28 September 2022 |
S3 E3: How Erin Papworth is Providing Financial Health For All Through Nav.it
By Nicole Casperson
If financial service providers were honest they’d admit, it’s mostly about selling products. But if you’re unsure how these products work, how do you know you need them?
Erin Papworth already has a lifetime’s experience in fintech and is working to educate and empower a whole generation to make the best financial decisions possible and improve financial health outcomes.
She and Nicole get into conversation about the real truth around financial services, Nav.it’s behavioral science-backed approach, and why getting back to basics is key for future success.
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
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.
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.