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Many Americans are not in a position to handle a financial emergency of $500. That means that they don’t have enough money to pay an unexpected medical visit, car repair, flight home, computer purchase/repair, deposit for an apartment, etc. It’s a scary reality to be living. My relationship with money comes from what I observed and experienced with my parents. My parents are very frugal, always saving for a rainy day and their ultimate goals of retirement and sending their three kids to college (both of which they achieved!). My dad worked full-time and my mom ran a small business. I’m grateful my parents passed on their financial knowledge to me so that I could make informed decisions about my spending and saving. As the daughter of immigrants, as I evolved and grew in my career, I didn’t have a great source of information regarding salary negotiations, benefits, various retirement plans or equity. I also carried over a sense of gratitude for even being hired and would tell myself, “Just be happy you have a job. You shouldn’t push your luck asking for more.” I learned to undo that thinking by feeling proud and confident in my abilities and the values and expertise I bring to a company/industry. I surrounded myself with people who would push me to ask for more, gave me advice on how to do it successfully and held me accountable. I also asked others (peers, former colleagues, etc) how much money they were making to understand the market and how to position my skill set. I’m still growing and polishing my relationship with money. I’d love to know, what resources do you use for financial planning? Join the conversation!
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