Gen FKD's David Grasso shares how to play defense with your money

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In this episode, millennial financial literacy advocate David Grasso, of Gen FKD and Bold Business shares the story of his Cuban immigrant mother and how at age 9 she found herself in charge of the family finances after an unexpected accidental death in the family. 

 

In David’s story you will learn:

-How David’s heritage as the child of Cuban immigrants shaped his focus on finances

-David’s strategy for not just making money, but keeping more of it

-The strategies David learned from his mother, who took over her family finances at age 9

-How talking about money at the dinner table can instill children with financial values

In David’s lesson you will learn:

-Why getting a raise is not the solution to your financial problems

-David’s savings plan strategies

-How to be a defensive consumer

-The dangers of automatic bill payments

In David’s Money Tip you will learn:

-Why he focuses on the bigger purchases in his life

-How to be a defensive consumer

-How David uses the Trim app

In my take you will learn:

-How to fight for your price.

-The true story of how I paid $25 for a prescription where one quote I got was for $354!

-How to use online coupons for prescriptions

-Why the price you pay through insurance is not always the lowest

-When to pay attention to big expenditures vs when to acknowledge that little things like latte’s do add up and become big things over time

Links from this episode

Gen FKD @genfkd

Bold Global  @boldglobalmedia

BoldTV

Bold Business

Bookstr

David Bach

Trim app

Check out David Grasso’s articles GenFKD here: http://www.genfkd.org/author/david-grasso

Find David’s Bold Media page at http://bold.global/david-grasso

David is also a content creator @purehouselab

You can follow David

Twitter: @grassroots

Instagram: @grassoroots

Facebook: David Grasso-Ortega

In this Financial Grownup podcast episode, millennial financial literacy advocate David Grasso, of Gen FKD and Bold Business shares the story of his Cuban immigrant mother and how at age 9 she found herself in charge of the family finances after an unexpected accidental death in the family. We also discuss why getting a raise is not the solution to your financial problems and the dangers of automatic bill payments. #Money #MoneyTips #MoneyGoals

In this Financial Grownup podcast episode, millennial financial literacy advocate David Grasso, of Gen FKD and Bold Business shares the story of his Cuban immigrant mother and how at age 9 she found herself in charge of the family finances after an unexpected accidental death in the family. We also discuss why getting a raise is not the solution to your financial problems and the dangers of automatic bill payments. #Money #MoneyTips #MoneyGoals

 
In this Financial Grownup podcast episode, millennial financial literacy advocate David Grasso, of Gen FKD and Bold Business shares the story of his Cuban immigrant mother and how at age 9 she found herself in charge of the family finances after an unexpected accidental death in the family. We also discuss why getting a raise is not the solution to your financial problems and the dangers of automatic bill payments. #Money #MoneyTips #MoneyGoals

In this Financial Grownup podcast episode, millennial financial literacy advocate David Grasso, of Gen FKD and Bold Business shares the story of his Cuban immigrant mother and how at age 9 she found herself in charge of the family finances after an unexpected accidental death in the family. We also discuss why getting a raise is not the solution to your financial problems and the dangers of automatic bill payments. #Money #MoneyTips #MoneyGoals


Transcription

David Grasso:
"Oh, if I only got a raise I would have more money. Oh, if I only made this much more I would be stable." It never works that way.

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

Bobbi Rebell:
So I think we've all had that feeling where if we just had that one little raise or that one more client, we would feel less stressed out financially. I know I've of course felt that way, and so has my friend David Grasso. He's a millennial financial literacy advocate. He's also the editor at non-profit GenFKD. And the anchor of Bold Business where I have had the pleasure of co-hosting with him.

Bobbi Rebell:
David is also the child of Cuban immigrants who came here just after the revolution, their experiences really shaped his focus on not just making money but also on keeping it. He grew up first in a little Havana area of Miami. And fun fact, he later moved to the Disney inspired town of celebration, Florida. Here is David Grasso.

Bobbi Rebell:
David Grasso, you are a financial grown up. Welcome to the podcast.

David Grasso:
I hope I'm a financial grown up by now. I'm a spokesperson for a financial literacy non-profit, Bobbi.

Bobbi Rebell:
You are. So tell me what is new with GenFKD and both business, and of course campus fellows for 2018

David Grasso:
You know, we've expanded our reach, GenFKD is a non-profit dedicated to helping millennials succeed in the new economy. We have a presence on over 30 college campuses. And one of our biggest news items right now is that we jut completed our first four credit class at SUNY Purchase, so that's a state university of New York Campus right outside of New York City.

David Grasso:
On my front, we continue to have the Bold Business Show on BoldTV every week, as well as Bookstr business on one of our partner organizations Facebook page, Bookstr where I interview authors who write about entrepreneurship.

Bobbi Rebell:
And they are super interactive. So everyone should try to watch them live on Facebook. You are on Tuesdays at 9:00 AM correct? With Bold Business.

David Grasso:
Yes. And Thursdays 1:00 PM for Bookstr business.

Bobbi Rebell:
And you can always catch them after. But LIVE is always a lot of fun 'cause then you can literally interact directly with the host. And I've even gotten to be a guest host on the show. So definitely check it out and-

David Grasso:
And we'll have to be back soon Bobbi, we're ready to have you back already.

Bobbi Rebell:
Yes, any time. So David, you brought with you a really compelling money story that has to do with your family's immigration to America from Cuba.

David Grasso:
Yeah. You know my family unfortunately after the Cuban revolution was on the wrong side of things. So they made their way to New Jersey right here outside of New York City. They quickly learned that this was the land of opportunity and that they could get ahead really fast. Unfortunately my mother had to grow up very fast because my grandfather died in a factory accident. And one of my mom's most profound memories from her childhood was having to go ask landlord how much the rent was.

Bobbi Rebell:
How old was your mother?

David Grasso:
My mother was about nine years old.

Bobbi Rebell:
She was nine years old when her father passed away and she was taking charge of the family finances?

David Grasso:
Yeah. And if you know anything about my mother, she's a financial wizard. And she's the type that she constantly talks to us about money. And really the most profound lesson that she passed on that came from her father and our ancestors who came to Cuba penniless from Spain and Italy was that making money was never going to be hard. It was hard to hold on to but ... And I can't tell you how often at the dinner table we talk about how we're going to maintain our family's wealth. And how we can save and how we can be defensive consumers to make sure that money isn't coming out of our bank account that shouldn't be going out.

Bobbi Rebell:
So what is your lesson then to our listeners? How can they apply this to their own lives?

David Grasso:
You know, a lot of people focus on making money. "Oh! If I only got a raise I would have more money. Oh! If I only made this much more I would be stable." It never works that way. The lesson I have for the listeners is no matter how much money you make, you can find a way to spend it. What you should really focus on is a savings plan at any level, because as your income goes up, your needs go up as well. So it's very important to put a certain amount aside and further more it's important to watch all moneys coming in and out of your bank account, and making sure that people aren't double charging you, or charging you more than you expected, et cetera. It's important to be a saving consumer as well as a defensive consumer.

Bobbi Rebell:
I like that, defensive. Can you give me an example of how you've been a defensive consumer, David?

David Grasso:
I'll give you an example. You know Time Warner Cable and you know, a lot of these companies, you know, they offer great services, but a lot of times they double dip into your account. Or suddenly your promo ends and then your price goes up two or three times the amount overnight.

David Grasso:
I constantly sit down and watch my credit cards, and watch all those automatic payments. You know, the automatic payments are so convenient, but they can bedevil you financially.

Bobbi Rebell:
Okay David, before I let you go, I want you to share with us a money tip. And I know the different podcast we had David Bock who is well known for talking about the latte factor, which is all about making sure you don't have your money kind of whittle away on the small things. He always keeps reminding me that it's a metaphor, that it's not literal, that people can have their coffee, but it's about the little things. You are not about the little things. You're about the big things when it comes to your money tip.

David Grasso:
Well, I mean I'm holding a latte in my hand right now, so you know, let's focus on the big things. I have an app called Trim. And it really focuses on the big stuff that's coming out of my account. You know, if I had to follow every latte that I spent money on, I would go crazy. So I use an app called Trim. And it shows me major money movements above $250 that come in and out of my account. That way I notice, if my paycheck wasn't deposited. It I didn't pay a bill on time et cetera. If there's too much money. There's never any mystery as to how much money I'm supposed to have in my account.

Bobbi Rebell:
David, thank you so much. That is awesome. I am going to check out Trim right away, and I'm going to definitely keep my eye on the big things in life. Thank you for joining us.

David Grasso:
Absolutely. From one defensive consumer to the other.

Bobbi Rebell:
All right. Here is my take on what David had to say. I was pretty struck by David's passion for being a defensive consumer. Making money is of course meaningless if it all goes flying out the window.

Bobbi Rebell:
So financial grown up tip number one is to fight for your price. Just this week I went to pick up a prescription at CVS. It was replacing a liquid prescription. This was in a tablet form because of manufacturing problems with the liquid form. So this was not my choice. We've been paying $25 a month. CVS rings up the new prescription. Get this guys, $161 and this is not a one time deal, this is monthly.

Bobbi Rebell:
So we called the insurance company, they basically said, "Well, tough luck. It's not on the formula list. So you're stuck. I was really frustrated because number one, it's not my choice. It was literally the same medicine just in a different form. And the doctor had told me the generics were not a good fit. So that wasn't really an option for me. So I was not going to give up.

Bobbi Rebell:
I looked online because I know there are sometimes coupons available for drugs. And I did find one that said up to 84% off. Literally it was 84% off if you qualify. So of course I had to wait on the line again. And I had them ring it up with a coupon this time. And guess what, no, I did not get a huge discount. Nothing. Not only did I not get a discount. They said you have to forego your insurance if you want us to ring it up this way. So I said, "Sure, how much worse could it get?" And you know what it came up as? $354. And by the way this is for 30 tablets, and it's going to be a monthly prescription.

Bobbi Rebell:
I was pretty upset. So I went to the drug company's website. I was thinking maybe I will write a complaint letter, I don't know. But I looked around there, and by the way this was Pfizer to their credit. They have a program where after you get into their system and fill out the proper paperwork and all that stuff you can actually get this medicine for $25 a month.

Bobbi Rebell:
So that is what I did. And after a grand total of almost two hours of waiting in line, calling lots of people, getting codes and so on, lots of back and forth with this pharmacy, another pharmacy, the drug company, the insurance company. It was a mess, bottom line I paid $25 when some people are paying as much as $354 for this same medicine. Fight for your price, please. Take the time and find out, can you get a lower price for something. And especially when it comes to medication these days there are so many changes going on in our healthcare system. Look for everything. And absolutely this was Pfizer, go to their website, see if they have a program for people to get drugs. It does not necessarily ... It's not income based as far as I know this one was not. Look for those opportunities to get the same medicine at a fraction of the price. It's worth it.

Bobbi Rebell:
Financial grown up tip number two. David talked about an app called Trim. Now it helps him with the big stuff. But what I would say to my latte sipping friend is that while you do need to focus on the big stuff to really move the needle in your finances, and to reach big goals like retirement and saving for a down payment and all that stuff, you also should watch the pattern of the little stuff. So, if you're going to have the latte that's fine. But think about the fact that if you are having a latte every singe day, then that does become a big thing. So just keep that in mind.

Bobbi Rebell:
Thank you all so much for taking a few minutes to listen to our show. The feedback and support, truly appreciate it. Love hearing from everyone. Take a moment please to rate and review us on Apple podcast. I keep bringing you these inspiring stories. I hope you enjoyed David Brasso's story and that we all got one step closer to being financial grown ups.

Bobbi Rebell:
Financial grown up with Bobbi Rebell is edited and produced by Steve Stuart and is a BRK media production.