13 July 2022 |
S2 E11: Aura: Where Health And Financial Stability Meet, With Kelsey Willock
How do you stay financially stable without sacrificing your mental or physical health? Through a platform that looks after your whole life, not just your money.
Kelsey Willock is a first-time founder, crushing entrepreneurship with her platform, Aura. From her own experiences of feeling financially vulnerable, she’s building a platform to help others reach their goals.
Nicole and Kelsey get into why she’s helping users gain wealth wellness, what it felt like to leave education in heavy debt, and the truth about rising together as women in leadership.
You’ll also hear Kelsey’s hot takes on why women should move away from a scarcity mindset and start working together to build communities and empower each other.
And if you’re looking to make the best developer hire, you need Lemon. When you want to scale quickly, finding the right support is hard and it slows you down. But with Lemon, the process is made quick and easy with hundreds of developers who’ve been vetted and tested. You’ll get a match within 48-hours, ready to work straight away. Sign up today and get matched at Lemon.io
And if you love listening to Humans of Fintech, please leave me a 5-star review on Rate My Podcast: https://ratethispodcast.com/humansoffintech
Thank you so much!
You can keep up-to-date with everything Humans of Fintech at https://workweek.com/brand/wtfintech/
And if you’ve enjoyed Humans of Fintech why not try: Chicks of FinTwit, Tech Unlocked, Breaking Banks or Fintech Insider
03:03 The Story of a Fintech Founder
06:14 Finding Belonging In The Fintech Space
08:08 A Little Like Therapy
12:28 If You Can’t Explain It, You Don’t Get It
17:08 The Community You Need 19:15 Becoming Intentional
22:40 Pride in Empowerment
25:48 How to Step Into Confidence
32:02 Who to Follow In Fintech
How to Create Financial Stability
Creating financial stability is not just about having a lot of money. It’s more about having enough money to support a comfortable life and know that you won’t run out anytime soon. In this challenging economic environment, many people struggle to keep their heads above water when it comes to managing their personal finances.
Whether it is trying to save for retirement, paying off student loans, buying your first home, or simply trying to have some disposable income every month — money can be a confusing topic for many people. The good news is that with the right guidance and education, you can set yourself up for success and build a stable future for you and your family. Financial stability doesn’t happen overnight but with these tips you can get on the right track in no time.
Have an Emergency Fund
An emergency fund is absolutely essential when it comes to creating financial stability. When a crisis occurs, such as job loss, medical bill, or car repair, having a fund to fall back on can really help take the pressure off your other financial goals. Ideally you want to save enough money in your fund to cover 3-6 months of expenses — this will allow you to ride out short-term financial issues without having to worry about dipping into your long-term savings. Having an emergency fund will also help you sleep better at night knowing you have a safety net in place to handle any unexpected expenses that may arise in the future. You don’t want to be in a position where you have to dip into your retirement savings or take on more debt because you didn’t plan ahead.
Re-examine your Housing Situation
A huge portion of your budget goes towards your housing situation — whether it’s a mortgage payment on a home, rent for an apartment, or any other type of living situation. One of the first things you should do when trying to create financial stability is to re-examine your housing situation. This could mean thinking about buying a home or renting a new place. If you are currently renting, you may want to consider the long-term benefits of buying a home. This can be a big decision, so be sure to consult with a financial advisor before making a commitment to buy a house. If you are a homeowner who is contributing financially to your household, you may want to consider renting out a room or your entire house in order to bring in some extra income. You may even consider getting roommates to help share the cost of living expenses. Your housing situation is one of the biggest expenses you will deal with in your life. Taking the time to re-examine your choices and make informed decisions can go a long way in helping you create financial stability.
Pay off Existing Debt
While it is important to put money away for retirement and savings goals, you also need to make sure you are paying off any debt you currently have. This is because paying off debt has a special financial benefit that goes beyond just a number in a savings account. Once your debt is paid off, you’ll never have to pay interest again. Debt is like a financial parasite — it sucks money out of your budget and makes it harder to save money. Paying off your debt as soon as possible will allow you to put more money towards your long-term financial goals. Once you have a healthy savings account, you can start to save for retirement, put money towards your kids’ college fund, or start investing for your future. Having a healthy amount of debt can be helpful for some people, such as those who are trying to buy a house. But for many, debt will slow down your ability to save and create financial stability.
Save for the Future
Creating financial stability means putting money away for the future, whether it is towards your retirement, your children’s college fund, or another important financial goal. A general rule of thumb is to save 10% of your income towards retirement. If you are in your 20s or 30s, this may seem like an impossible goal. But with some careful budgeting and sacrifice, you can absolutely get there. There are many different types of retirement accounts you can open, such as IRAs and 401(k)s. The key is to find a retirement plan that works for you and fits into your financial plan. Whether you are saving for retirement or another long-term financial goal, it is important to put that money away immediately. The longer you wait, the more it will become harder to save. Even if you have a small amount to put away each month, it can add up over time and create a huge benefit for your future.
Make Investments That Benefit You
Once you have saved enough money for your short-term and long-term financial goals, it is time to start thinking about investing your money. There are a ton of different types of investments out there, such as stocks, bonds, and real estate, among others. The goal of investing is to make money without having to work for it. Investing is a great way to create financial stability and provide a solid future for you and your family. But there are also many risks that come with investing as well. That is why it is so important to find a good mix of investments that benefit you. You don’t want to put all your money into one type of investment and make yourself vulnerable to failure. Instead, find a good mix of investments that you feel comfortable with and will benefit you long-term.