having a good time, it definitely felt like I was missing out on something.

Ashley Kaufman:
There were also times where my friends would be going out to brunch every week and I just wouldn't go along with them because every dollar ended up counting. I was really tight when I did put the down payment down on my apartment and then had to go buy furniture, so every dollar ended up adding up to allowing me to live where I am now.

Bobbi Rebell:
One thing that stuck with a lot of people in the epilogue in Launching Financial Grownups is you said something like, "I love Excel. I'm an Excel kind of girl." How did you use systems to help you save the money, track money, and then help you when you were moving into this apartment and setting up your own home?

Ashley Kaufman:
Yeah. I do love Excel. I took a course on Excel in college, and since then, just everything has been in Excel. I have my monthly budgeting in there, which I have since college. I have a list of my running expenses that are the same every month, as well as a list of things I would like to do that month. If it doesn't add up to have me saving what I would like to be saving every month, I will make cutbacks and adjust, but Excel really runs my life.

Ashley Kaufman:
I mean, I have tabs for vacations I want to go on, I have tabs for, here's an expense that comes up once a year, like renewing my pass to the zoo, which I really enjoy, but I have to budget for that. It helps me keep track of that. When it came to moving into the apartment, I made a running list of here are all the things that I'm going to need to purchase, from a spatula to a couch. It came down to me creating the Excel spreadsheet with three different retailers and a column for more specialty items and comparing the prices.

Ashley Kaufman:
Maybe the items wouldn't be exactly the same at three different stores, but it would be close enough that I could decide between each of them and compare the prices because every cent counted.

Bobbi Rebell:
Looking back, what advice would you give to other people that have short-term, but big goals? Not necessarily buying an apartment, because not everybody wants to do that. It's not the right choice for everybody. People might want to move around, have other priorities, but if they have a short-term goal, what's the best way to get there?

Ashley Kaufman:
To really take a step back and look at what you're spending and do I really need be doing this? I mentioned earlier that I have a zoo membership. Maybe every year, I don't need to renew that if I don't see myself going, and I have a financial goal that I need to hit, or let's say something like I've been looking into buying a new couch. There's small steps that you can take to get to where you need to go by just taking that step back and reviewing all of those choices.

Bobbi Rebell:
Just being accountable and doing a self-audit of where you are right now and what matters most to you for that season of your life.

Ashley Kaufman:
Yes.

Bobbi Rebell:
All right. That goes into our money tips that you brought with you that are new money tips, but I think makes so much sense for everybody, not just young people, but it's very relatable, certainly in the young adult phase of life that you're in and you're 25 years old right now. I can't believe it.

Ashley Kaufman:
I know.

Bobbi Rebell:
The first of five money tips that we're going to get into has to do with, I would call it the FOMO thing, like your peer group and what's going on there. What's your money tip there?

Ashley Kaufman:
My money tip for friend groups is to always be the planner in the friend group, by being the planner, you can be cognizant of other people's requirements while also staying within your own budget. If people want to go out at night to say a club or something, you don't have to go to the fanciest nightclub to go have a good time with your friends. Some people might want to in your friend group, but other people might not be able to afford it.

Ashley Kaufman:
You can really make sure that you are courteous towards others while also staying within your own budget and maybe the budgets of your friends, if you're aware of their needs and requirements financially as well.

Bobbi Rebell:
I love that because we tend to think just reflect on ourselves like, "Wow, this is a stretch for me financially." But we also may not realize that it may be a stretch for everybody, but nobody really wants to say anything. It's actually a really considerate thing of your friend group to bring up the cost and to be the planner and control those things. Your second money tip is something your dad has gotten so good at and I'm so proud of him, and it has to do with making a little extra effort when you're buying stuff.

Ashley Kaufman:
Yes. My second tip would be to always search for discounts, which goes back into being a planner. If you want something, wait for it to go on sale, wait to find a discount of some sort. If it's travel, be planning over a year in advance and make sure that you are tracking any sort of discount. Marriott hotels I know specifically you can cancel up to 24 hours in advance or up to 48 hours in some cases so it doesn't hurt to book something while you're searching for something else, or searching for a better deal.

Ashley Kaufman:
There are also corporate discounts to look at at larger companies. Discounts through loyalty programs. I'll occasionally get something in my inbox from Marriott due to my status. You get X, Y, and Z number of extra points for participating in this program we have going on, or memberships like Costco. Costco Travel actually has some great deals to be found.

Bobbi Rebell:
Okay. Your money tip number three has to do, I think, with the ultimate in wellness and self-care.

Ashley Kaufman:
My third money tip is to always have a monthly reflection session. Whether you think that you need it or you don't, you probably do. It's just sitting down with your monthly credit card statements and your bank statements, and just seeing where there could be changes. It doesn't necessarily need to be cutting things, but it could be you have a subscription service like Ipsy or Birchbox, but every time you walk into TJ Maxx or Petco, you're buying makeup or things for your dog.

Ashley Kaufman:
You could be canceling those subscriptions and spending it on items that you really want, rather than what's just showing up in a subscription box.

Bobbi Rebell:
That's really good advice. I'm going to give that some thought, because I have a makeup/skincare subscription box that comes four times a year, that I do love the surprise element of it, but the truth is that they're not necessarily things that I would buy. I'm going to take that one to heart, Ashley. All right. The next one has to do with really the emotional elements. It's an emotional money tip.

Ashley Kaufman:
My next tip would be to don't make yourself feel bad for spending money, but live within your means. Don't spend more than you have, but don't make yourself feel bad for going out for a $5 coffee with your friends. I'm very guilty of this.

Ashley Kaufman:
I will occasionally cancel plans because I feel like it's not within my budget and it makes you feel bad because number one, you're ruining relationships with friends, and number two, you're really are developing an unhealthy relationship with money, where you feel like you have to cut something else in order to make up for something that really isn't hurting you that much.

Ashley Kaufman:
If it's not within your means, go ahead, cancel the coffee date with your friends. But if it's really not going to stop you from paying your bills that month, it might be okay to spend a little extra.

Bobbi Rebell:
I would add that don't forget that at many coffee shops like Starbucks, even though you think the smallest one is a tall, there's actually a short, which is even cheaper. You can get a short, plain coffee and have your coffee plans and not spend as much money as you... You don't have to spend for the 7 or $8 fancy espresso drink.

Bobbi Rebell:
Number five is my favorite of all, because you are a new pet owner, which is something that you did wait to do until you could afford it. We had a lot of financial discussions as a family because you have a dependent, Ashley.

Ashley Kaufman:
Yeah. Yeah. We just brought home my little dog, Walnut. She's a Maltese puppy. She is my entire world, but my tip related to dogs would be to always buy pet insurance, cats, dogs, whatever you can insure, always insure your pets. It should never be a question of whether you can afford care for your animal. I built my $500 deductible into my emergency fund when I went and signed up for pet insurance.

Ashley Kaufman:
I know that if something happens with my dog, it's a $500 deductible that I've covered in my emergency fund and then my insurance will cover 90% of it. I don't have to worry about calling the vet for the smallest of things. My dog had an episode in the middle of the night a few weeks ago where she was shaking. It wasn't super concerning, but I didn't hesitate to call the vet and find out that it was probably normal because I knew that I could cover the cost.

Bobbi Rebell:
I remember when you were thinking about adopting a dog, that you really in advance researched all the costs, including medical costs. I think that was so important because it is a dependent and it is important to understand the full scope of what you could be in store for, because you love your puppy. You're never going to say no and it's important to know what you're in store for. I was so proud of you just in the run-up to getting Walnut.

Ashley Kaufman:
Thank you.

Bobbi Rebell:
On that note, final thoughts and where can people be in touch with you? I know Walnut, the Maltese, is a big star as well so people might want to follow her.

Ashley Kaufman:
You can follow me on Instagram @AshleyKaufman or Walnut @Walnutthemaltese. Walnut is much more interesting on Instagram than I am, I have to say.

Bobbi Rebell:
Well, you are the brains behind the Walnutthemaltese Instagram account, so you get credit for both accounts. Thank you so much. I'm so proud of you, Ashley.

Ashley Kaufman:
Thank you.

Bobbi Rebell:
By the way, Walnut is starting to get inquiries for brand deals. She is so unbelievably cute. Feel free to DM @Walnutthemaltese on Instagram. I loved how candid Ashley was about the importance of having a healthy relationship with money and prioritizing living your life. She's okay missing some music festivals that frankly, she probably just wasn't that into anyway, but she does kick herself for foregoing coffee plans with a friend because she's so committed to staying on budget. It's delicate.

Bobbi Rebell:
I've talked about my own issues letting go and letting myself spend money. The lines are blurry on this, but when it comes down to it, money is the means to do what you want, so do what you want. Apply that thinking and don't let an unhealthy relationship with money keep you from living your life. I would tell everyone to replay this episode, but the truth is, we have it all for you in the show notes. Just go to my website at bobbirebell.com for those. It also will give you a full transcript.

Bobbi Rebell:
You also can sign up for our newsletter there, where we send podcast previews and interesting news articles to you just twice a month. I haven't asked this in a while, but please take a minute and write a review of the podcast on Apple Podcasts or wherever you enjoy listening to us. That wraps up episode 400. Biggest thanks to all of you for supporting the show.

Bobbi Rebell:
Please, please help me get the word out. Tell a friend, share on social and just keep listening and being in touch on all the socials. Big thanks to Ashley Kaufman for helping us all be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media LLC, editing and production by Steve Stewart, guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts, by going to my website, bobbirebell.com.

Bobbi Rebell:
You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complementary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First connect with me on social media @bobbirebell1 on Instagram and Bobbi Rebell on both Twitter and on Clubhouse where you can join my Money Tips for Grownups club.

Bobbi Rebell:
Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me, and you know what? It really motivates others to subscribe. You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well.

Bobbi Rebell:
Most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind word so many of you send my way. See you next time and thank you for supporting Money Tips for Financial Grownups.

 
Advice, Financial Grownup, Money, Personal FinanceBobbi Rebell KaufmanAshley Kaufman, Pets, Money Tips
How to give to causes like a financial grownup with Simple Acts Author Natalie Silverstein
How to give to causes like a financial grownup with Simple Acts Author Natalie Silverstein
 

Author Natalie Silverstein returns to the podcast to preview her latest book: Simple Acts: The Busy Teen's Guide to Making a Difference

 
 
 
 

Follow Natalie!

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Did you enjoy the show? We would love your support!

Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

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Full Transcript:


Bobbi Rebell:
Hey, grown up friends. A big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart. This book was not easy to write, because I had to get honest with myself about what was working with my teen and young adult kids, and what was not working. And I also had to be prepared to share it with all of you. So, first of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear. By the way, I got a lot of help from my money expert friends, and also financial therapists and parenting experts. I am really happy with how Launching Financial Grownups came out, even though it really was hard to be, like I said, that honest. And it was a lot of work, but I really love doing it. And I'm really happy with how it came out.

Bobbi Rebell:
On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important, because the algorithm picks up on them, and that can make the book a lot more visible to more people. So, I truly appreciate it, and I really also appreciate all of your support.

Bobbi Rebell:
That feeling of when you give, the generosity, the good feeling that you get back in return is totally, totally worth it. Another cup of coffee that's costing you $8 at a fancy coffee shop, you don't need that cup of coffee.

Bobbi Rebell:
You're listening to Money Tips For Financial Grownups. With me, certified financial planner, Bobbi Rebell, author of Launching Financial Grownups, because you know what? Grown up life is really hard, but together, we got this.

Bobbi Rebell:
Hey, grownups love that coffee reference in the open. And it is true. Whether the mission is to give to ourselves in the form of investing, or to give to others, thinking twice about the little ways money is sometimes mindlessly spent can be a good exercise. Friend of the podcast, Natalie Silverstein, is back to share her new book, Simple Acts: The Busy Teens Guide To Making a Difference. Among the things that we talk about is fundraising, how to ask people for money, something I personally find very hard to do, even when it is for a really good cause that I'm giving money to myself. We also talk about social media, and how teens, and really, all of us, can leverage our followings for good. Just quickly, before we roll the interview, I want to thank everyone who has picked up copies of Launching Financial Grownups. I am sending virtual hugs to all of you, especially if you took just a couple of minutes to write a review on Amazon. I'm trying to get a hundred reviews, and I need each and every one of you to help me get there.

Bobbi Rebell:
I'm not going to lie, it is hard to keep asking, but it's slow going. You guys are busy. I get it. The link is right in the show notes, super easy. Also, if you're just on the Amazon page where you bought the book, scroll down, find it right at the bottom where it says post eight review or leave a review. You get it. I need this, and I appreciate all of you who do it so much. On that note, let's move on. Here is my interview with a fantastic Natalie Silverstein.

Bobbi Rebell:
Natalie Silverstein, you are a financial grownup. Welcome back to the podcast.

Natalie Silverstein:
Thank you so much, Bobbi. And it's so great to be with you again.

Bobbi Rebell:
Well, I'm happy to have you back to celebrate the launch of your newest book. Simple Acts: The Busy Teens Guide to Making a Difference, which is a follow up to your earlier book, which was, Simple Acts: The Busy Family's Guide to Giving Back, which was published in 2019. And by the way, it was named one of the top books for parents who want to raise kind kids by the Huff Post. I am a parent of a teen as our listeners know. I wanted to know more about this, especially how things have evolved over COVID. So, tell us a little bit about the book, what's changed since the first book, what's added for teens and COVID. That was five questions in one, so I'll let you go now.

Natalie Silverstein:
Well, thank you so much. It's so good to be with you again. And congratulations to you on the new book. I love it. I have two emerging adults. I have a 19 year old and a 21 year old. And believe me, I am using your book almost daily now. So, basically when the first book came out, which was really geared towards families with young children, it came out in April of 2019. It was thrilling. And pretty much the very same day, on the day of my big party for the book launch, which was such a fun day, I had several people come over to me and say, "This is great, and I want you to sign it/ and it's awesome, but when are you going to write one for teenagers?" So, even the rabbi from our temple came over, and he's like, "This is awesome, but can you do one for kids doing bar and bat mitzvah and confirmation?"

Natalie Silverstein:
I'm like, "Okay, rabbi, can I just enjoy this moment for five minutes before someone asks me to write the follow up?" But I see the point there, which is that book was really for families with young children, and it was really about living our values and how we go through our days and setting this precedent for our kids and setting this example, role modeling this. And it's important, but it's really important as kids age and grow into compassionate and empathetic adults and young adults. And so immediately, I started thinking about the follow up. I had a proposal, and I got it out there into the world and I signed a contract, and literally was starting to write the new book in March of 2020. So, we all know what happened then. The world sort of shut down. I had a couple of months to write the book. And I was bereft, as everyone was.

Natalie Silverstein:
As schools shut down, my oldest child came home from her freshman year of college. She was disappointed, to say the least. So, we were all living together under one roof, remote school, remote everything. And it was tough. A mutual friend of ours, Erica [inaudible 00:06:23], reminded me that I should really write a little prologue, a little forward to the book, and explain the conditions under which I was writing this, and how for a few minutes there, I wondered to myself if this was really important. And I didn't know what was happening in the world. And my kids were just, again, bereft as everyone's kids were. They lost so much. And then slowly, day by day, as per Mr. Rogers, I looked around and I started looking for the helpers, right?

Natalie Silverstein:
And this was the story of the early days of the pandemic, certainly, where the only thing giving us hope, getting us out of bed in the morning was knowing that the situation was pretty dire, but there were people out there willing to literally risk their lives, to help us and to get our food delivered and to take care of those who were ill, et cetera, et cetera, et cetera. So, the way that we got out of our sadness and depression and hopelessness was to volunteer, to engage, to send pizzas to the local emergency department, and to bake and to make blankets, and you name it. And that's what my kids and I did, when they weren't doing online school for those first few kind of really tough months. So, it was that mindset that sort of informed the work. I had an outline. I knew what I wanted to talk about, but it really re-energized my belief that serving others, caring for others, turning our focus outward helps us to feel better and to feel more hopeful, to feel less isolated.

Natalie Silverstein:
And so I just really felt like this was a message that teenagers, in particular, needed to hear, because they had really lost so much. So, the book emerged from that. It is written for teens, as opposed to being written for parents. And so that was an important piece of it too, because I didn't want to be preachy, right? I didn't want to talk down to kids. I didn't want to be corny. In your book, you talk a lot about speaking to your kids in a way that isn't preachy, that isn't nagging, right? You want them to make these choices and these decisions, you want to give them options, but you want it to come from them, and you want to encourage them to come up with these ideas, these things that they're passionate about so that they can find their purpose and they can connect to it. And that's how we're going to get them to do the work long term and to stay engaged in it.

Bobbi Rebell:
So, let's go over some of the money tips that you have in the book, because money does make a big difference when it comes to helping organizations. It does matter. It's important to be there in person too, but money can make a huge difference and should never be underestimated. The first thing that I think a lot of people find really hard is fundraising. You say it's easier than you think. Tell us how is it easy, because I find it totally intimidating. I've done fundraisers. It's hard.

Natalie Silverstein:
It is. It is hard. It's sort of funny. I've done a ton of fundraising for our kids' school, for our temple, for other organizations. I actually don't have a problem asking people for money, because I remind myself that the worst thing that someone can say is no. And if you're passionate about something, if you really care about an organization and its mission and what it is trying to accomplish, you're not asking for yourself. I'm not asking you for money so I can put it in my own pocket or go buy myself something. I am asking you to come on board with me. And it's also requiring me to express to you, to articulate to you why this cause is so important and why it matters, and why your donation will make a difference and how. And so I find that fundraising is this really wonderful way to distill what it is that you care about, why, why you have decided to give some of your very hard-earned money to this cause to help, and why it is worth trying to convince others to do the same.

Natalie Silverstein:
And so I think there are so many skills here that I've just described that I think we want our young people to have, which is understanding what they care about, knowing how to articulate it, and really trying to convince someone else, and then also developing kind of a thick skin. Because again, the worst thing that someone can say is no. You say, "Thank you. Thanks for consideration. Thank you for your time today." And you move on. And you need to let that sort of roll right off of you. I find, in asking people for money, people aren't typically rude about this. I'm not talking about cold calling, but I'm saying, asking folks, who you have their attention and talking about this fundraising issue. I think most of the time, people are receptive to this. They support the effort if they can. If they can't, they will apologize and say, "I'm sorry, I can't help you today," or whatever it is. I really think that this is a great life skill.

Bobbi Rebell:
You point out that money is important. No matter how much you make, you do have something to give. It doesn't have to be only about dollars.

Natalie Silverstein:
Right. Absolutely. I want kids to really tap into... And you'll see, there's a chapter of the book that really talks about what's your, why? What are the things that you're passionate about? And then what are your talents, your skills, your strengths, the things that you enjoy doing? And I want people to be sort of expansive in their thinking about this. When I say talents, I don't mean, are you a concert pianist? I mean, are you particularly strong? Are you really patient? Do you love to read? Do you have really neat handwriting? Are you great with technology? Which let's face it, every teenager is. They're technology natives. Can you go to a senior center and help elderly folks to learn how to use their phones, or how to use the FaceTime so that they can communicate or Zoom with their families? Every single kid has a talent or a gift or a strength that they can share. And they might not know it. And a lot of kids are very insecure, especially after these last few years.

Natalie Silverstein:
And they probably feel like, "Ugh, I don't really have anything special about me. What could anyone use that I have?" But every single kid has something special about them that they can share.

Bobbi Rebell:
Consistency is something that you talk about as being very important. Once you choose a cause, especially if it's a school you maybe went to, your alma mater, or whatever it is, to consistently to have. I think that's important, because you can make more of an impact if you're more consistent with one organization, whether it be small or large. Having that ongoing relationship can be really meaningful in your life. I have found that myself.

Natalie Silverstein:
Yeah, absolutely. I think there are a few things here. There are organizations that where you can set up to have a monthly donation come automatically out of your bank account or out of your PayPal or whatever. So, we do this with God's Love. We deliver here in New York City. I automatically give them some very small amount, but it comes out of my bank account or my credit card every single month. So, I don't even think about that. That automatically goes to them. And so consistently, over the course of years, that adds up, right? And then in terms of your alma mater or giving to a school or to another organization... I got a scholarship when I went to college. I don't know about you, Bobbi, but there was no way I was going to college unless I got scholarship money and loans and work study. My parents were immigrants, and I was the first of my family to go away to college.

Natalie Silverstein:
And the school that I attended was able to give me an academic scholarship, which meant that I got a certain amount of money, I want to say about $5,000, if I stayed on the Dean's list every semester for four years. So, this was a motivator for me to do well and to work hard in my academic work. I also had work study money that came in, so I worked a job. And that money bridged the gap and made it possible for me to attend college. So, my mom said to me, and they were not big philanthropists. They had come here with nothing in their pockets, not speaking the language. And they said to me, when I graduated, "They helped you. They gave you this gift of this scholarship money.

Natalie Silverstein:
It is your responsibility to give something back to the college, as much as you can when you're working." So, my very first job... I graduated in 1991. And I recently checked with the alumni office. I've given a gift to my college every year since 1992. Now, those dollars were not huge. Probably in the beginning, it was probably $25 or something, a hundred dollars. I don't know, but that adds up. And any development professional will tell you, it almost doesn't matter. Consistency is what matters. Participation is what matters. The loyalty to this, that I believe in this school, and it is important to me for my family to give back. And PS, over time, as my circumstances have changed, I've been able to increase that amount. And so that's just golden. And I think that's so important, and it makes me feel really, really great.

Natalie Silverstein:
And so I think having those types of things in your life, the things you really care about, you can show that you support this cause. This is important enough for you to set aside some money. As we know, there's been a lot of studies done, that those who do tithing in their religious communities, et cetera, typically folks who have less money give more as a percentage of their income, because it is just kind of what they feel is expected of them, and it's how they want to give back to support this organization, this cause, this community. And so I would just encourage young people to think this way, and to know that they always have something to give. And that feeling of when you give, the generosity, the good feeling that you get back in return is totally, totally worth it. Another cup of coffee that's costing you $8 at a fancy coffee shop, you don't need that cup of coffee, right? That $8 can probably make a bigger difference for an organization that really needs it. And I just want young people and teens to think about that.

Bobbi Rebell:
You also talk about using social media.

Natalie Silverstein:
I don't know about you, but I only want to follow and look at positive messages online. There is enough bad news in the world, if I try and watch any of the nightly news. I don't need to see negative messages on Twitter or Instagram or Facebook or anything else. So my account, which is simpleactsguide, all I do is promote the volunteer work that I do, the organizations that I support, other folks that I know who are doing good things. I just amplify amplify, amplify positive messages. And if I'm doing great out in the community, or I'm fundraising or I'm volunteering somewhere in a hands on way, and I want to share that, I just blast that out.

Bobbi Rebell:
Tell us where people can follow up with you on your socials, and also your website and key resources.

Natalie Silverstein:
I am @simpleactsguide. That's the Instagram account. That's my main platform really, because I love using photographs. So, simpleactsguide. And that's also on Facebook. And that's also the website, simpleactsguide.com.

Bobbi Rebell:
Natalie Silverstein, thank you so much.

Natalie Silverstein:
Thank you so much, Bobbi. It's such a pleasure to be with you.

Bobbi Rebell:
Natalie had so many great ideas. Again, a reminder full transcripts on my webpage, Bobbirebell.com, so no need to take notes. I follow Natalie, by the way and her simpleactsguide account on Instagram, and it is always a mood lifter and motivator. So, please make sure you are following her. And the simpleactsguide has a separate page, so follow that too.

Bobbi Rebell:
What is motivating you guys this summer, besides obviously Natalie? Please follow me on Instagram a@bobbirebell1, and on Twitter @bobbirebell, and DM me to let me know that you are part of the Financial Grownup community, so I can follow you back. And then let me know what is motivating you. What's getting you excited, especially with so many things finally opening up. And even though it is so crazy expensive, I know a lot of us are really getting down to it and taking those vacations that we have put off for so long. For more on Natalie, please check out our show notes.

Bobbi Rebell:
You can get those right on my website, bobbirebell.com, where you can also get our free newsletter, and as I mentioned, free transcripts of every podcast. I also want to support your company or organizations that you care about by being part of upcoming events that you might have, or if you have a need for personal finance education or consulting, get in touch by going to the work with me section on my website. I'm looking forward to hearing from you guys. I can't wait to hear back from everyone after you check out Natalie's book as well. As a reminder, it is called Simple Acts: The Busy Teens Guide to Making a Difference. And big thanks to Natalie for always making sure we are at our best as financial grownups.

Bobbi Rebell:
Money Tips For Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support, and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show, as well as show transcripts, by going to my website, Bobbirebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media @bobbirebell1 on Instagram, and bobbirebell on both Twitter and on Clubhouse, where you can join my Money Tips For Grownups club. Second, share this podcast on social media, and tag me so I can thank you.

Bobbi Rebell:
You can also leave a review on Apple podcasts. Reading each one means the world to me. And you know what? It really motivates others to subscribe. You can also support our merch shop grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind word so many of you send my way. See you next time. And thank you for supporting Money Tips For Financial Grownups.

 
Authors, Family + Relationships, Financial Grownup, Productivity, Women Role ModelsBobbi Rebell KaufmanNatalie Silverstein, Simple Acts, Author, Simple Acts: The Busy Teen's Guide to Making a Difference
Money Tips to build your kids financial habits early with Stephanie Uchima-Carney
Money Tips to build your kids financial habits early with Stephanie Uchima-Carney
 

Stephanie Uchima-Carney, host of the Mommy’s on a Call podcast shares easy and fun tips for getting kids on the right track to be Financial Grownups

 
 
 
 

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Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

  1. Subscribe to the podcast, so you never miss an episode.

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Full Transcript:


Bobbi Rebell:
Hey, grown up friends. A big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life by Helping Your Almost Adult Kids Become Everyday Money Smart. This book was not easy to write, because I had to get honest with myself about what was working with my teen and young adult kids and what was not working. And I also had to be prepared to share it with all of you. So, first of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear. By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts. I am really happy with how launching Financial Grownups came out, even though it really was hard to be, like I said, that honest, and it was a lot of work, but I really love doing it. And I'm really happy with how it came out.

Bobbi Rebell:
On that note, if you have not already, please pick up a copy of launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important, because the algorithm picks up on them and that can make the book a lot more visible to more people. So I truly appreciate it. And I really also appreciate all of your support.

Stephanie Uchima-Carney:
It's not that they really wanted that fancy purse because their girlfriend had, it's because they wanted it because they wanted to feel a part of something. And so how can you recreate that sensation and how can you recreate that that makes sense for your family?

Bobbi Rebell:
You're listening to money tips for Financial Grownups with me certified financial planner, Bobbi Rebell, author of launching Financial Grownups, because you know what grown up life is really hard, but together we got this.

Bobbi Rebell:
Haven't we all been there? Seeing something cool that our friends have or hearing about an amazing vacation we would love to go on, but it's not always in our budget. For parents, if that want is coming from our kids, it's tough, but it can also be an opportunity. And that's what we are talking about today with our guest. Stephanie Uchima is a business strategist, wellness coach and the host of the podcast, Mommy's on a Call. She's a mom of three who has learned to leverage those kid-driven wishlist into really effective money lessons. She uses everyday events as well as planned games and experiences to make money lessons real. And her tips are for more than moms.

Bobbi Rebell:
Stephanie and I talk about so many great things, including the stock market game, which she will explain, it's for older kids and getting your kids to open up about what they really want when they ask for expensive things and pricey vacations. The truth is that's not often what they're actually after. Here is Stephanie Uchima. Stephanie Uchima-Carney, you're a financial grownup. Welcome to the podcast.

Stephanie Uchima-Carney:
Thank you for having me, Bobbi.

Bobbi Rebell:
I am a huge fan of your podcast, by the way, which is Mommy's on a Call. You're also a business strategist and a wellness coach. And of course, because your podcast is Mommy's on a Call, you also are the mom of three kids. So welcome.

Stephanie Uchima-Carney:
Thank you for having me. Yes. Three little kids.

Bobbi Rebell:
Three very little kids, one of which was a pandemic baby, so you have your hands full. we recently connected at a conference and we were talking a lot about, because I write about teaching older kids about money, you have a passion for teaching the youngest children about money. And so I asked you to come on here to give some tips to people who may have younger kids in their lives, their own kids maybe, maybe their grandkids, maybe their friends' kids, maybe their nieces and nephews. But I think there's never a time too early when the kid expresses interest to teach a child about money. Tell us more about why you're so interested in this. Have there been things that have come up in your life that have brought this to be top of mind for you?

Stephanie Uchima-Carney:
Yes. Well, so I kind of went on this journey of working on my own money mindset and really thinking about my own personal relationship with money. And I realized a lot of money relates back to your youth, back to your childhood. People have asked, "What's your very first memory of money? And so when I started to do my own reflection on that, I realized, "Wow, my own relationship with money has to do with when I was a very, very little kid." And so if I was a little kid when it shaped the future of my relationship with money as an adult, I need get to start early with my own children, so I don't basically screw them up for the future either. And so thinking about that, I was like, "Okay, let's learn more. I know they're young." So my kids are currently two, almost four and almost seven.

Stephanie Uchima-Carney:
They have play money, they have different things, but how can I start to instill the values and the relationship with money at an early age, so that when they are almost 40 years old going on a money mindset track down memory lane, they don't say, "Oh my goodness. Yeah, my mom and dad really screwed me up in the beginning."

Bobbi Rebell:
How do you teach little kids about money? Do you let them see what's going on on your phone, for example, when you pay for things?

Stephanie Uchima-Carney:
So we actually to just play with play money and I know they've seen Venmo, but they don't really understand what the digital money is. And I honestly think for toddlers and for little kids, that's a little much, but we do have play credit cards. And so my daughters are only two and almost four and they have a Mini Mouse grocery set and we play actual cash, like cash register and grocery. So there's a little cash register on it. It has fake money. It has one for a dollar, five for a five little coins and we go through it. I'm like, "I want eggs. The eggs are a dollar. Here's my money." I give it to them and they give it back or they understand that there's an exchange. And I always say, "It's not just money for something, it's also an energy exchange."

Stephanie Uchima-Carney:
So I go on it on two different ways. And I know that could sound a little woo. But I always say, "Money is just an exchange for the value you're giving me. Money is exchanged for a product, money's exchange for a service." We use money as a universal tool to help get different things. And so they have two cash registers. They have a learning resources, one, a mini mouse one, and we literally just play. So my big thing is teaching toddlers and little kids is to do it through play. So have them have their own little wallet with their own fake credit card. And sometimes I'll say, "Oh, I don't think you can buy that today. You need to make a choice between these two items, because you only have $5 and this one's $8 and this one's $1. You can get five of these." We play.

Bobbi Rebell:
How do you do that with the credit card? Do you teach them that they have to pay it in full at the end of the month? How does that work? Do you come back to it on a different day? Do you teach them about interest and what would happen if they had a late payment? How far can you take it, especially for your almost seven year old.

Stephanie Uchima-Carney:
So the seven year old, that's funny, because for a while he was like, "Oh, just charge it," or, "Just put it on that." And I looked at him and I said, "Honey, what do you think happens once you give this magical card?" Especially like Amazon, for example, because everything is one touch. He's like, "Just buy that on Amazon." And I'm like, "Oh, I can just buy it. It magically appears, but then what?" Then how does that work? And so we do. We talk to him about the concept of "It's not just magic. It doesn't just appear. There's a cost for things. And so if you want that, it's going to be this amount. And even though you give this magical thing and it happens, it still has to come from somewhere." And so it's really hard. It's easier when it's physical. I think it's really hard, at least personally, to teach them digital. But we also love using manipulatives and he loves math. So that's helpful is that he loves math.

Stephanie Uchima-Carney:
So anytime he goes to a store, he'll look at different numbers and prices of things and we'll play games like, "What's that plus that?" Or, "If I bought two of those, how much would it be?" And so we play around with that to help also academically.

Bobbi Rebell:
You also play the stock market game, so they can learn to invest with play money. And that actually is all online.

Stephanie Uchima-Carney:
So that's for older kids. So a little side note is I substitute taught sixth grade math for fun. I was actually a math major back in college, but never pursued that route. Recently, someone asked if I would substitute teach sixth grade and I said, "Why not? It'd be fun." And they're like, "Oh, and they have this thing called the stock project." So this is more for 11 year olds and 12 year olds. And I was like, "Oh, what's this?" And I started to research it and play it with them. And I think it's such a fun tool for probably 10 to 12 year olds is the stock market game. They were telling me, I was asking them questions. I was like, "Which stocks are you buying? Why are you buying that? What's interesting about that. Okay. If you decide to sell that," and it's really fun, that's all online. But it's a good resource because they can play with their play money. And when they lose, they understand that, because they can see the charts in front of them.

Stephanie Uchima-Carney:
And so I think that's a good tool. Also introducing them to what stocks are. What is investing? What does this mean outside of the way money works just in your house, how money can be invested and why companies need money and how that all works?

Bobbi Rebell:
You also talk a lot about how you can get your kids interested in savings and in automated savings and things like that. Talk about that and your unique approach to that.

Stephanie Uchima-Carney:
My kids still right now aren't really intrinsically motivated by money. They don't still really understand. Like my son, for example, his birthday's coming up. He's like, "I want this Pokemon thing." And so he has a little piggy bank. We go old school here. And he saved his tooth fairy money. He saved his birthday gift money. And then also I said, "You know what, instead of just leaving it here in your piggy bank, mommy's going to take that and we're going to open up a bank account for you."

Bobbi Rebell:
What's your advice to parents whose kids come home from school or whatever activities they have and, especially as we're hopefully emerging from the pandemic, parents are finally taking those trips that they put off for so long. You asked me this question now I'm putting it right back at you. And they hear about, for example, to use your example, they hear about their friend going to Hawaii. What do you do to your kid that comes home and asks mom, "Can we go on this trip that my friend is going on? We should do that too." And it's not that they're necessarily materialistic. They don't even necessarily know. But how do you manage that?

Stephanie Uchima-Carney:
You're putting me on the spot now on my own question. The way I look at it is today, my son actually said, "I want to go to Hawaii to go rock climbing." And I looked at him and I said, "Rock climbing? What do you mean? We never have been rock climbing in Hawaii." He's like, "Remember that time we climbed on rocks?" I was like, "You mean in Joshua Tree?" I was like, "So you don't actually want to go to Hawaii. You just want the experience of rock climbing? Well, let's look at other places that we can drive to that's close that you can do that." I know a lot of kids are going on trips, especially like Disneyland or things like that. "Why does he get to go? Why don't I get to go?" And I always say kind of like what you say is "Our family makes different choices and we choose for our family and what's best for our family. And so this time we think it's fun since you guys have never been to," I think, well, we're going to a summer camp.

Stephanie Uchima-Carney:
"Since you guys have never been water skiing and things like that, we decided instead of doing something you've done before, we're going to choose something different. And it'll be a fun experience with the family." I always like to get at the root of what they really want. So maybe they didn't actually want that physical item or maybe they actually didn't want the trip to Hawaii. Maybe they really just wanted family time together. Sometimes we'll come back from a trip. And I'll ask. We went for spring break somewhere and I was like, "What was the best part of the trip?" And he looked at me and said, "Mommy and daddy were here with me for a week." I was like, "Yeah." So we could have been anywhere. We could have literally been home.

Stephanie Uchima-Carney:
And so it's what do they really want? And same with even when they're young, when they're toddlers. All they really want is to know that they're loved, that they are accepted for who they are. They just want to feel that comfort. And so materialistic money, all that aside, there's a root at what they want. So if they want an item, because they want to feel included, that's a different emotion. And so now you can address the inclusion part. It's not that they really wanted that fancy purse, because their girlfriend had. It's because they wanted it, because they wanted to feel a part of something. And so how can you recreate that sensation and how can you recreate that that makes sense for your family.

Bobbi Rebell:
I love the way you frame that. Tell us quickly about Mommy's on a Call. Because I love this, this is my new obsession, this podcast.

Stephanie Uchima-Carney:
Well, what happened was, is I had a podcast originally called Power Mom Minute and I wanted to interview all the successful moms in business, because I was very curious how they did it behind the scenes. How do you run a company and yet be a mom, because that was my aspiration to do. So I started this podcast and then got pregnant with a third kid, put it on hold, COVID hit. And in the middle of COVID, I needed an outlet and I was still curious, "What's going on in the world of moms?" I was on a phone call and my son was shooting a Spider-Man dart at me. I had a newborn that I was breastfeeding and I literally screamed out loud, "Mommy's on a call. Everyone, be quiet." I was like, "Huh." And the person on the Zoom was like, "That's your podcast name." And I was like, "That's perfect."

Stephanie Uchima-Carney:
So it's a play on two things. Mommy's on a call, like "Go away." We're just going to figure out what's the behind the scenes of moms in business, career. And also mommy's on a call with different aspects of themselves. So I'm really big into multidimensional wellness. So that's not just health and or that's not just physical, emotional, mental. It's also financial. It's also career, which is occupational, environmental. And so mommy's on a call with different parts of the herself and her identity. So talking to you, mommy's on a call with finances and how can we better our financial future and our children's financial future. Or mommy's on a call with her health. And so I might interview someone on intermittent fasting or hormone health, because I'm personally curious. I want to see how you experts do it all.

Bobbi Rebell:
Well, I loved being on your show. I hope everyone checks out Mommy's on a Call. Where else can people find out more about you?

Stephanie Uchima-Carney:
You can go to mommysonacall.com. You can find me on Instagram, TikTok, Twitter. It's all under Stephanie Uchima, that's U-C-H-I-M-A and follow me along there. I talk about all things motherhood and wellness.

Bobbi Rebell:
Thank you so much.

Stephanie Uchima-Carney:
Thank you for having me, Bobbi.

Bobbi Rebell:
The advice at the end of the interview about vacations is so on point to what is going on these days with travel. It's not only getting ridiculously expensive, it is also so difficult, it may honestly just not be worth it. So drill down with your kids when they're saying, "We want to go away." And by the way, this goes for your partner or your friends or whoever you will be traveling with and figure out if there's a way to get the same experience or a similar experience or a good enough experience, whether it's rock climbing, or just spending time together without the hefty price tag and not to be overlooked, the hassle factor. One thing that is hassle-free is getting the show notes and full transcripts to this podcast. Both are available right on my website, which is my name. So it's just bobbirebell.com, B-O-B-B-I-R-E-B-E-L-L .com. My newsletter is also available to subscribe to right on my website. Links to all of that in the show notes attached to the podcast, but also again on my website.

Bobbi Rebell:
Thank you for investing the time to listen to this podcast. One thing I am asking in return and it's super easy and it's also free is to take just two more minutes to review my book, Launching Financial Grownups on Amazon. And, yes, the link to review this book on Amazon will be in the show notes, but you can also just find it by going to Amazon, finding the book and scrolling down, and finding where to review it. I am trying to get to 100 reviews and let me tell you, it's not easy. So if you do put a review on that page for me, it is noticed and it is appreciated. Your one review matters a lot to help me get to that goal. So thank you truly. I really appreciate it, guys.

Bobbi Rebell:
And please of course share it with me on social media. If you do review the book or just if you the podcast, please help share it. Help me increase my listeners, grow the community. DM on Instagram, @bobbirebell1, and on Twitter, @bobbirebell. And also check out my new TikTok channel. Is that what it's called? Is it a channel? I'm not sure, but I'm posting a lot of videos of me doing local news hits, which is super fun, because I'm giving advice about battling inflation and saving money and so on. And you guys seem to like them, so I love sharing them and I would love to hear from you there. And, of course, make sure you are subscribed not just to this podcast, but to Stephanie's Mommy's on a Call podcast. It's a great one. And big thanks to Stephanie Uchima for helping us all be Financial Grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Stewart, guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show, as well as show transcripts, by going to my website, bobbirebell.com. You can also find an incredible library of 100s of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media, @bobbirebell1 on Instagram and Bobbi Rebell on both Twitter and on Clubhouse, where you can join my money tips for grownups club. Second, share this podcast on social media and tag me, so I can thank you.

Bobbi Rebell:
You can also leave a review on Apple Podcasts. Reading each one means the world to me. And you know what? It really motivates others to subscribe. You can also support our merch shop grownupgear.com by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being Financial Grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind word so many of you send my way. See you next time and thank you for supporting Money Tips for Financial Grownups.

 
Advice, Family + Relationships, Financial Grownup, Money, Personal Finance, Role Models, Women Entrepreneurs, Women Role ModelsBobbi Rebell KaufmanStephanie Uchima, Stephanie Uchima-Carney, Mom Life, Kids, Children, Financial Education, Family
Grownup alert! How to be ready to exit your job- and be ready for what’s next.
Grownup alert! How to be ready to exit your job- and be ready for what’s next.
 

Media all-star Kim Rittberg gets us ready to exit our jobs the right way, and previews her new podcast: Mom’s Exit Interview.

 
 
 
 

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Full Transcript:

Bobbi Rebell:
Hey, Grownup friends. A big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life By Helping Your Almost Adults Kids Become Everyday Money Smart. This book was not easy to write because I had to get honest with myself about what was working with my teen and young adult kids and what was not working. And I also had to be prepared to share it with all of you. So, first of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear.

Bobbi Rebell:
By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts. I am really happy with how Launching Financial Grownups came out, even though it really was hard to be, like I said, that honest, and it was a lot of work, but I really loved doing it. And I'm really happy with how it came out.

Bobbi Rebell:
On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important because the algorithm picks up on them and that can make the book a lot more visible to more people. So I truly appreciate it. And I really also appreciate all of your support.

Kim Rittberg:
Figure out number one, what is the life you want? What should that life look like? Are you looking to get more time to yourself, to spend with your kids? Are you looking for more fulfillment? Are you looking for a more flexible schedule? Get super clear on that answer before you leave, like don't slam any door until you know where you want to go.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, certified financial planner, Bobbi Rebell, author of Launching Financial Grownups because you know what? Grownup life is really hard, but together we got this.

Bobbi Rebell:
Hey grownups. Quick ask, before we get into today's topic. I need your help big time. My book Launching Financial Grownups is out and I need your help to get this information to more grownups who can use the advice from my amazing experts in the book. As you know, I wrote Launching Financial Grownups because I was struggling and the information in this book has been everything to me. If you have not already, please pick up a copy. Please get one for a friend or a relative. And also this is so important, please take just a couple of minutes to leave a review on Amazon. We will have a link for that in the show notes. And if you have a group that you think would benefit from having me come to speak to them in person or virtually, get in touch. It's super easy. On my website, just hit the button on the top right that says Work with Bobbi and we can get in touch.

Bobbi Rebell:
Okay. Now to this episode's topic. Are you curious about the Great Resignation? Are you reading about some scary stuff in the job market like rescinded job offers or people that regret quitting? Maybe you are already in the thick of it, but how do we make sure it doesn't turn into the great regret, whatever we're doing. We have you covered with the most amazing guest Kim Rittberg. Kim Rittberg has had the most phenomenal career in the media business with stints everywhere, from Netflix to Fox and PopSugar. She even launched Us Weekly Television.

Bobbi Rebell:
But then she had that aha moment. You probably have had it too if you're listening to this, and realized she wanted more control. And if we're being honest, more upside potential by stepping out on her own.

Bobbi Rebell:
But of course it's never that simple. We grownups know it never is. I've shared my own three year exit strategy from when I left my job as a business news anchor at Thompson Reuters. But what if you don't want to wait three years or you just can't, and what if you don't know where you want to go, just that it's not where you are right now? Kim and I talk about all of that and then get very specific in our interview with what you need to know before you make your exit, including, of course, the financial things we need to be putting in place. And my favorite, how do you know where to invest in your business as you are building it? Where do you put your resources? It's often limited. Where do you outsource? And how do you even find the right people to help you? It's a lot. So listen carefully to Kim. She gets it and she has incredible advice. Here is Kim Rittberg.

Bobbi Rebell:
Kim Rittberg, you are a financial grownup. Welcome to the podcast.

Kim Rittberg:
Thank you so much for calling me a grownup.

Bobbi Rebell:
You are such a grownup. We've been gabbing a lot while we've been getting set up because you have a new podcast that has just debuting. It is called Mom's Exit Interview. And I asked you to come on to talk about exit strategies when we want to make big changes in our life. But first tell us about Mom's Exit Interview.

Kim Rittberg:
Yeah, so Mom's Exit Interview is pretty much a resource for moms to thrive when they've ditched the 9:00 to 5:00. Because people don't realize you think that there's stay at home mom, and then 90 hour work weeks on the corporate ladder. There's so much in between. And this podcast is an amazing resource. So every single episode, there's a mom, a real mom with an inspirational story where she's carving her own path and an expert with tips to guide you. So it's really meant to be that inspiration and action paired together.

Kim Rittberg:
And the reason I came up with it was sort of my baby. I had worked in media for about 10 years in TV. I launched the video unit for Us Weekly, like complete dream job. Like I made it. I was like, I made it. I'm such a big deal. It was awesome. I ran an 18 person team. I had my first baby, my baby, actual baby, and Us Weekly, my other baby. But what happened was when I being pregnant with my second, we were required, and I was in the hospital room having my second baby looking through resumes of all the people quitting, looking around at all the executives who were getting fired. I still had my job, but I thought, "Whew, I have no control." And so that really made me think I got to rethink my career. I need to take back control. If this is what success means, this is not the version of success I want.

Bobbi Rebell:
And it's interesting because, so your podcast is about the mom experience, but the truth is that, and that is often sort of the tipping point for making a change is when you have a change in terms of your family dynamics, whatever that may be, this applies to anyone. Right now, we're going through what many people are referring to as the Great Resignation because so many of us are now rethinking where we want to be, what's going on around us. I mean, you weren't necessarily being forced to make a change, but you had this aha moment. Tell us about what you think about the broader picture of what's going on these days in society, because that had to have inspired this new podcast.

Kim Rittberg:
Absolutely. So I, funny enough, right before the pandemic is when I decided to work for myself. When I tell people about this idea, dads, millennials, all people are like, "What a great idea. Why is it just for moms?" I'm like the idea is not just for moms. It's really for people who want to take control. And I think you're seeing that entrepreneurial, grab the reigns mentality, strike more people. But I do think that parents were feeling it more during the pandemic because all of the things that make a parent feel stretched thin before really rose to the surface in a very visceral way. Never before have parents had to homeschool and work at the same time. It's just it was a banana situation, but those little pieces had been happening for a long, long time.

Bobbi Rebell:
Assuming that we have a choice because sometimes people have to exit what they're doing without a choice, but if we have a choice, what things should people do beforehand to be most ready to have an exit?

Kim Rittberg:
That's a great question. Because on the show, I've conducted tens of hours of interviews with real moms. And we have surveys of hundreds of moms that filled out this survey for the podcast about what they're looking for. And people quit with a plan, without a plan, but I do think there are some general guardrails in place. So in my experience, I left Us Weekly, I knew I wanted to work for myself. I actually didn't have the courage or confidence to do it for another two years.

Kim Rittberg:
So a lot of times I think people have those sort of mental blocks of, can I do it? Is this really the right move? And then there's the tangible things. Do you have enough money? Do you have insurance or does your partner have insurance?

Kim Rittberg:
So some of the things to prepare are A, if you're going to exit, what are you entering? Do you want to be an entrepreneur and grow a huge company? Do you want to be a part-time worker? Do you want to be a consultant? But figure out number one, what is the life you want? What should that life look like? Are you looking to get more time to yourself, to spend with your kids? Are you looking for more fulfillment? Are you looking for a more flexible schedule? Get super clear on that answer before you leave, like don't slam any door until you know where you want to go and it doesn't have to be career A. It doesn't have to be job B, but you should have your priorities really clear because otherwise you're going to find yourself going to the right, going to the left, not really knowing which direction to really lock in on. So get clear on what you want. Your priorities are the top thing.

Kim Rittberg:
Secondly, figure out your financial situation. It is different for everyone. Some people have a lot of savings. Perhaps they have a partner with insurance and childcare. That makes it obviously a clearer path to take an exit. So figure that out. You obviously need to cover housing, food, childcare, but think about which of those things are temporary and which are permanent.

Kim Rittberg:
One of the other things I think is super helpful that I've learned from the podcast, I was talking to Gretchen Rubin, the Happiness Guru, who is amazing. She's amazing. I'm like, I love you. I also love you, Bobbi. We were talking about chapters and how life can be in chapters. So another helpful framework is you're slamming a door. You didn't lock the door with a bolt and never go back. You do always have the opportunity to reenter whatever it is you want to. You don't have to go back, but you can go right, you can go left, you can go forward. So I think the framework of knowing that an exit could be an entrance to something else and you get to decide what that is. A lot of people think of it's that old, famous video of that Jet Blue person, this flight attendant who jumped out the window and quit, and storming out of your job and lighting it on fire. It doesn't have to be that. There are a lot of ways to exit and enter something that's really satisfying.

Bobbi Rebell:
How do you balance the amount of planning you do with the actual doing? Because I have had friends that say, "I'm going to make a move," and then it doesn't happen. Or you also, sometimes people, as you just alluded to, take the leap and it's so dramatic and I'm just going to walk in and quit. Maybe they haven't thought it out well. So how do you kind of know what the balance is? And I say that, and I will talk about this on your podcast, I really took three years before I exited my corporate job. I did a lot of planning, but it was very specific with a timeline and everything. How do you balance that? Because you can spend forever planning.

Kim Rittberg:
You can definitely spend forever planning. I 100% agree with you. I spent two years knowing I wanted to work for myself, but not really understanding the financials of that. And finally, one day I said, "I'm going to do it. I'm going to network. I'm just going to see what happens." And I've had two and a half years of making good money doing some of the best work of my life, getting awards. You have to be clear in what you want. I think that clarity has to come.

Kim Rittberg:
Some of the tips that I have learned through the podcast is generally some of the ways that you can figure out that next step, if you have the time, obviously it's very hard to find the time, start doing that next thing as a side hustle. See if you like it, see if the money makes sense. See if there's clients out there, are people wanting what you're selling? So that's one way is to dip your toe in as a side hustle. The other thing is to make sure you have that financial cushion to make sure that you're not just quitting your job and then you feel unemployed. You don't want to feel unemployed. You want to feel empowered.

Kim Rittberg:
And the actual timeline, some people plan a business for years before they launch and other people spend six months, they make their plan. So getting the resources, like tapping into people. Getting your mentors, getting your coaches, doing that business plan, talking it out, and getting on the same page with your spouse or partner if you have one. That's another big thing is if you're going to make a big move, your whole house has to be aligned to that move, or it's going to be very hard for you to handle that. As you know, financial stress is the top stress for partners. So if you are going to make a move, your whole house has to be okay with that.

Bobbi Rebell:
Absolutely. And it is important to understand the difference between procrastination and planning, and understanding the balance of that. Once you make this leap and you do exit, Kim, one of the things that I worry about with people because I've been approached, fortunately, I don't think I've been scammed yet, but there's a lot of people... And it's not just scammed. There's a lot of people that can actually legitimately help you. That can really help you clarify, especially if you're a little bit lost, they can clarify with you what you want to be doing, because it is complicated. There are things that might be part of your business that are marketing and things that are revenue producing. And you have to balance that because some things can be so much fun, but they will never produce income. And if you want to have income for your family, you have to really have an understanding of that. How do you figure out who to bring in to help you and what kind of investments to make? Especially if maybe it's early and you don't have the cash flow to just pay for it out of your business, or if you need the cash flow to be supporting your family.

Kim Rittberg:
That's a great question. And I think there are several different points of view on this. Some people are in the camp of delegate everything, and delegate everything even before you're ready to. So when I was running a big company, I was like, "I'm not going to do this. I'm not going to do that. I'm going to delegate." Now that I run my own company, I do delegate, but I wait till I feel like I really need it and before I'm at that breaking point, then I hire help for that.

Kim Rittberg:
But in terms of bringing on coaches and all of that, there are a lot of people out there who would like to make money off of you. That's across the world. You go into a store, everyone's trying to sell you something, but figure out who you need to help you get to the next level. For some people, it's a business coach. You actually need to sit down and have your business plan. So on our podcast, I have this entrepreneur media business development consultant, and he gives you tips on how to find clients, how to price your business, how to make a business plan. If you don't know how to do those things, that's the right type of person to bring on. For other people, it's a graphic designer or it's a branding consultant because I think that when you're ready to take that next step, you need to have a brand identity and you need to really like have a good brand presence. Your socials, your site, all that stuff, but you have to be able to separate it.

Kim Rittberg:
And I think there are also a lot of people on social media, the idea that you have to be on social all the time, promoting yourself, and then you end up spending all your time there. You have to really think in your mind, balance your time between what is marketing and what is branding, and what is necessary, and where am I making my money?

Kim Rittberg:
So I had a huge year, my very first year actually working for myself. I had a huge year. I was barely on social media. My inbound contacts, all of my work was inbound. All of my clients were inbound. There were people I had met or contacts of contacts, and I did it through networking. So I think it's very important because a lot of people sell products or services that are related to marketing yourself. And I think social media marketing is super important, but you have to remember, at the end of the day, you got your checking and your savings account. How much money are you making? Are you bringing in money? Are these people who are helping you, are they going to help you bring in money? So I think you need to do that. I personally am a big fan of like word of mouth, figuring out are they legit, checking online sites, Better Business Bureau, all the things like that. I mean, a lot of coaches and people I brought on have been word of mouth. They have been recommendations from other business owners.

Bobbi Rebell:
Kim, you are such a gem. I want to remind everyone that beyond just rewinding this, I do provide transcripts because you're going to want to literally underline and circle everything that Kim has said. This is a tremendous resource. And we're so excited for your new podcast, Mom's Exit Interview. Tell us more about where we can find out more about you, and I know it's going to be everywhere the podcast. So the podcast is everywhere that you listen, make sure to follow and subscribe. I guess we say we have to say follow now, not to subscribe, but where can people find Kim Rittberg?

Kim Rittberg:
Thank you so much. So kimrittberg.com, R-I-T-T-B-E-R-G, is all things me and Mom's Exit Interview is there. And as a part of my business, I do media training and video content strategy. So I'm laughing. I'm like, "Don't hire coaches, except for me." I'm just kidding. But all of my information is that KimRittberg.com and this was so fun. And I really, my goal for the podcast is to be a resource for people to create a more fulfilling life. And so if I'm doing, that's awesome. And thank you so much for having me.

Bobbi Rebell:
Hey, grownups. I love how Kim gets real at the end of the interview, especially understanding that we have to focus not just on doing what we love, but understanding what will actually bring in revenue. It is something I'm trying to focus on more these days as well.

Bobbi Rebell:
Make sure you go to my website. It's just my name, BobbiRebell.com, to get the show notes, with links to learn more about Kim's business and her new podcast, Mom's Exit Interview. While you are there, make sure to subscribe to my newsletter. There's a link in the show notes and on my website for that. We send the newsletter out every couple of weeks with articles and helpful information that can help all of us be financial grownups and it is free.

Bobbi Rebell:
Be in touch. I'm now on TikTok where I'm still figuring it out. Please help me. Give me ideas, give me suggestions, or any feedback in the comments on TikTok. So far, everyone seems to like clips of me on local news sharing advice on saving money and paying down debt and other grownup money skills. You can also find me super easy under my name, just Bobbi Rebell. Same goes for Twitter. And on Instagram, I am @BobbiRebel1. That's Bobbi Rebell with the number one.

Bobbi Rebell:
And I also want to be helpful to all of you in your business ventures. I would love to come speak at your company or perhaps at a client event. I have virtual and in person programs available on topics, including of course, Launching Financial Grownups. I talk a lot about intergenerational wealth and of course, how to maximize work life benefits. Links to more info on that in the show notes as well.

Bobbi Rebell:
Go listen and subscribe to Kim Rittberg's new podcast, Mom's Exit Interview, and big thanks to Kim for helping us all be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts, by going to my website, BobbiRebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup.

Bobbi Rebell:
The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media @BobbiRebell1 on Instagram and Bobbi Rebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me. And you know what? It really motivates others to subscribe. You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this.

Bobbi Rebell:
Thank you for your time and for the kind words so many of you send my way. See you next time. And thank you for supporting Money Tips for Financial Grownups.

 
Advice, Career, Financial Grownup, Health + Fitness, Personal Finance, MoneyBobbi Rebell KaufmanKim Rittberg, Career, Job, Mom's Exit Interview, Podcast
How to Manage the Career Blah’s with Smart Growth author Whitney Johnson ENCORE
How to Manage the Career Blah’s with Smart Growth author Whitney Johnson ENCORE
 

Feeling ambivalent about your career these days? With the pandemic dragging on, you are not alone. Whitney Johnson is back with some tips to get unstuck and recharge

Tips for Managing the Career Blahs

  • Learn how common the Career Blahs

  • Find out what the S-curve is and where you are on the curve.

  • Why you shouldn’t just say “I quit”

  • Learn why it’s less difficult to take on something new if it corresponds to your identity

 
 

Follow Whitney!

Follow Bobbi!


Did you enjoy the show? We would love your support!

Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

  1. Subscribe to the podcast, so you never miss an episode.

  2. Share the podcast with your family, friends, and co-workers.

  3. Tag me on Instagram @bobbirebell1 and you’ll automatically be entered to win books by our favorite guests and merch from our Grownup Gear shop.


Full Transcript:

Bobbi Rebell:
Hey grownups, before we start the podcast I want to talk to you about keeping things in perspective. And remembering sometimes we just have to laugh it off. We need that. Life is full of grownup choices and it can be a lot. So it's important to keep things in perspective and have a sense of humor. That's why I created Grownup Gear. It is super fun merch to celebrate adulting. Tshirts, sweats, mugs, I even have kitchen aprons for cooking. It lets everyone know that you are a grownup. Or, at least a grownup in progress. Or, at least you know someone who's a grownup. We even have the cutest baby gear, from onesies to bibs, that say things like, "I can't believe you are the grownup." The best gifts for new parents, birthdays, engagements, graduation, pretty much any occasion. Even a great gift for yourself. Check it all out at grownupgear.com.

Whitney Johnson:
Often times, when we're in that blah place, we start to go into fantasy land of, "Oh, I think I want to do a different job in a different industry in a different country," which isn't really very practical most of the time.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, Certified Financial Planner, Bobbi Rebell, author of How to Be a Financial Grownup. And you know what, when it comes to money, being a grownup is hard. But together, we've got this.

Bobbi Rebell:
Welcome, grownups. Very excited to share the second in our Grownup Career miniseries that started last week, with Deborah Wheaton of Careers Done Right. This week, I'm so excited to share my interview with bestselling author and host of the Disrupt Yourself Podcast, Whitney Johnson. I invited Whitney back to the podcast because she has a new book out. It's her fourth one, guys. That's a lot. It's called Smart Growth. Whitney is a force in the career and workplace advisor space. She has 1.8 million followers on LinkedIn. 1.8 million. Maybe by the time this comes out, it's going to be two million. Oh my gosh. She also was selected as a Top Voice in 2020 at LinkedIn and her course on Fundamentals of Entrepreneurship has been viewed more than one million times.

Bobbi Rebell:
In our interview, we talked about something that is front-and-center for a lot of us, and good for you if it's not, but I don't know. Anyway, good for you. But for me, it is the career blahs, especially as I've said, as we enter year three of this pandemic. Oh, gosh. Hang in there, guys. Here is Whitney Johnson.

Bobbi Rebell:
Hey, Whitney Johnson, you're a financial grownup. Welcome to back to the podcast.

Whitney Johnson:
Oh, Bobbi, I'm so happy to be here.

Bobbi Rebell:
Well, I asked you back because you have your number four book, Smart Growth: How to Grow Your People to Grow Your Company. You're going to be talking to us about the work blahs, so we're going to get to that in a minute.

Bobbi Rebell:
But before we do that, tell me about this book. And gosh, writing a book in a pandemic, my goodness.

Whitney Johnson:
Well, I think it's the best time to write a book because you have focused time and you're not traveling. But, here is what it's about. I've written three books prior to that, and the last two, one was called Disrupt Yourself, the second one was called Build an A Team. And in those books, I had something called the S Curve of Learning, kind of in the background. It was the supporting actor. And people kept looking at it, and calling it out and saying, "Let's talk about it."

Whitney Johnson:
And basically, what it does is it gives us this simple visual model of what growth looks like, of what it feels like. It was always in the background and I said, "We need to write a book so that people can have this front-and-center. And understand, okay now I have this way to think about the emotional arc of growth." So that's what this book is about, is giving people a map to grow.

Bobbi Rebell:
And we all want to grow, but the truth is, as I kind of said, you could hear it in my voice at the beginning of this interview, it's really hard. We're going on year three here. A lot of us have the blahs when it comes to work. And that is something that you do address in the book Smart Growth.

Bobbi Rebell:
Tell us, first of all, how common is it? We think, whatever level we're at, that it's just us. Even the biggest bosses get this. You know some VIPs and they definitely get the workplace blahs.

Whitney Johnson:
Yeah. The reason you get the blahs is ... I want you to picture an S in your mind and you can draw it with your hand, left to right, a line where you get the launch point. And that's where you start something brand new, and you don't know what you're doing and you're trying to figure it out. And it's overwhelming, and exhilarating and all those important things. And growth initial feels very slow, even though it's fast. But then, you put in the effort and you accelerate into what I call the sweet spot. This is the place where it's exciting, and exhilarating and it's hard but not too hard, easy but not too easy. And this is the place where growth not only is fast, it feels fast. But then, and now we're coming to the blahs, you get into mastery.

Whitney Johnson:
And mastery is this place where you're, "I'm at the top of the mountain! I am the king or queen of the mountain." But the problem is, is that because you have figured it all out, you're not longer learning, you're no longer enjoying the feel good effects of learning. You can get bored. So if you don't do something new, you're going to either potentially self sabotage, you're going to get complacent or have to go somewhere else. So, enter the blahs, this feeling of, "I'm really good at this but I feel like I can no longer do it."

Bobbi Rebell:
So relevant these days and something I think so many of us feel so often. So how do we know where we are on the S curve? Because I think you can get the blahs at many different stages. And then, how do we get out of the blahs? Especially when it feels like we're just home, alone. And there's a very thin line between oh, we have our privacy, but then it's a lot of isolation. You put on a big face when you have that Zoom meeting, maybe even turn your camera off these days, more and more. And then, you get off that and you're just still home. Blah, blah, blah.

Whitney Johnson:
It's an interesting predicament. What I would say is that, when you're on an S curve of learning and you're at the launch point, you don't always know is this the fact that it's the wrong S curve and therefore the blahs, or if it's the right S curve but you just don't have momentum yet and you need to persist. And so, one of the things you want to do when you're at that launch point is ask yourself questions like is this something that is in sync with my identity, in sync with my values, in sync with my why? And maybe, I'm just burned out. Because I think the blahs, right now, can also be, "I'm just burned out and I need a rest, I need a break."

Whitney Johnson:
But, if all those questions are, "Yes, I actually really like doing this but I just need a break," then you want to stay on this curve and find a way to rest and reflect. There's a wonderful quote by Tiffany Shlain who wrote a book called 24/6. And she says, "What if we thought of rest as technology? Because the promise of technology is that it makes our life more efficient and more productive. And if we're willing to rest, that will also make our life more efficient and more productive."

Bobbi Rebell:
Do you have any practical tips to decide where do you even begin?

Whitney Johnson:
Start assessing, "What do I like about what I'm doing currently?" There's going to be lots of things that you do actually like. And, "What don't I like?" Start having lots and lots of conversations with people about, "What do I do well? What are my superpowers?" What do people compliment you on? Because in those compliments, there are going to be lots and lots of clues to what you do well and what you might want to do next.

Whitney Johnson:
Often times, when we're in that blah place, we start to go into fantasy land of, "Oh, I think I want to do a different job in a different industry in a different country," which isn't really very practical most of the time. So you want to initially say, "Well, okay. If I've been a CFO for a really long time and I'm tired of being a CFO, and I want to do something different, how about if I go be a CFO in a different town? Or, maybe I work as a CFO part time, so that I can still put food on the table but I can think about what else I might want to do." Maybe working with startups. And then, over time that could move to a new S curve where you become the CFO, or even the CEO of a startup, because you've given yourself an opportunity to jump to a new curve but not just leap off without a parachute.

Bobbi Rebell:
That goes to a theme that you talk about in the book, which is the concept of familiar yet novel. And I think that's really relevant to so many people these days, that have this frustration and this blah about their careers, where they're first instinct might just be to join the Great Resignation and just say, "I quit." But there's some red flags with that. You're pointing out that maybe too big a leap doesn't make sense.

Whitney Johnson:
Yeah. There's two thoughts on that.

Whitney Johnson:
First of all, yes I do talk about this idea of familiar versus novel. There was some terrific research out of Northwestern. They looked at 10 million research papers written over the course of 10 years and they found that the ones that were most cited were the ones that have 85 to 95 percent of the sources were familiar, in the lane, usual suspect, but five to 15 percent were novel, outside of the scope of what people would expect. And so, if you use that as an analog or as a benchmark, when you're thinking about doing something new, you want it to be 85 to 95 percent familiar, then five to 15 percent novel. So it's familiar enough that you can get a handle on it, but it's novel enough that it surprises and delights you, and it gets your dopamine going. That's a good place to start.

Bobbi Rebell:
And you talk about the fact that it is less difficult to take on something new if it corresponds to your identity. We have to pay attention. As much as we may want to change, we have to be realistic about the fact ... and also maybe make it our superpower, I don't know if that's the right term. That we do have an identity that people are used to seeing and it has to still make sense. You can reinvent yourself and disrupt yourself, as you often talk about, but it also has to be in a way that people will still recognize you.

Whitney Johnson:
Right. Well, and it depends. Because sometimes, for example, there might be an identity shift that you want to make, that is very important to you to make. So you want to change how people perceive you as being kind versus mean, so in that case it's an identity you aspire to.

Whitney Johnson:
But in this case, we would talk about it as being on brand. Is this something that people say, "Oh yeah, Bobbi is going to do something in the financial arena." You've got a new book coming up. What's it called? Financial ...

Bobbi Rebell:
Launching Financial Grownups.

Whitney Johnson:
Right.

Bobbi Rebell:
Yes.

Whitney Johnson:
That's in your lane, that identity works. But if you said, "Hey everybody, I'm going to write a book about dressage." Equestrian. People would be like, "Whoa, okay."

Bobbi Rebell:
What?

Whitney Johnson:
Not sure what to do with that. You would have to do a lot of work to get people to say, "I'm still going to follow her there."

Whitney Johnson:
What's happening is that when you want to jump to a new S curve, you are asking everyone else around you, in this case a potential employer, to jump to a new S curve as well. There's risk involved for them to do that.

Bobbi Rebell:
All right, I want to get to one more thing before I let you go. There's a story that just was ... I don't know if the word magical is the right word because it's a dirty story. It's a dirty story because it has to do with the Dirty Jobs guy, Mike Rowe. I just want you to share at least part of it, I know we don't have time to do all of it. But, I want you to share it because it just shows that sometimes, it's not about ... You have to find the right sort of job and the right identity for yourself, but you also have to find the right place for it, where you can monetize it and make it your career. So tell us quickly about the Mike Rowe story and how he had all these different jobs, he was bumbling around. On the surface, I would say he was pretty successful, he was on TV and all that stuff.

Whitney Johnson:
Yeah.

Bobbi Rebell:
But ...

Whitney Johnson:
Yeah. Mike Rowe, we all know him from Dirty Jobs. He was jumping onto a lot of S curves. I mean, you could argue that he was a master explorer. He had job after job. And he was an opera singer, and he was on Home Shopping Network, lots of jobs. Well, he's now on the Evening Show in San Francisco. He gets a call. He's gone to yet another winery and he gets a call from his mother.

Bobbi Rebell:
Winery representing another boring location to him.

Whitney Johnson:
Yeah, exactly.

Bobbi Rebell:
For him, that was boring.

Whitney Johnson:
Yeah, exactly.

Bobbi Rebell:
I would like it. But for him, this was not desirable. Not a desirable reporting assignment.

Whitney Johnson:
Yeah, exactly.

Bobbi Rebell:
Okay. Go on, Whitney.

Whitney Johnson:
Nor to his mother. So his mother calls him up and says, "Hey, Mike." I think she said Michael. "When are you going to do a job that your grandfather can be proud of? He's over 90, he's about to die. When are you going to do that?"

Whitney Johnson:
This was the call to adventure, the jump to a new S curve. He says, "You know what, I'm going to go into a sewer and I'm going to film a sewer inspector." He goes into this sewer, and he has raw sewage all over him and all these roaches. And it's on Evening Magazine in San Francisco. And he says he loved it, but the producers called him in and they fired him.

Bobbi Rebell:
Right. He found his calling but they didn't like his calling.

Whitney Johnson:
They did not. They kicked him off the curve, but they gave him the footage. It was originally called Somebody's Got to Do It, but that became the pilot for Dirty Jobs, which arguably changed the face of reality television.

Bobbi Rebell:
Oh, yeah. My husband loves that. Yeah. I can't watch it, but good for them. They should enjoy it. The point being ... Well, you tell me. What is the takeaway from this? I love that story.

Whitney Johnson:
The point is is that, first of all, I think he was 42. He was over 40 when this happened. So I think that's an important point, which is so often we think, "Oh, I'm in my 20s, my life is over. I'm 15, my life is over. I'm 25, my life is over." 35, your life is over. And the reality is your life is never over until it's over, so I think that's the first thing.

Whitney Johnson:
The second thing is pay attention to your mother. Just joking, but not really. The third thing is that you're going to be on a lot of S curves and many of those S curves won't be the right S curve. But if you're willing to continue to explore, you will eventually find the S curve that is the right S curve for you. What I have found in my own life, and I think most of your listeners will find, is most of us don't really find our calling until we're in our 30s or 40s.

Bobbi Rebell:
Yeah. So much changes, it's so true. So true. Wonderful advice. Thank you for coming back. Where can people find out more about you and Smart Growth?

Whitney Johnson:
Well, you can go to smartgrowthbook.com to find out more about the book. I have a podcast as well, so you can go to Disrupt Yourself, the podcast. As you just heard, we had Mike Rowe on and he told the story much better than I did just now. So those are probably the best two places.

Bobbi Rebell:
Thank you so much.

Whitney Johnson:
Thank you, Bobbi.

Bobbi Rebell:
This podcast is way too short in the case of Whitney's book, so definitely pick up a copy of Smart Growth. There were so many incredible stories there. Lots of unexpected anecdotes and stories, like that Mike Rowe Dirty Jobs one, that really makes you see things in a different perspective. And helps you understand that people who you think are totally set in their careers, and they've always been on the right path, maybe not so much.

Bobbi Rebell:
Anyway, I also fully appreciated Whitney's mentioning of my book, Launching Financial Grownups. Thank you for all of your support. I know quite a few of you have already put in preorders. DM me and let me know, so that I can thank you. It really does help with how book sellers will present suggestions to other potential listeners, to see activity before the official release date. Which, by the way, is March 22nd. So placing that preorder is very appreciated.

Bobbi Rebell:
Some of you have asked me where to order, among the different retailers. Where's the best place to order Launching Financial Grownups? Well, my answer is frankly, wherever it's most convenient for you. You can find links to buy Launching Financial Grownups on my website, bobbirebell.com, where there are also, by the way, full show notes with relevant links, as well as free transcripts of every episode of the Money Tips For Financial Grownups Podcast.

Bobbi Rebell:
I also have one more thank you to those of you who also support this free podcast and my free newsletter, through buying our merch at grownupgear.com. I design every product personally with my incredible team member, Ashley. And yes, we do go with the highest quality materials that we can get. And that does cut our profit margins a bit, and it makes it sometimes a little bit more expensive, but I think it's pretty affordable. All of you have always given us major compliments on what you've gotten from Grownup Gear and I really appreciate that. Especially if you're buying gifts, and gifts can be for yourself, I think it's really important that it be high quality so we're going to stick with that. But, if you do want a discount on your first order, you can use the code Grownup to get 15% off. Thanks again for your support and thanks again to Smart Growth author, Whitney Johnson, for helping us all be financial grownups.

Bobbi Rebell:
Money Tips For Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts, by going to my website, bobbirebell.com. You can also find an incredible library of 100s of previous episodes to help you on your journey as a financial grownup.

Bobbi Rebell:
The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media, @bobbirebell1 on Instagram, and @bobbirebell on both Twitter and on Clubhouse, where you can join my Money Tips For Grownups Club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me. And you know what, it really motivates others to subscribe. You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind words so many of you send my way. See you next time and thank you for supporting Money Tips For Financial Grownups.

 
Career, Advice, Authors, Financial Grownup, Productivity, Women Entrepreneurs, Women Role ModelsBobbi Rebell KaufmanWhitney Johnson, Smart Growth, Author, Career, Career Tips, Career Blahs
The Most Essential Grownup Tips for Working Remotely ENCORE
The Most Essential Grownup Tips for Working Remotely ENCORE
 

WFH is not going away. Learn how to love it more- or hate it less without spending any more money than you need with Jill Duffy, author of the Everything Guide to Remote Work

Money Tips

1. You don't need to spend a lot to have a good at-home work setup.

2. We have incredible opportunities to reduce the amount of time we spend in meetings.

3. If you work remotely for an organization, don't skimp on what you ask them to pay for! Learn about what items an employer should be paying for.

 
 

Follow Jill!

Follow Bobbi!


Did you enjoy the show? We would love your support!

Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

  1. Subscribe to the podcast, so you never miss an episode.

  2. Share the podcast with your family, friends, and co-workers.

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Full Transcript:

Bobbi Rebell:
I'm thinking a lot, these days, about financial anxiety and how much we all just want to feel secure about the future for us, and of course, for the people that we love. There's a saying, "You are never happier than your most unhappy child," and I would expand that to, "your most unhappy person you care about." I want everyone who hears this to be able to give the next generation the gift of financial security and the freedom that comes with it. That's why I wrote Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart. I'm excited to share it with all of you, and I hope it can help put all generations of your family on the path to reaching all of your financial goals and dreams. Order your copy of Launching Financial Grownups today, and thank you for your support.

Jill Duffy:
The more that you're asked to show up to meetings and be on, have your camera on, have maybe your home environment shown, there's a cost to you in terms of your energy levels.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, certified financial planner, Bobbi Rebell, author of How to be a Financial Grownup. You know what? When it comes to money, being a grownup is hard, but together, we've got this,

Bobbi Rebell:
Hey, friends. Welcome to our third week in our grown up career miniseries. This episode is all about specific and practical solutions, including what can we get companies to pay for? It turns out, it may be a lot more than just an ergonomic chair and stuff like that. If you have not already listened to the past couple of episodes, we spoke with Deborah Wheatman of Careers Done Right. She had solutions for how to present ourselves when we want to level up our careers, either where we are or where we want to be.

Bobbi Rebell:
Then last week, I was thrilled to have the brilliant Whitney Johnson back. We focused on how to get past career blahs and how compliments can help us figure out what we should be doing, what we're really good at, and what we can get paid for. And now to round out our grownup career miniseries this week, Jill Duffy, the author of The Everything Guide to Remote Work takes us through the most practical ways to set up our work from home or work from, well, wherever life is taking us, including what we can get for free, and who doesn't love free? Here is Jill Duffy.

Bobbi Rebell:
Jill Duffy, you're a financial grownup. Welcome to the podcast.

Jill Duffy:
Thank you so much for having me.

Bobbi Rebell:
I think you get the award for one of, if not the most, relevant books this winter of 2022, The Everything Guide to Remote Work, the ultimate resource for remote employees, hybrid workers, and digital NOMADS, which I think covers almost all of us at this point. So, congrats on the book.

Jill Duffy:
Thank you.

Bobbi Rebell:
Let's start with the at home setups. They've kind of evolved over the last two years. What are people spending money on that's working out, and what are things that we're, or should be, moving away from?

Jill Duffy:
You can spend as much money as you want on a home office or a home work setup. What you actually need may not be something super expensive. So, you can spend a lot of money if that will make you happy and it will improve your work life, and you can go very, very lean if what you're concerned about is not creating a lot of waste and not spending too much money. So, the basic things you need will probably be some kind of a computer, maybe headphones to help your concentration or to have video call meetings be a little bit better, but then beyond that, it starts to get a little bit more choosy. So, you'll want to have a desk. You'll want to have a chair. Whether you use a chair that's already in your home, or you buy inexpensive office chair, may be up to you.

Jill Duffy:
However, if you work for an employer, you should really ask if they will pay for some of this equipment, especially a chair, because it's necessary, and it's usually a little bit more expensive than the other things you'll need. So, get a good chair that you're comfortable sitting in. I sit in a dining room chair. I had an office chair. I found it wasn't very comfortable. I like this better, and I invested about $30 or $40 in a back cushion. So, a back cushion is a very inexpensive item you can add that makes your setup a little bit more comfortable.

Jill Duffy:
For people who work remotely, but aren't always at home, a good way to use things around the house is to try working from a kitchen table or a dining room table, rather than a desk, if you find that your desk is too high. You don't need to go out and buy a whole new desk, but it turns out that kitchen tables are usually two or three inches lower than the standard desk. So again, rather than buying a new desk or maybe getting a keyboard tray, that would be another solution. Just try using a different table. See if that changes the height of things a little bit for you.

Jill Duffy:
Then if you're really lean and you don't want to invest in a back cushion, you can also use a small towel rolled up in a roll for lumbar support or even just a small pillow in the same kind of way, and then other things, something like a lamp, would be really necessary for people who do paper-based work. If you are an artist, you might need some extra peripherals. I think having external keyboard and a mouse are really, really important. So if you're working from a laptop, you may not have those things already. That's a good one to spend maybe about a hundred dollars on, just to make your wrist and your hands a little bit more comfortable, but if you don't have them and you find working on a laptop is okay, that's perfectly ergonomically correct, because laptops are now thin enough that it's not going to create a huge stress on your wrist joints if you just work on a laptop.

Bobbi Rebell:
It's interesting because we moved home in a frenzy in March of 2020, and we kind of put together our setups thinking they were temporary. Now that many people are thinking that these remote setups, we say work from home, but home has become very loosely defined these days. How has it evolved? Are there things that people should be doing? I mean, you really just talked about very basic things. Okay. People, if they're realizing this is a more permanent situation, how do you up it beyond that? Because I also feel like we could be suckers. I mean, there's a whole industry now that is trying to tell us that we need, like you just talked about, rolling up a towel, but there's many people that will sell you at all price points, all kinds of back support. How much is necessary? I mean, obviously as you said, we can spend infinite money, but should we be rolling our eyes at a lot of this stuff?

Jill Duffy:
Sometimes, I think so. I mean, you could buy a laptop riser or you could stick your laptop on three or four books when you need it to be a little bit higher, which is something people often do for remote work calls. You want your camera to be a little higher. You could buy the expensive chair, or you could go with the back cushion or the towel. There's always a way to trade it off, but I think ultimately, making sure that you're happy and comfortable is really important. So if you're going to invest a little bit of money, think about what items you would want that will actually improve your work from home life or your remote work life and make you happy.

Jill Duffy:
Another place people often spend money is on shared workspaces, so something like a WeWork subscription or even a rental office that you might share with other people or that you might use once a week, and you have another friend use it a couple of other days a week. That will allow you to get out of the house. So for people who find themselves very antsy being at home, being in the same situation all the time, that's a good way to change it up. Before the COVID pandemic, I had a great routine of working two days every week from a coffee shop, and that was sort of my second location. It was a way for me to get away from the same stimuli I was always surrounded by in my home environment, and then COVID really changed that. I didn't go as much.

Jill Duffy:
I think as we're moving into a space where our risks are coming down, people are vaccinated, things have opened up, finding yourself a second place to be is really, really helpful, especially on those days when you just start to feel like you're stagnating. So again, if you have a little bit of money or maybe your employer is supporting you financially, look into a coworking space, look in to an office you might rent, and if you don't, maybe a coffee shop is a good place. Maybe you have a friend or a relative nearby who isn't at home, and you can use their home to work every now and again when you need a little bit of peace and quiet.

Bobbi Rebell:
I think a change of scenery is so important. You also talk, in the book, about the fact that meetings have a cost. Part of that is financial, but there's other costs, as well. Can you talk about, both, the financial cost of meetings and then the other things that we don't always fully appreciate?

Jill Duffy:
People get so burned out by meetings, and a lot of studies are showing that they feel more burned out by meetings in the remote work environment, where meetings are often virtual, and the dynamic changes a little bit. The way that people interact changes a little bit. So, people feel like they're always on, and so there's a cost with your energy. The more that you're asked to show up to meetings and be on, have your camera on, have maybe your home environment shown, there's a cost to you in terms of your energy levels, what work you can do after the meeting ends, that time spent ramping up to the meeting, the time spent with winding down from the meeting.

Jill Duffy:
So, I like to think, instead, about the way that we want to take value from a meeting. So rather than say, we used to have meetings in the workspace, let's transfer that online, what we should really say is, "What value do we get from meetings? And is there a better way to do this in a remote work environment" What I've seen in a lot of remote first companies is they start to embrace tools that allow them to replicate parts of the meeting or value that they get from the meeting without actually being on a camera call.

Jill Duffy:
A good example is a shared whiteboard. Let's say you have a weekly or a monthly meeting where people are brainstorming ideas. Rather than wait for the meeting time, where everybody must show up and be there and be on and have energy, give them the shared whiteboard where people can post their ideas at any time that it strikes them, and that way, you can still have a meeting where you discuss it, and you come up with some more ideas, but that allows people to have the time and the space and the energy to think about their ideas and add them when it's right for them, rather than pigeonhole them into this meeting format.

Bobbi Rebell:
I'm curious about your take on something that's becoming a little bit controversial with all this online meeting burnout. I have a friend that works for a large corporation, and she has a team that is, at this point, pretty much... It's all virtual, but it's people that were even hired virtually at this point, that they're not people that she knew in the before times, and the frustration is that many of them don't want to turn their cameras on during meetings.

Bobbi Rebell:
Part of it could be the things that you're talking about, that it says take so much energy, but they never turn on their cameras, and she's asking them to, and as a manager, she feels she can't really connect with them. We are recording this. We're only recording the audio, but you and I are looking at each other on camera. I feel it helps us connect and have a better interview, even though we're not in the same place. What's the flip side of that? How do you get people to, when you do meet, turn the cameras on, and is that something that managers are going to start pushing for more, as we keep this remote world and it evolves?

Jill Duffy:
I think about this in two ways. One is the very real situation that you're talking about, that people expect you to have your camera on because they want to connect. The other thing to think about here is that in COVID times, a lot of people were told to work remotely from home without being asked, so it wasn't voluntary. We didn't opt into it. We were told that we had to do it. What I've heard a lot of, especially from women of color, is that they feel it's a deep invasion of privacy to be told that your camera must be on. They're in their home environment. You might not dress up as much as you would if you were presenting yourself in a professional environment. You might have kids or elderly people or people with special needs in your home. You might not want to show what's in your home. You might not just want to do it, because that's really asking a lot of people, and I think we need to be sensitive to that.

Jill Duffy:
I think, hands down, the rule should be, if at any point in time, you need to have your camera off, leave your camera off. The reality is, in the business world, we have expectations that aren't always great placed upon us, and sometimes we do need to turn our cameras on and show up. I would say for people who really don't like to be on camera, try to pick one or two times in regular meetings that you have, where you're willing to have your camera on. You can blur your environment. You can use a background image to create a little bit more privacy. You can swivel your computer setup so that your back is against a plain wall. Don't show the kid mess. Don't show your kitchen. Don't show the art on your wall. You don't have to show those things, but I think we need to give everybody a pass, especially in this time where we've been told to work from home, and we didn't opt into it, that people are allowed to have their privacy when they need it.

Bobbi Rebell:
That's a really good perspective to really process. One last question, before I let you go, Jill. One thing that you talk about in the book is that there are things that we may not know we can ask for our companies to pay for, but they can, and it's they can, and they should. We think of things like, you talked about chairs and this and that. Yeah. We can make the case, they should buy us an ergonomic chair. It may work. It may not. What can we get at companies to pay for these days?

Jill Duffy:
There are a lot of other things. If you think about the amount of time you may have put into learning and networking in the past, such as going on a business trip or a business conference, those are the kinds of things you can ask for in the remote world, too. Maybe it's something like an online business conference or an online learning program, instead, which there are many of, and they're very inexpensive. They're extremely accessible, but those are the kinds of things that you can just say, "Hey, I want to learn more about such and such topic," or, "I think it would advance my career if I learned about this. Would you be willing to pay for it?"

Jill Duffy:
I think it's always a good idea to come forward with a complete plan. So rather than say, "Hey, do we have any money for learning?" You say, "I want to take this particular course. Here's the link to it. Here's a little bit about the instructor and what it would cost when I plan to do it," something like that. Give your manager a reason to say, "Yes," easily. The more that you do the work in advance for them, the easier it is for them to say, "Yes."

Jill Duffy:
I think another compelling point to this is that it doesn't always have to relate directly to your job. If we look at productivity research, we find that people who cultivate interest and expertise in areas outside of their job end up being more productive at work, and there's a lot of theory as to why people sometimes think, "Oh, if you can think outside of the box, because you have different experiences from another world, that's great," but anything from learning to play a musical instrument, to doing artwork, sports, even practicing comedy routines, we found that it does make people more productive. So if you can convince your employer to pay for something that enriches your learning, that maybe isn't directly tied to your work, you could be able to convince them to pay for that, too.

Bobbi Rebell:
All right. So, everyone who dreams of being a standup comic, you now know you can try to make your case to your boss. Jill, this was great. Tell us, where can we find out more about you and The Everything Guide to Remote Work?

Jill Duffy:
The Everything Guide to Remote Work is on sale now, anywhere that you buy books. Online, I'm on Twitter @JillEDuffy, J-I-L-L-E-D-U-F-F-Y, and I'm also a contributing writer and editor at pcmag.com, where I write a lot about productivity and software and organizing your digital life.

Bobbi Rebell:
Awesome. Thank you so much.

Jill Duffy:
Thanks for having me.

Bobbi Rebell:
So many great takeaways. I love the idea of using just a simple dining chair with a back cushion or even a towel rolled up for lumbar support. Who needs all those fancy things? And of course, just the idea of asking for things from your employers, the worst they can say is, "No." Even then, as things go on, policies may adjust. So, make sure to check in at your job's HR website periodically to see if new benefits pop up. Things are always changing.

Bobbi Rebell:
Now, I do want to take a minute before we wrap up to say thank you to so many of you. A lot of you have been pre-ordering my book, Launching Financial Grownups, and it is truly appreciated. It is being noticed. If you do, I would love to thank you. So, please DM me on Instagram @BobbiRebell1. That's B-O-B-B-I-R-E-B-E-L-L-1, the number one. Pre-ordering tells online retailers that Launching Financial Grownups is a book that people are interested in, and that will help get it a boost from them. By the way, if it is not in your budget, please reach out to your local library and ask if they will buy a few copies so you can borrow it for free. A big thanks to The Everything Guide to Remote Works, Jill Duffy, for helping us all be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK media, LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show, as well as show transcripts, by going to my website, bobbirebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast, and tons of complimentary resources associated with the podcast, is brought to you for free, but I need to have your support in return.

Bobbi Rebell:
Here's how you can do that. First, connect with me on social media @Bobbirebell1 on Instagram and BobbiRebell on Twitter, where you can join my Money Tips for Grownups club. Second, share this podcast on social media, and tag me so I can thank you. You can also leave a review on Apple Podcast. Reading each one means the world to me. And you know what? It really motivates others to subscribe. You can also support our merch shop, grownup gear.com, by picking up fun gifts for your grownup friends and treating yourself, as well, and most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this.

Bobbi Rebell:
Thank you for your time and for the kind word so many of you send my way. See you next time, and thank you for supporting Money Tips for Financial Grownups.

 
Advice, Authors, Career, Financial Grownup, Productivity, Women Role ModelsBobbi Rebell KaufmanJill Duffy, WFH, Work From Home, Remote Work, Working Online, Working Remotely
What grownups need to know about the market turmoil- and turnaround
 

There’s been mayhem in the markets. Here’s how to feel better about it.

 
 
 
 

Follow Bobbi!


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Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

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Full Transcript:

Grownups. I have some important things I want to say about the financial markets and I hope you will take them to heart. 

But first I just want to thank so many of you who have picked up my new book Launching Financial Grownups- it is such a great graduation gift for parents of young adults and also makes a great fathers day gift. I’m trying to get to 100 reviews on Amazon - I’m now in the mid-40’s and so I am asking once again if you can leave a review on Amazon. I really need your support and I truly appreciate it. 

 Now let’s get to this week’s episode. And just to time stamp this- I am recording this Memorial Day weekend of 2022. 

The last week was a bit of relief-  but the last couple of months things have been going down enough, that people are legit worried. It’s not just stocks that have been taking a big hit. Crypto has taken a beating. And All this while life is getting more expensive: Gas prices are soaring - mortgage rates climbing along with the interest rates we pay on all kids of debt- as are prices of seemingly all the things we pretty much have to buy to get through the day. And that doesn’t count artificially inflated prices like on baby formula which we are not going to cover in this episode but I just want to note- is so wrong.

For almost of of us- the pain is personal. I log on to my brokerage account, the one that has money for retirement which gets closer each day- and the number is- staggeringly depressing. It so much lower than it was a few months ago, and I don’t know about you but it makes me sad - and given that I am closer to retirement than to my career beginnings, honestly- a little scared. 

And I’m thinking about our 22 year old who just graduated college into all this- he  has been faithfully saving and investing money in diversified funds for a few years and who has been so proud and excited watching it grow- and I’m purposefully not bringing it up because I don’t want him to look and be upset- or worse - do something about it.

And that’s what I want to focus on- should you DO something about this. Because it’s hard to just watch. We want to take action. It feels helpless to just watch. 

We are human. We have emotion. And even though we know intellectually that the only days that count when it comes to whether you win or lose at investing is the price on the day you buy and the day you sell. It still stinks. We still feel a rush of excitement when our account gets bigger. We feel smarter. We are proud of our decisions as if we control the market in some way which is ridiculous. And we still feel that pang of failure when the number gets smaller and we just want to look away from the screen- and we are embarrassed because maybe we invested too much or we chose the wrong investment or we weren’t diversified enough or whatever and we should have done something different.

There’s also some smugness going on. People who were kicking themselves this winter for missing the big crypto boom are now feeling a lot better- they dodged a bullet. And had they invested in say January and sold in May it would have been a brutal loss. All true.

But the game is not over. In fact part of the magic is that unless we are forced to sell- and I hope no one listening to this is in that position- we get to decide when the game is over.

And so here’s are some things that I hope will make everyone feel better- especially for grownups who understood the risks and held steady as they watched their accounts shrink- reminding themselves that this is the part where the risk feels real. And the return is not guaranteed- but is historically consistent.

First - A short term view: Things may be turning around: All three major indices scored big gains in the past week, each rising higher than 6%. Both the S&P 500 and Nasdaq Composite broke a seven-week losing streak. For the Dow it had been 8 weeks of losses.  

As bad as the month of May felt, heading into the Memorial Day weekend the Dow and S&P 500 were both about flat in May and the Nasdaq was only down a few percentage points.

And while the market has priced in Fed rate hikes of half a percent, there is some buzz that if they raise rates in smaller increments, that could spark more upside momentum.

One thing to watch: what are hedge funds doing? They have been unloading holdings- so if they start to buy in the coming week, it could be a possible positive catalyst for the market.

And now- a longer term view: The S&P 500's average annual returns over the past decade 14.7%. That’s pretty incredible but it reflects some extremely strong years. I like it better than the even longer term perspective of 30 years which is 10.7 percent. But either one is going to serve investors well.

As for Crypto-  I have no clue where that is going and personally don’t own any as of this recording. But what I do know is that it is becoming clear that not all Crypto’s will perform the same and that investors should do very  careful and intense research when choosing which one to put their resources into- bitcoin, etherium and so on are very different from some of the less main stream crypto’s so please my grownup friends, tread carefully and make sure you are aware of the risk levels if you venture into this new world.

Finally- no matter where you are on your investing journey , I hope you shut down that scree and take a look around at your life beyond the numbers and not let them define your life. We are all much more than our balance sheets. 

I hope this has brought you some peace of mind. 

If you enjoy this podcast at all, it would really help me out if you would take a few minutes and write a review on Apple podcasts. I don’t ask that often and I probably should because it does really help make new people aware of the podcast and grow the audience so I can keep bringing you this podcast. 

I also love to hear from you directly so please DM me on whatever social media works for you- I’m at Bobbirebell on Twitter and Bobbirebell1 on Instagram and I am newly on Tik Tok at BobbiRebell. 

I also love to share money and investing tips beyond this podcast in my newsletter- it is now only going to be twice a month which I think is the perfect amount to give everyone value. So please if you are not on the grownup list yet- go to my website where you will see the button to sign up so we can include you. 

I wish everyone a wonderful start to summer- and sending good investing vibes to all of you on the path to being financial grownups. 

 
Advice, Financial Grownup, Personal Finance, MoneyBobbi Rebell KaufmanMarket, Stock Market, Market Turmoil
Money Tips for Self-Made Bosses
Money Tips for Self-Made Bosses
 

Learn the best advice, hacks and lessons to be your own self-made boss from top small business owners with authors Jackie Reses and Lauren Weinberg

 
 
 
 

Follow Jackie Reses and Lauren Weinberg!

Follow Bobbi!


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  1. Subscribe to the podcast, so you never miss an episode.

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Full Transcript:

Bobbi Rebell:
Hey, grownup friends. This episode is sponsored by UNest. Start investing in your most important asset, your kids, with UNest. Soon you will also be able to give the gift of crypto. Join the UNest legacy wait list and get early access entry into giveaways and much more. Visit unest.co for more information.

Lauren Weinberg:
If you're in the food business, he talks about using a smaller plate when you're taking pictures of food, what time of day, how to capture the best light. He really goes into a lot of specific details, because if you think about social channels and all these places where people are getting information or where they're viewing content from business owners, the better you can put your brand out there with photography and how you portray things, the more likely you are to connect and breakthrough.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, certified financial planner, Bobbi Rebell, author of Launching Financial Grownups, because you know what? Grownup life is really hard. But, together, we got this.

Bobbi Rebell:
The money is in the details. If you want to succeed in business, my friends, wise words from Lauren Weinberg. She is the co-author of a new book, Self-Made Boss, that had me both smiling and taking notes as I read it. The other author is a longtime friend of mine, Jackie Reses. We went to Penn together, where we were also Tri Deltas.

Bobbi Rebell:
Jackie and Lauren met while working at Yahoo, and then worked together at Square, where they spent a lot of time with small business owners and entrepreneurs. Now they have come together with their first book, hopefully one of many, Self-Made Boss: Advice, Hacks, and Lessons from Small Business Owners.

Bobbi Rebell:
In our interview, we cover how businesses can leverage technology to connect more with customers, a great story about a pet-grooming business that you will definitely want to hear, upping the ante on the employee experience, creating an employee culture ... Super important these days when there's a lot of competition for workers, so you want to keep the good ones ... and how to set your company up to pass on to the next generation, although you also need to figure out if you even should.

Bobbi Rebell:
Here are Jackie Reses and Lauren Weinberg. Jackie Reses and Lauren Weinberg, you are both financial grownups. Welcome to the podcast.

Jackie Reses:
Thank you for having us.

Lauren Weinberg:
Yes, thanks for having us.

Bobbi Rebell:
Congrats on the book Self-Made Boss: Advice, Hacks, and Lessons from Small Business Owners. By the way, this is extra special because Jackie is a dear friend of mine going back to our days at University of Pennsylvania, where we were roommates and even, dare I say, Tri Delta sorority sisters. Oh my gosh. All right, before we get into the advice that you have for our listeners, you both met working at big companies. Tell us more about how you met and how this book was born.

Jackie Reses:
Sure. So we had the pleasure of meeting at Yahoo. We were both executives who ran the company. We then moved from Yahoo to Square. Lauren, I'll speak for you right now and just keep going for a second, and then you can introduce yourself.

Jackie Reses:
So Lauren is the chief marketing officer of Square. So wow, wow, wow. Incredible. And I ran banking and lending at Square and also the people team. And so, we had the benefit of working at a company that focuses on empowering small businesses and helping them start, run, and grow.

Jackie Reses:
And so, the idea was born out of listening to customers through the millions of Square sellers across the country, particularly in a pandemic, when we saw how much trauma was happening in the small business market. We understood some insights around how small businesses build community and learn and we thought this book would be an incredibly powerful guide to help them build their business.

Lauren Weinberg:
Yeah. I don't have too much to add to that other than, yes, Jackie and I met at Yahoo. We also were both New Yorkers who moved to California. So we shared that journey together of just moving our families across the country. We spent time in California walking around, because there was really nothing else you could do during the pandemic. We thought there's just this void of information.

Lauren Weinberg:
We also had the insight that more people than ever were starting their own businesses. That was true in 2020, where we saw more new business formations, and then again in 2021, where you have the great resignation where people aren't just leaving their jobs to sit home all day. They're leaving their jobs to go and start businesses.

Lauren Weinberg:
We thought, wow, anytime that there's these downturns in the economy or things are changing is a time where we tend to see a lot of innovation and new starts. And so, we thought the timing for putting a book like this out there with this kind of advice would be a good moment for it.

Bobbi Rebell:
Well, it was definitely a good moment, and you have a very optimistic tone, Lauren. I love that. Self-Made Boss also is a book ... Even though it is definitely a business book, it is very practical, it is very specific, but it's driven by personality and it is a book that is joyous. There's a lot of fun stories in here. So I want to ask each of you, what was the funniest story in the book where you just couldn't help but smile?

Jackie Reses:
Yeah, I'll start. One of the things we really enjoyed about the book is that it's written through the eyes of small business owners, and each chapter is a business chapter like HR, finance, hiring, operations, and logistics, legal matters. But each chapter is told through the eyes of four or five small businesses in each chapter and also a handful of experts in each chapter.

Jackie Reses:
There's one in particular that I really enjoyed, and the entrepreneurs' names are Keith and Patricia Miller from Pampered Pooch Playground and Bubbly Paws in Minneapolis. You listen to Keith and Patricia, and it was Keith who I spent the most time with, talk about how they build their team at a grooming shop ... Grooming shops, because they now have a few, in Minneapolis. He had incredible insight in how he focuses on fun and teamwork and creating an environment that feels safe for the dogs, safe for dog customers, and also safe for his employees.

Jackie Reses:
And so, I loved his ideas. One really simple one in building trust was he took a video of the dog getting groomed while it was getting groomed. He saw so many advantages in this idea. From a dog owner's point of view, they could see how their dog behaved during grooming, which could be a trying time for some dogs. The dog obviously felt safe because they were going to be streamed to their owner. For his employees, they felt safe so that they could also show their work. If anything went wrong, they could show what happened. It was a great experience. They could show that as well.

Jackie Reses:
And so, it's kind of like one of those things that you would never think of, but it's a really interesting business hack that he created in the context of his grooming store.

Bobbi Rebell:
I love that it's using technology to make it more human and more ... I don't know what you call it with the animal, but you know what I mean. It's connecting people. Lauren, do you have a fun story?

Lauren Weinberg:
I would say that Germanee G. is somebody that really stands out to me, because she epitomizes this idea of following your passion and your dreams. So she had this great job, corporate job, at Gap and she left that job to go become a stylist. She now splits her time between Atlanta and LA. I think just hearing about her saving up her money and just getting ready to take that leap of faith is just really cool, because to me it really, I think, just epitomizes that entrepreneurial spirit that we try to capture in the book and just how she really went for it to go pursue her dreams.

Bobbi Rebell:
And also so relatable because so many people do have these dreams. One thing in the book that I liked is that nothing was too small. You get into some very tiny decisions, but they are very important decisions. So can you share what the most overlooked thing, or one of the overlooked things, that many business owners forget to pay attention to that's really important, it moves the needle?

Lauren Weinberg:
I'll talk about two things to start with. I think one is just the entire look and feel of your business. I think thinking about your business from the notion that every touchpoint that somebody has with your store, what does your window look like? What does it look like when you walk through the door? If you have an online business, your website, your logo, your presence, every interaction that somebody has with your brand is a chance for them to make an impression and form a relationship with you. And so, I would just say all of those details really matter.

Lauren Weinberg:
And so, thinking about them from the very beginning of your business is really important. Then along those lines, we talked to Aundre Larrow in our marketing chapter and he is a photographer. He gave all these like very specific tips on how to take great pictures.

Lauren Weinberg:
So if you're in the food business, he talks about using a smaller plate when you're taking pictures of food, what time of day, how to capture the best light. He really goes into a lot of specific details, because I think if you think about social channels and all these places where people are getting information or where they're viewing content from business owners, the better you can put your brand out there with photography and how you portray things, the more likely you are to connect and breakthrough.

Lauren Weinberg:
So I thought the tips that he provided in there were really very specific, very detailed, and extremely actionable. Like don't take pictures outside in the middle of the day when it's sunny, but do take pictures inside when there's indirect sunlight. Just really practical tips that anyone can use on their own.

Jackie Reses:
I thought some of the financial advice was really helpful also, and just tiny decisions you might make at the very beginning of starting a company. For example, don't combine your business account and your personal account in terms of business accounts. A lot of small business owners, when they start to make it easy on themselves, they conflate the two. But there are a lot of downstream effects that could impact their business just by that one simple decision.

Jackie Reses:
And so, now there are lots of places, particularly online, where you can open up an online business account for free, and then get a lot of the technical tools that help support lots of other analytical decisions you can have.

Jackie Reses:
And so, the reason why you don't want to combine the accounts is if you ever want to get credit, it's hard to take apart your business account and your personal account. When you have to deal with taxes, it makes it more complicated. You're going to spend a headache's worth of time dealing with taxes. You might need to position your company to raise money at some point in the future. It just looks sloppy. Then you clearly have to do a separate accounting. Then you might also need trades and have to do trade invoicing and things like that.

Jackie Reses:
And so, you're going to have to start separating because they're going to want to get credit. They're going to want to see your different elements of your business operating independently.

Bobbi Rebell:
What was the number one hack each of you learned from the self-made bosses that you interviewed, ideally something that you guys ... Even though you have a big, strong history in small business which people can read about in the book, what did you learn?

Lauren Weinberg:
I think Jackie talked about Keith Miller and Bubbly Paws. I think that they were really ahead of their time when it came to just thinking about culture and employee benefits for small business owners. I think a lot of business owners are contending with this fact now, like how do we retain employees?

Lauren Weinberg:
Keith was bringing cupcakes for employees on their birthdays. He was doing engagement surveys. He was offering employees mats to stand on so that their feet were more comfortable throughout the day. I think in a lot of ways, those are really simple things, but not always things that small businesses have front and center when they're thinking about their employee experience.

Lauren Weinberg:
So that was definitely one that I thought, wow, he had the hiring and culture part of the business down in a way that I think a lot of businesses are really trying to get their head around in the moment.

Jackie Reses:
Yeah. Pete Stein, the oyster farmer that you had talked about, he hacked software. So he wanted to optimize his operations and he used bus software in order to build his own optimized routes. And so, it doesn't have to be something super complicated. You can go out and try to find a proxy for what you're trying to do.

Jackie Reses:
My comment before was go find a free online business savings and checking account. In this case, he optimized his utilization. And so, if you're really creative about some of these systems, you can do it in a cheaper way if you need to and have it done more quickly. I think that kind of creativity is great.

Bobbi Rebell:
All right. Last question. We talk a lot on this podcast about generational wealth. What is your advice to families who want to pass a small business to the next generation? Because it is complicated.

Lauren Weinberg:
It is complicated. I think a couple of things. One is to make sure that you have family members that want to take on your business. We heard a lot from business owners that just didn't have anybody to pass their business on to. So I think that's something that getting your family members involved in, making sure that the interest is there.

Lauren Weinberg:
Then when it does come time to transition, I would say give up some control. I think one of the things we learned from a lot of the people that we interviewed in the book that come from multi-generational businesses is that when the next generation could come in and they were given more free reign to think about how they would change the business operation, that that really helps the business evolve.

Lauren Weinberg:
So one example is with Acme Smoked Fish. That was the company that I talked about with my roommate from college. It's fourth generation. Her brother came in and said, "We really need to upgrade how we think about manufacturing. We have a smoked fish company." At the time, it felt like a huge risk to them, and it ended up becoming the thing that really helped propel their business into the next phase of growth.

Lauren Weinberg:
I think the same thing is true with Pesso's Ice Cream, where they were really starting to think about using data. They used to have 132 flavors and they realized they don't need 132 flavors, that they could have 30 flavors and that those 30 flavors are the most popular, that really cuts down on the amount of time that they spend then producing ice cream flavors that are less popular.

Lauren Weinberg:
So I would say make sure that you, a, have the people there that have the interest. Then give them the room to do things in a little bit of a different way, which does require giving up some control, which is hard to do.

Bobbi Rebell:
Jackie, by the way, oh, your parents had a small business that you did not take over.

Jackie Reses:
Oh me? Yeah.

Bobbi Rebell:
Oh yeah.

Jackie Reses:
No, I definitely was not taking over my family's small business. I think I'm the only person in my family to not work for myself. I did come from a small business family, and I appreciated some of the upsides and downsides of working with people that you can't fire and they are part of your family.

Jackie Reses:
And so, the message that I would add to this ... And I think about Jonathan Sciabica from Sciabica Family California Olive Oil and Gourmet Foods. Literally his grandfather and great-grandfather began the business with information they had pulled coming from Italy. The insight from him was to think about rules for how you're going to work together. Think about who decides what and how do you operate.

Jackie Reses:
I think that was really good advice he gave us so that you could try to minimize the ambiguity in how you make decisions and how you operate together. And so, people had their roles. Sometimes in family business, that can be incredibly challenging because you have, I'll call it, sloppy decisions. But where you don't make sloppy decisions and you're very specific about who does what, who decides, it can help alleviate some of that family tension.

Bobbi Rebell:
Excellent advice. Thank you both for joining us. Where can people learn more about you guys and Self-Made Boss?

Jackie Reses:
Well, they absolutely should go to our website, selfmadeboss.com. They can go onto Amazon or any independent book seller, if they prefer that, and look up Self-Made Boss. Hopefully they will enjoy the book.

Bobbi Rebell:
Thank you both.

Lauren Weinberg:
Thank you.

Jackie Reses:
Thank you so much for having us.

Bobbi Rebell:
So many great stories we couldn't get to. So even if you are not a small business owner, read this book, just for the entertainment value and the amazing stories these self-made bosses share with Jackie and Lauren.

Bobbi Rebell:
So what resonated with you in the interview? DM me on Instagram, @bobbirebell1, or on Twitter, @bobbirebell. Please share this podcast on social media, or just tell a friend, so we can grow the Financial Grownup community.

Bobbi Rebell:
I also want to thank those you who have reviewed my new book Launching Financial Grownups wherever, maybe Amazon, maybe Goodreads, and have shared it on social media. Please let me know when you do through all the social channels, and I would love to thank some of you. I'll surprise you with some Grownup Gear merch, which, by the way, you can check out at grownupgear.com to celebrate all of the adulting moments in your life.

Bobbi Rebell:
By the way, if you are looking for someone to speak to your company or your school or your parent group, please get in touch. Just go to my website, super easy, bobbirebell.com, and click on the Work with Me tab, or you can also get a Grownup Gear discount by signing up for the newsletter.

Bobbi Rebell:
Big thanks to Jackie Reses and Lauren Weinberg, authors of Self-Made Boss. Pick up a copy. Thanks to both of them for helping us be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support, and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts by going to my website, bobbirebell.com.

Bobbi Rebell:
You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that.

Bobbi Rebell:
First, connect with me on social media, @bobbirebell1 on Instagram and @bobbirebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups Club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me. And you know what? It really motivates others to subscribe.

Bobbi Rebell:
You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. Most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this.

Bobbi Rebell:
Thank you for your time and for the kind words so many of you send my way. See you next time and thank you for supporting Money Tips for Financial Grownups.

 
Advice, Authors, Business, Entrepreneurs, Financial Grownup, Money, Women Entrepreneurs, Women Role ModelsBobbi Rebell KaufmanJackie Reses, Lauren Weinburg, Self-Made Boss
How our child bought her first home at age 24
How our child bought her first home at age 24
 

Home ownership is getting more expensive. But it is not impossible. I shared how our 24-year old did it- and how my husband and I helped give her just the right amount of strategic help- with Joe Saul-Sehy on Stacking Benjamins. 

 
 
 
 

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Full Transcript:


 
Advice, Family + Relationships, Financial Grownup, Money, Personal FinanceBobbi Rebell KaufmanEncore, Stacking Benjamins, Home Ownership
Answering the question I keep being asked by young adults and parents
Answering the question I keep being asked by young adults and parents
 

In this week’s episode Bobbi answers the question she is getting asked the most after the release of her new book “Launching Financial Grownups”


 
 

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Full Transcript:

Hi grownups!

I hope everyone is enjoying the spring and spending lots of time with their friends and family- hopefully staying healthy and having time with our loved ones in person. 

I’ve been enjoying getting out as well- and getting to share my new book: Launching Financial Grownups. Live Your Richest Life by Helping Your (Almost) Adult Kids be Everyday Money Smart. In fact when this episode is released I will be in Los Angeles both for some speaking engagements and also getting to spend time with friends I have not seen since the before times. I’m so excited to get back out there in person. 

It’s been about a month since Launching Financial Grownups was released and it’s been so interesting seeing what people react to- a lot of people have related to my specific tips about teaching the next generation about money and also enjoyed the not always conventional  advice from the experts I was able to interview for the book including Tori Dunlap from her first 100k and financial therapist Dr. Brad Klontz. 

But there is one question that I keep getting when people learn about the book. And I have been surprised because I thought it was something people were more aware of - it wasn’t something I came up with myself and it wasn’t something that I thought would surprise anyone or really be that interesting. In fact it was kind of a last minute decision to expand the section in the book that talks about it. 

The question everyone has been asking is why do parents these days have such a harder time than their parents did- is there something different going on or are we just bad at this parenting thing even though we seem to be trying so much harder?

The last part of that question is the one that really gets everyone frustrated- should be we BETTER at parenting since we are paying so much more attention to it. I mean when we were coming of age, our parents didn’t pay nearly as much attention to us. They certainly didn’t spend as much money on us- and once we were out of school whether it was high school or college they just kind of let us figure it out. 

We’re working so hard to set our kids up for success. Many of us prioritize education and frankly almost any kid related expense over almost anything that seems indulgent or even wanted for us. And yet, their childhood seems to be endless. 

It’s even become a thing on social media. So many parents of early 20 something joke about the fact that their almost adult kids just don’t seem to leave the nest- financially. And the next generation is not shy about embracing their endless adolescence- joking that they are “adulting” as if doing something adult like in their 20’s is a game and they aren’t actually adults. 

But this didn’t just happen.

Parents are financially tied to their kids for longer for some very specific reasons. Here are some of them. 

First: The Affordable Care Act- aka Obamacare allows our offspring to be on our health insurance until age 26. So that often creates a financial tie in the family until age 26- boom- how do you cut off your kid when you are paying their health insurance. That discussion never happened when anyone who is a parent of a 20 something was growing up . 

Ok you’re saying- just limit it at that. But there are other things parents often pay for that also literally did not exist when we were growing up. Let’s talk about the cell phone bill. If it costs $100 for your kid to have their own bill- and your bill doesn’t go up much- maybe $25 to keep them on- you probably are going to do the math and keep them on there at least until they are .. say 26.. when that health insurance tie happens. But time slides- let’s just way a recent bit political investigation turned up a high ranking former presidential aide that was still on his parents phone bill. Google it. 

And who among us is going to take their kid off their Netflix and other streaming services if it literally costs nothing to keep them on. 

All of this is not bad- but it is something that keeps their finances tied to ours, and better for it. 

We’re closer to our kids and frankly tend to be more involved in their lives thanks to technology. When we were dropped off at college we could use a payphone to call home.. at some point. If we had a question about a life skill- we tended to ask around or figure it out. Now the answer is just a text away. Also a quick text away- money. As in, they can get money to us immediately. No waiting for a check in the mail. Which is a good thing because most young people haven’t even really dealt with physical checks. 

The point being- we’re there so solve their problems- instantly - and there’s a lot of good with that- but it also undermines their ability to develop their own solutions- financial or otherwise. 

And they need us more than ever because corporate America - for all it’s talk of upgrading the workplace - is also relying more on contract workers and many of our kids spend their first years in the gig economy- so they don’t have that structure that helped many of us feel like adults. They don’t have income reliability so how can they manage to have their own home- rented or owned. Ditto that for really being able to save up to live somewhere NOT their parents home. 

Which goes a long way to explain why so many of this generation of emerging adults live at home- which used to have a stigma. But will trillions in student debt and minimal wage gains relative to inflation- who can blame them. 

It’s a lot falling on our young adults- and in turn on us. 

So I’m glad we are all gaining a new appreciation of the challenges facing our young adult kids- and so we can understand how we can help them embrace being adults and move past the gamification of adulting. 

If this makes sense to you- I know you will really get a lot out of Launching Financial Grownups and I hope you will check it out. 

In the meantime I’m also giving some tips and having a little fun at my own expense over on Tik Tok- I keep it simple - the handle is just my name.. as it is on all social media except instagram which is bobbirebell1 - DM me or leave a comment on any of the social platforms with your ideas on how to tackle these challenges- whether you are a young adult or a parent- or if you just care about a young adult in your life. 

Also a reminder- if you are celebrating a big milestone this spring- graduation, mothers day, fathers day, an engagement or a big birthday- great gifts are available at grownupgear.com

Thanks so much as always for joining me as we all learn to be financial grownups. 

 
Advice, Authors, Family + Relationships, Financial Grownup, Money, Personal Finance, Role ModelsBobbi Rebell KaufmanQuestions Answered, Young Adults, Parents, Parenting, Parenthood, Money, Money Advice
Why Crypto may well be the hot graduation gift with UNest's Ksenia Yudina
Why Crypto may well be the hot graduation gift with UNest's Ksenia Yudina
 

Parents and grandparents may be wary of crypto for their own portfolio's, but when it comes to setting up their kids for long-term investing success, UNest.co expects digital currency to be the gift of choice this year.

 
 

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Full Transcript:

Bobbi Rebell:
Hey, grownup friends. This episode is sponsored by UNest, start investing in your most important asset, your kids, with UNest. Soon, you will also be able to give the gift of crypto. Join the UNest Legacy waitlist and get early access, entry into giveaways, and much more. Visit unest.co for more information.

Ksenia Yudina:
We actually ran a survey on the platform to see what is it our parents would like to see next on UNest platform. Is it life insurance, credit card, debit card? How can we help? And overwhelming feedback was that parents want to invest in individual stocks and crypto.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, Certified Financial Planner, Bobby Rebell, author of Launching Financial Grownups. Because you know what? Grownup life is really hard, but together we got this.

Bobbi Rebell:
Here we go, grownup friends. If you are a regular listener, you know I spend a lot of time talking about how to set our kids up for success, especially as they get into the teen and early adult years. But it all starts early. And while money isn't everything, of course, having money ready for them to go fund those early life needs, whether it's college, a car, a first home, and yes, even a wedding, it is a wonderful gift that we can give to the next generation.

Bobbi Rebell:
And so I was fascinated by what I learned from a relatively new company called UNest, which is an app designed to help parents and loved ones save and invest for their kids. They found that in addition to stocks, which is a surprise to nobody, what parents really wanted to put in their kids investment accounts was crypto. And the reason why actually makes a lot of sense, especially when you're worried about the risks. We're going to get to that soon.

Bobbi Rebell:
I recently sat down with Ksenia Yudina. She is the founder and CEO of UNest. And we started by talking about her own experience getting started in her adult life which, like so many young people, included a mountain of student debt. Here is Ksenia Yudina.

Bobbi Rebell:
Ksenia Yudina, you're a financial grownup. Welcome to the podcast.

Ksenia Yudina:
Hi, Bobbi. It's great to be here.

Bobbi Rebell:
Thank you so much for coming on. You are truly a financial grownup. You came to the U.S. when you were only 18, put yourself through undergrad and business school. You've done so much with your life. We're going to talk about your company UNest in a minute. But you graduated, we're talking a lot about student loans, you graduated with I think $180,000 in student loans. Tell us how you did that.

Ksenia Yudina:
I came to here when I was a student. I was 18 years old. I was truly passionate about education. And I believe that education is a key to getting financial freedom. So even 18 years old, I kind of was very rational and logical person in that respect. So I put myself through college, got my undergrad from CSUN. And then later got my MBA from UCLA Anderson. I also received a CFA, which is one of the hardest financial exams in the nation. And I believe it just changed me as a person, right? I do know how to manage my own money. I'm trying to help my friends every day financial planning. And I'm trying to kind of save the country right now from the little bit of financial crisis we're going through right now.

Bobbi Rebell:
And I think you're talking a lot about what's going on especially with student loans and how to finance our education, how to finance the futures of young people. And to that point, your company is UNest. Tell us about UNest.

Ksenia Yudina:
Yes. UNest is an app that makes it super easy for parents to create and manage the account for their kids, the investment account, and get gifts from friends and family. The inspiration to start my own company, as you mentioned, came from kind of twofold. First, because I graduated myself with 180,000 in student debt. And a lot of my friends were impacted by the student debt crisis. Right now, it's estimated to be at 1.7 trillion. And a lot of parents, quite honestly, just want to build a better future for their kids and want to make a difference in their kids lives and give them more chance to success. The key to that is start saving early and investing for the kids future.

Bobbi Rebell:
Now, on the surface, a lot of parents were told to open up a 529. Recently, there's been a lot of debate about where is the best place to really put the money for your young children as they grow up because there are limitations to 529s. UNest made a change. You pivoted from 529s to UTMAs early on. Walk us through that.

Ksenia Yudina:
Yeah, that's correct. I was actually a huge fan of 529s when I was working at Capital Group, my previous employer. And Capital Group was number one provider of 529s in the nation. And when we started the company, we focused on 529s because of amazing tax advantages and tax-free growth. What we realized in the middle of pandemic is that parents have different priorities for their kids and not necessarily want to save for college.

Ksenia Yudina:
The biggest limitation of 529 is that if you do not spend it for education expenses or for college, you lose all tax benefits and you get penalty of 10% on all the gains in your account. As we learned from our user base, parents want to save for some other things sometimes, for the child's first car or for the wedding day or for the first home. It's not necessarily college. And also, a lot of people were just questioning the value of college and the cost of education when everything shifted online during the pandemic.

Bobbi Rebell:
And that makes a lot of sense because I can say having raised three kids here, every kid is so different and their dreams and aspirations and their priorities can really vary. And we don't know necessarily when they're young where they will want to focus and where we can help the most as they become financial grownups. Why is it so important then to start saving and investing for children when they're really young, when we don't know necessarily what their priorities are going to be?

Ksenia Yudina:
Yes. I think that's the best way to set them up for success. Right? So I'll just give you quick example from my life. When I went through my undergrad, I actually got assistance from the government and I was lucky enough to get financial aids and all of that. But in the meantime, my parents did help me with the down payment on my first apartment, or the townhouse. I actually still own it. That resulted in such a huge value-add and just wealth building and gave me a great opportunity to kickstart my own savings and investment.

Bobbi Rebell:
Talk to me about the pandemic because you're growing this company during the pandemic and you had to make a lot of decisions. How did the pandemic impact the focus of UNest?

Ksenia Yudina:
Sure. So the first one, as I mentioned, that big pivot from 529s to UTMA, which is a different type of account that allows parents invest for other priorities for their kids. Another interesting observation during the pandemic was that gifting became super popular on the platform. So UNest gives this ability to gift for birthdays or other holidays electronically. And when people were hit with pandemic, a lot of times they were not able to celebrate holidays in person. That feature became extremely popular, just sending a quick gift to the child in your life.

Ksenia Yudina:
And another interesting thing during the pandemic and just most recently last year was huge demand for crypto assets. We actually ran a survey on the platform to see what is it our parents would like to see next on UNest platform. Is it life insurance, credit card, debit card? How can we help? Overwhelming feedback was that parents want to invest in individual stocks and crypto. So that's what we're doing right now. We're actually launching it in few months.

Bobbi Rebell:
And by the way, you have a waitlist for this product, which is kind of mind blowing to me. Tell us about this new crypto product because I know a lot of people are interested in it. And why move into digital assets, especially as you're still a growing company?

Ksenia Yudina:
Yeah. As we look into the future, the next 10, 15, 20 years, people realize that crypto has a lot of potential. And it does have a lot of interest right now. Everyone reads the news. Everyone expressed some interest in buying, holding crypto. And sometimes when people are hesitant to buy it for themselves, when they think about their kids and that long, long time horizon, they understand that this is the asset class that has the highest probability of appreciation. It just reduces risk, right? Like when you think about holding something that might be volatile in the short term, but you think about holding it for the next 10, 15, 20 years, all of a sudden you realize that you can withstand that risk.

Ksenia Yudina:
Another observation is that parents want to learn more about crypto. We would like to provide about 30 coins on UNest platform, and we will provide educational component so they can actually learn what each coin means and make informed decision when they buy something for their kids.

Bobbi Rebell:
I think that educational component is so important. Before we wrap up, I also want to touch on, there was just a piece in Fortune about how you've been helping employees in Ukraine and Russia. Tell us what you've been doing to support them since the war started. I know this is something obviously, you're from Eastern Europe, this is something that is really in your heart these days.

Ksenia Yudina:
When I started UNest, the goal was to create a truly global company. So we hired people from all around the world. And today, I'm proud to say that we have team members in U.S., Ukraine, Russia, Poland, Belarus. And as situation in Ukraine escalated, our top priority as a company was safety of our team members. So we acted very quickly to relocate them to safe zones outside of those impacted by the war and provide financial assistance to our employees and their families.

Bobbi Rebell:
Well, thank you very much. This has been so interesting. Tell us more about where people can find out more about you and about UNest, which I want to tell everyone, by the way, is unest.co, co not com, unest.co.

Ksenia Yudina:
Yes. Yes. Thank you. They can find out more about us and actually get on the crypto waiting list on our website, unest.co. And just search for us in the App Store or Google Play. You know, the app is available. They can read some reviews. They can learn a little bit more about the product if they just simply go to the App Store or Google Play.

Bobbi Rebell:
And your social media handles. I forgot to ask you.

Ksenia Yudina:
Yeah, it just @unest. You can find us on Instagram, Facebook, LinkedIn, and Twitter.

Bobbi Rebell:
Awesome. Thank you so much.

Ksenia Yudina:
Oh, thank you so much, Bobbi, for having me.

Bobbi Rebell:
So friends, now I'm thinking after this interview, if we're on the fence about crypto, is the best way to manage risk to create the longest time horizon by investing for the next generation? I'm curious to hear what you guys think. DM me @bobbirebell1 on Instagram or Bobby Rebell on Twitter. And I'm now on TikTok. They said it would never happen. But please check out my videos there. It is an understatement to say I could really use your support. And by the way, my new book, Launching Financial Grownups, makes a great gift for Mother's Day, Father's Day, and of course, for parents of high school and college graduates. Don't just get presents for the graduates, get presents for the parents, right? Give it to each other.

Bobbi Rebell:
Anyway, make sure to check out UNest at unest.co. That's unest.co without the M. And download the app to get on the Legacy waiting list and enter their giveaways. Big thanks to UNest founder Ksenia Yudina for helping us all be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support, and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts, by going to my website, bobborebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup.

Bobbi Rebell:
The podcast and tons of complementary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media @bobbirebell1 on Instagram and Bobby Rebell on both Twitter and on Clubhouse where you can join my Money Tips for Grownups Club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me. And you know what? It really motivates others to subscribe. You can also support our merch shop grownupgear.com by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together we got this.

Bobbi Rebell:
Thank you for your time and for the kind words so many of you send my way. See you next time. And thank you for supporting Money Tips for Financial Grownups.

 
Advice, Financial Grownup, Money, Personal Finance, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanKsenia Yudina, UNest, Crypto, Cryptocurrency, Graduation
3 simple money mistakes for grownups to avoid with Ash “Cash" Exantus
3 simple money mistakes for grownups to avoid with Ash “Cash" Exantus
 

As much as we try to do right, we all fall into some common money mistakes. Ash Exantus joins us with 3 to avoid, and a special challenge for ambitious grownups.

 

3 money mistakes to avoid

  • Mistake 1: working hard for money- instead of letting money work for you

  • Mistake 2: having the wrong number of bank accounts

  • Mistake 3: saving money - you should actually invest first

 
 
 

Follow Name!

Follow Bobbi!


Did you enjoy the show? We would love your support!

Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

  1. Subscribe to the podcast, so you never miss an episode.

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  3. Tag me on Instagram @bobbirebell1 and you’ll automatically be entered to win books by our favorite guests and merch from our Grownup Gear shop.



Full Transcript:


Bobbi Rebell:
Hey, grown-up friends, a big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart. This book was not easy to write because I had to get honest with myself about what was working with my teen and young adult kids and what was not working. I also had to be prepared to share it with all of you.

Bobbi Rebell:
So, first of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear. By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts. I am really happy with how Launching Financial Grownups came out, even though it really was hard to be, like I said, that honest, and it was a lot of work. But I really loved doing it, and I'm really happy with how it came out.

Bobbi Rebell:
On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important because the algorithm picks up on them and that can make the book a lot more visible to more people. So I truly appreciate it, and I really also appreciate all of your support.

Ash Cash:
Instead of focusing on active income, meaning, working for money, we have to focus on passive income, which means that once we make the money, we use that money to buy income-producing assets and let those assets buy the things.

Ash Cash:
Then if we decide to continue to work for money, we just keep that cycle going. So that way, we're growing wealth, instead of relying on our physical labor in order to manage our money.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, certified financial planner Bobbi Rebell, author of Launching Financial Grownups because you know what? Grown-up life is really hard. But together, we got this.

Bobbi Rebell:
Grown-up friends, get ready to smile and be really excited about your money and the potential to have more of it. No get-rich-quick ideas here. You know I would not take you guys there. But today's guest Ash Cash Exantus is going to help us all see the money mistakes that we make and also provide some easy solutions that can work for all of us.

Bobbi Rebell:
Ash Exantus, AKA Ash Cash, is often called the Hiphop Financial Motivator because he uses a culturally-responsive approach to teach financial literacy. He's also a speaker and a bestselling author of many, many books. We're going to talk about that. Lots of books, lots of money coming from books for him. He is also very much a financial grownup you will learn a lot from. Here is Ash Cash Exantus.

Bobbi Rebell:
Ash Cash Exantus, you're a financial grownup. I'm so happy I finally got you on the program. Welcome.

Ash Cash:
Thank you so much for having me, Bobbi. I appreciate you.

Bobbi Rebell:
We were joking before I started recording. I have been trying to get you on, literally, for years since we met at Shannon McLay's Financial Gym, which is now virtual, so hey, Shannon. So glad you're here. What have you been up to the last few years? You have, oh, I don't know, 11 books going on?

Ash Cash:
Yes. Yes. Yes. Yeah, just writing books and making sure people get their minds and their money right so they could live in abundance.

Bobbi Rebell:
Which is apropos. Your company is called Mind Right Money Management. Tell us quickly about that.

Ash Cash:
Yeah. I think a lot of times people always think about the practical things as it relates to managing money, but they have to focus on a mindset first.

Ash Cash:
So when I started doing this work, I said, no, I can't. Everybody wants to lead with practicality, but the practicality is really the mindset. So mindset or Mind Right Money Management is really a company that teaches how to change your mind in order to manage your money the right way.

Bobbi Rebell:
Which is so important, and one of the important mindsets, it's also to understand that as grown-ups, we make mistakes. It happens all the time, and it's part of the learning process, and that it's a really important thing.

Bobbi Rebell:
You brought with you three mistakes that we grown-ups need to be aware of so that we don't make them. We probably are making a lot of them already. I mean, I know mistake number two is something I may be doing. I'm excited to hear what you have to say about it so let's dive right in.

Bobbi Rebell:
Mistake number one is working hard for money, instead of letting money work for you. Tell us more about that and what we need to be aware of.

Ash Cash:
Yeah. Number one, society, school, everything teaches us that we have to go to work, work hard. Then once we make some money, we buy things with the money, and then we continue that cycle of working hard, working hard, we put a little bit away.

Ash Cash:
But the truth of the matter is that if we want to create financial freedom, we want to build wealth, we have to change that relationship with money. Instead of focusing on active income, meaning working for money, we have to focus on passive income, which means that once we make the money, we use that money to buy income-producing assets and let those assets buy the things. Then if we decide to continue to work for money, we just keep that cycle going. So that way, we're growing wealth, instead of relying on our physical labor in order to manage our money.

Bobbi Rebell:
So give me a practical, real-world example of that.

Ash Cash:
Yeah. Young people are taught to buy a home first to live in, but you can house hack. So imagine a young 20-something-year-old or any age, to be a hundred percent honest, if they're saving to buy to become a homeowner, instead of buying a home to actually live in, you buy a home, a multi-family home and you rent it out. So now, immediately, you have achieved mortgage freedom because you live in one apartment, you rent out the other apartment, and then what you're renting that other apartment for pays for your mortgage and so now that rent is covered.

Ash Cash:
I wrote 11 books. Books are a great example. You write it one time, and so it took me active work for me to physically write these books. But after the books are done, you sell them over and over and over again. My first book, I wrote that in 2009, I still get checks to this day from something I did over 12 years ago.

Ash Cash:
So those are two high level and low level, if you will, examples of how I took active work to make money, but then now that asset is paying me over and over and over again.

Bobbi Rebell:
Right. Mistake number two, this is the one that has me sort of second-guessing myself. Mistake number two is having the wrong number of bank accounts. I've never given it that much thought. Tell us more about how many bank accounts should we have.

Ash Cash:
Yeah. Everyone should have four bank accounts. Most people have the two. Mainly, people have one, they have the checking account. Some people have a checking and a savings account, but the savings account never accumulates anything because once they start to save, they get the buy one, get one from Macy's and then they charge so much through the checking account.

Ash Cash:
Everyone should have four accounts. You should have a spending account, and so that's the money that you allocate to spend money, and so whatever your bills, once you start allocating things, you want to have a bill account.

Ash Cash:
Let me back up a little bit. You should have a bill account first, and your bill account is where the money is going to go to pay your bill. So you should have a debit card attached to that bill account, everything should be automated, paid online.

Ash Cash:
You should have a spending account. You should have money put aside whatever the percentage is to spend, and that's in a checking account.

Ash Cash:
You should have a savings account, and that savings account is going to be for when you separate your budget from short-term spending, long-term, midterm goals. You should have a savings account and that money goes there.

Ash Cash:
Your fourth account should be a financial freedom fund. People call it an emergency fund. Words have power so we're not calling any emergencies into our lives so we call it a financial freedom fund. Every time you get paid, you should have a percentage of money that goes into your financial freedom fund.

Ash Cash:
But here's the kicker, Bobbi. Your financial freedom fund should not be in the same bank that you have your checking account. It could be a online bank. It could be a regional bank. I do not want you to have a debit card attached to it. I actually want you to make it so inconvenient that you don't even remember that you have this account. In fact, when you get paid, I want you to automate it somehow where the money goes automatically to that account and allow that money to grow. As that money grows, you use that to increase your wealth.

Bobbi Rebell:
I'm processing all this, but, okay, I feel like I just got a homework assignment from you because I don't have my funds set up that way, and I bet a lot of our grown-up audience does not. So this is a lot to really think about and really incorporate into our lives.

Bobbi Rebell:
The third one is you lose money saving money. Invest first, save last.

Ash Cash:
Yes, yes, yes, and this is old advice. So I was a banker for 15 years, and I remember when I first started my career as a banker in 1999, that was the last time rates were probably like 4, 5% in the CD. Since then, you are, literally, losing money if you keep it in a bank. Especially now with the economy being what it is, I think inflation is over 7%, which means that if you're not at least making 7% in your checking account or your savings account, you're losing money.

Ash Cash:
When you think about investing, whatever investing means for you, whether it's index funds, whether direct stocks, mutual funds, whatever it is, if you look from a long-term investing perspective, the average is going to always beat inflation. So if we are looking to truly manage our money the right way by looking at or activating old advice, we're literally losing money.

Ash Cash:
So we have to invest first. Invest your money first. When I say savings, yes, you'll have that financial freedom fund because you want to have some liquidity. Things happen and so you want to have some liquidity, you want to have some cash available if things happen. But minus the financial freedom fund, let's start getting into investing as soon as possible. Because once you start investing, you take advantage of compound interests. You think about dollar-cost averaging.

Ash Cash:
You think about this year, stocks have been a rollercoaster. Some people get afraid at this time. But companies are, literally, on sale right now. So if you do what's called dollar-cost averaging and you're like, "You know what, let me start investing now," the companies that you would've gotten at $100 or maybe at $20 right now, you better buy them up. Then by the time the economy rebounds, your account's going to start looking nice, really, really nice.

Bobbi Rebell:
And it is important to dollar-cost average and to buy when you do see value, of course. I know you would also counsel people if you're buying individual stocks, make sure that they're down because of things like the overall market tone, not because of a company-specific reason so I just want to add that caveat in for people.

Bobbi Rebell:
What's the biggest mistake you think people made in the pandemic in terms of financially? Because it really threw so many people for a loop and a lot of us really, you talk about the stock market, we thought the market would crater during the pandemic, and it did for like a hot second and then it came right back. So I'm just curious to know your observations, what you're seeing among your clients and everybody that you work with.

Ash Cash:
Yeah. I think the number one money mistake that was made during the pandemic, we didn't pivot fast enough.

Ash Cash:
There's four types of people in the world. You have consumers, producers, investors and philanthropists. Most of us are just consumers, and I think that the pandemic gave us a great opportunity to become producers and investors, and we didn't pivot fast enough. We knew the world how normal it was, and we thought normal was going to come back where normal was never coming back.

Ash Cash:
So people got so used to meetings on Zoom and digital that if whatever our expertise was, if we jumped on it and said, "You know what, we're going to start providing that from a digital standpoint," there were so many digital millionaires made during the pandemic and I think that was the biggest mistake was that we were trying to hold on when it was time to kind of double down on our expertise and reach more of the world because everybody was home. Everybody didn't know what was next, and we could have reached our consumers faster had we pivoted.

Bobbi Rebell:
Well, we all need you on our side. Before I let you go, you have a challenge for our listeners.

Ash Cash:
Yes. So I have the Max Out Your Income Challenge, and it's, literally, helping people do exactly that pivot. Wherever you are in the income spectrum there is always that next level. So I've been able to max out my income through books, creating 15 streams of income from books. So if you go to maxoutyourincome.com, you could join the five-day challenge and take your income to the next level.

Bobbi Rebell:
Well, congratulations on all, and thank you so much for joining us. Where can people reach you besides, obviously, we know where to get to that challenge, where can people reach Ash Cash?

Ash Cash:
Yeah. You could follow me or go to my website, iamashcash.com or follow me on all social media platforms at iamashcash.

Bobbi Rebell:
Love it. Thank you so much.

Ash Cash:
Thank you so much, Bobbi.

Bobbi Rebell:
Okay, grown-ups, I think we can all agree Ash Cash has a way of getting us newly re-motivated to take action on our finances. I think my favorite takeaway was when Ash reframed the idea of an emergency fund as a financial freedom fund. It just seems more optimistic.

Bobbi Rebell:
What was your favorite takeaway? DM me on Instagram at bobbirebell1 and on Twitter at bobbirebell and let me know.

Bobbi Rebell:
Thanks to all of you who have bought my new book, Launching Financial Grownups. I have another ask, but it's a really easy one and it doesn't cost a thing. Please leave a five-star review on Amazon. You can keep it short and sweet, but having more reviews makes a big difference in getting the book discovered so we can help more people learn about money and generational wealth.

Bobbi Rebell:
Speaking of generational wealth, I would love to come speak to your company or organization and book clubs. I have some great virtual and in-person programs that you can learn more about by going to the Work with Bobbi tab on the top right of my website, bobbirebell.com. That's B-O-B-B-I R-E-B-E-L-L.com. You can also get show notes and transcripts of every podcast right on my website and check out my adulting merch store, GrownupGear for fun gifts. If you're going to graduations, bachelor and bachelorette parties, housewarming parties, birthday parties, whatever you're celebrating, we've got good stuff to give your friends and relatives. Super cute fun stuff to make everyone smile.

Bobbi Rebell:
With that, I wish all of you well, and especially a big thanks to our guest Ash Cash Exantus for helping us all be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media, LLC, editing and production by Steve Stewart, guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show, as well as show transcripts, by going to my website bobbirebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that.

Bobbi Rebell:
First, connect with me on social media at bobbirebell1 on Instagram and bobbirebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups Club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple podcasts. Reading each one means the world to me and, you know what, it really motivates others to subscribe. You can also support our merch shop grownupgear.com by picking up fun gifts for your grown-up friends and treating yourself as well. Most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this.

Bobbi Rebell:
Thank you for your time and for the kind words so many of you send my way. See you next time, and thank you for supporting Money Tips for Financial Grownups.

 
Advice, Financial Grownup, Money, Personal FinanceBobbi Rebell KaufmanAsh Cash, Ash Exantus, Ash Cash Exantus, Money, Money Mistakes, Financial Grownup
4 top strategies to invest and profit as inflation soars with Jackson Square Capital’s Andrew Graham
4 top strategies to invest and profit as inflation soars with Jackson Square Capital’s Andrew Graham
 

Everyday we are seeing higher prices on everything from gas to the food we eat. But all is not lost. There are opportunities not just to cut costs as a consumer, but also to be smart as an investor. We talk with Andrew Graham of Jackson Square Capital for tips on how to navigate investing with inflation on the rise. 

 
 
 
 

Follow Andrew!

Follow Bobbi!


Did you enjoy the show? We would love your support!

Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

  1. Subscribe to the podcast, so you never miss an episode.

  2. Share the podcast with your family, friends, and co-workers.

  3. Tag me on Instagram @bobbirebell1 and you’ll automatically be entered to win books by our favorite guests and merch from our Grownup Gear shop.



Full Transcript:


Bobbi Rebell:
Hey, grown-up friends. A big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart.

Bobbi Rebell:
This book was not easy to write because I had to get honest with myself about what was working with my teen and young adult kids and what was not working. And I also had to be prepared to share it with all of you.

Bobbi Rebell:
So, first of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear.

Bobbi Rebell:
By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts. I am really happy with how Launching Financial Grownups came out, even though it really was hard to be, like I said, that honest, and it was a lot of work, but I really loved doing it. And I'm really happy with how it came out.

Bobbi Rebell:
On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon.

Bobbi Rebell:
Those reviews are super important because the algorithm picks up on them, and that can make the book a lot more visible to more people. So, I truly appreciate it, and I really also appreciate all of your support.

Andrew Graham:
With elevated levels of inflation, with higher bond yields, that's a recipe probably for outperformance in value sectors. And the value sectors presently are: financials, materials, and energy.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, certified financial planner, Bobbi Rebell, author of Launching Financial Grownups, because, you know what? Grown-up life is really hard but, together, we got this.

Bobbi Rebell:
Hey, grown-up friends. I hope everyone's enjoying spring, wherever you are. It's a great time for a road trip, if you can afford the gas. And that is not the only thing with sky high prices. I mean, looking for a home these days can make even the most tenacious grown-ups feel like giving up.

Bobbi Rebell:
So, where is the upside? Well, there are investment opportunities here, and that's what we're going to talk about today. Our guest is Andrew Graham. He is the founder and managing partner at Jackson Square Capital. And it was really a privilege to be able to bring you his insights that he shares with his high-net-worth clients.

Bobbi Rebell:
One thing to pay special attention to in the interview is what he has to say about the kinds of banks that are going to outperform and why. We also talk about energy and why that could be a place for dividends and a hedge against inflation.

Bobbi Rebell:
Andrew also has some compelling things to say about the housing market and whether buying a home will become more affordable anytime soon.

Bobbi Rebell:
Listen closely. There's a lot to learn from this guy. Here is Jackson Square Capital's, Andrew Graham.

Bobbi Rebell:
Andrew Graham, you're a financial grown-up. Welcome to the podcast.

Andrew Graham:
Thank you. I'm glad to be on the pod.

Bobbi Rebell:
We're so happy to have you. So, let me just give a quick introduction. You're the founder and managing partner of Jackson Square Capital, an investment and financial advisory, out in San Francisco, one of my favorite cities.

Bobbi Rebell:
I asked you to come on because so many of our listeners are concerned about inflation. They go to the grocery store. They go to the gas pump. The prices are just frightening, more and more, but there's some upside to this when it comes to investing.

Bobbi Rebell:
And, so, I asked you to come and talk about some strategies and some sort of mindset that we can take to understand that there are things about inflation that can present opportunity and, certainly, in some ways, at least mitigate some of the damage that we're seeing in our day-to-day consumer life with some wealth management strategies. So, thank you for coming on.

Andrew Graham:
My pleasure. So, I can start with inflation, just really quick. For us, in our world, as an in investment manager, our visibility really extends. It extends six months, for sure. And then, the further you go, the less clear things become, but we can kind of see out nine months and feel pretty good, forecasting nine months forward.

Bobbi Rebell:
Let's start with equity. Where are the best sectors, in terms of equity investments for your money, as inflation continues to be a concern?

Andrew Graham:
Yeah. I think the best places to be, in terms of maybe equity style, rather than growth, sort of tech-centric portfolios, we have ... These are all household names now over the last 12 years. Everybody's made sure they've owned plenty of them. It's been pretty apparent that that where ... that was the only game in town.

Andrew Graham:
But with elevated levels of inflation, with higher bond yields, that's a recipe probably for outperformance in value sectors. And the value sectors presently are: financials, materials, and energy.

Bobbi Rebell:
Okay, so let's break that down. Okay. So, let's start with financials.

Andrew Graham:
Banks have what's called ... make-most-of-their-money, the bulk of their money, on net interest margins. It's the difference between the rate that they borrow or receive their money from the Fed, and the rate that they earn on their loans.

Andrew Graham:
And, so, as short-term loans reset, they don't even need, really, to drive loan growth, although we see the beginnings of that happening in December and, again, here in Q1. They don't need to really get it out of loan growth. They can just reset their short-term loans, as they mature for those people rolling them over, and those loans at higher levels just reflecting where bond yields, short-term bond yields, are.

Andrew Graham:
So, again, deposits, they're not going to pay anything on deposits, let's assume. And they're going to be earning more for their loans. So, their net interest income, which is, again, the bulk of their earnings at a bank, is going to rise. And I see that going on for a while now.

Andrew Graham:
We, at Jackson Square Capital, have a preference for, sort of share takers, when it comes to the banks. And those are generally the regional banks, so not the super gigantic money centers that have been gobbling up community banks over the last, whatever, 20 or 30 years. It's the regional banks.

Andrew Graham:
And the ones that are most attractive, in our opinion, are the ones that are sort of high tech, high touch. And you can see them, just taking share in major markets like this one. So, in San Francisco where we sit, First Republic has been taking share for years. And we just see that continuing with lots of loan growth. So, we like First Republic, and we also like Silicon Valley Bank, also local. Again, taking share, lots of loan growth, lots of private equity cash, on the sidelines.

Andrew Graham:
And as that private equity money gets deployed in investments, they're going to make what they're called capital call loans, which are short-term loans. And, again, those will reset at higher rates.

Andrew Graham:
So, probably the bank that's the most sensitive to interest rates and that benefits the most, is Silicon Valley Bank.

Bobbi Rebell:
Interesting. And the second equity sector that you mentioned to pay attention to is materials. Tell us more about that and why.

Andrew Graham:
So, materials are going to have the pricing power, the ability to benefit from their own pricing power. They have relative ... for sort of fixed costs. Most of these plants are built out. Some of these chemical companies, for example, Olin. There are some big barriers to entry. Some of them are dangerous products to make, but they are very necessary, and they have mostly industrial uses.

Andrew Graham:
So, if we're right, and inflation stays elevated, and the cycle has further to go. That's the recovery cycle, and we think it does, and I'll go into that if you'd like. Then there's more upside for those companies, as they have pricing power. And then there's an industrial, sort of recovery, narrative that goes on as well.

Bobbi Rebell:
And the third area you mentioned was energy.

Andrew Graham:
We expect energy stocks to outperform over the next, that six to nine-month window we discussed, and maybe beyond. There's some structural supply issues going on in the industry where, either from political pressures or pressure from shareholders to return capital, many of these oil and gas exploration and production companies, for example, are being incented to return capital to shareholders, rather than develop new production and drill new wells, for example.

Andrew Graham:
So, we expect, even if ... And we do expect U.S. oil and gas production to rise this year, in 2022, but we don't see it matching demand levels. So, look for elevated WTI crude prices, and beneficiaries there include the majors that pay big dividend yields, like the Exxon and the Chevron of the world, of course. And then in exploration and production companies, maybe like Marathon Petroleum, Ovintiv, also, is a midcap name that stands out.

Andrew Graham:
If oil prices stay just above $65, modeling that out, based on their ... based on Ovintiv's free cash flow generation from the past, they're going to have the ability to pay back the entire market cap of the company within five years. So, lots of opportunity there.

Bobbi Rebell:
Yeah. And I think, with respect to stocks in general, you've talked about the importance of paying attention to companies that give money back to shareholders, whether that be in the form of stock buybacks or in dividends.

Bobbi Rebell:
And that is something that, at the end of the day, money is money, and they're giving people money. That's something that investors should pay attention to.

Andrew Graham:
I think so. I would say, with one qualifier, I think it works best in that energy sector. And the reason is, is that the decarbonization efforts are there for a reason.

Andrew Graham:
By the time you get out, 10 years, and again, I know we wish it was a shorter window, but saying you move out further and further, demand for alternative energy sources actually starts to kind of come together. The demand is there now. The problem is, there's just not the capacity to meet it. And, so, demand chooses the old forms right now. But as the substitutes become available, I think we'll see a shift.

Andrew Graham:
So, in most cases, our preference, when I was talking about banks, I chose two banks that don't return capital to shareholder in any big way. As a matter of fact, they raise capital. And the reason why our preference there, is those are longer-term investments. Both of those banks have outperformed the large cap money centers over the last two decades, and we expect it to continue in the current environment, probably at an accelerated rate because they do have loan growth.

Andrew Graham:
But I think an energy return of capital is a good plan, and it's a good thing, whether it's in the form of dividends or share repurchases and just, what are you going to do with all that free cash flow generation? So, it's got to go to the shareholders. And it's a meaningful way, I think, of hedging against elevated rates of inflation.

Bobbi Rebell:
Let's just touch quickly on real estate because there's so many people frustrated by higher home prices. And look, we have to be realistic. You probably aren't going to make a ton of money if you're buying a home, just to live in or as an investment, anytime short term. But that doesn't mean it's not an area that people should be paying attention to.

Andrew Graham:
Yeah. If you look at the supply and demand within the housing world, there's just ... There is limited supply, and demand has been sort of running at a accelerated clip since there was glimmers of hope the pandemic might be ending.

Andrew Graham:
So, you've seen some sharp upticks in almost all geographic areas in this country. And I don't know if that's going to slow down here in the near term. So, we're kind of modeling in 12% home price appreciation for this year. And we think the economy can withstand that kind of appreciation. So, I don't think the affordability factor is going to mean much here in the near term.

Andrew Graham:
And in the short term, as bond yields rise, inflation's going up, so bond yields are rising. As bond yields rise, there's sort of a get-it-while-you-can attitude on the part of consumers to lock in their mortgage rates now, versus six, nine months, well into the future.

Andrew Graham:
So, you'll see, I think, accelerated pick-up in housing demand as, in the short term, as bond yields have already risen. And I think they can ... there's further room for bond yields to go higher.

Bobbi Rebell:
So, continued frustration for people looking to buy a home, but good news for real estate investors.

Andrew Graham:
I think so. Again, eventually, price cures price, but affordability, even though it's the worst it's been since the global financial crisis, affordability measures, they are nowhere near where they were leading into the global financial crisis.

Andrew Graham:
So, I don't think it's a cycle killing kind of thing, like I said before. And, so, yeah. It's going to be competitive, I think. Home-buying, home shopping is going to be competitive for the near term, and maybe even accelerate here, as bond yields have gone up, and people feel a need to get it done now, rather than later.

Bobbi Rebell:
Thank you so much. Andrew, where can people learn more about you and Jackson Square Capital?

Andrew Graham:
You can go onto our website, of course, which is jacksonsquarecap.com. I write a daily email, which I think helps me stay informed. It's called Morning Notes, and you can sign up there if you'd like to receive it, but happy to be of help today. Thanks for having me on. I've been told I have a face for podcasting, so this is such a [inaudible 00:15:05].

Bobbi Rebell:
You are a lot of fun to have on. Thanks, Andrew.

Andrew Graham:
Anytime.

Bobbi Rebell:
There was a lot to take away from that. You were probably tempted to take notes, but if you're a regular listener, you know don't have to. We always have you covered with show notes and full transcripts on my website. Go to bobbirebell.com. That's B-O-B-B-I R-E-B-E-L-L.com.

Bobbi Rebell:
There, you will, of course, also find information about my new book, Launching Financial Grownups, as well as how to be in touch if you would like me to come speak to your organization. I have both virtual and in-person programs, that you can learn more about by clicking on Work with Bobbi. It's the tab on the upper right corner of my website. I hope to hear from you guys soon.

Bobbi Rebell:
So, I want to hear what you are investing in, as inflation continues to rise. DM me on Instagram @bobbirebell1, and on Twitter @bobbirebell.

Bobbi Rebell:
And, by the way, I did what I didn't think I would ever do. I opened a TikTok account. I am still figuring it out. So, check out my videos, and give me some pointers. The handle is bobbirebell.

Bobbi Rebell:
Big thanks to Jackson Square Capital's, Andrew Graham, for sharing some great insights on investing and helping us all be financial grown-ups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support, and show notes by Ashley Wall.

Bobbi Rebell:
You can find the podcast show notes, which include links to resources mentioned in the show, as well as show transcripts, by going to my website, bobbirebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey, as a financial grown-up.

Bobbi Rebell:
The podcast, and tons of complimentary resources associated with the podcast, is brought to you for free, but I need to have your support in return. Here's how you can do that.

Bobbi Rebell:
First, connect with me on social media @bobbirebell1 on Instagram and bobbirebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups Club.

Bobbi Rebell:
Second, share this podcast on social media and tag me, so I can thank you.

Bobbi Rebell:
You can also leave a review on Apple Podcasts. Reading each one means the world to me. And you know what? It really motivates others to subscribe.

Bobbi Rebell:
You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grown-up friends, and treating yourself as well.

Bobbi Rebell:
And most of all, help your friends on their journey to being financial grown-ups by encouraging them to subscribe to the podcast. Together, we got this.

Bobbi Rebell:
Thank you for your time and for the kind words so many of you send my way. See you next time, and thank you for supporting Money Tips for Financial Grownups.

 
Advice, Financial Grownup, Investing, Money, Personal FinanceBobbi Rebell KaufmanAndrew Graham, Investing, Investing Tips, Inflation
Breaking format! How synthetic biology is impacting luxury handbags, preventing hangovers, innovating skincare products and creating next-level diets with futurist Amy Webb
Breaking format! How synthetic biology is impacting luxury handbags, preventing hangovers, innovating skincare products and creating next-level diets with futurist Amy Webb
 

Futurist Amy Webb, co-author of The Genesis Machine, explains how money influences the development synthetic biology, and the risks we need to be aware of before it is too late. 







 
 

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Full Transcript:

Bobbi Rebell:
Hey, grownup friends, a big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart. This book was not easy to rate because I had to get honest with myself about what was working with my teen and young adult kids and what was not working. And I also had to be prepared to share it with all of you. So, first of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear. By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts.

Bobbi Rebell:
I am really happy with how Launching Financial Grownups came out even though it really was hard to be, like I said, that honest. And it was a lot of work, but I really love doing it and I'm really happy with how it came out. On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important because the algorithm picks up on them and that can make the book a lot more visible to more people. So, I truly appreciate it and I really also appreciate all of your support.

Amy Webb:
Hermès, they've got a bag coming out this year made of something that looks exactly like leather but is made out of a synthetic process. So, it's not like chemical-based, it's totally organic. It's just engineering cells to produce something different. That's going to retail for $4,000.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, certified financial planner, Bobbi Rebell, author of Launching Financial Grownups. Because you know what, grownup life is really hard, but together, we got this. Hey grownups, we are going off script today for an epic topic because futurist Amy Webb is my guest. She is going to share information that you have not heard before but that we all need to be paying attention to because it is going to change everything you think you know literally about life. She basically reveals a lot about where money goes in our society. What is getting funded is going to shape the very genetics of humans in the future. It also, by the way, could mean the end of hangovers and diets.

Bobbi Rebell:
Also, look out for $4,000 plus Hermès bags not even made of leather. Yes, you heard that right. Now, at first, Amy's new book, The Genesis Machine: Our Quest to Rewrite Life in the Age of Synthetic Biology, which he co-wrote with scientist Andrew Hessel, may sound a bit intimidating, I certainly was. But I promise you, after our conversation, you're going to go out, you're going to get the book and you're going to read it. And by the way, she has many different accolades but Amy Webb is the founder and CEO of the Future Today Institute and a professor at NYU. Let's just get into it. Here is The Genesis Machine author, Amy Webb. Hey, Amy Webb, you're a financial grownup. Welcome to the podcast.

Amy Webb:
Thank you so much. It's great to be here.

Bobbi Rebell:
That is, in this case, sort of besides the point because I am having you on for reasons that are about money but also at a new level. Money plays a big role in the topic we're going to talk about, which is synthetic biology. We're going to get to that in a minute. But first, I want to just put it out there. Your futurist, your latest book is called The Genesis Machine: Our Quest to Rewrite Life in the Age of Synthetic Biology. It's about an emerging technology that's going to allow us basically to edit and design new forms of life. So, set us up here. Tell us about what all this means.

Amy Webb:
Sure. And I should qualify maybe, futurist sounds like a strange job title and so it could be easy to dismiss. Me, if I have to say, I would too. That's a ridiculous made-up sounding job title. My academic background is game theory in economics. This is a branch of research called strategic foresight. And so, we use data and build out models to try to see what's happening in the present and anticipate what could happen in the future. So, I just bring that up first because this is kind of a weird book. It's a book about the technology that pretty soon is going to allow us to edit, redesign, or totally design from scratch new forms of life. And that's important because it gives us the ability to deal with existential threats like climate change, we just got some pretty horrifying news from the UN a couple days ago, and also to manage and mitigate novel pathogens.

Amy Webb:
So, we've got risks on the horizon, but this is the same technology that helps us potentially improve the human condition and improve longevity. The book is about this area of science that kind of incorporates gene editing, and DNA sequencing, and synthetic biology. These are new relatively areas of science and tech that combines engineering, and design, and computer science. And essentially, what this allows researchers to do is to program biology the way that you might program a computer. If you kind of forgot what you learned in biology class in high school, it's totally fine because this book is written for everyday people to understand what's coming because what's coming is it is enormous. I think 10 years from now, we're going to look back at this moment in time and be able to see how clearly things were changing right before our eyes. I think we're going to eventually be talking about synthetic biology the way we talk about AI today.

Bobbi Rebell:
And this is, in fact, has a lot in common with AI which you covered in your previous book, including the story of where the money flows. Can you talk a little bit about the fact that a lot of science is very underfunded but yet it's interesting who is funding this and what money is going into this and what purpose that's going to have in the future.

Amy Webb:
Right. So, everybody's thinking about NFTs in the metaverse right now, but this is kind of a really interesting area that some big unusual names are paying very close attention to. Bill Gates is a big proponent of this tech and a big investor in this space. But so is Eric Schmidt. Eric Schmidt, as some of you probably know, used to be the head of Google. One of the things that's interesting is that there's actually kind of an overlap between the VCs, and the hedge funds, and a lot of the investment community that funds AI, and those who are funding the future of synthetic biology, as strange as that sounds. I can give you a concrete example. In part because of SARS-CoV-2, which is the virus that causes COVID-19, this acted as a catalyst. Suddenly, everybody was trying to find a way to test and diagnose and then treat this horrible pathogen.

Amy Webb:
But that had some interesting knock-on effects. I think it was like two weeks ago, some biotech veterans raised $3 billion, that is billion with a B, to create a new company called Altos Labs on the premise that the fundamental machinery of life, which is cells, can be reprogrammed. If they raised $3 billion, think of what the valuation, the pitch must be. I mean, it's like incomprehensible. I bring this up just to say this is not a bunch of weirdos playing biohacker in their garage. This is real stuff and this is on a long time horizon, and there are majors in the space that are investing. But also, Google has a division dedicated to research in this space, so does Microsoft. Microsoft is trying to figure out how to use DNA as a storage device, which is kind of insane, right? But they're working in this space too.

Bobbi Rebell:
Yeah and I should say what you mean is to store data inside of DNA-

Amy Webb:
Yeah.

Bobbi Rebell:
... which is bananas. One of my favorite parts of the book is you talk about the futures and you talk about different scenarios of how this could be used in our practical lives. And when you think about those scenarios, you think, "What would people pay for this?" For example, you talk about the idea of no longer having hangovers, of no longer having to diet when you want to lose weight because of the things that we can do to our food and to the way that we consume food. Tell us more about that, because to me, that's an investment I want to make-

Amy Webb:
Yeah.

Bobbi Rebell:
... both as a consumer, I want that technology, and also as an investor.

Amy Webb:
Right. On the consumer side of things, I think it's worth noting that you can already get an entire genome sequenced for less than the cost of a pair of Nike Air Jordans. And that's pretty spectacular that prices come down by orders of magnitude since the first human genome, with the first draft was completed in the early 2000s. What does that mean? That means that a lot of people are sending off their samples to 23andMe and similar types of services, which pre-COVID probably was a select few. But in the age of COVID, we're used to giving our DNA samples to anybody who feels like, literally in New York City, I had to get a COVID test a couple months ago and I went to a guy in a van. And I was like, "Yeah, take my data. I guess that's what we're doing now," which is terrifying at any rate.

Amy Webb:
There's just this entire economy that's blossoming, that's blossoming now, but there's some practical reasons why. So, with regard to Microsoft, at some point, our computers can only get so small and they can only get so powerful. And we also have a geopolitical problem because most of our semiconductors come from a troubled region of the world. So, I think some of what's going on here is, can we reduce some of the soul-crushing uncertainty of our supply chains? And can we shrink components down to like nanoscale? Which again, I know it sounds insane, but there's a company called Roswell Technology that just did this. They just made an announcement of the world's first molecular chip. It has 16,000 sensors on it, smaller than the size of a fingernail. It makes use of biology as a computing platform.

Amy Webb:
So, again, I know all this sounds crazy, but their practical reasons that we describe in the scenarios, obviously, this changes food. It means that a couple of Super Bowls from now, the 1.45 billion with a B chicken wings that we consume on a single day in the United States won't have to come from 750,000 chickens. We could get it all out of a bioreactor. And bioreactors could be in every town and every city so it drastically shorten supply chains. In the beauty space, that's actually a pretty mature area where this research is already being applied, so just different approaches to products that make your cells work for you versus a cream or something that layers on top of your skin and doesn't really solve any problems to totally different ways that were going to produce materials.

Amy Webb:
I've seen some leather already that is made out of mycelium. It's made out of the fibrous material that connects mushrooms. And you would never know the difference. In fact, Hermès, I don't, obviously I carry many Hermès's bags. I don't know how to say that correctly, I'm not fancy. They've got a bag coming out this year made of something that looks exactly like leather but is made out of a synthetic process. So, it's not like chemical-based, it's totally organic. It's just engineering cells to produce something different. That's going to retail for $4,000, I think.

Bobbi Rebell:
Wow. So wait, so just to circle back though in terms of the not gaining weight and in terms of the not having a hangover, because I know people want to hear that.

Amy Webb:
Yeah. So, there is a product, I think it's in the market already, it's an enzyme. It's kind of like functions a little bit like a probiotic. So, the idea is before were a night out drinking, you would take this enzyme and probably still get pretty drunk if that's what you were trying to do but it would prevent the after effects, the hangover part. But what's really interesting is, couldn't you just engineer a molecular whiskey or like a bioengineered wine to have that enzyme side of it already so that you just don't suffer those ill effects afterwards? And that research is underway and you can already buy some functional beverages that are hoping to do some of that.

Bobbi Rebell:
And the dieting?

Amy Webb:
The dieting is something that people are looking at. That one's a little bit more tricky because there is what causes hunger and then there's the mental, like the part of you that wants to eat, so there's deeply rooted psychological things that have to do with that as well.

Bobbi Rebell:
So, it's out there but it's a longer timeline. All right. We don't have that much time left and I want to touch on risks. You talk about nine risks in the book. We can't go out to all of them. But one thing that I find fascinating is that you talked about, we gave our DNA to these random trucks on the street to get these tests for COVID. We leave DNA all over the place. And this is true, for example, you talked about the example of CEOs. They leave DNA all over the place. Someone could program, could somehow take the DNA and you could explain this better than I can, but they can be a little bit mischievous. Talk through that scenario of what could happen and how this could affect the company if the CEO's health is compromised through having their DNA effectively stolen.

Amy Webb:
Right. So, I know this sounds insane, but if you recall, President Macron of France met with Putin just before Russia started its attack and he refused to have a COVID test because he didn't want his data housed within Russia. And some people made fun of him but he was really smart to do that. A couple of years ago, there was a artists collective/activists collective that said that after WEF, so after the World Economic Forum Meeting in Davos, I was actually at that one, I'm assuming that I am nowhere near important enough that anybody went around to collect my stuff, my data, but they collected used napkins and coffee cups and things from world leaders and scraped the DNA off, had it sequenced and said, "We're going to auction off your sequences to the highest bidder."

Amy Webb:
Now, that is challenging to do but it's not impossible to do. And it does beg the question, "If I have your sequence, can I engineer something, some type of virus that is maybe not deadly but is debilitating?" And if you, as a CEO or you as a global leader had like chronic stomach pain or chronic diarrhea or something like that, the question I ask is, "Well, what fiduciary responsibility do you have to report that to your board and to shareholders and what do you do about it?" I mean, that's one of these weird questions, but we're already starting to see malware show up in sort of new ways and new forms of corporate espionage that involve biology. And it's not out of the realm of possibility that we could start seeing biological malware enter the mainstream here and there, which is kind of scary.

Bobbi Rebell:
It's really scary. Okay, I'm going to pivot one last quick question.

Amy Webb:
Yeah.

Bobbi Rebell:
Not a very smooth transition, but I know there's already ETFs out there that people can invest in.

Amy Webb:
Oh yeah.

Bobbi Rebell:
Can you share a little bit about how people can invest in this space?

Amy Webb:
Yeah. And I want to be clear, I'm not specifically making investment advice, but there are ETFs, there's also a lot of thematic investing, Cathie Wood's ARK capital management or is it ARK investments? So, synthetic biology is a big piece and they have an ETF. Franklin Templeton launched an ETF. So, there are funds that exist and they're performing pretty well, but there's also individual companies that either IPOed or SPACed. So, Ginkgo Bioworks is an example of the latter but they're performing pretty well. They make custom microbes. Twist Bioscience is a really interesting company. It's an infrastructure company and those are always good to look at when a new ecosystem is forming.

Bobbi Rebell:
Very, very interesting. And by the way, if anyone wants a little more incentive to buy Amy's book, there is more information on page 96. So, you got to go to the book to get more info. Amy, this has been amazing. Tell us more about where people can find out more about you. I know your book is available everywhere.

Amy Webb:
Thank you. The book's available everywhere. Independent local bookstore is terrific but it's also available on Amazon and Walmart and everywhere books are sold online. And if you're interested in trends and what's on the horizon, all of our work is open source and freely available to download at the futuretodayinstitute.com. We've got our 15th annual Tech Trends Report launching in about two weeks at South By South West. And there are, I guess you're the first to know this, we have 574 trends this year spread across 13 individual volumes and like 20 different industries. So, it's pretty enormous.

Bobbi Rebell:
Wow. Well, thank you so much for being here on Financial Grownup and good luck with everything. Thank you.

Amy Webb:
Thank you.

Bobbi Rebell:
Okay, friends, I'll admit it, I am a little obsessed with this Hermès bag is going to be and whether it will be like synthetic diamonds where it is still not considered real or whether because it's so cool and new it's going to be considered something better than I guess what we would say the real thing was. This stuff is so cool. I also really found it interesting that we can all invest in synthetic biology. Let me know if you're going to do that. This episode was pretty intense, but I hope you enjoyed it. I usually cut interviews down but I did not want to have you guys miss anything I had to say. So, it is really all there and there is so much more in her book. So definitely, pick up Amy's book, The Genesis Machine. Check out the Future Today Institute for more incredibly cool info.

Bobbi Rebell:
It's so generous that they make everything open source, so cool. If you enjoyed this episode, please share on social. Tag me on Instagram @bobbirebell1 if you do so. And big social media news, I started a TikTok channel. I have no idea what I'm doing so please follow me for all the cringiest videos ever. Super easy to find, just Bobbi Rebell, that is my TikTok handle. Thank you to everyone buying my book, Launching Financial Grownups, and for leaving reviews on Amazon. Algorithms pick up on that stuff so I really need your support. Please leave an Amazon review. Loved having Amy Webb of the Future Today Institute on talking about her latest bestseller, The Genesis Machine, and thanks Amy for helping us all be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media LLC, editing and production by Steve Stewart, guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes which include links to resources mentioned in the show as well as show transcripts by going to my website, bobbirebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media @bobbirebell1 on Instagram and Bobbi Rebell on both Twitter and on Clubhouse where you can join my Money Tips for Grownups Club.

Bobbi Rebell:
Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me. You know what, it really motivates others to subscribe. You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind words so many of you send my way. See you next time and thank you for supporting Money Tips for Financial Grownups.

 
Authors, Financial Grownup, Health + Fitness, Money, Personal Finance, Productivity, Technology, Women Role ModelsBobbi Rebell KaufmanAmy Webb, Future Today Institute, The Genesis Machine, CEO