March 28, 2025 • 47 mins
With women, anything is possible and that includes making investing work for you! It can be a little intimidating but with the right people with us, it’s actually easier than you think. In this episode, Jen and Jill together with Nicole Stanley of Arise Financial Coaching empowers us by sharing her inspiring journey and breaks down how you can make investing work for you with steps you can actually follow.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Episode four ninety seven, Investing for Financial Freedom, a woman's
Guide with Nicole Stanley. Welcome to the Frugal Friends podcast,
where you'll learn to save money, embrace simplicity, and live
a life. Here your hosts Jen and Jill. Welcome to
(00:26):
the Frugal Friends podcast. My name is Jen, my name
is Jill, and today we are talking about investing. This
is something you guys said you wanted more knowledge on,
specifically investing for retirement, but then also outside of retirement accounts.
So we are going to cover both today.
Speaker 2 (00:43):
With a woman talking about a woman's perspective and.
Speaker 1 (00:47):
Obviously because we're women and having a woman on, we'll
be talking about how important it is for women specifically
to have this knowledge. But first, this episode is brought
to you by YouTube, not specifically YouTube, not the company
please don't sue us, but our YouTube channel at Frugal
(01:07):
Friends on YouTube. We just started a series called the
Sunday Reset where every Sunday we are releasing a video,
yes you can see our faces talking about a weekly
money move that you can do to progress your finances
every week, six different recipes that you can add to
your meal plan that we have already done and we
(01:29):
can tell you what went right, what to change, how
it went for us, and then listener listen answering. Answering
a listener question mostly about the things that you have
episode topic ideas for that we can't make full episodes on.
We still want to get to those, and so those
(01:49):
are a lot of the listener questions we are answering
on the Sunday Reset. So head to YouTube dot com
slash Frugal Friends and subscribe. Don't miss one because next
month we're also starting another series that's really exciting and
you are not going to want to miss out.
Speaker 2 (02:06):
No, you aren't see over on YouTube, but stay here too.
Speaker 1 (02:10):
Yeah. So today we are talking about investing, obviously with
Nicole Stanley. She is the owner and head money coach
at a Rise Financial Coaching and she helps women figure
out their family's net worth and improve their financial situation
through investing. And we are excited to talk to her today.
(02:32):
She's she's a kind soul and I think you guys
are really.
Speaker 2 (02:36):
Going to like her. Let's get into it.
Speaker 1 (02:42):
Nicole, Welcome to Frugal Friends. We're so happy to have
you here.
Speaker 3 (02:45):
I am so excited to be here.
Speaker 2 (02:48):
This is such an important conversation for us to be having,
and we don't talk about it a ton on this podcast,
which is also why we turn to experts to bring
in just more perspective on this theme of investing, but
specifically looking from the lens for women. I'm curious how
you see investing strategies maybe be different for women. How
(03:11):
much do we need to know to get it done right?
What are your thoughts here?
Speaker 3 (03:16):
Yeah, so I really love how financial coaching can bring
a different perspective to something that's long been almost accepted
as like too complicated for women. So one of the
cool things about being a financial coach instead of an
advisor is you get to focus more on like the
education of your clients and helping them understand why investing
(03:38):
is important, how they can find more money to invest,
and then ultimately how to understand how fees work, et cetera.
And that was something that when I started my investing
journey maybe about seven years ago, wasn't something that was
very popular. So when I started investing, my husband and
I were making collectively fifty six thousand a year and
(03:59):
we had our first child, and I remember like going
and interviewing all of these financial advisors and kind of
having them like laugh at us because of the amount
that we were starting with per month and feeling like, ah,
is this even worth it to get started because between
you know, we were doing a few hundred dollars a
month and we didn't have a ton of money in
extra you know, assets that we were rolling over since
(04:23):
we were so young. But I look back at that
time and I'm so grateful that I decided, you know, okay,
we're just going to make this important, even if we
feel kind of dumb doing this as like young kids
in our early twenties starting to invest. And so that's
one of my main goals today when I'm teaching classes
about investing for women, is helping women understand that the
(04:46):
concept that investing is too complicated for them to understand
is a little bit of a marketing technique to just
kind of offload it to someone else, right, And so
I think that it's never been easier to be a
woman and to start investing. And that's why I probably
never shut up about telling women, you know, hey, if
you think that this is too difficult for you, honestly,
(05:08):
if you pass high school algebra, I think you can
learn how to do this.
Speaker 2 (05:13):
It's such a shame that we feel like we need
so much to begin investing and we are told that, Like,
it's so sad to me that you felt like laughed
at laughed out of the office. Well they literally laughed. Yeah, yeah, yeah,
I did just feel that way. It's what happened. Yeah,
that's insane.
Speaker 1 (05:31):
I'm glad you brought up the marketing piece because yeah,
like financial advisors market their services, they want you to
think investing is too complicated. But also like marketing for
women in personal finance is so different, Like so much
of investing marketing is made with men in mind. When
(05:51):
we reach out to investing companies, robo advisors, brokerages, they
don't want to work with us because our our audience,
especially fintech apps, they don't want to work with us
because our audience is eighty five to ninety five percent female,
and all of their marketing is directed at men. I know,
(06:11):
because I know you can go into the back end
of Facebook ads and see all the Facebook ads that
any company is running, right, and they're all directed towards men. Meanwhile,
for women, anything finance related is has to do with
saving money, like correct coupons, deals, rebates, those companies would
(06:35):
like love to work with us, but we don't want
to like push as much stuff. We're trying to go
away from that. But so, yeah, it's just like there's
so much marketing saturated in the idea of investing. So
when we overcome this, this marketing bias, this cogni bias, what,
(07:02):
what do you think the order of operations should be
for women to be investing for both working women and
women who maybe stay at home spouses or parents.
Speaker 3 (07:14):
That's a good question because I think that, yes, there
is a marketing bias. What I also think that it's
important to note that many women feel like investing is
too complicated for them to understand. They also feel that
investing is something that's for people who are already rich,
and so if they are not wealthy, if they don't
(07:35):
have kind of those people around them, it can be
very difficult to kind of invite for them to self
invite themselves to start to say, well, maybe I can
figure this out. Right. So one of the best things
that I think is, you know, helpful for women is
for them to know that statistically women are better investors
than men. They've done studies and they've seen that we
(07:57):
outperform men by I think it's like two or thre
three percent that we outperform them in the long run.
And so they're actually you know, very very well positioned
to learn about investing. The next thing is for them
to kind of realize that you don't have to start
investing with you know, two hundred and fifty thousand dollars
(08:17):
in the bank. You can start investing with ten dollars,
which is a really radical concept, right like, because we
were kind of always taught that you didn't, you know,
start doing something until you had more of it to do.
And I also think that many women are already investing
without them realizing it. Right, So if you have had
past jobs where there's been a four to one K
(08:39):
or a four or three B, you are already investing.
And so you know, I don't think that any woman
gets to say anymore while somebody else can handle that
for me or I don't have to think about that.
It's like if we don't learn how to do it,
then the only person that suffers is us, right because
we don't get the maximum you know, hard work from
(08:59):
our money that when it's starting to compound. And so
I think that for many women, it's for them to
know they're already in the game, whether or not they
realize it, whether or not they want to be. You know,
we all are kind of in We're all starting to invest,
whether we want to or not. And so if we
could just say, well, you know what, where are the
(09:22):
resources that I can start to learn about this on
my own so that I can know what I'm invested
in and what its purpose is, I think that that's
ultimately going to be a huge, huge benefit to every
single woman who's listening, right, regardless of if it's something
that you thought of yourself before. And it's even more
(09:42):
important for women who aren't working. I believe to be
investing because there are so many benefits to making sure
that you're putting away some of your money for your future.
That gives you just ultimately more choices.
Speaker 2 (09:56):
Right.
Speaker 3 (09:57):
That was when I started investing, was when I was
a stay at home like really starting to invest, and
so I think that many women can feel like, well,
I don't have the extra money, but there are so
many benefits to getting started anyway.
Speaker 2 (10:13):
Nicole, what are some of those terms that you think
when someone is kind of getting started, even if they
don't have a lot of money to begin with, or
they feel like, I don't actually know much about this,
Like what are some of the base level terms that
you think we should be aware of.
Speaker 3 (10:30):
I think that the first term that I think got
me the most excited with investing was first finding out
how compound interests worked. So I kind of look back
at my early twenties because I got married young, and
my husband and I were not making a lot of money.
We could kind of barely afford our wedding, and I
(10:51):
had a lot of financial stress and anxiety around that.
And so I remember when I was engaged and I
saw my first compound interest chart. It was you know
of the two brothers where one starts investing at nineteen
and he invests for seven years, and then his brother
and then he stops investing, and then his older brother
starts investing seven years later and then ends up investing
(11:14):
for the rest of his life, and between the two brothers,
you end up seeing that the younger brother, who only
invested for seven years, ends up with almost a million
dollars more than his older brother, who invested like five
times his amount. And that was the first time that
I really had like the fire under me realizing that
time was actually my best asset when it came to investing.
It wasn't necessarily how much money I made or what
(11:36):
my strategy was, but rather that I just learned the
basics to get started. And I kind of look back
at that time as my million dollar mistake, because even
after seeing that compound interest chart, it still took me
another six years to start feeling comfortable to invest in
my own And so I think for me, I didn't
know the resources of where to get started, and so
(11:58):
some really really great resource versus that started me on
my journey of learning about the financial independence movement, which Jill,
I don't know, are you guys into the financial independence
movement at all?
Speaker 1 (12:08):
We dabble.
Speaker 2 (12:10):
For sure, we are not all the way fire, but
absolutely we will talk about, you know, ways to kind
of achieve some levels of financial freedom in ways that
makes sense for each individual.
Speaker 3 (12:19):
Yeah. So for me, I grew up watching I grew
up in a Puerto Rican American household and my dad
was a very successful software engineer in the early two thousands,
and I watched him just really fret about his own
retirement most of my childhood, my adolescents, my young adult life,
and so I had this innate fear in me about
retirement and about this concept of being financially secure that
(12:42):
I brought with me everywhere when it came to money.
I thought about it when I was accepting my first job,
when I stayed at home. And so when I learned
about the financial independence movement, that was the first time
that I realized, like, wow, you know, if I can
learn how to invest and how to just do so early,
then and I could kind of not have those same
worries that my dad had, right, like if I could
(13:05):
learn how to prioritize it as early as possible. And
so when I kind of disassociated the concept of retirement
being attached to investing and use the phrase instead financial independence,
which really is the same thing. Retirement and financial independence
are the same thing.
Speaker 2 (13:23):
It's just a.
Speaker 3 (13:24):
Much sexier word, right, And so financial independence is just
when you're able to no longer have to trade your
time for money, but rather your money makes you enough
money that you can stop working. And so, as an
early twenty mid twenty year old, I became very interested
in this concept, and that's what really spurred me to
(13:46):
get started investing and to start prioritizing it, And so
I think those two concepts. If somebody you know decides
for the first time today to take a look at
a compound interest calculator with their age as well as
to see for them, Okay, how much money do I
need to be considered financially independent? Right, that can be
(14:06):
a really powerful concept for people to be motivated by.
I see it. Like for me, it was because once
I got that number, right, I knew that we needed
X amount when we were going to be able to retire.
Then it just became a game of Okay, how can
I figure out how to find this extra money? So
for me, I started, you know, nanning on the side.
(14:27):
I did some side hustles, and I was motivated because
I knew that, Okay, if I could put this extra
money here, then I can hit that. So at age
twenty seven, my husband and I we had made fifty
six thousand on average since we had gotten married, and
we collectively had our first one hundred thousand saved in
investment accounts, and that was what we hit when we
(14:49):
hit coast fire, which is basically a term for those
of you listening who might not have heard that before.
It's when you've saved enough money in your investment accounts
and invested it that even if you never invest another dollar,
you can know that you're going to retire right and
you're going to be able to retire safely. And as
a kid who watched my parents so much about their retirement,
(15:12):
that hitting that achievement was I didn't realize like the
stress I was carrying around in my life just not
knowing if I was going to end up in that
same place, wondering am I going to work till the
day I die?
Speaker 2 (15:25):
Yeah, it's so powerful to recognize that we can learn
the skill, that there are resources available for us to understand,
even if we feel completely inadequate, inept at this topic.
And like you're saying, just the power of compound interest,
that we can utilize that to our advantage, even if
(15:46):
we're only bringing home, you know, sixty thousand dollars a year,
that it still is possible if we start, even if
we start small, if we start early. And so I
think it's really helpful to hear stories like yours of Yeah,
people laugh at me, but I still kept going, compound
interest is on my side. Okay, So we're listening to
(16:07):
this and we're hearing, yeah, I want to start, I
want to do something, or I want to keep going.
How do you recommend women choose which accounts our best,
especially for those who might be self employed or you know,
maybe stay at home. How do we go about choosing
what's going to be right for us when it comes
(16:28):
to investing.
Speaker 3 (16:31):
Well, I think the first place to start is with
a good education. So some of my favorite books are
I Will Teach You to Be Rich by Ramit Sati.
Another really great book is The Simple Path to Wealth
by J. L.
Speaker 2 (16:44):
Collins.
Speaker 3 (16:45):
And then if you are somebody who's a total numbers nerd,
which I kind of am. And so another great book
is called The Little Common Sense Book of Investing by
John C. Bogel, who was the creator of Guard and
so he writes a really great statistics book essentially like
(17:05):
it's just an It's the whole book is a math problem,
and he writes about how the average person can learn
how to invest simply and get their fair share of
market returns. So I think a lot of women kind
of think that if they're going to start investing, they
need to learn how to be like a stock trader,
and that is not the case. That's not statistically the
best case for many women. So I would start with
(17:26):
those resources because that gives you a knowledge of like, Okay,
what am I going to buy in these accounts? Because
many people say should I invest in my four one K?
Should I invest in my wrath ira? But it's like,
you know, really what matters is what are you going
to buy within those And then the second part of
that is you choose which account based on the tax
benefits typically and the tax consequences of being in that account.
(17:49):
So in America, there's like if you're a US based listener,
there's a couple main types of accounts. There is retirement
accounts where you pay your taxes upfront. That would be
something like a roth ira, where you use after tax money.
There is a there are retirement accounts and different accounts
that you get to save on taxes today, so you
(18:11):
pay before taxes and then it grows tax free, but
then when you have to take it out later, you're
going to pay taxes on it, whereas the first one
you pay taxes today, it grows tax free and then
you can take it out without tax. And then the
third option is that there is you know, the regular
old investment account or a brokerage account where you use
(18:31):
after tax money, it grows with tax consequences, and then
you also pay taxes a different tax rate depending on
when you take it out. So I think for many people,
most of us aren't utilizing the tax benefited accounts that
we have because there's certain maximums and minimum not minimums,
but there's maximums every single year. And so I think
(18:52):
that if you're just getting started investing, one of the
best things you can do is pick which tax benefited
account you're going to use, and then understand what you're
going to be investing in so that you can make
good decisions in the long run, because I think one
of the worst things that can happen to someone, I mean,
I guess this isn't the worst thing. The worst thing
would be like losing a kid or something. But the
(19:13):
one of the worst investing with takes that can happen
is when you know, maybe you start investing because somebody
told you told you to write, or you meet up
with an advisor and they say, well, I'm going to
invest it in here for you, but you don't really
understand why you're that, why you're in that fund, what
the fees are how it works, and so all it
takes is a couple of years later, the political climate changes,
(19:34):
the economic climate changes, and then all of a sudden
you say, oh, I want to switch what I'm doing.
And I think that that's really where people end up
making bigger errors. I think about you know, I don't
want to talk about anyone specifically, but I know someone
in my life who, you know, they just didn't have
investing education, and when they retired, they it was you know,
two thousand and seven and two thousand and eight hit
(19:57):
and because they didn't have a financial education, they ended
up pulling out all of their money during that time
and that really changed the rest of their retirement and
still affects them today. And so I kind of always
go back to this idea of, you know, you can
hire the best advisors in the world, but if you
don't have a financial education, that's going to be your
biggest liability. I think that's so true.
Speaker 1 (20:19):
I I've always wondered when so when we are talking
about retirement accounts. We live in Florida, where we only
have a federal tax, we don't have a state tax.
We're not highly taxed, so for us, it makes a
lot more sense to invest money that is, you know
already been taxed, right, But for people who are in
(20:45):
states and cities where there is not just a federal
tax but also a state tax and then potentially also
a city tax, do you find that it can go
either way on whether you're recommending like or the number
could go either way, and whether like a pre tax
or a post tax retirement account could work, or because
(21:07):
I feel like there's just so much across the board
that's like, get a roth Ira, get a wroth Ira.
But is it always the best choice, especially in those
highly taxed areas.
Speaker 3 (21:20):
Yeah, I think that's a really good question. One. I mean,
who doesn't love a roth Ira. And I don't know
what part of Florida you're in, but I grew up
in Florida too, So my dad always talks about the
tax benefits of Florida.
Speaker 2 (21:33):
Yeah, love it. You gotta love it beautiful.
Speaker 3 (21:35):
So, and it's funny because I live in Massachusetts now,
which is affectionately known as Taxachusetts, and so I can
see the differences. My good friend, who's a CPA, so
a certified public accountant, she is huge into the fact
that you know, this is a divisive issue. Like if
(21:57):
you talk to one CPA, they'll have one opinion, another
one will have a different one. So it's kind of
a you can make an argument for both, but she
always is on the side of like I always take
the tax benefit today. You should never ever not take
a tax benefit today because you can always you know,
roll you can always roll over your account. That's a
(22:17):
four to one case, so that would be a account
that you use post or sorry pre tax money into.
You can always roll that into a roth IRA later
and pay tax, but you can do it at a
time when you make less money. So most people in
their thirties are making the height of what they're making,
so there is a argument to say, well, you'll be
making less later, so better to pay taxes later. But
(22:39):
all of that is really, I think where a lot
of women get overwhelmed. Right. My initial advice for someone is,
if you are out of high interest at if you
have at least one month of cash savings, you should
be investing a portion of your money every single month automatically,
(23:01):
and it's typically going to be best to use one
of the tax benefited accounts. You're not going to shoot
yourself in a foot in the foot either way. But
as long as you're using the tax benefits that we
have here in the US to your favor and you
know what you're investing in and why, right, that's going
to be what puts you ahead of the pack. Right.
It's why the average American I think this year has
(23:25):
like about four hundred and fifty thousand dollars in their retirement,
which is not enough to be able to retire. And
so if you can just pick which tax advantage account
you're going to use, there are always some really general rules,
like you always want to take your company. If they
offer you a match, you want to invest up to
that match, and then after that, depending on what other
(23:48):
benefits they have, you would then switch potentially to a
roth Ira. Some people make too much money for that
and they just have to stick with the flour one K.
If you're self employed, you can choose between similar accoun
options that are for self employed people, a step I
RAY or an individual But at the end of the day, right,
what's going to make you the most money as an
(24:09):
investor is going to be did you get yourself out
of high interest stack?
Speaker 2 (24:15):
Do you have at.
Speaker 3 (24:16):
Least a month savings? If not, more. And then the
last part is how much money are you going to
put in every single month? Like that's that's a budgeting thing,
and that's something I feel for many women. We're like, well,
we know how to do it, right. If we want
to find three to five hundred dollars to do something
we want, we can find it. And so if you're
able to find out how to do that with investing,
(24:36):
you're going to be in such a better place.
Speaker 2 (24:41):
Yeah.
Speaker 1 (24:41):
Absolutely, time in the market is better than which tax
advantage account you choose. It's all samantaic. You choose one,
as long as you choose one of them. The rest
is semantics. And yeah, we've always I've you know, never
had a self employed retirement account. We've always had access
(25:02):
to either a four oh and K or a roth Ira.
So we've kept it as simple as possible kind of
just like for that reason. So many other things can
be complicated, but this doesn't need to be. Okay, So
once we feel like retirement is covered, we know how
(25:24):
much we want to save every month, we've kind of
hit that goal and we want to still be you know,
we've got some extra money now and we want to
be using it efficiently. Not just sitting around making point
oh one percent in the checking account. Where should we
look next to invest outside of retirement accounts?
Speaker 3 (25:49):
I think that if you are somebody who is looking
to build wealth and you're wanting to have the money
to do that, I first usually like to ask, like,
what are the goals associated with that? Because that really
tells you where to be looking at for your investments.
For some people, you know, their goal is they want
(26:11):
to have more time with their kids, and or they
want to spend less time working. Maybe they're like really
a slave to their corporate job. And so the next
part of that might be starting a business, right because
a business allows them to control their own hours, It
allows them to you know, take better control of their time.
(26:34):
That's obviously a very risky way because forty percent of
businesses I think make it or forty percent don't make it.
I don't remember which stat that is, but that's one
way to build wealth. Another way is, you know, many
people look down the real estate pathway. And then the
last one, which is my favorite one, is just you
(26:54):
can use retirement accounts not just for your own retirement.
There's a lot different ways that you're legally allowed to
use that money, and so many people just say, well,
if I'm covered to be able to retire at sixty five,
well what would happen if I could retire at forty
or forty five or fifty, Right, And so knowing what
(27:18):
your goal is really can help you decide which is
the best way to use that money, to use that
extra money that you want to make work for you
the best, right. But I think that there I always
say that there's like a million ways to make money,
but not every single way is perfect. There's no like
you will be successful if you do X, and you
(27:40):
will not be successful if you do why Because you
know I could start a farming business and fail. You
could start one and totally rocket. The difference is our goals,
our motivation, And so I think that knowing why you
want to build well for what purpose can really help
you with the plan of how to get there. That.
Speaker 1 (28:00):
Yeah, We've had a lot of people ask us how
to invest more sustainably, and like, the first thing I
come to is like, well if the next like stage
most people say after the stock market is real estate,
and I feel like it's it's not for everyone, and
I'm finding it's not for me but I'm definitely glad
(28:21):
we tried it and still like recommend it with that caveat,
but it is a way like I have found as
infuriated as I get with private equity backed like real estate,
and how hard it is for people to get in
there now without some kind of backing, Like you can
(28:45):
invest really well into your local community by being a
really ethical landlord, and it's a really good way to
build wealth and be kind to people. So yeah, I'm
loving that aspect of It's really the only aspect that
keeps me going in it, I think, do you know.
Speaker 2 (29:06):
What keeps me going though? And it's got a lot
of aspects to it.
Speaker 1 (29:10):
And is super ethical and sustainable and kind not backed
by private equity. The Bill of the week. That's right,
(29:31):
it's time for the best minute of your entire week.
Maybe a baby was born and his name is Williams.
Speaker 3 (29:38):
Maybe you've paid off.
Speaker 1 (29:39):
Your mortgage, maybe your car died and you're happy to
not have to pay that bill anymore. That's bills, bffalo bills,
Bill Clinton. This is the bill of the week, Nicole.
Every week we ask our listeners or our guests to
share with us their favorite bill for the week, and
(30:01):
we would love to hear yours.
Speaker 3 (30:04):
So I actually took this as your least favorite bill
of the week. That's how I had prepared for this.
So I mentioned at the beginning of this that we
moved from Denver to or we moved to Massachusetts. So
we live in Massachusetts now, which is a very high
cost of living area, and we have just gotten through
our first winter. Well we're not through it. We're kind
(30:27):
of in the midst of it. Because it's March. And
if you can believe it, would you like to hear
my energy bill this past month in the month of February.
Who wants to hear it?
Speaker 2 (30:38):
Give it to us, Give it to us.
Speaker 1 (30:41):
How old is your home? Let's preface it.
Speaker 3 (30:43):
So I'm going to tell you this. Okay, First thing
is I rent this home because I am a landlord
on my past home in Colorado, so I owned that
home and then we decided to move kind of quickly
because of some health stuff in my family, and we
rented this house that you know is a bit older.
(31:05):
It's from the seventies, right, yeah, seventies, And there's a
very cold area in the house. It's not insulated very well.
But I mean I lived in Arizona, so I know
high electric costs or so I thought.
Speaker 2 (31:19):
Is that so your heat is primarily primarily electric?
Speaker 3 (31:23):
Well, this is the thing. Our heat is oil.
Speaker 2 (31:25):
Okay.
Speaker 3 (31:26):
So I'm about to give you our electric bill, our
electric bill in the month of February. Get your like
if just pull up those pants. This is horrible. Our
electric bill was six hundred dollars. Plus we're paying home
oil heating, okay, which comes out between two and three
(31:48):
hundred dollars a month. That is the bill that I hate.
This week I had budget. I'm like, you know, at
the worst case, right, we're paying two three hundred dollars
a month for this home oil. Right, but we have
this tiny part of our house where we've been running
space heaters because it's so cold.
Speaker 2 (32:06):
Oh, my goodness, six.
Speaker 3 (32:09):
Hundred dollars everybody, Okay, So if you wanted to hate
a bill today, I'll give you fine my electric bill
for the month of February.
Speaker 2 (32:20):
Oh we all hate that bill, Dang it you. It
sounds like it would be worth investing in some insulation.
Well you could probably spend six hundred dollars just sealing
it all. Y, yeah, just throw some a pile of
stuffed animals there.
Speaker 1 (32:36):
All the kids stuffed animals just go in that corner
and nobody lives there. There's your insulation that's red or friendly.
If I own this house, it would be a different story.
But thank god, I'm in this house for a year.
We're finding where we're gonna buy next, and so I'm
just like, it's all going.
Speaker 3 (32:51):
To be okay. But I was surprised by that bill.
He was not welcome.
Speaker 2 (32:55):
That bill is a surprise in my head.
Speaker 1 (32:58):
Now I'm not that good kind created a scenario in
your house where there are I don't know how young
your kids are if they have stuffed animals, but like
lots of stuffed animals just in this area of the house,
like all over the walls, on shelves, and they are
the insulation. And it's a little creepy in my mind.
(33:22):
But if you're a renter with kids, try it out
and send me a picture and see if it is
in reality as creepy as I am visioning it in
my head.
Speaker 3 (33:32):
I think it would be.
Speaker 2 (33:33):
Yeah, if you all listening have a bill that you
want to share, if it's about your least favorite bill
and you just want to vent to us. If you
are a person named Bill, you just want to vent
about literally anything going on in your life. We can't
wait to hear it. Visit Frugal friendspodcast dot com, slash
Bill leave it for us, And now it's time for.
Speaker 1 (33:55):
The lighting around, all right, for today's vulnerability, I mean
lightning round. Oh, let's talk about what was your first
ever Big girl investment?
Speaker 3 (34:10):
Okay, I'm here. Would you like to know every big Girl?
Speaker 1 (34:15):
Yes, guest of honor?
Speaker 3 (34:16):
Okay, okay, So I share this because this was probably
one of the best days of my life. Okay, But
so the year is twenty twenty. Okay, ooh, set the stage.
The year is twenty twenty. And I had been investing
just like a regular old girly does, a few hundred
(34:39):
bucks a month, and I had a large emergency fund,
a little too large. And so when the stock market crashed,
when COVID hit, right, I this sounds so horrible, but
I was so excited, okay, because I knew stocks were
on sale, and I knew that statistically the market always
(35:01):
comes back. It's gonna be fine, right, But I had
never done like a self managed trade before, like on
the website, because at that time, I still had an
advisor who was doing it. But I was like, I
am going to buy more right now. Okay, that's what
I'm gonna do. I'm so excited to do it. But
(35:21):
my dad and I have very different investing theologies or
like methodologies. He is a stock trader, I'm not. And
but I had to call my dad, okay, because my
dad knows how to work the website and I didn't. Okay,
which website?
Speaker 2 (35:38):
Was it?
Speaker 3 (35:39):
Fidelity? Like that one was the better one?
Speaker 2 (35:42):
Dang?
Speaker 3 (35:43):
Yeah? Yeah? And so I call my dad okay, and
my dad and I'm like, Dad, I'm gonna invest in
extra couple thousand dollars because the stock market's down and
I don't know what buttons to press, okay, And my
dad is like, Okay, this is what we're gonna do.
We're gonna wake up when the market wakes up, right
because again, my dad's like a classic stock trader. And
(36:07):
we wake up in the morning and I call my
dad and my husband's on with me, you know, and
we purchased our first you know. It was again a
really easy kind of situation because we weren't planning to
sell it. We still hold those stocks today. But just
to purchase it on my own and to make a
big transaction. And I remember I couldn't even like sleep
(36:28):
the night before. I was so excited. I just couldn't
believe that I was going to do this right. And
so I just remember that day being so fun, and
you know, me talking to my dad and being like,
because it's confusing, right, these websites are made for people
who do this professionally, and I was making again, a
very simple transaction. But I remember just how delighted I
(36:49):
felt like, I felt so powerful, and that was really
what pushed me down the path of saying, you know,
let me see how I can do this a little
more right, let me see how I can figure out
how to invest in diversified low cost market funds like
and do it on my own to save. And that
was really the beginning of it. And so the market
(37:10):
went down, I invested more money, so I didn't stop investing.
I was not trying to time the market. I just
knew it was an opportunity, and I decided to put
more money in and the market recovered maybe a week later,
and I remember just being like, that was fun. That
was so fun. It was like a little drug, which
(37:31):
makes me it makes me sound like a crazy person. Okay,
but I just remember, you know, it's like it made
me feel like Warren Buffett. I mean, granted I wasn't
investing that much money, but I felt like Warren Buffett. Okay, yeah,
that's it. I felt like, h.
Speaker 2 (37:46):
When you can understand the stock market because of the
research and the knowledge and the skills that you've built. Yeah,
you feel like I really understand this and I can
do it. And that's the kind of power and confidence
that we can all have when we can understand and
what is very understandable. Just we've not been given all
the tools to enter into that world. But that's so
(38:08):
exciting for me. Not nearly as cool as yours, although
I felt so accomplished. Was opening are my roth Ira.
I think it's a great like one of those check
like big life checkboxes, you know, like even larger than
completing the to do list. But okay, I know that
(38:30):
this is something that I need to be doing, and
I'm finally at a place where I feel like I
can be investing monthly in this Still not a ton,
but that felt so good to know this is something
that I should do and I finally did it? What
about you, Jen? So my.
Speaker 1 (38:53):
Fun investing story, I think would be I got to
invest in an IPS which is an initial public offering,
and they're very rare that you get to be that
regular people get to get in on IPOs. But essentially
the IPO is theoretically the lowest value that a stock
(39:16):
will have, so you can get in and like, you know,
make a good game. You got to hold it for
so long. Yeah, but we have been Airbnb hosts since
twenty seventeen, so when Airbnb went public, they gave the
opportunity for their hosts to invest in their IPO and
(39:40):
it is still to this day the only single stock
that I own. And it was just a couple thousand
dollars and it has more than doubled. So yeah, but
I was like, I am, I feel very cool, Like
investing in an.
Speaker 3 (39:59):
Eye that is very cool.
Speaker 2 (40:03):
Yeah, that's super cool.
Speaker 3 (40:05):
I remember seeing I think the CEO of Bumble when
her company went public and it went on the market.
She rang the bell I think of the Nasdaq with
her toddler on her hip, and I was like, that's it.
That is it, you know, like just being able to
do something cool and like historic like that.
Speaker 2 (40:24):
M hmmm, yeah, that's cool, we can do it. Thank
you so much, Nicole for this really helpful and just
strengthening message and encouragement to just keep digging in, start
investing now. If people want more from you or can
they find that.
Speaker 3 (40:43):
Yeah, if you are listening to this and you say
to yourself, I would love to learn more from a coach,
learn more resources. You can follow us on Instagram. Our
handle is Arise dot financial, dot coaching. We put on
free investing classes just for women all the time because
our goal is to dmail to find investing for women.
And if you want more individual help, like let's say
(41:04):
you've been budgeting, you've been doing it and you feel
like you can't find the extra money to get out
of debt to finally start saving, and you say, you know,
maybe maybe it's time for me to hire a financial coach.
Consider us. You can always apply to work with us.
We offer a free consult and we can talk about
if we're a good fit to help you reach your
financial goals.
Speaker 2 (41:21):
Cool. Thanks so much, Nicole.
Speaker 1 (41:22):
Thank you so much for coming on the show, Nicole.
Speaker 3 (41:25):
Thank you for having me longtime dream.
Speaker 2 (41:29):
All right, that was fun. I think it's really helpful
to hear just more and more perspectives and voices about
investing that can help to lower the barrier of entry
push away some of the stigma around it. I mean,
I know, for me, I still feel inept in this category,
(41:53):
and I got to wonder how much of that has
to do with being socialized as a female and just
kind of in general not totally entrusted or welcomed into
this space or believed that this is information that I
should hold rather than maybe you know, the men holding
(42:14):
this information. And so I think anytime we can talk
with somebody who can break it down in an understandable way,
in an approachable way, and an encouraging way to know
we can do this regardless of what income level we
may find ourselves at, that it's never too late or
too early to begin, and we can really see a
(42:37):
big difference in our financial landscape as a result. Yeah.
Speaker 1 (42:42):
I hope this episode made spark some questions, more specific
questions that we can get into. So if so, definitely
head to our YouTube channel and click on one of
the Sunday resets. There's going to be a link to
leave a listener question and leave your question in there
if you have a more specific question that we didn't
(43:04):
answer in this episode, because we would love to get
into more investing topics and answer really specific questions to
give you some strategies. Obviously we can't answer like personal
like we need to actually know you and your situation things,
but we will try to get as specific as we
can speaking to a national and international audience.
Speaker 2 (43:29):
Well, thanks so much everyone for listening, for being here.
We hope it was helpful for you. We also are
so appreciative of the kind reviews that you're leaving for
us on our book by What you Love without Going Broke,
like this one from Tuhana says, can't get enough five stars.
I can't get enough of this book. I have the
audiobook and listened in the car every chance I got.
(43:50):
Now I want to take notes, so I bought the
Kindle to start my new journey again. I wish they
would make this a college senior year must reach. I
love that. I want to start a book a slash
podcast club in my area, but I have not heard
back from anyone in the community on Facebook. I am
open to it. You both have inspired me in so
many ways. I have always been a couponor but lost
(44:13):
some of my hope and strength because of the medical
issues and frustration. Wow, I'm so glad that this has
been a bright spot in your journey.
Speaker 3 (44:22):
Thank you so much for reading the book.
Speaker 1 (44:25):
If you haven't gotten the book by what youlovebook dot com.
There's also instructions on that page if you want to
request it or how to request it at your library
if your library doesn't have it. And thank you for listening.
If you've read the book, we would love for you
to leave a review on Amazon or Goodreads. And if
you have, then we would love for you to review
the podcast on Spotify or Apple. It helps people know
(44:48):
what they're getting into, what we're going to help them with,
and what we are not going to help them with.
Speaker 2 (44:54):
See you next time.
Speaker 1 (44:56):
Gorugle Friends is produced by Eric Sirianni. We have some
exciting new things coming in April.
Speaker 2 (45:13):
Yeah, we do.
Speaker 1 (45:14):
I'm so excited. Two of them. I'll talk about one.
The first one that's coming up the first Monday of April.
It's called the Weekly Money Move. So it is a
new thing that we are starting. You should go follow
it Weekly Money Move on Instagram. We're gonna be sending
(45:35):
it out on the friend letter on Mondays and on
that Instagram page on Mondays, something you can do every
single week to either stay on top of or organize
your finances. So if you've been in this game for
a while, you still need to be doing annual checks
on a lot of things, and it can come sometimes
get overwhelming, like there's so many things you need to
(45:55):
keep track of that you can just ignore them because
you're like, I'm a I'm AARTI in this.
Speaker 2 (46:00):
I'm fine.
Speaker 1 (46:02):
No, But we're going to organize you for you and
tell you what to check every week. And if you're
feeling overwhelmed because you are not organized and you don't
have anything here, we are with the step by step
every week, one thing to do, and I'm very excited
to get started on Monday.
Speaker 2 (46:22):
You know what, I realize I need. It sounds like
I'm queuing up the bill of the week. I'm not
bite size, bite bite sized things. Just bite size. Give
it to me, bite size, make it manageable. Cut it
up for me before you hand it to me, is
the thing. Don't chew it up. I don't I'm not
a bird. Cut it up, but just these Okay, if
(46:45):
I can do this five minute thing, this ten minute thing.
I'm on track, and you're gonna keep serving me those
bite sized pieces. It's what I want. It's what I
want in learning about like proper new attrition or exercise
or like sometimes these these bigger topics feel so overwhelming
(47:07):
and she's like, yeah, but like what do I do
real time right? Agible thing? So we don't have it
covered for you on like all the other parts, but
we're going to do the financial part.
Speaker 1 (47:16):
Yeah, we're not giving you something new every day. We're
not going to overwhelm you with a deluge.
Speaker 2 (47:21):
But no one wants a delusion. No bite yes, right,
you know what else is bite size? Again? Not my
own self queuing up sushi. Sushi. Sushi is bite size.
Speaker 1 (47:37):
Yeah, and we will be having our annual planning meeting
with sushi today.
Speaker 2 (47:42):
That's exciting. That's coming up. That is exciting. Yeah. Okay, well, okay,
get the friend letter, follow us on Instagram.
Speaker 3 (47:49):
Bye.
Speaker 2 (47:50):
So yeah,
Episode four ninety seven, Investing for Financial Freedom, a woman's
Guide with Nicole Stanley. Welcome to the Frugal Friends podcast,
where you'll learn to save money, embrace simplicity, and live
a life. Here your hosts Jen and Jill. Welcome to
(00:26):
the Frugal Friends podcast. My name is Jen, my name
is Jill, and today we are talking about investing. This
is something you guys said you wanted more knowledge on,
specifically investing for retirement, but then also outside of retirement accounts.
So we are going to cover both today.
Speaker 2 (00:43):
With a woman talking about a woman's perspective and.
Speaker 1 (00:47):
Obviously because we're women and having a woman on, we'll
be talking about how important it is for women specifically
to have this knowledge. But first, this episode is brought
to you by YouTube, not specifically YouTube, not the company
please don't sue us, but our YouTube channel at Frugal
(01:07):
Friends on YouTube. We just started a series called the
Sunday Reset where every Sunday we are releasing a video,
yes you can see our faces talking about a weekly
money move that you can do to progress your finances
every week, six different recipes that you can add to
your meal plan that we have already done and we
(01:29):
can tell you what went right, what to change, how
it went for us, and then listener listen answering. Answering
a listener question mostly about the things that you have
episode topic ideas for that we can't make full episodes on.
We still want to get to those, and so those
(01:49):
are a lot of the listener questions we are answering
on the Sunday Reset. So head to YouTube dot com
slash Frugal Friends and subscribe. Don't miss one because next
month we're also starting another series that's really exciting and
you are not going to want to miss out.
Speaker 2 (02:06):
No, you aren't see over on YouTube, but stay here too.
Speaker 1 (02:10):
Yeah. So today we are talking about investing, obviously with
Nicole Stanley. She is the owner and head money coach
at a Rise Financial Coaching and she helps women figure
out their family's net worth and improve their financial situation
through investing. And we are excited to talk to her today.
(02:32):
She's she's a kind soul and I think you guys
are really.
Speaker 2 (02:36):
Going to like her. Let's get into it.
Speaker 1 (02:42):
Nicole, Welcome to Frugal Friends. We're so happy to have
you here.
Speaker 3 (02:45):
I am so excited to be here.
Speaker 2 (02:48):
This is such an important conversation for us to be having,
and we don't talk about it a ton on this podcast,
which is also why we turn to experts to bring
in just more perspective on this theme of investing, but
specifically looking from the lens for women. I'm curious how
you see investing strategies maybe be different for women. How
(03:11):
much do we need to know to get it done right?
What are your thoughts here?
Speaker 3 (03:16):
Yeah, so I really love how financial coaching can bring
a different perspective to something that's long been almost accepted
as like too complicated for women. So one of the
cool things about being a financial coach instead of an
advisor is you get to focus more on like the
education of your clients and helping them understand why investing
(03:38):
is important, how they can find more money to invest,
and then ultimately how to understand how fees work, et cetera.
And that was something that when I started my investing
journey maybe about seven years ago, wasn't something that was
very popular. So when I started investing, my husband and
I were making collectively fifty six thousand a year and
(03:59):
we had our first child, and I remember like going
and interviewing all of these financial advisors and kind of
having them like laugh at us because of the amount
that we were starting with per month and feeling like, ah,
is this even worth it to get started because between
you know, we were doing a few hundred dollars a
month and we didn't have a ton of money in
extra you know, assets that we were rolling over since
(04:23):
we were so young. But I look back at that
time and I'm so grateful that I decided, you know, okay,
we're just going to make this important, even if we
feel kind of dumb doing this as like young kids
in our early twenties starting to invest. And so that's
one of my main goals today when I'm teaching classes
about investing for women, is helping women understand that the
(04:46):
concept that investing is too complicated for them to understand
is a little bit of a marketing technique to just
kind of offload it to someone else, right, And so
I think that it's never been easier to be a
woman and to start investing. And that's why I probably
never shut up about telling women, you know, hey, if
you think that this is too difficult for you, honestly,
(05:08):
if you pass high school algebra, I think you can
learn how to do this.
Speaker 2 (05:13):
It's such a shame that we feel like we need
so much to begin investing and we are told that, Like,
it's so sad to me that you felt like laughed
at laughed out of the office. Well they literally laughed. Yeah, yeah, yeah,
I did just feel that way. It's what happened. Yeah,
that's insane.
Speaker 1 (05:31):
I'm glad you brought up the marketing piece because yeah,
like financial advisors market their services, they want you to
think investing is too complicated. But also like marketing for
women in personal finance is so different, Like so much
of investing marketing is made with men in mind. When
(05:51):
we reach out to investing companies, robo advisors, brokerages, they
don't want to work with us because our our audience,
especially fintech apps, they don't want to work with us
because our audience is eighty five to ninety five percent female,
and all of their marketing is directed at men. I know,
(06:11):
because I know you can go into the back end
of Facebook ads and see all the Facebook ads that
any company is running, right, and they're all directed towards men. Meanwhile,
for women, anything finance related is has to do with
saving money, like correct coupons, deals, rebates, those companies would
(06:35):
like love to work with us, but we don't want
to like push as much stuff. We're trying to go
away from that. But so, yeah, it's just like there's
so much marketing saturated in the idea of investing. So
when we overcome this, this marketing bias, this cogni bias, what,
(07:02):
what do you think the order of operations should be
for women to be investing for both working women and
women who maybe stay at home spouses or parents.
Speaker 3 (07:14):
That's a good question because I think that, yes, there
is a marketing bias. What I also think that it's
important to note that many women feel like investing is
too complicated for them to understand. They also feel that
investing is something that's for people who are already rich,
and so if they are not wealthy, if they don't
(07:35):
have kind of those people around them, it can be
very difficult to kind of invite for them to self
invite themselves to start to say, well, maybe I can
figure this out. Right. So one of the best things
that I think is, you know, helpful for women is
for them to know that statistically women are better investors
than men. They've done studies and they've seen that we
(07:57):
outperform men by I think it's like two or thre
three percent that we outperform them in the long run.
And so they're actually you know, very very well positioned
to learn about investing. The next thing is for them
to kind of realize that you don't have to start
investing with you know, two hundred and fifty thousand dollars
(08:17):
in the bank. You can start investing with ten dollars,
which is a really radical concept, right like, because we
were kind of always taught that you didn't, you know,
start doing something until you had more of it to do.
And I also think that many women are already investing
without them realizing it. Right, So if you have had
past jobs where there's been a four to one K
(08:39):
or a four or three B, you are already investing.
And so you know, I don't think that any woman
gets to say anymore while somebody else can handle that
for me or I don't have to think about that.
It's like if we don't learn how to do it,
then the only person that suffers is us, right because
we don't get the maximum you know, hard work from
(08:59):
our money that when it's starting to compound. And so
I think that for many women, it's for them to
know they're already in the game, whether or not they
realize it, whether or not they want to be. You know,
we all are kind of in We're all starting to invest,
whether we want to or not. And so if we
could just say, well, you know what, where are the
(09:22):
resources that I can start to learn about this on
my own so that I can know what I'm invested
in and what its purpose is, I think that that's
ultimately going to be a huge, huge benefit to every
single woman who's listening, right, regardless of if it's something
that you thought of yourself before. And it's even more
(09:42):
important for women who aren't working. I believe to be
investing because there are so many benefits to making sure
that you're putting away some of your money for your future.
That gives you just ultimately more choices.
Speaker 2 (09:56):
Right.
Speaker 3 (09:57):
That was when I started investing, was when I was
a stay at home like really starting to invest, and
so I think that many women can feel like, well,
I don't have the extra money, but there are so
many benefits to getting started anyway.
Speaker 2 (10:13):
Nicole, what are some of those terms that you think
when someone is kind of getting started, even if they
don't have a lot of money to begin with, or
they feel like, I don't actually know much about this,
Like what are some of the base level terms that
you think we should be aware of.
Speaker 3 (10:30):
I think that the first term that I think got
me the most excited with investing was first finding out
how compound interests worked. So I kind of look back
at my early twenties because I got married young, and
my husband and I were not making a lot of money.
We could kind of barely afford our wedding, and I
(10:51):
had a lot of financial stress and anxiety around that.
And so I remember when I was engaged and I
saw my first compound interest chart. It was you know
of the two brothers where one starts investing at nineteen
and he invests for seven years, and then his brother
and then he stops investing, and then his older brother
starts investing seven years later and then ends up investing
(11:14):
for the rest of his life, and between the two brothers,
you end up seeing that the younger brother, who only
invested for seven years, ends up with almost a million
dollars more than his older brother, who invested like five
times his amount. And that was the first time that
I really had like the fire under me realizing that
time was actually my best asset when it came to investing.
It wasn't necessarily how much money I made or what
(11:36):
my strategy was, but rather that I just learned the
basics to get started. And I kind of look back
at that time as my million dollar mistake, because even
after seeing that compound interest chart, it still took me
another six years to start feeling comfortable to invest in
my own And so I think for me, I didn't
know the resources of where to get started, and so
(11:58):
some really really great resource versus that started me on
my journey of learning about the financial independence movement, which Jill,
I don't know, are you guys into the financial independence
movement at all?
Speaker 1 (12:08):
We dabble.
Speaker 2 (12:10):
For sure, we are not all the way fire, but
absolutely we will talk about, you know, ways to kind
of achieve some levels of financial freedom in ways that
makes sense for each individual.
Speaker 3 (12:19):
Yeah. So for me, I grew up watching I grew
up in a Puerto Rican American household and my dad
was a very successful software engineer in the early two thousands,
and I watched him just really fret about his own
retirement most of my childhood, my adolescents, my young adult life,
and so I had this innate fear in me about
retirement and about this concept of being financially secure that
(12:42):
I brought with me everywhere when it came to money.
I thought about it when I was accepting my first job,
when I stayed at home. And so when I learned
about the financial independence movement, that was the first time
that I realized, like, wow, you know, if I can
learn how to invest and how to just do so early,
then and I could kind of not have those same
worries that my dad had, right, like if I could
(13:05):
learn how to prioritize it as early as possible. And
so when I kind of disassociated the concept of retirement
being attached to investing and use the phrase instead financial independence,
which really is the same thing. Retirement and financial independence
are the same thing.
Speaker 2 (13:23):
It's just a.
Speaker 3 (13:24):
Much sexier word, right, And so financial independence is just
when you're able to no longer have to trade your
time for money, but rather your money makes you enough
money that you can stop working. And so, as an
early twenty mid twenty year old, I became very interested
in this concept, and that's what really spurred me to
(13:46):
get started investing and to start prioritizing it, And so
I think those two concepts. If somebody you know decides
for the first time today to take a look at
a compound interest calculator with their age as well as
to see for them, Okay, how much money do I
need to be considered financially independent? Right, that can be
(14:06):
a really powerful concept for people to be motivated by.
I see it. Like for me, it was because once
I got that number, right, I knew that we needed
X amount when we were going to be able to retire.
Then it just became a game of Okay, how can
I figure out how to find this extra money? So
for me, I started, you know, nanning on the side.
(14:27):
I did some side hustles, and I was motivated because
I knew that, Okay, if I could put this extra
money here, then I can hit that. So at age
twenty seven, my husband and I we had made fifty
six thousand on average since we had gotten married, and
we collectively had our first one hundred thousand saved in
investment accounts, and that was what we hit when we
(14:49):
hit coast fire, which is basically a term for those
of you listening who might not have heard that before.
It's when you've saved enough money in your investment accounts
and invested it that even if you never invest another dollar,
you can know that you're going to retire right and
you're going to be able to retire safely. And as
a kid who watched my parents so much about their retirement,
(15:12):
that hitting that achievement was I didn't realize like the
stress I was carrying around in my life just not
knowing if I was going to end up in that
same place, wondering am I going to work till the
day I die?
Speaker 2 (15:25):
Yeah, it's so powerful to recognize that we can learn
the skill, that there are resources available for us to understand,
even if we feel completely inadequate, inept at this topic.
And like you're saying, just the power of compound interest,
that we can utilize that to our advantage, even if
(15:46):
we're only bringing home, you know, sixty thousand dollars a year,
that it still is possible if we start, even if
we start small, if we start early. And so I
think it's really helpful to hear stories like yours of Yeah,
people laugh at me, but I still kept going, compound
interest is on my side. Okay, So we're listening to
(16:07):
this and we're hearing, yeah, I want to start, I
want to do something, or I want to keep going.
How do you recommend women choose which accounts our best,
especially for those who might be self employed or you know,
maybe stay at home. How do we go about choosing
what's going to be right for us when it comes
(16:28):
to investing.
Speaker 3 (16:31):
Well, I think the first place to start is with
a good education. So some of my favorite books are
I Will Teach You to Be Rich by Ramit Sati.
Another really great book is The Simple Path to Wealth
by J. L.
Speaker 2 (16:44):
Collins.
Speaker 3 (16:45):
And then if you are somebody who's a total numbers nerd,
which I kind of am. And so another great book
is called The Little Common Sense Book of Investing by
John C. Bogel, who was the creator of Guard and
so he writes a really great statistics book essentially like
(17:05):
it's just an It's the whole book is a math problem,
and he writes about how the average person can learn
how to invest simply and get their fair share of
market returns. So I think a lot of women kind
of think that if they're going to start investing, they
need to learn how to be like a stock trader,
and that is not the case. That's not statistically the
best case for many women. So I would start with
(17:26):
those resources because that gives you a knowledge of like, Okay,
what am I going to buy in these accounts? Because
many people say should I invest in my four one K?
Should I invest in my wrath ira? But it's like,
you know, really what matters is what are you going
to buy within those And then the second part of
that is you choose which account based on the tax
benefits typically and the tax consequences of being in that account.
(17:49):
So in America, there's like if you're a US based listener,
there's a couple main types of accounts. There is retirement
accounts where you pay your taxes upfront. That would be
something like a roth ira, where you use after tax money.
There is a there are retirement accounts and different accounts
that you get to save on taxes today, so you
(18:11):
pay before taxes and then it grows tax free, but
then when you have to take it out later, you're
going to pay taxes on it, whereas the first one
you pay taxes today, it grows tax free and then
you can take it out without tax. And then the
third option is that there is you know, the regular
old investment account or a brokerage account where you use
(18:31):
after tax money, it grows with tax consequences, and then
you also pay taxes a different tax rate depending on
when you take it out. So I think for many people,
most of us aren't utilizing the tax benefited accounts that
we have because there's certain maximums and minimum not minimums,
but there's maximums every single year. And so I think
(18:52):
that if you're just getting started investing, one of the
best things you can do is pick which tax benefited
account you're going to use, and then understand what you're
going to be investing in so that you can make
good decisions in the long run, because I think one
of the worst things that can happen to someone, I mean,
I guess this isn't the worst thing. The worst thing
would be like losing a kid or something. But the
(19:13):
one of the worst investing with takes that can happen
is when you know, maybe you start investing because somebody
told you told you to write, or you meet up
with an advisor and they say, well, I'm going to
invest it in here for you, but you don't really
understand why you're that, why you're in that fund, what
the fees are how it works, and so all it
takes is a couple of years later, the political climate changes,
(19:34):
the economic climate changes, and then all of a sudden
you say, oh, I want to switch what I'm doing.
And I think that that's really where people end up
making bigger errors. I think about you know, I don't
want to talk about anyone specifically, but I know someone
in my life who, you know, they just didn't have
investing education, and when they retired, they it was you know,
two thousand and seven and two thousand and eight hit
(19:57):
and because they didn't have a financial education, they ended
up pulling out all of their money during that time
and that really changed the rest of their retirement and
still affects them today. And so I kind of always
go back to this idea of, you know, you can
hire the best advisors in the world, but if you
don't have a financial education, that's going to be your
biggest liability. I think that's so true.
Speaker 1 (20:19):
I I've always wondered when so when we are talking
about retirement accounts. We live in Florida, where we only
have a federal tax, we don't have a state tax.
We're not highly taxed, so for us, it makes a
lot more sense to invest money that is, you know
already been taxed, right, But for people who are in
(20:45):
states and cities where there is not just a federal
tax but also a state tax and then potentially also
a city tax, do you find that it can go
either way on whether you're recommending like or the number
could go either way, and whether like a pre tax
or a post tax retirement account could work, or because
(21:07):
I feel like there's just so much across the board
that's like, get a roth Ira, get a wroth Ira.
But is it always the best choice, especially in those
highly taxed areas.
Speaker 3 (21:20):
Yeah, I think that's a really good question. One. I mean,
who doesn't love a roth Ira. And I don't know
what part of Florida you're in, but I grew up
in Florida too, So my dad always talks about the
tax benefits of Florida.
Speaker 2 (21:33):
Yeah, love it. You gotta love it beautiful.
Speaker 3 (21:35):
So, and it's funny because I live in Massachusetts now,
which is affectionately known as Taxachusetts, and so I can
see the differences. My good friend, who's a CPA, so
a certified public accountant, she is huge into the fact
that you know, this is a divisive issue. Like if
(21:57):
you talk to one CPA, they'll have one opinion, another
one will have a different one. So it's kind of
a you can make an argument for both, but she
always is on the side of like I always take
the tax benefit today. You should never ever not take
a tax benefit today because you can always you know,
roll you can always roll over your account. That's a
(22:17):
four to one case, so that would be a account
that you use post or sorry pre tax money into.
You can always roll that into a roth IRA later
and pay tax, but you can do it at a
time when you make less money. So most people in
their thirties are making the height of what they're making,
so there is a argument to say, well, you'll be
making less later, so better to pay taxes later. But
(22:39):
all of that is really, I think where a lot
of women get overwhelmed. Right. My initial advice for someone is,
if you are out of high interest at if you
have at least one month of cash savings, you should
be investing a portion of your money every single month automatically,
(23:01):
and it's typically going to be best to use one
of the tax benefited accounts. You're not going to shoot
yourself in a foot in the foot either way. But
as long as you're using the tax benefits that we
have here in the US to your favor and you
know what you're investing in and why, right, that's going
to be what puts you ahead of the pack. Right.
It's why the average American I think this year has
(23:25):
like about four hundred and fifty thousand dollars in their retirement,
which is not enough to be able to retire. And
so if you can just pick which tax advantage account
you're going to use, there are always some really general rules,
like you always want to take your company. If they
offer you a match, you want to invest up to
that match, and then after that, depending on what other
(23:48):
benefits they have, you would then switch potentially to a
roth Ira. Some people make too much money for that
and they just have to stick with the flour one K.
If you're self employed, you can choose between similar accoun
options that are for self employed people, a step I
RAY or an individual But at the end of the day, right,
what's going to make you the most money as an
(24:09):
investor is going to be did you get yourself out
of high interest stack?
Speaker 2 (24:15):
Do you have at.
Speaker 3 (24:16):
Least a month savings? If not, more. And then the
last part is how much money are you going to
put in every single month? Like that's that's a budgeting thing,
and that's something I feel for many women. We're like, well,
we know how to do it, right. If we want
to find three to five hundred dollars to do something
we want, we can find it. And so if you're
able to find out how to do that with investing,
(24:36):
you're going to be in such a better place.
Speaker 2 (24:41):
Yeah.
Speaker 1 (24:41):
Absolutely, time in the market is better than which tax
advantage account you choose. It's all samantaic. You choose one,
as long as you choose one of them. The rest
is semantics. And yeah, we've always I've you know, never
had a self employed retirement account. We've always had access
(25:02):
to either a four oh and K or a roth Ira.
So we've kept it as simple as possible kind of
just like for that reason. So many other things can
be complicated, but this doesn't need to be. Okay, So
once we feel like retirement is covered, we know how
(25:24):
much we want to save every month, we've kind of
hit that goal and we want to still be you know,
we've got some extra money now and we want to
be using it efficiently. Not just sitting around making point
oh one percent in the checking account. Where should we
look next to invest outside of retirement accounts?
Speaker 3 (25:49):
I think that if you are somebody who is looking
to build wealth and you're wanting to have the money
to do that, I first usually like to ask, like,
what are the goals associated with that? Because that really
tells you where to be looking at for your investments.
For some people, you know, their goal is they want
(26:11):
to have more time with their kids, and or they
want to spend less time working. Maybe they're like really
a slave to their corporate job. And so the next
part of that might be starting a business, right because
a business allows them to control their own hours, It
allows them to you know, take better control of their time.
(26:34):
That's obviously a very risky way because forty percent of
businesses I think make it or forty percent don't make it.
I don't remember which stat that is, but that's one
way to build wealth. Another way is, you know, many
people look down the real estate pathway. And then the
last one, which is my favorite one, is just you
(26:54):
can use retirement accounts not just for your own retirement.
There's a lot different ways that you're legally allowed to
use that money, and so many people just say, well,
if I'm covered to be able to retire at sixty five,
well what would happen if I could retire at forty
or forty five or fifty, Right, And so knowing what
(27:18):
your goal is really can help you decide which is
the best way to use that money, to use that
extra money that you want to make work for you
the best, right. But I think that there I always
say that there's like a million ways to make money,
but not every single way is perfect. There's no like
you will be successful if you do X, and you
(27:40):
will not be successful if you do why Because you
know I could start a farming business and fail. You
could start one and totally rocket. The difference is our goals,
our motivation, And so I think that knowing why you
want to build well for what purpose can really help
you with the plan of how to get there. That.
Speaker 1 (28:00):
Yeah, We've had a lot of people ask us how
to invest more sustainably, and like, the first thing I
come to is like, well if the next like stage
most people say after the stock market is real estate,
and I feel like it's it's not for everyone, and
I'm finding it's not for me but I'm definitely glad
(28:21):
we tried it and still like recommend it with that caveat,
but it is a way like I have found as
infuriated as I get with private equity backed like real estate,
and how hard it is for people to get in
there now without some kind of backing, Like you can
(28:45):
invest really well into your local community by being a
really ethical landlord, and it's a really good way to
build wealth and be kind to people. So yeah, I'm
loving that aspect of It's really the only aspect that
keeps me going in it, I think, do you know.
Speaker 2 (29:06):
What keeps me going though? And it's got a lot
of aspects to it.
Speaker 1 (29:10):
And is super ethical and sustainable and kind not backed
by private equity. The Bill of the week. That's right,
(29:31):
it's time for the best minute of your entire week.
Maybe a baby was born and his name is Williams.
Speaker 3 (29:38):
Maybe you've paid off.
Speaker 1 (29:39):
Your mortgage, maybe your car died and you're happy to
not have to pay that bill anymore. That's bills, bffalo bills,
Bill Clinton. This is the bill of the week, Nicole.
Every week we ask our listeners or our guests to
share with us their favorite bill for the week, and
(30:01):
we would love to hear yours.
Speaker 3 (30:04):
So I actually took this as your least favorite bill
of the week. That's how I had prepared for this.
So I mentioned at the beginning of this that we
moved from Denver to or we moved to Massachusetts. So
we live in Massachusetts now, which is a very high
cost of living area, and we have just gotten through
our first winter. Well we're not through it. We're kind
(30:27):
of in the midst of it. Because it's March. And
if you can believe it, would you like to hear
my energy bill this past month in the month of February.
Who wants to hear it?
Speaker 2 (30:38):
Give it to us, Give it to us.
Speaker 1 (30:41):
How old is your home? Let's preface it.
Speaker 3 (30:43):
So I'm going to tell you this. Okay, First thing
is I rent this home because I am a landlord
on my past home in Colorado, so I owned that
home and then we decided to move kind of quickly
because of some health stuff in my family, and we
rented this house that you know is a bit older.
(31:05):
It's from the seventies, right, yeah, seventies, And there's a
very cold area in the house. It's not insulated very well.
But I mean I lived in Arizona, so I know
high electric costs or so I thought.
Speaker 2 (31:19):
Is that so your heat is primarily primarily electric?
Speaker 3 (31:23):
Well, this is the thing. Our heat is oil.
Speaker 2 (31:25):
Okay.
Speaker 3 (31:26):
So I'm about to give you our electric bill, our
electric bill in the month of February. Get your like
if just pull up those pants. This is horrible. Our
electric bill was six hundred dollars. Plus we're paying home
oil heating, okay, which comes out between two and three
(31:48):
hundred dollars a month. That is the bill that I hate.
This week I had budget. I'm like, you know, at
the worst case, right, we're paying two three hundred dollars
a month for this home oil. Right, but we have
this tiny part of our house where we've been running
space heaters because it's so cold.
Speaker 2 (32:06):
Oh, my goodness, six.
Speaker 3 (32:09):
Hundred dollars everybody, Okay, So if you wanted to hate
a bill today, I'll give you fine my electric bill
for the month of February.
Speaker 2 (32:20):
Oh we all hate that bill, Dang it you. It
sounds like it would be worth investing in some insulation.
Well you could probably spend six hundred dollars just sealing
it all. Y, yeah, just throw some a pile of
stuffed animals there.
Speaker 1 (32:36):
All the kids stuffed animals just go in that corner
and nobody lives there. There's your insulation that's red or friendly.
If I own this house, it would be a different story.
But thank god, I'm in this house for a year.
We're finding where we're gonna buy next, and so I'm
just like, it's all going.
Speaker 3 (32:51):
To be okay. But I was surprised by that bill.
He was not welcome.
Speaker 2 (32:55):
That bill is a surprise in my head.
Speaker 1 (32:58):
Now I'm not that good kind created a scenario in
your house where there are I don't know how young
your kids are if they have stuffed animals, but like
lots of stuffed animals just in this area of the house,
like all over the walls, on shelves, and they are
the insulation. And it's a little creepy in my mind.
(33:22):
But if you're a renter with kids, try it out
and send me a picture and see if it is
in reality as creepy as I am visioning it in
my head.
Speaker 3 (33:32):
I think it would be.
Speaker 2 (33:33):
Yeah, if you all listening have a bill that you
want to share, if it's about your least favorite bill
and you just want to vent to us. If you
are a person named Bill, you just want to vent
about literally anything going on in your life. We can't
wait to hear it. Visit Frugal friendspodcast dot com, slash
Bill leave it for us, And now it's time for.
Speaker 1 (33:55):
The lighting around, all right, for today's vulnerability, I mean
lightning round. Oh, let's talk about what was your first
ever Big girl investment?
Speaker 3 (34:10):
Okay, I'm here. Would you like to know every big Girl?
Speaker 1 (34:15):
Yes, guest of honor?
Speaker 3 (34:16):
Okay, okay, So I share this because this was probably
one of the best days of my life. Okay, But
so the year is twenty twenty. Okay, ooh, set the stage.
The year is twenty twenty. And I had been investing
just like a regular old girly does, a few hundred
(34:39):
bucks a month, and I had a large emergency fund,
a little too large. And so when the stock market crashed,
when COVID hit, right, I this sounds so horrible, but
I was so excited, okay, because I knew stocks were
on sale, and I knew that statistically the market always
(35:01):
comes back. It's gonna be fine, right, But I had
never done like a self managed trade before, like on
the website, because at that time, I still had an
advisor who was doing it. But I was like, I
am going to buy more right now. Okay, that's what
I'm gonna do. I'm so excited to do it. But
(35:21):
my dad and I have very different investing theologies or
like methodologies. He is a stock trader, I'm not. And
but I had to call my dad, okay, because my
dad knows how to work the website and I didn't. Okay,
which website?
Speaker 2 (35:38):
Was it?
Speaker 3 (35:39):
Fidelity? Like that one was the better one?
Speaker 2 (35:42):
Dang?
Speaker 3 (35:43):
Yeah? Yeah? And so I call my dad okay, and
my dad and I'm like, Dad, I'm gonna invest in
extra couple thousand dollars because the stock market's down and
I don't know what buttons to press, okay, And my
dad is like, Okay, this is what we're gonna do.
We're gonna wake up when the market wakes up, right
because again, my dad's like a classic stock trader. And
(36:07):
we wake up in the morning and I call my
dad and my husband's on with me, you know, and
we purchased our first you know. It was again a
really easy kind of situation because we weren't planning to
sell it. We still hold those stocks today. But just
to purchase it on my own and to make a
big transaction. And I remember I couldn't even like sleep
(36:28):
the night before. I was so excited. I just couldn't
believe that I was going to do this right. And
so I just remember that day being so fun, and
you know, me talking to my dad and being like,
because it's confusing, right, these websites are made for people
who do this professionally, and I was making again, a
very simple transaction. But I remember just how delighted I
(36:49):
felt like, I felt so powerful, and that was really
what pushed me down the path of saying, you know,
let me see how I can do this a little
more right, let me see how I can figure out
how to invest in diversified low cost market funds like
and do it on my own to save. And that
was really the beginning of it. And so the market
(37:10):
went down, I invested more money, so I didn't stop investing.
I was not trying to time the market. I just
knew it was an opportunity, and I decided to put
more money in and the market recovered maybe a week later,
and I remember just being like, that was fun. That
was so fun. It was like a little drug, which
(37:31):
makes me it makes me sound like a crazy person. Okay,
but I just remember, you know, it's like it made
me feel like Warren Buffett. I mean, granted I wasn't
investing that much money, but I felt like Warren Buffett. Okay, yeah,
that's it. I felt like, h.
Speaker 2 (37:46):
When you can understand the stock market because of the
research and the knowledge and the skills that you've built. Yeah,
you feel like I really understand this and I can
do it. And that's the kind of power and confidence
that we can all have when we can understand and
what is very understandable. Just we've not been given all
the tools to enter into that world. But that's so
(38:08):
exciting for me. Not nearly as cool as yours, although
I felt so accomplished. Was opening are my roth Ira.
I think it's a great like one of those check
like big life checkboxes, you know, like even larger than
completing the to do list. But okay, I know that
(38:30):
this is something that I need to be doing, and
I'm finally at a place where I feel like I
can be investing monthly in this Still not a ton,
but that felt so good to know this is something
that I should do and I finally did it? What
about you, Jen? So my.
Speaker 1 (38:53):
Fun investing story, I think would be I got to
invest in an IPS which is an initial public offering,
and they're very rare that you get to be that
regular people get to get in on IPOs. But essentially
the IPO is theoretically the lowest value that a stock
(39:16):
will have, so you can get in and like, you know,
make a good game. You got to hold it for
so long. Yeah, but we have been Airbnb hosts since
twenty seventeen, so when Airbnb went public, they gave the
opportunity for their hosts to invest in their IPO and
(39:40):
it is still to this day the only single stock
that I own. And it was just a couple thousand
dollars and it has more than doubled. So yeah, but
I was like, I am, I feel very cool, Like
investing in an.
Speaker 3 (39:59):
Eye that is very cool.
Speaker 2 (40:03):
Yeah, that's super cool.
Speaker 3 (40:05):
I remember seeing I think the CEO of Bumble when
her company went public and it went on the market.
She rang the bell I think of the Nasdaq with
her toddler on her hip, and I was like, that's it.
That is it, you know, like just being able to
do something cool and like historic like that.
Speaker 2 (40:24):
M hmmm, yeah, that's cool, we can do it. Thank
you so much, Nicole for this really helpful and just
strengthening message and encouragement to just keep digging in, start
investing now. If people want more from you or can
they find that.
Speaker 3 (40:43):
Yeah, if you are listening to this and you say
to yourself, I would love to learn more from a coach,
learn more resources. You can follow us on Instagram. Our
handle is Arise dot financial, dot coaching. We put on
free investing classes just for women all the time because
our goal is to dmail to find investing for women.
And if you want more individual help, like let's say
(41:04):
you've been budgeting, you've been doing it and you feel
like you can't find the extra money to get out
of debt to finally start saving, and you say, you know,
maybe maybe it's time for me to hire a financial coach.
Consider us. You can always apply to work with us.
We offer a free consult and we can talk about
if we're a good fit to help you reach your
financial goals.
Speaker 2 (41:21):
Cool. Thanks so much, Nicole.
Speaker 1 (41:22):
Thank you so much for coming on the show, Nicole.
Speaker 3 (41:25):
Thank you for having me longtime dream.
Speaker 2 (41:29):
All right, that was fun. I think it's really helpful
to hear just more and more perspectives and voices about
investing that can help to lower the barrier of entry
push away some of the stigma around it. I mean,
I know, for me, I still feel inept in this category,
(41:53):
and I got to wonder how much of that has
to do with being socialized as a female and just
kind of in general not totally entrusted or welcomed into
this space or believed that this is information that I
should hold rather than maybe you know, the men holding
(42:14):
this information. And so I think anytime we can talk
with somebody who can break it down in an understandable way,
in an approachable way, and an encouraging way to know
we can do this regardless of what income level we
may find ourselves at, that it's never too late or
too early to begin, and we can really see a
(42:37):
big difference in our financial landscape as a result. Yeah.
Speaker 1 (42:42):
I hope this episode made spark some questions, more specific
questions that we can get into. So if so, definitely
head to our YouTube channel and click on one of
the Sunday resets. There's going to be a link to
leave a listener question and leave your question in there
if you have a more specific question that we didn't
(43:04):
answer in this episode, because we would love to get
into more investing topics and answer really specific questions to
give you some strategies. Obviously we can't answer like personal
like we need to actually know you and your situation things,
but we will try to get as specific as we
can speaking to a national and international audience.
Speaker 2 (43:29):
Well, thanks so much everyone for listening, for being here.
We hope it was helpful for you. We also are
so appreciative of the kind reviews that you're leaving for
us on our book by What you Love without Going Broke,
like this one from Tuhana says, can't get enough five stars.
I can't get enough of this book. I have the
audiobook and listened in the car every chance I got.
(43:50):
Now I want to take notes, so I bought the
Kindle to start my new journey again. I wish they
would make this a college senior year must reach. I
love that. I want to start a book a slash
podcast club in my area, but I have not heard
back from anyone in the community on Facebook. I am
open to it. You both have inspired me in so
many ways. I have always been a couponor but lost
(44:13):
some of my hope and strength because of the medical
issues and frustration. Wow, I'm so glad that this has
been a bright spot in your journey.
Speaker 3 (44:22):
Thank you so much for reading the book.
Speaker 1 (44:25):
If you haven't gotten the book by what youlovebook dot com.
There's also instructions on that page if you want to
request it or how to request it at your library
if your library doesn't have it. And thank you for listening.
If you've read the book, we would love for you
to leave a review on Amazon or Goodreads. And if
you have, then we would love for you to review
the podcast on Spotify or Apple. It helps people know
(44:48):
what they're getting into, what we're going to help them with,
and what we are not going to help them with.
Speaker 2 (44:54):
See you next time.
Speaker 1 (44:56):
Gorugle Friends is produced by Eric Sirianni. We have some
exciting new things coming in April.
Speaker 2 (45:13):
Yeah, we do.
Speaker 1 (45:14):
I'm so excited. Two of them. I'll talk about one.
The first one that's coming up the first Monday of April.
It's called the Weekly Money Move. So it is a
new thing that we are starting. You should go follow
it Weekly Money Move on Instagram. We're gonna be sending
(45:35):
it out on the friend letter on Mondays and on
that Instagram page on Mondays, something you can do every
single week to either stay on top of or organize
your finances. So if you've been in this game for
a while, you still need to be doing annual checks
on a lot of things, and it can come sometimes
get overwhelming, like there's so many things you need to
(45:55):
keep track of that you can just ignore them because
you're like, I'm a I'm AARTI in this.
Speaker 2 (46:00):
I'm fine.
Speaker 1 (46:02):
No, But we're going to organize you for you and
tell you what to check every week. And if you're
feeling overwhelmed because you are not organized and you don't
have anything here, we are with the step by step
every week, one thing to do, and I'm very excited
to get started on Monday.
Speaker 2 (46:22):
You know what, I realize I need. It sounds like
I'm queuing up the bill of the week. I'm not
bite size, bite bite sized things. Just bite size. Give
it to me, bite size, make it manageable. Cut it
up for me before you hand it to me, is
the thing. Don't chew it up. I don't I'm not
a bird. Cut it up, but just these Okay, if
(46:45):
I can do this five minute thing, this ten minute thing.
I'm on track, and you're gonna keep serving me those
bite sized pieces. It's what I want. It's what I
want in learning about like proper new attrition or exercise
or like sometimes these these bigger topics feel so overwhelming
(47:07):
and she's like, yeah, but like what do I do
real time right? Agible thing? So we don't have it
covered for you on like all the other parts, but
we're going to do the financial part.
Speaker 1 (47:16):
Yeah, we're not giving you something new every day. We're
not going to overwhelm you with a deluge.
Speaker 2 (47:21):
But no one wants a delusion. No bite yes, right,
you know what else is bite size? Again? Not my
own self queuing up sushi. Sushi. Sushi is bite size.
Speaker 1 (47:37):
Yeah, and we will be having our annual planning meeting
with sushi today.
Speaker 2 (47:42):
That's exciting. That's coming up. That is exciting. Yeah. Okay, well, okay,
get the friend letter, follow us on Instagram.
Speaker 3 (47:49):
Bye.
Speaker 2 (47:50):
So yeah,
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