Tonya “The Millennial Money Expert” Rapley’s lightbulb moment for launching My Fab Finance was sparked by a personal need. As a millennial living in New York City and working for a non-profit, Rapley wanted to break the cycle of living from paycheck to paycheck but couldn’t find a financial resource tailored to millennials—so she created one.
Her pivot paid off. The award-winning site has completely changed the game, turning the once stuffy and dated financial industry into a fun, familiar, and dare I say it cool space landing her on the cover of Black Enterprise magazine and lauded as “a modern-day history maker.”
Here, the finance expert explains why financial advice for millennials should differ from previous generations, the money mistakes she's made along the way, and the #1 tool every entrepreneur needs to stay on top of their cash flow and stay in the green.
CREATE & CULTIVATE: You started My Fab Finance over six years ago, what was the catalyst for starting this business? Did you always have a passion for money? What is your vision/mission for the company?
TONYA RAPLEY: I started My Fab Finance because I felt that there weren't any people speaking about money that I could relate to. I was living in New York City working at a non-profit but still wanted to enjoy life. Everyone was talking about deprivation but they weren't talking about balancing wants and needs while becoming financially secure.
You are known as the millennial money expert and your company is tailored towards helping millennials break the cycle of living paycheck to paycheck. How does financial advice for millennials differ from advice for other generations? How are you helping young women become financially free? What are some of the main areas where women need help with money? Why?
Financial advice for millennials has to take a few things into consideration: 1) Rampant student loan debt, 2) Increased costs of living match with stagnant wages, 3) The absence of pensions and other workplace retirement programs, 4) Achieving your financial goals in the age of technology. So I try to help millennials navigate our new reality that most of our parents don't even understand. Honestly, I've found that men and women deal with the issues I've listed above. Women are better at managing money than most give them credit for and I want to highlight those stories of women making wise decisions with their money.
“Women are better at managing money than most give them credit for and I want to highlight those stories of women making wise decisions with their money.”
When you hit a bump or hurdle in your career, how do you #FindNewRoads + switch gears to find success?
Conversations. I think conversations with others are powerful, people who know you, people who don't. Listening to how others ended up in their career paths as well as asking for suggestions regarding navigating yours.
To have a successful business, you need to fall in love with numbers and manage your financials. What is your best piece of financial/money advice for new entrepreneurs? What tools can they use to keep on top of their cash flow and stay in the green?
Quickbooks. It has changed my business and allows me to look at my numbers clearly. Also, find a good, honest accountant.
As a business owner yourself now, where do you think is the most important area for a business owner to focus their financial energy? Why? What money mistakes have you made and learned from along the way?
I would say maximizing their expenses. It's easy to find ways to justify expenses without having an understanding of what the return on investment will be. Always be asking yourself how certain purchases or financial commitments contribute to your bottom line. One of the biggest mistakes I made early on was paying for a software that everyone said I should have without understanding how I could profit from using the software and whether my business was ready for it.
You've built an impressive business that is really successful, but nothing worth building is without its challenges. What is the biggest work challenge you’ve faced and what did you learn from it?
An ongoing challenge had been paying my consistent staffing with inconsistent income. Each month was different and it was hard to predict what we would bring in, which is why I created a membership club, which allows me to bring in recurring revenue monthly. This has helped me cover my regular expenses with ease.
You do a lot of mentoring and speaking engagements across the country. What are the most frequently asked money questions? What money problems are people trying to solve? What are some of the most common mistakes people make with money? Why?
Hands down, people are trying to find ways to pay their student loans or they want to begin saving for their future so that they can actually retire one day.
What advice do you have for women who haven’t found their path/passion yet?
Keep trying things. In my experience, you have to try things out that aren't for you in order to find what is for you.
You started the Blue Ribbon Club to bring together money-minded individuals and create a community for them to learn. Where did the idea for this club come from? Why is a community a good way to learn about money?
It came from my need to create stability in my business and how we were offering our programs. I also wanted to create more structure in how I was serving my audience so that I could guide them to the desired outcome.
“Always be asking yourself how certain purchases or financial commitments contribute to your bottom line.”
You are an expert, so we have to ask, what are your top three money tips?
1. Always be making money. 2. Commit to doing something every week that improves your relationship with money or your finances. 3. Have at least one month of your expense set aside in savings.
What's a money mistake you made and what did you learn from it? How did you turn it into an opportunity?
Cashing out of the first 401K I was invested in back in college. I wish I would've rolled it over and allowed that money to grow.
Your company and your journey to success are unique. What is next for you and for My Fab Finance?
We're going to be focusing on the "helping people do more of what they love" element of my brand in the coming years. Since launching my business, I've relocated, traveled, had a baby, and we're looking to purchase our first investment property. I'm living life on my terms and I want to empower others to do so as well.
What is the #1 money/finance book you always recommend? Why?
My book! The Money Manual! It's straight tot he point, easy to digest and really helpful. Other than mine, Profit First by Mike Michalowiz, it's a must-read for business owners.
Photographer: Jenna Peffley
Hair: Styled by OGXpert & Celebrity Hairstylist Jillian Halouska
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