The First 3 Things You Should Do To Achieve Financial Stability
Dec 25, 2024
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Tori Dunlap, an internationally recognized money expert and founder of Her First $100K, joins the show to tackle your burning financial questions. She discusses the significance of self-reflection in money management and offers practical strategies for mindful spending. Tori also emphasizes the emotional aspects of financial stability, exploring how personal experiences shape our financial beliefs. Plus, she dives into the importance of retirement accounts, clarifying the differences between traditional and Roth IRAs, and shares key actions for building financial confidence.
Understanding one's financial habits is essential for responsible spending and informed decision-making in achieving stability.
Financial trauma, often rooted in childhood experiences, can negatively influence spending behaviors and requires reflective practices to overcome.
Financial education, particularly for women, empowers individuals by providing knowledge on budgeting, negotiating, and investing to achieve financial independence.
Deep dives
The Impact of Financial Awareness
Understanding one's financial situation is crucial for achieving stability. Many individuals fail to grasp their spending habits and what constitutes a healthy financial plan. For example, Jonathan Van Ness shares how he previously navigated finances without a clear savings strategy and felt unprepared as he approached his late 30s. This awareness of financial habits is essential in fostering responsible spending habits and making informed decisions for the future.
Understanding Financial Trauma
Financial trauma significantly impacts one’s relationship with money and influences spending behaviors. Tori Dunlap emphasizes that many people associate negative experiences with money, often stemming from childhood memories, such as inability to afford meals or witnessing financial struggles. Recognizing these experiences can help individuals dismantle harmful narratives about money and create a healthier perspective towards financial management. Through reflective practices, individuals can begin to understand how emotions influence financial choices.
The Importance of Financial Education
Financial education plays a vital role in building financial independence, especially for women. Tori Dunlap, who successfully saved $100,000 by the age of 25, provides valuable insights and tools for others striving for financial stability. Her platform, 'Her First 100k,' aims to empower women through knowledge about budgeting, salary negotiation, and investing. By becoming educated about financial tools and strategies, individuals can take actionable steps towards achieving their financial goals.
Challenging Conventional Beliefs About Money
The prevailing notion that financial success is tied solely to hard work is debunked during the discussion. Both Dunlap and Van Ness stress that systemic barriers often limit financial opportunities for marginalized individuals, making it essential to shift the narrative surrounding money. Recognizing that pursuing financial security does not equate to being greedy allows people to feel empowered in their quest for wealth. The emphasis here is on the understanding that being financially literate is not just beneficial; it is necessary for personal and communal liberation.
Taking Action Towards Financial Goals
Taking imperfect action is emphasized as a crucial step towards achieving financial goals. Individuals are encouraged to confront their finances, from assessing debts to starting an emergency fund. Dunlap advocates for starting with small, manageable steps, such as developing a budget or saving a portion of income. Ultimately, the discussion reinforces that making any effort, even in the face of uncertainty or past mistakes, is far more productive than remaining stagnant.
ICYMI: This week we’re answering all of the money questions you have always wanted answered. What the heck is a Roth IRA? How should you approach spending money? What’s a high-yield savings account and should I have one? Internationally recognized money expert Tori Dunlap joins Jonathan to answer all these questions and more to teach us how we can all save our money.
Tori Dunlap is an internationally recognized money and career expert, and podcast host. After saving $100,000 at age 25, Tori quit her corporate job in marketing and founded Her First $100K to fight financial inequality by giving women actionable resources to better their money. She has helped over three million women negotiate salary, pay off debt, build savings, and invest.
You can find HerFirst100k on Instagram @herfirst100k and on their website, here. You can listen to Financial Feminist wherever you get your podcasts.
Follow us on Instagram @CuriousWithJVN to join the conversation. Jonathan is on Instagram @JVN.
Our senior producers are Chris McClure Our engineer & engineer is Nathanael McClure. Production support from Julie Carrillo, Anne Currie, and Chad Hall.
Our theme music is “Freak” by QUIÑ; for more, head to TheQuinCat.com.