Money Moves for Your 75 Year-Old Self
When I think about 75 year-old Fatimah and her quality of life, I want to make sure that 75 year-old Fatimah also has the option to have beautiful things and experiences. That starts with me looking out for her right now.
Welcome to GradSchooled! This is a podcast about how to organize your genius for greater professional opportunities and a thriving life. Today, we are talking about money. I know it isn’t a sexy topic, but it is so important. I hope that with the right tools, you can expand your financial literacy and confidence. And today, I have a lot of those tools outlined for you to take the next (or the first!) step to having the right foundations for your future 75 year-old self. During this pandemic especially, it all begins with education, planning and intentional spending. So, take a deep breath and let’s get started!
In This Episode
[1:11] – This week, we are talking about money, specifically how to match your financial planning with your goals and your job type.
[2:03] – A lot of financial planning advice tends to be so traditional and doesn’t often take into account how to plan for irregular income that accompany entrepreneurship, freelancing, seasonal professions like teaching, and periods of unemployment. .
[2:41] – Fatimah grew up in a household that did not talk a lot about money or have a strong foundation in financial literacy.
[3:49] – Whether you have an employer who takes care of some aspects of your finances (like insurance, for example) or you are an entrepreneur with all the financial responsibility, financial planning and goal setting is crucial.
[4:19] – Fatimah’s ultimate goal here is to help us be more intentional with our money. With the current pandemic, our spending habits have changed. How does that affect your goals?
[6:21] – Due to her change in spending habits during the Covid-19 pandemic, Fatimah made the realization that some of the things she previously spent money on were unnecessary. This has given her the opportunity to rethink some things in regards to her spending and goals.
[6:58] – One change Fatimah has made during this period of reflection is to contribute more to her IRA each month.
[8:01] – Whether you are self-employed or have an employer, you need to make sure you are thinking about yourself in the future.
[9:12] – Thinking ahead to your future self will help you with impulse purchases right now.
[10:33] – How do you maximize what you’re doing right now and maximize the knowledge you have around money to be able to do more with what you have? Asking herself these questions pushed Fatimah to start investing in an IRA and secure disability insurance.
[12:08] – Also during the pandemic, Fatimah took the time to look at insurances. Because she is an entrepreneur, Fatimah’s ability to earn directly impacts her livelihood and that impacts a lot of financial decisions, including insurance.
[14:22] – Earlier this year, Fatimah experienced a fall and a concussion. Thankfully, she had enough money saved and had some client work that she was able to fulfill. But this experience was eye opener for her.
[16:40] – After her injury, she reached out to financial advisors to help her with figuring out the best plan for her and her specific circumstances and income.
[17:28] – When Fatimah was working for an employer, these types of concerns were not on her mind because of consistent paychecks, money set aside on her behalf, and her marriage providing a second income. Becoming an entrepreneur and divorcee has given her a different relationship with money.
[19:13] – Fatimah shares her first experiences as an entrepreneur and her realization that she has the ability to create wealth.
[21:20] – 39 year-old Fatimah wants to make sure that 75 and 85 year-old Fatimah is taken care of. That starts now.
[23:20] – The first recommendation Fatimah has for you on your journey to financial literacy is to listen to financial podcasts. Fatimah started by listening to a financial podcast weekly and scheduled the time for it into her week.
[24:41] – Fatimah shares several financial podcasts that really impacted her. You can find these in the Links and Resources below.
[27:39] – Fatimah also shares a book she enjoyed called Real Money Answers for Every Woman by Patrice Washington.
[28:40] – Even though Fatimah is very intentional with her spending, she still knows how to enjoy herself and do things that she loves.
[29:05] – Whether you are working for an employer or for yourself, make sure you are not caught off guard and that your 75 year-old self can enjoy the things he or she loves, too.
[30:02] – Fatimah is enjoying things so much more because she is so intentional with her spending. She is spending the money on things that are truly important and that gives her the extra finances available for the real things she enjoys.
[31:50] – Financial freedom is the goal and Fatimah wants this for you, too. What are some of the things that you have done to enjoy yourself now and tomorrow?
Hang out with Dr. Fatimah Williams