Farnoosh Torabi's Blog, page 2

That’s So Annoying

Are you inundated with robocalls? Plagued by pop-up ads? I recently sat down with Today’s Kathie Lee Gifford and Hoda Kotb to share tips on how to deal with life’s little annoyances. (Jump to 2:48 when I make Hoda laugh!)

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Who Listens to So Money?

So Money listeners are highly EDUCATED, big on SOCIAL media and working towards major MONEY GOALS.

In a recent survey of over 650 listeners, I discovered that my audience is, in a word, serious. And, of course, So Money.

They’re also very engaged. Two-thirds of the audience tunes in AT LEAST ONCE per week.

Click here to see the fancy infographic my friend, former wedding planner and designer extraordinaire Leigh Karsch created.

And thank you to all who contributed to my survey. I will be sending $25 Amazon gift cards to 10 survey respondents (a random selection.) Be sure to check your inbox. Subject line is: So Money Amazon Gift Card

 

 

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The real reason I make more than my husband.

It’s been exactly 4 years since my book #WhenSheMakesMore debuted.

Someone recently asked me what I’ve learned about myself since.

This may shock you.

Four years ago I wrote and stated in public that I “inadvertently” became the breadwinner in my relationship. Like, I didn’t intend for it to happen. I just married for love and…welp, here I am!

But that is so far from the truth.

I don’t know. Maybe I was too much of a coward (or in denial?) back then to admit why I had arrived at this financial place in my life.

The truth is that I make more because it’s what I’ve been hard-wired to want. It is the very financial existence that lets me to feel safe, in control and happy.

I’m not saying this is necessarily healthy or best for everyone. Or that you should want to bring home the bigger paycheck.

It’s just who I am.

So, how did I arrive here?

It’s not simply because I studied and worked hard. Or that I asked for raises and got them.

It has a LOT to do with my fears and insecurities. It’s how I was raised.

I’ve always been crazy scared by the idea of being financially dependent on a man – or anyone for that matter. It dates back to childhood. Both of my parents earned money throughout the years. But my dad always made more and tried to control it. All of it. My mom cried a lot.

It’s probably why I negotiated an allowance when I was 5. It’s probably why I started babysitting at 11, got my worker’s permit at 15, started investing at 16 and worked three jobs in college.

I should probably mention that, along the way, I’ve had to overcome an overall general fear of men.

Only a few people know this about me. And I think it’s important to share this with you. Because it has so much to do with so much.

It stems from being a little girl when “stranger danger” to me meant that I should never trust any unfamiliar men.

That included the substitute teacher we had one day in Kindergarten, a man whom I didn’t recognize who showed up unannounced. My heart started to race. I ran out of the classroom in tears, searching for a familiar female face.

You can be sure that a parent-teacher conference followed. My teachers had noticed a pattern in me. And wondered if everything was OK at home. I don’t blame them.

The truth was, we were watching too much 5 o’clock news. And every top story was often about child abduction.

It was also the 1980s, the era of missing kids on milk cartons. And my then stay-at-home mom – who spoke very little English and was only in her early 20’s – was scared out of her mind about raising a young girl in what appeared to be a dangerous place.

She was fearful of living in a foreign country, so far from her parents, in a marriage where she was very dependent. To protect me, she made me afraid. And it stuck.

For years, that was the lens through which I viewed the world, including men, money and marriage. And, while I’ve never consulted with a therapist, I believe that it’s had some residual impact on my adult life.

Do I wish I were raised more optimistically? Sometimes.

But I am also so grateful for the ways my fears and falsehoods have forged my unique path in life. Being the breadwinner is sometimes hard, but mostly very rewarding.

The role feels very me. And there’s no one I’d rather be.

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March Money Madness: Money Saving Apps on LIVE with Kelly and Ryan

I stopped by LIVE with Kelly and Ryan to share my top personal finance apps that I’m loving right now. Check out the full segment below to see my favorites and how they work:

 

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Being a Mom Has Made Me Rich

A funny thing happened after I had my first kid—my income doubled.

I had taken time off work for a couple months after Evan was born, and wanted badly to phase back into a work routine. But I also knew that my new life as a mother had changed things. Whatever I pursued needed to offer more flexibility and independence than my previous experiences.

That changed my priorities. I wanted to take on only the projects that interested me, offered a higher return on my time invested, and benefited our family. And while I can’t prove it scientifically, I firmly believe that this new way of thinking about work—essentially, the new outlook I got from becoming a mom—has made me richer.

In my case, the answer was to launch a podcast—which, it turns out, has delivered a healthy profit. But that’s just one example of how my decisions go these days.

To read the full article click here.

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How To Spend Less, Save More, And Clean Up Your (Financial) Act

There’s almost nothing less fun than looking over your bank statements and realizing you spent $150 on lattes last month. That’s probably why so many of us avoid looking at our statements at all, unless something’s obviously wrong—we’d rather not be reminded of the damage we’re doing.

But it all adds up, and even seemingly insignificant expenses (like that daily $5 matcha break) may be more of a problem than you realize. If you’re determined to make 2018 the year you finally achieve the goals you’ve been focused on for so long (#adulting), you’re going to want to detoxify your spending habits—just like you’d cut back on sugar or alcohol after a month filled with cookie baking and boozy holiday parties. Yes, it’s hard work up front, but if you’re looking to tackle a major life change—whether that’s buying a house, or getting out of debt, or going to grad school—you need money to make it happen.

Head over to Well+Good’s website to see my tips on how to make sure every dime you earn is helping get you to a better place as part of their #ReNewYear2018 campaign.

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Mint Money Audit: Managing Money When You Make Enough

Anna’s email requesting help with her finances began with a unique confession:

Farnoosh, my money problem garners little sympathy,” the 32-year-old wrote. “My issue is that I make too much of it.

Now, THIS is interesting, I thought. I immediately followed up with many questions.

Here’s what I learned through our conversation:

The Denver-based Mint user earns $220,000 per year as an engineer. Anna’s also benefited from years of big bonuses and her net worth, not including her home equity, is close to a million dollars.

After paying taxes and health benefits and maxing out her 401(k), Anna takes home between $8,000 and $10,000 each month. Her expenses mainly consist of a $1,200 mortgage payment, car insurance, gas, food and utilities, amounting to maybe a few thousand dollars per month.

The rest either goes into savings where she stashes about $5,000 to $10,000 for unexpected expenses or into a brokerage account where she has roughly $800,000 invested. A wealth management firm manages that portfolio and charges, she says, an annual 1% fee.

Anna has no consumer debt, besides her mortgage, which amounts to about $338,000. It’s a 30-year fixed rate loan with a 2.85% interest rate. The home has appreciated in recent years with about $100,000 in equity (including Anna’s initial 20% down payment).

So, what is the problem, exactly?

“My big worry is that I don’t have the habits to manage money well,” Anna told me. Her sizeable bank balance has her feeling financially free, although she worries about getting carried away with spending sometimes.

“When I see money in my bank account I rationalize that ‘yea, that vacation is doable. I don’t hold back on the things that may seem frivolous,’” she says. But It seems she wants more financial grounding and to be able to evaluate expenditures and price tags more critically.

Anna’s situation may be unique, but I think relatable in the sense that we all would like to feel more thoughtful with how we spend, save and invest. And while some may do well with earning money, it should not be assumed that they can also manage that money well.

I applaud Anna for wanting to be sure that, even with an impressive net worth, she is actually making wise financial decisions.

To check out my advice for Anna, head on over to the Mint blog for the full audit.

Interest in having an audit done of your finances? First, you must be a Mint user. If you are, send an email to farnoosh@farnoosh.tv with the subject “Mint Blog.”

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Smart Tips for Starting a Business from the Co-Founder of a Cupcake Empire

I’ve always been fascinated by tales of entrepreneurs who hit it big, and Melissa Ben-Ishay’s story is a doozy. After losing her corporate job in the thick of the 2008 recession, she turned to what she knew best and loved most: cupcakes. In her spare time, Ben-Ishay had been busily baking for friends and family, she says, “for as long as I can remember.” Within a week of cofounding her company, she had her first official order. Almost ten years later, her business, Baked by Melissa, is a beloved purveyor of bite-size cupcakes, with 13 retail outlets and approximately 30 million treats distributed in 2017 alone (and a recently released cookbook, Cakes by Melissa, to boot).

Whether or not you’re handy with a whisk, Ben-Ishay’s journey is an inspiring peek into what it takes to build a thriving business. I asked the cupcake queen to share her triumphs and stumbles, plus the revelations that propelled her to sweet success.

For the full interview on how Melissa got started and her best advice to aspiring business owners, pick up a copy of the January issue of O, The Oprah Magazine or click here.

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Mint Money Audit: Making the Most of a Side Hustle

This week’s Mint audit introduces us to Selena, 48, a mom of two living in San Antonio, Texas. She is a community college director and her husband, 51, is a full-time graphic designer who also manages a booming side hustle in the same industry.

Selena and her husband have already achieved some impressive financial accomplishments, thanks to tracking their finances on Mint, leveraging coupons and shopping at thrift stores. They’ve paid off $52,000 in student loans and invested in a piece of land next door for $26,000, which they believe has appreciated by nearly 40% since purchasing it a few years ago.

But with retirement looming and two children (currently ages 9 and 12) to possibly put through college, Selena wants to learn about additional money moves that could better prepare them for future expenses. She would also love to pay off the family’s 30-year mortgage before she retires in the next 10 to 12 years. Currently they’re on track to pay it down by 2030.

For the full breakdown of Selena’s finances and my recommendations check out my full audit on the Mint blog.

Interested in having a Mint audit done with your finances? Send an email to farnoosh@farnoosh.tv with the subject “Mint Audit” for further consideration.

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5 million downloads!!!

So Money nation, it’s party time!!

The podcast has officially surpassed 5 million downloads!!!!

First I was like…

Then it hit me. This is real.

Then it really sunk in.

And of course, I’ve been having some of these to celebrate.

It’s been an intense, fun, happy, cosmic journey since launching at the start of 2015. And rest assured, there will be more to come in 2018.

I had NO idea where the show would take us, but it has been by far the best way to connect with you, learn from you and geek out about my favorite topic.

So Money has been a constant source of inspiration. Some highlights:

You don’t get what you deserve. You get what you negotiate. [Just ask Tim Gunn who didn’t get paid at first for starring in Project Runway. True story.]
You can lose everything. EVERYTHING. And come back stronger, better, richer.  [ Like that time fitness guru Natalie Jill  had got divorced , entered $1.4 million in debt, fell into depression, gained 100 pounds and then crushed it as a fitness entrepreneur, earning millions.]
Everybody’s rich as long as they have access to a few certain things. And money isn’t necessarily one of them, says speaker and author Seth Godin.
It may sound crazy, but you can save over 50% of your income, says this couple that retired early.

Cheers to all my guests for encouraging us to reach higher…and to YOU for helping us arrive at this incredible milestone!

Also in the amazing-news category, I’m thrilled to announce my new partnership with Citizens Bank to help promote literacy around investing and retirement planning.

Earlier this fall Citizens Bank launched SpeciFi, a digital investment and advisory platform that aims to make investing simpler, more efficient and cost-friendly.

What I love most about SpeciFi is that it’s not just your average digital investment platform. It’s a hybrid service that provides the efficiency of technology WITH invaluable access to financial advisors for one-on-one consultations.

As part of our partnership, John Bahnken, President, Citizens Bank Wealth Management, joined me for a special bonus podcast episode.  We talk about how our emotions can cloud financial judgement and the ways technology can help us gain confidence as investors.

As always, THANK YOU. I’m forever indebted to you for your support. [And that’s the BEST kind of debt in my book.]

The post 5 million downloads!!!