“Money has always been something that you struggle with, right? I always say, money wasn’t something that we managed in our home. It was something we didn’t have, right? When we talked about money, it was always for my deprivation on place. It was always about how do we get more? How do we hustle with what we have?”
Our guest today is Ramona Ortega, Founder and CEO of My Money My Future, Mi Dinero Mi Futuro. It’s a mission-driven financial technology company that empowers Latinas to manage their money with confidence and the company creates culturally-relevant financial content that connects their audience to curated financial products.
One of the most important aspects of personal finance is that it’s personal. There’s no such thing as a one-size-fits-all approach and that’s especially true when it comes to teaching different communities and cultures about personal finance. Ramona is making waves in the world of personal finance, by helping the Latino community gain access to important financial education. She built the company as a solution to an overarching problem in our community, which is the fact that the community doesn’t have access to quality and trustworthy financial advice. Through her grit and determination, she built the company step-by-step fundraising, applying to accelerators, overcoming numerous obstacles along the way.
Ramona and I talk about as you just read, her childhood, growing up poor, her role as a single mother and entrepreneur. How does she do it all? Tune in to hear our in-depth conversation.
Raise your hand if you have a 401k at work and wondering if you’re making the most of it? Or, if you’re not investing for retirement…yet…and wondering how to get started?
We have a special BONUS episode brought to us today by Mass Mutual. I’ve recently partnered with them to help spread literacy on the issues related to saving for retirement. We’re going to unpack a lot of learning today with Teresa Hassara, who leads the Workplace Solutions business at MassMutual, providing comprehensive financial wellness services, including retirement plans, to over 30,000 companies and about three million plan participants.
Teresa holds a B.A. from Vanderbilt University and earned her M.B.A. from the Wharton School of the University of Pennsylvania. She is a member of the Board of Directors for Jobs for the Future and an active supporter of a variety of organizations focused on mentorship for women and young people in under-resourced communities. She is also passionate about women’s leadership and investing.
To complement this interview, I also have a piece below on how women can financially secure their futures. For more check out www.massmutual.com.
5 Simple Ways for Women to Get on Target Toward Retirement
This article was sponsored by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. www.massmutual.com All opinions are those of the author.
Gender wage disparity aside, there’s yet another financial gap women today face that threatens our future: retirement savings. A new study by Mass Mutual finds that women run a higher risk than men of being impoverished in old age. We’re expected to run out of savings five years too soon in retirement.
This may not come be a huge surprise, considering that, on average, women have less money to invest than men. Women are also more likely to experience disruptions in their careers (and thus, contributions to their investment accounts), as they periodically take time to care for their families.
The MassMutual study also found that women express a greater lack of confidence and more uncertainty around investing and preparing for retirement than men. All these factors feed into the retirement savings gap.
The good news? Women tend to be more curious and interested in receiving financial advice, MassMutual found. [My podcast demo echoes this observation, as more than 80% of my audience is female!]
That’s not just good news. That’s great news. This means that with the right mindset and applications, we can close the gender gap when it comes to our retirement portfolios. If you feel behind, here are 5 ways to play catch-up.
1. Figure Out Your Future.
Imagine life in your 60’s, 70’s and 80’s. Who is she? Where does she live? How does she spend her days? Attaching a profile to your future self is a great way to make retirement – which can feel intangible and years away – to something very real and concrete. Online calculators like this one can help you discover your personal “number” for retirement savings and give you a financial target to work towards.
2. Get Comfortable with Risk.
Women are not as comfortable taking on risk in their investment portfolios, but if you have a long horizon until retirement – say more than 15 years – the more risk you can manage. Not to mention, we are expected to outlive men, so we can actually afford to take on slightly more risk. Be sure that within your portfolio your investments are adjusted for risk – but not too conservative if you do have many years until retirement (and even then, you won’t be taking all of your money out at once.)
3. Max Out Tax-Advantaged Savings Accounts.
Your workplace retirement plan like a 401(k) or 403b and IRAs should be your first stop in creating a retirement savings portfolio because, unlike most other investment vehicles, these accounts offer tax benefits. My company’s 401(k) was the first investment portfolio I opened in my 20’s. It not only came with a company match of 50 cents for every dollar up to 5%, I also benefited from the 401(k) tax deduction. My contributions, up to a certain amount, helped to reduce my taxable income each year.
If you’d like to invest further – or don’t have access to an employer-sponsored retirement account – consider investing in a traditional or Roth IRA. An IRA is short for individual retirement account. You can open one up at virtually any bank or financial institution. Contributions to a traditional IRA, like a 401(k) are tax-deductible up to a certain amount each year (decided by the IRS). Withdrawals are then taxed at your income tax rate. Contributions to a Roth IRA are not tax-deductible today, but the earnings and withdrawals in retirement are generally tax-free.
4. Tap Into Information & Inspiration.
The Mass Mutual study found that women stated being less confident about managing savings and investments. A great way to combat that is to surround yourself with a supportive community or begin to tap into more money conversations.
Many of my podcast listeners write to me saying that prior to listening, they lacked the confidence to manage their money. Hearing other people’s stories and learning from others failures and successes can give you the insights and motivation to enhance your financial life. From podcasts to books to Facebook groups, there are so many ways to tap into continued education around money. And be inspired along the way.
5. Don’t Go at it Alone.
Working with a financial planner can be a smart way to stay informed along the way and tap the expertise of a professional to ensure you are saving enough and are on track to achieve your goals today and in the future. To begin your search, ask friends, family and colleagues for their recommendations. Initial consultations with planners are generally free and that’s an opportunity to see if working with this person would be a right fit. Look for planners with the CFP or certified financial planner designation.
For further reading, check out this checklist to see if you’re on the right path to finishing strong in retirement.
The information provided is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.RS-47024-00
“The firemen broke down my door and my heart stopped in the ambulance. They took me to the hospital. They revived me and put me on life support and then called my family and said, “You need to come. She’s not going to wake up. Even if she does, she’s going to be permanently brain damaged for the rest of her life.”
Have you ever felt there’s something more out there for you? Do you ever feel life is passing you by, or that you have regrets for a chance, or an opportunity that you just didn’t take?
As you just read, she really experienced life at rock bottom, having almost died from multiple suicide attempts and an incredibly difficult entry into adulthood.
Now on the other side of things, Ruth runs a wonderfully successful business. She is a mother, wife and woman living her dreams. How she got here is a journey, to say the least. She has captured many of her deeply personal stories, as well as advice that she has extracted from her huge community of women.
She is the founder of the Living Well Planner and Elite Blog Academy. She also blogs at Living Well, Spending Less. Ruth is one of my favorite people, and we talk about a lot of hard stuff on this show. We talk about the principles of courage, how to use your fears to fuel your motivation, your mobilization and why fear is totally normal.
How to talk money with your partner when you suspect he or she isn’t managing their finances properly? How to build you own savings when you’re supporting your parents? And where is the best place to start investing?
Answering your money questions this week with co-host, Kim Autore, an avid So Money listener.
More about Kim: She is a listener from Pittsburgh, Pennsylvania. She has followed SoMoney for the last two years while hustling to catch up on her personal financial literacy. Kim is a Registered Dietitian by trade but has worn many hats to “bring home the bacon.”
Kim is naturally a go-getter. Since finishing grad school in 2013 she bought and renovated her first house, explored professional roles in several industries, got married, and picked up a couple adventurous hobbies along the way. Anyone else up for rock climbing?
She is determined to one day have a thriving business of her own and even write a book. Long-term, Kim wants to reach an audience of young women to spread messages of empowerment, independence, and teach women the skills to advocate for what they deserve.
Last week, I had the great honor of greeting Carrie Schwab-Pomerantz at Stacks House and interviewing her in front of a live audience. We’re grateful to have Schwab as one our partners at Stacks House. Together we developed the Retirement Rodeo that houses our famous mechanical piggy bank. Our goal was to bring to life the importance of saving for retirement through an unmatched, memorable experience. Our bucking savings pig illustrates the ups and downs of the stock market and why it’s important to hold on.
We were excited for Carrie’s visit, not just so she could get a chance to experience Stacks House, but because she is such a leading advocate for financial literacy. She is one of America’s most trusted sources for financial advice and has devoted her career to helping men and women from all walks of life achieve financial security.
Carrie and I talk about her early days working for her father, the great Charle Schwab, the challenges women face when it comes to securing their futures and what we can do about it, as well as the biggest mistake she ever made with her money.
As many of you know, I’m also working with Charles Schwab to help spread financial literacy to the masses and it’s been a really great collaboration so far. I’m a Charles Schwab customer and have been for many years. Before we get started, I just want to thank Charles Schwab for helping get this financial education content to you.
To learn more about Schwab and how to work with them, visit Schwab.com/SoMoney. Schwab offers a range of services for people looking to invest and plan for their future, whether you want to invest on your own with the help of do-it-yourself tools and educational resources, get some periodic guidance from a professional, or work with someone in a branch. Find it all at Schwab.com/SoMoney.
Investing involves risk including loss of principal.
The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. Where specific advice is necessary or appropriate, Schwab recommends consulting your tax advisor, CPA, or financial advisor.
Farnoosh has been compensated by Charles Schwab. Farnoosh is not affiliated with Schwab and the views she expresses may not necessarily reflect those of The Charles Schwab Corporation or its affiliates. Farnoosh is a client of Schwab.
The additions and omissions he decided to make in the new version of his book – and why.
The untold realities of executing a prenup with your partner-to-be. Ramit shares details from his own experience.
The current attacks on financial experts who believe in personal accountability.
Ramit started his website, iwillteachyoutoberich.com, as a Stanford undergraduate in 2004, and he now hosts over a million readers per month on his blog, newsletter, and social media. Sethi grew up in Sacramento, the son of Indian immigrant parents who taught him the art of negotiating—his father once spent five days negotiating with a car dealer, only to walk away over a set of floor mats.
He wasn’t the smartest kid in his class, but he loved building systems, which ultimately earned him over $200,000 in scholarships, which he used to get bachelor’s and master’s degrees in technology and psychology at Stanford.
His understanding of human behavior and money led to him creating innovative solutions in self development. Ramit and his team of dozens of employees build premium digital products about personal finance, entrepreneurship, psychology, careers, and personal development for top performers.
The IWT community includes 1 million monthly readers, 400,000 newsletter subscribers, and 35,000 premium customers.
“When Barbara Walters was in her 30s and 40s, her father was a nightclub owner and he gambled away his family’s fortune on these investments and as a result of that, Barbara was always very conscious of money and always very afraid that her fortune could disappear one day.”
That’s Ramin Setoodeh, our guest today, talking about the one and only Barbara Walters, creator of The View. Ramin is the author of Ladies Who Punch. It’s a brand-new book that takes a deep dive into the personalities behind The View. If anyone here listening is a fan of The View, or once upon a time watched it, this episode is for you.
Ramin’s book has become an instant New York Times bestseller, despite initially being rejected by publishers over 20 times. Can you believe that? You heard him talk a little bit about some of the financial fears that Barbara Walters harbors. Ramin went deep with this book looking at how The View came to be, the surprising rejection that The View received in the beginning of Barbara Walters’ pitch, as well as the behind the scenes of how some of the co-hosts handled the drama that ensued being on The View.
Ramin also provides his own personal experiences with money, growing up the son of immigrants and climbing up in the world of news. He is an award-winning journalist and the New York Bureau Chief for Variety. Ramin was formerly a senior writer at News Week and he’s also written for the Wall Street Journal, The Los Angeles Times and many other publications.
Answering listeners questions including: Navigating your job after being passed up for a promotion while on maternity leave. Should you stay and wait for the next opportunity to be promoted or leave? Also, is becoming a certified financial professional required if you want to be a money expert? Farnoosh speaks from her own experience!
Marc Lichtenfeld is the Chief Income Strategist of The Oxford Club, a private club located in Washington, D.C. with over 157,000 members representing over 130 countries. Members of The Oxford Club are investors and entrepreneurs to work together to learn and share opportunities to grow and protect their wealth.
On this podcast, we often talk about long-term investing and investing in low fee index funds, not doing hand-picking stocks. But Marc has a great deal of experience investing in the stock market and particularly with dividend stocks. So this episode focuses on some of the ways to approach dividend investing and general smart practices for investing in the stock market.
That said, Marc has a lot of experience investing in the stock market and particularly with dividend stocks. So I thought, “you know what? Let’s do a little bit of a side bar here and talk about the benefits to this and also, what to look out for.”
In addition to working with The Oxford Club, Marc is also a two-time author. His first book, Get Rich With Dividends: A Proven System for Double-Digit Returns was awarded the 2016 Book of the Year by the Institute for Financial Literacy. Just recently, his second book, You Don’t Have to Drive an Uber in Retirement earned the same honor.
Tamanna Roashan is a superstar entrepreneur with two and a half million Instagram followers. If you love makeup and beauty, then you may have heard of Tamanna.
Her first job was as a wedding photographer when she was just 13 years old. Her artistic eye in photography training helps her help brides look stunning on their wedding days. This led to a love of makeup and a path to cosmetology school but that wasn’t the end of it. Tamanna’s parents urged her from an early age to become an entrepreneur. They encouraged her to build a life being her own boss.
She earned a marketing degree from there and led her to build a massive business around her artistry. She is the founder of DressYourFace and she’s created the bestselling Tamanna pallet. She is a triple certified makeup artist and has built a social media empire as well as an online makeup school at dressyourfacelive.com. Lots to learn from Tamanna, especially in particular, the importance of having an offline business and not just being an instant celebrity.