3 Resources You Need To Master Your Finances
Ever since we first launched Hello HENRYs back in 2016, one of the questions we have been asked most frequently is: How do you know so much about finance, anyway?
Think about it this way. Are you a Real Housewives fan? I’m sure you could list all of Lisa’s restaurants, Ramona’s favorite wine and, if called, upon re-enact the infamous table flipping of New Jersey 2008.
When you’re passionate about a topic, you inherently want to know as much as you possibly can and naturally seek out ways to learn.
Most of our knowledge comes from the following:
General trial and error - So much of success with your finances is psychological. You don’t necessarily need to be good at math or know anything about the stock market. You just need to learn about how YOU feel and behave towards money and come up with a game plan that works for you. Everyone has different triggers and pitfalls.
For example, Lauren would practically promise her first-born child to her Kiehl’s salesperson at Nordstrom. After a few too many experiences with buyer’s remorse, she now places all of her skincare orders online. This way she still gets the products she needs and earns her rewards points, but doesn’t depend on her (lack of) ability to say no.
Finance background - Lauren majored in Finance in college and her first two roles in the “real world” were in corporate finance. This did help to learn the basics around things like compound interest (why it is more valuable to start investing NOW vs. later in life) or why it makes more sense, financially, to pay your highest interest debt first vs. the debt with the highest amount.
Books, blogs, podcasts - 90% of what we have learned in regards to personal finance comes from books, podcasts and online resources. We wholeheartedly believe that no young person needs to pay a financial professional to figure out their money for them. If you take the time to read just one book, or follow one resource that you connect with, like Hello HENRYs :), you will be well on your way to mastering your finances.
We wanted to share with you the 3 personal finance books that taught us everything we needed to know and laid the foundation to our financial success. Basically, we’re inviting you to join our book club. And yes, wine is highly encouraged.
for the beginner
The day that we purchased Financially Fearless, we were obsessed. Lauren read the entire book in one day, even canceling dinner plans because she was so hooked. Alexa von Tobel understands millennials to a tee. She’s a regular contributor to Cosmo’s money column if that gives you any indication. She doesn’t once suggest that you quit your spin membership or swear off Starbucks for life. She helps you to fit the things that you love doing into your lifestyle. While it’s a great book for beginners, it’s also one that you can keep coming back to over time whenever you need a refresher or if you’re ready to take it to the next level down the road - as she has chapters on saving for a college fund, estate planning and life insurance.
for the proficient
This book was actually given to both of us as a graduation present from our mom. At the time, definitely not the most exciting, but, looking back, our mom’s commitment to educating us about finances is one of the best gifts we have ever received. While we did both read the book as beginners, we found that we got more value from it the second time around. Because of this, we would recommend it for anyone who feels confident that they know the basics of personal finance. Don’t be scared though. There are still chapters about getting out of debt or picking the best checking account, so you don’t have to be a complete expert. This book is written as a six-week “bootcamp” which helps make taking control of your money feel super digestible and achievable.
for the entrepreneur
We are obsessed with this book and the author, Nicole Lapin, is #goals. While she shares so many great personal finance tips, this book is most relatable for someone who is an entrepreneur, freelancer or in a commission-based field. The book is split 50/50 between personal finance and business. She talks about managing a budget and your money when you don’t always have a steady stream of income and how to just be a boss overall whether it be branding, networking or marketing. Especially relevant for women.
We firmly believe that it doesn’t take years of schooling or the paid advice of a professional to tackle your finances. There are countless resources out there, especially for millennials, that truly work! It just takes finding an author that speaks to YOU. The best investment that you can make is in yourself, so, if you do one thing this week, commit to learning more about your money. If it’s not these books or this blog, we would love to hear what other resources you have found helpful! Comment below!!