Investing with Ionnie McNeill
Today is the second Friday in April and in case you didn’t know, April is Financial Literacy Month or what we like to call our favorite time of year at The Financial Gym. An entire month that’s focused on the importance of financial literacy. I always say that financial literacy is just as important as regular literacy and while there are so many resources for us out there to get better at it, I still feel as though we have a financial literacy crisis in the US.
Every day new clients come to the Financial Gym feeling shame because they aren’t as adept in their personal finance knowledge as they think they should be and my response is always the same. Why should you feel confident? Most of us didn’t learn about personal finance at home, at school, or on the job, yet the second we start receiving paychecks, we’re responsible for managing our money and navigating the world of personal finance.
This month on the podcast, I’m addressing a particular area of finance that our clients find the most challenging. Today we’re talking about investing and joining me is Author and Board Member of BetterInvesting, Ionnie McNeill. She joins me to share how she learned investing at an early age and how we can all make the learning process fun and approachable for the entire family.
What are we drinking?
Ionnie - Bottled Water (Bombay Sapphire Gin is her drink of choice)
Shannon - Water
Podcast Notes
Ionnie started learning about investing and personal finance at a young age. She watched her mom go through a tough situation when her grandmother passed away. Her mother was transparent with her during the process and it opened her eyes. She never wanted to go through what her mom did, which is where her learning started.
Shannon always says financial literacy is similar to regular literacy. It has to start at home. In her experience, the most financially fit clients learned about money in the home at a young age.
As a parent, you don’t have to be perfect at money to teach your kids. It’s something that can be learned together.
Financial literacy is like any language. There’s no need to have shame around not knowing. It’s a skill that can be learned.
Kids are always watching, listening, and absorbing. If you don’t teach them directly about money, they’ll learn through osmosis.
Where to start
The basics; everything will start to make sense once you understand the fundamentals. With the building blocks under your belt, the rest becomes easier.
We all have habits that are hard to break. You don’t have to make a complete transformation overnight. Small, sustainable habits are a great place to start and will have an impact over time.
Ways to learn together with your family
It doesn’t matter what generation brings financial literacy into the home, as long as it is there. It’s about learning together.
Mistakes will happen, but they are learning opportunities. It’s all part of the process.
Get your child involved in spaces where they can learn.
Play personal finance podcasts in the car.
Take books out from the library
Make it easy and fun for the whole family to get involved.
One of the most important parts of building generational wealth is protecting it for future generations.
Really think about what you’re working for. Give the savings a specific purpose.
Paying off debt can feel uninspiring. The Gym encourages saving money while paying down debt, because clients feel better when there’s more money in the bank. Saving money and seeing that number go up is motivational and inspiring, rather than staying stuck in a debt cycle.
More about BetterInvesting
BetterInvesting is a National member-run volunteer organization, with chapters all over the US and virtually.
They have helped more than 5 million people from all walks of life learn how to improve their financial future. They provide unbiased investment education and powerful online stock analysis tools to create successful lifelong investors.
It’s great for both individual investors and investor clubs.
The price is $120 per year, with a 30-day free trial when you sign up!
Takeaway: My biggest takeaway is the importance of educating yourself about investing from the proper sources. It’s fun to watch TikTok or Instagram but before you put your money on the line, please educate yourself more on what and why you’re investing your money.
Random Three Questions
If you weren’t working in a library, what would you be doing?
What is something you’ve binged during the pandemic?
If this was your last meal on earth, what would it be?
Connect with Ionne & BetterInvesting
Her Book: www.TheBabyBillionaire.com/books
Website: www.BetterInvesting.org
Instagram: @BetterInvesting
Twitter: @BetterInvesting
LinkedIn: BetterInvesting
FaceBook: BetterInvesting
Other resources mentioned in the episode:
Book: I Will Teach You to Be Rich - Ramit Sethi
Podcast: I WIll Teach You To Be Rich - Ramit Sethi
Book: Smart Women Finish Rich - David Bach
Book: Automatic Millionaire - David Dach
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook group, and let me know what you want to hear.
The Financial Gym has so many ways that you can work with us. If you’re looking for a career shift, we’ve started a Financial Trainer Certification Program where you can have the greatest job in the world. We have online courses for you to learn on your own. If you’re looking for financial products like a new credit card or high yield savings account, we have all of our favorites on the BFF Approved Products Page. And finally, if you want one-on-one coaching with a compassionate and empathetic person, our Financial Trainers are here to help you and remember, Martinis and Your Money listeners get 15% off of one-on-one Financial Training at The Gym. We’re here to meet you wherever you are on your financial health journey.