Posts in Financial Grownup Guides
Don’t ask about the weather! And other tips to connect more effectively with The Lost Art of Connecting author Susan McPherson ENCORE
Don’t ask about the weather! And other tips to connect more effectively with The Lost Art of Connecting author Susan McPherson ENCORE
 

Susan McPherson, author of the new book, The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Relationships shares 5 specific tips to connect and intentionally leverage your network of friends and colleagues. 

Susan’s 5 Easy Tips for Daily Connection

#1 - Spend a little bit of time reflecting and thinking about what it is you want to accomplish when you emerge. Think about the communities and the people you want to surround you because you do have this opportunity now.

#2 - Maybe it's time to forget FOMO, that fear of missing out and instead create JOMO, which is a little bit different than what you may think. Instead of the joy of missing out, it's actually the joy of meeting others. As we return to a sense of normalcy, consider becoming a convener. For those of you who tend to be more introverted, this does not mean you have to gather a hundred people. You can create a convening of four friends or four colleagues and ask them to each bring one and voila! No more FOMO.

#3 - Ask questions. To truly build connection, I would highly recommend learning the art of the ask. Have five or six questions at the ready, that will help you elicit meaningful responses from those you are chatting with. So instead of just talking about yourself, start asking people questions, not about the weather, not about what they had for lunch today, but how they honestly are doing, or how have they fared during the last 12 months and what are they looking forward to, in the next 12 months?

#4- Let's step up our listening skills and believe it or not, something like 75% of the time, most of us are distracted and that's partially due to all the devices and all of just the daily mayhem, that every one of us lives through. But I carry a notebook with me now, and maybe that's just a sign of my aging feeble brain, but more importantly, it helps me remember when somebody tells me something about themselves and therefore I'm able to follow up, in a more expedient and more reliable fashion.

#5- Once you've listened, after asking the important questions, the followup is vitally important because that establishes trust. It establishes reliability and dependability, all the things that you want to be, professionally and probably personally as well. So if you truly listen and go so far as take notes, you will have all the tools you need to actually artfully follow up and be effective.

Bobbi’s Takeaways:

#1 - Create a system to track those connections. Susan talked about carrying a notebook to jot things down about people so she doesn't forget. I'm going to write that down, to come up with a system for myself, because if I had a notebook, I'd probably misplace the notebook, but I'm going to come up with a system, probably something on my phone, because even though I tend to lose my phone, I do always seem to find it.

#2 - Make it personal. So Susan talked about reaching out to a handful of people each day. I've been on the receiving end of this from Susan and it's awesome. She sends these photos from gatherings that she's had with me in it with a quick, "Thinking of you." Takes probably a moment on her time, but it totally makes my day.

Get your copy of The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Business Relationships today!

Follow Susan!

Follow Bobbi!

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

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

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

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

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

Full Transcript:

Susan McPherson: This is a way of leading yourself professionally and personally, to be of support because it all will come back. It will all come back around and I can honestly say the dopamine you get, it feels really good to be helping others.

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

Bobbi Rebell: Hey friends, today's show is going to put a smile on your face. This week's financial grownup is my dear friend, Susan McPherson. She is back to share her pandemic project, and that is her new book, The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Relationships. Susan is the founder and CEO of McPherson Strategies, a communications consultancy that focuses on the intersection of brands and social impact. When not in quarantine, Susan's a prominent speaker at top conferences around the globe. She's also a contributor to the Harvard Business Review, Fast Company and Forbes, and you've probably seen or heard her or read her work in the media everywhere from NPR to CNN, to USA today, the New Yorker, New York Magazine and The Los Angeles Times and many more. She is also an angel investor, and if we're going to cut to the chase, she is huge on social media. By the way, fun fact, Susan has run six marathons.

Bobbi Rebell: Her book, for us, could not come at a more perfect time. As I read the book, I got so many ideas of things that I can do to specifically enjoy spending time with people and frankly, being a better friend and being a more effective person in my business and professional relationships and just enjoying it all more. And a reminder, you're going to be tempted to take notes but please focus your attention on the gems that Susan shares. We've got a summary for you right on my website, BobbiRebell.com. Just go to the Financial Grownup Podcast dropdown menu and when you click on Susan's episode, you'll see that summary, along with all the links you need and below that, a full transcript. Here is Susan McPherson. Susan McPherson, welcome back. You are a financial grownup. We're so happy to have you here again.

Susan McPherson: Bobbi, I couldn't pick a better place to be.

Bobbi Rebell: We are going to be talking about your new book, The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Relationships and what better time than now when we are just on the cusp, I hope, oh please, I hope of getting out of this debacle that has been quarantine, COVID-19 and the last year, right?

Susan McPherson: Absolutely. But I have to say, if anything, over this last year, one thing we all have realized is how much we miss human connection.

Bobbi Rebell: So true, and you are the ultimate connector. I mean, literally so funny because at the beginning of this book, you talk about the fact that some people have called you a human CRM app and that's so true.

Susan McPherson: It is something I have loved all my life so what better than to excel at something that you love doing?

Bobbi Rebell: Well as someone that has personally benefited from your generosity and your graciousness and your giving nature, I can just, first of all, attest to the truth of that. You did bring with you five practical tips for daily connection with colleagues, neighbors, and others in your community and network. That's the formal name, but you know what? Really we're talking about how to reset after everything that's been going on. What's your first tip?

Susan McPherson: Spend a little bit of time now, reflecting and thinking about what it is you want to accomplish when you emerge. Do some old fashion navel-gazing and think about the communities and the people you want to surround you because you do have this opportunity now.

Bobbi Rebell: Very well said, what is your second tip?

Susan McPherson : Maybe it's time to forget FOMO, that fear of missing out and instead create JOMO, which is a little bit different than what you may think. Instead of the joy of missing out, it's actually the joy of meeting others. As we return to a sense of normalcy, consider becoming a convener, and I will say for those of you who tend to be more introverted, this does not mean you have to gather a hundred people. You can create a convening of four friends or four colleagues and ask them to each bring one and voila, no more FOMO.

Bobbi Rebell: I love that, and it reminds me, and we're going to digress just for a moment of part of your book, where you talk about creating rituals, something our mutual friend, Erica Keswin talks about in her latest book, but that could be part of getting that done, of JOMO.

Susan McPherson: Absolutely. It doesn't all have to be sitting around, having cocktails. You can gather groups for taking a walk and talk. You can gather groups for a cooking class. Again, we've been doing this in some shape, way or form online, but now you have an opportunity to actually potentially maybe by the summer in small groups, doing it in real life.

Bobbi Rebell: Oh, we all can't wait for that. What is your third tip?

Susan McPherson: Well, and this is a big component of the book and it's ask. Ask questions. To truly build connection, first, I would highly recommend learning the art of the ask. Have five or six questions at the ready, that will help you elicit meaningful responses from those you are chatting with. So instead of just talking about yourself, start asking people questions, not about the weather, not about what they had for lunch today, but how they honestly are doing, or how have they fared during the last 12 months and what are they looking forward to, in the next 12 months?

Bobbi Rebell: And one underlying theme in your book, by the way, is the importance of curiosity.

Susan McPherson: Yes. And to me, it's a drug and a positive drug because it is curiosity that leads you to the path to understand and appreciate people for where they are and see people, and most importantly, that curiosity helps you then to be able to follow up and be supportive.

Bobbi Rebell: Which is another big theme in your book, and that brings us to your fourth tip.

Susan McPherson: Yes, well, it's important of course, to ask, but we won't be successful at asking if we don't know how to listen. So number four is, let's step up our listening skills and believe it or not, something like 75% of the time, most of us are distracted and that's partially due to all the devices and all of just the daily mayhem, that every one of us lives through. But I carry a notebook with me now, and maybe that's just a sign of my aging feeble brain, but more importantly, it helps me remember when somebody tells me something about themselves and therefore I'm able to follow up, in a more expedient and probably more reliable fashion.

Bobbi Rebell: That really is everything, and so let's talk about following up and let's get to your fifth tip.

Susan McPherson: My fifth tip is essentially that. Once you've listened, after asking the important questions, the followup is vitally important because that establishes trust. It establishes reliability and dependability, all the things that you want to be, professionally and probably personally as well. So if you truly listen and go so far as take notes, you will have all the tools you need to actually artfully follow up and be effective. I want to just caveat all of this, Bobbi, this isn't about putting everyone else before you, but this is a way of leading yourself, professionally and personally, to be of support, because it all will come back. It will all come back around and I can honestly say the dopamine you get, and you know this Bobbi, you support so many women and men and probably children. That notion, it feels really good to be helping others.

Bobbi Rebell: That reminds me of some advice that your father gave you growing up that really still resonates with you and really hit home for me.

Susan McPherson: Yes, and that was to always ask first how you can be of help, before stepping up and doing.

Bobbi Rebell: Yeah and what would be an example of how someone could put that into, I mean, what I love about this book also is it's so specific and practical, give us some examples first of that, of how someone would put that into their life. Then I'm going to try to squeeze it in one more question before we wrap.

Susan McPherson: Just a week ago, a dear friend of mine introduced me to a lovely woman who is trying to expand her portfolio. She and I had a 30 minute conversation, literally an hour after a conversation, I was able to introduce her to the executive director of an organization whose board I serve on, and literally the next day, she had an opportunity to actually lead a workshop for that organization. So that all happened within 24 hours. I didn't ask for anything in return. Having the conversation with this wonderful woman named Natalie, after that conversation, I was so impressed that I introduced her, again to the executive director of a board whose organization I serve on and was able to facilitate an opportunity for her. That was a perfect example of how it wasn't a huge lift on my part yet it enormously helped Natalie and it also helped the organization for which the board I serve on.

Bobbi Rebell: Absolutely, and it also goes to the fact that we get so busy in our lives, that we sometimes go through phases where we feel like we have to say no to even have time to breathe, and then you have to balance that, because you also have some good advice, you say, "Always take the meeting." Tell us more about that and why that is so important.

Susan McPherson: Well, I have the proof in the pudding for that, and that is, my company is now eight years old and seven years in, I realized that 98% of our business had been inbound, which is pretty remarkable for a consulting firm. I realized that in my twenties and thirties, all those meetings I took, that were yes, challenging at times because of course I was busy, those people came back 20, 30 years later, and it wasn't like when I was 25, I was saying, "Oh, I'm going to be calling on you in 2020 when I have a company, to see if you'll buy services from me." It was not even a glimmer in my brain. So every single person we meet is a conduit to something else, to someone else, to something new, to learn something about ourselves, and if we don't open those doors and we don't take those meetings, we are missing tremendous opportunities. I fervently believe that, and I live that every day.

Bobbi Rebell: It's so true. So many major things in my life have happened by almost chance meetings, little meetings that you didn't think were going to be meaningful, and then they do end up having a huge impact sometimes right then, as in the case you described earlier and sometimes not for years later, and that's also important. They're true friendships. The final thing I wanted to just touch on is you talk about expressing gratitude and that's something that sometimes gets lost in the hustle and bustle. I've certainly been guilty of not always properly thanking everyone that's done amazing things for me. It's tough. We get so busy and so distracted and are just keeping up with the world, certainly as we get back into, hopefully some sense of normalcy now. Talk to me more about expressing gratitude and specific ways that people can do that.

Susan McPherson : Don't overthink it. Sometimes just a quick phone call, a quick text, a DM, shining a light on socials, showcasing someone else. Those are all very immediate, quick and simple and easy. You don't have to go so far as sending flowers or sending cookies, although that's certainly a wonderful thing to do, but whatever is going to be the most expedient way, sometimes, is the best way, because that's the way it'll get done. But I think it's important to plan one bit of gratitude, every single day, and that includes gratitude for yourself.

Bobbi Rebell: And as you mentioned earlier, it's important to give, but it's also important to be practical and also look out for yourself.

Susan McPherson: Absolutely.

Bobbi Rebell: Susan, this has been so wonderful. Tell us more about where people can find out more about you. We know your book is going to be on sale, literally everywhere. So I hope people will pick it up and continue to get all of these incredible gems. It is very readable. I will tell you that.

Susan McPherson: Aww.

Bobbi Rebell: It's precise, specific, practical in all the best ways, and yet it has the warmth of your personality in it. Where can people follow up with you, once they get the book?

Susan McPherson: First of all, I am glowing. Thank you so much. Hearing that from you means the world to me, Bobbi. I have so much respect for you personally, professionally. Thank you. You can find me at my company's website, McPStrategies.com. I'm on all the social platforms with the name @SusanMcP1 and of course the book can be purchased at your local bookstores or any of the major online booksellers, and I am grateful for you to give it a shot.

Bobbi Rebell: Thank you so much.

Susan McPherson: Thank you.

Bobbi Rebell: All right, guys, that was an awesome interview. Here's my take. Financial grownup tip number one, create a system to track those connections. Susan talked about carrying a notebook to jot things down about people so she doesn't forget. I'm going to write that down, to come up with a system for myself, because if I had a notebook, I'd probably misplace the notebook, but I'm going to come up with a system, probably something on my phone, because even though I tend to lose my phone, I do always seem to find it, but you get the idea and by the way, feel free to send me your suggestions for how I can implement Susan's methodology for this, but we're going to go with the phone for now.

Bobbi Rebell: Financial grownup tip number two, make it personal. So Susan talked about reaching out to a handful of people each day. I've been on the receiving end of this from Susan and it's awesome. She sends these photos from gatherings that she's had with me in it with a quick, "Thinking of you." Takes probably a moment on her time, but it totally makes my day. So I want to ask you guys, what little things make big impacts on your days? DM me on Instagram, @BobbiRebell1, I would love more ideas. And while you're at it, help me give away some incredible books.

Stay in touch on Instagram @BobbiRebell1 and on Twitter @BobbiRebell. You can email us at hello@financialgrownup.com, and if you enjoy the show, please tell a friend and maybe leave a review on Apple podcasts. It only takes a couple minutes. Join us next time for more stories to help you live your best grown-up life.

 
Advice, Authors, Career, Entrepreneurs, Financial Grownup Guides, Productivity, Women Entrepreneurs, Women Role ModelsBobbi Rebell KaufmanSusan McPherson, The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Business Relationships, JOMO, serial connector, sustainability expert
Don’t ask about the weather! And other tips to connect more effectively with The Lost Art of Connecting author Susan McPherson
Don’t ask about the weather! And other tips to connect more effectively with The Lost Art of Connecting author Susan McPherson

Susan McPherson, author of the new book, The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Relationships shares 5 specific tips to connect and intentionally leverage your network of friends and colleagues. 

Susan’s 5 Easy Tips for Daily Connection

Susan McPherson -main insta_financial grownup guide_serial connector and sustainability expert_ The Lost Art of Connecting_ The Gather, Ask, Do Method for Building Meaningful Relationships.png

#1 - Spend a little bit of time reflecting and thinking about what it is you want to accomplish when you emerge. Think about the communities and the people you want to surround you because you do have this opportunity now.

#2 - Maybe it's time to forget FOMO, that fear of missing out and instead create JOMO, which is a little bit different than what you may think. Instead of the joy of missing out, it's actually the joy of meeting others. As we return to a sense of normalcy, consider becoming a convener. For those of you who tend to be more introverted, this does not mean you have to gather a hundred people. You can create a convening of four friends or four colleagues and ask them to each bring one and voila! No more FOMO.

#3 - Ask questions. To truly build connection, I would highly recommend learning the art of the ask. Have five or six questions at the ready, that will help you elicit meaningful responses from those you are chatting with. So instead of just talking about yourself, start asking people questions, not about the weather, not about what they had for lunch today, but how they honestly are doing, or how have they fared during the last 12 months and what are they looking forward to, in the next 12 months?

Susan McPherson- Insta Quote #2 _financial grownup guide_serial connector and sustainability expert_ The Lost Art of Connecting_ The Gather, Ask, Do Method for Building Meaningful Relationships.png

#4- Let's step up our listening skills and believe it or not, something like 75% of the time, most of us are distracted and that's partially due to all the devices and all of just the daily mayhem, that every one of us lives through. But I carry a notebook with me now, and maybe that's just a sign of my aging feeble brain, but more importantly, it helps me remember when somebody tells me something about themselves and therefore I'm able to follow up, in a more expedient and more reliable fashion.

#5- Once you've listened, after asking the important questions, the followup is vitally important because that establishes trust. It establishes reliability and dependability, all the things that you want to be, professionally and probably personally as well. So if you truly listen and go so far as take notes, you will have all the tools you need to actually artfully follow up and be effective.

Bobbi’s Takeaways:

#1 - Create a system to track those connections. Susan talked about carrying a notebook to jot things down about people so she doesn't forget. I'm going to write that down, to come up with a system for myself, because if I had a notebook, I'd probably misplace the notebook, but I'm going to come up with a system, probably something on my phone, because even though I tend to lose my phone, I do always seem to find it.

#2 - Make it personal. So Susan talked about reaching out to a handful of people each day. I've been on the receiving end of this from Susan and it's awesome. She sends these photos from gatherings that she's had with me in it with a quick, "Thinking of you." Takes probably a moment on her time, but it totally makes my day.

Get your copy of The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Business Relationships today!

Follow Susan!

Twitter quote #1-Susan McPherson _financial grownup guide_serial connector and sustainability expert_ The Lost Art of Connecting_ The Gather, Ask, Do Method for Building Meaningful Relationships.png

Follow Bobbi!

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

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

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

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

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





Full Transcript:

Bobbi Rebell: It is officially spring and that means graduation season is on. We here at the Financial Grownup Podcast, have created some new super fun gifts just for that in our grownupgear.com merch store. We have durable hats, totes, mugs, pillows, teas, and the seriously, most cozy and comfortable sweatshirts, all on grownupgear.com and all at affordable prices. Grownup gear also makes great gifts for mother's day, father's day, engagements, bachelor/bachelorette parties, birthdays, and of course, just for fun to treat yourself. Use code graduation for a 15% discount, and thank you in advance for your orders. Buying from our small business helps to support this free podcast and we truly appreciate your support.


Susan McPherson: This is a way of leading yourself professionally and personally, to be of support because it all will come back. It will all come back around and I can honestly say the dopamine you get, it feels really good to be helping others.

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

Bobbi Rebell: Hey friends, today's show is going to put a smile on your face. This week's financial grownup is my dear friend, Susan McPherson. She is back to share her pandemic project, and that is her new book, The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Relationships. Susan is the founder and CEO of McPherson Strategies, a communications consultancy that focuses on the intersection of brands and social impact. When not in quarantine, Susan's a prominent speaker at top conferences around the globe. She's also a contributor to the Harvard Business Review, Fast Company and Forbes, and you've probably seen or heard her or read her work in the media everywhere from NPR to CNN, to USA today, the New Yorker, New York Magazine and The Los Angeles Times and many more. She is also an angel investor, and if we're going to cut to the chase, she is huge on social media. By the way, fun fact, Susan has run six marathons.

Bobbi Rebell: Her book, for us, could not come at a more perfect time. As I read the book, I got so many ideas of things that I can do to specifically enjoy spending time with people and frankly, being a better friend and being a more effective person in my business and professional relationships and just enjoying it all more. And a reminder, you're going to be tempted to take notes but please focus your attention on the gems that Susan shares. We've got a summary for you right on my website, BobbiRebell.com. Just go to the Financial Grownup Podcast dropdown menu and when you click on Susan's episode, you'll see that summary, along with all the links you need and below that, a full transcript. Here is Susan McPherson. Susan McPherson, welcome back. You are a financial grownup. We're so happy to have you here again.

Susan McPherson: Bobbi, I couldn't pick a better place to be.

Susan McPherson- Insta Quote #3 _financial grownup guide_serial connector and sustainability expert_ The Lost Art of Connecting_ The Gather, Ask, Do Method for Building Meaningful Relationships.png

Bobbi Rebell: We are going to be talking about your new book, The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Relationships and what better time than now when we are just on the cusp, I hope, oh please, I hope of getting out of this debacle that has been quarantine, COVID-19 and the last year, right?

Susan McPherson: Absolutely. But I have to say, if anything, over this last year, one thing we all have realized is how much we miss human connection.

Bobbi Rebell: So true, and you are the ultimate connector. I mean, literally so funny because at the beginning of this book, you talk about the fact that some people have called you a human CRM app and that's so true.

Susan McPherson: It is something I have loved all my life so what better than to excel at something that you love doing?

Bobbi Rebell: Well as someone that has personally benefited from your generosity and your graciousness and your giving nature, I can just, first of all, attest to the truth of that. You did bring with you five practical tips for daily connection with colleagues, neighbors, and others in your community and network. That's the formal name, but you know what? Really we're talking about how to reset after everything that's been going on. What's your first tip?

Susan McPherson: Spend a little bit of time now, reflecting and thinking about what it is you want to accomplish when you emerge. Do some old fashion navel-gazing and think about the communities and the people you want to surround you because you do have this opportunity now.

Bobbi Rebell: Very well said, what is your second tip?

Susan McPherson : Maybe it's time to forget FOMO, that fear of missing out and instead create JOMO, which is a little bit different than what you may think. Instead of the joy of missing out, it's actually the joy of meeting others. As we return to a sense of normalcy, consider becoming a convener, and I will say for those of you who tend to be more introverted, this does not mean you have to gather a hundred people. You can create a convening of four friends or four colleagues and ask them to each bring one and voila, no more FOMO.

Bobbi Rebell: I love that, and it reminds me, and we're going to digress just for a moment of part of your book, where you talk about creating rituals, something our mutual friend, Erica Keswin talks about in her latest book, but that could be part of getting that done, of JOMO.

Susan McPherson: Absolutely. It doesn't all have to be sitting around, having cocktails. You can gather groups for taking a walk and talk. You can gather groups for a cooking class. Again, we've been doing this in some shape, way or form online, but now you have an opportunity to actually potentially maybe by the summer in small groups, doing it in real life.

Bobbi Rebell: Oh, we all can't wait for that. What is your third tip?

Susan McPherson: Well, and this is a big component of the book and it's ask. Ask questions. To truly build connection, first, I would highly recommend learning the art of the ask. Have five or six questions at the ready, that will help you elicit meaningful responses from those you are chatting with. So instead of just talking about yourself, start asking people questions, not about the weather, not about what they had for lunch today, but how they honestly are doing, or how have they fared during the last 12 months and what are they looking forward to, in the next 12 months?

Bobbi Rebell: And one underlying theme in your book, by the way, is the importance of curiosity.

Susan McPherson: Yes. And to me, it's a drug and a positive drug because it is curiosity that leads you to the path to understand and appreciate people for where they are and see people, and most importantly, that curiosity helps you then to be able to follow up and be supportive.

Bobbi Rebell: Which is another big theme in your book, and that brings us to your fourth tip.

Susan McPherson: Yes, well, it's important of course, to ask, but we won't be successful at asking if we don't know how to listen. So number four is, let's step up our listening skills and believe it or not, something like 75% of the time, most of us are distracted and that's partially due to all the devices and all of just the daily mayhem, that every one of us lives through. But I carry a notebook with me now, and maybe that's just a sign of my aging feeble brain, but more importantly, it helps me remember when somebody tells me something about themselves and therefore I'm able to follow up, in a more expedient and probably more reliable fashion.

Bobbi Rebell: That really is everything, and so let's talk about following up and let's get to your fifth tip.

Susan McPherson: My fifth tip is essentially that. Once you've listened, after asking the important questions, the followup is vitally important because that establishes trust. It establishes reliability and dependability, all the things that you want to be, professionally and probably personally as well. So if you truly listen and go so far as take notes, you will have all the tools you need to actually artfully follow up and be effective. I want to just caveat all of this, Bobbi, this isn't about putting everyone else before you, but this is a way of leading yourself, professionally and personally, to be of support, because it all will come back. It will all come back around and I can honestly say the dopamine you get, and you know this Bobbi, you support so many women and men and probably children. That notion, it feels really good to be helping others.

Bobbi Rebell: That reminds me of some advice that your father gave you growing up that really still resonates with you and really hit home for me.

Susan McPherson: Yes, and that was to always ask first how you can be of help, before stepping up and doing.

Bobbi Rebell: Yeah and what would be an example of how someone could put that into, I mean, what I love about this book also is it's so specific and practical, give us some examples first of that, of how someone would put that into their life. Then I'm going to try to squeeze it in one more question before we wrap.

Susan McPherson- Insta Quote #4 _financial grownup guide_serial connector and sustainability expert_ The Lost Art of Connecting_ The Gather, Ask, Do Method for Building Meaningful Relationships.png

Susan McPherson: Just a week ago, a dear friend of mine introduced me to a lovely woman who is trying to expand her portfolio. She and I had a 30 minute conversation, literally an hour after a conversation, I was able to introduce her to the executive director of an organization whose board I serve on, and literally the next day, she had an opportunity to actually lead a workshop for that organization. So that all happened within 24 hours. I didn't ask for anything in return. Having the conversation with this wonderful woman named Natalie, after that conversation, I was so impressed that I introduced her, again to the executive director of a board whose organization I serve on and was able to facilitate an opportunity for her. That was a perfect example of how it wasn't a huge lift on my part yet it enormously helped Natalie and it also helped the organization for which the board I serve on.

Bobbi Rebell: Absolutely, and it also goes to the fact that we get so busy in our lives, that we sometimes go through phases where we feel like we have to say no to even have time to breathe, and then you have to balance that, because you also have some good advice, you say, "Always take the meeting." Tell us more about that and why that is so important.

Susan McPherson: Well, I have the proof in the pudding for that, and that is, my company is now eight years old and seven years in, I realized that 98% of our business had been inbound, which is pretty remarkable for a consulting firm. I realized that in my twenties and thirties, all those meetings I took, that were yes, challenging at times because of course I was busy, those people came back 20, 30 years later, and it wasn't like when I was 25, I was saying, "Oh, I'm going to be calling on you in 2020 when I have a company, to see if you'll buy services from me." It was not even a glimmer in my brain. So every single person we meet is a conduit to something else, to someone else, to something new, to learn something about ourselves, and if we don't open those doors and we don't take those meetings, we are missing tremendous opportunities. I fervently believe that, and I live that every day.

Bobbi Rebell: It's so true. So many major things in my life have happened by almost chance meetings, little meetings that you didn't think were going to be meaningful, and then they do end up having a huge impact sometimes right then, as in the case you described earlier and sometimes not for years later, and that's also important. They're true friendships. The final thing I wanted to just touch on is you talk about expressing gratitude and that's something that sometimes gets lost in the hustle and bustle. I've certainly been guilty of not always properly thanking everyone that's done amazing things for me. It's tough. We get so busy and so distracted and are just keeping up with the world, certainly as we get back into, hopefully some sense of normalcy now. Talk to me more about expressing gratitude and specific ways that people can do that.

Susan McPherson : Don't overthink it. Sometimes just a quick phone call, a quick text, a DM, shining a light on socials, showcasing someone else. Those are all very immediate, quick and simple and easy. You don't have to go so far as sending flowers or sending cookies, although that's certainly a wonderful thing to do, but whatever is going to be the most expedient way, sometimes, is the best way, because that's the way it'll get done. But I think it's important to plan one bit of gratitude, every single day, and that includes gratitude for yourself.

Bobbi Rebell: And as you mentioned earlier, it's important to give, but it's also important to be practical and also look out for yourself.

Susan McPherson: Absolutely.

Bobbi Rebell: Susan, this has been so wonderful. Tell us more about where people can find out more about you. We know your book is going to be on sale, literally everywhere. So I hope people will pick it up and continue to get all of these incredible gems. It is very readable. I will tell you that.

Susan McPherson: Aww.

Bobbi Rebell: It's precise, specific, practical in all the best ways, and yet it has the warmth of your personality in it. Where can people follow up with you, once they get the book?

Susan McPherson: First of all, I am glowing. Thank you so much. Hearing that from you means the world to me, Bobbi. I have so much respect for you personally, professionally. Thank you. You can find me at my company's website, McPStrategies.com. I'm on all the social platforms with the name @SusanMcP1 and of course the book can be purchased at your local bookstores or any of the major online booksellers, and I am grateful for you to give it a shot.

Bobbi Rebell: Thank you so much.

Susan McPherson: Thank you.

Bobbi Rebell: All right, guys, that was an awesome interview. Here's my take. Financial grownup tip number one, create a system to track those connections. Susan talked about carrying a notebook to jot things down about people so she doesn't forget. I'm going to write that down, to come up with a system for myself, because if I had a notebook, I'd probably misplace the notebook, but I'm going to come up with a system, probably something on my phone, because even though I tend to lose my phone, I do always seem to find it, but you get the idea and by the way, feel free to send me your suggestions for how I can implement Susan's methodology for this, but we're going to go with the phone for now.

Bobbi Rebell: Financial grownup tip number two, make it personal. So Susan talked about reaching out to a handful of people each day. I've been on the receiving end of this from Susan and it's awesome. She sends these photos from gatherings that she's had with me in it with a quick, "Thinking of you." Takes probably a moment on her time, but it totally makes my day. So I want to ask you guys, what little things make big impacts on your days? DM me on Instagram, @BobbiRebell1, I would love more ideas. And while you're at it, help me give away some incredible books. We are giving away copies of books from the incredible authors featured on The Financial Grownup Podcast this year, including Susan's. In order to win, you just have to take a screenshot of the podcast when you're listening to it on your phone, post it on social, so on Instagram. That's @BobbiRebell1, tag me, that's what I mean to say and DM me, to make sure that I see it.

Bobbi Rebell: And we also have a new way to win. If you are on Clubhouse, please join my Money Tips for Grownups Club. Then DM me on Instagram and let me know that you joined so I don't miss it and would like to be entered to win a book. Also a reminder, if you are looking for fun and unique gifts for graduation, mother's day, father's day, birthdays, or just frankly, to treat yourself, which we all deserve, take a look at our new grownupgear.com store, the profits there help to support this free podcast. And again, we really appreciate that support. Go out, treat yourself, maybe some friends through a copy of Susan's book, The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Relationships. Big thanks to Susan, for helping us all be financial grownups.

Bobbi Rebell: The financial grownup podcast is a production of BRK Media. The podcast is hosted by me, Bobbi Rebell, but the real magic happens behind the scenes with our team. Steve Stewart is our editor and producer, and Amanda Savan is our talent coordinator and content creator, so yeah, that means she does the show notes you can get for every show, right on our website and all the fantastic graphics that you can see on our social media channels. Our mission here at Financial Grownup is to help you be at your financial best in every stage of life, and this year, we want to help you get there by giving away some of our favorite money books. To get yours, make sure you are on the Grownup List. Go to BobbiRebell.com to sign up for free. While you're there, please check out our Grownup Gear shop and help support the show by buying something to express your commitment to being a financial grownup. Stay in touch on Instagram @BobbiRebell1 and on Twitter @BobbiRebell. You can email us at hello@financialgrownup.com, and if you enjoy the show, please tell a friend and maybe leave a review on Apple podcasts. It only takes a couple minutes. Join us next time for more stories to help you live your best grown-up life.

Advice, Authors, Career, Entrepreneurs, Financial Grownup Guides, Productivity, Women Entrepreneurs, Women Role ModelsGuest UserSusan McPherson, The Lost Art of Connecting: The Gather, Ask, Do Method for Building Meaningful Business Relationships, JOMO, serial connector, sustainability expert
Financial Grownup Guide: OMG It’s been a year. How to improve your home office (ENCORE)
Financial Grownup Guide: OMG It’s been a year. How to improve your home office (ENCORE)
Bill Hirsch Instagram.png

Now that we may be settling in to work from home for the long haul, it’s time to optimize our space and take out the stress so we can function like grownups. Bill Hirsch,  Architect and Author of The Well-Centered Home: Simple Steps to Increase Mindfulness, Self-Awareness, and Happiness Where You Live

5 Easy Ways to Center Your Home on a Small Budget

  • Step One - Take the Homebody Quiz

  • Step Two - Work to improve the “earth-grounding” of your home. 

  • Step Three – Remove the Pebbles. Pebbles are the things that create negative energy and produce emotional irritation and discord.

  • Step Four – Add Pearls. These are things that contribute positive energy to your home. 

  • Step Five – Arrange furniture throughout the house in ways that provide “private” and peaceful places for individuals to enjoy some solitude.

Episode Links:

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TRANSCRIPT:

Bobbi Rebell:
Hard to believe, but we are marking an anniversary. What a year it has been for so many of us working from home, or as I've come to think about it, living at work. Remember when they said 15 days to stop the spread. Did any of us think it would be a year? Well, not me, but here we are. And whenever I get down on things, I circled back to this book I became obsessed with. It is called The Well-Centered Home: Simple Steps to Increase Mindfulness, Self-Awareness and Happiness Where You Live. It's by architect, Bill Hirsch. And I know when he wrote it well before the pandemic, he had no idea what would happen and the impact his book might have on people like myself.

Bobbi Rebell:
In our interview which was recorded last year, Bill gives us five ways to improve our work from home situation. And yes, fake plants are a thing and they work. You're going to want to take notes, but pro-tip, everything you need is on my website. bobbirebell.com, including summaries of the show via show notes, but also full transcripts of every show. So just enjoy the interview. I'll be back on the other side. Here is Bill Hirsch.

Bobbi Rebell:
Bill Hirsch, So nice to have you here.

Bill Hirsch:
Well, it's nice to be with you. Thanks for inviting me.

Bobbi Rebell:
I truly enjoyed your book, The Well-Centered Home: Simple Steps to Increase Mindfulness, Self-Awareness and Happiness Where You Live. I should also mention, in addition to being an author, you are an architect. People that read the book, that will make total sense. This is very appropriate in this time when we were spending so much time in our homes.

Bill Hirsch:
Well, it really is. Even in normal times, studies have shown that we spend somewhere around 70% of our lives in our homes so they have a huge influence on us. And now, what are we spending? 99% of our lives in our homes or a whole lot of people are. And it's made people scrutinize their home and appreciate or become uncomfortable with certain aspects of their home much more than before. I have a client right now who told me he's cleaned his garage three times.

Bobbi Rebell:
You brought with you five easy ways to center your home on a small budget. Before we get to those, I want you to explain what does it mean to center your home? Because that's sort of the basis of this book.

Bill Hirsch:
Well, centering, the term is used in the similar way to how it's used for meditation and increasing self-awareness where you're pulling the things that pull you in extremes in different directions together and getting your emotions and your psyche into a more central and calming position.

Bobbi Rebell:
It's not the same though as Feng Shui? I don't know if I'm pronouncing that correctly.

Bill Hirsch:
It's Feng Shui I think is the usual pronunciation.

Bobbi Rebell:
Feng Shui.

Bill Hirsch:
Yes, Feng Shui does a lot of that. It's intended to make things be more auspicious is one of the terms that they use and people take that into better fortune. That doesn't necessarily mean that per se, but it's a method, almost a strict set of rules method for making your home improve the energy around you and make your life better and happier. The difference with a well-centered home and home-centering is that it's more specifically tailored to you and your personality or what we call your homebody type.

Bobbi Rebell:
Let's get to the five easy ways to center your home on a small budget that you brought for us today. The first one is kind of figuring out who you are. You've put together a quiz so that we can figure this out.

Bill Hirsch:
Exactly. It's a simple 20 question quiz that's in the book and it produces results that let you know which of four homebody types you favor. But it's also a quiz that doesn't pigeonhole you or categorize you in a strict way because you can have a secondary tendency towards another homebody type.

Bill Hirsch:
And so, the purpose isn't to say, "You're this," but the purpose is to help you see more about what your personal tendencies and preferences might be, so that when you do the things to center your home, you're doing them in a way that is much more tailored and customized to you, personally.

Bobbi Rebell:
And I took the quiz. I was a Galileo. There's four different types. We don't have time to go through all of those and I'll leave it for people to see in the book. As an example, what does a Galileo mean?

Bill Hirsch:
Well, a Galileo would be a more technically oriented, scientifically minded person. And by that, I mean, a Galileo is someone who wants to know how things work. I have another homebody type, Plato. Usually, Plato wants to know why things work, but a Galileo would want to know how they work. So things that are technically oriented, demonstrate precision, things that have clearly defined edges and purposes, those would be things that would be attractive to a Galileo homebody type.

Bobbi Rebell:
Functionality. All right. Let's go to step two. You talk about earth grounding. Now, when people hear this especially if they're in urban areas, they might say, "Well, how am I going to do that?" You have some ways. It's about connecting your home with nature, but you have some ways to do that even if you are not on a beautiful farm or something in the country.

Bill Hirsch:
Right. There have been a number of medical studies that show that people actually recover from surgeries or illnesses faster when they're exposed to nature. And they found that this also works and provides that benefit when they're exposed to images of nature. So, if you live on the 18th floor of a high rise apartment and you have windows on one side, and that's a view of another apartment building, you can still enhance your earth grounding aspect by including images of nature, landscape scenes, items that are nature. I always suggest a bonsai tree being a very good type of an element, to add a pearl to add to your home because it's miniaturized nature and requires some degree of maintenance, which is a good aspect.

Bill Hirsch:
If you don't have enough windows to look out to all sides of your home, mirrors can be a very easy way to add a semblance of a window on a non-windowed wall. This could be a simple framed mirror. It does not necessarily meaning a giant wall of mirrors, but a frame mirror implies a window, especially if it reflects of the true window on the other side of the room.

Bobbi Rebell:
I also want to circle back to what you said about the plant. It's interesting because many people would say, "I'm going to get a plant that's low maintenance so that it stays alive." You're saying, get a plant that you do have to maintain.

Bill Hirsch:
Well, another concept that I talk about in the book that I didn't put it in the five easy steps would be peopling spaces. And peopling is a verb in this case. It means how you make spaces relate to people and how you make them be spaces where you expect to see people as opposed to these austere inhuman kinds of spaces that we often encounter.

Bill Hirsch:
One of the keys to peopling spaces is to have something that requires maintenance, because that tells your subconscious that a person has been there and a person will return because the maintenance says so. Peopling, there are a couple of other aspects and that would be things that suit the human scale, something that's the size you could imagine putting your hand on it and it would fit. Things that are similar to the size and scale of human beings. These types of things. A row of columns can be a really nice peopling aspect. And we don't think about these things overtly, but I'm telling you that inside in your inner thoughts, your mind is reacting to these things. And these are the ways that I explain why we like some spaces much better than we'd like other spaces, even if we can't put it into words.

Bobbi Rebell:
All right. Step three, this is something that I have already started doing now that I read your book. And that is removed the pebbles. We are not talking literally pebbles, my friends.

Bill Hirsch:
Right. Pebbles is charm that I've applied to things that provide negative energy or our irritants there. The term comes from a pebble in your shoe. A pebble in your shoe, you might walk along and tolerate, but no matter what you do, it is still an irritant and it's still disrupting things. And the only cure is to remove the pebble.

Bill Hirsch:
So in your home, you have a lot of things that are potentially pebbles. Things like light bulbs that are burned out, doors that squeak or stick, things like that. A clutter is certainly a pebble. Any of these kinds of things that just aren't in the right places.

Bill Hirsch:
One of the things I rail against are lights that are mispositioned. Like in your kitchen, if the light's behind you and you step up to the countertop, your head and your body cast a shadow on the area where you're trying to work. And that's clearly a pebble that you might put up with. But if you instead had a light that was overhead, that shined down on the surface where you're working, you'll be much happier and you won't have that negative influence. So, pebbles are things that need to be removed or remedied.

Bobbi Rebell:
And that goes especially for workspaces, is to really pay attention to your lighting in our workspace. You talk a lot in the book about different kinds of lights and how that can impact how we feel and how productive we are.

Bill Hirsch:
Exactly. Lighting is measured by its color rendition index. That would be the amount of the spectrum that it actually emits. If it's missing part of that, then the light can be uncomfortable. Early fluorescents and most fluorescents are missing a part of the spectrum and they tend to make things look gray and give people an uncomfortable pallor to their face. And you don't really want that. The new led lights, some of them are very blue and harsh. They have too high of color temperature. You want to look for that when you buy the lights. And you find some that are more daylight type that are a warmer color temperature. They will literally make you feel better and it certainly makes everything look better. These are really important things for homework spaces to get all of that right.

Bobbi Rebell:
And speaking of that, let me just ask you here. You did talk a lot about color as well. What is the best color for a workspace at home?

Bill Hirsch:
Well, everybody in the color world will tell you that the color that produces the least potentially negative reaction will be grays. And grays that are warmer grays, meaning they have a brown undertone rather than cooler grays that have a blue undertone tend to be even more comforting. Although, that's not to say, stay completely away from the cooler grays, just be careful that they can get to be a little harder. And then, green is always a comfortable color for people. Colors like red and orange, they're specific colors that really, you need to clearly favor them. They can be disruptive. They might make a space too energetic for working. And then, mild blues are good too, but be a little careful with those because they can get to be too blue. That's where the grays maybe are the safest choice.

Bobbi Rebell:
Yes. I actually have a gray area where I work. And by the way, you do give specific literally, paint colors in the book that people can look up and choose those, or choose something similar if that's what works for them. Let's move on to step four. And this is a little bit more positive. We're talking about bringing a positive energy into your home. You call this adding pearls.

Bill Hirsch:
Well, pearls are the counterpoint to the pebbles. Pearls, if you think about them, they were an irritation that got into the oyster like a piece of sand or something, and the oyster started building a coating around that and produced a beautiful pearl out of it. So pearls in your home are the same sorts of things. These would be things that you would want to add into your space that give you delight, attract your attention, make you think. You, as a Galileo might like things that express their technical aspects or are intricate.

Bill Hirsch:
One of the examples I often use would be a clock that is mechanical and shows you how it is mechanical even though it's a bit of an old fashioned type of thing, maybe a relic from our past now that we're digital, everything. But they're fascinating. And they're the kind of thing that... Pearls are the sorts of things that if you glanced at them and not even consciously examine them, they still do positive things to your psyche. And that's the whole idea of how your well-centered home can support your emotional wellbeing and mindfulness.

Bobbi Rebell:
Step five has to do with something that can be really [inaudible 00:16:37] free, just arranging your furniture in ways that provide private and peaceful places so you can have some solitude, something a lot of us really need with all of this work from home and live pretty much all the time from home these days. Tell us more about that.

Bill Hirsch:
Well, you're right. It's a critical aspect of working from home. You can't really just set up your desk as part of the kitchen table and then expect that you're going to work efficiently and comfortably. That's going to wear on you. So if you can create a spot, and it can be a very small area and define it with some aspect of the furnishings, it might be a small screen like the one behind me here in my office, that just sort of define the space and when you're in it, you know where the edges are. And also, the other people in your family know that's the office and it becomes dedicated to you.

Bill Hirsch:
This is an important aspect of just sort of living in your well-centered home in that, everybody in the house needs to have a place to call their own where they can sit. It might be corner of a room. It might be a particular spot on the sofa. When they're there, they're in their own space. And then, you have other spaces that are designed for interaction with others. You need to think through these and plan them out more purposefully instead of just letting them happen by accident.

Bobbi Rebell:
Yeah. And I think that's one of the most important things, going back even to the concept of pebbles, that you need to pay attention to these things that we're so busy living our daily lives, that we haven't necessarily spent the time to proactively set up our homes. And as we settle into what for some people could be much longer than we ever expected, it's something that we really need to be more mindful of. Your book is a wonderful tool for that. Where can people find out more about you and the book?

Bill Hirsch:
You can look it all up at the website, which is www.wellcenteredhome.com. There's a lot of information there. If they would like to buy the book or read a sample from it, it's available on amazon.com. Just type in The Well-Centered Home. It'll take you right there.

Bobbi Rebell:
Thank you so much.

Bill Hirsch:
Well, it's been a pleasure being with you. I want to hear back from you on how well-centered your home becomes.

Bobbi Rebell:
It's a deal.

Bobbi Rebell:
So you know from the top of the podcast, I am obsessed with the fake plant thing. And all winter, I got a little mood boost when I looked out my window of my bedroom to my teeny-tiny New York city balcony and I saw that greenery, all fake by the way, that Bill inspired me to get. Tell me, what was your favorite tip from the interview or do you have any other tips? DM me on Instagram at bobbirebell1. On Twitter, I am @bobbirebell. And if you screen grab this podcast and post it on Instagram stories and tag me at bobbirebell1, you'll be entered to win a free book from one of our Financial Grownup authors and merch from my new grownupgear.com store.

Big thanks to Bill Hirsch, author of The Well-Centered Home: Simple Steps to Increase Mindfulness, Self-Awareness and Happiness Where You Live. Go get his book for more great tips. And it goes without saying, but I'll say it, thank you to Bill Hirsch for helping us all work from home like the financial grownups we are.

The Financial Grownup Podcast is a production of BRK Media. The podcast is hosted by me, Bobbi Rebell, but the real magic happens behind the scenes with our team. Steve Stewart is our editor and producer. And Amanda [Savan 00:20:28] is our talent coordinator and content creators. So yeah, that means she does the show notes you can get for every show right on our website and all the fantastic graphics that you can see on our social media channels.

Our mission here at Financial Grownup is to help you be at your financial best in every stage of life. And this year, we want to help you get there by giving away some of our favorite money books. To get yours, make sure you are on the Grownup list. Go to bobbirebell.com to sign up for free. While you're there, please check out our Grownup Gear shop and help support the show by buying something to express your commitment to being a Financial Grownup.

Stay in touch on Instagram at bobbirebell1 and on Twitter @bobbirebell. You can email us at hello@financialgrownup.com. And if you enjoy the show, please tell a friend, and maybe leave a review On Apple podcasts. It only takes a couple minutes. Join us next time for more stories to help you live your best grownup life.

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Advice, Authors, Financial Grownup Guides, ProductivityGuest UserBill Hirsch, small budget, financial grownup guide, The Well-Centered Home, center your home, simple steps to increase mindfulness
Financial Grownup Guide: The SPAC trend. What are they and why they have become a huge Wall Street trend?
Financial Grownup Guide: The SPAC trend. What are they and why they have become a huge Wall Street trend?
FGG SPACs- Insta.png

The buzz on SPACs keeps building. Bobbi shares what is driving the trend, what a SPAC is, and what investors need to know about them. 

Pros of SPAC

#1: It lowers the risk of going public. Let’s face it: a lot can go wrong. Companies are worried that market volatility could tank their public debut. Merging with a SPAC gets them a capital influx much faster and easier. 

#2: It’s faster. Space have no financial history- so the only track record is the reputation of the management teams. For a company, merging with a SPAC can get them funding in a few months. The traditional IPO route which involves a lot of paperwork with the SEC can take as much as 6 months, sometimes longer. 

#3: More control over valuation. With a SPAC merger, the company can negotiate a fixed valuation with the sponsors. 

Cons of SPAC

#1: Shady history.  Back in the 1980’s SPAC’s were known as  “Blank Check Companies” The industry was full of fraud, and known for scamming investors. A federal law was even passed to crack down on them. Now there are some guardrails in place- for example, if an investor does not approve of a company that the SPAC is merging with they can get their money back. 

#2: A successful SPAC can be incredibly lucrative for the for the sponsor, to the point where there is a concern that they might merge the SPAC with a less than ideal company just to get their big payday. Oh- and generally they have to make a deal within 2 years- so there’s a ticking clock to make something, sometimes anything, happen. 

#3: Investors should be aware that the company that has gone public by merging with the SPAC has not gone through the vetting process of doing all the financial audits and requirements that happen in a traditional initial public offering. So you have to wonder: what do you not know about the company? In other words, it is easier for the company, but riskier for the investor. 

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.


FULL TRANSCRIPT:

Financial Grownup Guide: What is a SPAC- and why it is such a hot trend on Wall Street

Hi friends!

If you pay attention to the money and investing related news, which you should be, you have probably been hearing about SPACS- which stands for special purpose acquisition company. They have actually been around for decades-but the buzz has really been building lately. Their rep is that they are last resorts for small companies to go public, because they couldn’t raise money on the open market. But that doesn’t really explain why they are having such a big moment right now. 

So here’s what we are going to go over in this episode:

-What is a SPAC

-Why would a company go public using a SPAC rather than the traditional route?

-What are SPACs so popular now- and what role did the global pandemic play in the trend?

-I'll tell you about the shady history of SPAC's

-What are the risks for investors?

Before we get into it- I do want to welcome everyone. If you are new- this is kind of a special episode. I do these solo episodes on occasion where I talk about a money topic- usually something in the news. 

But most of our episodes focus on having a role model as a guest- a financial grownup as we like to say, sharing a money story that had a big impact on their life and then the lessons we can all learn from their experience. We also have them share everyday money tips that we can put to work right away. If you enjoy this podcast I hope you will take a moment to subscribe, and share it with friends or family that you think might enjoy it. One easy way is just to take a screenshot of the show and share it on social media- and please tag me @bobbirebell1 on instagram so I can thank you. 

Back to SPACs. Let’s first go over exactly what a SPAC is- and is not. 

Think of a SPAC as a shell company set up to buy another company- except it doesn’t necessarily know what that company will be. Usually a team of investors raise the money first- but again- very often without a target company. It goes public as a Special Purpose Acquisition Company but it contains no company. All it has is money kept in a trust. 

Then we have companies that need money- and are on the hunt for the right way to get it. 

So to simplify- on one side we have money with no company, and on the other side we have a company, that it looking for money. 

This is different from the more common way for companies to raise big money in the public markets with a standard initial public offering. But that is really complicated- and expensive. There’s a ton of paperwork, financial audits and regulations. There are road shows, and pitch meetings with institutional investors. And it is super risky. Some of the risks the company can control, but the truth is the depending on what is going on in the world at the time the company wants to go public, a lot of how well that company will do- it can’t control. 

But they have become a really big trend on Wall Street recently. 242 SPACs were introduced in 2020, quadruple the number raised in 2019, according to SPAC Insider. The average size of a SPAC in 2020 was $335 million, that is almost  10 times the amount in 2009.

And there are some interesting reasons why that we are going to talk about. 

Reason #1: It lowers the risk of going public. Let’s face it: a lot can go wrong. Companies are worried that market volatility could tank their public debut. Merging with a SPAC gets them a capital influx much faster and easier. 

Reason #2: It’s faster. Space have no financial history- so the only track record is the reputation of the management teams. For a company, merging with a SPAC can get them funding in a few months. The traditional IPO route which involves a lot of paperwork with the SEC can take as much as 6 months, sometimes longer. 

Reason #3 More control over valuation. With a SPAC merger, the company can negotiate a fixed valuation with the sponsors. 

All this has a lot of appeal during the global pandemic, given how much uncertainty there has been in the global markets. It got a lot harder to raise money the traditional way. So SPAC’s can provide a viable option for capital starved companies to access funding. 

This all sounds great- so what’s the catch?

Well first- their shady history.  Back in the 1980’s SPAC’s were known as  “Blank Check Companies” The industry was full of fraud, and known for scamming investors. A federal law was even passed to crack down on them. Now there are some guardrails in place- for example, if an investor does not approve of a company that the SPAC is merging with they can get their money back. 

Second: A successful SPAC can be incredibly lucrative for the for the sponsor, to the point where there is a concern that they might merge the SPAC with a less than ideal company just to get their big payday. Oh- and generally they have to make a deal within 2 years- so there’s a ticking clock to make something, sometimes anything, happen. 

Third: Investors should be aware that the company that has gone public by merging with the SPAC has not gone through the vetting process of doing all the financial audits and requirements that happen in a traditional initial public offering. So you have to wonder: what do you not know about the company? In other words, it is easier for the company, but riskier for the investor. 

Which brings us to why you should be paying attention to the trend. In my opinion- and this is an opinion, we should look carefully at why a company would choose to go public this way. That does not mean it is not a good investment. It just means, it did not go through the traditional red tape. To be clear, many companies go through the red tape, and no one takes the time to read all the details of what they have disclosed to potential investors. 

That said, once a company is publicly traded, as the calendar mandates, it will have to comply with the laws regarding disclosure. So maybe, if you want to invest in a company that used a SPAC to go public, you might consider taking your time, and getting more information before you jump in. 

Before I let you go- a reminder that I am on a campaign to boost financial literacy by giving out free books. If you want to win a book that has been grownup list approved- all you need to do is either do a screen grab of the podcast while you are listening to it - and post it on instagram and tag me at bobbirebell1- or write a review on apple podcasts and email it to us at hello@financialgrownup.com. You could win a book by one of the authors that has been on the show, or some of the merch from the grownupgear store which you can check out at grownupgear.com.

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

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Business Breakups: How to know when it is time to go- and how to find your next move with author and personal branding expert Jessica Zweig
Business Breakups: How to know when it is time to go- and how to find your next move with author and personal branding expert Jessica Zweig

Jessica Zweig leads the thriving personal branding business: Simply Be. But the author of the new book "Be: A No-Bullsh*t Guide to Increasing Your Self Worth and Net Worth by Simply Being Yourself” only got to this point in her life because she was able to exit a toxic business relationship that brought her personally and financially to rock bottom. Plus she shares an everyday money tip that will help us reach our goals during the pandemic, no matter what obstacles we are facing. 

Jessica’s Money Story:

Jessica Zweig-insta (3).png

My first company was a magazine that I ran called Cheeky for seven years, from 2008 to 2014. I was 26 when I started that company. We launched the biggest platform for women in Chicago. We were the it fashion, food blog in the city. We had 100,000 local readers. And from the outside we were this really sparkly, successful business but on the inside we were very dysfunctional, toxic, and weren't really succeeding. And it was our first business. We were so young. I was 26, she was 24. I didn't know her that well when we went into business which is I think a common mistake people make when they meet someone they really love and they have that spark and then they get into business together and then they're like, "Oh my gosh. Business is like running a family and a marriage. It's such an intense relationship." And we really didn't know each other and so we just made a ton of mistakes. We opened up a ton of credit cards. She was managing the books, I was doing sales. We were so young, so green, so inexperienced and seven years later we had $75,000 worth of debt and I wanted to leave the business and she didn't. And so, I was willing to settle for my half of the debt and she was very, very upset with me for leaving and it was a really tough decision. I loved her, I loved the business. I mean, we were like sisters. We had a love, hate. After seven years of building something great with someone you do have a relationship. So it wasn't an easy thing but I think in many ways she looked at me like I was abandoning her but I was really just following my truth. It had run its course. I couldn't do it anymore. And I did want to clean up my side of the street and pay off my 50% of the debt with a payment plan because that's all I could afford. And I got a lawyer and she got hers and it just got really, really, really ugly and it took about seven, nine months for us to settle it. And I ended up paying 50% of the debt in one fell swoop and I had very little money in savings. I ended up having no choice but to just clear it and start from scratch.


Jessica’s Money Lesson:

Communicate. Be willing to have hard conversations. Money makes people funny. I also would say, don't ever talk about money in those conversations on email or on Slack or even on the phone. We unfortunately can't get together in person so if you Zoom, Zoom, but in-person is best. Having sacred space around conversations, honoring this is uncomfortable, honoring this is important, honoring this is going to make or break our business if we don't talk about it. And we just didn't communicate. Our communication style was so dysfunctional and broken. Because if you do then you won't need to ceremonialize these conversations so much because you'll already be in the same vibration, in the same page.


Jessica’s Money Tip:

So I actually write about this in my book. I have a whole chapter on accountability partners. Because attempting to do anything great and big and significant for your life you need someone to keep you accountable. You need someone to hold you in check. So whether that's writing a book, launching a business, saving money, paying off your debt, having a partner in it is I think the key to the success of it all. And to be frank with you, I'm very fortunate. So the pandemic disrupted my business in a lot of beautiful ways, in a lot of challenging ways. And one of the things I did is I applied for the PPP. I had a finance team at the time that I didn't really fully like, they were fine, and they wanted to charge me $10,000 to apply for the PPP loan which I thought was the most counterintuitive request I've ever seen because we were a small business going into a pandemic applying for a loan and they wanted to charge us money.


Bobbi’s Take:

Financial Grownup Tip #1:

Some of the greatest business and financial success stories come from people who have survived toxic business relationships, and used the lessons from those crushing and painful experiences to thrive in their next venture. - This past week the dating app Bumble went public. Its founder,  Whitney Wolfe Herd started Bumble in 2014..  after she very publicly left the dating app Tinder, where she was a co-founder- after a breakup with another co-founder. She is now the youngest female CEO to take her company public and is worth over a billion dollars. 


Financial Grownup Tip #2:

So many of us are having trouble staying on track to meet our goals during the pandemic- in part because it feels like no one is watching. I mean after all. We can and do literally work in our pajamas. We can quite literally take a nap between meetings. So it is time. Get an accountability partner. Get someone who will be committed to you- and to whom you will also be committed to keeping on track. And if you both aren’t doing that- break up fast and find another accountability partner. Nothing wrong with taking it a little easy, but this more quiet time will come to an end, and the opportunity to get to your goals without so many distractions should not go to waste. 

Get your copy of Be: A No-Bullsh*t Guide to Increasing Your Self Worth and Net Worth by Simply Being Yourself.

Follow Jessica!

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Full Transcript:

Bobbi Rebell: Question for you guys, are we ever going to get back to that whole dress-up for work thing the way we used to? I don't know. But one thing I do know is it is time to get out of those PJ's and those grungy t-shirts and we need to give ourselves an upgraded but still super comfy wardrobe that makes us smile and ideally makes our coworkers, our friends and our family smile as well.

Bobbi Rebell: I have so many friends that I've wanted to send little pick me ups to to let them know it's all good and that includes you. So that's why I created Grownup Gear a fun line of t-shirts, sweats, pillows, mugs, totes, and more that I guarantee will give you and everyone that you're Zooming with all day long a good giggle. Grownup Gear is about saying the things out loud that we tell ourselves silently like when you wake up and you look in the mirror and you think, "I can't believe I'm a grownup either." Or maybe you just want to be honest that you are still a grownup in progress or you want to send a gift congratulating a friend for paying off their debt. The most comfy sweatshirts, t-shirts, tote bags, mugs, pillows, and more give it to yourself or your favorite grownup or almost grownup friend. Go to grownupgear.com to check it out. For discount codes and sales follow us on Instagram at our new handle at @GrownupGear and DM us with any questions. And thank you because by supporting Grownup Gear you help support this free podcast.

Bobbi Rebell: The debt and the brokeness has made me value money today and cherish money and respect money and operate my money with so much more reverence and care than I think I would've if I hadn't reached that rock bottom. You're listening to Financial Grownup with me, certified financial planner Bobbi Rebell author of How To Be a Financial Grownup. And you know what? Being a grownup is really hard especially when it comes to money but it's okay. We're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We've got this.

Bobbi Rebell: Welcome everyone to a new episode of the Financial Grownup Podcast. We share money stories here that had big impacts on our guests lives and of course then they share with us the lessons from them. I'm your host Bobbi Rebell, Journalist, Certified Financial Planner and author of the book How To Be a Financial Grownup. If you're new here welcome. I'm so glad you found us.

Bobbi Rebell: So that clip that you heard at the top of the show was from author and personal branding expert Jessica Zweig. Jessica has a new book out called Be, A No Bullshit Guide to Increasing Your Self-Worth and Net Worth by Simply Being Yourself. I have to say I love that title. The thing about Jessica is that if you don't know her you would never know all the things that she has had to overcome to well be where she is now that included a toxic business relationship that lasted for seven years. The breakup left her with nothing hitting rock bottom at age 33, even having to ask her parents for money just to pay her phone bill. Just when we think we will be hitting our grownup stride you never know what's going to hit us. There is a lot to learn from this remarkable woman and she does not hold back in this interview. Here is Jessica Zweig.

Bobbi Rebell: Jessica Zweig, you are a financial grownup. Welcome to the podcast.

Jessica Zweig: Thank you so much for having me Bobbi. I'm pumped to be here.

Bobbi Rebell: Well, I am pumped to have you here. Your book Be, I'm holding it up by the way, Be, A No Bullshit Guide to Increasing Your Self-Worth and Net Worth by Simply Being Yourself is about to come out and it's your first book. Congratulations.

Jessica Zweig: Thank you so much. You know how much goes into it so thank you for saying that.

Bobbi Rebell: I really enjoyed learning so much about you and what you teach people in the book. What's interesting is you come across as having it all together which you do now I'm going to say but it wasn't always the case. You brought with us a money story that is sadly something many of us can relate to but often don't know what to do with, I should say that often don't know what to do about, and that is finding ourselves in toxic relationships personally and in business in work environments. Tell us your money story Jessica.

Jessica Zweig: My first company was a magazine that I ran called Cheeky for seven years, from 2008 to 2014. I was 26 when I started that company. We launched the biggest platform for women in Chicago. We were the it fashion, food blog in the city. We had a hundred thousand local readers. And from the outside we were this really sparkly, successful business but on the inside we were very dysfunctional, toxic, and weren't really succeeding. And it was our first business. We were so young. I was 26, she was 24. I didn't know her that well when we went into business which is I think a common mistake people make when they meet someone they really love and they have that spark and then they get into business together and then they're like, "Oh my gosh. Business is like running a family and a marriage. It's such an intense relationship."

Jessica Zweig: And we really didn't know each other and so we just made a ton of mistakes. We opened up a ton of credit cards. She was managing the books, I was doing sales. We were so young, so green, so inexperienced and seven years later we had $75,000 worth of debt and I wanted to leave the business and she didn't. And so, I was willing to settle for my half of the debt and she was very, very upset with me for leaving and it was a really tough decision. I loved her, I loved the business. I mean, we were like sisters. We had a love, hate. After seven years of building something great with someone you do have a relationship. So it wasn't an easy thing but I think in many ways she looked at me like I was abandoning her but I was really just following my truth.

Jessica Zweig: It had run its course. I couldn't do it anymore. And I did want to clean up my side of the street and pay off my 50% of the debt with a payment plan because that's all I could afford. And I got a lawyer and she got hers and it just got really, really, really ugly and it took about seven, nine months for us to settle it. And I ended up paying 50% of the debt in one fell swoop and I had very little money in savings. I ended up having no choice but to just clear it and start from scratch. Bobbi Rebell: When you look back were there red flags that you should have spotted in the relationship, in the business in terms of the skills that you both brought?

Jessica Zweig: From day one. I mean, there were massive red flags. I think I realized three months in just how different we were but we were young and we were so naive and we both really loved this business. This magazine Cheeky was our baby. And so I didn't want to give it up and she didn't want to give it up and at the core there was a magic connection with us. We wouldn't have created what we created if there wasn't that synergistic spark. And we both loved each other to a degree which was what made it so difficult.

Jessica Zweig: But there were red flags and it was honestly one of the most toxic relationships of my life. I mean, we were together for seven years and we were water and vinegar. We were just totally different people. And I'm not saying I was better or she was worse, we were just different. I've come to so much peace and love and honestly forgiveness for myself first in the way that I showed up in that relationship as much as her and how she showed up in the relationship which I think has really been a huge key to me soaring in the last few years because I really did my own work.

Jessica Zweig: I think it's so easy to point fingers at people when they burn us or they hurt us or they come after us. There's that expression when you point one finger at someone, I mean do it, you're pointing three back at yourself. So you really do have to look at yourself in any sort of situation but when it comes to money it's especially loaded and I could still be angry, I could still be bitter, I could still be resentful. I don't feel any of those feelings. And it was the greatest learning lesson of my life. I applied all of those mistakes, all of those failures to simply be and simply be is so successful and it wouldn't have been unless I had that seven year chapter and run of making all of those mistakes.

Jessica Zweig: So, I think that everything happens for a reason and I feel like the debt and the brokenness has made me value money today and cherish money and respect money and operate my money with so much more reverence and care than I think I would have if I hadn't reached that rock bottom. So, everything happens for a reason and divine order. It's happening for you not to you even though it can really feel the opposite in the moment. I wouldn't be who I am without that business and that failure.

Bobbi Rebell: Can you me a specific example of something that happened that highlighted your differences? It doesn't have to be your biggest fight or something but something especially money related that you just never agreed on.

Jessica Zweig:I think we were both pretty irresponsible with the way we spent the business's money. I really wanted to grow it and scale it and exit. I wanted to be that type of entrepreneur and she wanted it to be a more lifestyle business. If you're going to go into business with anyone whether it's a business partner or someone on your team or your leadership team to really understand those nuances and get everyone on the same page. Because it sets the foundation for the type of business and the rate in which you want to grow and how you want to operate and who you want to do business with so, so much. And we just didn't have the skills. We were so young. We didn't have the tools to talk about money and business at that level. We were green as grass. So, of course it netted out the way that we netted out. And we also were really done when we opened up our credit cards. She was the personal guarantor on the credit cards. It was just mistake, after mistake, after mistake.

Bobbi Rebell: Yeah. I love that you're talking about the fact that it is so hard to talk about money and it sounds like you guys didn't have a lot of talks about money and how you were going to structure your firm and how you were going to fund it before you started it. What is the lesson for our listeners as we put it all in context?

Jessica Zweig: Communicate. Be willing to have hard conversations. Money makes people funny. I also would say, don't ever talk about money in those conversations on email or on Slack or even on the phone. We unfortunately can't get together in person so if you Zoom, Zoom, but in-person is best. Having sacred space around conversations, honoring this is uncomfortable, honoring this is important, honoring this is going to make or break our business if we don't talk about it. And we just didn't communicate. Our communication style was so dysfunctional and broken and I think actually way, way up and make the right decision to partner with the right people in the first place. Because if you do then you won't need to ceremonialize these conversations so much because you'll already be in the same vibration, in the same page. And yet money makes people funny no matter what and so you really have to recognize that in yourself and in the others and bring as much consciousness and integrity to those kinds of negotiations, conversations, whatnot.

Bobbi Rebell: I could talk to you forever about this but I want to get your everyday money tip because it's something that I am already implementing for 2021 and that is having accountability, having an accountability partner. Talk about that.

Jessica Zweig: Yeah. So I actually write about this in my book. I have a whole chapter on accountability partners. Because attempting to do anything great and big and significant for your life you need someone to keep you accountable. You need someone to hold you in check. So whether that's writing a book, launching a business, saving money, paying off your debt, having a partner in it is I think the key to the success of it all. And to be frank with you, I'm very fortunate. So the pandemic disrupted my business in a lot of beautiful ways, in a lot of challenging ways. And one of the things I did is I applied for the PPP. I had a finance team at the time that I didn't really fully like, they were fine, and they wanted to charge me $10,000 to apply for the PPP loan which I thought was the most counterintuitive request I've ever seen because we were a small business going into a pandemic applying for a loan and they wanted to charge us money.

Jessica Zweig: And so, I brought in my husband who is a financial advisor, as well as you are. And his business had kind of slowed down, he couldn't go out and network, we were quarantining. And he's like, "Jess, I'll help you with the PPP." He took one look at my finance team and was like, "Dude, I can do this better." And so I fired my finance team and I hired my husband. And my husband and I have always obviously been partners and accountable to each other because we're married but bringing him into my business...

Jessica Zweig: He's now my CFO, he helps me run the shop, saving money, ensuring that our P and L's are always balanced, making sure we're net profitable. Having someone that I trust, obviously I trust no one more than my own husband but he has really allowed me to fly as the CEO because I know that he's got things covered. And we operate like a legit finance CFO to CEO. We take weekly meetings. He has an agenda. We run through every money in money out, hiring, investments, savings. We don't have any debt in our business. It's a really powerful person, obviously it's my own husband. But if you can have someone to pulse check you, to support you, to believe in you, to honestly be able to see the forest from the trees more than you can in your own project or business or money endeavor that is so key.

Jessica Zweig: And then another thing that I have done that has really allowed me to get out of debt and save money and feel really, really peaceful and abundant and my husband has helped me with this is we've set up an account. I call it my island account and it's a bank account we can only put money in. And if I needed to take money out I'd have to drive all the way across town in the worst hours, whatever. It's my island account. I can only send money to it, it can only grow. And I'm stacking my cheddar as my accountant once told me and my husband helps me ensure that money is being sent to that account every single month and that we're totally able to send that level of money over to that account and that's really grown our savings. My husband and I sleep well at night because of it.

Jessica Zweig: And so those are the key hacks that having my husband and having that account has changed honestly my financial wellbeing more than my finances but more of my financial wellbeing, which I think is key to vibrating at that level of abundance and attracting more.

Bobbi Rebell: That's such great advice. There's also a lot more great advice and I'm picking up your book now even though I know we're on audio and your book, okay I'm going to read the title Be, with a period, A No Bullshit Guide to Increasing Your Self-Worth and Net Worth by Simply Being Yourself. And I love the yellow cover. Yellow became one of your themes in the book so it transcends so much about you and your sunny personality. Tell us briefly about the book.

Jessica Zweig: So the book is a personal branding book. It's going to walk you through my trademark methodology of how to build your platform, the platform of you. Whether you work for yourself, or you work for someone else, or you want to one day work for yourself, having an understanding of what makes you you is an invaluable asset that you can take with you no matter what your job title is. That's number one. It's going to teach you tactically step-by-step how to do that from messaging, to strategy, to content, to social media, to PR.

Jessica Zweig: However, it is a personal empowerment book in fact disguised as a business book. Because I think at the core most people feel afraid to do that and to put themselves out there. And I say that my book is the permission slip and the reminder that you are worthy to be seen and to shine and to have everything you ever want. And it's my own journey in fact as well and my uncovering that truth for myself. And so, I'm right along with you throughout the whole book and you're going to take away so much tactical knowledge but at the end of the day I hope it inspires people to stop playing small and stop apologizing for their authentic amazingness. And that's what my book Be is about.

Bobbi Rebell: One of the recommendations in the book is to keep your social media and all of your public identifying names, et cetera, very consistent. So let's end with you telling us where people can find you on all of the social media because I know you keep it easy.

Jessica Zweig: I walk the talk as I say I drink my own Kool-Aid. So yes I am at Jessica Zweig on Twitter, on Facebook, on Instagram, on LinkedIn, jessicazweig.com. You can also go to simplybeagency.com which is my company's website and find me. I'm really, really, really easy to find. I'm out there. So please come and say hi.

Bobbi Rebell: Perfect. Thank you so much for joining us.

Jessica Zweig: Thank you so much for having me. This was amazing.

Bobbi Rebell: Here we go my friends Financial Grownup tip number one, some of the greatest business and financial success stories come from people who have survived toxic business relationships like Jessica, and like Jessica they use the lessons from those crushing and painful experiences to thrive in their next venture. This past week the dating app Bumble went public and its founder Whitney Wolfe-Herd started Bumble in 2014 after she very publicly left the dating app Tinder where she was a co-founder after a breakup with another co-founder. And she's talked about it a lot, it was a toxic relationship for sure. She is now the youngest female CEO to take her company public and worth over a billion dollars. What a great story.

Bobbi Rebell: Financial Grownup tip number two, so many of us are having trouble staying on track to meet our goals during the pandemic in part because it feels like no one's watching. I mean, after all we can and do literally work in our pajamas, certainly the off-camera part. We can quite literally take a nap between meetings. So it is time, get an accountability partner like Jessica. Get someone who will be committed to you and to whom you will also be committed to keeping on track. And if you both aren't doing that well break up fast and find another accountability partner who's a better fit. Nothing wrong with taking it a little easy but this more quiet time will come to an end and the opportunity to get your goals without so many distractions should not go to waste.

Bobbi Rebell: One way to get motivated, get out of those PJ's. Realistically, I know we aren't getting dressed up but have some fun with your pandemic wardrobe. That's what I know I needed when I came up with a concept for Grownup Gear it is all about celebrating wherever we are in our journey to being grown ups which never really ends let's be honest. Check out the designs on my website, bobbirebell.com. Click on shop or just go directly to grownupgear.com. And please be in touch. DM me what you want more of on this podcast. I love your feedback. I put discount codes for Grownup Gear on my Instagram, which by the way is Bobbi Rebell one. And we did just start a Grownup Gear Instagram. We don't have a lot of followers so please come check it out. That's at @GrownupGear on Instagram.

Bobbi Rebell: So big thanks to Jessica Zweig, author of Be, A No Bullshit Guide to Increasing You Self-Worth and Your Net Worth By Simply Being Yourself. Everyone check out the book and thanks again to Jessica for helping us all be financial grownups. Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK Media production.

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Financial Grownup Guide: Gamestop lessons and reflections for investors
Financial Grownup Guide: Gamestop lessons and reflections for investors

Gamestop's meteoric rise and fall, and the roles Reddit, Hedge Funds, and Robinhood played in it, have many lessons for financial grownups. Bobbi explains what happened, and reveals what new data is showing that many news reports initially got wrong. 

In this episode, you will learn:

The real final gamestop insta.png

-What actually happened?

- Why did Gamestop stock surge?

-How does short selling work?

-What goes on in the online forums (like reddit’s Wall Street Bets)?

-What is a short squeeze?

-How FOMO (Fear Of Missing Out) played into things.

-Why did brokerages like Robinhood put the brakes on trading?

-Who got hurt and why?

-What did we learn from this?

Takeaways:

#1 - While everyone loves a great David vs Goliath story- be aware that sometimes there is more to the story.

#2 - Trading stocks is really risky and this kind of trading-where you are buying a stock not based on any connection to the actual business of the company- is not investing - it is gambling. So only use the money you would take with you to a casino. 

#3 -Beware of the hype and think twice before getting on the bandwagon. Yes, a lot of small investors are out there bragging about how much they made off Gamestop and other similar situations. But a lot of people lost money, or are holding stock that is well below what they paid and will likely sell it at a loss. 

Full Transcript:

Bobbi Rebell:

This is going to be a special solo episode and we are going to talk about the Gamestop phenemonon that happened recently that has gotten a lot of you interested in how the stock market works, how the companies that hold the money you invest in stocks work, and most of all, how you can make money by buying stocks. 

Here on the financial grownups podcast we normally share money stories that impacted our lives and the lessons from them, or tips and tricks to improve your financial situation but today we’re breaking format because what happened recently with Gamestop, and a few other stocks, and Robinhood and some other brokerage firms really changed the game for a lot of people. 

Here’s what we are going to cover:

What actually happened- why did Gamestop (which is a company that wasn’t doing well). suddenly have a surging stock?

How does short selling work?

What goes on in the online forums, like reddit’s Wall Street Bets?

What is a short squeeze?

FOMO- fear of missing out- how that played into things…

Why did brokerages like Robinhood put the brakes on trading?

Who got hurt and why?

What did we learn?

So let’s start with what happened. Gamestop’s actual business, which is primarily selling video games in brick and mortar retail stores, was not doing well. So a lot of professional investors, including hedge funds, were betting against it, doing something called short selling. And by the way- this happened recently with a few stocks but we’re just going to talk about Gamestop here. 

What is short selling. Essentially- the investor goes to the broker and borrows the stock. They turn around and sell that stock to someone else. So they don’t have the stock, but they do have to return it to the broker. The goal is for the stock to go down between the time they sold it to someone else, and the time they have to buy it back, to return it back to the broker who lent it to them. Short selling is super risky because if the stock goes up- it absolutely has to be bought to give back to the broker. Since there is no limit to how high a stock can go, there is no limit to how much the short seller can lose. In other words- don’t go there unless you really know what you are doing. 

While this was happening, the stock started getting talked about on reddit, in particular on a page called Wall Street bets. They noticed that the stock was heavily shorted- and that there was a big change at Gamestop- some new members of the board. One in particular, Chewy Co-founder Ryan Cohen got noticed because he had a lot of digital experience- something Gamestop really needed. That combination got the Wall Street Bets folks to pile into the stock and cause it to rally. 

Next topic: The short Squeeze. Remember all those Wall Street professionals that had shorted the stock? As the stock rose, they were seeing that the price to re-buy the stock they had shorted was skyrocketing and they had to cover their bets.. by buying the stock… which set in motion this seemingly accelerating rise in Gamestop stock-

Then came the FOMO- fear of missing out. As news reports of this were coming out, more and more people wanted in on the action, and things started to get out of hand. Plus the whole thing took on a larger meaning because of media reports that  all these little guys banding together- there were more than 5 million folks on that reddit page- and the word was they were beating these big professional hedge funds. Everyone was talking about it. 

Now let’s talk about the brokerage firms and one in particular that gets a lot of attention: Robinhood. Amateur investors can go on Robinhood and trade for free. Robinhood has had it’s share of controversy in the past, but that’s a whole other podcast. In this case, Robinhood started to get worried- and, citing extreme volatility stopped allowing it’s customers to buy the stock- though they could still sell it. So keep in mind, Robinhood’s customers are generally individuals. The professional investors who were not dependent on Robinhood could keep buying and selling. The optics were not good. Some people thought they were doing it to protect the Wall Street pro’s from losing too much money. Politicians cried foul, and people lawyered up. 

As the dust settles - there is another dramatic twist. University of Chicago law professor Todd Henderson, says the pros saw what was happening and basically piggy backed on the little guys. 

He studied the data from that time. And while there was a burst of retail activity-  he says in a cnbc piece- eventually it was actually the big guys- against the other big guys. According to Henderson, hedge funds purchased stock and held it. This created fewer shares for short sellers to borrow in the market, and that squeezed the number of possible shares available to be loaned, making it harder for short sellers to bet against the stock. The desperate short-sellers needed to find new shares to borrow but supply got constricted.. If you are not following at this point- that’s kind of the point. It’s complicated. And it is not for amateurs. 

And that brings us to who got hurt and why. So yes, hedge funds and one in particular got hurt. As I write this, Gamestop’s gains have almost all disappeared, so a lot of people who bought it will likely sell it for a big loss. And they probably won’t talk about it. Especially with all the bragging going on about how much their friends and family made on the rise up- assuming they sold it at a profit. FOMO can cost you. 

So finally - what are the lessons to take away from all this?

Lesson #1 - while everyone loves a great David vs Goliath story- be aware that sometimes there is more to the story.

Lesson #2 - Trading stocks is really risky and this kind of trading-where you are buying a stock not based on any connection to the actual business of the company- is not investing - it is gambling. So only use the money you would take with you to a casino. 

Lesson #3 Beware of the hype and think twice before getting on the bandwagon. Yes, a lot of small investors are out there bragging about how much they made off Gamestop and other similar situations. But a lot of people lost money, or are holding stock that is well below what they paid and will likely sell it at a loss. 

As for my take, it’s never a good feeling to know that many well meaning people took risks they didn’t understand and lost money, I am glad that this got so many non-investors interested in learning more about the stock market. And even though that interest was motivated by momentum driven trading, my hope is that eventually that will evolve into learning about thoughtful, intentional and strategic investing, that will help all of us reach out grownup financial goals. 

Thanks everyone for joining me- for more money tips and advice- plus lots of giveaways please go to my website bobbirebell.com and sign up for the grownup list. 

I love bringing you this podcast and it is and always will be free to you but there are a number of ways that you can support the show if you enjoy it. 

Number one- tell a friend about it. 

Number two- take a screenshot and share on social media

Number three- write a review on apple podcasts

And finally- do a little responsible shopping on my grownupgear.com website. It’s got t-shirts, sweatshirts, mugs, tote bags and more- all tied to being grownups. The products make great gifts, for friends, family and co-workers, and even for yourself. 

Thanks everyone, for joining me and for being financial grownups. 

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Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

 
Advice, Business, Entrepreneurs, Financial Grownup, Financial Grownup Guides, Financial Independence, Investing, Money, Personal FinanceGuest Usergamestop, wall street, stock market, robinhood, stocks, reddit
How to hold down two dream jobs at once with Cosmo Op-Ed Editor and novelist, Jessica Goodman
How to hold down two dream jobs at once with Cosmo Op-Ed Editor and novelist, Jessica Goodman

When Jessica Goodman landed a book deal, and later a TV deal for her debut novel “They Wish They Were us” many people though she would go full time on her side-hustle. But Goodman says that was never the plan, and explains why and how she blends the finances and demands of her two dream jobs.

Jessica Goodman -Insta (4).png

In Jessica’s Money Story she shares:

-How she started writing her e first book, “They Wish They Were Us.”after having the idea for years.

-How she researched what is involved in selling a book to a publisher, including getting an agent

-How she kept her employer, Cosmopolitan Magazine informed and supportive of her book writing side hustle

-How an advance works for an author, including the tax implications

-What she wishes she knew about being an author and how much they are paid before she wrote and sold the book

-How she was able to adapt her schedule to both her full time job at Cosmopolitan Magazine, and writing books

-What you need to know about how a full time job works compared to being a self-employed author, including quarterly taxes

-When you should think about bringing in an accountant.

In Jessica’s Money Lesson you will learn:

-Why and how you should re-evaluate the way you think about money

-The best strategies to manage money when you are paid inconsistently in chunks

-How she and her partner adapted their spending during the pandemic

-How to resist it when people who care about you give you bad financial advice

Jessica’s Money Tip:

-Even if you live in a small space it can pay to buy in bulk during quarantine (and maybe after!)

-Think of non-traditional items that you would not have used as much at home- like buying wine by the case

-Tips about ordering groceries online including having the heaviest items delivered

Bobbi’s Financial Grownup Tips:

Financial Grownup Tip #1:

Jessica shared that she regretted not taking the time and advanced to understand the financial impact of having both a W2 job, that's a full time job, and self-employment income. Whenever you start a new venture that might bring in revenue, check in with a tax professional. If you are at a full-time job, read through those benefits, go to your HR website because the truth is many companies allow you to enroll in a free or low cost legal plan where you can get that kind of advice in a very affordable way.


Financial Grownup Tip #2:

Get a system going and understand that you might miss out on things if you want to reach your goals. Jessica was pretty candid about her commitment to her writing routine. To get to what you want to accomplish, most of us are going to have to be deliberate and to make room for something like writing a novel, when you aren't at your day job, you probably will have to give some things up.


Episode Links:


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  • Twitter - @bobbirebell


    Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Full transcript of show:

Bobbi Rebell:

Part of being a financial grownup is making sure you have a plan for how you spend your money and how you pay your bills. And now we have a new tool for that. It is called Splitit. It will take a lot of the stress away from those big purchases and really allow you to plan ahead. Here's how it works. You shop online and when you're ready to pay, you just choose Splitit at the checkout to split your payment on your credit card and pay over time. There's no interest, no application, no fees. It is fast and easy. So if you buy something for $500, you can split it into five smaller payments of $100 a month without any interest or fees. Much more manageable and you're in control of your costs. By turning your payments into smaller installments over time with no interest, Splitit gives you more spending power.

Bobbi Rebell:

I know I don't like to have to pay interest if I can avoid it. And I also don't want to always be opening new lines of credit. Split your payments and live big with the credit cards you already have go to splitit.com today. That's splitit.com.

Jessica Goodman:

When I was like a little kid, I was like, oh my God. You publish a book and you become a millionaire. That's just like how it works. But in reality, I learned that was not the case.

Bobbi Rebell:

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

Bobbi Rebell:

Hey friends, do you have a passion project or a side hustle? One you dream of doing full time one day and maybe getting to ditch that day job? Well, Cosmopolitan's Jessica Goodman had a passion project that she was quietly working on for years. And that was to be an author. Her debut novel, a murder mystery set in an elite private school called They Wish They Were Us ended up being such a hit that it is now being made into a TV series, starring Halsey and Euphoria's Sydney Sweeney. Fast-forward and Jessica has now scored a book for a second novel that is already coming out this summer. So all systems go on the dream career, right? Well, not so fast. To the surprise of quite a few people in her life, rather than ditch, she doubled down, staying on a Cosmopolitan magazine where she is currently the op-ed editor.

Bobbi Rebell:

In our interview, Jessica shares why she is sticking with the day job, goes through exactly how she manages her time and gets candid about what she wishes she knew about before diving into the book business, including, well, a lot of tech stuff. For those of you new to the Financial Grownup Podcast, welcome. I'm so glad that you are here. We talk with financial grownups here about money stories that impacted their lives and the lessons learned from those stories. We also ask them to bring along an everyday money tip that we can put to work right away. Spoiler alert. Jessica's has to do with how she and her partner buy their wine. So stay tuned for her tip on that. And with that, let's get to this week's interview. Here is Cosmo op-ed editor and author of They Wish They Were Us, Jessica Goodman.

Bobbi Rebell:

Jessica Goodman, I'm so excited to finally have you on the show. You are definitely a financial grownup. Welcome.

Jessica Goodman:

Thank you so much for having me. I'm thrilled to be here.

Bobbi Rebell:

And happy 2021, a year when your second, soon to be bestseller is going to be released. Before we get into your money story, tell us a little bit about each of your books just briefly.

Jessica Goodman:

So my first book, They Wish They Were Us came out in August and it is a young adult thriller that follows a high school senior, Jill Newman, who is in a very exclusive society within her Long Island prep school. And at the beginning of the book, she is reflecting on the fact that her best friend died when she was a freshman and she was also part of this society. And soon after the book begins, she starts getting text messages that say that her best friend Shayla didn't die the way that everybody thinks she did. And so what follows is kind of a whodunit, murder mystery set in this very exclusive prep school. And it's really an exploration of privilege and friendship and peer pressure. And I kind of like to say that it's like Gossip Girl meets Pretty Little Liars, meets A Secret History. It's really fun. And it's being adapted into a TV series, starring Sydney Sweeney and Halsey. So if those people are on your brain, I think you might enjoy.

Jessica Goodman:

And then I also have a new book coming out this summer. It's called, They'll Never Catch Us. It's currently available for pre-order wherever books are sold. And it is also a young adult thriller about two super competitive sisters who run cross country. And they're both trying to be the best on their team and in the state. And they threaten to kind of lose the number one and two spots when a new girl comes to town. And then soon after she arrives, she also disappears. And everybody in the town begins to suspect that the sisters had something to do with it. So that's where my brain has been for the past couple of months, which is really exciting.

Bobbi Rebell:

It is really exciting. What's amazing to me, and I think our listeners will really enjoy hearing about this is while you are doing this, this is actually really a side hustle to your primary job. You have been in a number of different positions at Cosmopolitan magazine. You're currently the op-ed editor. Did I get that right?

Jessica Goodman:

You did. And I'm very impressed that you didn't trip up over the ed editor because I always do when I say it out loud and I have to be like, oh wait, no, this is my job.

Bobbi Rebell:

That is your job now, you are still working there with one book out, another one on the way. So for your money story, I've asked you to kind of talk about how that happened, especially the money-related decisions that you had to make along the way to make this happen. Having a very full-time job at Cosmo. And then on the side, writing this book. It was a lot of choices you had to make I would say. Tell us your money story.

Jessica Goodman:

Definitely. Yeah, so many choices along the way. When I started writing the first book, They Wish They Were Us. And I really started writing it in earnest after having kind of dabbled with it for many years. In earnest, I started working on it in like 2015, 2016. I would say. I didn't get to the point where I thought I could actually sell it and be a professional author until maybe like 2018. And that's when I got connected with my agent and we started working towards being able to sell it. But I did a lot of research into how one becomes an author. I was literally Googling like, how do you publish a book? Like, how do you find an agent? Like what is a book advance? Like all of these kinds of really basic questions that I just had no idea what it was all about.

Jessica Goodman:

And I basically found out that it's really, really, really difficult to publish and sell a book. And that be your sole income or your sole career, like one book basically. And so it was never really an option for me to quit my ... Like I never thought about quitting my jobs in journalism while I was trying to sell the book. So it was always just like, how can I make both of these dreams come true at the same time? And so we sold the book, They Wish They Were Us, in the fall of 2018. And we got an advance, which is what they call the income that you make from selling your book. And publishers usually split it up into a few big chunks. For mine, it was like, I got a chunk of money when I signed the contract, a chunk of money when I turned in the book and then a chunk of money when the book came out. And when, at least when I was like a little kid, I was like, oh my God. It's like you publish a book and you become a millionaire. That's just like how it works. But in reality, I learned that was not the case. And it's certainly like a fantastic thing to have of course, but it's not the kind of financial gains that I originally thought it would be. And I think that a lot of people think about when they think of like someone getting a book advance. Like I said, it was always like a no-brainer that I would keep my job, but I really had to learn how to prioritize both jobs to be able to do them well. So my schedule when I'm being my best self is that I write in the morning before work, usually from seven to nine. And then I do my job from ten to whenever. And then I write on the weekends as well. It's certainly hard at some points, especially at my job at Cosmo, I cover the news, especially like elections and special elections and anything relating to, like having to do with politics. So obviously this past year was hard to balance everything.

Bobbi Rebell:

Were you open with your bosses about these efforts, or was it something you kept private?

Jessica Goodman:

When the book deal actually happened, I went in and told my boss, hey, I just want to give you a heads up that like this happened and it's not going to affect the work that I do here. Like, I really wanted to make sure that they knew that I wasn't about to quit basically, that I was just like, this is just something that I'm doing for myself and my personal dreams. But like, it's not going to affect my work or my productivity here. And I just wanted to give you like a courtesy heads up basically. And everybody was really supportive and they have been really supportive of the book. And so it's been lovely honestly, but I definitely have heard some horror stories at other companies. But I think when you work in a field that's somewhat like adjacent to whatever your side hustle is, it does make it a little bit easier for people to understand why you might be doing something or how it won't interfere with your responsibilities.

Bobbi Rebell:

What do you wish you knew in terms of the book business and the financial aspects of it? What do you wish you knew ahead of time? You mentioned that you get the bulk payments and you kind of had this idea as a child that authors become millionaires.

Jessica Goodman:

Yeah, I think something that I definitely wish that I knew was like taxes. Like I think if you're like me and you've really only had a job that you get a salary and benefits from your employer, it's really difficult to self-manage money that comes in chunks, whether you're a freelance writer or you're your own boss and you're not part of like a company. I think it's really difficult to know things like, oh, I have to pay quarterly taxes on this income. Or like, oh, I don't know how much money to put aside from this advanced check that I got, because that advance doesn't reflect the taxes I need to pay on it. So I ended up working with an accountant because I had no idea how to navigate this on my own. And I wanted to make sure that I was doing everything by the book.

Jessica Goodman:

And I wasn't going to get dinged at the end of the fiscal year because I have heard horror stories of people getting, like a $100,000 of their advance, spending it, and then not realizing that they needed to pay however many tens of thousands of dollars of taxes on that. And like, oh my God, what a nightmare. Or even realizing that I had to pay quarterly taxes on like freelance income was the real shock to me. So I got an accountant kind of like late in the game, I would say. And I wish I had got one, like even before the first check came in to like really help me navigate that.

Bobbi Rebell:

What is the lesson for our listeners, from this story? What's your advice to people thinking about whether it's writing a novel or any kind of side hustle where they're going to have to hold on to their job?

Jessica Goodman:

I think for me, it was really reevaluating the way that I thought about money. Like I think after having been in jobs where like I got a salary check every other week. That was like, okay, like I know what my monthly expenses are. I know how much my rent is. I know how much my utilities are. Like, I know how much I spend on groceries. Like all that stuff that they tell you. And I knew how to manage that money. Like I knew how much I might be able to save, how much I would need to pay my credit card bill, like all this stuff. But when you get these like big chunks of money, or even just smaller chunks of money from like freelance gigs or whatever, I think it can feel really tempting to just kind of spend it immediately. Even if you're the type of person who is really invested in saving and planning for your future, I think it's hard to conceptualize like how much money you might need for stuff. And especially this year, when I wasn't interested in spending a lot of money at all, based on the kind of times we're in, I splurged on a few things and those things I was thinking about them before we hopped on the call. Those are the things that I really splurged on this year where I turned 30 and I bought myself $80 worth of oysters that were shipped from Cape Cod and an oyster shucker. And that's how I spent my 30th birthday with my partner. We shucked like 50 oysters and save the additional, however many for the next day. And it was such a treat and it was so much fun and something that I'll remember forever. And I bought myself a $90 tie dyed sweatsuit because I am a millennial and on Instagram and it just looked really cozy. And those were like my two big splurges of the year.

Jessica Goodman:

And I know a lot of people, when they get like a book advancer or kind of achieve these really big milestones, they're like, I'm going to buy myself a really expensive piece of jewelry or a fancy handbag, or even like house or whatever. And I mean, I think all of those things are fantastic, but for me, the lesson for me, the lesson here was like, all right, I don't really have anything that I'm ready to splurge on that big right now. I really want to like, save all of this money as much as I can. And those are the things I'm going to splurge on, like oysters and a tie dyed sweatsuit. And knowing that like my big splurge might come later. Like I am saving up to buy a house with my partner. And I think that like my book advance will of course go towards that.

Jessica Goodman:

But realizing that like, I didn't need to spend it all right away I think was a huge revelation, especially because so many people were like, what are you going to treat yourself to? Like your book just came out, like, what are you going to do to mark the occasion? And I didn't really do that much because it just didn't feel right for me. Those were my splurges.

Bobbi Rebell:

I love it. I love the idea of oysters. So tell us your everyday money tip.

Jessica Goodman:

Oh yes. Okay. So this is one that I really got to be obsessed with during the pandemic. Like I am not the type of person that should or would traditionally buy in bulk. Like I live with one other person. We live in a one bedroom apartment. It's very small. We don't have a lot of storage space, but this year I became the kind of person that buys in bulk. Obviously, so many people are doing this during the pandemic, but I don't think I really realized how much you actually save when you buy in bulk and you know what you're going to use in those bulk quantities. And I think the pandemic has really shown people like what they actually use and what is actually important to them. And so for us, like there were a few things that really changed the way I thought about this. One was I started doing like subscribe and save Amazon paper towels and toilet paper. And actually I had done this pre run out of toilet paper in like March moment. So I pat myself on the back for knowing that would be a thing.

Jessica Goodman:

But I think I did the math recently. And it was like if I were to buy a few rolls every time I went to the grocery store, I would spend nearly twice the amount that I do just doing subscribe and save and having them shipped directly to my house. And even though they just sit in boxes in like a corner of our apartment. Because again, small one bedroom apartment, I think it's like totally worth it for us. And the other way that I found this to be really useful was we started buying our wine in cases, which a year ago I would have said like, are you okay? Like what's going on here?

Jessica Goodman:

But my local wine shop, they started offering a 15% discount if you bought a case of wine. And so we basically did the math and we were like, well, we'd be losing money if we didn't do this. And we don't go through them that quickly. I mean, it's no brainer how much money you save. We started looking for ways that you could buy in bulk and save like that. Like the fancy coffee shop near us. If you buy beans in bulk, it's like the same thing. And all these companies now do like subscribe and save membership things, like there's so many coffee ones where like every week they'll send you a bag of beans or whatever. And I think like looking for those has really been super helpful for us and certainly cut down on how we spend.

Jessica Goodman:

The other thing about like this buying in bulk grocery shopping thing is I heard this tip from Carla Lalli Music who used to work at Bon Appetit and now is she's like a chef home cook person on Instagram and has like a fantastic cookbook. But her big tip was always like, if you're ordering groceries, like order all the heavy stuff that's going to be delivered to your apartment. So you don't have to carry stuff, especially in an apartment. And that has been so helpful to me too, where it's like, every time I do like a big shop online or Instacart or Whole Foods or whatever, I get like 10 cans of beans, because like, I don't want to carry that. Or like four jugs of olive oil or like four twelve packs of seltzer because yes, you're buying in bulk. And sometimes you can get discounts that way, but also like who wants to carry that stuff home?

Bobbi Rebell:

Definitely good to always make your life easier. Especially if you are paying those fees to have it delivered. You want to get the most out of that delivery fee. Jessica, thank you so much for being with us, tell us where people can find out more about you. We know your books are available everywhere. We don't know when is the TV series coming.

Jessica Goodman:

TBD on the TV series, but you can stay up to date with all of that info on my Instagram, which is @JessicaGoodman or Twitter @JessGood. And I also have a website goodmanjessica.com. Thank you so much for having me.

Bobbi Rebell:

Okay. My friends let's do this. Financial Grownup tip number one, Jessica shared that she regretted not taking the time and advanced to understand the financial impact of having both a W2 job, that's a full time job, and self-employment income. Whenever you start a new venture that might bring in revenue, check in with a tax professional. And by the way, if you are at a full-time job, read through those benefits, go to your HR website because the truth is many companies allow you to enroll in a free or low cost legal plan where you can get that kind of advice in a very affordable way.Financial Grownup tip number two, get a system going and understand that you might miss things if you want to reach your goals. Jessica was pretty candid about her commitment to her writing routine. To get to what you want to accomplish, most of us are going to have to be deliberate and to make room for something like writing a novel, when you aren't at your day job, you probably will have to give some things up.

Bobbi Rebell:

I had so much fun talking with Jessica and her book was really, really a page turner. As I mentioned, it is a murder mystery. And for the record, I really was totally fooled. I didn't see the twists and turns coming. One thing that I've really loved during our forced stayed home time during this pandemic has been catching up on reading fiction and really getting lost in books. We're going to be giving away a few signed copies of Jessica's book to that end so please make sure you are on the Grownup list ASAP so you don't miss that. Just go to my website, bobbirebell.com, and you can sign up for free.

Bobbi Rebell:

Now while you are there, please check out my big project that I have been working on. I am so excited to see what you guys think. It is the new Grownup Gear Shop. It's a passion project of mine, and I hope you guys will all support it. Podcasts listeners can get 10% off if you use the code “Jessica” within one week of this episode dropping. So just go to my website, bobbirebell.com, and you'll see the word shop, click on there. Check it out. I hope you guys like it. Big thanks to author Jessica Goodman for helping us all be financial grownups.

Bobbi Rebell:

Financial grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK media production.

Advice, Authors, Business, Career, Entrepreneurs, Financial Grownup, Financial Grownup Guides, Financial Independence, Journalists, Millennial Superstars, Personal Finance, Money, Podcasts, Women Entrepreneurs, Women Role ModelsBobbi Rebell KaufmanJessica Goodman, They Wish They Were Us, bobbi rebell, new fiction books, new mystery books, new YA books, cosmopolitan, editor
Financial Grownup Guide: 5 Things You Can Control About the Price You Pay for College with Author Ron Lieber 
Financial Grownup Guide: 5 Things You Can Control About the Price You Pay for College with Author Ron Lieber 

Author Ron Lieber returns to the Financial Grownup podcast to preview his new book "The Price You Pay for College”and share tips on the best ways to control college costs, including debunking some big myths about why college is so expensive and who gets how much aid, and why. 

Tip #1:

There is now a whole separate parallel track of the financial aid system called Merit Aid. Rich people can take advantage of it just as much as low income people can. Figure out whether a school offers it at all and in what volume and for the more selective schools that do offer merit aid, it is often quite difficult to figure out what is going on behind the scenes. You have to go hunting for data that is usually publicly available, but it is not kind of digested or regurgitated in a way that's useful. You have to look at something called the common data set and do a search for section H-2A and there you will figure out, you will see what percentage of people who have no demonstrated financial need, still get scholarships anyway and in what amounts. With merit aid, it's more likely to be a kind of haggling where you go to the admissions office and say, "Look, you're my first choice, but this school that you compete with down the road that I would actually really rather not go to has offered me $6,000 more per year. Can you help me out please? Did I make a mistake in my application to you that maybe may have made you value me less than your competitor."

Tip #2

You can appeal the financial aid package you receive from these colleges. The need-based financial aid packages come from the financial aid office. You may need to make different sorts of arguments because with the need-based crew, you generally need to prove that your financial circumstances have changed since you originally applied for financial aid. That's going to give you the best chance of success.

Tip #3

Save the “right” way. There's this idea out there that you need to make a choice between saving for your retirement and saving for college for your kids. You can do both. Borrowing for college may not be for some families. This idea also implies that you can't borrow for retirement, which is not true. You can borrow for retirement using reverse mortgage if you have equity in your home. Then there's this other one that's more directly college-related, which is that if you save money for college, you will be penalized for that come financial aid time. The financial aid formulas have much more to do with your income than they do with your assets. It is true that your assets will be tapped. And some people think that that means that they will be taxed. But, I would argue if you've got assets, it's only fair that you should have to use them before the school uses its own resources to support you. I have never run into a family that regrets having saved for college. And I know personally that when that 529 statement comes every quarter, opening it up, makes me feel great about myself. It makes me feel great that whatever other failings I may have as a parent or as a human being this I am doing right for my kids.

Tip #4

You can control the way that you frame a college and where you present the choices to your children. We do not have to cede decision-making authority on college to our children. It is not the case that just because they work hard, they should be able to go wherever they want. You don't get, make that kind of choice all by yourself when you're 17 years old. So, we do have some control there and we have some control over how, and when we introduce these concepts to them, because to me, it's only fair that a rising ninth grader ought to know what their parent or parents ability to pay for college might be. What their willingness to pay for college might be too and also, how the system of wheeling and dealing and discounting actually works so that if they so choose, they can position themselves to be in the best possible spot as an applicant.

Tip #5

What we tend to miss as parents is that we are not having emotionally honest conversations with ourselves, our spouses, or even our exes. We're not talking about fear that our kids will go tumbling down the social class ladder if we make the wrong choice or they make the wrong choice. We don't talk about guilt. The guilt that we have, that we didn't save more, or we don't want to spend more, or we're not doing what our parents were able to do for us. We don't have those conversations out loud. And we certainly don't talk about our own elitism and snobbery and how we feel about these institutions. The way we think that an admissions offer might reflect back on us and our family or even about the snobbery and elitism of the institutions that will be in the market for our 22 year-olds when they graduate. And the way in which those elitist institutions might look down on one school as opposed to another.

Full Transcript of Episode:

Bobbi Rebell:

Part of being a financial grownup is making sure you have a plan for how you spend your money and how you pay your bills. And now we have a new tool for that. It is called Splitit. It will take a lot of the stress away from those big purchases and really allow you to plan ahead. Here's how it works.

Bobbi Rebell:

You shop online and when you're ready to pay, you just choose Splitit at the checkout to split your payment on your credit card and pay over time. There's no interest, no application, no fees. It is fast and easy. So if you buy something for $500, you can split it into five smaller payments of $100 a month without any interest or fees, much more manageable and you're in control of your costs. By turning your payments into smaller installments over time with no interest Splitit gives you more spending power.

Bobbi Rebell:

I know I don't like to have to pay interest if I can avoid it. And I also don't want to always be opening new lines of credit, split your payments and live big with the credit cards you already have go to splitit.com today. That's splitit.com. Financial grownup guide, five things you can control about the price you pay for college with author Ron Lieber.

Bobbi Rebell:

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

Bobbi Rebell:

Hello, my friends, for all our talk about budgeting, spending, penny pinching in some cases, looking at the prices of everything we buy. Most of us, our parents, our children, friends, we buy one really big ticket item that we shop for without actually getting to see the real price that we will pay. I am of course, talking about college. And while yes, we can see the full retail price on many university's websites, the majority of us actually, aren't going to pay that price.

Bobbi Rebell:

In fact, I learned in Ron Lieber's new book, "The Price You Pay for College" that only 11% pay that price. So then the question is how much of a discount can we get, and how is that decided? Welcome everyone here on the Financial Grownup podcast, we talk about money issues that matter to us as we move through adulthood and college certainly qualifies.

Bobbi Rebell:

Ron Lieber, the New York Times Your Money Columnist, who was first on the podcast in 2018, talking about how he got into school is now back to give us a peek at his very grownup book, "The Price You Pay for College," an entirely new roadmap for the biggest financial decision your family will ever make. Yeah, that's the truth. Like so much of our lives these days, there are lot of things that we can't control. So I asked Ron to tell us what we can control, and he did a little myth-busting along the way. Here is Ron Lieber.

Bobbi Rebell:

Ron Lieber welcome back to the podcast and congratulations on your new book, "The Price You Pay for College."

Ron Lieber:
It's great to be back. Thank you for having me.

Bobbi Rebell:

What inspired this book before we get into your tips about the things that we can control about the price that we all pay for college?

Ron Lieber:

Well, this book is both personal and professional. It's personal because, I have a 15 year-old ninth grader and a five-year-old kindergartener. I live in New York city with extremely high costs and it's a two journalist household. So we're not exactly rolling at it. So this is going to be hard for our daughters to have the same kinds of choices that my wife and I had albeit for me with a whole bunch of need-based financial aid.

Ron Lieber:

So it's personal, but it's also professional because readers kept getting in touch and expressing marvel, but also alarm at the fact that the rack rate for the most expensive colleges in the country had passed $300,000 for four years and even the flagship state universities.

Ron Lieber:

Many of them are now more than a hundred grand for four years. So you've got a $200,000 gap between them and these readers were saying to me, "Hey, we live in the era of big data, where's the big dataset that explains why NYU is $200,000 better than SUNY Binghamton." I did not know and it felt like a new question to me.

Bobbi Rebell:

Well you answer a lot of the questions in the book? And unfortunately there is a lot about this process that we simply cannot control, but I want to focus for our grownup audience on the things that we can control. And we've got a list of a few things we're going to go through. What is the first one? What can we control when it comes to the price we pay for college?

Ron Lieber:

Well, you can control what you know, right? You can learn how the system works. One of the things that continues to amaze me is the number of sophisticated people who are extremely successful in their own chosen fields of employment who show up in my inbox or in my text messages in March or April of their child's senior year in high school.

Ron Lieber:

And they have no idea what has hit them. They have no idea that there is now a whole separate parallel track of the financial aid system called merit aid. And that rich people can take advantage of it just as much as low income people can.

Bobbi Rebell:

And that's kind of one of the reasons why college has gotten so expensive in fact, is that it's become the sort of vicious cycle.

Ron Lieber:

One of the things that's made it also complicated for the people who run these schools, it's not just the pricing wars going on in the background, although that certainly helps drive down revenue and the net tuition revenue per student. But one of the things that we can't control as individuals and the schools have a lot of trouble controlling, is that people good ones, well trained people cost money, right?

Ron Lieber:

Professors spend, a minimum of five years in graduate training and Economics 101 suggests that, people who need to spend that long learning and training ought to be compensated at an above average rate. There are also more administrators than there used to be for every 1000 undergraduates. But that's mostly because we like it that way, right?

Ron Lieber:

We want disabled kids to have access. We want kids with mental health issues to have access. We want there to be a good counseling center on all of that. So, we get the administrators, we demand in the marketplace. But it is not cheap to run these places and if we made them more efficient, we might not like the result.

Bobbi Rebell:

So for parents that want merit aid, how can we control merit aid and how much we can get for our child or for kids going to college, if you're a teenager listening to this?

Ron Lieber:

Well, the first thing you have to be able to figure out is whether a school offers it at all and in what volume and for the more selective schools that do offer merit aid, it is often quite difficult to figure out what is going on behind the scenes.

Ron Lieber:

I think of schools like, Oberlin or Connecticut College, relatively Tony Brand’s private schools. A lot of fancy kids go there. They don't really want to talk about this. They're ashamed that they've got to, get in there and slug it out in the marketplace.

Ron Lieber:

And so you have to go hunting for data that is usually publicly available, but it is not kind of digested or regurgitated in a way that's useful. You have to look at something called the common data set and do a search for section H-2A and there you will figure out, you will see what percentage of people who have no demonstrated financial need, still get scholarships anyway and in what amounts.

Bobbi Rebell:

Another thing I was shocked about that you talk about in your book that people can control is if they do get a financial aid package, they can appeal it.

Ron Lieber:

It's true. There are a lot of people who don't know that this is the case as well. And it gets a little messy, right? Because the need-based financial aid packages come from the financial aid office. But the merit aid awards come from admissions. So depending on which awards you have, you may need to file your appeal to different people.

Ron Lieber:

And then when you do, you may need to make different sorts of arguments because with the need- based crew, you generally need to prove that your financial circumstances have changed since you originally applied for financial aid.

Ron Lieber:

That's going to give you the best chance of success. With merit aid, it's more likely to be a kind of haggling where you go to the admissions office and say, "Look, you're my first choice, but this school that you compete with down the road that I would actually really rather not go to has offered me $6,000 more per year. Can you help me out please? Did I make a mistake in my application to you that maybe may have made you value me less than your competitor."

Bobbi Rebell:

Let's get into other things that people can control. There's a lot of myths about how to save, where to save and how much to save to get the best opportunity in terms of support from the college. What should people be doing? What can they control there?

Ron Lieber:

Well, let's go through a couple of the maxims here that are repeated as truths in financial planning and in personal finance, journalism, by people who ought to know better that are not actually true. First of all, there's this idea out there that if you need to make a choice between saving for retirement and saving for college, you should save for retirement because you can't borrow for retirement. That implies a couple of things.

Ron Lieber:

First of all, that borrowing for college is necessarily and always a good idea, and it may not be for some families. But it also implies that you can't borrow for retirement, which is not true. You can borrow for retirement using reverse mortgage if you have equity in your home.

Ron Lieber:

So, I hate things that are presented as maxims. They're actually based in factual inaccuracies. Then there's this other one that's more directly college-related, which is that if you save money for college, you will be penalized for that come financial aid time.

Ron Lieber:

So there's a whole bunch of problems with this. I mean, first of all, the financial aid formulas have much more to do with your income than they do with your assets. It is true that your assets will be tapped. And some people think that that means that they will be taxed. But, I would argue if you've got assets, it's only fair that you should have to use them before the school uses its own resources to support you. And let me also say this, right?

Ron Lieber:

I have never run into a family that regrets having saved for college. And I know personally that when that 529 statement comes every quarter, opening it up, makes me feel great about myself. It makes me feel great that whatever other failings I may have as a parent or as a human being this I am doing right for my kids.

Bobbi Rebell:

And speaking of your kids, that's also something you can control. You can control the way that you frame a college and where you present the choices to your children.

Ron Lieber:

It's true. Look, I mean, we do not have to cede decision-making authority on college to our children. It is not the case that just because they work hard, they should be able to go wherever they want. That's not how it works when this thing that they are chasing costs today, as much as $325,000 for University of Chicago at the rack rate, right? You don't get to make that kind of choice all by yourself when you're 17 years old.

Ron Lieber:

So, we do have some control there and we have some control over how, and when we introduce these concepts to them, because to me, it's only fair that a rising ninth grader ought to know what their parent or parents ability to pay for college might be. What their willingness to pay for college might be too and also, how the system of wheeling and dealing and discounting actually works so that if they so choose, they can position themselves to be in the best possible spot as an applicant.

Bobbi Rebell:

And the final thing I want to talk about is our own emotions. There's the cliche, "Keeping up with the Joneses" and everyone says, "Oh, I just want what's best for my child." But people get pretty emotional. This for many parents, it's a reflection on, it's almost like, did they get an A+ in parenting, depending on where their child goes to school. They want that sticker on the car, right?

Ron Lieber:

I am so glad you bring this up. Obviously the students have a tendency to be emotional. They're getting ready to leave home, they feel like it's competitive. They want to be able to hold their head up in the community. They want what they want and that's normal for adolescents.

Ron Lieber:

But what we tend to miss as parents is that we are not having emotionally honest conversations with ourselves, with our spouses if we have one, with our exes, if we have some of those about the feelings that all of this invokes and evokes, right? We're not talking about fear that our kids will go tumbling down the social class ladder if we make the wrong choice or they make the wrong choice. We don't talk about guilt, right? The guilt that we have, that we didn't save more, or we don't want to spend more, or we're not doing what our parents were able to do for us.

Ron Lieber:

And so therefore we should borrow $150,000 per kid, right? We don't have those conversations out loud. And we certainly don't talk about our own elitism and snobbery and how we feel about these institutions. The way we think that an admissions offer might reflect back on us and our family or even about the snobbery and elitism of the institutions that will be in the market for our 22 year-olds when they graduate. And the way in which those elitist institutions might look down on one school as opposed to another.

Bobbi Rebell:

Very interesting. And it's true in schools, one of the myths that you dispel in the book is that schools, they have all these things you joke about the lazy river and the rock climbing wall. I mean, that is something that is eye candy for students. That's not the reason that schools are so expensive by the way.

Ron Lieber:

No, I mean, these are really fun things to go gawk at and talk about and old school types will snicker and think that everything's gone to rot. But I don't blame the schools for this. I mean, these 18 year olds want to continue to live in the manner to which they become accustomed.

Ron Lieber:

And all of a sudden in a generation we've gone from, having a VCR in your room and a private phone line, and your own camcorder, being a luxury to everybody walking around with this little rectangle that like does all of those things and then some, right?

Ron Lieber:

We just have a way higher standard of living that we used to. And so it doesn't surprise me that a bunch of institutions would want to raise the quality of the lived experience for their undergraduates. I would argue that this is market driven. It's not driven by the institutions and it doesn't actually cost a ton. Again, it's the people who cost money at the schools, not the amenities.

Bobbi Rebell:

Right. And that's a big, big myth that you bust in the book. I loved your book. I hope lots of people pick it up because it is eye-opening about so many things that I thought were true that are not true like that last example. Ron, where can people be in touch with you?

Ron Lieber:

Yeah, I am itching to get back out on the road again, but it's probably not going to happen until November at the earliest. So I will be all over the internet. The best way to catch up with me is to sign up for my newsletter, which I promise I don't send out all that often. But if you go to ronlieber.com and just drop your first name and your email address in there, you can keep up with me and I will continue to send notes and notices about where I will be appearing via zoom. And I'm on all the usual social channels @RonLieber.

Bobbi Rebell:
So wonderful. Thank you so much.

Ron Lieber:
Thank you for having me.

Bobbi Rebell:

Okay my friends. I was pretty surprised about how little at a relative basis, all those luxuries amenities costs, but I guess overall, it is a good thing that the money is going in large part to educators. Right? I would love to hear about your experiences with paying for college. You can DM me at @BobbiRebell1 on Instagram, @BobbiRebell on Twitter, and please join the grownup list.

Bobbi Rebell:

We share recommendations of books, podcasts, and other fun things to level up your grownup life, plus we are doing giveaways of books from the authors on the show and exclusive financial grownup merchandise. Just go to my website, Bobbirebell.com to sign up. Big thanks to, "The Price You Pay for College" author, Ron Lieber for helping us all be financial grownups. Financial grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK media production.

Family + Relationships, Career, Authors, Advice, Business, Financial Aid, Financial Grownup Guides, Money, Student DebtBobbi Rebell KaufmanFinancial Grownup, money expert, Money Lessons, Money tips, Ron Lieber, college savings, College Students, financial aid resources, merit aid, university, saving money for college, Financial Grownup Guide
Financial Grownup Guide: 5 Ways to use the Power of Rituals for a Fresh Start in 2021 with Erica Keswin
Financial Grownup Guide: 5 Ways to use the Power of Rituals for a Fresh Start in 2021 with Erica Keswin

Author Erica Keswin returns to the Financial Grownup podcast to discuss her new book Rituals Roadmap: The Human Way to Transform Everyday Routines Into Workplace Magic. Erica shares specific, free and low cost ways to use rituals to improve productivity, increase a sense of safety and belonging, as well as purpose both for work and for life.

Erica Keswin -Insta - FINAL -PNG.png

Tip #1:

Begin and end with intention. Beginnings and endings are prime rituals real estate. So be aware of how you start and end your day, and do something that makes you feel most like you.

Tip #2:

Take breaks. We need to build in rituals to actually get up and move.

Tip #3:

Make sure that you're staying connected. We are all feeling isolated and lonely and we're really wired for connection. This may look like scheduling a phone call with a friend. We can build that ritual in once a week or once a month for us to stay connected.

Tip #4:

Give back. If there's ever a time to building a ritual around gratitude, it's 2021. I do believe it's something that many of us started in 2020 that we need to really focus on. There's a lot of data around the impact of gratitude on performance and how we feel in general.

Tip #5:

Build in some rituals to have fun. These days can feel long and heavy and just because it's 2021, that doesn’t mean the pandemic went away. So we need to build in some time for fun, some time for silliness and not feel guilty about it.

Get Erica’s new book, Rituals Roadmap, here

Get all of Erica’s books here

Full Show Transcript:


Bobbi Rebell :

Part of being a financial grownup is making sure you have a plan for how you spend your money, and how you pay your bills. And now we have a new tool for that. It is called Splitit. It will take a lot of the stress away from those big purchases and really allow you to plan ahead. Here's how it works. You shop online and when you're ready to pay, you just choose Splitit at the checkout to split your payment on your credit card and pay over time. There's no interest, no application, no fees. It is fast and easy.

Bobbi Rebell :

So, if you buy something for $500, you can split it into five smaller payments of $100 a month without any interest or fees, much more manageable, and you're in control of your costs. By turning your payments into smaller installments over time with no interest, Splitit gives you more spending power. I know, I don't like to have to pay interest if I can avoid it. And I also don't want to always be opening new lines of credit. Split your payments and live big with the credit cards you already have. Go to splitit.com today. That's splitit.com.

Bobbi Rebell :

Financial Grownup Guide. Five ways to use the power of rituals for a fresh start in 2021 with author Erica Keswin. You're listening to Financial Grownup with me, certified financial planner, Bobbi Rebell. Author of How to Be a Financial Grownup. But you know what? Being a grownup is really hard, especially when it comes to money. But it's okay, we're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell :

Okay, my friends, if ever there was a time we really need to find ways to cope with chaos, total chaos, things we never thought could possibly happen, it is now. And so the timing could not be better to bring back my friend, Erica Keswin to give us some really powerful ways to use rituals, to help get a fresh start and really a better sense of control as we move into 2021, which so far has not been as boring as many of us had hoped it would be.

Bobbi Rebell :

Here in the Financial Grownup podcast we have two formats, one in which we share money stories and the lessons from those stories, but sometimes we like to mix things up. And we have something called Financial Grownup Guides, which focus on tips and strategies for you to live your best financial grownup life. And as Erica shared with me the details of her latest book, it was perfect for that. And even more so, given the events of early 2021.

Bobbi Rebell :

Rituals Roadmap: The Human Way to Transform Everyday Routines Into Workplace Magic, got me thinking about the rituals I already have and brainstorming new ones to try out. And spoiler alert, not just for the workplace. Now, before I roll the interview, I also to invite everyone to join the Grownup List. We have amazing giveaways coming, including free books from our financial grownup authors. We're also building out some grownup merch, but it's not yet available for sale. You can only get it if you were on the Grownup List and win. Go to my website, bobbirebell.com to get on the List for free. We'll also leave a link in the show notes, and when you get the next newsletter, you will learn how to win the prizes.

Bobbi Rebell :

Speaking of show notes, don't feel you need to take notes on all of the great Intel Erica is going to share. We'll have it all for you in those show notes, which are available under the financial grownup dropdown again, on my website. Okay. I'm really excited for you guys to hear the interview here is Erica Keswin giving us some highlights of Rituals Roadmap. Erica, thanks for coming back to the Financial Grownup Podcast.

Erica Keswin :
Thank you for having me.

Bobbi Rebell :

Big congratulations on your next bestseller, Rituals Roadmap: The Human Way to Transform Everyday Routines into Workplace Magic. You're going to be giving us five ways to use the power of rituals for a fresh start in 2021. But before we get there, first of all, tell us about the book a little bit. And then I'm going to ask you a couple of quick questions.

Erica Keswin :

Sure. I had a book in 2018 as you know because it was on your show called Bring Your Human to Work. And one of the things I realized after it came out that rituals are a tool to create a more human workplace, and to feel more connected. And I know we'll get into some of that. We can use rituals at home. We can use them at work. Right now, working home are pretty much the same thing, so they're even more important. But rituals are very accessible and there's something that we can all use in our lives. And one of the things I found over the last nine months is that they really do help us during turbulent times, especially now.

Bobbi Rebell :

Especially now, and as much as we turn the page and we're now in 2021, the reality is 2021 is likely to be full of so many surprises just as 2020 was. I want to quickly ask you a couple questions about the book and some things that you say in there that I think are particularly relevant to Financial Grownups. The first one is you say in there, the cost of rituals is minimal, but their value is priceless.

Erica Keswin :

Yes. When I started studying rituals, I came up with an equation called the three Ps. The three Ps of rituals. Rituals give us a sense of psychological safety and belonging. They give us an opportunity to connect to purpose. And if you add those two together, it equals performance. And so when I think about performance, it could be that rituals impact how our team feels more connected. It could be bottom line performance, but also performance in our personal lives, that when we have rituals in our lives, our cortisol, our stress goes down, our oxytocin, our feel good hormone goes up. We're more engaged at work. We're more engaged in life. And the book has tons of different studies and science and stories of how rituals impact our lives in really positive ways.

Bobbi Rebell :
And one thing I really enjoyed about the book is that there were a lot of specific examples of that. That we can sort of emulate in our own lives. You call rituals magic, expand a little bit on that.

Erica Keswin :

So people will say, "Well, what is a ritual?" To me, a great example is, if I'm lighting a candle, that may or may not be a ritual. If I'm sitting here lighting a candle because my lights went out, I'm just lighting a candle because I need light. A ritual is something that goes beyond its practical purpose. So if I light a candle every Friday at five o'clock to signify the transition from the workweek to the weekend, I'm almost elevating that act of lighting a candle.

Erica Keswin :

And again, it's not to give me light per se, but it does give me a sense of meaning and connection to myself and to what's going on around me. So that's really that magical element of bringing awareness and intention to what we do.

Bobbi Rebell :
And it's different from something like habits.

Erica Keswin :

Yes. I mean, I believe so. A ritual is something that if you missed it for a day or for a week, something would feel really, really off in your life. It could be if you meditate every morning, for me during the pandemic, we started quarantining on a Thursday I believe, and the following Tuesday I said, "You know what? Our family ritual is to have taco Tuesday, I'm going to do it." I saw the look on it, and my kids are older, they're they're teenagers, but the look on their faces and they were able to smell the same smell and the things that we did pre pandemic. And I was able to see firsthand the impact of maintaining some of those rituals, and how it gave them a sense of psychological safety and belonging.

Erica Keswin :

And rituals also create some order out of chaos. And so I think for everyone now, we need to think about how do we maintain some of our old rituals, but also think about, given that things are so different right now, what are new rituals that we also can add to our lives.

Bobbi Rebell :

Which leads us to the five ways to use the power of rituals for a fresh start in 2021 that you have brought to us.

Erica Keswin :

Great. Begin and end with intention. Beginnings and endings are what I call prime rituals real estate. So be aware of how you start your day, and do something that makes you feel most like you. It could be meditation, taking a few deep breaths or having coffee at Starbucks, which is as many people know my favorite ritual. So that's a really important place to start. It also could be how you end the day. It could be how you transition from work to home, especially when we're all doing that in basically one room. So, transition rituals are important as well.

Erica Keswin : Number two is take breaks. For me if I learned anything in 2020, it's that it's really hard to be in front of your computer all day. And so we need to build in rituals to actually get up and move. And a really fun ritual a woman just share with me recently, she calls 20 by 20 by 20. Every 20 minutes, she takes a 22nd break, 20 feet from her computer-

Bobbi Rebell : Oh I love that.

Erica Keswin :

... and stretches. And again, it's not a box check. It's this elevation of, I know this is important, it's giving me a moment, 20 seconds to connect to something outside of myself. So something that your listeners can try.

Bobbi Rebell :

Yeah. And I think that you wouldn't do that if you didn't have the ritual, because you would feel like if you were taking a break, you are interrupting your workflow and it's not going to help your productivity. But if you have it as a ritual, then that becomes something that you don't feel guilty about. In fact, you know that it's going to empower you to do better the rest of the way.

Erica Keswin :

Exactly. And it's something that you're looking forward to. And it would all of a sudden feel weird if all of a sudden three hours went by and you hadn't gotten up to do it.

Erica Keswin :

Number three is to make sure that you're staying connected. Whether you live alone or living with five other people as I'm doing right now, we are all feeling isolated and lonely and we're really wired for connection. And so, one of the things I've been doing as part of my rituals is to say, "I am going to reach out to some friends and check-in, schedule those phone calls. I have one friend where, and this is actually how you and I met the first time we went for a walk around the reservoir in New York, so maybe when we're both back in New York, we can build that ritual in, you know, once a week or once a month for us to stay connected.

Erica Keswin :

But it's been really nice to get off of Zoom, outside in nature with a friend on a regular time, you know, once a week. So staying connected is number three. Number four is giving back. And I do think that if there's ever a time to building a ritual around gratitude, it's 2021. And that could be anything from coming together with your kids and talking about what you're grateful for, figuring out how you want to give back as a family, you know, the beginning of quarantine, living in New York city, checking in an elderly neighbor, dropping off groceries, I do believe it's something that many of us started in 2020 that we need to really focus on. And there's a lot of data around the impact of gratitude on performance and how we feel in general.

Bobbi Rebell :
And part of a ritual can be involving your entire family.

Erica Keswin :

Yes, 100%. And the kids need to, and they want to. Once they get into it and see the impact on how they feel. I mean, I know we both have seen that firsthand. And last and definitely not least, I'm trying to build in some rituals to have fun. These days can feel long and heavy, and as you said in the beginning, just because it's now on the calendar 2021, it's not as if the pandemic went away. I mean, some people woke up depressing, wow, it's 2021 and things still feel the same. And so we need to build in some time for fun, some time for silliness and not feel guilty about it.

Erica Keswin :

You and I have a mutual friend in Randi Zuckerberg, and she shared with me that on Fridays, and she has little kids, so I think that this connects with the under 10 set, but her family has dessert before dinner on Fridays. And they all think it's like the most hilarious thing.

Bobbi Rebell :
Oh, I think any family will go for that. I think kids of all ages will be on board with that ritual.

Erica Keswin :

You know, or on the company side I've worked, spoke with a group at LinkedIn that has a one-minute dance party every day at three o'clock and they just get up and they let loose, they did it in person, you can do it remote. But again, we need-

Bobbi Rebell :

Erica, I want to see you get your twin daughters to do the one minute dance ritual every day at three o'clock. I think that'd be great.

Erica Keswin :

They would, they probably would want me to film it and put it on my social media, which I have to get special permission to do now. But what we do to have fun is every Monday, our entire family, my husband, my 15 year old son and my dog, we all watch the Bachelor. That is our guilty pleasure. We laugh so hard and we are actually this year doing a bracket like a final four bracket-

Bobbi Rebell : Oh my gosh.

Erica Keswin :
... of the Bachelor.

Bobbi Rebell : I love it.

Erica Keswin :

but be intentional and build in some rituals for fun because we all need it, and it's contagious.

Bobbi Rebell :

Well, there're a lot of great ideas and specific examples in your book. So everyone should check it out. Where can people learn more about you? And I assume the book is going to be available pretty much everywhere.

Erica Keswin :

So you can find me, my email is my name, ericakeswin.com, which is K-E-S as in Sam W-I-N.com. You can sign up for my monthly-ish newsletter to hear more about the book. On the website, there's lots of places, as you said, to order the book from Amazon to Barnes & Noble to the Strand, I'm trying to support local bookstores. And I really do believe that rituals now more than ever can help us through these turbulent times. They don't have to cost a penny, but the impact is priceless

Bobbi Rebell :
Very well said. Thank you so much.

Erica Keswin :
Thanks, Bobby. I can't wait to see you in person.

Bobbi Rebell :

All right my friends. What was your favorite ritual that Erica talked about? For me, definitely dessert before dinner. But most of you guys would guess that pretty quickly. Taco Tuesday though, definitely a classic we can all go for. I would love to hear from you. DM me on Instagram @bobbirebell1 or on Twitter @bobbirebell, let me know what rituals you and your family and your coworkers use. A lot of the stuff is for work, but frankly, work and home is kind of the same thing these days.

Bobbi Rebell :

Anyway, I'm also really excited about the changes that we're making to the Grownup List. It's going to be coming out pretty reliably I hope, that's the plan once a month. And I want you guys to join ASAP by going to my website, bobbirebell.com because we are going to be doing a lot of giveaways, including author books like Erica's. We're going to be giving away a number of signed copies of that. And also other authors that are appearing on the show. We have a lot of really amazing ones.

Bobbi Rebell :

And as I mentioned at the top of the show, we are developing some merchandise and some really cool stuff that we are going to give away at first, because we're still setting up the store and we want to see what you guys like and get some feedback. So you can be our beta testers and win some free merch. Just get on the Grownup List again at my website. And of course, don't forget to pick up a copy of Erica Keswin's book, Rituals Roadmap. And if you like it, recommend it to friends. We could all use some calming rituals right now. And of course, big thanks to other Erica Keswin for helping us all be financial grownups.

Bobbi Rebell :

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



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Family + Relationships, Entrepreneurs, Career, Business, Authors, Advice, Financial Aid, Financial Grownup, Financial Grownup Guides, Financial Independence, Women Role Models, Women EntrepreneursBobbi Rebell Kaufmanrituals, erica keswin, workplace magic, finance, money, financial grownup
Financial Grownup Guide: 5 Tips to Figure Out Your Financial Future with Now What? Author Brian Ursu
Financial Grownup Guide: 5 Tips to Figure Out Your Financial Future with Now What? Author Brian Ursu

Certified Financial Planner shares his advice on how to get your finances ready for the future including some unconventional advice that you likely have not heard before, and how to face tough money choices. 

Brian Ursu Instagram WHITE BORDER.png

5 Tips to Figure Out Your Financial Future

  1. Don’t spend more than you make

  2. Pay yourself first

  3. Establish an emergency fund

  4. Think long term


 
“This is going to sound crass but don’t go to your friends because they know very little more than you do, so this is one area where you need to go to experts”
-Brian Ursu, author of Now What? on getting investing advice”
 

Bobbi’s Financial Grownup Tips:

Financial Grownup Tip #1:

Brian talked about the importance of educating yourself- and that friends are not always the best sources - because they are not experts. . But friends CAN be a great motivator- so consider choosing a book about money to read with your friends and discuss. it can be Brian’s or you can go through my author interviews here on the podcast, or- just ask friends what they like. But read books that resonate and then get together -socially distanced or virtually and have that conversation as peers.

 
“Your future self gets here a lot quicker than you had planned or thought about.”
 

Financial Grownup Tip #2:

Brian talked about the app that makes you look older- and how it gets us to think about our future self. After you do that- go pull up a picture of younger you- and think about how you see money differently with the grownup life experience you have now had.

 
“I never in my wildest dreams thought of a global pandemic as a reason to have an emergency fund but here we are.”
 

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Authors, Financial Grownup, Financial Grownup Guides, MoneyBobbi Rebell KaufmanBrian Ursu, Author, Now What, Money Tips, Financial Grownup, Financial Planning, financial advice, Financial Future
Financial Grownup Guide: Working from home: 5 Easy Ways to Center Your Home on a Small Budget 
Financial Grownup Guide: Working from home: 5 Easy Ways to Center Your Home on a Small Budget 

Now that we may be settling in to work from home for the long haul, it’s time to optimize our space and take out the stress so we can function like grownups. Bill Hirsch,  Architect and Author of The Well-Centered Home: Simple Steps to Increase Mindfulness, Self-Awareness, and Happiness Where You Live

Bill Hirsch

5 Easy Ways to Center Your Home on a Small Budget

  • Step One - Take the Homebody Quiz

  • Step Two - Work to improve the “earth-grounding” of your home. 

  • Step Three – Remove the Pebbles. Pebbles are the things that create negative energy and produce emotional irritation and discord.

  • Step Four – Add Pearls. These are things that contribute positive energy to your home. 

  • Step Five – Arrange furniture throughout the house in ways that provide “private” and peaceful places for individuals to enjoy some solitude.

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Authors, Family + Relationships, Financial Grownup, Financial Grownup Guides, Health + Fitness, ProductivityBobbi Rebell KaufmanBill Hirsch, Author, Work from Home, Working from Home, Well Centered Home, Budget
4 Myths About Money and Investing With Work Your Money Not Your Life Author Roger Ma
4 Myths About Money and Investing With Work Your Money Not Your Life Author Roger Ma

Some of the most common advice is also the worst. Bobbi and her guest, certified financial planner Roger Ma discuss some popular myths and how investors can protect themselves - and their money- from going down the wrong path. 

Roger Ma

4 Myths About Money and Investing

  • Myth #1 - Earning a high salary will make you financially secure

  • Myth #2 - Renting is throwing your money down the drain

  • Myth #3 - Investing is the most important aspect of personal finance

  • Myth #4 - Investing is complicated


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Advice, Authors, Financial Grownup, Financial Grownup Guides, Investing, Money, Personal Finance, Role ModelsBobbi Rebell KaufmanRoger Ma, CFP, cfp®
Financial Grownup Guide: 10 Ways to Brag Better with Author Meredith Fineman
Financial Grownup Guide: 10 Ways to Brag Better with Author Meredith Fineman
Meredith Fineman

Finepoint CEO Meredith Fineman, author of the new book “Brag Better” shares why learning the right way to brag about yourself is essential to reaching your goals. Then walks us through 10 ways to brag better including how to integrate super power words, avoiding qualifiers, using nightmare questions and how to prepare ahead of time to get the best results. 

10 WAYS TO BRAG BETTER

  • Make a list- because facts are facts

  • Use super power words

  • Consistency as a baseline for success

  • Avoid verbal undercutting ex: qualifiers

  • Be loud- even if you have to write it down beforehand

  • Understand the different between being direct vs being blunt or confrontational

  • Avoid intentional invisibility 

  • Tap into 4 key elements of a brag: Gratitude, Pride, Presentation + Showmanship

  • Consider your audience

  • Use a nightmare question

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Transcription

Bobbi Rebell:
Hey friends. So does the idea of bragging about yourself make you a little bit cringy, maybe a lot cringy? Now with all of us at home, or at least most of us at home, it can feel even more awkward, but our guest today says we have to do it. We have to make it happen. She is going to tell us the right way to do it and most importantly, a way to do it, that we're going to feel good about.

Bobbi Rebell:
First, a quick welcome to everyone to the Financial Grownup podcast. We have been doing a series of Financial Grownup guide episodes during the Coronavirus quarantine, and this one I think really hits home for all of us who are still at home. The advice offered by our guest author, Meredith Fineman, in her new book, Brag Better, was a total eye-opener to me and probably will be to many of you.

Bobbi Rebell:
Although they are easy to implement, they're not things that we necessarily are doing or know about, so it's a really great tutorial on getting comfortable with bragging. I've been putting a lot of her tips to work already and seeing results. Here is Meredith Fineman.

Bobbi Rebell:
Meredith Fineman, I'm so happy you're here and congratulations on your new book.

Meredith Fineman:
Thank you. I'm very happy to be here. And I wrote a book, I did it and it's done. It's out there.

Bobbi Rebell:
And now you get to talk about it and brag better because the book is actually called Brag Better. Tell us about it.

Meredith Fineman:
I really set myself up in this case because I wrote a book about talking about your work, so by proxy, I'm really just going to have to talk until I'm blue in the face to anyone that will listen, which I already do, but it's going to have to be a little bit more extreme.

Bobbi Rebell:
Well, you are the queen of the best kind of what I would call self-promotion, but you do it in a way that works. And you've actually been coaching me behind the scenes even before we hit record here.

Bobbi Rebell:
So first of all, I have a to-do list already of things that I need to be working on. You brought for the Financial Grownup community, 10 Ways to Brag Better which of course is as I said, the name of your book, let's start with the first one. And then by the way, everyone hang on to the end because you have a special gift for the audience when we get to the end.

Bobbi Rebell:
The first of 10 ways to Brag Better though is to make a list because facts are facts. Why is that important to remember? Facts are facts.

Meredith Fineman:
Bragging is stating facts. I mean, if you've done the work, why not talk about it? You're not lying about it. So take a pen, do it on your phone, do it on a Google document, send yourself an email of 10 things that you've achieved, no matter how small you might think they are. So a big thing would be like, "I got this award in my industry." But even if it's like, "I killed this presentation or I did really well in this meeting or I pitched someone to be on my podcast that I was afraid to talk to." All of those things are wins and they're true and they're facts, so bragging is stating facts.

Meredith Fineman:
There are lots of different ways to insert it into whatever it is you're doing. You open up your social media and you're like, "I snagged an interview with Meredith Fineman and I'm so excited." Because also I would want to promote that and then there you have cross promotion. So that's a nice thing someone would say to me on the internet, the idea that someone would think that booking me is a big deal, feels really nice. So then I would retweet that or I would reply and say, "I'm so excited to go on." And people might see that and you make another guest out of it, it's just sharing.

Bobbi Rebell:
All right. Number two, use super power words.

Meredith Fineman:
Yes. So super power words are words to describe your voice and your tone and your brags. But super power words are words that feel like you and feel like how you want to be perceived. So mine-

Bobbi Rebell:
So what are your super powers?

Meredith Fineman:
Yes, mine are funny, thoughtful and helpful. I always love making people laugh and making sure this isn't so boring and feels so much work, and thoughtful, that I've taken almost a decade, developing this concept and thinking about how I want to share it.

Meredith Fineman:
And then helpful helping people brag better. And in this case, those three things are words I think back to, whenever I think about sharing something or doing an interview or writing something.

Bobbi Rebell:
And one of the things that I loved about the book is you then have, I was trying to think of the words for myself and I was drawing a blank. I turned the page and you had a whole list of words that I could kind of circle which ones I thought applied to me. And you also give people permission to change those words as you go through life.

Bobbi Rebell:
So I thought of supportive. I try to be supportive of not just my friends, but also peers in the business. Polished because I always try to appear polished and be polished for my clients and anyone that I interact with in business, and also professional, which is also very important in this time we're in with this quarantine is to remain professional when you are working. So those are mine right now that I pulled from your list, but they can change.

Meredith Fineman:
And you don't have to be married to them. I've gone through lots of different 'voices' in terms of how I've written or the work that I've done. And it will probably also change, but it's grounding to just at least narrow it down to three things. And there is a list in the book of all different adjectives that you can use that hopefully will help you focus the way you talk about yourself.

Bobbi Rebell:
Next thing. Number three, consistency as a baseline for success. Tell me more about that.

Meredith Fineman:
I'm a PR person. This book stems from basically using the habits of publicists, pitching, packaging, getting what you want only by asking without exchanging money, earned media, that's what earned media is.

Meredith Fineman:
This idea of breaking through the noise and that is just absolute consistency of message. You have to tell people what you're going to tell them, you have to tell it to them, you tell them what you're going to told them. It's a journalism adage that I traced back to a preacher in the 19th century.

Meredith Fineman:
But basically, you just have to hit people over the head with your message because you have to be incredibly consistent with it. We all walk around in our own heads with what we've done and many people will come up to me and talk to me about work I did a decade ago and have no idea that I work on bragging. It's wild to me and I cannot believe that.

Meredith Fineman:
And it's just drills home that you have to consistently tell people what you're up to because every single audience is different. You might feel like you're talking about it all the time, you might feel like you're sharing it all the time on social media, but the shelf life of a tweet is an hour. Every single time, different eyeballs are on something or you're in a different group of people. It's never, ever, ever the exact same audience.

Meredith Fineman:
And that consistency also builds up online for someone to be able to tell who you are and what you want in 30 seconds or under, otherwise they're going to move on.

Bobbi Rebell:
The next thing is something that I do that you are helping me get over and it is avoid verbal undercutting. For example, qualifiers.

Meredith Fineman:
Yeah. So shooting down your message before someone else can, whether it's, "I hate to brag, but, or, Oh yeah, I've just got to plug this." Just do it. You don't have to tell people you're doing it. And the problem is when you tell people you're doing it, it highlights your insecurities or fears or anxieties and that translates to the person that you're talking to or writing to or speaking to.

Meredith Fineman:
So what it tells me immediately, and that anxiety transfers to me, because I'm like, well, that person feels weird about sharing this thing, so then I feel weird about sharing this thing, and instead of it being an opportunity for me to share something for you or not even share, also revel in that joy of doing something with you instead, it actually isolates you and drive someone away, but also doesn't allow them to help you.

Bobbi Rebell:
Excellent point. The next thing is be loud, and one of the tips you give people, if they're not sure how to do this is to write things down beforehand, so they can feel more prepared.

Meredith Fineman:
Yeah. Everyone's always like, "I don't want to have my notes with me. People might think that X, Y, and Z." And I'm just like, "You only look more prepared." And I bring note cards up on stages, I give tons of speeches. It makes me feel better, it makes me a better speaker, and I felt bad about it for a while, but then I realized I'm never like watching a speaker and if they have note cards being like, "Man, they have note cards." Nobody cares.

Meredith Fineman:
First of all, nobody cares. But second of all, even I've coached people to bring their questions written down on a piece of paper to a meeting. People don't know what's on that. They can't see it, it just looks like you have your work together and that you know what you're going to say. And even for extremely powerful people, I've written out verbatim like, "Hi, my name is so and so." Sometimes you need that, and you probably don't need it, but if it makes you feel better, go for it.

Bobbi Rebell:
I find that what I do whenever I'm giving a speech, I take a copy of the script and I actually put it underneath the seat that I'm going to be sitting in. I have never once used it Meredith, but knowing it's there gives me so much confidence that if whatever things go down, if the teleprompter goes down or I lose my phone connection, if I have some notes in my phone, there's always a physical hard copy, literally under the seat cushion for me. If I needed it, and it's just, it's really a psychological thing.

Bobbi Rebell:
And the next one's kind of a followup to this and that's about understanding the difference between being direct versus being blunt and confrontational. It's okay to be direct, it's good to be direct.

Meredith Fineman:
We're recording some quarantine right now, but directness and being explicit is so important because we can't physically be together. We'll see, whether or not that's the case. And I mean, either way, it will transform the way we work and think about the future. And there are so many different virtual tools that will continue.

Meredith Fineman:
So yes, there's nothing wrong with being direct. For women, it often can be perceived as angry or rude or nasty and those are just gendered sexist layers. But of course you're not necessarily prime to be able to be direct, but it honestly just gives everyone a lot of time once you start doing it.

Bobbi Rebell:
All right. Number seven, tap into four key elements of brag. So I kind of wrap these into one. Gratitude, pride, presentation, and showmanship.

Meredith Fineman:
So in constructing a brag, which is sharing an accomplishment, sharing a fact, that's all it is. It just happens to have this word on it, which is the only word we have, which is why I use this word, in addition to it also getting people's attention.

Meredith Fineman:
So when I think about what makes a good share, let's call it. There are elements that can make you feel more comfortable. So there, we talked a little bit earlier about verbal undercutting. There are things to go for instead of shooting yourself down, and those things are gratitude, pride, presentation, and showmanship.

Meredith Fineman:
So let's say that I gave a talk that I'm proud of. Gratitude. "I was so honored to be a part of this panel, you would love it if you took a look at this video." Pride, "So thrilled to have been on this panel, like I can't believe I was asked to do it. And I'm so excited about it." Presentation, "Check out this panel I was a part of, I clipped it down to two minutes."

Meredith Fineman:
For Instagram one minute, I think they'll allow you. So the thing about how you present something in a way that's your reader or watcher, listener, audience can digest it.

Meredith Fineman:
Showmanship, is adding flare, adding personality, adding spice. If we're still sticking to an Instagram video, "Like check out this talk I gave. Like here's one minute where I thought I did a slam dunk. Hopefully you agree." And something else punchy, that's totally up to you. That's totally style contingent.

Bobbi Rebell:
Those are all very deliberate and things that you can think about and really put your best foot forward.

Bobbi Rebell:
Okay. Number eight, consider your audience.

Meredith Fineman:
Yes. You got to work backwards. What do you want? What kind of visibility do you want? And when I say visibility, that might mean recognition from your boss, that might mean recognition in money. That might mean a raise, that might mean fundraising. That might mean recognition on television. Those can mean all different things, but if you are someone who wants to be on TV, more, having a popular podcast isn't going to help a TV booker want to book you because they care about what you look like and how you appear on television, if you've done it before and what your talking points are, a completely different medium.

Meredith Fineman:
So you need to be doing video, you need to make it abundantly clear that you want to be on TV. If you've been on TV before you need to list those links, you need to make a reel. You need to have up to date headshots and show that you can do that really well, so that a booker will potentially take a chance on you.

Meredith Fineman:
So where does your audience live? That's an extreme example. But thinking about-

Bobbi Rebell:
But you've been doing that with the book, even now. You've been actually demonstrating that in your plan to promote your book.

Meredith Fineman:
Yes, and reaching out to everyone I've ever known, but yes.

Bobbi Rebell:
But you're also being very thoughtful to reach out maybe in the strongest way to people that would be the most supportive of the book and then have the audiences that are going to be most interested in the book.

Meredith Fineman:
Yes. And in thinking about promoting Brag Better, there's a lot of different prongs to this approach. It's about people that love me and care about also elevating my voice. A huge part of Brag Better is bragging for others and passing that microphone. It's not just about you at all.

Meredith Fineman:
So my asking people to promote me is actually pretty scary, since I'm the one always doing all the promotion myself. Also, thinking about outlets where this would really apply and where this would really add to people's experiences versus just sell books or get eyeballs. That's good too, but I care about impact.

Bobbi Rebell:
All right. The next one is for people that kind of get a little scared sometimes, and that is to use a nightmare question.

Meredith Fineman:
So I go into this in depth in the book, but the nightmare question is, I do this with every client that I counsel and ask them, "What is the absolute worst thing a conference organizer, journalist, booker, recruiter could say to you or ask you? Like what is something so off the walls, but it's basically just encapsulates your anxieties."

Meredith Fineman:
Let's try in this case. It's like, "Have you ever considered that this book is a piece of abject garbage and nobody will read it. And it's not necessary, and you just sort of made a fool of yourself."

Meredith Fineman:
Now that's deranged. First of all, nobody's ever going to ask me that and then you cook up an answer for it. And I say, "Well, no, actually I'm really proud of this book. I worked really hard on it. I do think it's needed. I do think there's an audience for it. And I'm not really open to your judgments at this time."

Meredith Fineman:
Now, I still feel those scary feelings of inadequacy and putting out a piece of art into the world and what people are going to say. It's a really scary thing to do. But that idea of a nightmare question is just something that nobody's ever going to ask you.

Meredith Fineman:
But what is that one deep dark thing you torture yourself with at three o'clock in the morning and bringing it into the light and answering it and having a canned answer. But if anyone asks you your nightmare question ever, I'll be like, "I'll give you a refund." Which I can't legally do, but I'll try.

Bobbi Rebell:
You'll figure out a way. And speaking of what you're going to give to your readers. Number 10 is actually working from home and bragging better. And you have a special something coming out for that.

Meredith Fineman:
Yes. Who could have predicted, I mean, virologists or epidemiologists or scientists could have predicted coronavirus, but I mean, publishing and putting out a book in this time is pretty wild. And I realized very, very quickly that I needed to write an extra chapter about bragging better from home and bragging better online, because we can't get in front of people, and that is a huge part of bragging and a huge part of business.

Meredith Fineman:
And so many different industries are impacted in job search, and there's just so much going on. So it didn't make it into the book, but bragging better from home and online will be released to the public in the coming weeks. And I'm also recording an audio version, so you can listen to it too, if you're taking a quarantine walk, because it has to be said.

Bobbi Rebell:
What is your number one tip from there? Give us a sneak peek.

Meredith Fineman:
I'll give a tip, but first acknowledging everybody's having to shift everything and there are a lot of conversations about whether or not, I mean, you can do nothing in this time, but I personally feel empowered by productivity and empowered by being given things to do that will make an impact.

Meredith Fineman:
I would say the tip is now is not the time to necessarily break through with your message, but it is a time where the world feels like it's on pause in a lot of different ways, and it's a really great time and I don't know if we will ever get time like this again. And for some people, I have the luxury of time, that's a privilege and if you're not an essential worker and et cetera, et cetera, now is a really great time to take stock of what you are putting out, to take a second and think about starting a personal website, to take a second and look at your email signature, because we don't normally have time to do those things and it is an overall reflective time.

Bobbi Rebell:
Great advice. Tell us where people can find out more about you. We know the book is going to be everywhere and they can order it online and all the places.

Meredith Fineman:
Yes, it will.

Bobbi Rebell:
Where can people find out more about you and all of your different, your business, your book, your podcast, all the things, Meredith.

Meredith Fineman:
All the things that I love doing and stuff. You can find me online at meredithfineman.com. That has links, everything about the book. The book has its own website, brag-better.com. Please for the love of God buy this book, so that I can continue to wear designer discount resale clothing.

Meredith Fineman:
You can buy the book from, the big guy or small indie shops. I have a podcast called It Never Gets Old, ingopodcast.com and all those different things on all the social media is at MeredithFineman, but I would say my Instagram is where I spend a lot of my time, which is just at MeredithFineman, where all my good memes are.

Bobbi Rebell:
Thank you so much.

Meredith Fineman:
Thank you.

Bobbi Rebell:
So cool that Meredith added that extra chapter about working from home and how to brag better in this new situation we're all in.

Bobbi Rebell:
We're going to leave a link to it in the show notes, so you guys can all download it for free. I got an early copy by the way of the book and it is the perfect read to get re-motivated as we move into what I hope is a reopening phase of the pandemic. Let me know how you brag better. DM me on Instagram at BobbiRebell1 and on Twitter at BobbiRebel.

Bobbi Rebell:
Get on my grownup list. It is free, I would love to have you. We share lots of tips about how to live a grownup life. Go to my website, Bobbirebel.com to do that.

Authors, Entrepreneurs, Financial Grownup Guides, Financial Grownup, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanMeredith Fineman, Brag Better, Author, Self Promotion, CEO, Finepoint, Goals
Financial Grownup Guide: 6 ways to help your aging parents manage their money
Financial Grownup Guide: 6 ways to help your aging parents manage their money

As the coronavirus lockdown goes on, more elderly are separated from their families, and managing money for them can be a challenge. Bobbi is joined by Amy Blacklock and Vicki Cook, the team behind Women Who Money, for a checklist of ways we can all make sure our parent and older relatives finances stay on track. 

Amy Blacklock and Vicki Cook

6 Ways To Help Your Aging Parents With Money

  1. Tracking expenses and budgeting

  2. Check in on their technology

  3. Checking your credit report

  4. Monitor Charitable Giving

  5. Protecting them from people who are trying to scam them

  6. Long term planning for medical expenses


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Financial Grownup, Financial Grownup Guides, Advice, Family + Relationships, Money, Personal Finance, Retirement, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanAmy Blacklock, Vicki Cook, Aging Parents, Money Tips
Financial Grownup Guide: 4 ways to bring your A game working online during the Coronavirus pandemic with Jason Harris, author of the Soulful Art of Persuasion
Financial Grownup Guide: 4 ways to bring your A game working online during the Coronavirus pandemic with Jason Harris, author of the Soulful Art of Persuasion

Mekanism CEO Jason Harris has always prioritized face to face human interaction. But since that’s not an option, he has found specific ways to re-create that experience online, and is getting results. Jason shares them, along with how strategies from his bestselling book The Soulful Art of Persuasion can be adapted to the evolving work from home culture. 

Jason Harris

Bobbi Rebell:
Let's get into some of your strategies from The Soulful Art of Persuasion, and how we can apply them to what so many of us are experiencing right now. Now, you break it down into four areas. The first one, you really like to talk about being original. How does that apply to what's going on now, and how can people leverage that concept?

Jason Harris:
Yeah. So I think that this concept applies in a pandemic, in a shelter-in-place, or not. But the idea of being original is really about showing some psychic skin, being vulnerable, being yourself, not doing the typical sales beliefs that you typically hear, which is mirror and matching your audience, or trying to find common interests to make them like you so that you build a relationship, so you can create a transaction.

Jason Harris:
It's really about being strong enough to be vulnerable and putting yourself out there so that somebody learns your idiosyncrasies and what makes you tick, so that they will do the same and share with you. That creates a bond. So it goes against conventional selling wisdom of mirror and matching your audience, and it's really about leaning into who you are and being yourself. So that's really fundamental to persuasion.

Bobbi Rebell:
So can you give us an example of how that would be applied in this environment?

Jason Harris:
So how it might be applied in this environment is really trying to think of telling the story. So when you might be on a Zoom or Skype, or what have you, with a new client, or an existing client that you have a relationship with, try to think of telling a story, an original story about your experience. It could be good or bad, it could be something good that happened, it could be a challenge that you had to overcome.

Jason Harris:
Try to avoid just doing the typical, "Yeah, it's hard. I can't wait to when we get back. Nobody knows anything. What do you think of Fauci?" Really try to relay a personal experience or an antidote that will get the other person, over video, to open up to you and create more of a collaboration or a bond. But that takes preparation and thinking through a story that you want to talk about versus just hopping on and saying, "How are you? I'm fine." So that's one way you can do it.

Bobbi Rebell:
So you'd have to build in the time for that and maybe have something prepared, like a funny anecdote prepared, something you did with your kids or something going on somewhere else that's interesting.

Jason Harris:
Yeah, exactly. For an example, I tell a story, my kids are in California and I'm in New York during this. I might get on and say, "It's been hard FaceTiming with my kids and we needed to create something, so we do an hour a day and we're writing a children's book together. We go around and each session ... I have two boys. One of us leads the story and we're writing the story that way, and that's a way for us to bond because I'm missing my kids and I'm missing an experience. So I'm creating an experience through this with them." And so that might be a story that I would tell that someone would remember, and then they might share an interesting story or some hard thing that they're going through and how they're getting through it.

Bobbi Rebell:
Another thing that you talk about is generosity, being generous. Can you talk about how that applies, maybe with like online etiquette and how we behave online?

Jason Harris:
Sure. So generosity, the basic ... That's principle number two, and the basic principle there is giving something away without expecting anything in return. And that can be advice, it could be stuff, it can be your time, it could be an article that you found. One way I do this during this time, is instead of thinking of broadcasting ... You might post something on Instagram or one of your social platforms, and broadcasting it out to all of your followers at once with something that you're saying. What I try to do during this time, is think about people that I'm trying to connect with. It could be personal, it could be professional, it could be past clients, clients I'm trying to attract. I think of an interesting article that I found online that I can email or text them directly, that would apply to them, instead of just putting myself out there to all the followers and not making it a one-to-one connection.

Jason Harris:
So during this time I'm thinking of one-to-one connections that make people when they might have anxiety, or they're at home, or they're bored, know that I'm thinking about them. I do that simply through an email or a text. Something that I know is of interest to them, I'll send them a thought. Or I'll do a little search on, if my client is in the dating app business, I might find an interesting survey and text it to them, even though we're not necessarily talking about work. And it just says, "Hey, I'm thinking about you." So that's one way I apply ... That's, to me, an act of generosity, because you're creating a one-to-one connection.

Bobbi Rebell:
You also talk about, in the book, how to survive a social catastrophe in terms of especially online connections. How do you do that? What could happen? What kinds of things have you observed happening or heard about happening and what can people do?

Jason Harris:
During this time I don't know if I've necessarily heard of more catastrophes, but how to recover from a social catastrophe, I always think about Watergate, I think about Richard Nixon. The famous quote from that time was, "It's not the crime, it's the cover up." And you think about Bill Clinton, it's the same thing. It's not necessarily what he did, of course, what he did was strange and odd and off with Monica Lewinsky, but it's the fact ... It was the cover up, the fact that he said, "I did not have sexual relations with that woman." It's the fact that Richard Nixon denied that he was breaking into Watergate to steal documents.

Jason Harris:
I think that is the biggest thing. It's really, if you do do a mistake online, you have to be honest with yourself that you did it. You have to look at why you did it, what was behind the idea, so that you can then simply come out and apologize. So it's really ... That's one way, when you do something that you shouldn't have, you have to explain why, and then apologize quickly for it. And when you let it drag on or you deny it, it all comes out in the end, and that's when you get in deep trouble.

Bobbi Rebell:
The third principle you talk about is about being empathetic.

Jason Harris:
Yeah.

Bobbi Rebell:
How does that apply these days? I mean, it has to do a lot with the way that you communicate, especially in these times when it's a little bit awkward for many people. Not everyone is so comfortable here, and you have to collaborate with people in this new setting that is very unnatural and clunky sometimes.

Jason Harris:
It is clunky. Yes, it is. One thing that you pulled out from the book is this idea of collaboration, and that it's really important to collaborate. If you want to persuade people, you have to think of interest, not of reason. So you have to think of what makes that person tick, what's behind that person. Not logic and facts and data to convince them. It has to be about something that they would care about to get them on your side.

Jason Harris:
And so back to I'm trying to convince an ad campaign that we're trying to develop, I have to convince people on the team why we want to do this campaign versus the other campaign. So I have to think about what elements that they might like or what a client might like, or what would appeal to the brief that the client sent me, and try to make them feel like they are creating it with us or with me. So if someone feels like they're on your side, the chances to persuade them jump dramatically. If they feel like they have an idea and you have an idea and you're on different sides, then it's going to be very hard to persuade them.

Jason Harris:
And so for people doing work at this time, I'd recommend if you're working with a client, doing multiple check-ins to get to whatever you're trying to sell or present, or get them to buy off on or persuade them on, so that they're building the idea or the concept, or whatever, the sponsorship, whatever it might be, they're building that with you because you're doing multiple touch points, which are even more important when we're doing everything over video. So collaboration is really a critical element to selling.

Bobbi Rebell:
It's challenging because I mean, you've talked about it in your book, that it's really important to get in front of a client to show them, make the trip, travel around the world, to see them in person. That doesn't happen anymore. So it's interesting that you're saying now it's the frequency of the touch points is a really important thing.

Jason Harris:
Yeah. That's a good recall on the book. That's impressive. But yes, I mean the in person persuasion and selling to create your business is kind of everything. And so that in person touch about being with them, when you take that away, the only replacement is to see them more often and frequently because you can't be in person with them. It's not I'm going to go away for two weeks and then come back and present you this huge deck. It's about doing multiple check-ins. It takes more work quite frankly, to do that, but they're going to feel like they're bought in with you and they're collaborating with you, and your chances of persuading them, whatever it is that, whatever your business is, will go dramatically up.

Bobbi Rebell:
The final principle that you talk about in the book is soulful, and it also obviously lends itself to the title. This, to me, is the hardest thing to communicate and to be successful at, given the tools that we have right now. I mean, how does that translate to the way that we're working now and the way that we're communicating, not just a business, but with friends and family as well?

Jason Harris:
Yeah, that is the hardest thing to do right now. The final principle of soulful, the concept behind it is really that whatever skill you have, whatever you're doing, you need to also add a layer of purpose, something that's greater than yourself, where you can become an inspirational person. And so for me, it's using my advertising powers to do social good campaigns, do pro bono campaigns, because that's inspirational and that's persuasive, and that's doing more than just thinking about profit and being transactional. It's doing something bigger and better for the world.

Jason Harris:
Anyone can really apply that principle in whatever skill that you have, but during this time, you really have to figure out how to do that in a way that ... You're working hard and everything's more challenging, but how can you do that in a simple way? So an idea might be that if you're a financial expert, you might find a group that really could use, Bobbi, the books that you wrote, and you would donate those books. Or maybe you'll do a reading to an online class about some of the principles in your book or a story that you might find. You'll just do that for free, for goodwill, to get people talking. And maybe you name that thing that you're doing to educate students or to the financially insecure or unstable. Maybe you're helping them with some techniques or are doing some storytelling. Maybe you do that half hour a week, and people can do a live webinar and tune in for free.

Jason Harris:
But whatever your skill is, apply that to do something that's good and it'll make you feel good. It'll make you a more persuasive person because it shows that you truly don't just care about your own business, but you care about the greater world. And that inspiration will make you a more influential person.

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Authors, Entrepreneurs, Financial Grownup, Financial Grownup Guides, Personal Finance, Role ModelsBobbi Rebell KaufmanJason Harris, Author, Book, Working Online, Work From Home
Financial Grownup Guide: Top coronavirus travel Q&A with The Points Guy’s Scott Mayerowitz
Financial Grownup Guide: Top coronavirus travel Q&A with The Points Guy’s Scott Mayerowitz
Scott Mayerowitz

TPG’s Executive Editorial Director Scott Mayerowitz joins Bobbi to answer the top questions he’s being asked about the travel business during the Coronavirus crisis. 

Your Top Coronavirus Questions Answered

Bobbi Rebell:
You are the executive editorial director at The Points Guy, so the perfect person for us to come to with all of our travel questions.

Bobbi Rebell:
Before we get to those, tell us what's going on at TPG?

Scott Mayerowitz:
We've just been so busy. A lot of people right now are in this cancel, cancel, cancel mode, and trying to figure out how to change trips, or cancel them. We've been guiding them through that, there are a lot of questions about elite status. Then, some of us, the most optimistic, are already looking towards those late spring, early summer trips, hopeful that we can book, but just a little bit fearful. So, we've been really busy, just helping people through this whole process.

Bobbi Rebell:
You personally, you're grounded? You're coming to me, from your home.

Scott Mayerowitz:
Yeah, I'm coming to you from the Upper West Side of Manhattan. I had canceled a trip to Texas for work the other week, and I just today ended up having to cancel my May 1st trip to Portugal. I was holding on for the last second, but today was the day to get my miles back, and I decided to do it.

Bobbi Rebell:
How far ahead are you personally canceling plans, Scott?

Scott Mayerowitz:
The May 1st trip to Portugal was the only one I needed to get rid of. I have a summer family trip in August to Aruba, hopefully that will go ahead, but who knows? Right now, what I'm actually doing is I'm using my miles and my elite status to book a lot of things with flexibility, so using miles to book flights. I've got Bermuda, and the Bahamas booked. I'm actually thinking of nesting some trips together, just in June, to hold them with the hope that I can take at least one of them.

Bobbi Rebell:
What does that mean, nesting some trips together?

Scott Mayerowitz:
So, I would put together the weekend of June 6th, a trip. I would book another one, for the following weekend, and one for the following weekend. Hopefully, one of those trips will actually come together, in the end. But, I'm doing fully refundable bookings right now.

Bobbi Rebell:
Which are more expensive, in general. How are flight prices, then? I mean, my gut would say they're dirt cheap, but then again, are they more expensive because there are so few flights?

Scott Mayerowitz:
What I'm seeing there is there's so many schedule changes, you can see great flights. Someone the other day was telling me they saw $114 from New York to San Francisco, for the peak of summer, compared to $400, which is a normal peak summer fare.

Scott Mayerowitz:
The catch with all these, the airlines are giving you a lot of flexibility, but you're not going to get cash back. What you're going to get is a voucher, that's only valid from a year of booking. So, if you book something on March 25th, you have to use that voucher by next year. I have elite status with airlines, so I'm booking on miles, because I can redeposit those miles, for no penalty, back into my account and just cancel a trip.

Bobbi Rebell:
So, that would be advice for people, if you are booking travel ahead, use miles?

Scott Mayerowitz:
If you have elite status, especially because then you don't have to pay the redeposit fees. If you don't have status, it's like $75 to redeposit, it may or may not be worth it. The flexible cash tickets right now are really good, as long as you know that you're going to get a voucher, not actual cash back, so hopefully within the next year, you can use that voucher if you have to change your plans.

Bobbi Rebell:
So now, let's get to some of the questions that we had planned to go over, these are questions that you're getting from a lot of your TPG followers. The first one was, and we've already touched on this, airline elite status.

Bobbi Rebell:
What are airlines doing?

Scott Mayerowitz:
Yeah, it's kind of amazing. The folks at The Points Guy keep writing into us and saying, "How is my elite status going to be affected?" All the airlines are saying, "We understand this is an issue, that you are grounded for three, maybe four months, you can't fly as often as you want to, to get your elite status." Right now, some of them are doing some cuts.

Scott Mayerowitz:
Like British Airways is doing a 30% reduction, for all of its members on tier status and basically saying, "Here's the new threshold, good luck with this. Hopefully, we can get you there." They're all doing extensions of any vouchers, or companion tickets that might be out there. US Airlines haven't yet pulled the trigger on this. They are, I think, waiting to see how big the fallout is going to be for them, and just how long the pain is going to continue. But, I would look to see, probably, a 20, 30, even 40 percent reduction in what the qualifications are for elite status for airlines.

Bobbi Rebell:
Of course, let's also turn to the second question you're being asked, which is the hotels. What are the hotels doing for their elite status customers?

Scott Mayerowitz:
Yeah, here's it's a little trickier because we're seeing all sorts of different policies out there. Similar, there have been a few where its been 25% reduction in the qualifications. Others are not even talking about this, yet.

Scott Mayerowitz:
Hilton has, actually, one of the most generous policies. They basically said, "If you have elite status right now, we're going to give you another year, for free." Even if you don't have to travel, they're going to extend the status out for another year, they're doing the same with their free night certificates, any other vouchers that people will have. That is, by far, the most generous program that we've seen, to date. Hilton is in a battle with Marriott, they want to win over a lot of people who weren't happy with the merger of Marriott and Starwood, so they're coming out first with this policy, and trying to be as pro-consumer as possible. I give them a lot of credit for this, I think this is one of the best things that we've seen any airline or hotel do, and I hope others will follow.

Bobbi Rebell:
Do people need to do anything proactive with both the airlines and hotels, to get these? Or, is it just going to be automatically put on their account?

Scott Mayerowitz:
It should be automatically put on accounts, but one of the things that I always say is keep very close eye on all your accounts, and make sure you're getting what you're due.

Bobbi Rebell:
Let's go back to talk about the airlines. How are domestic airlines handling cancellation? This is for just everybody, not just the elite people. And, talk about flight waivers?

Scott Mayerowitz:
Yeah. Flight waivers keep changing, as the cancellations keep going out. There's a lot of flexibility right now, that if you have future travel, you can go ahead and get a voucher that you can use within a year of your purchase date to travel.

Scott Mayerowitz:
Let me just explain that. Let's say you were going on vacation April 15th, and you had a ticket purchased back in January, and you decide that you want to get a voucher for that. That is good only until next January, so it's one year from the date of you actually purchasing the ticket. A lot of people just need to be aware of that.

Scott Mayerowitz:
Others want their cash back, they don't want these vouchers. What I would say there is hold onto that ticket, be patient. The airline is probably going to cancel your flight on you, and once they cancel that flight, then you are legally entitled to get a cash back for it. Watch carefully, the schedules, and as soon as they cancel it, then you can get cash instead of a voucher.

Bobbi Rebell:
How much wiggle room is there if you call? Have the agents been given more latitude, in terms of how much they can accommodate customers, when you call a customer service line?

Scott Mayerowitz:
Not tons, airlines are desperate for the cash so they're trying to upsell you into vouchers. I've been hearing a lot of, if you ask for a refund they're going to say, "We can do that, but are you interested in a voucher instead?" They might add 20% extra value onto that. So, some people can come out ahead, if you definitely know that you're going to fly that same airline, and within one year of the ticket purchase. You're getting an extra 20% bonus there, you could use that for a trip that is hopefully discounted, given all that's going on.

Bobbi Rebell:
Right. There's negotiability, in terms of the value of your voucher. And maybe there's negotiability, you tell me, on that date? Because, what if you purchased your tickets very far in advance for a big trip, and the trip is a month away? But, you purchased it 11 months ago, that doesn't give you a lot of wiggle room from the purchase date. Is there negotiability there, just being reasonable?

Scott Mayerowitz:
It doesn't hurt to ask, but that's one that the airlines, traditionally, have not budged on, and that's where you're going to run into your headaches, especially for those trips that you booked a while ago.

Bobbi Rebell:
So then, you want to be watching for that flight to be canceled?

Scott Mayerowitz:
Yes.

Bobbi Rebell:
How are flying conditions changing right now? I got a notice from an airline today, talking about their social distancing efforts, because planes are notoriously ... We're squeezed in there so tight, how do they, then ... I mean, I guess it's happening naturally, that so many people aren't showing up for flights, but what's it like to actually fly, for people that are flying? The few and far between, and I guess far between literally, in between their seats.

Scott Mayerowitz:
Yeah, if we talk about airline occupancy, about a year ago you had about 89, 90 percent of all seats filled on planes. What I'm hearing from the industry sources right now is you're looking at 10, maybe 11 percent of seats filled, across the entire system. There are plenty of flights where there are just completely empty planes out there. Some that they'll run, some that they'll cancel. There are tales of airlines actually booking the middle seat, when you book a seat, to actually create that social distancing.

Scott Mayerowitz:
The TSA is saying 85 to 90 percent of the passengers that normally come through its checkpoints aren't coming through. You're seeing cases in airports like New York and LA, where they're actually closing terminals. So, you don't have a TSA checkpoint, you basically have empty airports.

Bobbi Rebell:
That's because so many of us are staying home, okay. We love to travel, what can we do to satisfy our travel bug, literally from the couch?

Scott Mayerowitz:
This is one of the great things about technology, is everybody has been doing virtual tours, or YouTube videos, where they're guiding you through their museum, zoo, aquarium, theme park, whatever it is. I've been amazed at this. We've been watching some of the Cincinnati Zoo videos with my daughter. All the major museums, art galleries, natural history ones, are doing virtual tours. Disney World is letting you actually ride all of its rides, through these great videos that they've put together.

Scott Mayerowitz:
I could go on and on about the list, between national parks, state parks, places like the Biltmore in Asheville, North Carolina, they've all come out with these amazing virtual tours, to keep you entertained.

Bobbi Rebell:
And we can find those through your website?

Scott Mayerowitz:
We have a story up on ThePointsGuy.com of some of our favorites, and then any institution that you want to visit has a link on their home page, too. But, we've curated a list at The Points Guy, of our favorite virtual tours.

Bobbi Rebell:
Last question. I want to end talking about good things. Tell us, how will the travel industry come back from this?

Scott Mayerowitz:
This is one that's going to take a while for the industry to really become much more profitable, but for travelers, they're going to be fighting for us to come stay at the hotel, so this will be a renaissance of deals, earning points and miles, and we'll guide you through all of those.

Scott Mayerowitz:
But I think it's also going to change the way we travel. I've been, for two weeks, with my wife and daughter, in our Manhattan apartment. We go out for a daily walk, and keep our social distance, but that's about it. I'm an extrovert, I love to travel, and I always love talking with people. But, I think now, I'm going to look at my travel very differently. Yeah, I'll probably still go and sit on the beach at some luxury resort, but I'm going to want more experiences where I get to learn from other people and interact, because that's really what we're craving.

Scott Mayerowitz:
As much as I love my family, and I do, I want to get out, and meet other people, and have actual conversations. I think you're going to see people, around the globe, missing that connection, and really changing the way that we travel, in the coming months and years.

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Financial Grownup, Financial Grownup Guides, Entrepreneurs, TravelBobbi Rebell KaufmanScott Mayerowitz, The Points Guy, Travel, Traveling, Travel Tips, Coronavirus, Coronavirus Travel, covid-19
Financial Grownup Guide: Managing Financial Anxiety During the Coronavirus Crisis
Financial Grownup Guide: Managing Financial Anxiety During the Coronavirus Crisis
Financial Anxiety Instagram

Financial Anxiety is surging in the wake the coronavirus crisis. Here are some ways to manage it and get through it without making financial moves you will later regret. 

Some ways you can manage financial anxiety:

  • Resist the urge to do something - like sell stocks- just for the sake of doing something

  • Be sure that you are making regular contributions through your paycheck to your retirement account

  • if you aren’t already, automate as much of your finances as you can- including debt repayments and savings.

  • Try to lower your interest rates on any debt you have

  • Spend time at home with family

  • Catch up on some reading

  • Watch a movie at home (throw in some popcorn if you want)

  • Take a walk in the park or around your neighborhood

  • Listen to some music

  • Practice some meditation

  • Talk with a Financial and/or Mental Health Therapist- Many of which are available remotely

  • Anti-Anxiety Medications- After talking with your doctor, of course

  • Be mindful about where you are getting your news

  • Do the things you meant to do, but could never find the time

Stay healthy everyone!

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Financial Grownup, Financial Grownup Guides, Advice, Family + Relationships, Health + Fitness, Money, Personal FinanceBobbi Rebell KaufmanCoronavirus, Financial Anxiety, Anxiety, Personal Finance, Walking, Read, Watch A Movie, Lower Rates, Auto, automatic payments, Music, Meditation, Medication, Mental Health
Financial Grownup Guide: 5 essential ways to create a successful business from anywhere with Entrepreneur Cait Scudder
Financial Grownup Guide: 5 essential ways to create a successful business from anywhere with Entrepreneur Cait Scudder
Cait Scudder Instagram

Entrepreneur coach Cait Scudder built a 6 figure business while living abroad overcoming numerous obstacles. She shares her specific strategies to help build a grownup business focused on sustainable product growth and revenue streams. 

5 essential ways to create a successful business

Cait Scudder:
Well, thank you so much for having me. It's great to be here and I'm so excited to be talking about this. I think for so many entrepreneurs, creating a successful business, whether you're running it from a laptop or abroad or whether you're running it out of your living room, feels like it's this enigmatic thing. So, I'm really excited to break down some really tangible steps to help your listeners apply it to their own businesses.

Bobbi Rebell:
Yeah, and I'm a little bit of a snob about this. I don't like all this mumbo jumbo. You are specific, and focused, and I love that. So, you've got five tips and then we have some other special stuff after this. So, stick with us, guys. Number one is basically, figure out the problem that you're going to solve for people, right?

Cait Scudder:
Absolutely. So, the first thing I would say if you are looking to build a six-figure business, and scale it to multiple six figures and beyond, is you have to be so crystal clear on the problem that you help people solve. It is not enough to just say, "Well, I want to be a consultant for leaders" or "I want to be a health coach" or whatever other niche that you're in. Dial that right in to get so specifically clear on the problem that you help your clients solve and how you do that with the solution that you offer.

Bobbi Rebell:
So, what would be an example of a client that had this problem and how do they really figure out what problem they were solving for?

Cait Scudder:
So, one of the exercises that I lead my clients through, let's take a health-coaching coach, for example. If you are looking to build out a health-coaching business, somebody who helps their clients achieve either weight loss or higher levels of energy, the problem that you might help somebody solve is losing 15 pounds or losing 20 pounds. What you need to do if you want to dial that right in and then be able to build a compelling brand and a compelling message from that is, get super clear. Not only on that problem point as if it's a bullet point in your notebook, but what's the pain that somebody is experiencing as a result of having that problem? So, one of the things that I think happens a lot is entrepreneurs get stuck in this messaging spiral of, well, I'm listing out my client's problems, but they're not responding.

Cait Scudder:
I think the biggest thing that happens when we do that is that we're not actually speaking to the pain, the ripple effect pain I call it, that those problems caused. So, for example, if a client is struggling with low energy, they're feeling overweight, they're feeling not confident in their bodies, how is that actually playing out in their lives? Maybe they can't walk up the stairs without running out of breath. Maybe they can't bend over to pick up their grandchild and not feel like they have to sit down. So, really dialing your messaging straight in to the problem that you help people solve. The pain that it's going to help them get out of in painting the picture and creating offers that help somebody do that in a step-by-step way is such a powerful step for your business and for your marketing.

Bobbi Rebell:
Which brings us to your second tip, which is to figure out what exactly the offer is.

Cait Scudder:
Exactly. So, the second thing that you need to do is build out an offer. I always say to my clients, especially who offer their services, so consultants, any kind of strategists is, it's very, very important to be able to build a product in your client's mind as if it were a tangible product that you could put on top of your desk. So, if you're offering a six-month consultancy package or a retainer offer, what does that look like? What's the result that somebody is going to get? And the way that you want to think about your offers is in two different pieces. The first is the framework, and the second are the features. So, your framework might look like, for example, in my business coaching consultancy, I have a framework that's based on three different things: energy, strategy, and sales. When you can nail all three of those as a business owner, you are golden.

Cait Scudder:
So, the energy piece is, what does your vibe put out? How are you attracting your ideal client, how you are attracting your audience. The second piece of strategy is, what are the offers that you're building out? How are we marketing you in a way that is magnetic in a way that draws your people in? And thirdly, in sales, obviously, we need to make sales if we're going to be in business. So, what I really recommend entrepreneurs to do if they're struggling to build out an offer, is think about what's the framework that you move somebody through and what are the features? How long is your package for? What does it include? What's the scope of work? And when you can be so specifically clear on the process that you move somebody through, the framework, and the way that you do that in the tangible breakdown, the features, that's when you really have a rock-solid offer to bring to the market.

Bobbi Rebell:
The third thing is something I am so uncomfortable with myself, get comfortable with marketing. It is so hard, Cait. I feel this personally.

Cait Scudder:
Really, Bobbi? You're definitely not alone. And I have to be honest, at the beginning when I started my business, I felt so uncomfortable with it. I felt like, "Hang on, squawking about all of this stuff that I do for other people like this is so uncomfortable." Here's what I've come to see it as. When you are marketing your services or your products or your free content even, because let's be real, promoting a podcast or promoting a blog article, all of that is marketing. You are educating and you are empowering your audience with pieces of content, with pieces of information, and pieces of education that help them move towards a result. And I think that when you can have that internal shift as an entrepreneur from, "Oh, this is so self-indulgent. Who would want to read about this? This is so self-aggrandizing." And really flip that script to say, "Hey, me showing up and waving this flag loud and proud is helping somebody else who's seeing this achieve a result," and that is such an empowered place both for you and for your audience.

Bobbi Rebell:
The fourth one, also a pain point for me, confidence in selling. I always struggle with this, Cait. I really do.

Cait Scudder:
You know what? I hear you and especially for women, Bobbi, I personally think that we are not necessarily taught to move into a sales conversation or move into a sales context, with the same level of permission and confidence that for whatever reason I feel like men just intrinsically feel. I'm sure that's not the case for everybody, but I definitely know so many women who struggle with this piece.

Cait Scudder:
Here's my take on this. When you sell somebody your product or your service, you are giving them the pathway to a solution. If you don't sell, if you don't speak about what your offer is, if you never let somebody know how they can work with you and what's possible as a result, you are literally robbing from them the possibility for getting that result and you helping them. And I think when you really flip that script and look at, "Hang on, this is not just some selfish manipulative, greasy car salesman tactic. This is me showcasing the possibility that somebody has to achieve this solution with me." You really put yourself in the game, and you give your market confidence to buy from you.

Bobbi Rebell:
And the fifth thing is, be consistent.

Cait Scudder:
That is absolutely right. I think that there is no... One of the best pieces of advice, Bobbi, that I've ever been given in entrepreneurship is, don't get too high and don't get too low. When it comes to being your own boss and running things your own way, creating your own schedule, running your own team, there's so many opportunities to get knocked off your horse to feel like you just want to throw in the towel and crawl back into bed and you just don't want to do it. And that is the biggest thing that I think swipes entrepreneurs off their path is, feeling like I had a good day, I want to show up, had a bad day, I don't want to show up. Guys, if you take one thing away from this, let it be this. You are going to have great days. You're going to have hard days. It's your commitment to staying the course. That is the thing that's going to see you through. Just remember, you cannot fail if you just keep going.

Bobbi Rebell:
I also want you to share, it's kind of a bonus for our listeners. You have a lot of everyday things that you do. Some things I do too that really help in terms of the day-to-day, like the way that you schedule your week, which is something I do as well.

Cait Scudder:
Yes, absolutely. So, one of the best hacks, oh my gosh, this just saves so much time, so much mental bandwidth for me is scheduling a CEO day. So, on Mondays, I mean, I'm on the phone a lot of the time, whether it's on the phone with clients, group calls, individual calls, collaborators, I'm on the phone a lot. Mondays are my CEO day, which means I don't take any calls. Monday is my day to work completely on my business, and not be in anybody else's business. And that has been so helpful for not only block scheduling and batching out what I need to do in a week, but also for keeping me super on point when I'm coaching on the other days and just very, very focused on what I need to do. I think that as entrepreneurs and as CEOs, one of our biggest forms of currency is our focus and our attention. So, scheduling in a CEO day is going to massively help you feel organized and sane as you move into the week. And I recommend doing it on a Monday because who doesn't love moving into the week feeling organized and sane?

Cait Scudder:
The second thing I would say is, create a little routine for yourself on a daily basis. And I don't mean wake up at 5:00 AM, meditate, do power yoga, sit in lotus for 25 minutes. No, you don't have to do any of that. For me, one of the things that I have is a non-negotiable. I wake up, I have some water with lemon, I exercise for half an hour to 45 minutes, and I move into my day after doing a little bit of gratitude practice. And I might think about things in the shower. I don't spend hours journaling in the morning. But I think that if you can mentally and physically prime your body in the morning, you're really setting yourself up for success.

Bobbi Rebell:
You also talk a lot about the mindset that's involved because it's important that we be aware of what other people are doing. First of all, we learn from them and you should just always be aware of competition, let's be real. And also, I believe a lot of competition, it's actually expanding businesses. So, I believe in cooperation over competition in general, but it's also important not to compare too much, right?

Cait Scudder:
Absolutely. So, I think one of the biggest things that knocks us off our horse is this feeling of imposter syndrome of, "She's doing it better than me" or "they already have this established company" or "who am I to come into this space?" And I think whenever that happens, and let's be real, it happens for all of us, the most important way that we can shift out of that is moving your attention from comparison, from analyzing all of your flaws and your worthiness and your capability. Taking your attention off of all of that comparison and "not good enough" noise, and moving it back to a place of service, and moving it back to a place of all of the reasons why you and you alone are the best equipped to serve your people. Why you have moved through everything that you've been through in your life, in your business and your experience in order to be able to offer what you're doing.

Cait Scudder:
And just remember, if you are not showing up for your people, you're taking away from them the opportunity that they have to experience what's possible on the other side. So, the more that you can give yourself permission to let go of the comparing mind, which is our ego's way of keeping us safe, and go back to all of the ways that you're equipped to help somebody, you're going to be of so much more service and you're going to make a heck of a lot more money.

Bobbi Rebell:
I want to finally just touch on something that you have some strong opinions on. And that is MLMs, multilevel marketing. It's important. There's some really good ones out there, but you also have a lot to say about the fact that some of them are scammy. What do people need to know?

Cait Scudder:
I think that there are a lot of amazing people out there building a successful business in network marketing. I think there are great companies out there that offer possibilities for people, but do your homework, guys. I think it's very important to know what you're getting into and to really... And this is the case, whether you're in an MLM or you're building your own business or you're working for somebody else, quite frankly, is you need to be 100% behind the mission, the ethos, the values of whatever it is that you're selling.

Cait Scudder:
So, rather than just looking at a shiny object as a way to make a little bit more money in your bank account month after month, really ask yourself, "Is being affiliated with this community or this company something that I'm going to feel proud of in 10 years? Do I align with the values and the greater impact that this company is making?" Because ultimately, whether you are just one person in a rank or you are an entrepreneur under your own brand, you are representing a brand and that brand is yourself. And so, you really want to make sure that you align at a deep level with whatever it is that you're standing behind.

Episode Links:

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Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Advice, Career, Entrepreneurs, Financial Grownup, Financial Grownup Guides, Money, Millennial Superstars, Personal Finance, Podcasts, Productivity, Role Models, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanCait Scudder, Business, Career, Career Coach, Ted Talk, Entrepreneur, Success Tips, Productivity, Build A Business, Six Figure Business
Financial Grownup Guide: 4 ways to increase your net worth in 2020 with Norm Champ, author of Mastering Money: How to Beat Debt, Build Wealth and Be Prepared for Any Financial Crisis
Financial Grownup Guide: 4 ways to increase your net worth in 2020 with Norm Champ, author of Mastering Money: How to Beat Debt, Build Wealth and Be Prepared for Any Financial Crisis
Norm Champ Instagram

Learn how to make 2020 the year you up your net worth with these specific and very do-able strategies that will motivate and inspire you. 

4 ways to increase your net worth in 2020

Bobbi:
And we're going to talk more about the specifics of the book, but first I want to get to these four ways to increase your net worth in 2020 that you have brought to us for this Financial Grownup guide episode. One whole chapter before we get into the four, one whole chapter of your book is actually becoming a net worth warrior.

Norm Champ:
Exactly. And so much of what's in the book is really basic financial literacy and financial planning kind of ideas. Unfortunately those ideas have really gotten lost in it's the consumer society and we don't really give messages to people about financial literacy and how to build your net worth. So the whole idea of the book is to get some real concrete tips on how to build net worth.

Bobbi:
Before we get into your four ways that you brought to increase your net worth in 2020, let's just explain what exactly is your net worth. How do you calculate that? Because people kind of think they have an idea of what that is, but they may not know exactly how that is calculated, what's included and what's not.

Norm Champ:
The way to calculate your net worth is to make a balance sheet just like a business would. On the left hand side you list your assets. That's everything that you own, including things you own with debt. So home, car, savings accounts, securities account, your 401(k), any other retirement accounts. So all the assets on the left side. Then on the right hand side you put all of your liabilities, your mortgage, any other debt that you have, anything else where you owe money and it subtracts from the asset side.

Norm Champ:
So then you total up the left side, all your assets, you total up the right hand side, the liabilities, you subtract that and then the resulting number is your net worth. So what we're trying to do is build up that left hand side, build up the assets and cut down on the right hand side, cut down on the debt, so that you can increase your net worth.

Bobbi:
Great. And it takes patience. And it takes a lot of frankly being intentional. So we're going to go through these steps that you can take. And again, this is lifetime goals. This isn't something that's just going to happen overnight, but you have to start now. So the first thing that you talk about is cutting spending. And this isn't just about don't have those lattes. You talk about finding your inner governor. What does that mean? That's not a political statement.

Norm Champ:
No. And exactly is a joke in the book, it's not finding the politician running your State. So essentially we are living in a consumer society. You hear that all the time. What that means is our economy right now is primarily driven by consumer spending. I'm not so much of an unrealistic person to think we're going to stop that. However, consumer spending is not each person's friend when it comes to building their net worth. So I love your point about intentionality. You need to be intentional to reduce the spending side, because until you get the spending under control, any idea of getting out of debt, any idea of building net worth is a pretty distant goal. One of the things I talk about in the book is the subscription service mentality that we're in.

Bobbi:
Right. You say think before you click.

Norm Champ:
Think before you click. Every time you're on your phone, and literally, I mean it's gotten to absurd levels. Every time you download an app, Oh, just open an account and have a free trial and then you can always cancel. Well, human behavior and studies have shown people don't cancel. And I think the side in the book is people have nine apps that they don't use and that they're still being charged for. It's the average or something like that.

Norm Champ:
So it's just an example of how the consumer society gets you to spend and if we're going to get into positive net worth territory, we've got to get spending down. The apps are an easy one. You know the latte one is funny because you hear that all the time. I'm actually not a huge believer in that. If you want to get a cup of coffee, I would get a cup of coffee. But-

Bobbi:
It's meant to be a metaphor.

Norm Champ:
Exactly. And I think you want to be very, very conscious of every message in our society is to buy and I think some of the best learning on this ever is the thought of listen, what do I really need? There's a great principle of, Hey, you could buy the 72 inch TV and do it on a layaway plan and all these other things, but do you really need that TV? Is your current 62 inch TV okay? And starting to really think through, do I need to buy these things?

Norm Champ:
Here's another great example. This one I didn't learn about until after I did the book. Almost a majority of Americans who have a car loan owe more on the car than the car is worth mostly by two to one. So around 40,000 in debt on cars that are worth around 20,000 you're asking how can that possibly be? It's because as you trade in cars and you get different ones, the debt keeps going up and you're never making any progress. Right? So the whole cutting spending side has to be the first principle. That's where we start out in the book with, because you've got to get a control of that side if you want to get to net worth.

Bobbi:
Right, and I think you make a good point about layaway plans. People are taking longer and longer loans for cars and that's why those car loans are getting a lot more attention. It's something we've covered actually on my other podcast, Money with Friends. We've done a bunch of episodes about how that consumer behavior towards cars and car buying is evolving. Let's get to number two and that is kind of the flip side. The sister to the spending is pay down your debt.

Norm Champ:
Debt has to be, if I want to single out one thing, it's the single most corrosive thing going on in our society. This is from the very top of the country all the way down. So we are now running massive deficits at the top level, at the government level. We have had low interest rates, although somewhat better return to more normal rates now, but we had zero interest rates for all the entire Obama administration.

Norm Champ:
So the whole society has moved towards debt. The problem with debt is that people keep incurring it for the spending we were talking about, and they're always incurring new debt and they're not paying off the old debt. And so that's how you end up with these balances rising up. And so it's very important to think about, you'll think super carefully about debt, I quote, it's Benjamin Franklin in the book.

Bobbi:
Yes, I love that quote. I was about to mention that.

Norm Champ:
It's just that debt gives someone else power over you and if want to make it to be a net worth warrior, if you want to get there, you've got to get out of debt. And so it's correlated to the first principle, right? You got to cut down on the spending so you can devote that money to paying down debt and the goal should be to get out of debt.

Norm Champ:
And one of the biggest ones which I devote an entire chapter to is home buying. Our government and our society continue to press home buying as a route to wealth. The only problem with that is talk to all those people that were closed on in 2009, in 2010, they're not going to tell you the home buying was a path to wealth. Before you buy a home, it's a financial decision just like any other, and it's the number one debt, typically the biggest debt any US citizens take on their life is their home debt. Make sure that you do that with an appropriate down payment and you're really intentional about what you're doing.

Norm Champ:
As I say in the book, everyone says rent is a waste of money. Well, in a mortgage, all you're doing is renting that money from the bank. So we've got to get real on the things we're spending and going into debt for and get that debt down. And it is tough, right? It's always easier to do the new spending than pay off the old, but it's a critical part of building net worth.

Bobbi:
Yeah, that's an interesting perspective. Okay, the third way to increase your net worth, you talk about taking advantage of a 401(k) and that really goes ... I mean in your book you talk about the tax free investing. You have a whole chapter on that.

Norm Champ:
Exactly. You know something is good if the government is trying to get at it. So remember that the Obama administration proposed taxing people's 529 college savings plans, that quickly to hide a political death. But the 529s, the 401(k)s, IRAs, these are all the rare gifts of the tax code. Generally the tax code takes from you. These accounts allow you to grow money tax free. Now whether it's a Roth or traditional, it has different tax impacts, but either way you are allowed to grow your money in those accounts tax free.

Norm Champ:
There's no better way to build net worth than to take advantage of those tax free accounts and they are part of your net worth. Don't think of them as retirement accounts. Think of them as part of your net worth. And if you get, you should max your contribution to them and max any employer contribution to them.

Bobbi:
Right and don't exactly. The employer contribution is very important. Let's explain that. You can basically get in some cases as much as 100% return on whatever part the employer is matching, which is a better return than you're going to get in almost any mainstream investment, right?

Norm Champ:
As I say in the book, it's free money and anytime they offer you free money, there's the old saying, when they hand you money take it. When you get the chance to get free money from your employer in your 401(k), you have to take it. Unfortunately, statistics show low participation rates in 401(k) and then low participation with the match. And that's just free money that people are leaving on the table. And to your point, your return on that money is 100% because it's just free to you.

Norm Champ:
And then secondly, once you have it in your account and it grows tax free, then you get a compounding effect of that. And particularly for young people. But even later in life you're talking decades of investing in tax free and compounding in that account, there's nothing more valuable. And I just urge people to think of those accounts as part of their net worth, not as retirement accounts. They are part of your net worth.

Bobbi:
Right. And the fourth way to increase your net worth in 2020 that you want to talk about is the actual investing component. You say in the book that if you can read, you can manage your portfolio. A lot of people are intimidated. It's important also to understand that the vehicle we just talk about, the vehicles are buckets effectively. You don't just put money into a 401(k), you then have to invest it, it has to go somewhere. And those are choices that you have to make. You can't just put it there or it's basically like stuffing it under a mattress. Yes, you're getting the tax savings in the match, but then it has to go somewhere.

Norm Champ:
Exactly. And this point about investing, if I think of my time in the US government at the Securities Exchange Commission, this had to be the most traumatic thing I learned there, which is you see headlines about the SEC working on big cases around big financial firms and all that kind of stuff. But the vast majority of those cases are a teeny little percentage. The vast majority of what the SEC works on is something called affinity fraud.

Norm Champ:
This is where someone in your church group, someone in your community group, someone in your friend group, unfortunately people turn money over to them and that money typically gets stolen. And the reason for this is that people are scared of investing. To your point, they just don't know what to do with it. Don't know where to go with it. Oh, the nice young man in my church group said he would handle it. And of course the money's never seen again.

Norm Champ:
And so, one of the basic points that I make in the book is until you get to, I just picked half a million dollars, but there's no magic number. But until you get to a significant net worth, there's no reason to do anything other than divide your money between stocks and bonds and mutual funds. Mutual funds are low cost. They're regulated very closely by the federal government. We have never had a mutual fund failure that cost anyone money. It doesn't mean the investments are going to go up, but they are heavily regulated. They're intended for the retail investor and they've become very cheap. if you look at the cost ratios, they've gotten incredibly cheap as far as fees.

Norm Champ:
My real point on this is don't be afraid because it's the fear of investing that leads people to the scam artists, the affinity frauds. And so don't be afraid. Do the simple formula that I have in the book of the split between stocks and bonds, go into your 401(k) or your taxable County, you're absolutely right. These are just buckets of money, taxable and nontaxable. Go in there and get your asset allocation set up and then forget about it. You're not going to trade, you're a busy person, you're hiring those mutual fund managers to do it for you. And it's a very safe way to invest.

Norm Champ:
Again, it doesn't mean you're going to make money. However, over the longterm, I just was reading an article over the longterm stocks remain at about an 11% return per year. There's obviously big ups and downs in that. The key is to stay in these funds and let them reinvest and let them ride out over time. And on a longterm average, you're going to make a ton of money and in the 401(k) you're not going to be taxed on it. So it's just trying to get people away from the risky investments, unfortunately, because of the fear of investing, people reach for investments that they shouldn't be investing in.

Bobbi:
Yeah, and I do want to just give some context to the comments that you're making. You are a former director of the division of investment management at the SEC, and also under your leadership I should say, the SEC did adopt a new rule to reform money market mutual funds. So this really is an issue that's very close to heart. You were there right after the Bernie Madoff scandal and you know Bernie Madoff, a lot of that happened because people trusted him. He was in these affinity groups. He had validation having been in leadership at the Nasdaq and so on and so that is a very real thing. So thank you for bringing that up. Before we wrap it up, anything more to share about the book? I mean it's very readable I think, and it's only 150 pages, but it is packed with a lot of great information.

Norm Champ:
Oh, thanks so much. This is a passion project. Financial literacy is something I believe in deeply. I'm starting a nonprofit organization to pursue that mission of trying to get these messages out there and I'd love to do, if anyone wants to do an event, I'd be happy to come and bring books and just give them away. Frankly, I want this message to get out there, it's really something I feel very, very strongly about.

Episode Links:

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Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Advice, Authors, Business, Career, Entrepreneurs, Financial Grownup, Financial Grownup Guides, Money, Personal Finance, Role ModelsBobbi Rebell KaufmanNorm Champ, Author, Mastering Money: How to Beat Debt, Build Wealth and Be Prepared for Any Financial Crisis, Mastering Money
Top New Money Books for Grownups Right Now (Winter 2020)
Top New Money Books for Grownups Right Now (Winter 2020)
Money Books Winter 2020 Instagram

Bobbi reveals her favorite new money related books, and how to decide if they are right for you. This month’s picks include Don’t Keep Your Day Job by Cathy Heller, The Big Stretch by Teneshia Warner, The Future is Faster Than You Think by Peter Diamandis and Steven Kotler, Napkin Finance by Tina Hay and Bow Dow by Lindsay Goldwert.

These are recommendations so I am going to focus on why I was drawn to them and what I got out of them- and full disclosure we do focus  on books written by authors that appear on the podcast- because if we are being honest when I love a book- I want to know more and I want to share that with you guys so we tend to reach out and try to get them on.

Book #1: Don’t Keep Your Day Job: How to Turn your Passion into your Career by Cathy Heller

Here’s what I liked about it: 

-The book is practical and specific. She gives down to earth advice about how to realistically follow your passion but in a very practical way. 

- She shares advice from experts including authors Jen Sincero and Gretchen Rubin and actress Jenna Fischer. There are also stories about every day people to make it relatable.

-There are lots of inspirational quotes like "Why did it have to be an ‘either-or’ when it could be a ‘yes and’?”

Who is this book for:

Don’t keep your day job will motivate just about anyone but it is especially for people looking for advice on well.. how to leave their corporate jobs. Also Entrepreneurs who need a little nudge to connect doing what they love, with doing something that another person or entity will pay for. Emphasis on getting paid.  

Book #2: The Big Stretch: 90 Days to Expand Your Dreams, Crush Your Goals, and Create Your Own Success by Teneshia Warner

Here’s what I liked about the book: 

-It shares the success stories of some of the dreamers that have spoken at those conferences

-It has a time line: 90 days with specific assignments

-Teneshia’s personality shines through and is the real gem in this book

Who is this book for:

It’s for people willing to do the work to get to their goals and The Big Stretch will help you decide if that is you. Not everyone is ready to go for it- and Teneshia sets expectations that will push you to get there- but only if you are ready. 

Book #3: The Future is Faster Thank You Think. How Converging Technologies Are Transforming Business, Industries and Our Lives by Peter Diamandis and Steven Kotler.

Here’s what I liked about it: 

-At first I was intimidated by the book- in part because it’s authors are so accomplished as “Big” Thought Leaders. But once I started reading it, this actually became a page turner because of the very accessible way they approach what are often complicated topics, 

-It’s a little like looking into a crystal ball except after- and only after they lay out theories and predictions, you realize that to a large degree. the way things play out was logical all along. They touch on everything from AI, to digital biology, virtual reality, robotics and blockchain.

-The book made me smarter about our world and who doesn’t love just feeling like they have a better handle on our world. 

Who is this book for:

Truth- This is all stuff I just wasn’t that into- until I started reading the book. So even if this isn’t your thing- move out of your comfort zone and just start. You might be surprised how much you like it, just like I did. 

Book #4: Napkin Finance: Build your Wealth in 30 seconds or less by Tina Hay.

Here’s what I liked about the book: 

-It addresses the very basics of financial literacy in a unique and approachable way

-Napkin Finance explains some of the most misunderstood and confusing topics ranging from blockchain to credit scores and paying off student debt.

-Fun fact: Napkin Finance partnered with Michelle Obama’s Better Make Room campaign 

Who is this book for:

Napkin Finance is a book for beginners- and for those of us that can benefit from some re-enforcement and sometimes clarification of financial concepts- most basic but some kind of complicated. 

Bonus Book: Bow Down: Lessons from Dominatrixes on How to Get Everything You Want by Lindsay Goldwert.

Here’s what I liked about it: 

-Lindsay is very revealing about her own challenges and makes you feel like you are in it together with her

-The doms- as Lindsay often refers to the dominatrixes share some very specific advice about how they negotiate and hold on to power

-There is a lot of psychology and real insights into human behavior and what triggers certain reactions. By revealing these Lindsay helps us see why we get the reactions we do, and how we can pivot to get.. well everything we want. 

Who is this book for:

Everyone that wants to get everything they want- of course. 

Episode Links:

Cathy Heller’s Financial Grownup episode + Get your copy of Don’t Keep Your Day Job: How to Turn your Passion into your Career

Teneshia Warner’s Financial Grownup episode + Get your copy of The Big Stretch: 90 Days to Expand Your Dreams, Crush Your Goals, and Create Your Own Success

Peter Diamandis and Steven Kotler’s Financial Grownup episode + Get your copy of The Future is Faster Thank You Think. How Converging Technologies Are Transforming Business, Industries and Our Lives

Tina Hay’s Financial Grownup episode + Get your copy of Napkin Finance: Build your Wealth in 30 seconds or less

Lindsay Goldwert’s Financial Grownup episode + Get your copy of Bow Down: Lessons from Dominatrixes on How to Get Everything You Want.

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Advice, Authors, Career, Entrepreneurs, Business, Financial Grownup, Financial Grownup Guides, Get Paid More, Money, Personal Finance, Podcasts, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanBooks, Author, Authors, Money, Money Books, Financial Grownup, Cathy Heller, Don't Keep Your Day Job, The Big Stretch, Teneshia Warner, The Future is Faster Than You Think, Peter Diamandis, Steven Kotler, Tina Hay, Lindsay Goldwert