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How to Plan Your Financial Future

Lesson 1 of 18

Class Introduction

 

How to Plan Your Financial Future

Lesson 1 of 18

Class Introduction

 

Lesson Info

Class Introduction

I am very excited about this segment, especially to kick it off with the fun conversation, of How to Talk About Money With Your Loved Ones. And what I'm going to mean by that is first we're going to talk about why you need to get financially naked. I know that sounds a bit of a scary concept at first, but it is this idea of talking about money with your romantic partner, when you need to do it, and more importantly, how. Because I am going to give you the full Getting Financially Naked Playbook, exactly how this is gonna work out, scripts that you can use in the conversation, and of course, again why, why it's so important for us to talk through it. Then also identifying financial red flags in your relationship. When is this something you need to be paying attention to, when could it be actually an indicator of a deeper issue in the relationship and your future compatibility together. And when and where to turn to for help. If you've had these conversations and it's just not leading an...

ywhere, and you guys just cannot get it together to talk about money, who can you turn to, and how do you pick those people. Then we're also gonna talk about the fun thing of discussing money with your friends, especially those moments in our lives where someone puts down a card and says let's just all split this dinner bill evenly, and you know that you definitely cannot afford to do that. How do you advocate for yourself? And what are tactful ways for you to always be standing up for yourself without maybe seeming either greedy, or maybe you feel like it's kind of rude and inappropriate, and you just don't wanna be judged by other people. We're gonna talk about tactful ways to do that at the end here today of this segment. But first, kicking it off with what does it mean to get financially naked? And I'm actually gonna get a little bit personal in this section and talk to you a little bit about my own experience getting financially naked. And for me, it all started when I was debt free. This photo was taken, ooh about eight years ago, and I was graduating college. And I was dating this man whom I will refer to as Peach. And I graduated college debt free because I actually made my college decision based on where I got the largest academic scholarship, and that could therefore come out debt free. I mentioned earlier in this entire bootcamp that I knew I wanted to move to New York City when I graduated, so that was a way that I thought I could make it possible. The thing is, that guy right there wasn't debt free. And eight years later, things got pretty serious. We ended up getting married. And I knew that he had student loan debt, but it was a conversation that we had to have time and time again and kind of come back to this idea of how do we get financially naked, how do we decide to tackle this situation? So as I give you this Playbook that we're gonna go through today, I'm gonna actually share a lot of real life experiences from my own situation. I'd also love to hear anyone else's stories, if anyone wants to share, and kind of chime in, with also their recommendations, what worked for them, language that they used. So be thinking about that as we go through this process. If you have some great tips in addition to what I'm laying out in the Playbook, I would certainly be open to hearing it, would love to have you share. So first let's talk about why you even need to get financially naked in the first place. Is this really all that important? Well one, it determines your financial compatibility. It has been researched that money is often a really strained cause in a relationship, and is often an underlying reason for people to get divorced, or break up. So yes, it is very important for you to be talking about this early on in order to determine if you are financially compatible with each other. Because it is a huge stressor in a relationship. And how somebody deals with money and talks about money, could be a potential red flag for you. Now I'm not talking about debt specifically, I will keep getting into that idea, but there could be worrisome behaviors, and even veering more towards financial abuse or financial infidelity, which we'll talk about later today. Like I said, debt doesn't need to be a deal breaker. It wasn't for me, my husband has student loan debt. But how people handle their debt and deal with their money, that's really the indicator that I want you to take away when you're talking about getting financially naked.

Class Description

According to the experts, millennials won’t be able to retire until they’re about 75 years old, and that’s if they’re lucky! And some data shows that three-quarters of Americans are not ready for retirement at all. No question about it, people of all ages and backgrounds are woefully unprepared for their golden years.

Most of us are too busy worrying about our current debts and daily costs of living to even think about retirement. But Erin Lowry shows you that putting just a small amount aside each month as early as possible will yield great results. She’ll give you solid advice about how to avoid excessive fees, costly financial instruments, and shady financial advisors.

Erin will also address how to talk about money with the important people in your life, especially those with whom you’ll be sharing your finances. It’s the best way to determine your financial compatibility and help you achieve your financial dreams.

In this class, you’ll learn how to:

  • Make compound interest work for you so you can retire at a reasonable age.
  • Find the right retirement account for your specific needs.
  • Figure out your level of risk tolerance and time horizon.
  • Choose an honest, helpful financial planner or advisor to help you reach your goals.
  • Navigate awkward conversations about money and feel less vulnerable.
  • Decide if you want to work as a team to achieve your financial goals.
  • Identify red flags about people’s financial habits and lives.

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