Veronica is a Certified Financial Consultant by the NFEC and founder of Run Your Money. She wants you to be done with the money shaming of the finance bros and learn more grounded financial knowledge than what the money manifesters teach. Veronica has been good with money since she started babysitting at age 11, perhaps thanks to her Sun and Venus in Capricorn? Sheβs been saving and learning to be more strategic with money ever since. She also has a degree in Social and Economic Justice and has a unique perspective on how your finances play out in our larger economic systems. She wants to help you run your money so it stops running you.
How to navigate financial trauma + money dynamics with family during the holidays
β Hi, Reader! I wanted to take a moment to express my sincere wishes for a warm and joyful Thanksgiving (if you're celebrating) filled with family, friends, and my personal favorite: the Macy's Day Parade. π¦ This Thanksgiving, our household is spicing things up with a Turkey-Off. My husband is manning the smoker, infusing our bird with a variety of flavors, while my mother-in-law is making hers in the oven. As the official taste tester, I'm eager to see whose turkey steals the spotlight. π This week's episode on Run Your Money is about an important yet often overlooked topic β financial trauma. If you're seeing family this holiday season, those interactions can bump up against all sorts of money boundaries, stories, and mindsets. Today's episode is about how to navigate that, and Friday's episode is about what working on your money mindset will and will not do for your finances. Make sure you're subscribed to the Run Your Money Show so you don't miss the episodes! Subscribe on Apple or Spotify. Wishing you a Thanksgiving filled with warmth and the delightful aroma of a perfectly roasted turkey. Warmly, Veronica PS - Before you know it, tax season will be here, which means deadlines loom around investment accounts and getting your tax breaks for the year. This is a part of what I do when I work with clients. If you want my help in making sure you're on track for retirement so you can spend money in your life now guilt-free, book me here.β How To Navigate Family Money Dynamics During the Holidays: Financial Trauma, Boundaries, and Self-CareIn this episode of 'Run Your Money,' I invite financial therapist Lindsay Bryan-Podvin onto the show to discuss financial trauma: the intersection of money and mental health. It's the perfect pre-Thanksgiving episode because if you're seeing family this week, money can often be a significant part of conflict, disagreement, or boundary-crossing. In the episode, Lindsay shares what financial trauma is and how to know if some of your "bad" money habits may actually be rooted in trauma. She gives super practical tips to cope, and we wrap the conversation with ideas on how to manage money "stuff" that may come up with family this holiday season. |
Listen on your podcast app:β Submit your question for the Q&A episodes here. Do you need to invest more even if you already have a 401k account? β Very likely! β A straightforward formula to determine if youβre on track for a secure retirement is: β Desired annual income in retirement x 25 = amount needed β (This is based on the 4% rule I discuss here.) β Example: $75k (desired annual income) x 25 = $1.875 million (amount needed in your retirement accounts) β Letβs say now, in your career, you make $80k/year and meet your company match at 5%, meaning you invest a total of $8k/year into your 401k. ($4k from you + $4k from your employer) After 30 years, you would have about $781k. β The 4% rule says in year 1 of retirement, you can pay yourself 4% of what's in your account: β Year 1: $781k x 4% = $31,240 β Hereβs how you determine what you can pay yourself in your ensuing retirement years: β Year 2: $31,240 + inflation = year 2 income Year 3: year 2 income + inflation = year 3 income etc. β If $31,240 sounds okay to you if you have other income, such as a spouse, social security, pension, or inheritance, then great! β But for many, most would need more. In fact, the more you earn, the more you need to save if you hope to keep up your desired lifestyle in retirement. β The truth is, figuring out how much you would have after saving for retirement for 30 years is more complex than my equation above. β (For example, you probably wonβt make the same salary throughout your career.) β But, again, even if you get a raise, make 100k, and still contribute 5% with a match ($10k/year contribution), youβll still have the same problem. β Youβre used to living off more money, which means you must contribute a higher percentage of your income if you want to maintain a similar lifestyle in retirement. β All that to say is, do the math, but most people will need at least to meet your company match, max a Roth, and then work on maxing your 401k, too. And possibly more. β (BTW - This is one of the major things I help my clients do! See below to learn more. β¬οΈ) β Work with me 1:1- β Run Your Money Roadmap: β In the RYM Roadmap, you'll have six weeks with me to makeover your finances, top to bottom. β If you're finally making money (or have been), but haven't figured out how to optimize and grow your money, I'm your gal. β We'll have five 45-minute sessions over six weeks, roughly following this flow: β Session 1: We will discuss your money goals and explore ways to improve your mindset towards money. β Session 2: We will review your expenses, identify areas of wasteful spending, optimize your spending, and find ways to allocate more money toward the things that bring you joy. We will also assess your bank accounts and credit cards. β Session 3: Create your savings plan. Set up your HYSA sub-savings accounts and determine how much to keep in cash vs invest. β Session 4: Start or optimize your investment plan. Review investment projections to make decisions about how much to put in and the kind of investment accounts to have β Session 5: You'll walk away with your Run Your Money Roadmap. You'll know exactly where to spend your money and build your wealth while also enjoying life now... guilt and stress-free! β βLearn more and book here.β β βIf you'd like to book just a single session, you can do that here.β β β π§ Money Mind Balance: I have to give an extra shoutout to my guest on the Run Your Money Show this week! I find many in the "money mindset" space do not have the proper tools to talk about money and trauma or how money impacts other mental health issues. Lindsay has a kind and gentle approach to how money affects your mind, not to mention some excellent money advice! Follow her here.β β π Student Loan Planner: If you have student loans, you know that repayment is not as simple or straightforward as paying off your mortgage. Millions of borrowers are elligible for lower payments, one-time adjustments, and forgiveness, but may not realize. Enter Student Loan Planner. β They understand the rules front and back. Plus, if you book a consultation through my link, you'll get a mini-money coaching session with me at no extra cost. β βCheck them out here.β β See you next week! β -Veronica β Did someone forward you this newsletter?
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βHi! I'm Veronica
Veronica is a Certified Financial Consultant by the NFEC and founder of Run Your Money. She wants you to be done with the money shaming of the finance bros and learn more grounded financial knowledge than what the money manifesters teach. Veronica has been good with money since she started babysitting at age 11, perhaps thanks to her Sun and Venus in Capricorn? Sheβs been saving and learning to be more strategic with money ever since. She also has a degree in Social and Economic Justice and has a unique perspective on how your finances play out in our larger economic systems. She wants to help you run your money so it stops running you.
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