More Money Podcast - 241 How to Write Your Own Money Story - Tara Falcone, CFP, CFA, Founder of ReisUP

Episode Date: May 20, 2020

Money influences us all in different ways. Our childhoods and backgrounds specifically have a big impact on how we think, feel and manage money later in life. But ultimately, money is just a tool. It���s up to us to decide how to use it to write our own money story. And my guest Tara Falcone knows this all too well. As she shares in this episode, she grew up in a low-income household in which money was scarce, compelling her to start working and earning money at a young age. Realizing that she didn’t want money to have such a tight hold on her adult life, she worked hard in school to get accepted to Yale and enter a career as an investment analyst in New York City. After 4 years in the industry, she left to dedicate her time and knowledge to a larger audience by starting her financial literacy company ReisUP. She also got her Certified Financial Planner™ designation and became a Certified Financial Analyst® charterholder. Now, she offers financial literacy programming to universities to help educate students, as well as her own audience of followers. But the most inspiring thing about Tara’s story is how she chose to use money as a tool of empowerment. Money used to restrict her family growing up, but she didn’t want that for when she eventually starts a family. That’s why she named her company ReisUP, to encourage others to rise up and take control of their financial future like she did. For full episode show notes, visit https://jessicamoorhouse.com/241 Learn more about your ad choices. Visit megaphone.fm/adchoices

Hello, hello, hello, and welcome back to the BOMANY Podcast. This is episode 241. I'm your host, Jess Florehouse, and I've got an amazing episode for you today. I've been thinking, planning in my mind to have this guest on my show for, well, a while, several years since I met her, and I just never got her on the show. And I'm like, what are we doing here? What are we doing here, Jessica? So I got my act together, and I just never got her on the show. And I'm like, what are we doing here? What are we doing here, Jessica? So I got my act together and I asked her to be on the show and she was on the show and she was amazing. And you're going to love this episode. So I have the wonderful Tara Falcone on the show. I met her a few years ago, maybe two or three years ago now. Time seems to be flying by faster than I would like it, but that's just life. And when I met her, I guess it was originally at FinCon in San Diego,

which I can't remember the year yet, but let's say three years ago. And then we got to know each other better when we both attended this kind of small retreat called Statement, which is now a bigger event. It's partly organized by Stephanie O'Connor, who's also been on the show. And I thought Tara was amazing. She's like the smartest gal I know, I would have to say. The hardest working as well. And she's one of those people where once you listen to her story in this show, it will make you want to get off of your seat and get to work and do something to chase your dreams. She's just so inspiring. Not only that, she knows her stuff. She knows her stuff when it comes to money. She is a certified financial planner professional. She's a CFA charter holder and also the founder of her own financial literacy company called Rise Up. That's R-E-I-S Up. And she went to Yale. She went to Yale. And she is just amazing. She worked as a

hedge fund manager for a number of years and then she started her own company. We get into everything and she shares just some of her really insightful advice, especially for young people because her whole company is focused on basically improving the financial literacy of students and young people and also teaching it in a way that real people understand. So you're going to love this episode. I know you are. Just want to share a few words about this episode's sponsor before I get to that interview with Tara. This episode of the Momany podcast is supported by Bumble. Just because we're all staying safe and staying home right now doesn't mean you can't be social. With over 70 million users, Bumble connects people in 150 countries to find new relationships, friendships, and even

professionally network. Developed as a women-first social networking platform in 2014, Bumble's focus is to be a platform that promotes kindness, respect, and equality, and most of all, to help you meet new people. Not only that, it's the first of its kind app that has women make the first move to level the playing field and change the dynamics of dating. The best part? Bumble is absolutely free. So go ahead. What do you have to lose? Download Bumble for free today in the App Store and Google Play or visit Bumble.com to learn more. Once again, that's Bumble.com or download the app through the App Store or Google Play or visit Bumble.com to learn more. Once again, that's Bumble.com or download the app through the App Store or Google Play. Welcome Tara to the Mo Money Podcast.

Thank you so much for having me. I've been waiting to be on and I'm very excited to be here. I've been very, I wanted to have you on the show ever since we kind of got to know each other a little bit better at Statement, which was like, what was two years ago? And so I just never reached out. And now I'm like, we should have you on the show. Yeah. And I'm excited to be here. Thanks. Yeah. You're welcome. You've actually done so much since then. I mean, I'm so excited to share your story because it's literally, I'm just like, she's the smartest genius girl. Stop. Stop. I just, no, I just, I just outwork a lot of people. That's it.

Well, I mean, yeah, still. But yeah, since, okay, let's actually go back. Because I'm like, since we last really saw each other in person, you were getting ready to get another, the CFA designation. And now you have that. How, I kind of want, I'm just curious, like, how was that? Because I remember you were going to, you were taking some like training courses to prepare for those exams and you did it in a very short amount of time. And I guess it all worked out and you got the designation and you did okay

in those exams. I did. Yeah. For the audience, you can't see this, but I was just rolling my eyes because it was such a process. Yeah. So the last time we saw each other, I believe was like early May of 2018. And the reason I know that was because I had to leave the event early to go to this like bootcamp in New York City where we were basically going through the entire curriculum for the level three exam in a matter of four days. And for anybody that doesn't know, the CFA designation or the CFA charter is kind of considered one of the most prestigious financial designations that you can have, in large part because it's incredibly difficult to get. There are three levels that you have to pass, and you have to pass each one consecutively. If you fail one level, you have to retake that before you can go to the next. And the content is just incredibly technical and difficult. Level one is, if you are familiar with financial stuff, is pretty decent. It's okay. I

knocked that one out of the park because of my background. But then levels two and level three, no joke, basically skated by the skin of my teeth kind of thing. But I got done and I am now officially a CFA charter holder in addition to a CFP professional or certified financial planner. And I am not taking any more tests. I'm done. Yeah. I'm like, what else is like, is there other things? Like those are the kind of two big ones. Yeah. You can kind of niche down into like being really focused on retirement or really like focused on insurance or life insurance or, you know, a whole host of things. But like I got what I intent, like set out to get, I did it in what's considered record time.

And I am still exhausted even though I did it in what's considered record time and I am still exhausted even though I did it like two years ago so I'm not doing any more I'm like so done yeah I hear you I feel like also as we get older I'm like like I love the idea of learning but school is so tiring exams and studies so much work do you want to kind of actually explain if anyone's listening and they're like what the hell is a CFA it's a chartered financialed financial analyst. What is that? What does that mean? Yeah. So I'd love to explain the difference between the chartered financial analyst CFA and then the CFP or certified financial planner. Because especially if you're looking for an advisor, these are two that might come up for you. And it's important to know what each of those people or people with those credentials can do for

you. So the certified financial Financial Planner or CFP Pro is essentially somebody who can handle all aspects of financial planning in your life. So anything from basic budgeting to debt pay down to investing, retirement planning, estate planning, tax planning. They're really going to help look at your entire financial picture and create kind of an optimized plan or a few options for you to choose from to then take a path forward. Whereas I would say the CFA or somebody with a CFA charter is kind of more adept to do kind of more technical investing. So kind of beyond like retirement planning, beyond your average brokerage account for somebody that maybe has like, you know, high net worth or a very large amount of assets or

some illiquid assets. So maybe they are, you know, in the C-suite of a publicly traded company. They've got a lot of stock in the company, but they can't sell it or trade it. So, you know, a CFA charterholder, like part of the curriculum is learning how to monetize that and use different financial instruments to kind of make that a more liquid asset, even though you're not allowed to trade it. So depending on what you're looking for, if you just want kind of basic financial planning, a CFP pro is perfect for you. But if you're looking for some more technical things, or you have a unique situation, then somebody with a CFA charter, maybe maybe better for you. And why did you want to get both? Because the CFP in and of itself is a very tough

designation to get. There's a lot of work. Believe me, I looked into it. I'm like, I don't know if it's for me. I don't know if I can do it. It's not for everybody. I will say the CFP is not for everybody and the CFA charter is for even less. So there is one main reason that I wanted to have both. And so I come from a hedge fund background, professionally, not personally, which we can get into. But I come from the hedge fund background. That's where I started my finance career. And so I have this kind of more technical investing background. But I really wanted to learn how to serve people kind of in a more holistic fashion. And so what I want to eventually create, which I'm sort of working on now, is how to provide something, a service to kind of everyday small novice investors that will help them make

better stock decisions. So like help them buy stocks and be more successful at it. But I need, in order to do that, I need to kind of have a larger frame of reference for like, well, how does that fit, that piece, right, fit into somebody's larger financial picture, because not everybody's just ready to start investing in individual stocks, regardless of what certain apps tell you. That's not the case. But I really wanted to understand, you know, what is it that people what foundation do people need in place first, so that I can then provide this other service to them

and have it be something that provides additional benefit and value add to their financial life rather than putting them even more at risk than they might be if it didn't exist. Yeah. Wow. Yeah. I feel like because when you were talking about doing the CFA and you were talking about the reasons you wanted to when we know, when we're at that retreat, it made a lot of sense because you were also, you have, well, since then you've launched Lit, which was one of your kind of projects. And of course you probably have more projects down that, you know, that you want to kind of launch in the future. You have lots of things on the go. Do you want to, but first I feel like it's really important for people to know where your, your background, not hedge fund, professionally, not personally.

Do you want to kind of share your background and maybe how that kind of had a lot to do with why you really want to work in finance? Yeah, I'd love to. I love sharing this story because I think it's really eye-opening for a lot of people. And I think it gives kind of an idea of just how powerful of a transformation, understanding finance, whether it's kind of simple personal finance stuff or more technical investing, just how powerful that can be for your personal, professional, emotional life. So to go way, way back, I grew up in a blue collar, low income family in Michigan, in a really small town, like 8,000 people. My dad passed away when I was 13. He was very sick. And he was the breadwinner

in the family. And so it kind of left my stepmom and I in this precarious financial position. There was no life insurance. There was no disability insurance. You know, my dad was like 36, right? Nobody thinks they're going to pass away that young. And, you know, by the time that he got ill enough, it wasn't possible to get the types of insurance, you know, policies that he would have needed to support us in his passing. So I was 13. My stepmom was 30. And, you know, That sounds so young. Oh my gosh. I know, for all of us, right? And it's crazy thinking back that that actually really happened, but it did.

And so, you know, my stepmom's just trying to pick up the pieces. She's going back to school, working two jobs. I started working at 14, which is the minimum legal age for working in Michigan. And, you know, we were just doing our best to like keep a roof over our head and, you know, the lights on and, and we were, you know, trading $20 bills back and forth every few days. Like, I need gas to get to work. I need this. I need that. And, you know, I just channeled kind of all of that like negative grief and energy into my schoolwork because that was something that I had control of, or at least I felt I did. And it was something that I excelled in and that people would praise me for doing well. And so, you know, in that kind of dark personal time, that was somewhere that I could shine. And I ended up graduating as valedictorian in my class. And I got accepted to Yale as a

need-based financial aid basis. And so these schools have these tremendous financial aid programs for students whose families kind of make under a certain amount. And it's actually a very generous amount. And so basically, I was offered financial aid that blew any state school out of the water that I had applied to and had been accepted to. And I went there with the plan of becoming a doctor. I was kind of on this like hell bent path to avenge my father's death. Basically, I like I wanted to be a better doctor than he had had. And so I did all the pre-med requirements. I was actually majoring in Spanish at the time because I wanted to stand out in the medical school application process.

And I got to the end of my senior year. It was February of 2011. And I had this dream basically where it sounds so hokey, but I promise you it's real. My dad basically came to me and was like, I don't want you to live your life for me anymore. I want you to figure out what you're passionate about and how you can help people and what you want to do. And so I woke up that next morning and I was like, well, I guess I'm not going to medical school. I had been really struggling with how I would possibly afford it, how I could possibly afford even applying to medical school because that's very expensive. And so I was just looking for a sign. And that dream was really the sign that I needed that like, well, this isn't your path anymore. And so I was like, well, what do I do now? And I was sick of being broke. I was sick

of being intimidated by money. And my then boyfriend, now husband, and a bunch of other friends had done internships on Wall Street, like their junior summer. That was something that like you were, it seemed like you were like supposed to do coming out of an Ivy League school is like go into finance. But I didn't know any, I didn't know anything about it. I just knew that there was this whole world and industry that existed that I had never been invited to be a part of. And so I just started throwing my like resume and cover letters out to like anything that said finance on like students job portal i had no idea what any of them meant i was like having these phone interviews with like fixed income firms having no idea what fixed income was fyi it means

bonds for anybody that's asking um had no clue and um it turned out that like somebody that i had lived with their brother at the time was looking for a junior analyst, didn't care what their background was. They were just like, we just need somebody that's smart and hungry and wants to learn what we do. And so she told me about it. And she was like, yeah, you should apply. Give it a shot. I won't say anything. I don't want to influence their decision or whatever.

But you should definitely apply. So I did. I had a great conversation with them. And they invited me for an in-person interview in New York City. And I was on the train from New Haven into New York City, Googling, what is a hedge fund? On my way to this interview with a hedge fund, because I didn't know. And I still didn't know. The Google definition is very vague. And interestingly enough, I was just like really honest in that interview. I was just like, listen, I don't know what you guys do, but I know that I need to learn

it in order for me to rewrite my personal money story. Like the change has to start here. It has to happen with me. Otherwise, I'm just destined to live this like paycheck to paycheck lifestyle like I grew up in and I don't want that. And they loved that answer. They're just like, Oh yeah, I love that answer. I'd hire you. That's great. Yeah. So tips, if you're interviewing for anything, let them know that this is a pivot moment for you

in your personal life and that you need to know this information. And they hired me on the spot. And it's interesting because that it was April 8th of 2011. And that would have been my dad's 45th birthday. I got chills. Yeah, I know. These things just keep happening. I know. Yeah. So it just that was like another sign like, OK, you're on you're on your way like this is where you're supposed to be. And I remember sitting like on a bench right outside Central Park because the office was really close to Central Park and calling my mom and just being like, I can't believe what just happened. I have a job offer from an investment firm in New York City and I know nothing about what the work. And it was nothing that I had ever had exposure to before. And it made me really sad that it was something that, you know, I didn't know existed before. Because if I had, I probably would have taken more finance classes. I would have gotten more interested in like the investing clubs. And I would have put myself out there in

that industry. But, you know, when you're not exposed to something, it's not your fault. But, you know, you just don't know any better. So that's how it all started. Wow. That's incredible. That's incredible. So how long did you work there for? um, decided to leave. And the reason for that, we're kind of personal and professional. My husband started working on wall street right after college too. He was in investment banking, which is a very different side of finance. Um, and he hated it, which like most, a lot of people do. It's, it's, it's kind of like the place where they put you through the ringer on wall street. And so he, um, he decided to leave and he had always wanted to serve like his country. So he joined the military. He became an officer in the Navy and we had gotten engaged.

And so it was kind of like, okay, am I going to do this long distance while he gets restationed in Japan? Or am I going to go there with him? How is this going to work? And at the time I was kind of feeling really conflicted with, you know, basically my, I had like two feet or one foot in each world. I had this like foot every day in this white collar, high net worth, like fast paced finance world. And then I would leave the office and I would have, you know, the foot in my kind of blue collar, low income world and have like voicemails

and texts from family members being like, Hey, I need help with my 401k or like, I don't understand my student loans. Can you give me a call? And so I just realized like there has to be some other way for me to use this knowledge that I've now acquired to serve a larger audience and to help people like my friends and family kind of get a leg up or to kind of level the playing field. So I decided to leave and give it a shot and haven't looked back since. Yeah. And so you lived in Japan for a while. I did. Yes. And I'm ashamed to say I don't speak nearly as much Japanese as I wish I did. I mean, it's a tough language just to learn in a few years, I'd say. But I was doing pretty good. But when you're stuck on a Navy base and your husband is deployed like 85% of the time and you're building a business, you're like inside in your apartment all day.

You just don't get that many opportunities to do it. So I did, yeah, I lived in Japan 2015 to 2017. And I think, did we meet at FinCon 2016? I think so, possibly. I think so too, in San Diego. Yeah, yeah, I was there. Yeah, yeah, yeah. I think that was actually the first time we met.

So I flew back from Japan to go to that conference because I was like, Oh, what is this? Like, I'm so interested and then realized that there was a whole bunch of people trying to do this kind of stuff too. Um, yeah. And so Japan was really interesting. Uh, it's a beautiful country. It's an amazing place. I would love to go back like as a tourist or to show other people around. Um, but as a military spouse, it was really difficult. The deployment schedule was very fast paced. He would be gone for three months and then come home for a week and then leave again. And it was just kind of very fly by the seat of your pants, doing the best we all could. Sounds kind of isolating too. I don't know what the community is like there, but it sounds sort of lonely. Yeah, it was. I mean, I think it's interesting because the military spouse community, I love them.

We all are doing the best that we can in a lot of cases just to sort of support the service member and especially with being moved around very frequently and not having much say with where we live. A lot of times it can be really difficult. But I think in my case, I felt a bit ostracized, I think, from that community because I was charging really hard to create something and to continue progressing professionally. So I was studying for the CFP exam. I was studying for the CFA exams. I was trying to build this business. And so inevitably, I just didn't end up having a lot of time to make friends.

And anytime I would get invited, of course, I already had plans like business plans or study plans. And so, you know, eventually just stopped getting invited to things. And so it was a little lonely. And, you know, I mean, where I come from, like my family members don't have passports. So even if I would have paid for like the flights or something, they couldn't have come visit. And so, yeah, it was very isolating. It's an interesting chapter to kind of look back on and realize that on the, yeah, it was very isolating. It's an interesting chapter to kind of look back on and realize that on the one hand, it was an incredible experience that we were given to live abroad for two years and to experience that culture. But it was definitely a very, very challenging time personally. Yeah. That sounds, not that this is anything to compare

with your situation, but I felt sort of the same of me moving. And this is really not to compare moving from Vancouver to Toronto. No, I mean, that's like opposite sides of Canada. Yeah. I mean, cause it was, you know, we still, you know, moved to a place where we didn't know anybody and starting fresh and, and also at the same time, trying to kind of build your business. I wasn't doing like quite what you were doing, but I was still trying to figure out what am I doing with my career? It's difficult. And it is like one of those times you look back, you're like, wow, that was rough. But then you can also look forward or to the present time.

You're like, I am glad I did hustle and work so hard and put that time in and make those choices. Because now what you're doing, like you were able to do the CFP, you have the CFA and you were able to build a business and you're very young and you did all of that in a short amount of time, really. Even though my knees make me feel like I'm getting much older every day. I still like 30 is not that old. So. No, it's not. Especially someone who's getting older. I'm like, oh my gosh, June is around the corner. I'm about to turn 34. Are you a June baby too? I am. Yeah. Oh, me too. Yeah. I know. But it's like, oh, I'm just going to be at home. I don't like thinking about my birthday

because I already don't like my birthday. But now I'm like, June, we're going to be stuck inside. We can throw you a virtual party. It'll be fun. Oh yeah. That'd be fun. That'd be fun. But yeah, no. So tell me a little bit about the business that you created. Because I feel fun. But yeah, no. So tell me a little bit about the business that you created because I feel like it has shifted a lot. Like did it start with you want to kind of just be a financial planner, have a financial planning business, and now it's kind of taken a shift to focus more on helping young people and students? Yeah. So actually I never wanted to do financial planning in like the traditional sense. I don't know why. Like I was studying for these exams

that that's what it sort of prepares you to do. But I really just wanted the knowledge because especially coming from being a Spanish major in pre-med, then going into finance and not really having any real academic... Oh, yeah. And also, you know Spanish fluently on your YouTube channel. Professionally fluently. I know, but it's like, also, you know Spanish. Just throwing that in there. It's a fun party trick because, again, your audience can't see this, but it's like also, you know, Spanish, just throwing that in there. It's a fun party trick because again, your audience can't see this, but like I'm very blonde and very pale. And so me speaking like really professional Spanish throws people off

so much. And it's really fun. I remember when I saw your YouTube, I'm like, oh my God, this is Spanish. Yeah. I'm a woman of many talents. I love it. I love it. Okay, sorry. Continue. So what I originally started Rise Up to be was actually more so just like an investing education company. And that came from, I always forget if it was like Tony Robbins or Marie Forleo, but it was one of those people. And they basically said, if you can't figure out what you want to do with your life, ask people, like 10 people closest to you, say, hey, regardless of my educational

background, regardless of my professional background, what could you see me doing? Right. What do you think I'm good at? And so I did that exercise and almost every single person said, you're a phenomenal teacher. You're very good at explaining complex topics in kind of layman's terms. And here's the important part, without making me feel like an idiot, right? Without being condescending. And that's a very hard thing to do. Especially when you're super close to the material, you can get really technical and like, you can kind of seem like a bit of a know-it-all. But it's really difficult to switch gears and kind of put yourself in their shoes and explain things to them in a language that they understand. And so I asked myself, I was like, well, what do I know a lot about that I could help other people with? And it was investing.

I was like, well, I had learned kind of how to do this. Maybe I could teach other people to do it too. So those videos that you're talking about, especially the ones in Spanish, were me just kind of playing around learning how to do video in my military base apartment in Japan, which shocks a lot of people because the background does not look like a cinder block. So that's good. I did okay with that. But yeah, I was just like talking about like investing, how stocks works, you know, why the prices go up and down, you know, how to start planning for retirement, like how 401ks work and mutual funds and index funds. So I started doing that. And then I didn't really know where I was taking

that. I was just kind of playing around. I had free time. I didn't need to be earning an income. My husband's income supported us then. And so it was like, just sort of like, you know, dipping my toes in the waters and trying to feel my way forward. And then I went back to my fifth year reunion at Yale in 2016. And there was a, on like a Saturday afternoon, they were doing like a financial literacy session for the alumni that were there. And I wanted, like, I tried to get all my friends to go, but they were playing can jam in the courtyard. And I like could, could care less about like financial planning on a Saturday afternoon. But I was really curious. I was like, wait, what are, what is Yale teaching students and alumni about money now that they weren't five

years ago? Because nobody was offering these types of sessions when I was on campus and I really could have benefited from them. I kind of lovingly joked to my family, like they taught me what not to do with money, but nobody was teaching what to do with money. So I went to the session and I introduced myself to the presenter afterwards. And he was an alum that graduated like 10 years before me. And turns out he and another alum had been doing these like what they call money Monday sessions on Monday night on campus, like various spots around the campus. And I flew back from Japan like a few months later to attend one of those. And I was really impressed, but I could see like on the students' faces, like they were drinking through a fire hose, right? In 90 minutes, they're covering everything from like budgeting to social security, retirement IRAs, Roth IRAs. And you could just tell students were like really hungry for that information, but also like

completely exhausted by everything that was just thrown at them. And so I kind of asked, I was like, well, you know, for students that are here and want to learn more or for the students that can't come to these sessions because they've got a paper to write or lacrosse practice or whatever, is there like some online place for them to go to like learn more? And they said no. And they were like, we've looked for a program, but there's really nothing that we feel is, you know, what we're looking for. And so I, you know, kind of kept in contact with them. I did a bunch of market research, as any good investment analyst would, and realized that there was a void one's about Roth IRAs, but rather like leading students through this like very systematic sequence to learn how money works and how they can implement these systems in their life. And so that's where the program that I now have, which is called Lit, really started from. And I, when we got back from

Japan at the end of 2017, scripted 75 videos in the span of about a month and a half. Oh, my God. Yeah. So, like, I basically, I went underground for a while, pretty much. So, like, that's why, like, our interactions have been intermittent is because I just, like, hide for months at a time. And then, like, I come up for air. Oh, no, I do the same thing. Yeah, I think any, I think a lot of creators and entrepreneurs do that.

But, yeah, I basically went underground and, like, scripted all these videos. I filmed them all in a week So 75 videos in a week It was like 12 hours a day every day. It was a lot my I had like my ring light permanently like Like tattooed in my retinas um, and so, uh did that was editing all of them and then started pitching them to different pitching the program to different colleges. And, um, so we launched like at the kind of fall of 2018 at Yale and a few other colleges around the country. And then we grew a bit last year and now we're kind of moving into the next phase for, for this next school year, which like, we don't quite know what it's going to look like yet, but it's an online program. So it can be.

I know. I'm like, actually, this is great. Yeah. There's a lot of value in doing this online. Yeah. Oh my gosh. Yeah. I remember you talking about, I think, yeah, it was before you would actually launch, but you're like, oh, you know, I'm in talks with a bunch of you and now you're doing it.

And I follow you on Instagram. You're always like, oh, announcing a new university. That's part of it. Like, yay. That's so exciting. Wow. That is so, that's so exciting. Wow. That is so, so, so amazing. I think you're going to do so well. Because again, like I hear all day long,

and hopefully you'll come to Canada. Why not? I don't know. There's nothing I know at universities in Canada. I have friends in Toronto. So I should come visit you and them. Come visit. Yeah. Well, and universities. Yeah. Yeah. And there's a ton of universities, especially just like, just even in Ontario itself, or even in the Toronto area. But yeah, Yeah. And there's a ton of universities, especially just like just even in Ontario itself or even in the Toronto area. But yeah, I mean, there's such a huge need. And for me, it's funny because I feel like you're catching the students like really at such a good smart time is when they should be learning this before they launch out into the real world and make all these mistakes. I'm at the end where I'm catching all these millennials. They just hit 30 and they're panicking because they're like, I never learned this. I'm like,

okay, it's not too late. Yeah. I mean, I'm trying to be a little kind of more proactive than like reactive. Right. And it's interesting because in the States, at least, you know, there, there's so many, there's so many States, um, that are trying to push for financial literacy to be taught in like high school or middle school. And I always get asked, like, are you expanding this to high school? And my answer is a pretty strong no. And that's because when you're in high school, or most people, like I was in a unique financial situation where I was like basically financially independent in high school, minus like my the mortgage, right, that was being covered by something else. But most high schoolers are still kind of, you know, their financial lives are still run by something else. But most high schoolers, their financial lives are

still run by their parents. Teaching them this information, or teaching anyone this information, doesn't really land or resonate or really sink in until they actually have to do something with it. So of course, it would be wonderful if somebody's teaching students about student loans and debt and things like that in high school before they actually sign, you know, those loan commitments. But otherwise, you know, things like investing and insurance and taxes, like don't really come up until you're in college. And so I think that college is the right time to be teaching the majority of this information. And I have found that the students seem to be very receptive to it because, you know, they're encountering these things for the first time.

And it's interesting to see kind of what years of college students kind of resonate most with which modules. So lit starts with money mindset, which is all about like behavioral finance and, you know, why we think and feel the way about money that we do and where those things come from. A lot of times it's from our childhood and, you know, how we can really like define what we want with money and then move into the other modules, which teach you how to get it, right? So then it moves into like budgeting and then into credit and loans and then taxes, insurance, investing, and retirement. And so for the most part, the like first years and sophomores are kind of super engaged and like really interested in the first few modules. And then like the juniors and seniors are, you know, they're starting to look at job

offers, right? And so they're really interested in like health insurance. Like, how do I know if what's being offered to me is good? Or like the 401k or IRA or retirement plans, like, how do I know if this is like good what the company's offering me or not? So they're really interested in those topics. And it makes sense, right? Because like we all encounter financial things kind of in a pretty like universal order, I would say, right? Like budgeting is kind of first because you've got

like an allowance or something or some cash flow. And then all of a sudden you start to layer on these like obligations and responsibilities. And so that's like the systematic order that I built Lit to Cover. Yeah, that makes a lot of sense. And yeah, I feel like I probably wouldn't have been interested in finance in high school, even though I was earning money. I was more like, listen, this money is already earmarked for tuition and this and that. I don't care about insurance or anything specific. But once you're in university, it becomes a lot more complex. And I think I was in a unique situation in that I mainly encountered finance because I was in film school and we had to self-fund our projects. Whereas no other,

there was no, unless you were like in the arts or whatever in general, you know, no one really encountered that. But for me, I'm like, I had to make a film budget. I'd be like, how am I going to make this film? And it's like, oh, budget. I never really encountered that before. But yeah, so I feel like it's amazing that that's what you're doing. Especially too, it's cool to see because I feel like some people will be like, oh, don't students have too much on their plate already? I'm like, no. I think if you especially package it in a specific way, and especially like you're younger, you're relatable, you're not someone older in a suit that they can't relate to. I don't think I would have really been receptive

to someone in their 60s telling me about mortgages and retirement. I'm Like, I don't think I would have really been receptive to someone in their 60s telling me about mortgages and retirement. I'm like, I don't think we're really on the same page here. I'm, you know, this is my kind of life. So you can kind of be like, it wasn't that long ago that I was in your shoes and this is what I wish I knew when I was your age and now I can teach you that.

Like, that is very relatable. Yeah, exactly. And I tell my personal financial story, a lot of which we've covered here, throughout all of those lessons. So, you know, it's not just like of those lessons. So it's not just like, you need to do this. But it's like, you need to do this because this is what happened to me. And this is what could happen to you. And I think that just resonates a lot more, especially because I was a first-generation college student and I was low-income. And I just get notes from the other FGLI students

saying, thank you. Like I, you know, your story and like all these little anecdotes that you shared really hit home for me. And I'm so thankful that you've like, you know, you've been willing to share this with all of us because it's just, it's so much more impactful for them. And it makes them, it like really inspires them and motivates them to actually do something with the information because it's conversational, not just educational. Now, is the curriculum or the program that you've created, is it available for just the universities that you've partnered with?

Or can anyone who's interested, who's like listening, join up? Yeah. So Lit specifically is only available to colleges and universities because of the way that we make it available to their students. So there's no way to like purchase access to Lit unless you're a university. However, I do have courses online. One is called Money, and that basically covers all of the same topics that we've just talked about that are in Lit, but it's available to an individual. And then some people were telling me, well, Tara, like I'm good with budgeting and like taxes and insurance. I just really need help with investing in retirement.

I just have no idea how to fill out my enrollment form. And so I kind of parceled off the investing and retirement modules into a separate course called Wealth. So if that's all that you need help with, you can go to the Wealth course. Whereas if you want all of that that's in Wealth plus a lot more, you would buy the money course. There we go. That's awesome. There you go. That's awesome. That's awesome. Before I let you go, because I feel like you probably have this really unique perspective in what just student life and just money management from their perspective. What are some of the key things that you teach university students, college students that I think probably anyone could probably get a lot

out of? What are some things that you're like, I want to make sure you know this before you get it out into the real world? I think a lot of it is actually kind of more qualitative than quantitative. So one of the things I really try to drive home with them is that they need to figure out what their goals are. And the sooner that they do that, the more, like the easier it's going to be for them to actually implement a budget or to create an investing account, because there's going to be some type of like reason behind those actions. And so that's really where I tell people to start is to figure out, you know, what are your goals? You know, the whole SMART acronym, right? Make them specific and measurable and attainable and

relevant and timely. But then I tell them to take it a step further, which is to put it under what I like to call sole goal umbrellas. So not just like that you have a goal, like, right, the example that I use is that one of my SMART goals is to have a beautiful white Spanish colonial house in Southern California with a tile staircase one day, right? Like that's a goal that I have. I just love it. I studied abroad in Spain. I speak Spanish. Like it just totally fits me. But why do I want that, right? It's not just that what it is, it's why. And for me, because of my family history, I am craving a close-knit, big family that all comes together and a place where we can build memories and share this time and these experiences. And so for me, it's about so much more than just the house. The house is

just where all that's going to happen. But that's when I envisioned that part of my life, which is coming soon in the next few years or so, hopefully, or my husband wishes it was yesterday. But that's another story. But for me, that's where all of that stuff is going to take place. That's the thing that houses all of it, literally. And so I try to get them to take things a step further because the more that you know yourself, right, and you kind of push aside all the things that are going on on social media and what these like huge marketing budgets tell you you should want and tell you you should buy, the sooner you're able to do that and really figure

out what you want out of life and what you value, the better off you're going to be. And so I tell them to start there. And then I would say I really hit hard on like the investing and retirement stuff. Because as we all know, right, the power of compound interest, the sooner you start, the less work you have to do. If you want to get to a $2 million retirement portfolio by the time that you want to retire, if you start at 20 or 22, you have to contribute less every year to get there than somebody who waits to start until they're 30. And that's just simple math. And so I tell them just start as early as possible, even if it's just a tiny bit. Educate yourself. Put money to work. That way, you eventually don't have to work for your money. And also, don't be intimidated by investing. I think part of the reason why, even though I probably started investing sooner than I actually expected to, I wasn't doing it right. That's for sure. And I didn't understand what I was doing. I found investing so intimidating, but luckily now I feel like there's so many more great resources,

more online courses where you can teach yourself. Like 10 years ago, there was nothing. There was no online course on how to invest that anyone could just buy. No, didn't exist. You had to do like a degree in finance and which I was not going to, as someone who did a fine arts degree, I'm like not interested. So that's, you know, that's the exciting thing is it's never been easier to actually learn this stuff and it's possible. Yeah, it's so possible. And I, one of the other kind of like warnings that I give to students, especially, um, and that I give to anybody really that I'm talking to who's interested in investing, is to be careful about just diving into it blindly. Because luckily, right, with advances in technology and financial technology specifically, now the barriers to entry to make

trades, right, to trade individual stocks, for example, or even things like cryptocurrency are non-existent. You can literally create an account in seconds and you're good to go. But I caution people because to me, without understanding really what it is that you're doing, even the difference of what type of order you're placing or what margin is, it's like handing the keys of a Ferrari to a 12-year-old. I funnily saw this thing where a five-year-old, right? Like, I funnily saw this like thing where a five-year-old was recently driving down like a California highway because he wanted to go buy a Lamborghini and his mom wouldn't buy him one. But yeah, like that's really what it is, is that you can end up in a wreck

financially if you don't know what you're doing. And so even though I think financial technology has come an incredibly long way with making things much more accessible. Like everything, like retirement plans, for example, education just simply hasn't caught up or hasn't kept pace. And so, yes, it's wonderful that we can all do this. And, you know, the apps, certain apps have like 10 million users and half of them are first time investors. Like, that's fantastic. But like, how successful are those people really being? How much money have they lost? How much money have they lost blindly? And how did they react during the, you know, big dip in the market recently? Did they freak out? Did they do something they shouldn't have done? Yeah. Or did they know what they should be doing?

Were they putting more money to work? Were they dollar cost averaging and taking advantage of low prices? You know, so that's, that's one of the big things. It's like, always educate yourself, you know, the kind of bare minimum. I think Amanda Holden was on your podcast recently and she was like, there's like a, there's like a package of what you should know about investing, right? You don't have to know everything. Even me with all my credentials, I don't know everything. But there is kind of like a certain amount that you should know. And then you can start, you know, easing into it. So you don't have to know everything. And sometimes it's better to just act, but like, be aware of how much money you're putting at risk before you actually place those

trades. It's very important. Absolutely. And yeah, that's, that's awesome. Thanks so much for sharing. I feel like this is really, I mean, for me, who's been like, I think self-isolating and I'm like going a bit crazy. It's really nice to talk to you because you're so motivating and you're like, look at her doing her thing. Like I need to up my game. Like you're doing incredible. Thank you. I always see like your videos or whatever you're posting on LinkedIn and I'm just like, dang it. I need to get back in the studio. That's funny. We're doing the exact same thing to each other. I'm like, look at her. She's doing so great. Do the same thing. Yeah. Yeah. Oh, that's amazing. So, okay. For anyone who's listening, who wants to get to know you

more, check out your videos, look at your courses where they can find you on the interwebs. Yeah. So you can find me on Instagram at RiseUpLLC, R-E-I-S-U-P-L-L-C. And then also YouTube is probably the next best place. So that's youtube.com slash RiseUp, R-E-I-S-U-P. You can go to the website. The website's a little stale at the moment. I'm not going to lie because I've just kind of been focusing on some other things, but I've got some big plans in the works. And so if you're following on Instagram and YouTube, you will stay apprised of those exciting changes. QTs exactly. Like what, what could possibly be happening? QTs? Yeah, I would, I mean, I love a good tease. So, um, basically what I, I am kind of planning to continue what

I'm already doing, right? Keep, keep doing that. Keep growing lit, getting it into the hands of more students. Um, but it's now time for me, I just feel like I'm ready to like expand and like get out of my cocoon. I'm a butterfly ready to go. So I am in the process of figuring out how to get the capital that I need to build the next service, which will be basically unlike anything that exists today and addresses some of those inadequacies that I was talking about with certain investing platforms. In a nutshell, I want to do the work that I used to do, which was researching individual stocks. But I want to do that for

the average person, for all of you that are listening. I want to do all of that back-end work and then present that information to you on a silver platter so that you can make smarter, more educated, more successful investing decisions. But, but I need help to do that. I can't do that on my own. I do a lot on my own, but I need help to do this. And I'm really excited about it. I'm doing like consumer interviews and consumer discovery right now to make sure that what I have in my head is actually what people want and actually what people need and what they would pay for. And so, you know, it's probably not something that would be that would even be in existence for like another year or 18 months.

But who knows with quarantine, we've all got a lot of time on our hands. So I might I might bang it out really fast. We'll see. Just go back underground. And then, yeah, just if you don't hear from me, you know, it's happening. Yeah, you know, something good is happening. But that's really what I want to do. As entrepreneurs, I think we all have like this thing in our mind mind that's the one thing we can't not do. And that's it for

me. I can't see anything ahead of me than that in the way that I envision it. And so I want to bring that vision to life so badly. So that's what I'm working on right now. Oh my God, that is so exciting. That is so cool. And yeah, I love that idea because I'm like, I can't think of anything that exists like that. It is so easy to find a platform to start investing. But what if you want to, if you ask anyone like, how do I start researching? I'm like, that's like a lot of work. It is a lot to do it well, right? To do it to the point where like you actually have conviction on what you're buying and not just buying the rumor or selling the news or trading on what your brother's uncle's sister's cousin told you was a good buy, but rather real, solid, fundamental financial analysis that's And nobody's presenting it in the way that I plan to, which again, kind of harkens back to like, you know, that being able to teach people things in layman's terms in their

language, you know, and so this would really be equity research for real people, not for Wall Street. So it's going to look very different than like the equity research industry on Wall Street looks because it's not for that audience, right? It's not for asset managers or investment managers to make millions, you know, multimillion dollar trades on. That's not what it's for. It's for the person who only has like $1,000 in their account and wants to, you know, buy things for the long term that are going to go up, you know, and make them money in the future. So that's really what I want to do. That's what I'm working for. I'm excited.

I'm excited for that. Well, thanks so much for taking the time to be on the show. It was so great having you finally. I should have had you on here a while ago, but whatever. Thank you, Jessica. I'm always happy to come back if you'd like me to come back. Oh, yeah, absolutely. Well, once this exists, I want to talk specifically just about investing with you.

Oh, for sure. I mean, I know we could talk for another hour, but we'll leave that for another episode. Yes. Stay tuned, audience. Stay tuned. And that was episode 241 of the Momentum Podcast with the amazing Tara Falcone. Make sure to check her out at her website, riseuplc.com. I'll include how to find her also in the show notes for this episode, jessicamorehouse.com slash 241. But you can also find her on Twitter and Instagram at rise up LLC. Also make sure to check out her amazing YouTube channel in English and Spanish because she's amazing. It's youtube.com slash rise up again, that's r e i s u p. She also mentioned in the podcast, she does have two courses that she's offering to the public if you want to enroll. One is called money, where you can learn about money mindset, cash flow, net worth, credit loans, income taxes, insurance, and protection,

investing 101, and how to rock your retirement. She also has one called Wealth that goes more into investing and retirement. A ton of great stuff in there. And again, she knows her stuff. So you can also gift those too. Just like a fun fact, if you're in a position right now where you can gift someone, like you're okay, you're working, you got that emergency fund, you're not worried about the pandemic as much financially, what a great present to give somebody. The gift of financial knowledge. I think so, but I'm a money nerd. I'm just saying, just putting that out there as a little gift idea. If you're like, what's a unique gift I can get somebody, I think that'd be kind of a fun idea. Anyways, I've got some very important things to share as always. So stick around. I just

have a few words I want to share about this episode's wonderful sponsor. This episode of the Momany Podcast is supported by Bumble. Anyone else bored at home and interested in expanding their network? There's nothing stopping you from meeting new friends, biz besties, or starting a new relationship when you sign up to Bumble. Bumble allows you to feel empowered while you make those connections, because its main purpose is to encourage integrity, kindness, equality, confidence, and respect during all stages of any relationship. Moreover, it holds its users accountable for their actions,

has a zero-tolerance policy for hate, aggression, or bullying, and has put a stop to any catfishing with its Bumble photo verification. Do you want to establish and maintain some healthier connections? Then join the hive by downloading Bumble for free today in the App Store and Google Play or visit Bumble.com to learn more. Once again, that's Bumble.com or download the app through the App Store or Google Play. Okay, so since I mentioned Tara has some amazing courses, I also have some courses. If you're interested, you can find them on my website, JessicaMorehouse.com slash courses. One is called Fix Your Finances Masterclass, which really goes into everything that is involved in fixing your finances aside from the investing side of things. For that,

I have a course called Investing Foundations for Canadians that goes in-depth about everything you need to know about how to set up a financial plan, what's the difference between a TFSA and RRSP, and what you should put into those different accounts. Pretty much anything you can think of when it comes to investing so you can be a more confident and knowledgeableP and what you should put into those different accounts. Pretty much anything you can think of when it comes to investing so you can be a more confident and knowledgeable investor and know what to do. Because I've been getting so many questions about, I want to invest, I don't know what to do. Honestly, if you want to make some good smart decisions right off the bat, like right when you start and not make as many mistakes as I did when I was younger, it's all about educating yourself, understanding the process. And one

way you can do that is by taking my course. Now, if you're in a situation where you're listening to this podcast, you're like, I would love to take those courses, Jessica, but I cannot afford to because we're in a pandemic and I lost my job and this is just not a good time, but I would love to learn more. Well, I got you. I got you. I have a scholarship program that I launched, I think a few weeks ago I've emailed my you know if you're on my email list then you'll already be aware of it I may I don't know if I mentioned it on the podcast or not I have no idea I can't remember last week so let's pretend like I've never mentioned it before so if you're interested in applying for a scholarship to one of these

courses you can do so go to jessicamorehouse.com slash course scholarship. I will include a link in the show notes so you can find it easily. But basically, you just have to fill in your information, share your story and why you would like to apply to enroll and what your financial need is. Again, it's all private. It just goes to me so I can see what's going on. And then I will be drawing scholarship winners every single month. So I just drew four different winners for the month of April. I did that last week and I'll continue to do so for as long as I, I guess, want to basically, as long as there's like a need or, and I think there's probably going to be a need for this for a long time. So I'm just trying to do my part in spreading the knowledge and helping people out as best as I can in this weird kind of

situation that we're currently in. Also, and I have been sharing this on the podcast because I know I've been chatting with a lot of you, I am still taking on new financial counseling clients. It's honestly something I really love doing, haven't been able to do for a while because I've just been busy with other parts of my business, but I'm kind of shifting my focus more and doing a ton more financial counseling. And so if this is something that you want someone to want help, someone like me, because I know my stuff and I'm a very nice person. I've worked with a ton of clients. I've gotten a ton of great reviews and testimonials from past clients. Well, to learn more, go to jessicamorellis.com

slash financial counseling. You can find all the details on my website, and then you can sign up for a discovery call or just go to jessicamorellis.com slash discovery call in which I will give you a call. We'll chat for a good 20 minutes or so, and I'll find out what are you looking for. If I can't help you, I can direct you to another fee-only financial planner who would maybe be better suited for your situation, or we can work together. I just want you to get the help that you need because, you know, why not? We all need a little help here and there, so why not? Okay, so I mentioned that. I mentioned that. I think that might be it for the moment, but stay tuned for more episodes. Really. I haven't quite decided when I'm going to end this season, but I'll let you know when I know.

So until I know, stick around. Make sure to subscribe wherever you're listening. Continue to listen and share with your friends. Also, if you're on Instagram, follow me. So I have my personal or my like original Instagram account at Jessica I. Morehouse. Yes, that's it. But I also just recently made an Instagram account at Mo Money Podcast. So feel free to follow me there. I'm going to be sharing more stuff about the podcast and just episodes and stuff like that. So feel free to follow me there. And also shout out to the guy who originally had that handle because he was going to start a podcast with the same name. And I was freaking out.

I'm like, oh my gosh, why didn't I get that handle? I'm so stupid. And then I reached out to him and I'm like, hey, I will help you in terms of like give you a little free consultation on how to start a podcast if you give me that handle. I'm so stupid. And then I reached out to him and I'm like, Hey, I will help you, you know, in terms of like give you a little free consultation on how to start a podcast. If you give me that handle. And he actually said yes. And then he gave me the handle. There's like nice people in the world. Sometimes you just have to give them kindness and they'll give you kindness back. I don't know. So shout out to the guy who mystery guy, I'm just not going to, you know, I think it probably wants to stay private, but yeah, it's very, a weird thing that happened and it turned out really good. It was

crazy. All right. Rambling. I'm rambling. I'm going to let you go. I'll see you very soon in my next episode. Until then, have a good rest of your day. This podcast is distributed by the women in media podcast network find out more at women in media.network