Chelsea Fagan & Berna Anat on Building Resources with Community, Taking Action Offline, and Consumerism
Dec 30, 2024
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Chelsea Fagan, co-founder and CEO of The Financial Diet, and Berna Anat, co-founder of New Dimes, dive into the evolving relationship between women and money in 2025. They discuss building coalitions offline to create change, especially for first-gen wealth builders. The conversation tackles the socio-political impacts on personal finance, the class divide, and the importance of political engagement. Both guests emphasize the necessity of authentic community support and accountability, inspiring listeners to take action beyond social media.
Effective financial planning is crucial for couples navigating significant life decisions, ensuring they remain within their budget while preparing for future expenses.
Proactive financial education and community engagement empower women to safeguard their assets and navigate uncertain economic and political landscapes.
Transitioning from online political discussions to real-life activism fosters genuine connections and reinforces the collective power of communities in advocating for change.
Deep dives
The Benefits of Financial Planning
Financial planning is essential for significant life decisions, particularly for couples considering major purchases and future expenses like childcare. Emma and Tom, for instance, sought guidance to understand their home-buying capacity in New York City while planning for potential childcare costs. By partnering with a financial advisor, they developed a tailored savings strategy that prevented them from exceeding their budget by almost a quarter of a million dollars. This example underscores how effective financial planning can mitigate costly mistakes and set individuals or families up for long-term financial stability.
Navigating Women's Financial Concerns
In the aftermath of the elections, many women have raised questions about safeguarding their financial assets against potential misogynistic policies that could emerge. Concerns about the economy and upcoming policy changes highlight the importance of proactive financial education and action. Women are encouraged to understand their rights and take steps to secure their financial future through informed decision-making and community engagement. Addressing these issues directly empowers women to navigate uncertainties and advocate for their financial interests.
Community Engagement and Mutual Aid
In times of economic uncertainty, the importance of community and mutual aid becomes evident as individuals seek to support one another. The dialogue emphasizes the necessity of forming local networks that can provide both emotional and tangible support for those impacted by policy and economic shifts. Individuals are encouraged to not only prepare their finances but also to contribute to the well-being of those around them by sharing resources and knowledge. This collective responsibility fosters resilience and strengthens the fabric of communities during challenging times.
The Disconnect Between Online Engagement and Real-World Action
There is a growing recognition that online political discussions often lack real-world impact, resulting in a sense of fatigue and disillusionment among many individuals. The transition from virtual engagement to tangible offline actions, such as canvassing for local causes, can foster genuine connections and collective empowerment. Participants in the conversation noted that real-life interactions often contradict the severity of online conflicts, highlighting how personal engagement can invigorate political action and reinstate confidence in the democratic process. Ultimately, recognizing shared goals and the collective power of communities can bridge the gap left by online discourse.
The Ongoing Dialogue on Class Consciousness
Central to the ongoing conversation is the concept of class consciousness and its critical role in understanding the political landscape in the U.S. Many individuals feel alienated by political discussions that do not reflect their realities or address the struggles they face. Acknowledging the economic divide and its implications can lead to a more unified approach towards collective action, emphasizing that understanding the material conditions of various demographics is essential for effective advocacy. This awareness can help broaden participation in the political process and empower individuals to work together towards systemic change.
Chelsea Fagan of The Financial Diet and Berna Anat of New Dimes join us for our last Rich Girl Roundtable of the year. We cover everything from women and first-gen communities' relationships with money in 2025 and beyond, to building coalitions in "real life" for the futures we want to see. Tune in to this episode...then head offline.
Rich Girl Roundup is Money with Katie's weekly segment where Katie and her Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week.
Money with Katie’s mission is to be the intersection where the economic, cultural, and political meet the tactical, practical, personal finance education everyone needs.