Expert shares the practical steps you can take to reach financial maturity.
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00:00All right, Bobbi, you wrote the book,
00:01Launching Financial Grown-Ups.
00:03From your perspective, what makes someone
00:07a financial grown-up?
00:09First of all, thank you for asking about that book.
00:11The book was the second book to
00:12How to Be a Financial Grown-Up, so it's a series.
00:15And it's about learning how to be an adult
00:18with respect to your money.
00:19So it's about resilience, about being intentional
00:22and deliberate with your money
00:23and making specific decisions that get you to your goals,
00:28that focus on your values,
00:29that focus on where you wanna be.
00:31I mean, your numbers in life,
00:33all this math we talk about,
00:34all this intimidating stocks and investments and savings
00:38and all the alphabet soup of different investments.
00:40At the end of the day,
00:41it's about writing your own money story.
00:43And that's what being a financial grown-up is all about.
00:47So you mentioned resilience
00:49and you mentioned being intentional.
00:52So what are some of the simple steps everyone can take
00:56in terms of being resilient and intentional?
01:00One of the best ways to be resilient is to be prepared,
01:03to know in advance,
01:04well, here are the different scenarios
01:05that could happen with me.
01:07For example, right now,
01:08there's a lot of worry about the job market, not so great.
01:11So we should be thinking, well, do I have a plan in place,
01:14plan A, B, and C, if something were to happen
01:16and I were to have an interruption in income,
01:18it could be a pay cut, it could be losing your job,
01:21it could be just knowing that you could.
01:23So what is your plan A, B, and C?
01:25You might have savings that you put to the side.
01:27You might have a plan to go,
01:29if you have high overhead,
01:31how could you cut back on that overhead?
01:32You might have a side hustle.
01:33You might have a business you start on the side.
01:35You might just be checking in on your investments
01:37and making sure that they're positioned in a way
01:39that they can maybe throw up some income through dividends
01:42should you need a little bit more cashflow.
01:43But it's really about knowing what could come your way
01:47and being prepared.
01:48And that in the end will make you very resilient.
01:50Somebody said to me to be very wise in my reporting days,
01:53I said, what if you don't have enough money to retire?
01:56What's going to happen to you?
01:57And they said, you'll just course correct.
02:00In other words, so maybe you won't go on the grand trip
02:05that you thought you were going to go on for 10 days.
02:07Maybe you'll go on it for five days.
02:09Maybe you'll go on it for a long weekend.
02:11It'll be okay.
02:13Maybe you'll work a little bit longer.
02:14Maybe you'll take a different job.
02:16It'll be okay.
02:17We have so much stress
02:18because we want to kind of tie it up with a bow.
02:20But in the end, the vast, vast majority of us
02:23are going to be okay as long as we are resilient
02:26and intentional with our money and our money decisions.