Nicole Lapin's Super Woman Approach to Personal Finance

Talking Points


We have one of my awesome friends in an all around Rockstar. She's the author of a number of bestselling books including Bostitch and rich coal lap. And thank you so much for joining us today. Thank you Brian. I feel like you should do the male versions of these books. What do you think would they be called points bitch which would be great or rich dude rich but I get so much cooler? Like rich bitch is fun but I feel like it would be kind of like people. Look down on me right. Nobody could ever looked out on. You know I think you know you and I don't even other side hustle or another project but if we did. I think you could do that. Let's talk about you. I mean you have been the youngest anchor on CNN and so you went from knowing nothing about finance growing up. You are first generation. American money was not a topic in your household and now look at you with these bestselling books. How did how did you go from zero to one hundred? Oh my gosh I would have said like bonds had to do with bond girl growing up. I knew nothing. I mean. We don't learn in school. It's bananas like if you and I are in charge with world I think we say instead of or in addition to the Thiam Theorem are all this nonsense dissecting a frog you need to learn how to budget how to do taxes how to do a business plan what the heck a credit score is all that stuff and today. I don't have kids but I mean I know my friends. Kids are studying mandarin and traveling. I have to think today in. Today's curriculums are teaching. This are they not. They're not and I think that personal finance. It's such a disservice even like what am I doing? Going to speak at business schools. Even my friends who had gone to business schools. They asked me like the most basic personal finance questions. One of them said I have money because I have checks. I'm like Oh my God. I'm so scared for society right now and I'm the least likely person she knew any of this stuff but I realized that money is just the language like anything else. We just don't have over a stone for that language growing up and I got a job when I was eighteen because I grew up in a super broken home needed to start working really early on my father died of an overdose when I was eleven and I just started in school when I was fifteen on the air at small markets and I needed just a J. O. B. leg. I didn't have the luxury of doing what I love like a lot of entrepreneurial experts like. I just had to figure out how to love what I did because I needed to make money and I was offered a job on the floor of the Chicago Merck. At the time I wanted a job in like big market Milwaukee from the small broadcasting. No I went to northwestern and they asked me if I knew anything about business news and I just said absolutely I love business news and I totally lied and totally faked it till I made it and I knew nothing about it and I was thrown on the floor of the exchanges in Chicago and I just went to the school of hard knocks and just learned it. It sounded like Chinese because it really is a language like once you can the language of money. I actually rewrote financial dictionaries in the back of my books in real English like short not the opposite of tall. It's the opposite of long means. Something's going in the pooper league. It's not serious. Equity is a fancy word for stock like a know. It sounds really right but once you learn it and once you know at this complicated so you're known for your twelve step guides someone listening right now who's their houses and so much in order like bring us through like where do you start? All of my books are twelve. Step plans because the first step is admitting you have a problem and we'll have problems when I started working in business news. I felt like total impostor because I got myself in debt I got myself in five thousand dollars of credit card debt. And as like an immigrant's daughter I was still trying to keep cash under my seeing. Because that's what we did but at the same time. Like I was accumulating interest and he didn't know how compounding interest worked all of that stuff so I just got myself out of it the hard way and I broke it down into steps. And that's what really helped me. So five thousand dollars was twenty five hundred dollars a year and then I wrote it down by the month. A broken down by the day was seven dollars a day and to that felt more manageable than like an overwhelming five thousand dollars and so I think generally when we were talking about finances. When you're talking about business it feels so overwhelming unless you break it down into twelve stabs and within those steps like break it down into actionable steps that you can take so when you say that because in college I got my first credit card was the University of Pittsburgh Elia Card. I think they gave me an umbrella. Or A T. shirt as my sign up bonus time Clean Crowley God book to Spring Break to Ireland. I was making no money so clearly. Like a five hundred dollar balance was all of a sudden a thousand. After after college. When I moved to New York City I like it was quicksand. I couldn't pay rent. I mean then I had a bill from college A rise in bill that was sent to collections and they were going to garnish my wages. Like I was hot mess so it is kind of funny. Now when I'm like you know advising people on credit cards but I do think that actually going through the hell of debt and knowing the negative sides I think makes us better people to say look you have to be a credit card debt and I think that's what I always tried to make clear would like points. Yes credit cards can provide amazing value. But if you're not paying the interest and getting totally underwater with interest I always say that debt is the only four letter word. I don't like I mean bad debt. Right that's right. I know there's like good. Debt and bad debt. Avocados is good fat. So other advice like that you give to people who are just trying to get it together getting that debt monkey off your back is one of the chapters or one of the steps in rich bitch and I talk about how you should also prioritise to pulverize. So I think a lot of folks think that all data is created equal. And so when you see bill and you have one hundred bucks and you got a magical bill for a hundred bucks. You're like alcohol. Just got rid of that because feels really Cathartic. I'm done with this bill. The not the best thing to do. Because you should start with your credit card debt. I than if you have a car. Loan of course tackle that you don't WanNa panted appreciating asset And then if you have a mortgage and then finally our student which is considered good debt. Because they can take away your car they can take away. Your House. They can't take away your brain So I know you just got back from volume of course is the travel podcast. We'RE GONNA start talking travel. But how do you budget for travel like is it a line item is it a non-negotiable especially millennials and Jesse? Everything's about experience like how should be people thinking about budgeting for travel and trips so I think of a budget as a spending plan in the same way as you would think of a sustainable Eating plan as something that you can take two instead of like a crash diet so allowing yourself the equivalent of Hershey's kiss so you don't end up in the middle of the night and all she on a Bagel hunk of chocolate cake because you're so hungry and deprived we've all been there and so when people say cut out your morning law like I just want to Bash my head against the wall because it's such a nice nice bankrupted by their Makotot's like let me liew. I work really hard. I want some avocado toast and a Soy. Latte or whatever milk law but I think if you break it down into I love letter. Ration- The threes so essentials and game an extras Su. Seventy percent of your overall spending plan. Go to the essential so your food or transportation and your housing everything you need to live on every single day then fifteen percent should go to the end game so the future Brian. Your investments retirement all of that and then fifteen percents should go to the extras. Like you have to allow yourself for extras whether it's travel whether it's the law tae whether it's the many petty whether it's like avocado toast for everybody. Whatever does it for you like. Allow yourself fun. Otherwise we're going to bench later on because people will say to me in the beginning the early in the morning doing so great and then four months later about the Gucci Prada by the. Hello captain obvious. Just got a lot every day. You keep yourself motivated. Have that small indulgence. Binge later on. So that's what I do with travel and then I also like name my sub savings

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