Cuban-born financial guru Julie Stav is a financial planner, broker, bestselling author, and host
of an acclaimed daily call-in radio show Tu Dinero. She has dedicated her career to the education and empowerment of millions of Americans and has authored two New York Times bestsellers, Get Your Share and Fund Your Future. Latina.Com caught up with her at the Latinas in Power Symposium recently where she was kind enough to share some financial know–how! Check out her advice below:
What do you think the major issue facing Latina women is when it comes to handling our finances?
Honestly? We need Balls 101! (laughs) Latinas tend to think that they know less than they really do. Any woman who can feed five kids on a pound of hamburger, can not then turn around and tell me she can’t figure her finances out! All we need is self-confidence and to realize that when we come to this country we need to learn the language of money. That’s a language that you don’t even have to know English to learn. Math is universal and this is coming from a lady who hates numbers. I have a little calculator that does plus, minus, multiplies, and divides for me. That’s really all you need.
So, what first steps would you suggest for a Latina who is paralyzed about money and doesn’t understand it?
First thing to do is to bring it to your consciousness. Realize how much money is going between your fingers. Because it’s not your rent that is killing you, it’s the fact that there are all these little things that eat up your funds. Go back, a month or so and see what you have spent your money on. Also project forward, where do you need it to go? Many times, you are wasting a ton of money on something as simple as ATM machines. You can take small steps to stop this leakage. Maybe you go to the ATM twice a week and each time they charge you $2.50. Go once a month so that you don’t have that expense and look! Take inventory of where you are now and make a short term attainable goal for yourself, so that you get that necessary immediate reinforcement.
What would an example of a good short term goal be?
It has to be specific time related. Instead of ‘I’m going to get out of debt this year,’ try ‘I’m going to eliminate all of the debt I have on the credit card that charges me the most.’ That one card, that’s a perfect goal. Get rid of that card’s balance. Make it attainable. If you owe a thousand, then calculate what you have to save or redirect in order to get there. In my books, I provide all of these tables to help you set your goals so that you can know exactly how much money you need to put aside. Every time you’re going to take money out of your wallet or take our your credit card you have to ask yourself if it is going to help you pay off that one credit card by the end of the year. If it isn’t, then don’t do it. It’s really as simple as that! That goal needs to become your mantra. It’s not something that might happen, but rather something you’re absolutely going to do.
To learn more about Julie Stav, her books or her radio program visit her website at www.juliestav.com
To find out more about the Latinas in Power Symposium and how you can attend visit www.emsbusiness.com