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70. Rewriting Your Money Story with Nicole Lapin

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January 21, 2025

TLDR: In this podcast episode, Emily Fletcher and finance expert Nicole Lapin discuss financial literacy, overcoming fear and barriers to investing, the power of compound interest, cultural impact on money perception, and practical steps for first-time investors.

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In episode 70 of the podcast Why Isn’t Everyone Doing This?, host Emily Fletcher converses with finance expert and bestselling author, Nicole Lapin. The episode revolves around the critical importance of financial literacy, especially for women, and actionable strategies to encourage a positive relationship with money. Here are the key takeaways from their insightful discussion.

Understanding Financial Barriers

Common Emotional and Societal Barriers

  • Fear of Investing: Many individuals, particularly women, often face emotional and societal barriers to investing due to a lack of confidence or fear of losing money.
  • Cultural Conditioning: Discussions around money differ vastly in homes; women are often taught to fear finances compared to men, leading to what Lapin calls an "investment gap".
  • Reframing Mindset: It's essential to shift the perception of money from scarcity to empowerment, viewing investing as a pathway to build wealth rather than a gamble.

Overcoming Investment Anxiety

  • Nicole emphasizes that investing is not just for the wealthy; everyone can start small and grow. Overcoming fears involves recognizing that compound interest can work to your advantage, effectively allowing your money to grow while you sleep.

The Magic of Compound Interest

  • Compound Interest Explained: Lapin describes compound interest as "orgasmic" because it enables your money to generate additional income without further action on your part.
  • Time Over Amount: Instead of focusing on the amount invested, focus on starting as early as possible. The longer your money has to grow, the more significant the impact of compound interest.

Practical Steps for First-time Investors

  • Start Investing with Confidence: Begin with your financial goals in mind, and clarify what you want to achieve. This effective foundational step directs your investment choices.
  • Setting Up a Brokerage Account: Nicole highlights the importance of having a brokerage account for investing. It's where you can buy stocks and bonds, distinct from a bank savings account.
  • Low-Fee Index Funds: Investing in low-cost index funds like the S&P 500 is a smart strategy for beginners, allowing for diversification without the need for extensive knowledge of the stock market. Nicole suggests looking into options like SPY or VOO.

The Power of Playfulness in Financial Management

  • Bringing Joy to Finances: Nicole emphasizes the need to make financial management a playful endeavor, suggesting that by incorporating playful practices, one can alleviate stress associated with money management.
  • Emotional Wealth: She discusses the importance of merging emotional understanding with financial literacy, suggesting that understanding your upbringing can free you from negative financial patterns.

Building a Healthy Relationship with Money

Addressing Financial Trauma

  • Recognizing Your Financial Story: Acknowledging and reframing financial traumas can help heal your perspective on money.
  • Emotional Work: Viewing money conversations as an opportunity for empowerment rather than a source of anxiety can transform your financial practices. Nicole encourages individuals to forgive their former selves who may have made financial missteps.

The Importance of Setting Goals

  • Define Meaningful Goals: Establishing clear financial goals is critical. Ask, "What kind of life do I want to lead, and how can I align my financial plans to support that?" Simply accumulating wealth does not equate to happiness or fulfillment.

Conclusion: Your Financial Journey

Nicole Lapin's fresh perspective on financial literacy not only encourages individuals, particularly women, to embrace investing but also emphasizes that it can be a joyous and liberating process. By rewriting your financial story, you can reclaim your financial power, invest with confidence, and live a life that aligns with your financial goals. The key is to start small, stay consistent, and make the process enjoyable.

As we navigate our financial journeys, it's essential to remember that we have the ability to redefine our relationships with money. Fear and scarcity can be replaced with confidence and joy when we take the right steps. Let the process begin!

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