April 23, 2024 • 27 mins
Alexa von Tobel is on a mission to teach girls about money. Financial literacy is one of the keys to closing the wealth gap between men and women, and Alexa says you can start teaching kids about money at a very young age. She joins us to discuss ways to get into a healthier money mindset — for both kids and adults. Plus, the Spice Girls reunite, Cher finally enters the Rock & Roll Hall of Fame, and the dichotomy between truth and kindness. How do you talk about money with your kids? Email us: hello@thebrightsidepodcast.com.
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Speaker 1 (00:02):
Hello Sunshine.
Speaker 2 (00:03):
Hey besties. Today on the bright Side, we sit down
with financial planner and best selling author alexav Tobol. She's
on a mission to empower women to be fearless with
our finances. It's Tuesday, April twenty third. I'm Simone Boyce.
Speaker 3 (00:18):
I'm Danielle Robe and this is the bright Side from
Hello Sunshine.
Speaker 1 (00:23):
Simone.
Speaker 3 (00:23):
What do you eat for breakfast before we get into recording,
and do you eat it at home or do you
eat it in the car?
Speaker 2 (00:30):
I eat it at home like a normal person. I
drink coffee in the car and I eat breakfast at home.
Right now, I'm really into my yogurt parfes. I have
made this berry syrup that I sprinkle on it because
I use plain Greek yogurt, and it tastes like your
mouth is cement, you know the feeling that I'm talking about.
(00:50):
So I made this berry syrup that I put on
it and granola and it's actually delicious. So that's my
breakfast at the moment right now.
Speaker 3 (00:56):
I always break it up with honey, but I love
a syrup so good. I'm having trouble finding time for breakfast.
I'm stuffing my face with like some sort of bar.
Sometimes I forget and I can hear my stomach grumble
on the microphone when we're doing interviews.
Speaker 1 (01:14):
It's so funny and I'm like, can the interviewee hear this?
Speaker 2 (01:18):
We have really good microphones, y'all.
Speaker 3 (01:20):
One thing we agree on is coffee. We always have
our coffee.
Speaker 2 (01:23):
Hell yeah, I am wired right now from this cold brew.
Speaker 3 (01:28):
I have a cutoff at eleven. I will not drink
a sip past eleven.
Speaker 2 (01:31):
Am. Oh, well, that's wonderful for you, But my life
is a bit different, and I normally have a really
high coffee tolerance. But this cold brew is like, I'm
wired up right now. I'm electrified.
Speaker 3 (01:44):
Well, you grew up partly in Miami, and every time
I go to Miami, I always get Cuban coffee and
it wires me like nothing else.
Speaker 2 (01:51):
It's the best. This is the thing that I miss
about Miami the most. I have been saying this for years.
Somebody needs to open up just a little walk up
window of Cuban coffee in Los Angeles.
Speaker 1 (01:59):
At some and should be you.
Speaker 2 (02:01):
It should, but listen, maybe we'll kick start it.
Speaker 1 (02:03):
I like it. Should we get into the show today.
Speaker 2 (02:06):
Let's do it. We're gonna start with some share news, y'all.
She is getting her flowers from the Rock and Roll
Hall of Fame. She is officially in the class of
twenty twenty four, along with Ozzy Osbourne, a tribe called Quest,
Mary J. Blige, and so many more. I'm so happy
for all of them.
Speaker 3 (02:23):
I feel confused because in December, Chaer said that they
couldn't pay her. If they gave her a million dollars,
she wouldn't be in the Rock and Roll Hall of Fame.
And now she's being inducted, which is I'm glad she
had a change of heart because she deserves to be
in there.
Speaker 1 (02:37):
She is such an icon.
Speaker 2 (02:38):
You know, we do need some clarity around that situation.
I'm glad you brought that up, Danielle, because Chare's been
quiet on social media about that. But I don't know.
Maybe she's just maybe she's accepting the win now, maybe
she's taking the w I.
Speaker 3 (02:50):
Think another person who should be inducted is Lenny Kravitz.
That to me feels overdue.
Speaker 2 (02:54):
We have a big Lenny Kravitz crush on the right side.
Speaker 1 (02:58):
He's our short thing forever.
Speaker 2 (03:01):
Also, this is interesting nominated, but did not make the cut.
Mariah Carey mem that's got to happen eventually, right, I
think so.
Speaker 3 (03:10):
Speaking of talented musicians, the Spice Girls. These Spice Girls
were united at Victoria Beckham aka Posh Spice's fiftieth birthday
party over the weekend and performed the Stop dance at
the party.
Speaker 2 (03:23):
My heart skipped a beat whenever I saw this. Yeah,
our hearts stopped completely. Cardiac arrest.
Speaker 1 (03:28):
How many puns should we make? We always make puns?
Speaker 2 (03:31):
Okay.
Speaker 3 (03:31):
David Beckham, like the good husband that he is and
the good Instagram boyfriend that he is, shared a video
of it to Instagram, and then Victoria shared it on
her page with the caption hashtag spice up your life.
Speaker 1 (03:43):
Okay, here's the best part.
Speaker 3 (03:44):
All of them were there, including Melby, who recently shared
that she got kicked out of the group chat for
talking about a potential reunion.
Speaker 1 (03:52):
Was this what she was talking about? Is this the reunion?
Speaker 2 (03:55):
The reunion was at Victoria Beckhams fiftieth birthday party.
Speaker 1 (03:58):
I'm just wondering.
Speaker 2 (03:59):
Guess who else was the Thomas Cruise Tom Cruise jump
on the couch Cruise Listen, He's evolved since then, Okay.
Speaker 3 (04:08):
Of course he's the most incredible action hero of our time. Yeah,
I was gonna say of our time, but sure of
all time. Also true doesn't mean he didn't jump on
a couch on Oprah however.
Speaker 1 (04:20):
Many years ago.
Speaker 2 (04:21):
I'm a Tom Cruise fan.
Speaker 1 (04:23):
That's because you used to do red carpets like I did.
Speaker 3 (04:25):
And anybody who does Red carpets knows that Tom Cruise
is the nicest to every reporter on a red carpet.
He speaks to everybody from the front of the line
to the very back. And when we started and we
were in the very back of the line, we appreciated
Tom Cruise.
Speaker 2 (04:39):
It's so true. He looks at you, he acknowledges you,
makes eye contact. But also, I am obsessed with top
Gun Maverick, unhealthy obsession with me. It's incredible. I love
that movie so much. I listened to the soundtrack whenever
I work out. It's the best motivation. Anyways, we digress.
Speaker 3 (04:56):
I don't know how this became about Tom Cruise, because
this was about the Spice Girls. I used to I
watched that movie at my basement in Chicago before school
on repeat.
Speaker 2 (05:04):
I just love that they were all there, that seems
like a big scheduling feat. Okay, Danielle, I saw the
cutest story on the Washington Post this morning. An eleven
year old girl and her dad were fossil hunting on
a beach in England when they discovered not one, but
two extremely rare fossils. So Ruby Reynolds and her dad
Justin later learned that both of those fossils were actually
(05:27):
part of the jawbone of a new species of marine reptile.
So they discovered a new animal together.
Speaker 1 (05:34):
This is so special.
Speaker 2 (05:36):
Isn't that cute?
Speaker 3 (05:38):
My dad and I used to read books together, but
we did not discover a new animal together.
Speaker 1 (05:42):
That is really really cool.
Speaker 2 (05:45):
I mean, this is how big their discovery was. They
wrote to a local paleontologist who told reporters that he
was blown away because ninety five percent of the time
when he gets calls like that, people just find rocks.
But they actually found a new species.
Speaker 3 (05:57):
How do you think paleontologists who have worked their whole
career to find something like this feel about daddy daughter
duo on vacation finding this.
Speaker 2 (06:06):
Honestly, I would give up at that point. I would
just throw my hands up. I'm done. I'm done, I mean,
just give up.
Speaker 1 (06:12):
Okay.
Speaker 3 (06:13):
I recently saw some chatter about the perils of kindness
and it really stuck out to me because I've never
thought of kindness as being perilous. I've always thought of
it as a great thing. But this article says that
in relationships sometimes kindness can do more harm than.
Speaker 2 (06:29):
Good because we're not being fully truthful in the name
of trying to be kind to someone, We're holding back.
Speaker 1 (06:34):
Is that why, Yes, that's exactly it.
Speaker 3 (06:36):
So there was a writer for Psychology Today that calls
it the truth or care dilemma. So he says there
can be tension between two competing ways to show respect
for someone you care about. Basically, are you hitting someone
you love with a truth bomb or are you keeping
it to yourself?
Speaker 2 (06:51):
But aren't we putting a false binary on this? Can't
you do both? Can't you have kindness and candor at
the same time?
Speaker 1 (06:59):
For sure?
Speaker 3 (06:59):
I think part of what he's saying too is like
you have to have tact with it. But what I'm
wondering is if you switch it up depending on who
you're talking to, Cause I know in my friend group
there's some people that I know can handle the truth
bombs and some people that probably just want my ear.
Speaker 2 (07:17):
I think that speaks to the time that you've spent
with that person, the history that you have in that relationship,
and also it speaks to the person's willingness to change.
And also I think in friendships and probably romantic relationships too,
the best kind of feedback is feedback about something they
can actually change. If you offer feedback about something that
(07:39):
they cannot change about themselves, then that's I think where
feelings get hurt.
Speaker 1 (07:44):
Yeah.
Speaker 3 (07:44):
I think sometimes though, feedback makes people feel not seen
because they feel like you're not understanding where I'm coming from.
You don't see me or my point of view on this.
So I'm actually really careful about feedback. I'm more of
a listener. If somebody asked me for my feedback, then
I give it.
Speaker 2 (08:04):
Yes.
Speaker 1 (08:05):
When I was younger, I used to just dish.
Speaker 3 (08:07):
Out my feedback. In college, I don't know why people
were friends with me. I was a real truth teller,
and I think through therapy I learned that for me
it's better to Sometimes you got to ask like, hey.
Speaker 1 (08:19):
Do you want an ear or do you want do
you want to know what?
Speaker 2 (08:22):
I think? I think that's the best question that you
can ask is do you just want to vent right
now or do you want me to prescribe something.
Speaker 3 (08:29):
So I actually interviewed an expert on kindness a few
years ago. His name's Houston Kraft, and he wrote a
great book about it. And I said to him, I've
always hated this phrase, do nice guys finish last? Because
I love nice, I love kind And he said, nice
guys do finish last. Kind guys finish first. And the
difference is that kindness has boundaries. Nice is just nice
(08:51):
for the sake of it, and that's not great either.
Speaker 2 (08:56):
I also think this article is speaking to a larger
phenomenon in our society where we tend to catastrovize the
consequences of being really candid. We always think that it's
going to cause more harm than it actually does. But
telling the truth in relationships can actually enhance your life.
I wasn't sure about this until I came across this
(09:17):
study where researchers ask people to be honest in every
single interpersonal conversation for three days. And of course the
participants expected that they were going to ruin their friendships
and romantic relationships with all that honesty, But they actually
found that it was extremely pleasant and positive, both for
their well being and for their relationships.
Speaker 1 (09:36):
I really like that, Simon. Yeah, it's not as bad
as you think it's going to be.
Speaker 3 (09:40):
Exactly Up next, what are three things to consider before
taking on debt?
Speaker 1 (09:50):
We'll find out after the break.
Speaker 2 (10:01):
We're back, Danielle. Today we're taking the veil off of
a taboo subject. Money. It's something that I love talking
about with other women because we're often socialized not to
talk about it.
Speaker 1 (10:13):
That is spot on.
Speaker 3 (10:15):
Alexa mon Tolbo is the founder of Inspired Capital and
the best selling author of Financially Fearless. I like that
word fearless when it comes to money, and she's here
to tell us about the importance of starting financial education
at a young age. I'm talking playground wheels on the bus,
Kittie Pool, Plato kind of young, Simone.
Speaker 2 (10:35):
See, that's when it needs to start. And Alex's latest
book is a children's book for kids called Money Matters,
A Guide to Saving Spending and everything in between.
Speaker 3 (10:45):
I'm going to go out on a limb here and
say I could probably use that book as well.
Speaker 2 (10:48):
I think we could all use this book, Alexa.
Speaker 1 (10:51):
It's so great. To have you on the bright side.
Speaker 4 (10:54):
Hi, guys, very happy to do this with you.
Speaker 2 (10:56):
Guys.
Speaker 1 (10:57):
Oh, thank you.
Speaker 3 (10:58):
Okay, So it's financial literacy month. Why is financial literacy imperative?
Speaker 5 (11:03):
Financial literacy and the education piece of it matters so
much to me because for every human being on this planet,
money is a big part of our lifeline.
Speaker 4 (11:11):
It's absolutely critical.
Speaker 5 (11:13):
I have three little kids and I care about them
being empowered in their wallet. Money gives you choice. Let
me be clear, do not support the quest for money.
We're not trying to get as much money as possible.
That's a pretty miserable life actually, to be on the
quest for only money in life. Money does not equal happiness,
but money gives you choices. If you're in a job
(11:33):
that really doesn't suit you and your miserable, money lets
you change jobs and find something that lets you be
happier in your life. If you're in a bad relationship
and you need to leave, money allows you to have
the options to leave.
Speaker 4 (11:47):
If you need to.
Speaker 5 (11:49):
Go and see an important doctor that isn't totally paid
for by insurance, money allows you to do those things.
And so for the most critical things in life, money
gives you choices, and I care that more people on
this planet have choices.
Speaker 3 (12:03):
One of the parts of your work that I feel
really drawn to is changing our habits at a young age.
And you said you want financial literacy taught in elementary schools.
How old are we when we start to pick up
habits around money?
Speaker 4 (12:17):
Sure, and so first, very important for every parent out there.
Speaker 5 (12:21):
There's a new study out of the University of Michigan
that tells you that as young as let's call it five,
it's three to five, kids are already learning how to
feel about money based on how we exhibit the tone
of how we behave around money.
Speaker 4 (12:37):
So if every time money.
Speaker 5 (12:39):
Comes up it's a stressful, anxious filled they have now
proven that fifteen years later, twenty five years later, that
that child will have a less healthy relationship to money.
And if the tone in your household is matter of fact,
can do positive And that doesn't mean you're always telling
your child they can get what they want. I regularly
(13:00):
tell my children, so sorry, you're not going to get
that toy. But the tone matters. And so back to
your point on habits. Just like our kids see us
wake up, brush our teeth, brush our hair, get dressed,
and go out the door and through osmosis they pick
that up. We need to show our kids the same
thing with money, and not only should they see us
(13:23):
talk about money. It's no longer taboo, guys. It's twenty
twenty four. Money is a It is a part of
our lives. We should be empowered at it, we should
talk about it. But two, they see our habits. They
see us be matter of fact in a habit around
going to work. I tell my kids when I leave,
mommy loves work, Mommy things work is awesome. I'm like,
I feel companies all day and it's big puzzles and
(13:45):
complicated ones, and Mommy loves it. So starting in forming
new associations with money that are positive. And then the
second piece to your habits is I force them to
take a chunk of it and put it in the
bank account. It's on the kitchen counter, everyone can see it.
You want that same habit to be so deeply ingrained
in them.
Speaker 2 (14:04):
And making it tangible, actually forcing them to feel it,
to touch it. That is so important too, because I mean,
we all know how easy it is to spend money
now with Apple pay, It's like blop, three hundred dollars
gone and you never see the money. It's just there's
nothing there.
Speaker 5 (14:20):
I mean literally, men, imagine your five year old living
in twenty twenty four. Boxes arrive every day to my
house from like a magical man, and they just show
up and when you open them often they're filled with
like delicious and yummy things, snacks and gummy bears and
toys and present and so back to your point, it's
so important that we make it tangible. I do a
(14:43):
few key things that I think are really important. Number one,
my kids have allowance. They have piggy banks. I put
the money in it. They see it. It's physical, it's real.
As kids get a little bit older, those go into
actual bank accounts and then you pull out the statements
and you show them this is your Ira, your wroth Ira.
And I started a retirement account for my daughter's nine.
(15:05):
Here's what's in it, and let's watch it grow. Now
she's learning about compounding interests without doing anything.
Speaker 2 (15:11):
Alexa, you're so successful now at this point, I mean,
you're a founder, you're an author. But I'm curious, what
are the narratives that formed around money for you as
a kid that you had to unlearn as an adult.
Speaker 5 (15:25):
One of the major reasons that I started spending more
time on trying to learn about money is very unexpectedly.
Speaker 4 (15:32):
I lost my dad, but I was fourteen years old
and my mom.
Speaker 5 (15:35):
Became a single mom with two older brothers, and I
remember in that moment, in thank goodness, we were financially stable,
but my mom for the first time had to take
care of the money in our household. And it struck
me at fourteen profoundly that I was like, I can't
believe not only does she have to manage us and
manage just like massive, massively big trauma in our family
(15:57):
just was to go learn about money, managing.
Speaker 4 (16:00):
Our money for the first time.
Speaker 5 (16:02):
And so when I went to college and I started
trying to like, Okay, I'm going to learn about money,
and then I was like, where's the classes. And I
went to Harvard and there was a single class. And
so I was really on this quest to get really
good at just managing money so that it could be
something that I could feel empowered for my whole life,
for the rest of my life, to be on my
(16:22):
own two feet no matter what life throughout me. I
was very fortunate my dad was somebody who showed me
my bank statements and let me watch it grow and
made money feel like something I could manage, and so
I had a very positive association despite having a big
traumatic life event. I had the foundation of I could
manage it. But then I went out there to find
(16:43):
out and manage it and get good at it, and
I couldn't find the content.
Speaker 4 (16:46):
So that was the huge thing that I had to
really overcome.
Speaker 5 (16:48):
And it's also hopefully helped you understand why I'm so
authentically passionate about just paying this forward to boys and
girls all across the country at all ages. I want
everyone to feel powered in their wallet, and all of
us feel negative about money a little bit at times
because there's always someone who has more, and you have
to learn that does not matter. It's about feeling in
(17:10):
control of your life, and that's the goal with money.
Speaker 3 (17:13):
That's my favorite thing that you've shared, because it really
is about control.
Speaker 1 (17:18):
I've personally felt that.
Speaker 3 (17:21):
You know, you've been really emphatic about writing this book
for a specific audience, and it's girls. You wrote it
for kids, but particularly girls, Like why did you write
this for girls in particular.
Speaker 5 (17:31):
As a mother of two daughters, as someone who has
been successful in business, there are still not enough women
at the top. I mean that is just not acceptable
in my mind, on every level, board, CEOs, sea, level, suite,
all of it. Still it's part one, and then I
won't get into all of the politics of everything. But
(17:53):
I think women's rights and our choices, the fact that
we are having to work through fighting for those of
you all over again, and I actually, I think it's
really important that one girl see I have choices, I
can be strong and smart with my money. And I
think that more and more women need to see role
(18:13):
models of people that are actually at the top doing
great things, so that all of our little girls just
know that that is absolutely within their reach.
Speaker 2 (18:21):
We're taking a quick break. We'll be right back with
more from Alexa von Tobol. Welcome back. We're here with
Alexa on Tobo. Alexa, you have a chapter on investing
and it includes stock market basics. Now I can already
(18:42):
hear the skeptic saying, wait a minute, this is too young,
Like why would we even be bringing up stocks with kids.
I love that you included this because as a parent,
I plan on gifting my kids stocks and so I'd
love for you to tell us what is the best
way to approach investing with kids.
Speaker 4 (19:01):
So, first of all, it's so fun. Let me just
start there.
Speaker 5 (19:06):
So investing is something all of us have to do,
every human listening right now.
Speaker 4 (19:10):
Investing. You know, if you look at the last one
hundred years, you look.
Speaker 5 (19:13):
At you take the S and P five hundred and
you just take a long point of view, take a
whole hundred year view. On average, it's been about ten
percent growth year. We are on average, everyone listening, we
have to invest in our retirement accounts. That's what the
purpose of a retirement account is. So investing is the
most important thing we all have to do in our
(19:34):
wallet to have enough money.
Speaker 4 (19:36):
It's critical.
Speaker 5 (19:38):
So because it's so important, I'm like, of course you
should teach a child to understand it. And what is investing?
Investing is looking around in normal life when you see
a product that you're using all the time, thinking to yourself,
humh who makes that company? Is that a company that
I could buy a share of? And the way I
explain it to my kids is it's okay to actually
(20:01):
be really smart and lazy in your wallet.
Speaker 4 (20:03):
And what that means is I want my money working
for me when I.
Speaker 5 (20:06):
Am sleeping, when I'm on vacation when I am doing
absolutely nothing. And that's what investing is is all of
the people at that company when they go to work,
they are going to work for you and your dollars
because you're a shareholder. And I think it's just a
very important way to teach kids to understand investing. And
that does not mean stock picking, to be clear, not
(20:28):
trying to teach your kid to go and pick a
single stock. You want them to buy ets and index
funds of baskets. But the point is what goes in
those baskets of an index fund is five hundred companies
and helping them understand what a stock is, plain and simple.
And let's say your kid ates some cereal this morning,
General Mills. It's a company, and you could buy a
(20:49):
share of that company if it's if it's breakfast that.
Speaker 4 (20:51):
You eat every day.
Speaker 5 (20:52):
Just helping them make it relate. They know what Coca
Cola is, they know what her she is. Helping them
just understand those basics.
Speaker 4 (20:58):
Is so important.
Speaker 2 (21:00):
Hearing you talk about investing, I think we've been approaching
it all wrong. I think we should have always done
it from a children's point of view, because it just
makes it so much easier to digest, Like it took
me years as an adult to feel comfortable with understanding
the stock market and how it works. But I'm sure
a lot of people are listening to this wishing that
they had your book when they were kids, but unfortunately
(21:22):
we did not. So what are your top three tips
for becoming financially literate? Now?
Speaker 5 (21:29):
So I'm going to start with tip number one, which
is really important, which is rip the bandit off and
throw the shame away. Every single one of us feels
a little ashamed about money in some way. Every one
of us does, and I think that that's sort of
really step one to being really empowered in your money
is to say, of course I made some mistakes. Of
(21:50):
course I got something drunk. Guys, I'm sitting here the
number of mistakes I've made, it's laughable. I was applying
for credit cards and they were like, girl, you don't
have a job about like miss bills because I just
didn't even know where I was supposed to pay it online.
Rip the bandid off, like forgive yourself. After you forgive
yourself and throw the shame away, figure out how to
(22:13):
get empowered around your wallet, sit down and decide to
make a plan and say, this year twenty twenty four,
I'm going to change my life around my wallet.
Speaker 4 (22:23):
And the third is.
Speaker 5 (22:24):
Set some goals and maybe even set some goals with
an expert. So go find I'm a Certified Financial Planner,
which is a Doctor of Money CFP. Find yourself somebody
that could work with you. And even when you don't
have a ton of money, there's so many digital companies
out there now online where you can go find a
place where you can start to have a healthy relationship
(22:45):
with money. And part of that will look like And
this is my zero point three sub bullet point. I
want you to do three things. I want everyone listening
to do three things. The first thing is I want
you to have an emergency savings account. If you're really young,
that should be about three months. If you're older, it
should be more like six.
Speaker 4 (23:03):
To nine months.
Speaker 5 (23:04):
Number two, everyone needs to pay off your credit card
debt in full.
Speaker 4 (23:08):
Get it to zero. That may take you a few years.
If you have a lot, if you have very little, rip.
Speaker 5 (23:13):
The band it off, pay it off now, don't go
out for the next three months.
Speaker 4 (23:16):
Do whatever you got to do. Get it to zero.
Speaker 5 (23:19):
And then the third is everyone needs to start a
retirement account. Every single person, as early as you can
in your twenties should start contributing something to retirement because
compounding interest is not magic, it's math, and.
Speaker 4 (23:32):
If you start saving a bit, it will grow. Those
are your three goals and just.
Speaker 1 (23:35):
Get them to you fantastic. I like those. Didn't Einstein
talk about compound interest.
Speaker 5 (23:42):
I mean it's like the most beautiful thing is watching
money compound.
Speaker 3 (23:47):
Yes, I agree, Alexa. Thank you so much.
Speaker 2 (23:51):
Thank you, Alexa.
Speaker 4 (23:52):
You guys are amazing things. So much for having me.
What an honor.
Speaker 3 (23:55):
Alexavon Tobel is the founder of Inspired Capital, a financial journey,
and the author of the new children's book Money Matters,
A Guide to Saving spending and everything in between.
Speaker 2 (24:11):
Danielle, I'm going to be honest. When I heard there's
a money book for kids, I was like, huh, that's interesting.
But after talking to Alexa, it's so important. It makes
so much sense. I think every home should have one
of these books.
Speaker 3 (24:24):
Yeah, I totally agree with you. I think we both
had that same sentiment. I feel like I need the book.
I mean, just a few years ago, I finally told
myself I was going to stop being quote bad with money,
and I felt out of control. And Alexa mentioned that
a lot about money is control. And I went through
(24:46):
all my credit cards, I went through process like I
did a whole deep dive, and I actually do feel
in control with money now. And it doesn't feel good
to not understand something so crucial to your life and
well being. And I think that a book like this
is going to help kids not even form any of
those limiting beliefs.
Speaker 2 (25:07):
They'll just grow up understanding. You know, it's Financial Literacy Month,
and I want all of us to be financially literate.
But I like Alex's approach because she's going to the
root cause of the problem. She's going to the source
and trying to catch kids when they're still really malleable
and can learn good money habits. So I was really
convicted when she talked about the studies that show that
(25:29):
as early as three to five years old is when
kids are forming attitudes around money. I mean, I have
two kids that are in that range, and so I'm
thinking about, Okay, how am I discussing money am my home?
What are my emotions around money now? And what can
I be teaching my kids about money? At this age.
Speaker 3 (25:48):
Do you think that you've you've been a positive influence
so far or are you changing things.
Speaker 2 (25:53):
I've either been a neutral influence or a negative one.
I don't know that they're old enough to pick up
up on, you know, discussions about money when my husband
and I are feeling stressed about it. I don't know
that they're old enough to do that. But I'm definitely
going to be way more mindful about how we talk
about money in the house, and also how I frame
work for me and how I frame it as something
(26:16):
that's life affirming and that it gives me purpose.
Speaker 1 (26:19):
I liked when she said that.
Speaker 3 (26:20):
What did she say, Mommy's going to work and mommy
loves work.
Speaker 2 (26:24):
Mommy loves puzzles. She's going to go solve a bunch
of really big puzzles.
Speaker 3 (26:27):
Yeah, it was so affirming. Well, the good news is
Alexa talked about forgiveness.
Speaker 1 (26:32):
So tomorrow is a new day.
Speaker 3 (26:34):
If you feel out of control or stressed about money,
you can decide tomorrow to change that forgive yourself.
Speaker 2 (26:45):
All right, Bessie, Speaking of tomorrow, we are in for
a treat with entrepreneur James Beard Award winner and the
brains behind Jenny's Splendid ice creams Jenny Britton.
Speaker 1 (26:56):
And that's it for today's show.
Speaker 3 (26:58):
Listen and follow the bright Side on the eye, heartradio app,
Apple podcasts, or wherever you get your podcasts.
Speaker 2 (27:04):
I'm Simone boys. You can find me at Simone Voice
on Instagram and TikTok.
Speaker 1 (27:08):
And I'm Danielle Robe on Instagram and TikTok.
Speaker 2 (27:11):
Hit me up, see you tomorrow, folks. Keep looking on
the bright side.
Hello Sunshine.
Speaker 2 (00:03):
Hey besties. Today on the bright Side, we sit down
with financial planner and best selling author alexav Tobol. She's
on a mission to empower women to be fearless with
our finances. It's Tuesday, April twenty third. I'm Simone Boyce.
Speaker 3 (00:18):
I'm Danielle Robe and this is the bright Side from
Hello Sunshine.
Speaker 1 (00:23):
Simone.
Speaker 3 (00:23):
What do you eat for breakfast before we get into recording,
and do you eat it at home or do you
eat it in the car?
Speaker 2 (00:30):
I eat it at home like a normal person. I
drink coffee in the car and I eat breakfast at home.
Right now, I'm really into my yogurt parfes. I have
made this berry syrup that I sprinkle on it because
I use plain Greek yogurt, and it tastes like your
mouth is cement, you know the feeling that I'm talking about.
(00:50):
So I made this berry syrup that I put on
it and granola and it's actually delicious. So that's my
breakfast at the moment right now.
Speaker 3 (00:56):
I always break it up with honey, but I love
a syrup so good. I'm having trouble finding time for breakfast.
I'm stuffing my face with like some sort of bar.
Sometimes I forget and I can hear my stomach grumble
on the microphone when we're doing interviews.
Speaker 1 (01:14):
It's so funny and I'm like, can the interviewee hear this?
Speaker 2 (01:18):
We have really good microphones, y'all.
Speaker 3 (01:20):
One thing we agree on is coffee. We always have
our coffee.
Speaker 2 (01:23):
Hell yeah, I am wired right now from this cold brew.
Speaker 3 (01:28):
I have a cutoff at eleven. I will not drink
a sip past eleven.
Speaker 2 (01:31):
Am. Oh, well, that's wonderful for you, But my life
is a bit different, and I normally have a really
high coffee tolerance. But this cold brew is like, I'm
wired up right now. I'm electrified.
Speaker 3 (01:44):
Well, you grew up partly in Miami, and every time
I go to Miami, I always get Cuban coffee and
it wires me like nothing else.
Speaker 2 (01:51):
It's the best. This is the thing that I miss
about Miami the most. I have been saying this for years.
Somebody needs to open up just a little walk up
window of Cuban coffee in Los Angeles.
Speaker 1 (01:59):
At some and should be you.
Speaker 2 (02:01):
It should, but listen, maybe we'll kick start it.
Speaker 1 (02:03):
I like it. Should we get into the show today.
Speaker 2 (02:06):
Let's do it. We're gonna start with some share news, y'all.
She is getting her flowers from the Rock and Roll
Hall of Fame. She is officially in the class of
twenty twenty four, along with Ozzy Osbourne, a tribe called Quest,
Mary J. Blige, and so many more. I'm so happy
for all of them.
Speaker 3 (02:23):
I feel confused because in December, Chaer said that they
couldn't pay her. If they gave her a million dollars,
she wouldn't be in the Rock and Roll Hall of Fame.
And now she's being inducted, which is I'm glad she
had a change of heart because she deserves to be
in there.
Speaker 1 (02:37):
She is such an icon.
Speaker 2 (02:38):
You know, we do need some clarity around that situation.
I'm glad you brought that up, Danielle, because Chare's been
quiet on social media about that. But I don't know.
Maybe she's just maybe she's accepting the win now, maybe
she's taking the w I.
Speaker 3 (02:50):
Think another person who should be inducted is Lenny Kravitz.
That to me feels overdue.
Speaker 2 (02:54):
We have a big Lenny Kravitz crush on the right side.
Speaker 1 (02:58):
He's our short thing forever.
Speaker 2 (03:01):
Also, this is interesting nominated, but did not make the cut.
Mariah Carey mem that's got to happen eventually, right, I
think so.
Speaker 3 (03:10):
Speaking of talented musicians, the Spice Girls. These Spice Girls
were united at Victoria Beckham aka Posh Spice's fiftieth birthday
party over the weekend and performed the Stop dance at
the party.
Speaker 2 (03:23):
My heart skipped a beat whenever I saw this. Yeah,
our hearts stopped completely. Cardiac arrest.
Speaker 1 (03:28):
How many puns should we make? We always make puns?
Speaker 2 (03:31):
Okay.
Speaker 3 (03:31):
David Beckham, like the good husband that he is and
the good Instagram boyfriend that he is, shared a video
of it to Instagram, and then Victoria shared it on
her page with the caption hashtag spice up your life.
Speaker 1 (03:43):
Okay, here's the best part.
Speaker 3 (03:44):
All of them were there, including Melby, who recently shared
that she got kicked out of the group chat for
talking about a potential reunion.
Speaker 1 (03:52):
Was this what she was talking about? Is this the reunion?
Speaker 2 (03:55):
The reunion was at Victoria Beckhams fiftieth birthday party.
Speaker 1 (03:58):
I'm just wondering.
Speaker 2 (03:59):
Guess who else was the Thomas Cruise Tom Cruise jump
on the couch Cruise Listen, He's evolved since then, Okay.
Speaker 3 (04:08):
Of course he's the most incredible action hero of our time. Yeah,
I was gonna say of our time, but sure of
all time. Also true doesn't mean he didn't jump on
a couch on Oprah however.
Speaker 1 (04:20):
Many years ago.
Speaker 2 (04:21):
I'm a Tom Cruise fan.
Speaker 1 (04:23):
That's because you used to do red carpets like I did.
Speaker 3 (04:25):
And anybody who does Red carpets knows that Tom Cruise
is the nicest to every reporter on a red carpet.
He speaks to everybody from the front of the line
to the very back. And when we started and we
were in the very back of the line, we appreciated
Tom Cruise.
Speaker 2 (04:39):
It's so true. He looks at you, he acknowledges you,
makes eye contact. But also, I am obsessed with top
Gun Maverick, unhealthy obsession with me. It's incredible. I love
that movie so much. I listened to the soundtrack whenever
I work out. It's the best motivation. Anyways, we digress.
Speaker 3 (04:56):
I don't know how this became about Tom Cruise, because
this was about the Spice Girls. I used to I
watched that movie at my basement in Chicago before school
on repeat.
Speaker 2 (05:04):
I just love that they were all there, that seems
like a big scheduling feat. Okay, Danielle, I saw the
cutest story on the Washington Post this morning. An eleven
year old girl and her dad were fossil hunting on
a beach in England when they discovered not one, but
two extremely rare fossils. So Ruby Reynolds and her dad
Justin later learned that both of those fossils were actually
(05:27):
part of the jawbone of a new species of marine reptile.
So they discovered a new animal together.
Speaker 1 (05:34):
This is so special.
Speaker 2 (05:36):
Isn't that cute?
Speaker 3 (05:38):
My dad and I used to read books together, but
we did not discover a new animal together.
Speaker 1 (05:42):
That is really really cool.
Speaker 2 (05:45):
I mean, this is how big their discovery was. They
wrote to a local paleontologist who told reporters that he
was blown away because ninety five percent of the time
when he gets calls like that, people just find rocks.
But they actually found a new species.
Speaker 3 (05:57):
How do you think paleontologists who have worked their whole
career to find something like this feel about daddy daughter
duo on vacation finding this.
Speaker 2 (06:06):
Honestly, I would give up at that point. I would
just throw my hands up. I'm done. I'm done, I mean,
just give up.
Speaker 1 (06:12):
Okay.
Speaker 3 (06:13):
I recently saw some chatter about the perils of kindness
and it really stuck out to me because I've never
thought of kindness as being perilous. I've always thought of
it as a great thing. But this article says that
in relationships sometimes kindness can do more harm than.
Speaker 2 (06:29):
Good because we're not being fully truthful in the name
of trying to be kind to someone, We're holding back.
Speaker 1 (06:34):
Is that why, Yes, that's exactly it.
Speaker 3 (06:36):
So there was a writer for Psychology Today that calls
it the truth or care dilemma. So he says there
can be tension between two competing ways to show respect
for someone you care about. Basically, are you hitting someone
you love with a truth bomb or are you keeping
it to yourself?
Speaker 2 (06:51):
But aren't we putting a false binary on this? Can't
you do both? Can't you have kindness and candor at
the same time?
Speaker 1 (06:59):
For sure?
Speaker 3 (06:59):
I think part of what he's saying too is like
you have to have tact with it. But what I'm
wondering is if you switch it up depending on who
you're talking to, Cause I know in my friend group
there's some people that I know can handle the truth
bombs and some people that probably just want my ear.
Speaker 2 (07:17):
I think that speaks to the time that you've spent
with that person, the history that you have in that relationship,
and also it speaks to the person's willingness to change.
And also I think in friendships and probably romantic relationships too,
the best kind of feedback is feedback about something they
can actually change. If you offer feedback about something that
(07:39):
they cannot change about themselves, then that's I think where
feelings get hurt.
Speaker 1 (07:44):
Yeah.
Speaker 3 (07:44):
I think sometimes though, feedback makes people feel not seen
because they feel like you're not understanding where I'm coming from.
You don't see me or my point of view on this.
So I'm actually really careful about feedback. I'm more of
a listener. If somebody asked me for my feedback, then
I give it.
Speaker 2 (08:04):
Yes.
Speaker 1 (08:05):
When I was younger, I used to just dish.
Speaker 3 (08:07):
Out my feedback. In college, I don't know why people
were friends with me. I was a real truth teller,
and I think through therapy I learned that for me
it's better to Sometimes you got to ask like, hey.
Speaker 1 (08:19):
Do you want an ear or do you want do
you want to know what?
Speaker 2 (08:22):
I think? I think that's the best question that you
can ask is do you just want to vent right
now or do you want me to prescribe something.
Speaker 3 (08:29):
So I actually interviewed an expert on kindness a few
years ago. His name's Houston Kraft, and he wrote a
great book about it. And I said to him, I've
always hated this phrase, do nice guys finish last? Because
I love nice, I love kind And he said, nice
guys do finish last. Kind guys finish first. And the
difference is that kindness has boundaries. Nice is just nice
(08:51):
for the sake of it, and that's not great either.
Speaker 2 (08:56):
I also think this article is speaking to a larger
phenomenon in our society where we tend to catastrovize the
consequences of being really candid. We always think that it's
going to cause more harm than it actually does. But
telling the truth in relationships can actually enhance your life.
I wasn't sure about this until I came across this
(09:17):
study where researchers ask people to be honest in every
single interpersonal conversation for three days. And of course the
participants expected that they were going to ruin their friendships
and romantic relationships with all that honesty, But they actually
found that it was extremely pleasant and positive, both for
their well being and for their relationships.
Speaker 1 (09:36):
I really like that, Simon. Yeah, it's not as bad
as you think it's going to be.
Speaker 3 (09:40):
Exactly Up next, what are three things to consider before
taking on debt?
Speaker 1 (09:50):
We'll find out after the break.
Speaker 2 (10:01):
We're back, Danielle. Today we're taking the veil off of
a taboo subject. Money. It's something that I love talking
about with other women because we're often socialized not to
talk about it.
Speaker 1 (10:13):
That is spot on.
Speaker 3 (10:15):
Alexa mon Tolbo is the founder of Inspired Capital and
the best selling author of Financially Fearless. I like that
word fearless when it comes to money, and she's here
to tell us about the importance of starting financial education
at a young age. I'm talking playground wheels on the bus,
Kittie Pool, Plato kind of young, Simone.
Speaker 2 (10:35):
See, that's when it needs to start. And Alex's latest
book is a children's book for kids called Money Matters,
A Guide to Saving Spending and everything in between.
Speaker 3 (10:45):
I'm going to go out on a limb here and
say I could probably use that book as well.
Speaker 2 (10:48):
I think we could all use this book, Alexa.
Speaker 1 (10:51):
It's so great. To have you on the bright side.
Speaker 4 (10:54):
Hi, guys, very happy to do this with you.
Speaker 2 (10:56):
Guys.
Speaker 1 (10:57):
Oh, thank you.
Speaker 3 (10:58):
Okay, So it's financial literacy month. Why is financial literacy imperative?
Speaker 5 (11:03):
Financial literacy and the education piece of it matters so
much to me because for every human being on this planet,
money is a big part of our lifeline.
Speaker 4 (11:11):
It's absolutely critical.
Speaker 5 (11:13):
I have three little kids and I care about them
being empowered in their wallet. Money gives you choice. Let
me be clear, do not support the quest for money.
We're not trying to get as much money as possible.
That's a pretty miserable life actually, to be on the
quest for only money in life. Money does not equal happiness,
but money gives you choices. If you're in a job
(11:33):
that really doesn't suit you and your miserable, money lets
you change jobs and find something that lets you be
happier in your life. If you're in a bad relationship
and you need to leave, money allows you to have
the options to leave.
Speaker 4 (11:47):
If you need to.
Speaker 5 (11:49):
Go and see an important doctor that isn't totally paid
for by insurance, money allows you to do those things.
And so for the most critical things in life, money
gives you choices, and I care that more people on
this planet have choices.
Speaker 3 (12:03):
One of the parts of your work that I feel
really drawn to is changing our habits at a young age.
And you said you want financial literacy taught in elementary schools.
How old are we when we start to pick up
habits around money?
Speaker 4 (12:17):
Sure, and so first, very important for every parent out there.
Speaker 5 (12:21):
There's a new study out of the University of Michigan
that tells you that as young as let's call it five,
it's three to five, kids are already learning how to
feel about money based on how we exhibit the tone
of how we behave around money.
Speaker 4 (12:37):
So if every time money.
Speaker 5 (12:39):
Comes up it's a stressful, anxious filled they have now
proven that fifteen years later, twenty five years later, that
that child will have a less healthy relationship to money.
And if the tone in your household is matter of fact,
can do positive And that doesn't mean you're always telling
your child they can get what they want. I regularly
(13:00):
tell my children, so sorry, you're not going to get
that toy. But the tone matters. And so back to
your point on habits. Just like our kids see us
wake up, brush our teeth, brush our hair, get dressed,
and go out the door and through osmosis they pick
that up. We need to show our kids the same
thing with money, and not only should they see us
(13:23):
talk about money. It's no longer taboo, guys. It's twenty
twenty four. Money is a It is a part of
our lives. We should be empowered at it, we should
talk about it. But two, they see our habits. They
see us be matter of fact in a habit around
going to work. I tell my kids when I leave,
mommy loves work, Mommy things work is awesome. I'm like,
I feel companies all day and it's big puzzles and
(13:45):
complicated ones, and Mommy loves it. So starting in forming
new associations with money that are positive. And then the
second piece to your habits is I force them to
take a chunk of it and put it in the
bank account. It's on the kitchen counter, everyone can see it.
You want that same habit to be so deeply ingrained
in them.
Speaker 2 (14:04):
And making it tangible, actually forcing them to feel it,
to touch it. That is so important too, because I mean,
we all know how easy it is to spend money
now with Apple pay, It's like blop, three hundred dollars
gone and you never see the money. It's just there's
nothing there.
Speaker 5 (14:20):
I mean literally, men, imagine your five year old living
in twenty twenty four. Boxes arrive every day to my
house from like a magical man, and they just show
up and when you open them often they're filled with
like delicious and yummy things, snacks and gummy bears and
toys and present and so back to your point, it's
so important that we make it tangible. I do a
(14:43):
few key things that I think are really important. Number one,
my kids have allowance. They have piggy banks. I put
the money in it. They see it. It's physical, it's real.
As kids get a little bit older, those go into
actual bank accounts and then you pull out the statements
and you show them this is your Ira, your wroth Ira.
And I started a retirement account for my daughter's nine.
(15:05):
Here's what's in it, and let's watch it grow. Now
she's learning about compounding interests without doing anything.
Speaker 2 (15:11):
Alexa, you're so successful now at this point, I mean,
you're a founder, you're an author. But I'm curious, what
are the narratives that formed around money for you as
a kid that you had to unlearn as an adult.
Speaker 5 (15:25):
One of the major reasons that I started spending more
time on trying to learn about money is very unexpectedly.
Speaker 4 (15:32):
I lost my dad, but I was fourteen years old
and my mom.
Speaker 5 (15:35):
Became a single mom with two older brothers, and I
remember in that moment, in thank goodness, we were financially stable,
but my mom for the first time had to take
care of the money in our household. And it struck
me at fourteen profoundly that I was like, I can't
believe not only does she have to manage us and
manage just like massive, massively big trauma in our family
(15:57):
just was to go learn about money, managing.
Speaker 4 (16:00):
Our money for the first time.
Speaker 5 (16:02):
And so when I went to college and I started
trying to like, Okay, I'm going to learn about money,
and then I was like, where's the classes. And I
went to Harvard and there was a single class. And
so I was really on this quest to get really
good at just managing money so that it could be
something that I could feel empowered for my whole life,
for the rest of my life, to be on my
(16:22):
own two feet no matter what life throughout me. I
was very fortunate my dad was somebody who showed me
my bank statements and let me watch it grow and
made money feel like something I could manage, and so
I had a very positive association despite having a big
traumatic life event. I had the foundation of I could
manage it. But then I went out there to find
(16:43):
out and manage it and get good at it, and
I couldn't find the content.
Speaker 4 (16:46):
So that was the huge thing that I had to
really overcome.
Speaker 5 (16:48):
And it's also hopefully helped you understand why I'm so
authentically passionate about just paying this forward to boys and
girls all across the country at all ages. I want
everyone to feel powered in their wallet, and all of
us feel negative about money a little bit at times
because there's always someone who has more, and you have
to learn that does not matter. It's about feeling in
(17:10):
control of your life, and that's the goal with money.
Speaker 3 (17:13):
That's my favorite thing that you've shared, because it really
is about control.
Speaker 1 (17:18):
I've personally felt that.
Speaker 3 (17:21):
You know, you've been really emphatic about writing this book
for a specific audience, and it's girls. You wrote it
for kids, but particularly girls, Like why did you write
this for girls in particular.
Speaker 5 (17:31):
As a mother of two daughters, as someone who has
been successful in business, there are still not enough women
at the top. I mean that is just not acceptable
in my mind, on every level, board, CEOs, sea, level, suite,
all of it. Still it's part one, and then I
won't get into all of the politics of everything. But
(17:53):
I think women's rights and our choices, the fact that
we are having to work through fighting for those of
you all over again, and I actually, I think it's
really important that one girl see I have choices, I
can be strong and smart with my money. And I
think that more and more women need to see role
(18:13):
models of people that are actually at the top doing
great things, so that all of our little girls just
know that that is absolutely within their reach.
Speaker 2 (18:21):
We're taking a quick break. We'll be right back with
more from Alexa von Tobol. Welcome back. We're here with
Alexa on Tobo. Alexa, you have a chapter on investing
and it includes stock market basics. Now I can already
(18:42):
hear the skeptic saying, wait a minute, this is too young,
Like why would we even be bringing up stocks with kids.
I love that you included this because as a parent,
I plan on gifting my kids stocks and so I'd
love for you to tell us what is the best
way to approach investing with kids.
Speaker 4 (19:01):
So, first of all, it's so fun. Let me just
start there.
Speaker 5 (19:06):
So investing is something all of us have to do,
every human listening right now.
Speaker 4 (19:10):
Investing. You know, if you look at the last one
hundred years, you look.
Speaker 5 (19:13):
At you take the S and P five hundred and
you just take a long point of view, take a
whole hundred year view. On average, it's been about ten
percent growth year. We are on average, everyone listening, we
have to invest in our retirement accounts. That's what the
purpose of a retirement account is. So investing is the
most important thing we all have to do in our
(19:34):
wallet to have enough money.
Speaker 4 (19:36):
It's critical.
Speaker 5 (19:38):
So because it's so important, I'm like, of course you
should teach a child to understand it. And what is investing?
Investing is looking around in normal life when you see
a product that you're using all the time, thinking to yourself,
humh who makes that company? Is that a company that
I could buy a share of? And the way I
explain it to my kids is it's okay to actually
(20:01):
be really smart and lazy in your wallet.
Speaker 4 (20:03):
And what that means is I want my money working
for me when I.
Speaker 5 (20:06):
Am sleeping, when I'm on vacation when I am doing
absolutely nothing. And that's what investing is is all of
the people at that company when they go to work,
they are going to work for you and your dollars
because you're a shareholder. And I think it's just a
very important way to teach kids to understand investing. And
that does not mean stock picking, to be clear, not
(20:28):
trying to teach your kid to go and pick a
single stock. You want them to buy ets and index
funds of baskets. But the point is what goes in
those baskets of an index fund is five hundred companies
and helping them understand what a stock is, plain and simple.
And let's say your kid ates some cereal this morning,
General Mills. It's a company, and you could buy a
(20:49):
share of that company if it's if it's breakfast that.
Speaker 4 (20:51):
You eat every day.
Speaker 5 (20:52):
Just helping them make it relate. They know what Coca
Cola is, they know what her she is. Helping them
just understand those basics.
Speaker 4 (20:58):
Is so important.
Speaker 2 (21:00):
Hearing you talk about investing, I think we've been approaching
it all wrong. I think we should have always done
it from a children's point of view, because it just
makes it so much easier to digest, Like it took
me years as an adult to feel comfortable with understanding
the stock market and how it works. But I'm sure
a lot of people are listening to this wishing that
they had your book when they were kids, but unfortunately
(21:22):
we did not. So what are your top three tips
for becoming financially literate? Now?
Speaker 5 (21:29):
So I'm going to start with tip number one, which
is really important, which is rip the bandit off and
throw the shame away. Every single one of us feels
a little ashamed about money in some way. Every one
of us does, and I think that that's sort of
really step one to being really empowered in your money
is to say, of course I made some mistakes. Of
(21:50):
course I got something drunk. Guys, I'm sitting here the
number of mistakes I've made, it's laughable. I was applying
for credit cards and they were like, girl, you don't
have a job about like miss bills because I just
didn't even know where I was supposed to pay it online.
Rip the bandid off, like forgive yourself. After you forgive
yourself and throw the shame away, figure out how to
(22:13):
get empowered around your wallet, sit down and decide to
make a plan and say, this year twenty twenty four,
I'm going to change my life around my wallet.
Speaker 4 (22:23):
And the third is.
Speaker 5 (22:24):
Set some goals and maybe even set some goals with
an expert. So go find I'm a Certified Financial Planner,
which is a Doctor of Money CFP. Find yourself somebody
that could work with you. And even when you don't
have a ton of money, there's so many digital companies
out there now online where you can go find a
place where you can start to have a healthy relationship
(22:45):
with money. And part of that will look like And
this is my zero point three sub bullet point. I
want you to do three things. I want everyone listening
to do three things. The first thing is I want
you to have an emergency savings account. If you're really young,
that should be about three months. If you're older, it
should be more like six.
Speaker 4 (23:03):
To nine months.
Speaker 5 (23:04):
Number two, everyone needs to pay off your credit card
debt in full.
Speaker 4 (23:08):
Get it to zero. That may take you a few years.
If you have a lot, if you have very little, rip.
Speaker 5 (23:13):
The band it off, pay it off now, don't go
out for the next three months.
Speaker 4 (23:16):
Do whatever you got to do. Get it to zero.
Speaker 5 (23:19):
And then the third is everyone needs to start a
retirement account. Every single person, as early as you can
in your twenties should start contributing something to retirement because
compounding interest is not magic, it's math, and.
Speaker 4 (23:32):
If you start saving a bit, it will grow. Those
are your three goals and just.
Speaker 1 (23:35):
Get them to you fantastic. I like those. Didn't Einstein
talk about compound interest.
Speaker 5 (23:42):
I mean it's like the most beautiful thing is watching
money compound.
Speaker 3 (23:47):
Yes, I agree, Alexa. Thank you so much.
Speaker 2 (23:51):
Thank you, Alexa.
Speaker 4 (23:52):
You guys are amazing things. So much for having me.
What an honor.
Speaker 3 (23:55):
Alexavon Tobel is the founder of Inspired Capital, a financial journey,
and the author of the new children's book Money Matters,
A Guide to Saving spending and everything in between.
Speaker 2 (24:11):
Danielle, I'm going to be honest. When I heard there's
a money book for kids, I was like, huh, that's interesting.
But after talking to Alexa, it's so important. It makes
so much sense. I think every home should have one
of these books.
Speaker 3 (24:24):
Yeah, I totally agree with you. I think we both
had that same sentiment. I feel like I need the book.
I mean, just a few years ago, I finally told
myself I was going to stop being quote bad with money,
and I felt out of control. And Alexa mentioned that
a lot about money is control. And I went through
(24:46):
all my credit cards, I went through process like I
did a whole deep dive, and I actually do feel
in control with money now. And it doesn't feel good
to not understand something so crucial to your life and
well being. And I think that a book like this
is going to help kids not even form any of
those limiting beliefs.
Speaker 2 (25:07):
They'll just grow up understanding. You know, it's Financial Literacy Month,
and I want all of us to be financially literate.
But I like Alex's approach because she's going to the
root cause of the problem. She's going to the source
and trying to catch kids when they're still really malleable
and can learn good money habits. So I was really
convicted when she talked about the studies that show that
(25:29):
as early as three to five years old is when
kids are forming attitudes around money. I mean, I have
two kids that are in that range, and so I'm
thinking about, Okay, how am I discussing money am my home?
What are my emotions around money now? And what can
I be teaching my kids about money? At this age.
Speaker 3 (25:48):
Do you think that you've you've been a positive influence
so far or are you changing things.
Speaker 2 (25:53):
I've either been a neutral influence or a negative one.
I don't know that they're old enough to pick up
up on, you know, discussions about money when my husband
and I are feeling stressed about it. I don't know
that they're old enough to do that. But I'm definitely
going to be way more mindful about how we talk
about money in the house, and also how I frame
work for me and how I frame it as something
(26:16):
that's life affirming and that it gives me purpose.
Speaker 1 (26:19):
I liked when she said that.
Speaker 3 (26:20):
What did she say, Mommy's going to work and mommy
loves work.
Speaker 2 (26:24):
Mommy loves puzzles. She's going to go solve a bunch
of really big puzzles.
Speaker 3 (26:27):
Yeah, it was so affirming. Well, the good news is
Alexa talked about forgiveness.
Speaker 1 (26:32):
So tomorrow is a new day.
Speaker 3 (26:34):
If you feel out of control or stressed about money,
you can decide tomorrow to change that forgive yourself.
Speaker 2 (26:45):
All right, Bessie, Speaking of tomorrow, we are in for
a treat with entrepreneur James Beard Award winner and the
brains behind Jenny's Splendid ice creams Jenny Britton.
Speaker 1 (26:56):
And that's it for today's show.
Speaker 3 (26:58):
Listen and follow the bright Side on the eye, heartradio app,
Apple podcasts, or wherever you get your podcasts.
Speaker 2 (27:04):
I'm Simone boys. You can find me at Simone Voice
on Instagram and TikTok.
Speaker 1 (27:08):
And I'm Danielle Robe on Instagram and TikTok.
Speaker 2 (27:11):
Hit me up, see you tomorrow, folks. Keep looking on
the bright side.
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