1 00:00:02,600 --> 00:00:03,720 Speaker 1: Hello Sunshine. 2 00:00:03,840 --> 00:00:06,400 Speaker 2: Hey besties. Today on the bright Side, we sit down 3 00:00:06,400 --> 00:00:10,559 Speaker 2: with financial planner and best selling author alexav Tobol. She's 4 00:00:10,600 --> 00:00:13,360 Speaker 2: on a mission to empower women to be fearless with 5 00:00:13,440 --> 00:00:17,680 Speaker 2: our finances. It's Tuesday, April twenty third. I'm Simone Boyce. 6 00:00:18,000 --> 00:00:20,960 Speaker 3: I'm Danielle Robe and this is the bright Side from 7 00:00:21,000 --> 00:00:21,880 Speaker 3: Hello Sunshine. 8 00:00:23,360 --> 00:00:23,800 Speaker 1: Simone. 9 00:00:23,800 --> 00:00:27,080 Speaker 3: What do you eat for breakfast before we get into recording, 10 00:00:27,560 --> 00:00:29,240 Speaker 3: and do you eat it at home or do you 11 00:00:29,280 --> 00:00:29,960 Speaker 3: eat it in the car? 12 00:00:30,320 --> 00:00:33,559 Speaker 2: I eat it at home like a normal person. I 13 00:00:33,640 --> 00:00:36,200 Speaker 2: drink coffee in the car and I eat breakfast at home. 14 00:00:36,440 --> 00:00:39,640 Speaker 2: Right now, I'm really into my yogurt parfes. I have 15 00:00:39,800 --> 00:00:43,520 Speaker 2: made this berry syrup that I sprinkle on it because 16 00:00:43,720 --> 00:00:47,560 Speaker 2: I use plain Greek yogurt, and it tastes like your 17 00:00:47,600 --> 00:00:50,360 Speaker 2: mouth is cement, you know the feeling that I'm talking about. 18 00:00:50,680 --> 00:00:52,800 Speaker 2: So I made this berry syrup that I put on 19 00:00:52,840 --> 00:00:55,240 Speaker 2: it and granola and it's actually delicious. So that's my 20 00:00:55,320 --> 00:00:56,680 Speaker 2: breakfast at the moment right now. 21 00:00:56,840 --> 00:00:58,920 Speaker 3: I always break it up with honey, but I love 22 00:00:59,000 --> 00:01:04,360 Speaker 3: a syrup so good. I'm having trouble finding time for breakfast. 23 00:01:04,400 --> 00:01:06,480 Speaker 3: I'm stuffing my face with like some sort of bar. 24 00:01:07,160 --> 00:01:10,640 Speaker 3: Sometimes I forget and I can hear my stomach grumble 25 00:01:10,720 --> 00:01:13,080 Speaker 3: on the microphone when we're doing interviews. 26 00:01:14,200 --> 00:01:17,759 Speaker 1: It's so funny and I'm like, can the interviewee hear this? 27 00:01:18,200 --> 00:01:19,919 Speaker 2: We have really good microphones, y'all. 28 00:01:20,120 --> 00:01:22,920 Speaker 3: One thing we agree on is coffee. We always have 29 00:01:23,000 --> 00:01:23,560 Speaker 3: our coffee. 30 00:01:23,560 --> 00:01:27,520 Speaker 2: Hell yeah, I am wired right now from this cold brew. 31 00:01:28,800 --> 00:01:30,839 Speaker 3: I have a cutoff at eleven. I will not drink 32 00:01:30,880 --> 00:01:31,919 Speaker 3: a sip past eleven. 33 00:01:31,920 --> 00:01:35,199 Speaker 2: Am. Oh, well, that's wonderful for you, But my life 34 00:01:35,360 --> 00:01:38,320 Speaker 2: is a bit different, and I normally have a really 35 00:01:38,400 --> 00:01:41,839 Speaker 2: high coffee tolerance. But this cold brew is like, I'm 36 00:01:42,000 --> 00:01:43,720 Speaker 2: wired up right now. I'm electrified. 37 00:01:44,000 --> 00:01:46,200 Speaker 3: Well, you grew up partly in Miami, and every time 38 00:01:46,240 --> 00:01:49,040 Speaker 3: I go to Miami, I always get Cuban coffee and 39 00:01:49,080 --> 00:01:51,120 Speaker 3: it wires me like nothing else. 40 00:01:51,320 --> 00:01:53,360 Speaker 2: It's the best. This is the thing that I miss 41 00:01:53,400 --> 00:01:55,600 Speaker 2: about Miami the most. I have been saying this for years. 42 00:01:55,600 --> 00:01:57,640 Speaker 2: Somebody needs to open up just a little walk up 43 00:01:57,680 --> 00:02:00,080 Speaker 2: window of Cuban coffee in Los Angeles. 44 00:01:59,680 --> 00:02:00,560 Speaker 1: At some and should be you. 45 00:02:01,200 --> 00:02:03,800 Speaker 2: It should, but listen, maybe we'll kick start it. 46 00:02:03,920 --> 00:02:06,520 Speaker 1: I like it. Should we get into the show today. 47 00:02:06,440 --> 00:02:09,359 Speaker 2: Let's do it. We're gonna start with some share news, y'all. 48 00:02:09,400 --> 00:02:11,720 Speaker 2: She is getting her flowers from the Rock and Roll 49 00:02:11,720 --> 00:02:15,040 Speaker 2: Hall of Fame. She is officially in the class of 50 00:02:15,080 --> 00:02:18,600 Speaker 2: twenty twenty four, along with Ozzy Osbourne, a tribe called Quest, 51 00:02:18,720 --> 00:02:22,120 Speaker 2: Mary J. Blige, and so many more. I'm so happy 52 00:02:22,120 --> 00:02:22,680 Speaker 2: for all of them. 53 00:02:23,240 --> 00:02:26,480 Speaker 3: I feel confused because in December, Chaer said that they 54 00:02:26,480 --> 00:02:28,799 Speaker 3: couldn't pay her. If they gave her a million dollars, 55 00:02:28,800 --> 00:02:31,120 Speaker 3: she wouldn't be in the Rock and Roll Hall of Fame. 56 00:02:31,160 --> 00:02:34,160 Speaker 3: And now she's being inducted, which is I'm glad she 57 00:02:34,200 --> 00:02:36,640 Speaker 3: had a change of heart because she deserves to be 58 00:02:36,720 --> 00:02:37,040 Speaker 3: in there. 59 00:02:37,080 --> 00:02:38,040 Speaker 1: She is such an icon. 60 00:02:38,160 --> 00:02:40,240 Speaker 2: You know, we do need some clarity around that situation. 61 00:02:40,280 --> 00:02:42,320 Speaker 2: I'm glad you brought that up, Danielle, because Chare's been 62 00:02:42,400 --> 00:02:45,359 Speaker 2: quiet on social media about that. But I don't know. 63 00:02:45,480 --> 00:02:48,680 Speaker 2: Maybe she's just maybe she's accepting the win now, maybe 64 00:02:48,720 --> 00:02:50,079 Speaker 2: she's taking the w I. 65 00:02:50,040 --> 00:02:52,840 Speaker 3: Think another person who should be inducted is Lenny Kravitz. 66 00:02:52,919 --> 00:02:54,440 Speaker 3: That to me feels overdue. 67 00:02:54,600 --> 00:02:57,919 Speaker 2: We have a big Lenny Kravitz crush on the right side. 68 00:02:58,000 --> 00:02:59,200 Speaker 1: He's our short thing forever. 69 00:03:01,000 --> 00:03:04,280 Speaker 2: Also, this is interesting nominated, but did not make the cut. 70 00:03:04,320 --> 00:03:08,600 Speaker 2: Mariah Carey mem that's got to happen eventually, right, I 71 00:03:08,639 --> 00:03:10,160 Speaker 2: think so. 72 00:03:10,240 --> 00:03:14,560 Speaker 3: Speaking of talented musicians, the Spice Girls. These Spice Girls 73 00:03:14,560 --> 00:03:18,800 Speaker 3: were united at Victoria Beckham aka Posh Spice's fiftieth birthday 74 00:03:18,800 --> 00:03:22,799 Speaker 3: party over the weekend and performed the Stop dance at 75 00:03:22,840 --> 00:03:23,360 Speaker 3: the party. 76 00:03:23,960 --> 00:03:26,239 Speaker 2: My heart skipped a beat whenever I saw this. Yeah, 77 00:03:26,240 --> 00:03:28,639 Speaker 2: our hearts stopped completely. Cardiac arrest. 78 00:03:28,720 --> 00:03:30,720 Speaker 1: How many puns should we make? We always make puns? 79 00:03:31,040 --> 00:03:31,280 Speaker 2: Okay. 80 00:03:31,360 --> 00:03:33,720 Speaker 3: David Beckham, like the good husband that he is and 81 00:03:33,800 --> 00:03:36,920 Speaker 3: the good Instagram boyfriend that he is, shared a video 82 00:03:37,000 --> 00:03:40,360 Speaker 3: of it to Instagram, and then Victoria shared it on 83 00:03:40,400 --> 00:03:43,160 Speaker 3: her page with the caption hashtag spice up your life. 84 00:03:43,480 --> 00:03:44,680 Speaker 1: Okay, here's the best part. 85 00:03:44,720 --> 00:03:47,720 Speaker 3: All of them were there, including Melby, who recently shared 86 00:03:47,720 --> 00:03:49,960 Speaker 3: that she got kicked out of the group chat for 87 00:03:50,040 --> 00:03:51,640 Speaker 3: talking about a potential reunion. 88 00:03:52,000 --> 00:03:55,160 Speaker 1: Was this what she was talking about? Is this the reunion? 89 00:03:55,240 --> 00:03:58,040 Speaker 2: The reunion was at Victoria Beckhams fiftieth birthday party. 90 00:03:58,200 --> 00:03:58,960 Speaker 1: I'm just wondering. 91 00:03:59,120 --> 00:04:02,520 Speaker 2: Guess who else was the Thomas Cruise Tom Cruise jump 92 00:04:02,560 --> 00:04:07,680 Speaker 2: on the couch Cruise Listen, He's evolved since then, Okay. 93 00:04:08,040 --> 00:04:13,400 Speaker 3: Of course he's the most incredible action hero of our time. Yeah, 94 00:04:13,600 --> 00:04:15,280 Speaker 3: I was gonna say of our time, but sure of 95 00:04:15,320 --> 00:04:19,159 Speaker 3: all time. Also true doesn't mean he didn't jump on 96 00:04:19,200 --> 00:04:21,200 Speaker 3: a couch on Oprah however. 97 00:04:20,920 --> 00:04:21,680 Speaker 1: Many years ago. 98 00:04:21,880 --> 00:04:23,080 Speaker 2: I'm a Tom Cruise fan. 99 00:04:23,200 --> 00:04:25,480 Speaker 1: That's because you used to do red carpets like I did. 100 00:04:25,480 --> 00:04:28,200 Speaker 3: And anybody who does Red carpets knows that Tom Cruise 101 00:04:28,320 --> 00:04:31,320 Speaker 3: is the nicest to every reporter on a red carpet. 102 00:04:31,560 --> 00:04:34,119 Speaker 3: He speaks to everybody from the front of the line 103 00:04:34,200 --> 00:04:36,600 Speaker 3: to the very back. And when we started and we 104 00:04:36,600 --> 00:04:39,040 Speaker 3: were in the very back of the line, we appreciated 105 00:04:39,080 --> 00:04:39,680 Speaker 3: Tom Cruise. 106 00:04:39,720 --> 00:04:42,200 Speaker 2: It's so true. He looks at you, he acknowledges you, 107 00:04:42,320 --> 00:04:45,960 Speaker 2: makes eye contact. But also, I am obsessed with top 108 00:04:45,960 --> 00:04:49,720 Speaker 2: Gun Maverick, unhealthy obsession with me. It's incredible. I love 109 00:04:49,800 --> 00:04:52,239 Speaker 2: that movie so much. I listened to the soundtrack whenever 110 00:04:52,279 --> 00:04:55,760 Speaker 2: I work out. It's the best motivation. Anyways, we digress. 111 00:04:56,160 --> 00:04:58,200 Speaker 3: I don't know how this became about Tom Cruise, because 112 00:04:58,240 --> 00:05:00,040 Speaker 3: this was about the Spice Girls. I used to I 113 00:05:00,080 --> 00:05:03,120 Speaker 3: watched that movie at my basement in Chicago before school 114 00:05:03,200 --> 00:05:04,280 Speaker 3: on repeat. 115 00:05:04,680 --> 00:05:06,720 Speaker 2: I just love that they were all there, that seems 116 00:05:06,800 --> 00:05:09,640 Speaker 2: like a big scheduling feat. Okay, Danielle, I saw the 117 00:05:09,640 --> 00:05:13,159 Speaker 2: cutest story on the Washington Post this morning. An eleven 118 00:05:13,200 --> 00:05:15,640 Speaker 2: year old girl and her dad were fossil hunting on 119 00:05:15,680 --> 00:05:19,359 Speaker 2: a beach in England when they discovered not one, but 120 00:05:19,640 --> 00:05:24,160 Speaker 2: two extremely rare fossils. So Ruby Reynolds and her dad 121 00:05:24,320 --> 00:05:27,719 Speaker 2: Justin later learned that both of those fossils were actually 122 00:05:27,720 --> 00:05:31,120 Speaker 2: part of the jawbone of a new species of marine reptile. 123 00:05:31,240 --> 00:05:34,200 Speaker 2: So they discovered a new animal together. 124 00:05:34,880 --> 00:05:36,279 Speaker 1: This is so special. 125 00:05:36,520 --> 00:05:37,719 Speaker 2: Isn't that cute? 126 00:05:38,000 --> 00:05:40,360 Speaker 3: My dad and I used to read books together, but 127 00:05:40,400 --> 00:05:42,640 Speaker 3: we did not discover a new animal together. 128 00:05:42,760 --> 00:05:44,559 Speaker 1: That is really really cool. 129 00:05:45,440 --> 00:05:47,480 Speaker 2: I mean, this is how big their discovery was. They 130 00:05:47,480 --> 00:05:50,279 Speaker 2: wrote to a local paleontologist who told reporters that he 131 00:05:50,360 --> 00:05:52,600 Speaker 2: was blown away because ninety five percent of the time 132 00:05:52,680 --> 00:05:55,120 Speaker 2: when he gets calls like that, people just find rocks. 133 00:05:55,560 --> 00:05:57,520 Speaker 2: But they actually found a new species. 134 00:05:57,680 --> 00:06:00,680 Speaker 3: How do you think paleontologists who have worked their whole 135 00:06:00,720 --> 00:06:04,839 Speaker 3: career to find something like this feel about daddy daughter 136 00:06:04,920 --> 00:06:06,680 Speaker 3: duo on vacation finding this. 137 00:06:06,960 --> 00:06:08,800 Speaker 2: Honestly, I would give up at that point. I would 138 00:06:08,880 --> 00:06:12,080 Speaker 2: just throw my hands up. I'm done. I'm done, I mean, 139 00:06:12,200 --> 00:06:12,719 Speaker 2: just give up. 140 00:06:12,839 --> 00:06:13,119 Speaker 1: Okay. 141 00:06:13,120 --> 00:06:17,360 Speaker 3: I recently saw some chatter about the perils of kindness 142 00:06:17,720 --> 00:06:19,680 Speaker 3: and it really stuck out to me because I've never 143 00:06:19,760 --> 00:06:22,160 Speaker 3: thought of kindness as being perilous. I've always thought of 144 00:06:22,200 --> 00:06:25,480 Speaker 3: it as a great thing. But this article says that 145 00:06:25,520 --> 00:06:29,320 Speaker 3: in relationships sometimes kindness can do more harm than. 146 00:06:29,200 --> 00:06:32,440 Speaker 2: Good because we're not being fully truthful in the name 147 00:06:32,480 --> 00:06:34,479 Speaker 2: of trying to be kind to someone, We're holding back. 148 00:06:34,560 --> 00:06:36,320 Speaker 1: Is that why, Yes, that's exactly it. 149 00:06:36,440 --> 00:06:39,560 Speaker 3: So there was a writer for Psychology Today that calls 150 00:06:39,600 --> 00:06:42,320 Speaker 3: it the truth or care dilemma. So he says there 151 00:06:42,400 --> 00:06:45,640 Speaker 3: can be tension between two competing ways to show respect 152 00:06:45,640 --> 00:06:49,000 Speaker 3: for someone you care about. Basically, are you hitting someone 153 00:06:49,040 --> 00:06:50,680 Speaker 3: you love with a truth bomb or are you keeping 154 00:06:50,760 --> 00:06:51,400 Speaker 3: it to yourself? 155 00:06:51,600 --> 00:06:54,640 Speaker 2: But aren't we putting a false binary on this? Can't 156 00:06:54,680 --> 00:06:58,120 Speaker 2: you do both? Can't you have kindness and candor at 157 00:06:58,160 --> 00:06:58,760 Speaker 2: the same time? 158 00:06:59,240 --> 00:06:59,640 Speaker 1: For sure? 159 00:06:59,680 --> 00:07:01,280 Speaker 3: I think part of what he's saying too is like 160 00:07:01,320 --> 00:07:04,760 Speaker 3: you have to have tact with it. But what I'm 161 00:07:04,800 --> 00:07:07,680 Speaker 3: wondering is if you switch it up depending on who 162 00:07:07,760 --> 00:07:10,600 Speaker 3: you're talking to, Cause I know in my friend group 163 00:07:11,080 --> 00:07:13,720 Speaker 3: there's some people that I know can handle the truth 164 00:07:13,760 --> 00:07:16,640 Speaker 3: bombs and some people that probably just want my ear. 165 00:07:17,160 --> 00:07:19,680 Speaker 2: I think that speaks to the time that you've spent 166 00:07:19,720 --> 00:07:22,560 Speaker 2: with that person, the history that you have in that relationship, 167 00:07:23,080 --> 00:07:26,800 Speaker 2: and also it speaks to the person's willingness to change. 168 00:07:26,840 --> 00:07:31,320 Speaker 2: And also I think in friendships and probably romantic relationships too, 169 00:07:32,000 --> 00:07:35,880 Speaker 2: the best kind of feedback is feedback about something they 170 00:07:35,880 --> 00:07:39,560 Speaker 2: can actually change. If you offer feedback about something that 171 00:07:39,600 --> 00:07:43,000 Speaker 2: they cannot change about themselves, then that's I think where 172 00:07:43,040 --> 00:07:43,960 Speaker 2: feelings get hurt. 173 00:07:44,320 --> 00:07:44,760 Speaker 1: Yeah. 174 00:07:44,960 --> 00:07:49,119 Speaker 3: I think sometimes though, feedback makes people feel not seen 175 00:07:49,760 --> 00:07:52,880 Speaker 3: because they feel like you're not understanding where I'm coming from. 176 00:07:52,920 --> 00:07:56,400 Speaker 3: You don't see me or my point of view on this. 177 00:07:57,000 --> 00:08:00,720 Speaker 3: So I'm actually really careful about feedback. I'm more of 178 00:08:00,760 --> 00:08:03,880 Speaker 3: a listener. If somebody asked me for my feedback, then 179 00:08:04,000 --> 00:08:04,480 Speaker 3: I give it. 180 00:08:04,600 --> 00:08:04,840 Speaker 2: Yes. 181 00:08:05,120 --> 00:08:07,240 Speaker 1: When I was younger, I used to just dish. 182 00:08:07,040 --> 00:08:10,360 Speaker 3: Out my feedback. In college, I don't know why people 183 00:08:10,400 --> 00:08:13,280 Speaker 3: were friends with me. I was a real truth teller, 184 00:08:13,320 --> 00:08:16,440 Speaker 3: and I think through therapy I learned that for me 185 00:08:17,160 --> 00:08:20,000 Speaker 3: it's better to Sometimes you got to ask like, hey. 186 00:08:19,800 --> 00:08:21,680 Speaker 1: Do you want an ear or do you want do 187 00:08:21,720 --> 00:08:22,200 Speaker 1: you want to know what? 188 00:08:22,200 --> 00:08:24,360 Speaker 2: I think? I think that's the best question that you 189 00:08:24,400 --> 00:08:26,960 Speaker 2: can ask is do you just want to vent right 190 00:08:27,000 --> 00:08:29,320 Speaker 2: now or do you want me to prescribe something. 191 00:08:29,560 --> 00:08:32,480 Speaker 3: So I actually interviewed an expert on kindness a few 192 00:08:32,559 --> 00:08:34,719 Speaker 3: years ago. His name's Houston Kraft, and he wrote a 193 00:08:34,760 --> 00:08:37,920 Speaker 3: great book about it. And I said to him, I've 194 00:08:37,920 --> 00:08:41,360 Speaker 3: always hated this phrase, do nice guys finish last? Because 195 00:08:41,360 --> 00:08:44,360 Speaker 3: I love nice, I love kind And he said, nice 196 00:08:44,360 --> 00:08:47,440 Speaker 3: guys do finish last. Kind guys finish first. And the 197 00:08:47,480 --> 00:08:51,720 Speaker 3: difference is that kindness has boundaries. Nice is just nice 198 00:08:51,800 --> 00:08:56,320 Speaker 3: for the sake of it, and that's not great either. 199 00:08:56,600 --> 00:09:00,360 Speaker 2: I also think this article is speaking to a larger 200 00:09:00,400 --> 00:09:03,960 Speaker 2: phenomenon in our society where we tend to catastrovize the 201 00:09:04,000 --> 00:09:06,600 Speaker 2: consequences of being really candid. We always think that it's 202 00:09:06,640 --> 00:09:10,160 Speaker 2: going to cause more harm than it actually does. But 203 00:09:11,000 --> 00:09:14,520 Speaker 2: telling the truth in relationships can actually enhance your life. 204 00:09:14,600 --> 00:09:17,240 Speaker 2: I wasn't sure about this until I came across this 205 00:09:17,320 --> 00:09:20,640 Speaker 2: study where researchers ask people to be honest in every 206 00:09:20,679 --> 00:09:24,240 Speaker 2: single interpersonal conversation for three days. And of course the 207 00:09:24,280 --> 00:09:27,160 Speaker 2: participants expected that they were going to ruin their friendships 208 00:09:27,200 --> 00:09:29,959 Speaker 2: and romantic relationships with all that honesty, But they actually 209 00:09:30,000 --> 00:09:33,240 Speaker 2: found that it was extremely pleasant and positive, both for 210 00:09:33,320 --> 00:09:35,520 Speaker 2: their well being and for their relationships. 211 00:09:36,160 --> 00:09:39,320 Speaker 1: I really like that, Simon. Yeah, it's not as bad 212 00:09:39,320 --> 00:09:40,360 Speaker 1: as you think it's going to be. 213 00:09:40,600 --> 00:09:47,760 Speaker 3: Exactly Up next, what are three things to consider before 214 00:09:47,800 --> 00:09:49,040 Speaker 3: taking on debt? 215 00:09:50,040 --> 00:09:51,400 Speaker 1: We'll find out after the break. 216 00:10:01,400 --> 00:10:04,679 Speaker 2: We're back, Danielle. Today we're taking the veil off of 217 00:10:04,720 --> 00:10:09,559 Speaker 2: a taboo subject. Money. It's something that I love talking 218 00:10:09,559 --> 00:10:12,680 Speaker 2: about with other women because we're often socialized not to 219 00:10:12,760 --> 00:10:13,440 Speaker 2: talk about it. 220 00:10:13,880 --> 00:10:14,760 Speaker 1: That is spot on. 221 00:10:15,080 --> 00:10:18,360 Speaker 3: Alexa mon Tolbo is the founder of Inspired Capital and 222 00:10:18,400 --> 00:10:21,880 Speaker 3: the best selling author of Financially Fearless. I like that 223 00:10:21,920 --> 00:10:24,560 Speaker 3: word fearless when it comes to money, and she's here 224 00:10:24,600 --> 00:10:27,760 Speaker 3: to tell us about the importance of starting financial education 225 00:10:28,200 --> 00:10:32,079 Speaker 3: at a young age. I'm talking playground wheels on the bus, 226 00:10:32,280 --> 00:10:34,760 Speaker 3: Kittie Pool, Plato kind of young, Simone. 227 00:10:35,200 --> 00:10:37,720 Speaker 2: See, that's when it needs to start. And Alex's latest 228 00:10:37,720 --> 00:10:40,440 Speaker 2: book is a children's book for kids called Money Matters, 229 00:10:40,840 --> 00:10:44,640 Speaker 2: A Guide to Saving Spending and everything in between. 230 00:10:45,000 --> 00:10:46,400 Speaker 3: I'm going to go out on a limb here and 231 00:10:46,440 --> 00:10:48,440 Speaker 3: say I could probably use that book as well. 232 00:10:48,640 --> 00:10:51,360 Speaker 2: I think we could all use this book, Alexa. 233 00:10:51,480 --> 00:10:53,800 Speaker 1: It's so great. To have you on the bright side. 234 00:10:54,040 --> 00:10:56,200 Speaker 4: Hi, guys, very happy to do this with you. 235 00:10:56,240 --> 00:10:56,560 Speaker 2: Guys. 236 00:10:57,040 --> 00:10:57,920 Speaker 1: Oh, thank you. 237 00:10:58,880 --> 00:11:03,280 Speaker 3: Okay, So it's financial literacy month. Why is financial literacy imperative? 238 00:11:03,640 --> 00:11:06,840 Speaker 5: Financial literacy and the education piece of it matters so 239 00:11:06,920 --> 00:11:09,319 Speaker 5: much to me because for every human being on this planet, 240 00:11:09,720 --> 00:11:11,520 Speaker 5: money is a big part of our lifeline. 241 00:11:11,600 --> 00:11:12,920 Speaker 4: It's absolutely critical. 242 00:11:13,040 --> 00:11:15,680 Speaker 5: I have three little kids and I care about them 243 00:11:16,080 --> 00:11:20,000 Speaker 5: being empowered in their wallet. Money gives you choice. Let 244 00:11:20,000 --> 00:11:22,360 Speaker 5: me be clear, do not support the quest for money. 245 00:11:22,360 --> 00:11:24,040 Speaker 5: We're not trying to get as much money as possible. 246 00:11:24,040 --> 00:11:25,920 Speaker 5: That's a pretty miserable life actually, to be on the 247 00:11:26,000 --> 00:11:29,079 Speaker 5: quest for only money in life. Money does not equal happiness, 248 00:11:29,240 --> 00:11:32,880 Speaker 5: but money gives you choices. If you're in a job 249 00:11:33,160 --> 00:11:36,600 Speaker 5: that really doesn't suit you and your miserable, money lets 250 00:11:36,600 --> 00:11:39,360 Speaker 5: you change jobs and find something that lets you be 251 00:11:39,400 --> 00:11:41,559 Speaker 5: happier in your life. If you're in a bad relationship 252 00:11:41,559 --> 00:11:44,960 Speaker 5: and you need to leave, money allows you to have 253 00:11:45,080 --> 00:11:46,440 Speaker 5: the options to leave. 254 00:11:47,240 --> 00:11:50,120 Speaker 4: If you need to. 255 00:11:49,400 --> 00:11:52,920 Speaker 5: Go and see an important doctor that isn't totally paid 256 00:11:52,960 --> 00:11:56,360 Speaker 5: for by insurance, money allows you to do those things. 257 00:11:56,400 --> 00:11:59,000 Speaker 5: And so for the most critical things in life, money 258 00:11:59,040 --> 00:12:01,760 Speaker 5: gives you choices, and I care that more people on 259 00:12:01,800 --> 00:12:02,960 Speaker 5: this planet have choices. 260 00:12:03,679 --> 00:12:05,360 Speaker 3: One of the parts of your work that I feel 261 00:12:05,400 --> 00:12:08,400 Speaker 3: really drawn to is changing our habits at a young age. 262 00:12:08,679 --> 00:12:12,760 Speaker 3: And you said you want financial literacy taught in elementary schools. 263 00:12:13,320 --> 00:12:15,080 Speaker 3: How old are we when we start to pick up 264 00:12:15,120 --> 00:12:16,360 Speaker 3: habits around money? 265 00:12:17,640 --> 00:12:20,800 Speaker 4: Sure, and so first, very important for every parent out there. 266 00:12:21,640 --> 00:12:23,840 Speaker 5: There's a new study out of the University of Michigan 267 00:12:23,880 --> 00:12:27,080 Speaker 5: that tells you that as young as let's call it five, 268 00:12:27,160 --> 00:12:31,560 Speaker 5: it's three to five, kids are already learning how to 269 00:12:31,600 --> 00:12:35,160 Speaker 5: feel about money based on how we exhibit the tone 270 00:12:35,320 --> 00:12:36,880 Speaker 5: of how we behave around money. 271 00:12:37,559 --> 00:12:39,839 Speaker 4: So if every time money. 272 00:12:39,559 --> 00:12:43,600 Speaker 5: Comes up it's a stressful, anxious filled they have now 273 00:12:43,679 --> 00:12:47,160 Speaker 5: proven that fifteen years later, twenty five years later, that 274 00:12:47,160 --> 00:12:50,640 Speaker 5: that child will have a less healthy relationship to money. 275 00:12:51,160 --> 00:12:53,920 Speaker 5: And if the tone in your household is matter of fact, 276 00:12:54,520 --> 00:12:58,600 Speaker 5: can do positive And that doesn't mean you're always telling 277 00:12:58,640 --> 00:13:00,880 Speaker 5: your child they can get what they want. I regularly 278 00:13:00,920 --> 00:13:03,600 Speaker 5: tell my children, so sorry, you're not going to get 279 00:13:03,640 --> 00:13:08,280 Speaker 5: that toy. But the tone matters. And so back to 280 00:13:08,320 --> 00:13:11,240 Speaker 5: your point on habits. Just like our kids see us 281 00:13:11,280 --> 00:13:15,400 Speaker 5: wake up, brush our teeth, brush our hair, get dressed, 282 00:13:15,400 --> 00:13:17,280 Speaker 5: and go out the door and through osmosis they pick 283 00:13:17,360 --> 00:13:20,280 Speaker 5: that up. We need to show our kids the same 284 00:13:20,320 --> 00:13:23,000 Speaker 5: thing with money, and not only should they see us 285 00:13:23,240 --> 00:13:26,040 Speaker 5: talk about money. It's no longer taboo, guys. It's twenty 286 00:13:26,120 --> 00:13:28,640 Speaker 5: twenty four. Money is a It is a part of 287 00:13:28,679 --> 00:13:30,800 Speaker 5: our lives. We should be empowered at it, we should 288 00:13:30,840 --> 00:13:34,360 Speaker 5: talk about it. But two, they see our habits. They 289 00:13:34,400 --> 00:13:36,920 Speaker 5: see us be matter of fact in a habit around 290 00:13:37,080 --> 00:13:38,960 Speaker 5: going to work. I tell my kids when I leave, 291 00:13:39,280 --> 00:13:43,120 Speaker 5: mommy loves work, Mommy things work is awesome. I'm like, 292 00:13:43,160 --> 00:13:45,320 Speaker 5: I feel companies all day and it's big puzzles and 293 00:13:45,400 --> 00:13:49,160 Speaker 5: complicated ones, and Mommy loves it. So starting in forming 294 00:13:49,240 --> 00:13:52,360 Speaker 5: new associations with money that are positive. And then the 295 00:13:52,360 --> 00:13:54,920 Speaker 5: second piece to your habits is I force them to 296 00:13:55,000 --> 00:13:56,520 Speaker 5: take a chunk of it and put it in the 297 00:13:56,520 --> 00:13:59,920 Speaker 5: bank account. It's on the kitchen counter, everyone can see it. 298 00:14:00,200 --> 00:14:03,440 Speaker 5: You want that same habit to be so deeply ingrained 299 00:14:03,440 --> 00:14:03,959 Speaker 5: in them. 300 00:14:04,160 --> 00:14:07,560 Speaker 2: And making it tangible, actually forcing them to feel it, 301 00:14:07,640 --> 00:14:10,920 Speaker 2: to touch it. That is so important too, because I mean, 302 00:14:11,000 --> 00:14:12,920 Speaker 2: we all know how easy it is to spend money 303 00:14:12,920 --> 00:14:16,400 Speaker 2: now with Apple pay, It's like blop, three hundred dollars 304 00:14:16,400 --> 00:14:19,640 Speaker 2: gone and you never see the money. It's just there's 305 00:14:19,640 --> 00:14:20,160 Speaker 2: nothing there. 306 00:14:20,760 --> 00:14:23,720 Speaker 5: I mean literally, men, imagine your five year old living 307 00:14:23,760 --> 00:14:27,160 Speaker 5: in twenty twenty four. Boxes arrive every day to my 308 00:14:27,200 --> 00:14:30,400 Speaker 5: house from like a magical man, and they just show 309 00:14:30,480 --> 00:14:32,560 Speaker 5: up and when you open them often they're filled with 310 00:14:32,600 --> 00:14:36,560 Speaker 5: like delicious and yummy things, snacks and gummy bears and 311 00:14:36,720 --> 00:14:40,240 Speaker 5: toys and present and so back to your point, it's 312 00:14:40,240 --> 00:14:43,400 Speaker 5: so important that we make it tangible. I do a 313 00:14:43,480 --> 00:14:46,800 Speaker 5: few key things that I think are really important. Number one, 314 00:14:47,080 --> 00:14:49,720 Speaker 5: my kids have allowance. They have piggy banks. I put 315 00:14:49,800 --> 00:14:52,600 Speaker 5: the money in it. They see it. It's physical, it's real. 316 00:14:53,800 --> 00:14:56,360 Speaker 5: As kids get a little bit older, those go into 317 00:14:56,480 --> 00:14:59,080 Speaker 5: actual bank accounts and then you pull out the statements 318 00:14:59,120 --> 00:15:02,440 Speaker 5: and you show them this is your Ira, your wroth Ira. 319 00:15:02,600 --> 00:15:05,360 Speaker 5: And I started a retirement account for my daughter's nine. 320 00:15:05,920 --> 00:15:08,120 Speaker 5: Here's what's in it, and let's watch it grow. Now 321 00:15:08,320 --> 00:15:11,000 Speaker 5: she's learning about compounding interests without doing anything. 322 00:15:11,880 --> 00:15:15,160 Speaker 2: Alexa, you're so successful now at this point, I mean, 323 00:15:15,240 --> 00:15:19,200 Speaker 2: you're a founder, you're an author. But I'm curious, what 324 00:15:19,280 --> 00:15:22,560 Speaker 2: are the narratives that formed around money for you as 325 00:15:22,560 --> 00:15:25,400 Speaker 2: a kid that you had to unlearn as an adult. 326 00:15:25,720 --> 00:15:28,920 Speaker 5: One of the major reasons that I started spending more 327 00:15:28,960 --> 00:15:32,400 Speaker 5: time on trying to learn about money is very unexpectedly. 328 00:15:32,400 --> 00:15:35,120 Speaker 4: I lost my dad, but I was fourteen years old 329 00:15:35,160 --> 00:15:35,800 Speaker 4: and my mom. 330 00:15:35,680 --> 00:15:38,800 Speaker 5: Became a single mom with two older brothers, and I 331 00:15:38,800 --> 00:15:41,960 Speaker 5: remember in that moment, in thank goodness, we were financially stable, 332 00:15:42,240 --> 00:15:44,280 Speaker 5: but my mom for the first time had to take 333 00:15:44,320 --> 00:15:48,200 Speaker 5: care of the money in our household. And it struck 334 00:15:48,240 --> 00:15:50,720 Speaker 5: me at fourteen profoundly that I was like, I can't 335 00:15:50,720 --> 00:15:53,240 Speaker 5: believe not only does she have to manage us and 336 00:15:53,320 --> 00:15:57,080 Speaker 5: manage just like massive, massively big trauma in our family 337 00:15:57,720 --> 00:16:01,160 Speaker 5: just was to go learn about money, managing. 338 00:16:00,760 --> 00:16:01,880 Speaker 4: Our money for the first time. 339 00:16:02,600 --> 00:16:05,400 Speaker 5: And so when I went to college and I started 340 00:16:05,440 --> 00:16:07,240 Speaker 5: trying to like, Okay, I'm going to learn about money, 341 00:16:07,520 --> 00:16:09,160 Speaker 5: and then I was like, where's the classes. And I 342 00:16:09,160 --> 00:16:12,160 Speaker 5: went to Harvard and there was a single class. And 343 00:16:12,240 --> 00:16:16,280 Speaker 5: so I was really on this quest to get really 344 00:16:16,320 --> 00:16:18,720 Speaker 5: good at just managing money so that it could be 345 00:16:18,760 --> 00:16:21,200 Speaker 5: something that I could feel empowered for my whole life, 346 00:16:21,200 --> 00:16:22,680 Speaker 5: for the rest of my life, to be on my 347 00:16:22,720 --> 00:16:25,640 Speaker 5: own two feet no matter what life throughout me. I 348 00:16:25,720 --> 00:16:27,880 Speaker 5: was very fortunate my dad was somebody who showed me 349 00:16:27,920 --> 00:16:31,080 Speaker 5: my bank statements and let me watch it grow and 350 00:16:31,480 --> 00:16:34,240 Speaker 5: made money feel like something I could manage, and so 351 00:16:34,320 --> 00:16:37,240 Speaker 5: I had a very positive association despite having a big 352 00:16:37,320 --> 00:16:40,760 Speaker 5: traumatic life event. I had the foundation of I could 353 00:16:40,800 --> 00:16:43,360 Speaker 5: manage it. But then I went out there to find 354 00:16:43,400 --> 00:16:45,320 Speaker 5: out and manage it and get good at it, and 355 00:16:45,360 --> 00:16:46,320 Speaker 5: I couldn't find the content. 356 00:16:46,400 --> 00:16:48,240 Speaker 4: So that was the huge thing that I had to 357 00:16:48,240 --> 00:16:48,840 Speaker 4: really overcome. 358 00:16:48,880 --> 00:16:51,200 Speaker 5: And it's also hopefully helped you understand why I'm so 359 00:16:51,640 --> 00:16:55,840 Speaker 5: authentically passionate about just paying this forward to boys and 360 00:16:55,880 --> 00:16:59,200 Speaker 5: girls all across the country at all ages. I want 361 00:16:59,240 --> 00:17:02,000 Speaker 5: everyone to feel powered in their wallet, and all of 362 00:17:02,080 --> 00:17:04,880 Speaker 5: us feel negative about money a little bit at times 363 00:17:04,880 --> 00:17:06,760 Speaker 5: because there's always someone who has more, and you have 364 00:17:06,800 --> 00:17:10,080 Speaker 5: to learn that does not matter. It's about feeling in 365 00:17:10,160 --> 00:17:13,080 Speaker 5: control of your life, and that's the goal with money. 366 00:17:13,680 --> 00:17:17,399 Speaker 3: That's my favorite thing that you've shared, because it really 367 00:17:17,480 --> 00:17:18,520 Speaker 3: is about control. 368 00:17:18,640 --> 00:17:19,840 Speaker 1: I've personally felt that. 369 00:17:21,080 --> 00:17:23,840 Speaker 3: You know, you've been really emphatic about writing this book 370 00:17:23,880 --> 00:17:27,000 Speaker 3: for a specific audience, and it's girls. You wrote it 371 00:17:27,040 --> 00:17:30,080 Speaker 3: for kids, but particularly girls, Like why did you write 372 00:17:30,080 --> 00:17:31,959 Speaker 3: this for girls in particular. 373 00:17:31,800 --> 00:17:35,000 Speaker 5: As a mother of two daughters, as someone who has 374 00:17:35,040 --> 00:17:38,800 Speaker 5: been successful in business, there are still not enough women 375 00:17:38,800 --> 00:17:42,000 Speaker 5: at the top. I mean that is just not acceptable 376 00:17:42,000 --> 00:17:47,199 Speaker 5: in my mind, on every level, board, CEOs, sea, level, suite, 377 00:17:47,440 --> 00:17:50,679 Speaker 5: all of it. Still it's part one, and then I 378 00:17:50,720 --> 00:17:52,960 Speaker 5: won't get into all of the politics of everything. But 379 00:17:53,040 --> 00:17:57,880 Speaker 5: I think women's rights and our choices, the fact that 380 00:17:57,920 --> 00:18:00,560 Speaker 5: we are having to work through fighting for those of 381 00:18:00,600 --> 00:18:02,840 Speaker 5: you all over again, and I actually, I think it's 382 00:18:02,920 --> 00:18:07,080 Speaker 5: really important that one girl see I have choices, I 383 00:18:07,119 --> 00:18:10,240 Speaker 5: can be strong and smart with my money. And I 384 00:18:10,280 --> 00:18:13,160 Speaker 5: think that more and more women need to see role 385 00:18:13,200 --> 00:18:16,200 Speaker 5: models of people that are actually at the top doing 386 00:18:16,200 --> 00:18:18,600 Speaker 5: great things, so that all of our little girls just 387 00:18:18,680 --> 00:18:20,840 Speaker 5: know that that is absolutely within their reach. 388 00:18:21,560 --> 00:18:23,679 Speaker 2: We're taking a quick break. We'll be right back with 389 00:18:23,720 --> 00:18:34,520 Speaker 2: more from Alexa von Tobol. Welcome back. We're here with 390 00:18:34,560 --> 00:18:38,600 Speaker 2: Alexa on Tobo. Alexa, you have a chapter on investing 391 00:18:38,680 --> 00:18:42,439 Speaker 2: and it includes stock market basics. Now I can already 392 00:18:42,480 --> 00:18:45,639 Speaker 2: hear the skeptic saying, wait a minute, this is too young, 393 00:18:46,040 --> 00:18:48,560 Speaker 2: Like why would we even be bringing up stocks with kids. 394 00:18:49,040 --> 00:18:52,000 Speaker 2: I love that you included this because as a parent, 395 00:18:52,280 --> 00:18:55,800 Speaker 2: I plan on gifting my kids stocks and so I'd 396 00:18:55,840 --> 00:18:57,920 Speaker 2: love for you to tell us what is the best 397 00:18:58,000 --> 00:19:00,520 Speaker 2: way to approach investing with kids. 398 00:19:01,320 --> 00:19:05,560 Speaker 4: So, first of all, it's so fun. Let me just 399 00:19:05,600 --> 00:19:06,160 Speaker 4: start there. 400 00:19:06,720 --> 00:19:08,879 Speaker 5: So investing is something all of us have to do, 401 00:19:08,920 --> 00:19:10,440 Speaker 5: every human listening right now. 402 00:19:10,480 --> 00:19:12,439 Speaker 4: Investing. You know, if you look at the last one 403 00:19:12,560 --> 00:19:13,600 Speaker 4: hundred years, you look. 404 00:19:13,440 --> 00:19:15,800 Speaker 5: At you take the S and P five hundred and 405 00:19:15,840 --> 00:19:18,280 Speaker 5: you just take a long point of view, take a 406 00:19:18,320 --> 00:19:21,160 Speaker 5: whole hundred year view. On average, it's been about ten 407 00:19:21,200 --> 00:19:25,199 Speaker 5: percent growth year. We are on average, everyone listening, we 408 00:19:25,320 --> 00:19:27,520 Speaker 5: have to invest in our retirement accounts. That's what the 409 00:19:27,520 --> 00:19:31,200 Speaker 5: purpose of a retirement account is. So investing is the 410 00:19:31,200 --> 00:19:34,320 Speaker 5: most important thing we all have to do in our 411 00:19:34,359 --> 00:19:36,240 Speaker 5: wallet to have enough money. 412 00:19:36,600 --> 00:19:37,320 Speaker 4: It's critical. 413 00:19:38,240 --> 00:19:40,680 Speaker 5: So because it's so important, I'm like, of course you 414 00:19:40,720 --> 00:19:44,240 Speaker 5: should teach a child to understand it. And what is investing? 415 00:19:44,600 --> 00:19:49,840 Speaker 5: Investing is looking around in normal life when you see 416 00:19:49,880 --> 00:19:53,440 Speaker 5: a product that you're using all the time, thinking to yourself, 417 00:19:53,520 --> 00:19:56,200 Speaker 5: humh who makes that company? Is that a company that 418 00:19:56,240 --> 00:19:58,040 Speaker 5: I could buy a share of? And the way I 419 00:19:58,080 --> 00:20:01,000 Speaker 5: explain it to my kids is it's okay to actually 420 00:20:01,040 --> 00:20:03,199 Speaker 5: be really smart and lazy in your wallet. 421 00:20:03,280 --> 00:20:05,920 Speaker 4: And what that means is I want my money working 422 00:20:05,960 --> 00:20:06,680 Speaker 4: for me when I. 423 00:20:06,640 --> 00:20:10,160 Speaker 5: Am sleeping, when I'm on vacation when I am doing 424 00:20:10,359 --> 00:20:13,520 Speaker 5: absolutely nothing. And that's what investing is is all of 425 00:20:13,520 --> 00:20:15,720 Speaker 5: the people at that company when they go to work, 426 00:20:16,600 --> 00:20:19,320 Speaker 5: they are going to work for you and your dollars 427 00:20:19,359 --> 00:20:22,119 Speaker 5: because you're a shareholder. And I think it's just a 428 00:20:22,320 --> 00:20:25,719 Speaker 5: very important way to teach kids to understand investing. And 429 00:20:25,760 --> 00:20:28,000 Speaker 5: that does not mean stock picking, to be clear, not 430 00:20:28,000 --> 00:20:29,560 Speaker 5: trying to teach your kid to go and pick a 431 00:20:29,600 --> 00:20:33,000 Speaker 5: single stock. You want them to buy ets and index 432 00:20:33,080 --> 00:20:35,600 Speaker 5: funds of baskets. But the point is what goes in 433 00:20:35,640 --> 00:20:39,680 Speaker 5: those baskets of an index fund is five hundred companies 434 00:20:40,040 --> 00:20:43,159 Speaker 5: and helping them understand what a stock is, plain and simple. 435 00:20:43,760 --> 00:20:45,879 Speaker 5: And let's say your kid ates some cereal this morning, 436 00:20:45,960 --> 00:20:49,080 Speaker 5: General Mills. It's a company, and you could buy a 437 00:20:49,160 --> 00:20:51,600 Speaker 5: share of that company if it's if it's breakfast that. 438 00:20:51,560 --> 00:20:52,240 Speaker 4: You eat every day. 439 00:20:52,440 --> 00:20:55,320 Speaker 5: Just helping them make it relate. They know what Coca 440 00:20:55,400 --> 00:20:57,520 Speaker 5: Cola is, they know what her she is. Helping them 441 00:20:57,560 --> 00:20:59,280 Speaker 5: just understand those basics. 442 00:20:58,920 --> 00:20:59,680 Speaker 4: Is so important. 443 00:21:00,240 --> 00:21:02,920 Speaker 2: Hearing you talk about investing, I think we've been approaching 444 00:21:02,960 --> 00:21:05,640 Speaker 2: it all wrong. I think we should have always done 445 00:21:05,680 --> 00:21:08,399 Speaker 2: it from a children's point of view, because it just 446 00:21:08,440 --> 00:21:10,720 Speaker 2: makes it so much easier to digest, Like it took 447 00:21:10,760 --> 00:21:14,400 Speaker 2: me years as an adult to feel comfortable with understanding 448 00:21:14,440 --> 00:21:17,000 Speaker 2: the stock market and how it works. But I'm sure 449 00:21:17,080 --> 00:21:19,040 Speaker 2: a lot of people are listening to this wishing that 450 00:21:19,280 --> 00:21:22,560 Speaker 2: they had your book when they were kids, but unfortunately 451 00:21:22,600 --> 00:21:25,760 Speaker 2: we did not. So what are your top three tips 452 00:21:25,760 --> 00:21:28,280 Speaker 2: for becoming financially literate? Now? 453 00:21:29,359 --> 00:21:32,040 Speaker 5: So I'm going to start with tip number one, which 454 00:21:32,040 --> 00:21:35,320 Speaker 5: is really important, which is rip the bandit off and 455 00:21:35,359 --> 00:21:39,439 Speaker 5: throw the shame away. Every single one of us feels 456 00:21:39,480 --> 00:21:42,640 Speaker 5: a little ashamed about money in some way. Every one 457 00:21:42,680 --> 00:21:44,600 Speaker 5: of us does, and I think that that's sort of 458 00:21:44,640 --> 00:21:47,800 Speaker 5: really step one to being really empowered in your money 459 00:21:47,880 --> 00:21:50,399 Speaker 5: is to say, of course I made some mistakes. Of 460 00:21:50,400 --> 00:21:52,639 Speaker 5: course I got something drunk. Guys, I'm sitting here the 461 00:21:52,760 --> 00:21:55,680 Speaker 5: number of mistakes I've made, it's laughable. I was applying 462 00:21:55,800 --> 00:21:58,400 Speaker 5: for credit cards and they were like, girl, you don't 463 00:21:58,440 --> 00:22:02,639 Speaker 5: have a job about like miss bills because I just 464 00:22:02,640 --> 00:22:04,919 Speaker 5: didn't even know where I was supposed to pay it online. 465 00:22:05,720 --> 00:22:09,679 Speaker 5: Rip the bandid off, like forgive yourself. After you forgive 466 00:22:09,680 --> 00:22:13,280 Speaker 5: yourself and throw the shame away, figure out how to 467 00:22:13,320 --> 00:22:16,919 Speaker 5: get empowered around your wallet, sit down and decide to 468 00:22:16,920 --> 00:22:19,760 Speaker 5: make a plan and say, this year twenty twenty four, 469 00:22:20,320 --> 00:22:22,840 Speaker 5: I'm going to change my life around my wallet. 470 00:22:23,080 --> 00:22:24,080 Speaker 4: And the third is. 471 00:22:24,480 --> 00:22:27,280 Speaker 5: Set some goals and maybe even set some goals with 472 00:22:27,359 --> 00:22:30,840 Speaker 5: an expert. So go find I'm a Certified Financial Planner, 473 00:22:30,840 --> 00:22:34,720 Speaker 5: which is a Doctor of Money CFP. Find yourself somebody 474 00:22:34,800 --> 00:22:36,720 Speaker 5: that could work with you. And even when you don't 475 00:22:36,720 --> 00:22:39,000 Speaker 5: have a ton of money, there's so many digital companies 476 00:22:39,040 --> 00:22:42,480 Speaker 5: out there now online where you can go find a 477 00:22:42,520 --> 00:22:45,200 Speaker 5: place where you can start to have a healthy relationship 478 00:22:45,280 --> 00:22:48,000 Speaker 5: with money. And part of that will look like And 479 00:22:48,200 --> 00:22:51,399 Speaker 5: this is my zero point three sub bullet point. I 480 00:22:51,440 --> 00:22:53,679 Speaker 5: want you to do three things. I want everyone listening 481 00:22:53,680 --> 00:22:56,040 Speaker 5: to do three things. The first thing is I want 482 00:22:56,040 --> 00:22:59,360 Speaker 5: you to have an emergency savings account. If you're really young, 483 00:22:59,359 --> 00:23:02,720 Speaker 5: that should be about three months. If you're older, it 484 00:23:02,760 --> 00:23:04,080 Speaker 5: should be more like six. 485 00:23:03,920 --> 00:23:04,679 Speaker 4: To nine months. 486 00:23:04,880 --> 00:23:08,040 Speaker 5: Number two, everyone needs to pay off your credit card 487 00:23:08,119 --> 00:23:08,680 Speaker 5: debt in full. 488 00:23:08,760 --> 00:23:11,040 Speaker 4: Get it to zero. That may take you a few years. 489 00:23:11,080 --> 00:23:13,280 Speaker 4: If you have a lot, if you have very little, rip. 490 00:23:13,119 --> 00:23:15,399 Speaker 5: The band it off, pay it off now, don't go 491 00:23:15,440 --> 00:23:16,679 Speaker 5: out for the next three months. 492 00:23:16,800 --> 00:23:18,360 Speaker 4: Do whatever you got to do. Get it to zero. 493 00:23:19,119 --> 00:23:21,159 Speaker 5: And then the third is everyone needs to start a 494 00:23:21,160 --> 00:23:25,920 Speaker 5: retirement account. Every single person, as early as you can 495 00:23:26,080 --> 00:23:30,280 Speaker 5: in your twenties should start contributing something to retirement because 496 00:23:30,320 --> 00:23:32,560 Speaker 5: compounding interest is not magic, it's math, and. 497 00:23:32,520 --> 00:23:34,760 Speaker 4: If you start saving a bit, it will grow. Those 498 00:23:34,760 --> 00:23:35,760 Speaker 4: are your three goals and just. 499 00:23:35,760 --> 00:23:40,000 Speaker 1: Get them to you fantastic. I like those. Didn't Einstein 500 00:23:40,040 --> 00:23:41,359 Speaker 1: talk about compound interest. 501 00:23:42,000 --> 00:23:45,959 Speaker 5: I mean it's like the most beautiful thing is watching 502 00:23:45,960 --> 00:23:46,760 Speaker 5: money compound. 503 00:23:47,080 --> 00:23:51,159 Speaker 3: Yes, I agree, Alexa. Thank you so much. 504 00:23:51,400 --> 00:23:52,280 Speaker 2: Thank you, Alexa. 505 00:23:52,880 --> 00:23:54,440 Speaker 4: You guys are amazing things. So much for having me. 506 00:23:54,480 --> 00:23:55,680 Speaker 4: What an honor. 507 00:23:55,920 --> 00:24:00,000 Speaker 3: Alexavon Tobel is the founder of Inspired Capital, a financial journey, 508 00:24:00,680 --> 00:24:03,360 Speaker 3: and the author of the new children's book Money Matters, 509 00:24:03,480 --> 00:24:06,840 Speaker 3: A Guide to Saving spending and everything in between. 510 00:24:11,480 --> 00:24:13,800 Speaker 2: Danielle, I'm going to be honest. When I heard there's 511 00:24:13,840 --> 00:24:17,240 Speaker 2: a money book for kids, I was like, huh, that's interesting. 512 00:24:17,640 --> 00:24:20,920 Speaker 2: But after talking to Alexa, it's so important. It makes 513 00:24:20,960 --> 00:24:23,159 Speaker 2: so much sense. I think every home should have one 514 00:24:23,200 --> 00:24:23,800 Speaker 2: of these books. 515 00:24:24,000 --> 00:24:26,600 Speaker 3: Yeah, I totally agree with you. I think we both 516 00:24:26,600 --> 00:24:30,800 Speaker 3: had that same sentiment. I feel like I need the book. 517 00:24:30,880 --> 00:24:34,040 Speaker 3: I mean, just a few years ago, I finally told 518 00:24:34,080 --> 00:24:37,439 Speaker 3: myself I was going to stop being quote bad with money, 519 00:24:38,240 --> 00:24:41,679 Speaker 3: and I felt out of control. And Alexa mentioned that 520 00:24:41,720 --> 00:24:46,760 Speaker 3: a lot about money is control. And I went through 521 00:24:46,760 --> 00:24:50,040 Speaker 3: all my credit cards, I went through process like I 522 00:24:50,080 --> 00:24:54,440 Speaker 3: did a whole deep dive, and I actually do feel 523 00:24:54,480 --> 00:24:57,560 Speaker 3: in control with money now. And it doesn't feel good 524 00:24:57,560 --> 00:25:00,320 Speaker 3: to not understand something so crucial to your life and 525 00:25:00,359 --> 00:25:02,919 Speaker 3: well being. And I think that a book like this 526 00:25:03,119 --> 00:25:05,960 Speaker 3: is going to help kids not even form any of 527 00:25:06,000 --> 00:25:07,120 Speaker 3: those limiting beliefs. 528 00:25:07,240 --> 00:25:10,879 Speaker 2: They'll just grow up understanding. You know, it's Financial Literacy Month, 529 00:25:11,240 --> 00:25:13,959 Speaker 2: and I want all of us to be financially literate. 530 00:25:14,000 --> 00:25:17,000 Speaker 2: But I like Alex's approach because she's going to the 531 00:25:17,119 --> 00:25:19,959 Speaker 2: root cause of the problem. She's going to the source 532 00:25:20,160 --> 00:25:22,920 Speaker 2: and trying to catch kids when they're still really malleable 533 00:25:22,960 --> 00:25:26,080 Speaker 2: and can learn good money habits. So I was really 534 00:25:26,119 --> 00:25:29,760 Speaker 2: convicted when she talked about the studies that show that 535 00:25:29,800 --> 00:25:32,920 Speaker 2: as early as three to five years old is when 536 00:25:33,040 --> 00:25:35,880 Speaker 2: kids are forming attitudes around money. I mean, I have 537 00:25:35,960 --> 00:25:38,720 Speaker 2: two kids that are in that range, and so I'm 538 00:25:38,920 --> 00:25:41,840 Speaker 2: thinking about, Okay, how am I discussing money am my home? 539 00:25:42,280 --> 00:25:45,200 Speaker 2: What are my emotions around money now? And what can 540 00:25:45,240 --> 00:25:47,600 Speaker 2: I be teaching my kids about money? At this age. 541 00:25:48,359 --> 00:25:51,480 Speaker 3: Do you think that you've you've been a positive influence 542 00:25:51,520 --> 00:25:53,119 Speaker 3: so far or are you changing things. 543 00:25:53,440 --> 00:25:57,560 Speaker 2: I've either been a neutral influence or a negative one. 544 00:25:57,960 --> 00:26:00,000 Speaker 2: I don't know that they're old enough to pick up 545 00:26:00,080 --> 00:26:03,320 Speaker 2: up on, you know, discussions about money when my husband 546 00:26:03,320 --> 00:26:05,639 Speaker 2: and I are feeling stressed about it. I don't know 547 00:26:05,640 --> 00:26:08,320 Speaker 2: that they're old enough to do that. But I'm definitely 548 00:26:08,400 --> 00:26:11,000 Speaker 2: going to be way more mindful about how we talk 549 00:26:11,040 --> 00:26:13,320 Speaker 2: about money in the house, and also how I frame 550 00:26:13,440 --> 00:26:16,040 Speaker 2: work for me and how I frame it as something 551 00:26:16,080 --> 00:26:18,520 Speaker 2: that's life affirming and that it gives me purpose. 552 00:26:19,119 --> 00:26:20,320 Speaker 1: I liked when she said that. 553 00:26:20,359 --> 00:26:22,680 Speaker 3: What did she say, Mommy's going to work and mommy 554 00:26:22,760 --> 00:26:23,560 Speaker 3: loves work. 555 00:26:24,040 --> 00:26:26,320 Speaker 2: Mommy loves puzzles. She's going to go solve a bunch 556 00:26:26,359 --> 00:26:27,720 Speaker 2: of really big puzzles. 557 00:26:27,800 --> 00:26:30,679 Speaker 3: Yeah, it was so affirming. Well, the good news is 558 00:26:31,000 --> 00:26:32,560 Speaker 3: Alexa talked about forgiveness. 559 00:26:32,600 --> 00:26:34,440 Speaker 1: So tomorrow is a new day. 560 00:26:34,480 --> 00:26:37,280 Speaker 3: If you feel out of control or stressed about money, 561 00:26:37,760 --> 00:26:40,840 Speaker 3: you can decide tomorrow to change that forgive yourself. 562 00:26:45,640 --> 00:26:48,960 Speaker 2: All right, Bessie, Speaking of tomorrow, we are in for 563 00:26:49,080 --> 00:26:53,119 Speaker 2: a treat with entrepreneur James Beard Award winner and the 564 00:26:53,160 --> 00:26:56,800 Speaker 2: brains behind Jenny's Splendid ice creams Jenny Britton. 565 00:26:56,720 --> 00:26:58,040 Speaker 1: And that's it for today's show. 566 00:26:58,200 --> 00:27:01,000 Speaker 3: Listen and follow the bright Side on the eye, heartradio app, 567 00:27:01,200 --> 00:27:03,960 Speaker 3: Apple podcasts, or wherever you get your podcasts. 568 00:27:04,200 --> 00:27:06,879 Speaker 2: I'm Simone boys. You can find me at Simone Voice 569 00:27:07,000 --> 00:27:08,520 Speaker 2: on Instagram and TikTok. 570 00:27:08,720 --> 00:27:11,400 Speaker 1: And I'm Danielle Robe on Instagram and TikTok. 571 00:27:11,640 --> 00:27:14,399 Speaker 2: Hit me up, see you tomorrow, folks. Keep looking on 572 00:27:14,400 --> 00:27:18,720 Speaker 2: the bright side.