How to financially grow up

The Street

Expert shares the practical steps you can take to reach financial maturity.

Transcript

00:00All right, Bobbi, you wrote the book,

00:01Launching Financial Grown-Ups.

00:03From your perspective, what makes someone

00:07a financial grown-up?

00:09First of all, thank you for asking about that book.

00:11The book was the second book to

00:12How to Be a Financial Grown-Up, so it's a series.

00:15And it's about learning how to be an adult

00:18with respect to your money.

00:19So it's about resilience, about being intentional

00:22and deliberate with your money

00:23and making specific decisions that get you to your goals,

00:28that focus on your values,

00:29that focus on where you wanna be.

00:31I mean, your numbers in life,

00:33all this math we talk about,

00:34all this intimidating stocks and investments and savings

00:38and all the alphabet soup of different investments.

00:40At the end of the day,

00:41it's about writing your own money story.

00:43And that's what being a financial grown-up is all about.

00:47So you mentioned resilience

00:49and you mentioned being intentional.

00:52So what are some of the simple steps everyone can take

00:56in terms of being resilient and intentional?

01:00One of the best ways to be resilient is to be prepared,

01:03to know in advance,

01:04well, here are the different scenarios

01:05that could happen with me.

01:07For example, right now,

01:08there's a lot of worry about the job market, not so great.

01:11So we should be thinking, well, do I have a plan in place,

01:14plan A, B, and C, if something were to happen

01:16and I were to have an interruption in income,

01:18it could be a pay cut, it could be losing your job,

01:21it could be just knowing that you could.

01:23So what is your plan A, B, and C?

01:25You might have savings that you put to the side.

01:27You might have a plan to go,

01:29if you have high overhead,

01:31how could you cut back on that overhead?

01:32You might have a side hustle.

01:33You might have a business you start on the side.

01:35You might just be checking in on your investments

01:37and making sure that they're positioned in a way

01:39that they can maybe throw up some income through dividends

01:42should you need a little bit more cashflow.

01:43But it's really about knowing what could come your way

01:47and being prepared.

01:48And that in the end will make you very resilient.

01:50Somebody said to me to be very wise in my reporting days,

01:53I said, what if you don't have enough money to retire?

01:56What's going to happen to you?

01:57And they said, you'll just course correct.

02:00In other words, so maybe you won't go on the grand trip

02:05that you thought you were going to go on for 10 days.

02:07Maybe you'll go on it for five days.

02:09Maybe you'll go on it for a long weekend.

02:11It'll be okay.

02:13Maybe you'll work a little bit longer.

02:14Maybe you'll take a different job.

02:16It'll be okay.

02:17We have so much stress

02:18because we want to kind of tie it up with a bow.

02:20But in the end, the vast, vast majority of us

02:23are going to be okay as long as we are resilient

02:26and intentional with our money and our money decisions.

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