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I was very well prepared for my meeting, with notes explaining my added value to the company and why I deserved a raise, but at the end of the day I didn’t even need it. Asking for a raise is one of the things I coach my clients on. I’ve helped many women get raises by preparing them for their meetings and helping them see their worth.
What was the worst money advice you’ve ever received?
I was a camp counselor and learned how to use a credit card from a colleague at the camp when I was 17. He told me he would max out his credit card and then when he got paid he would use his entire paycheck to pay off the card. That was the worst advice ever because I’ve followed a similar path, except my paychecks weren’t as big as the credit limit I was given.
Would you rather receive a large sum of money at once or a smaller sum of money regularly for a lifetime?
A large sum of money at once because I want to do it on my own.
What do you think is the most underrated financial advice, tip or strategy?
You can’t invest in the stock market and real estate at the same time. There’s this misconception out there that you have to choose one or the other or that one is better than the other. They are very different products that are not mutually exclusive. You can invest in both if you are financially able to do so!
What’s the biggest misconception people have about growing money?
That you have to start with a lot of money and that it takes a lot of time to get started. With the platforms available today, anyone can start with very little money, even as little as $20. It’s slow growth at first and it may seem like it’s not worth it, but with time and consistency the money will eventually multiply. Invest in some ETFs [exchange-traded funds] will go a long way, and I believe it’s the easiest (and least labor intensive) way to make money.
Can you share a money regret?
I lend money to my ex-boyfriend. I helped him out a lot during college, but even after he got a full-time job and made a lot of money, he didn’t even try to pay me back because we thought we’d be together forever. We never had good conversations about money and when I asked for my money back he got defensive. There were so many red flags, but I was young and didn’t know any better. He still owes me money and the thought of the future value of it makes me throw up.
What does the word “value” mean to you?
Value means the amount of pleasure or benefit I get by paying for something. Value can be as simple as a meal – was the meal worth it? Or a vacation I really needed to reset and have a great time with other people.
Some things I would spend money on that someone else might not spend money on would be a designer purse. I own a few that are over 10 years old that I still wear and are in excellent condition. If I do the math and amortize it, it turns out to be a great value every year.
