Farnoosh Torabi's Blog, page 7

In Love with your Financial Opposite? How to Make It Work

You’re a goody-two-shoes saver. Your partner’s a wild spender.

You’re obsessed with investing. He doesn’t know the difference between ROTH and traditional IRAs.

You track your spending on the Mint app daily. She waits to review her spending until the credit card bill arrives.

If you and your beloved are financial opposites, you’re not alone. A highly-referenced academic study found that “tightwads” and “spendthrifts” tend to attract. Spenders may find security and comfort in being with a saver. And savers may enjoy the thrill of partnering up with someone who likes to splurge.

But as we know, money differences can eventually spark conflict, which can trigger bigger problems including divorce.

But it’s not all doom and gloom. The same academic study that discovered financial opposites attract, concluded that couples can succeed when they commit to controlling spending and credit card debt.

If your money differences are hurting your relationship, check out my advice to help keep your fiscal attraction from turning fatal over on the Mint blog.

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How to Find That Special Someone

Your savvy friend raves about her financial adviser and her accountant—she even hired a money coach once. Should you be shelling out, too? Spending cash on expert help may seem illogical—you’re trying to save money. But these specialists’ years of training mean they’re equipped to save you time and improve your bottom line.

About a third of women work with a pro, according to a Prudential survey. And they’re twice as likely as those who go it alone to say they’re on track or ahead of schedule in planning for their future. “People who work with financial advisers have more money and say they’re happier,” says Jamie Hopkins of the American College of Financial Services, which offers degrees and certifications. But as with any investment, you shouldn’t go in blind.

In the June 2017 issue of O, The Oprah Magazine I share more on when it’s wise to outsource, what to expect, and how to capitalize on your new relationship. Pick up a copy or check out the full article here.

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Financial Planning Advice to Offer Your Adult Children

Earlier this month I had the honor of being the commencement speaker at Penn State University, my alma mater.

As I addressed the business school graduates I reflected on my years immediately following receiving my diploma 15 years ago. What were my best lessons learned? How did I make the most of my financial life as a young adult? How could I have been better prepared for the financial twists and turns ahead?

It’s ironic. I majored in finance but none of my classes prepared me for my own personal financial challenges. This is the sort of stuff that, if we’re lucky, we might learn from those who are older and wiser.

So parents, if you have a child who graduated this year or is soon to leave the nest, take the opportunity to share some remaining financial wisdom that will serve them well in the years to come.

Head over to the Mint blog for some of the lessons I learned in my early 20s and financial advice money and parenting experts say is critical to give a young person as they enter the Real World.

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Make the Most of Your Cash

Stash your cash here to get the most bang for your savings buck.

From online banks to credit unions, traditional banks and new savings apps, we have more avenues for saving our hard earned dollars than ever before.

But faced with so many options, choosing the “best” place to park our cash can feel perplexing. Even when we settle on a particular bank, we may be left with more questions. Should I opt for a savings account there or open a CD? When might a money market account make sense?

To check out my thoughts, click here for the full article on the Mint blog.

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My #SmealSoMoney Commencement Speech

Honored to have been invited back to my alma mater Penn State to celebrate with the Class of 2017 Smeal College of Business students.

At the 24 minute mark, you can watch me talk about almost getting fired, getting laid off, living with a random married couple and the power of bird-sitting. All the joys of being a naive but determined 20-something. You can catch the full commencement address here.

 

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Sometimes, a lady’s gotta splurge.

I’m not exactly sure how much he spent on our Hamilton tickets, but my husband Tim assures me it was A LOT.

“Can Evan still go to pre-school?” I asked.

“Yes, but maybe only part-time.” Tim quipped back.

For those of you who might not know, Hamilton is currently the most popular musical on Broadway (winner of 11 Tony Awards). Tickets go for upwards of $849 dollars. 

And while I can’t prove it, I totally believe this story: A friend of a friend unknowingly purchased tickets for what would be the final Broadway performance of its star Lin-Manuel Miranda. She was able to sell her 4 tickets for $25,000.

If anyone is crazy/serious enough to splurge on theater tickets, it is me (or my husband for me).

I am a theater junkie! I mean, I starred as Sally Bowles in Cabaret, ok? (In the 11th grade, but still!)

So, for my birthday/Valentine’s Day/5-year wedding anniversary my husband gifted us orchestra seats for a show later this summer.

While he didn’t reveal how much the tickets cost (since they were a present), he did say that we are NOT allowed to eat out the week leading up to the show, for fear of food poisoning and being too sick to attend.

I laughed… but, of course, he’s totally right

#AskFarnoosh: “I got laid off. Now what?”

This scenarios happens to the best of us. When I got laid off in 2009 it was in the thick of the financial recession. My chances of finding another position similar to the one I’d lost (and with a similar salary) were slim. It was then that I decided to do the inevitable – join the ranks of the self-employed. I’d pondered making the move several months prior, always too frightened to quit my job and make the leap. How would I afford health insurance? What if I didn’t make money for several weeks or months?

Now with a pink slip in hand, the decision had been made for me. And I was grateful for the kick-in-the-pants to finally go it alone.

I was fortunate to receive about four weeks of severance. I also had a savings cushion to pad my bank account for several months, as well.

Still, I had to follow many of the following steps to get my financial ducks in a row and avoid falling behind on bills.

Check out my advice over on the Mint blog.

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#SoMoney Parenting Advice

With Mother’s Day around the corner, moms everywhere can rejoice in knowing that they tend to leave a positive impact on their children’s financial lives. A survey finds 81% of Americans saying their mothers shared financial wisdom with them and 85% learned how to be frugal thanks to mom.

On my podcast, So Money, parenting experts and money gurus have shared some invaluable advice on how to raise money savvy children in today’s world. Check out my round-up of some of the best advice from how to make saving fun and ways to teach kids to appreciate the value of a dollar over on the Mint blog.

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Hang out with me in NYC next week!

I’ve been trying to be better about sharing my whereabouts with you so that we can connect in person.

I hope this isn’t too last-minute, but I’ve got 2 fun events next week and hope you can make it.

They kind of came together fast for me, too.

The good news is that we have not one, but TWO chances to meet and hang out if you live in or around New York City.

On Tuesday evening, May 2nd I’ll speaking at FinCon Masters with some of the top financial experts and bloggers including James Altucher and Lynnette Khalfani-Cox.

The VIP event is from 6 to 9pm at the Innovation Loft. All the details and more information on how you can purchase tickets can be found here.

And for all the amazing moms out there…

On Thursday morning, May 4th I’ll be on a panel at the Diva Moms #MomMoguls Breakfast at Lord & Taylor on 5th Avenue with some outstanding women.

We’ll discuss how to get sh$t done when you have a career, kids, friendships and a million other responsibilities. And how to dominate in your career while juggling a family.

To reserve your spot email RSVP@Divamoms.com. Tickets cost $75.

 

Hope to see you at one – or both – of these spectacular events! Please make sure to say Hi! and introduce yourself (also, bear hugs are welcome).

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Quitting your job without another lined up? Read this first.

Do you day dream (and night dream) of quitting your job?

Maybe you’re in a high stress environment that’s making you miserable… or perhaps you need a break to re-center yourself.

But giving your two-weeks notice without another job lined up? It goes against all the advice we hear, that it’s easier to find a job when you have one.

But life is too short. If your career is taking a toll on your mental or physical well-being, the salary may not be worth the suffering.

But, I hear you…

How do you actually afford quitting, Farnoosh? How do you pay the bills while you job search?

What about health insurance and other benefits?

How to explain the gap on your resume?

Excited to share that I’ve explored this issue deeply and have some fresh advice to share in the April issue of O, The Oprah Magazine. Learn the five top things you need to know before leaving your job, including how to tackle all the above questions.

With the right planning and some financial stability, it’s more than possible to thrive after calling it quits.

For the piece, I chatted with several women who successfully quit their 9 to 5’s.

One woman, Kristen Field, joined me on So Money to share more about her experience, how she afforded the time off and crafted a new, more fulfilling career. Check out the full episode here.

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