Episode 60: Get LIT…Financially LITerate with Tara Falcone
Financial literacy is a topic on many educators' minds and students now more than ever are struggling with how to get up to speed to be not only financially responsible but financially empowered. Whether you are in high school, college, or a recent graduate, understanding finances and establishing a financial plan is key to your long-term success. Wondering where to even start? Tara Falcone will share her strategy for how to get your finances in order and establish a game plan for the future.
- Start with establishing a mindset about money. What is your relationship with money? Have an honest conversation with yourself to make sure you know what it is you want and need so you accomplish your goals.
- Be proactive with your money. Create a cash flow plan (budget).
- Create separate savings accounts or a credit card to manage your money responsibly
- Make sure you understand your insurance policies (health, car, and renter’s insurance) in terms of costs and coverage (HMO, PPO, in-network vs out-of-network, co-pays)
- Long-term investing opportunities
- Top 3 tips – Find a good banking partner, automate as much as you can to avoid costly mistakes,
- Research financial advisors that would work best for you. In the beginning, look for fee-only financial planners (CFP) to create a plan that is in alignment with your goals, salary, and insurance plans.
- LIT Program
- Helpful Resources and Books: Rich Dad Poor Dad, The Broke Millennial, Financially Fearless
- Advice for young women
Important Resources and Links:
Meet Tara Falcone
An enthusiastic financial educator, speaker and workshop leader, financial wellness advocate, active investor, and the Founder of ReisUP, Tara launched ReisUP to increase financial education and access for communities underserved by Wall Street. ReisUP offers relatable and engaging workshops and video-based financial wellness programs for colleges and universities, corporations, and individuals. Our mission is simple: To help you get your money right so even your wildest financial dreams are within reach.
After graduating from Yale University in 2011, Tara landed a job as a financial analyst at a hedge fund in New York City. It was there that her passion for investing was ignited, as her desire to share that passion with others.
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Thank you to Tara for joining us today as we know students know more than ever want and need to get financially literate. First and foremost, students need to establish the right mindset about their finances. Establish an emergency fund and budget and stick to it. Get educated to avoid costly and silly mistakes. Top three tips for college students as they get ready to enter the workforce: know what your goals are, use some tools and apps to help automate as much as you can, and find a good banking partner.
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Episode 60 Full Transcript