This past week, I finally attended a Levo League event. Levo is a community of passion women working to help one another. They sponsor all types of events across the country to better professional women. Tuesday night I attended one such event called Financially Fearless, which was led by Alexa Von Tobel, the CEO of Learnvest, a company centered around affordable financial planning. What a great night discussing an important topic!
First, it was great to network with the Levo ladies. All poised and energetic, they were so welcoming and happy to hear my story. After some chatting, Alexa began her talk, centered around the her, Financially Fearless that ties to her company. In short, Learnvest is a budgeting tool with help from a certified financial planner. The book (and the Learnvest plan) provides simple but effective tools to help you manage your money. Alexis broke down each step, with charismatic humor and true passion.
Step 1: Focus – You need to sit down and figure out where your money is going. Track all of your spending (the Learnvest app can help). You should look at your credit cards and how often you use them as well as your 401K plan and credit score. My personal favorite points from Alexa on this topic included setting up a separate email account for all your bills and for having calendar alerts for all payments.
Step 2: Focus – Know your after taxes income and your expenses. Remember there should be money left after paying your bills. Another great point: Just because you make more money doesn’t mean you’ll save more. If your pay and spending both continue to increase, that won’t solve any financial problems.
Step 3: Plan – Make sure you have an emergency savings account that you do not touch. This should be for true emergencies, not needing a new dress for an upcoming event. The goal should be to constant financial stability.
Step 4: Build – Alexa described this as the dream phase. Set financial goals for the future and plan out all of those crazy things you want to go and do later on in life.
Step 5: Protect – Alexa emphasized that this probably the most important phase. Look at all of your insurance policies (home, health, car, etc) and make sure you are getting all benefits of the policy. Once you have a full-time job, health insurance is a must and so is renter’s insurance if you rent. Favorite quote here? “Unused credit cards are a hacker’s dream.” Amen!
Step 6: Maximize – This part was all about investing, which honestly gives me some anxiety as I don’t fully understand every piece of it. The most important concept here is to invest money in a variety of assets but only do it if you can afford to leave it in the market for a five-year minimum. This way, you’ll have a shot of investments turning a profit.
Step 7: Achieve – The final phase is about being prepared even if life changes. Alexa gave a great analogy: The way you manage your health meaning going to the doctor, taking vitamins, etc., should be the same way you approach being financially responsible. You need to pay attention to it!
Alexa’s 45 minute chat was jammed packed with information, realistic examples and helpful tips. Her passion for making financial planning affordable is clearly apparent. I can’t wait to read her book and start using the LearnVest app. Expect an update once I do!