This week, Erica and Cassie sit down with Tori Dunlap, an internationally-recognized money and career expert, and podcast host. After saving $100,000 at age 25, Tori quit her corporate job in marketing and founded Her First $100K to fight financial inequality by giving women actionable resources to better their money. She has helped over four million women negotiate salary, pay off debt, build savings, and invest.
In this episode, Tori shares some of the key steps that will set you up for financial success, no matter where you are currently in your financial journey.
Here's a peek at what we cover in this episode:
[00:03:42] - Tori shares her background in marketing with the initial ambition of climbing the corporate ladder, and explains how her "rose colored goggles" came off quickly in her first (toxic) job. She then dives into the Her First $100K story - how setting her goal of saving $100K by 25, hitting that goal, and being invited on the Today Show as a result led her to quit her job three weeks later to run her business full time; and how, since then, she's amassed 4M global followers, created the #1 business podcast in the world for women (Financial Feminist), written a New York Times bestseller (Financial Feminist), and helped countless women feel financially confident.
[00:08:22] - Tori shares 3 basic steps young professionals can take now to set themselves up for financial success throughout their career (and well into retirement) - negotiating and advocating for your worth, strategically saving for the things you want and need, and contributing to retirement accounts like a 401K or IRA as early as possible.
[00:14:43] - Tori chats through budgeting and spending, and how her 3 budget buckets (Bucket #1: necessary expenses like rent, mortgage payments, minimum payments on debt, insurance, groceries; Bucket #2: goal oriented expenses like your 401K contributions and larger payments toward debt; Bucket #3: fun money set aside for doing the things you love) make budgeting approachable and enjoyable as a tool for creating a life you love.
[00:21:36] - Tori dives into HYSAs (High Yield Savings Accounts) and how you can take advantage of them to earn more in interest. She also shares how we can be future thinking with our money to achieve the BIG goals we may have in our lives, like opening a coffee shop (Erica's dream) or taking lavish vacations.
Grab a drink and listen in to this week's Marketing Happy Hour conversation!
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Another episode you'll enjoy if you enjoyed Tori's episode:
Your Guide to Personal Finance | Melissa Jean-Baptiste of Millennial in Debt
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