As a young woman in New York City, Randi Zuckerberg, author of “Pick Three: You Can Have It All (Just Not Every Day)" was struggling financially. Her mom, knowing the financial strain, came armed with… luxury goods. Think Jimmy Choo shoes. But as Randi explains, the designer duds were part of a very intentional lesson, that put Randi right on track to being a financial grownup. 

 

In Randi’s money story you will learn:

-How Randi struggled to make ends meet on her first salary of just $28,000

-Why Randi’s mom would take her out and buy her luxury goods, but not help her with her every day expenses

-What Randi did when she literally could not afford to buy a metrocard for the NYC bus and subway

In Randi’s money lesson you will learn:

-How her mother’s strategy helped Randi find her path to financial independence

-If Randi still has all those shoes!

-The one thing Randi would change when she teachers her own children about money

In Randi’s money tip you will learn:

-Why she is paying attention to Bitcoin and Cryptocurrency

-How you can learn more about Bitcoin and Cryptocurrency

In My Take you will learn:

-How to manage social media envy

-The specific thing you can do with your own social media content to improve your experience and that of your friends

-Why and how you can learn more about bitcoin and cryptocurrency

Episode Links:

Learn more about Randi on her website Zuckerbergmedia.com

Get Randi’s book! Pick Three: You Can Have it All, Just Not Every Day

Learn about Cryptocurrency from Randi in this tutorial

 

Follow Randi!

Facebook Randi Zuckerberg

Instagram @RandiZuckerberg

Twitter @RandiZuckerberg

 

Also mentioned

Statement Event

Empower App

---

Transcription

Bobbi Rebell:
Support for Financial Grownup with Bobbi Rebell and the following message come from TransferWise, the cheaper way to send money internationally. TransferWise takes a machete to the hefty fees that come with sending money abroad. Test it out for free at transferwise.com/podcast or download the app.

Randi Zuckerber:
You know, I would turn to her and I would be like, "Mom, I love these Jimmy Choo shoes but I really could use help with my rent, or I could use help with food and things like that," and she was like, "Nope."

Bobbi Rebell:
You're listening to Financial Grownup with me, certified financial planner Bobbi Rebell, author of How to Be a Financial Grownup. And you know what? Being a grownup is really hard, especially when it comes to money. But it's okay, we're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
Hey everyone, my friend Randi Zuckerberg is known for a lot of things. It would take an entire podcast to name them all, so some highlights. She is a bestselling author of Dot Complicated, a Broadway actress and singer with a head star in Rock of Ages. She is the founder and CEO of Zuckerberg Media. Randi is also the force behind Sue's Tech Kitchen, she's got her weekly Sirius XM show, and oh, by the way, she created this little thing called Facebook Live. But her most recent project is Pick Three, which is a book about priorities, and with all that Randi has going on you bet she has had to get a handle on how to focus on what matters most, even if that changes every day. Here is Randi Zuckerberg.

Bobbi Rebell:
Randi Zuckerberg, you are a financial grownup, welcome to the podcast.

Randi Zuckerber:
Thanks so much Bobbi, it's great to be here.

Bobbi Rebell:
Major congratulations, another, in this case soon-to-be bestseller, your new book Pick Three: You Can Have It All (Just Not Every Day). We're going to talk more about that later on, but just high level, this is something you've had in your head basically for your whole adult life. Tell us briefly about the concept, and then we'll do more about the book later.

Randi Zuckerber:
Sure. Well, we're all juggling so many things. I know you and I, we both, we're entrepreneurs, we're moms, I feel like there's so much pressure on all of us to be perfect at everything we do. Especially you log onto Instagram and everyone's lives look so perfect and so amazing, and then it's easy to sit there and think, "Gosh, how come I don't have my act together? Why don't I have it all and have that perfect balance?" And what I've really started to feel over the years is that it's just, it's time for us to stop carrying so much guilt around. Nobody has it all. Nobody has perfect balance, no matter what their lives might look like on Instagram. And so when I thought about the times in my life I felt most proud of my accomplishments, it was not when I was balanced. It was when I gave myself permission to just prioritize and go for it in a few areas of my life, so that's what I'm writing about. It's called Pick Three, and it's work, sleep, family, friends, fitness - pick three.

Bobbi Rebell:
Awesome. And by the way, just to show how much I love this book and how obsessed I am, I actually made notes in the book already. You can learn more about Randy's philosophy on social media and how our lives always look better online, page 211. That was one of the things that I flagged. So that's how good her book is, I have a book full of little post-it notes. Okay, we're going to go back to the book, but I want to talk about your money story, because it's something that I actually related to, because something very similar happened when I was a young adult, in my case also in New York City. Tell us your money story, because it has to do with the way that your mother taught you to earn your own money, but yet still was supporting you in different ways.

Randi Zuckerber:
Totally. And it's funny, because I didn't really learn the lesson of this story until many years later. In the moment, it felt kind of random, and now I'm so thankful to my mom for that. So in the book I go a bit deeper into the story, but when I was right out of college I landed a job at an ad agency. I was making I think $28,000.00 a year, which to live in Manhattan, that just doesn't work. I was in this apartment that was probably supposed to be a one-bedroom but there were four of us that were living in it, and my part of the apartment was a fake wall partitioning off a corner of the living room.

Bobbi Rebell:
Probably illegal, too.

Randi Zuckerber:
Yeah.

Bobbi Rebell:
We know all about those.

Randi Zuckerber:
Yes, I'm sure it was illegal, and it was taking up an entire paycheck every month. And my mom lived about an hour outside of the city. We've always been such close friends, my mom and I, and she would come into the city to take me out for dinner because I definitely couldn't afford to go to a restaurant on my own. And then she would be like, "Let me help you out," and she would take me shopping, and she would buy me fancy shoes. Like Jimmy Choo. Like the fancy-

Bobbi Rebell:
Where were you going in the Jimmy Choos?

Randi Zuckerber:
I know. And I would be like, "Mom, that's so nice of you to buy me Jimmy Choo shoes, but can you help me pay my rent? That's where I really need help."

Bobbi Rebell:
At one point you couldn't buy a Metro Card, right?

Randi Zuckerber:
That's right. There was one month that I had to walk everywhere because I didn't budget well, and I couldn't afford the $120.00 or whatever it was at that time for a monthly Metro Card. And so I walked everywhere in Manhattan for a month. That's kind of the state of how I was living.

Bobbi Rebell:
Were you walking everywhere in the Jimmy Choos, though?

Randi Zuckerber:
I know, right? Luckily I had fancy shoes to walk in, so you know, good for that. But I would turn to her and I'd be like, "Mom, I love these Jimmy Choo shoes but I really could use help with my rent, or I could use help with food and things like that," and she was like, "Nope." She was like, "You know, it's really important that you make it on your own, you're a professional woman. It's really important that you cover the basics of your life on your own." She's like, "But I'm here to show you what to aspire to."

Bobbi Rebell:
Wow.

Randi Zuckerber:
"The reason that you're working hard and to show you that it's okay when you do make that money later in life to treat yourself, and just spend a little bit of that money on yourself."

Bobbi Rebell:
Nice. So for our listeners, what is the lesson from that? What is the takeaway? How can they apply it to their own lives?

Randi Zuckerber:
For me at the time, it definitely felt a little frustrating. It was frustrating that I could barely afford a Metro Card but I had this closet full of beautiful designer shoes. But at the end, when I do look back now on those periods of my life, I'm proud of myself for supporting myself. Even though it was hard. Even though I was barely making any money at all, I look back on those years with pride that I took care of all my own living expenses, that I made it on my own. And I actually still have those Jimmy Choo shoes in my closet as a reminder, the first big girl items that I really ever owned, and they always serve as a reminder to me that the reason that we work so hard in life is not just to accumulate wealth or status. It's so we can treat ourselves and we can treat the people we love, and we can really enjoy our lives and our money.

Bobbi Rebell:
And so would you do the same lesson with your own children, knowing what you know now?

Randi Zuckerber:
Maybe I would keep the receipt in the box in case they needed to return it to help pay their rent. My mom used to take-

Bobbi Rebell:
So wait, did you ever try to return the shoes?

Randi Zuckerber:
No, she purposely would take the receipts home with her so I couldn't, and in those days there wasn't eBay to sell them on or things like that. But honestly, if my kids were motivated and ambitious and driven enough to think of ways to resell them, then that's great, that's teaching them an entrepreneurial lesson.

Bobbi Rebell:
All right, let's talk about your money tip, because it's something we haven't talked about here on Financial Grownup, in part because I don't know a lot about it, and that's kind of your point. What is your money tip?

Randi Zuckerber:
So my money tip is to make sure that you're not just focusing all of your effort on learning about the systems that are already in place. Make sure that you're spending some time thinking about the new financial trends that are going to be coming out in the next few years. Specifically I think the biggest trend that's going to hit this industry is cryptocurrency and blockchain. I know I've personally spent a lot of time over the past two years learning about this space and educating myself, and I think it's so important for women especially to learn about this space, because right now only about 2% of cryptocurrency is owned and traded by women. And ladies, what's the use of catching up with our financial knowledge over here if we're then just going to be completely left behind in ten years on the next new thing that's making all of these new millionaires? I don't know about you guys, I don't want to be left out of the next thing that's making all these millionaires, so I think it's really important, even if you're not investing in this space, to at least understand it enough to be able to participate.

Bobbi Rebell:
Where is the best place people can learn more about it?

Randi Zuckerber:
I love listening to a lot of podcasts. I actually am so passionate about educating women that I literally just sat in my closet with a microphone this week and recorded a two-hour introduction to Bitcoin and Blockchain that I'm about to release. So I'll definitely give you more information on that, and it's specifically designed to teach women the basics of crypto.

Bobbi Rebell:
Perfect. So now we have where we can go, I will make sure to put the link into the show notes for everyone. So that's your gift to our listeners, thank you so much, Randi. This is great. Okay, so now we get back to what I really want to talk about. So I've got this book here with all of these ... I almost ran out of post-it notes, because I have so many post-it notes in the book, and we have to keep it short because this is a short podcast. But it's basically about being lopsided and being okay with that. And that's almost how you got into college, was just saying, "I'm not going to apologize for not being balanced."

Randi Zuckerber:
Totally, well I think, and I'm sure, Bobbi, when you think about the things in your life you're most proud of, the things you hope we're alive to tell our great-grandkids about, each of us have three or four things on that list that we're super proud of. It's probably not times in your life that you were super well-balanced. For me, that list right now is completing a marathon, singing on Broadway, being part of Facebook, and having my two children, and not one of those four things happened when I had balance in my life.

Bobbi Rebell:
Wow.

Randi Zuckerber:
All of those things happened when I really allowed myself to just go for it and be super lopsided and prioritize a few areas in my life at one time. And so I want to give especially women out there permission to pick three. Pick a few things in your life that you want to prioritize, because there will be other times and other phases to pick other things and round out your life. But just give yourself the permission to go for it and be excellent in whatever you want to do without the guilt.

Bobbi Rebell:
I love it. One of my favorite areas was when you talk about quick fixes if you're feeling exhausted, and I say that because this book is also very practical, because people feel overwhelmed and there are very specific solutions in the book. Even at the end there's worksheets so that people can make it applicable to their own lives and really make it specific and actionable.

Randi Zuckerber:
Thank you, well you know, I live in the real world. In an ideal world we'd all be getting a lot of sleep every night, and going to the gym, and spending time with our children every day, and doing all of these things, but at the end of the day we all live in the real world, and I know that there's some days that you just cannot pick sleep. Your kids are sick, you have a deadline at work, there's something going on, you have an early plane to catch, so I tried to also, while encouraging people to pick different areas, also tried to give some hacks to actually get around it and still function in your life if you can't pick that one area.

Bobbi Rebell:
So it's three, and the five things that you're picking three from are sleep, work, friends, family and fitness, and the great thing about the book is you break down each one.

Randi Zuckerber:
Yes. I try to break it down, and I also really tried to interview a mixture of people across all ages and walks of life. Because if you're in the position that you can pick which areas of your life you want to prioritize then you're in a real state of privilege, that everything in your life is going so well that you can choose. There are a lot of people out there who have life circumstances where they just can't choose what they want to focus on. Life picks for them. And so I wanted to make sure that all different people are represented.

Bobbi Rebell:
Randi, where can people find you and learn more about everything you're up to, including Pick Three?

Randi Zuckerber:
Thank you so much, I have been known to be available on a few social media channels.

Bobbi Rebell:
A few.

Randi Zuckerber:
Yup, [inaudible 00:13:14] Facebook, and one's owned by Facebook. But yes, you can find me on Facebook, on Instagram and Twitter, I'm @randizuckerberg, and then Pick Three is available on Amazon or any of your favorite bookstores. I love indie bookstores and promoting them, so go pick it up at a cool indie bookstore near you.

Bobbi Rebell:
Congratulations on all, and keep in touch.

Randi Zuckerber:
Thank you so much Bobbi, this is awesome, love your podcast.

Bobbi Rebell:
Hey friends, I think we all have a good sense of how Randi stays so grounded despite literally being on the go all the time. I have been personal witness to that. Prioritize and keep perspective.

Bobbi Rebell:
Financial Grownup tip number one: You may have noticed that one area of Randi's book really hit me. All of our lives look like so much fun online. So many of us, myself included, have felt a little wistful when we see photos and videos of friends who always seem to be vacationing while in the perfect outfit, and going to a fantastic concert where of course they get to see Beyonce and hang out with her and Jay-Z backstage. Just kidding, but only about part of that. But we are all actually usually happy that they're having fun, it's not necessarily competitive, but still. Remember, it is a curated version of their life. Real life can't be edited, and filters don't work outside of the digital world. Randi's advice that really resonates with me? Flip that back to what you can control, and be a little more intentional about what you post, about the image that you put out there to other people. Don't just post your own perfect moments, try to be more authentic with your social media, and maybe we'll all get the hint and be a little more real.

Bobbi Rebell:
Financial Grownup tip number two: Let's all go out and learn about Bitcoin. I said learn, not invest, though you can if it's right for you. The truth is, as Randi said, we may be missing a big opportunity. I always think of famous investors like Warren Buffett who say they don't invest in anything they don't understand. So let's understand and make a decision from a point of understanding and information. I was recently at a retreat called Statement Event, it was women thought leaders, a very small group of us, about 17. We had dinner with a CEO of a company called Empower, and he asked this group of all women how many of us talked about Bitcoin as an investment option for our followers or listeners. The room got silent. He asked, had we really investigated? Nope. I'm going to check out Randi's tutorial, and I will leave the link for you guys as well. Let me know what you think. Make sure to pick up your copy of her new book, Pick Three: You Can Have It All (Just Not Every Day) and write a review for Randi. Authors love reviews.

Bobbi Rebell:
Thank you all for your support. The show has been growing, so please keep sharing on social media, writing reviews on iTunes aka Apple Podcast, and subscribing if you have not already so you don't miss any upcoming episodes.

Bobbi Rebell:
Do you have a money story that you want to share? Maybe a great money tip? We are starting to have listeners as guests once a month, so to be considered email us at info@financialgrownup and just tell us what money story and money tip you would share if you are chosen.

Bobbi Rebell:
To learn more about the show, go to bobbirebell.com/financialgrownuppodcast. Follow me on Twitter @bobbirebell, Instagram @bobbirebell1, Facebook I am at Bobbi Rebell. Randi Zuckerberg really nailed it in this episode, helping us all get one step closer to being financial grownups.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK Media production.

As a young woman in New York City, Randi Zuckerberg, author of “Pick Three: You Can Have It All (Just Not Every Day)" was struggling financially. Her mom, knowing the financial strain, came armed with… luxury goods. Think Jimmy Choo shoes. But as Randi explains, the designer duds were part of a very intentional lesson, that put Randi right on track to being a financial grownup. 

 

In Randi’s money story you will learn:

-How Randi struggled to make ends meet on her first salary of just $28,000

-Why Randi’s mom would take her out and buy her luxury goods, but not help her with her every day expenses

-What Randi did when she literally could not afford to buy a metrocard for the NYC bus and subway

In Randi’s money lesson you will learn:

-How her mother’s strategy helped Randi find her path to financial independence

-If Randi still has all those shoes!

-The one thing Randi would change when she teachers her own children about money

In Randi’s money tip you will learn:

-Why she is paying attention to Bitcoin and Cryptocurrency

-How you can learn more about Bitcoin and Cryptocurrency

In My Take you will learn:

-How to manage social media envy

-The specific thing you can do with your own social media content to improve your experience and that of your friends

-Why and how you can learn more about bitcoin and cryptocurrency

Episode Links:

Learn more about Randi on her website Zuckerbergmedia.com

Get Randi’s book! Pick Three: You Can Have it All, Just Not Every Day

Learn about Cryptocurrency from Randi in this tutorial

 

Follow Randi!

Facebook Randi Zuckerberg

Instagram @RandiZuckerberg

Twitter @RandiZuckerberg

 

Also mentioned

Statement Event

Empower App

---

Transcription

Bobbi Rebell:
Support for Financial Grownup with Bobbi Rebell and the following message come from TransferWise, the cheaper way to send money internationally. TransferWise takes a machete to the hefty fees that come with sending money abroad. Test it out for free at transferwise.com/podcast or download the app.

Randi Zuckerber:
You know, I would turn to her and I would be like, "Mom, I love these Jimmy Choo shoes but I really could use help with my rent, or I could use help with food and things like that," and she was like, "Nope."

Bobbi Rebell:
You're listening to Financial Grownup with me, certified financial planner Bobbi Rebell, author of How to Be a Financial Grownup. And you know what? Being a grownup is really hard, especially when it comes to money. But it's okay, we're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
Hey everyone, my friend Randi Zuckerberg is known for a lot of things. It would take an entire podcast to name them all, so some highlights. She is a bestselling author of Dot Complicated, a Broadway actress and singer with a head star in Rock of Ages. She is the founder and CEO of Zuckerberg Media. Randi is also the force behind Sue's Tech Kitchen, she's got her weekly Sirius XM show, and oh, by the way, she created this little thing called Facebook Live. But her most recent project is Pick Three, which is a book about priorities, and with all that Randi has going on you bet she has had to get a handle on how to focus on what matters most, even if that changes every day. Here is Randi Zuckerberg.

Bobbi Rebell:
Randi Zuckerberg, you are a financial grownup, welcome to the podcast.

Randi Zuckerber:
Thanks so much Bobbi, it's great to be here.

Bobbi Rebell:
Major congratulations, another, in this case soon-to-be bestseller, your new book Pick Three: You Can Have It All (Just Not Every Day). We're going to talk more about that later on, but just high level, this is something you've had in your head basically for your whole adult life. Tell us briefly about the concept, and then we'll do more about the book later.

Randi Zuckerber:
Sure. Well, we're all juggling so many things. I know you and I, we both, we're entrepreneurs, we're moms, I feel like there's so much pressure on all of us to be perfect at everything we do. Especially you log onto Instagram and everyone's lives look so perfect and so amazing, and then it's easy to sit there and think, "Gosh, how come I don't have my act together? Why don't I have it all and have that perfect balance?" And what I've really started to feel over the years is that it's just, it's time for us to stop carrying so much guilt around. Nobody has it all. Nobody has perfect balance, no matter what their lives might look like on Instagram. And so when I thought about the times in my life I felt most proud of my accomplishments, it was not when I was balanced. It was when I gave myself permission to just prioritize and go for it in a few areas of my life, so that's what I'm writing about. It's called Pick Three, and it's work, sleep, family, friends, fitness - pick three.

Bobbi Rebell:
Awesome. And by the way, just to show how much I love this book and how obsessed I am, I actually made notes in the book already. You can learn more about Randy's philosophy on social media and how our lives always look better online, page 211. That was one of the things that I flagged. So that's how good her book is, I have a book full of little post-it notes. Okay, we're going to go back to the book, but I want to talk about your money story, because it's something that I actually related to, because something very similar happened when I was a young adult, in my case also in New York City. Tell us your money story, because it has to do with the way that your mother taught you to earn your own money, but yet still was supporting you in different ways.

Randi Zuckerber:
Totally. And it's funny, because I didn't really learn the lesson of this story until many years later. In the moment, it felt kind of random, and now I'm so thankful to my mom for that. So in the book I go a bit deeper into the story, but when I was right out of college I landed a job at an ad agency. I was making I think $28,000.00 a year, which to live in Manhattan, that just doesn't work. I was in this apartment that was probably supposed to be a one-bedroom but there were four of us that were living in it, and my part of the apartment was a fake wall partitioning off a corner of the living room.

Bobbi Rebell:
Probably illegal, too.

Randi Zuckerber:
Yeah.

Bobbi Rebell:
We know all about those.

Randi Zuckerber:
Yes, I'm sure it was illegal, and it was taking up an entire paycheck every month. And my mom lived about an hour outside of the city. We've always been such close friends, my mom and I, and she would come into the city to take me out for dinner because I definitely couldn't afford to go to a restaurant on my own. And then she would be like, "Let me help you out," and she would take me shopping, and she would buy me fancy shoes. Like Jimmy Choo. Like the fancy-

Bobbi Rebell:
Where were you going in the Jimmy Choos?

Randi Zuckerber:
I know. And I would be like, "Mom, that's so nice of you to buy me Jimmy Choo shoes, but can you help me pay my rent? That's where I really need help."

Bobbi Rebell:
At one point you couldn't buy a Metro Card, right?

Randi Zuckerber:
That's right. There was one month that I had to walk everywhere because I didn't budget well, and I couldn't afford the $120.00 or whatever it was at that time for a monthly Metro Card. And so I walked everywhere in Manhattan for a month. That's kind of the state of how I was living.

Bobbi Rebell:
Were you walking everywhere in the Jimmy Choos, though?

Randi Zuckerber:
I know, right? Luckily I had fancy shoes to walk in, so you know, good for that. But I would turn to her and I'd be like, "Mom, I love these Jimmy Choo shoes but I really could use help with my rent, or I could use help with food and things like that," and she was like, "Nope." She was like, "You know, it's really important that you make it on your own, you're a professional woman. It's really important that you cover the basics of your life on your own." She's like, "But I'm here to show you what to aspire to."

Bobbi Rebell:
Wow.

Randi Zuckerber:
"The reason that you're working hard and to show you that it's okay when you do make that money later in life to treat yourself, and just spend a little bit of that money on yourself."

Bobbi Rebell:
Nice. So for our listeners, what is the lesson from that? What is the takeaway? How can they apply it to their own lives?

Randi Zuckerber:
For me at the time, it definitely felt a little frustrating. It was frustrating that I could barely afford a Metro Card but I had this closet full of beautiful designer shoes. But at the end, when I do look back now on those periods of my life, I'm proud of myself for supporting myself. Even though it was hard. Even though I was barely making any money at all, I look back on those years with pride that I took care of all my own living expenses, that I made it on my own. And I actually still have those Jimmy Choo shoes in my closet as a reminder, the first big girl items that I really ever owned, and they always serve as a reminder to me that the reason that we work so hard in life is not just to accumulate wealth or status. It's so we can treat ourselves and we can treat the people we love, and we can really enjoy our lives and our money.

Bobbi Rebell:
And so would you do the same lesson with your own children, knowing what you know now?

Randi Zuckerber:
Maybe I would keep the receipt in the box in case they needed to return it to help pay their rent. My mom used to take-

Bobbi Rebell:
So wait, did you ever try to return the shoes?

Randi Zuckerber:
No, she purposely would take the receipts home with her so I couldn't, and in those days there wasn't eBay to sell them on or things like that. But honestly, if my kids were motivated and ambitious and driven enough to think of ways to resell them, then that's great, that's teaching them an entrepreneurial lesson.

Bobbi Rebell:
All right, let's talk about your money tip, because it's something we haven't talked about here on Financial Grownup, in part because I don't know a lot about it, and that's kind of your point. What is your money tip?

Randi Zuckerber:
So my money tip is to make sure that you're not just focusing all of your effort on learning about the systems that are already in place. Make sure that you're spending some time thinking about the new financial trends that are going to be coming out in the next few years. Specifically I think the biggest trend that's going to hit this industry is cryptocurrency and blockchain. I know I've personally spent a lot of time over the past two years learning about this space and educating myself, and I think it's so important for women especially to learn about this space, because right now only about 2% of cryptocurrency is owned and traded by women. And ladies, what's the use of catching up with our financial knowledge over here if we're then just going to be completely left behind in ten years on the next new thing that's making all of these new millionaires? I don't know about you guys, I don't want to be left out of the next thing that's making all these millionaires, so I think it's really important, even if you're not investing in this space, to at least understand it enough to be able to participate.

Bobbi Rebell:
Where is the best place people can learn more about it?

Randi Zuckerber:
I love listening to a lot of podcasts. I actually am so passionate about educating women that I literally just sat in my closet with a microphone this week and recorded a two-hour introduction to Bitcoin and Blockchain that I'm about to release. So I'll definitely give you more information on that, and it's specifically designed to teach women the basics of crypto.

Bobbi Rebell:
Perfect. So now we have where we can go, I will make sure to put the link into the show notes for everyone. So that's your gift to our listeners, thank you so much, Randi. This is great. Okay, so now we get back to what I really want to talk about. So I've got this book here with all of these ... I almost ran out of post-it notes, because I have so many post-it notes in the book, and we have to keep it short because this is a short podcast. But it's basically about being lopsided and being okay with that. And that's almost how you got into college, was just saying, "I'm not going to apologize for not being balanced."

Randi Zuckerber:
Totally, well I think, and I'm sure, Bobbi, when you think about the things in your life you're most proud of, the things you hope we're alive to tell our great-grandkids about, each of us have three or four things on that list that we're super proud of. It's probably not times in your life that you were super well-balanced. For me, that list right now is completing a marathon, singing on Broadway, being part of Facebook, and having my two children, and not one of those four things happened when I had balance in my life.

Bobbi Rebell:
Wow.

Randi Zuckerber:
All of those things happened when I really allowed myself to just go for it and be super lopsided and prioritize a few areas in my life at one time. And so I want to give especially women out there permission to pick three. Pick a few things in your life that you want to prioritize, because there will be other times and other phases to pick other things and round out your life. But just give yourself the permission to go for it and be excellent in whatever you want to do without the guilt.

Bobbi Rebell:
I love it. One of my favorite areas was when you talk about quick fixes if you're feeling exhausted, and I say that because this book is also very practical, because people feel overwhelmed and there are very specific solutions in the book. Even at the end there's worksheets so that people can make it applicable to their own lives and really make it specific and actionable.

Randi Zuckerber:
Thank you, well you know, I live in the real world. In an ideal world we'd all be getting a lot of sleep every night, and going to the gym, and spending time with our children every day, and doing all of these things, but at the end of the day we all live in the real world, and I know that there's some days that you just cannot pick sleep. Your kids are sick, you have a deadline at work, there's something going on, you have an early plane to catch, so I tried to also, while encouraging people to pick different areas, also tried to give some hacks to actually get around it and still function in your life if you can't pick that one area.

Bobbi Rebell:
So it's three, and the five things that you're picking three from are sleep, work, friends, family and fitness, and the great thing about the book is you break down each one.

Randi Zuckerber:
Yes. I try to break it down, and I also really tried to interview a mixture of people across all ages and walks of life. Because if you're in the position that you can pick which areas of your life you want to prioritize then you're in a real state of privilege, that everything in your life is going so well that you can choose. There are a lot of people out there who have life circumstances where they just can't choose what they want to focus on. Life picks for them. And so I wanted to make sure that all different people are represented.

Bobbi Rebell:
Randi, where can people find you and learn more about everything you're up to, including Pick Three?

Randi Zuckerber:
Thank you so much, I have been known to be available on a few social media channels.

Bobbi Rebell:
A few.

Randi Zuckerber:
Yup, [inaudible 00:13:14] Facebook, and one's owned by Facebook. But yes, you can find me on Facebook, on Instagram and Twitter, I'm @randizuckerberg, and then Pick Three is available on Amazon or any of your favorite bookstores. I love indie bookstores and promoting them, so go pick it up at a cool indie bookstore near you.

Bobbi Rebell:
Congratulations on all, and keep in touch.

Randi Zuckerber:
Thank you so much Bobbi, this is awesome, love your podcast.

Bobbi Rebell:
Hey friends, I think we all have a good sense of how Randi stays so grounded despite literally being on the go all the time. I have been personal witness to that. Prioritize and keep perspective.

Bobbi Rebell:
Financial Grownup tip number one: You may have noticed that one area of Randi's book really hit me. All of our lives look like so much fun online. So many of us, myself included, have felt a little wistful when we see photos and videos of friends who always seem to be vacationing while in the perfect outfit, and going to a fantastic concert where of course they get to see Beyonce and hang out with her and Jay-Z backstage. Just kidding, but only about part of that. But we are all actually usually happy that they're having fun, it's not necessarily competitive, but still. Remember, it is a curated version of their life. Real life can't be edited, and filters don't work outside of the digital world. Randi's advice that really resonates with me? Flip that back to what you can control, and be a little more intentional about what you post, about the image that you put out there to other people. Don't just post your own perfect moments, try to be more authentic with your social media, and maybe we'll all get the hint and be a little more real.

Bobbi Rebell:
Financial Grownup tip number two: Let's all go out and learn about Bitcoin. I said learn, not invest, though you can if it's right for you. The truth is, as Randi said, we may be missing a big opportunity. I always think of famous investors like Warren Buffett who say they don't invest in anything they don't understand. So let's understand and make a decision from a point of understanding and information. I was recently at a retreat called Statement Event, it was women thought leaders, a very small group of us, about 17. We had dinner with a CEO of a company called Empower, and he asked this group of all women how many of us talked about Bitcoin as an investment option for our followers or listeners. The room got silent. He asked, had we really investigated? Nope. I'm going to check out Randi's tutorial, and I will leave the link for you guys as well. Let me know what you think. Make sure to pick up your copy of her new book, Pick Three: You Can Have It All (Just Not Every Day) and write a review for Randi. Authors love reviews.

Bobbi Rebell:
Thank you all for your support. The show has been growing, so please keep sharing on social media, writing reviews on iTunes aka Apple Podcast, and subscribing if you have not already so you don't miss any upcoming episodes.

Bobbi Rebell:
Do you have a money story that you want to share? Maybe a great money tip? We are starting to have listeners as guests once a month, so to be considered email us at info@financialgrownup and just tell us what money story and money tip you would share if you are chosen.

Bobbi Rebell:
To learn more about the show, go to bobbirebell.com/financialgrownuppodcast. Follow me on Twitter @bobbirebell, Instagram @bobbirebell1, Facebook I am at Bobbi Rebell. Randi Zuckerberg really nailed it in this episode, helping us all get one step closer to being financial grownups.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK Media production.

Rebecca Jarvis, ABC News Chief Business, Technology and Economics Correspondent, and Host and Managing editor of the “No Limits with Rebecca Jarvis” podcast learned her financial lessons early.

But the truth about the value of that education really came to light when she learned what was going on with a dear friend.  

You will learn why you want Rebecca, and friends like her, on your team. 

 

Rebecca's money story:

• The  money lessons from her journalist mom that set her on the right path

• How Rebecca has helped her friends who have run into money trouble

• The ways that poor money decisions can hurt your opportunities, including jobs

• How banks sometimes lure young people into borrowing more money than they can afford

 

Rebecca’s lesson: 

• specific tools to figure out wants vs. needs. 

• advice on how to maintain a budget

• her favorite app for managing money

Rebecca’s money tip:

• How to make sure your education pays off

• What kind of classes to take post-college

• To be featured as a women entrepreneur of the week email Rebecca Jarvis nolimitswithrjpodcast@gmail.com

Links to people and things we talked about in this episode

• No Limits with Rebecca Jarvis podcast

• Robin Roberts

• Gabby Bernstein

• Sheila Nevins

• Randi Zuckerberg

• Mint

• CFP Board

• The Federal Reserve

Rebecca Jarvis learned her financial lessons early. The truth about the value of that education really came to light when she learned what was going on with a dear friend. Listen to this Financial Grownup episode to learn Rebecca's advice on how to maintain a budget and her favorite app for managing money. #MoneyManagement #Budget

Transcription

Rebecca Jarvis:
He even had some issues along the way when he was applying to jobs. If they think of you as somebody who's not a credit worthy individual, they can say, "Hmm is this person really responsible."

Bobbie Rabell:
You're listening to Financial Grownup with me, certified financial planner, Bobbie Rabell. Author of How to be a Financial Grownup. You know what, being a grown up is really hard, especially when it comes to money, but it's okay, we're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbie Rabell:
Hey friends, welcome to another edition of Financial Grownup. I do want to first take a moment to thank those of you who are already supporting the show through subscribing, and of course through rating and reviewing it. Those early reviews have been so precious to me. They are truly appreciated, and I thank you from the bottom of my heart. If you haven't rated or reviewed the show and you like it, or you just want to give me some feedback, please do so. It means the world to me.

Bobbie Rabell:
All right, this guest is amazing and inspiring. She was spared some of the most damaging early in life mistakes that so many of us make thanks in large part to her mom's early lessons about using credit cards and the dangers of debt. But, here's where it gets really good guys. In addition to learning early on how to be financially responsible herself, what I love about speaking with her and what really comes through in this interview is that she is an empathetic and truly supportive friend. Many of her friends, for whatever reason, didn't have the ideal financial educations or experiences, but she is there for them. She is not judgmental. She is helpful. Rebecca Jarvis is the Chief Business Technology and Economics Correspondent at ABC News. She is also host of one of my personal favorite podcasts, No Limits with Rebecca Jarvis, which you should definitely check out. In the meantime, here is my interview with Rebecca Jarvis.

Bobbie Rabell:
Rebecca Jarvis, you are such a financial grownup and I'm so excited to have you on the program. Welcome.

Rebecca Jarvis:
Thank you so much Bobbie. I'm so excited to chat with you. I love your books. I love you. You set a great example for so many people.

Bobbie Rabell:
Thank you.

Rebecca Jarvis:
So thank you for what you're doing.

Bobbie Rabell:
Well, speaking of great examples, I am such a fan of the No Limits podcast, which is no moving into live events, which is awesome. I mean I could literally spend my entire podcast rattling off all of my favorite episodes. Of course, I love the live show you just did, which featured Robin Roberts, who holds a special place in my heart because she survived a horrible disease that my mother did not survive. Every time I look at Robin I get emotional and happy for her. I love the Sheila Nevins episode, which is dishy. I'm basically telling people to go through your archives. Of course, my friend Randy Zuckerberg, who is amazing. Tell me more about what's going on for 2018 with No Limits.

Rebecca Jarvis:
Thank you. I really appreciate that. We are starting to do more live podcasts. We did this most recent one with Robin Roberts. Also, Gabby Bernstein, which a number of people probably know from the space. She had an awakening, a moment in her life where she hit rock bottom, and she figured out gratitude to come back and be a stronger person. But what we're looking at now is a year ahead where we will be doing some live events. We'll continue to talk to game changing women. That's my mission statement is to talk to women who have broken down walls, who have figured out how to play the game, set the rules, and looking at their paths, the trade offs along the way, the choices that they've made along the way, what success really means to them and how they're figuring out balancing all of it. It's really honest, authentic conversations. My favorite thing Bobbie is when a guest will say, "I've never told this to anyone before." I know we're in the right spot if that's the conversation that we're having.

Rebecca Jarvis:
We'll continue to do that. We also will continue to feature and highlight women from our community who are No Limits entrepreneurs of the week. Every single week we feature a listener who is building an empire of her own, and how she's doing it. She gets featured on her Instagram account, on my Instagram account. She gets featured on the podcast and we share a little bit about her story. Anybody who wants to apply for that can always email me at nolimitswithrjpodcast@gmail.com. Feel free to send me ideas and submissions as well. I do read all of the emails there.

Bobbie Rabell:
Okay, I can't wait to see who is going to be next on No Limits, but I'm also looking forward to your money story. It's a good one, do tell.

Rebecca Jarvis:
Okay. I would say that for me my money story, it started early. My mom is a financial journalist. She's a columnist at Reuters. When I was a kid, she was a columnist at the Minnesota newspaper where I grew up. She sat me down before college. The conversation that we had prior to me leaving for college was all about credit cards. It wasn't your typical going off to college conversation, but she talked me through the idea that when you go to college, and the rules were a little bit different back then, you could be a bank and advertise anywhere on campus for people to sign up for credit cards. She said they're going to be everywhere. They're going to be hounding you. They're going to tell you it's great, it's the best thing in the world. Don't do it. You need-

Bobbie Rabell:
By the way, people should know, no longer allowed, but they were bribing you too probably.

Rebecca Jarvis:
Exactly. Exactly. That's the latest story that just came out that a lot of these banks are now even working with the colleges and giving kickbacks to the colleges. Anyway, my mom sat me down, she had this conversation with me and basically said, "Becky, whatever you do, do not sign up for these credit card offers that sound too good to be true. You don't need to do that. Instead, save your money and think about every penny that you spend is money that's coming out of your savings account. Don't spend money that you don't have." That really made a huge impact on me. I have to say because I now in my life have two credit cards. From that point forward, I was just much more skeptical. I think, I look around at a number of my friends who didn't necessarily have those conversations ... I actually had a really good friend in college who he ran up $10,000 in credit card debt not fully recognizing at the time that he would eventually have to pay that back.

Bobbie Rabell:
Oh no.

Rebecca Jarvis:
And he's a smart guy.

Bobbie Rabell:
And it's not just pay it back. It's pay it back and paying interest.

Rebecca Jarvis:
Exactly, which the interest on credit cards is always going to be the highest interest that you're going to get. It's way higher than the amount of interest that you pay on a mortgage. Way higher than the interest that you'd pay on a student loan. Credit card debt is some of the worst debt that you can take on. Anyway, this friend of mine, his credit score was ruined so he couldn't go out and get a mortgage or a car loan post-college. He also ended up not being able to afford paying off the loans and ultimately his family had to step in and help in. He even had some issues along the way when he was applying to jobs. If they think of you as somebody who's not a credit worthy individual, they can say, "Hmm, is this person really responsible?" He was. He was totally responsible. But anyway, that was a big lesson for me along the way just thinking about debt and my mom sitting me down. I'm so thankful that she did, talking to me about it early on.

Bobbie Rabell:
Besides obviously not getting into credit card debt in college, what is your lesson for our listeners? What is the takeaway?

Rebecca Jarvis:
I think that one of the biggest takeaways is recognizing that no matter how much money you have, or feel that you don't have, budgeting and thinking through your needs versus wants is a really valuable thing. There's research out there that shows that almost every person, whether they have $10 in their pocket or $100,000 in their pocket, is very likely spending more on wants than they're truly aware of. I cover so many stories about people who have gotten out of debt. One of the biggest things that the people who have gotten out of debt have done is they figured out, they've gone through line by line, their spending for the last three months.

Rebecca Jarvis:
They've said where am I spending on my needs versus where am I spending on my wants. One of the greatest things that you can do for yourself is think about what those wants are in the short term, and if you can cut back on those wants, you will make sure that you have the future cushion and money to spend on your needs and to get out of that debt. I think it's a really important thing to budget and to look at needs versus wants.

Bobbie Rabell:
Do you have any specific recommendations for budgeting? Do you budget?

Rebecca Jarvis:
I've done the budget. You literally sit down with your credit card statements and you go through line by line. You can use a ruler to go through line by line. You circle every single time you see something on that credit card statement that is a want verus a need, you circle it. It's a reminder to yourself that those are not the things, especially if you're already in debt, which so many people are. Credit card debt just passed $1 trillion. It's at the highest level, a record level. Going through those credit card statements, circling the wants. You don't have to go out and get an app. You don't have to go out and get some fancy technology to do this. It is really right in front of you right now. Most people have bank accounts and credit cards that are already on the internet, that you can access on the internet.

Rebecca Jarvis:
I really like Mint. I think Mint is a good app where my husband and I have all of our, every single loan, every single piece of money, every single paycheck, feeds into our Mint account so we have a full picture of how much we have, or need to spend towards various areas. I do think that that's a good way, but I don't want people to feel complicated. We don't have to over complicate it. It's as easy as taking a look at that whatever it is, whether it's your checking account, or it's your credit card, and saying where am I spending my money and where am I wasting my money.

Bobbie Rabell:
Right, the numbers tell you the story.

Rebecca Jarvis:
Yes, completely.

Bobbie Rabell:
Before I let you go, I do want you to give us a money tip. Something you or maybe your husband uses. Something that our listeners can put to work right now.

Rebecca Jarvis:
One tip that doesn't relate to debt or any of the things we've already talked about that I really like is if you are spending money, think about how that money can help improve you in some way, education, additional learning, whether it's useful to your community. Those are the areas where that dollar, whatever amount of money that you're putting out there, will come back to you ten X, will come back to you so much, with so much more value than just the single penny or dollar that you've spent. Think about those places, when you are spending, think about those places where it goes beyond that sugar rush of oh I just got this new thing. Think about those areas where if you spend your money on something to make yourself better or stronger, then you will gain so much more from that dollar than if you just spend it on whatever thing is sitting in front of you.

Bobbie Rabell:
Can you give us a personal example?

Rebecca Jarvis:
Well for me, I've spent my money on education. I mean that's probably the biggest thing I've ever spent my personal money on is going to college, taking ... I'm not good. I'm not there yet, but taking Spanish classes. I haven't done this yet this year, but I was looking at different art classes because I really love art and I really would love to be able to create art better. Even things like a gym class, for example, if you feel healthier, and it's something that you feel like you can regularly commit to. I have a group of girlfriends that I work out with now, and I will spend money on those workouts with that group of girls because it has genuinely made my life exponentially better.

Bobbie Rabell:
It's all about experience versus just having more stuff. Thank you so much Rebecca.

Rebecca Jarvis:
Thank you.

Bobbie Rabell:
This was wonderful. Rebecca Jarvis, No Limits. I can't wait to hear all of your episodes for 2018 and beyond. Thank you so much.

Rebecca Jarvis:
Thank you. Have a great day Bobbie.

Bobbie Rabell:
Wow, Rebecca had a lot of great info and advice. Here is my take. I want to pick up on Rebecca's money tip and the importance of investing in yourself through education. I have always done this, and I really encourage everyone to do it as well. Most recently, some of you know this, I became a certified financial planner. It was a huge investment, both in time and money, but I felt strongly that if I was going to be here giving advice I need to know my stuff. Can I be stumped? Well, definitely. You guys will definitely be able to stump me, and I'm still figuring out the new tax law, but after I left Reuters last spring, I did take a break and I got my CFP.

Bobbie Rabell:
Over the years I've also gone back to school when things just didn't make sense, or I wanted to know more. For example, early on at my first job at CNBC I realized I honestly, truly did not understand how the fed worked. It was something that I would go on to write about quite a bit in my career, so I took a class. I kid you not, I literally took a class on how the fed worked, how the federal reserve worked. There is a class on that. It doesn't get nerdier. I even took a class on technical analysis because it was just so strange and I didn't understand it. Still don't get it 100%, but the point is I'm always learning.

Bobbie Rabell:
So how do you make it work, both from a money perspective and a time one? Financial grownup tip number one, get someone else to pay for it. If you work for a large company, odds are they have a program to reimburse tuition. Some may require good grades. All the better. Incentives are good. If they don't have a program, ask your boss if the company can pay for a course. Explain how improving your knowledge will ultimately benefit the company. For example, if you want to learn a language like Spanish or Mandarin, you could help the company break into markets where that language dominates, or maybe open up an office in another country. Find a way to make your case and get them to pay for it. If not, there are nonprofits that support continuing education, as well as government programs. Do some homework, find the money.

Bobbie Rabell:
Financial grownup tip number two, and this one is harder. Find the time. We are all so busy. Finding time for something that seems like an extra may seem like a non-starter. I had this problem when I decided I was going to write my book. I had a very demanding job, and was barely seeing my family as it was. I would get home literally just in time to tuck my son into bed before I ate a quick dinner and crashed for the night exhausted. I mean I couldn't even get to the mail pile. But then, I thought about it. I decided I was going to write this book and I was going to find the time. But where?

Bobbie Rabell:
Well, I found the earliest time I could drop my son off at his school, and even if I had a ton of work and a huge busy day ahead of me, I did not go into the office early. I created a window of time between school drop off and my job, my primary job, and stuck to it as a protected time. No plans with friends. No grabbing coffee with the other moms. No doctors appointments. No phone calls. Just the book. And it worked. Find the a time slot that you can carve out and then protect it like a beast. It works.

Bobbie Rabell:
All right, that wraps up this episode of Financial Grownup. Thank you again for all of your support. If you like the show, or just want to give me some feedback, please rate and review it in iTunes, and of course share it with your friends. I truly appreciate all of your support.

Bobbie Rabell:
Financial Grownup with Bobbie Rebell is a BRK Media production.