Photo: Courtesy of Tonya Rapley
One year into the COVID-19 crisis, women are more financially stressed than ever.
Studies have shown that women typically suffer from more money stress than men, but the coronavirus pandemic has put even more of a strain on women. In fact, a recent survey by Fidelity Investments revealed 79% of women are feeling weighed down by money and stress, which is up from 67% last fall.
To talk about practical ways to take control of your finances, manage your money anxiety, and make smart money moves during these trying and stressful times, Jaclyn Johnson sat down with Tonya Rapley, a.k.a “The Millennial Money Expert” and founder of My Fab Finance, on this episode of WorkParty.
Tonya has completely changed the game, turning the once stuffy financial industry into a fun, familiar, and, dare I say, cool space. She’s been named the “New Face of Wealth Building” by Black Enterprise magazine, lauded as a modern “history maker,” and honored on Create & Cultivate’s CC100 List.
Scroll on to tune into the episode (and grab a pen because Tonya drops some serious knowledge!) and read on for just a few of the many, many mic-drop moments.
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On setting your financial goals…
“Your financial goals should be based on what’s most important to you. Is it important to you to retire early and travel the world? Is it important for you to continue to work and build passive income and then retire? What’s most important to you?”
On assessing your unique financial situation…
“A lot of people want to do things the ‘right’ way because they’re afraid of doing things the wrong way, but right looks so different for so many people.”
On managing COVID-induced money anxiety...
“First, we have to question where that anxiety comes from and if it’s own or if it’s external or environmentally induced anxiety when it comes to our finances.”
“A lot of times it’s helpful to just go sit and look at the numbers. Sit down and look at your bank account, look at your expenses. Really face the numbers.”
On leaning on your support system…
“If you are dealing with things like a loss of income, then really lean on your support network. Be honest and transparent and ask for what you need.”
“Ask for what you need and don’t be ashamed to do it because everyone has seasons when they need support and help.”
“No one is going to judge you for what you’re going through. It’s a collective experience.”
On investing your money as a beginner…
“Start small. Use that money to learn. Don’t put it all in one place at one time and don’t go out and buy what is trending, such as Game Stop.”
“Don’t be afraid to hire someone else to do it. If you don’t feel comfortable doing it on your own or if you don’t have the space to learn.”
On her top three money tips for WorkParty listeners…
“Make sure that you’re saving. You always want to make sure you’re saving so you can be your own emergency fund.”
“Don’t overcomplicate your finances. Start with what’s simple and try to keep things simple for as long as possible.”
“If you don’t know how to do it, find someone who does.”
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