Transcript
Speaker: We're told our entire lives that our financial livelihoods or our financial foundations are based solely on our choices, when really it's probably about 30 % choices, 70 % circumstances. I'm Tamina and I'm extending a heartfelt invitation to you as we join forces in reclaiming economic power for women in a world that is often structured against us.
Speaker: We'll dive into the minds of accomplished female leaders, investors and entrepreneurs to equip you with the confidence and knowledge to build wealth for yourself and other women. So buckle up, get ready to learn and be inspired to take action.
Speaker: Hi, you wonderful people out there. Quick note about this episode. I actually recorded this conversation with Tori at the end of 2020 for my first podcast, Femhive, which was all about helping young female professionals transition from school to the workplace.
Speaker: And this episode was just so good that I simply could deprive you all from it, which is why I have decided to repurpose it for this new show. I feel very lucky to have discovered Tori and her work in the early days because she's been an inspiration to me ever since and I have been loving watching her build her empire over the past two and a half years.
Speaker: At the end of 2022, Tori published her book, Financial Feminist, overcome the patriarchy's bullshit to master your money and build a life you love, which became an instant New York Times bestseller. I highly recommend you get your copy. I will link to it in the show notes. And now, without further ado, here is the founder of her first 100K, Tori Dunlap.
Speaker: Hello, hello, and welcome back. I am so excited to be able to welcome today's guest because I've been following and admiring this badass woman from afar for a couple of months now. I know some of you are also following her on Instagram, so it is with great pleasure to introduce you to Tori Dunlap.
Speaker: After saving $100 ,000 at age 25, Tori quit her corporate job in marketing and founded her first 100K to fight financial inequality by giving women actionable resources to better their money. She's helped over 800 ,000 women negotiate salary, pay off debt, build savings, and invest.
Speaker: A Plutus Award winner and 425 magazines, Women to Watch, whose work has been featured on Good Morning America, The Today Show, The New York Times, BBC, Time, People, New York Magazine Forbes, CNBC, and more.
Speaker: With a dedicated following of over 80 ,000 on Instagram and over 800 ,000 on TikTok and multiple instances of her story going viral, Tori's unique take on financial advice has made her the go -to voice for ambitious millennial women.
Speaker: CNBC called Tori the voice of financial confidence for women. An honors graduate of the University of Portland, Tori currently lives in Seattle, where she enjoys eating fried chicken, going to bar classes and attempting to naturally work John Maloney bits into conversation.
Speaker: Hi, Tori and welcome. I'm so thrilled to have you join me today. Thank you so much. I'm realizing my bio is very long. It's different when you're writing it versus having somebody read it. So I appreciate you reading all of that. Thank you. Of course, Tori, I have to give you credit for all of the amazing stuff that you've done and all the incredible credentials that you have amassed in a short period of time. I mean, you're just going places, Tori, honestly. Oh, I appreciate it. Thank you so much for having me on.
Speaker: Tori, I know that you personally were lucky enough to have received a financial education from your parents growing up, but as you know yourself, most women aren't really taught how to save or invest. We are taught from a very young age how to spend, hashtag retail therapy, but we never learn how to save or invest. Tori, why do you think that most women are excluded from these important conversations?
Speaker: I mean, there's many different reasons, but know that you are not alone in feeling that way. I think that there's a severe lack of education when it comes to women and money. And that's the biggest reason I started her first 100K was I realized that this
Speaker: privilege this financial education I got from my parents was unfortunately not the norm and that I was the friend all of my friends were coming to for advice and guidance when it came to money and I think as a society we're just told that money is not for us as women and you can't see me but I'm putting for us in in quotes right that for whatever reason
Speaker: money is a man's job, right? Or is something that, you know, building wealth and aspiring to build wealth is something that is a man's goal but shouldn't be a woman's. And so we're told that money is not for us. And then we're also told in addition that talking about money is taboo. We're told that, you know, wanting money or discussing money is impolite or gauche. And of course, we're told this by people who already have money, aka the old straight white guys who make up the patriarchy.
Speaker: So you have the patriarchy who's telling us, oh, well, talking about money is taboo because they profit off of our silence, right? They profit off of us not having conversations about money. They profit off of us not building our financial education. And then, of course, there's a larger issue of just a lack of financial literacy and education in schools.
Speaker: So there's so many things going on and there's so many aspects at play here. And I think it also comes down to the financial education we do receive is driven by choices, right? And you said kind of the retail therapy aspect of that financial piece. I think we're told our entire lives that our financial livelihoods or our financial foundations are based solely on our choices, when really it's probably about 30 % choices, 70 % circumstances.
Speaker: So I am really committed in my own work to talking about how to budget and how to save and how to invest, how to negotiate the hows around money. We also have to talk about the how we got hears, AKA systemic oppression, wage gaps based on gender, based on race, based on sexual identity. There's so many aspects at play here around systemic oppression and we need to have conversations about money
Speaker: that are political and that acknowledge those systemic issues while also talking about the different choices people can make.
Speaker: Hmm, beautifully said, Tori. We're being told it is socially frowned upon as women, especially, to talk about money, to request more money, to engage in salary negotiation conversations, to self -promote, when really it's the patriarchy and the old white heterosexual men who are benefiting from this existing environment that we live in.
Speaker: I think this goes well with the second question I had for you because you call yourself a financial feminist, Tori, which I absolutely love. I actually read an interview you gave in the past that you don't like to use the word empowerment when it comes to women gaining financial independence, which
Speaker: Got me thinking because I actually love using the word constellation, female empowerment. And I think, you know, within the context of feminism, it's something that is used very, very widely. And you got inspired there by one of your heroes, Sally Krawcheck, who is the co -founder and CEO of Elvest.
Speaker: And you argued that the definition of empower is to give power. And you're saying that you don't need someone to give you power. I find that approach super fascinating. So please tell me more and elaborate on your unique definition of financial feminism, Tori.
Speaker: Sure. Yeah, I don't use the word or the phrase empowering women in my work for the reason you just described. The definition of empower is to give power. I don't need to be given power. I don't also need to give someone or another woman power. We already have power as women. We already have the power. We just need to know how to use it, right? And so I avoid using the phrase empowering women because
Speaker: I don't need anybody to give me power. I just need the actionable resources and the tools and the guide to know how to use that power and to harness it, not only for the betterment of my own life, but for the betterment of others. And that is what financial feminism is.
Speaker: an acknowledgement that we have to manage money differently as women, that we can't just have conversations about the how around money, but also the how we got here. And that a financial education is our best form of protest as women. I don't think we have any sort of equality until we have financial equality because
Speaker: our society hinges on money, right? It hinges on that financial stability piece. And when you have money, you have options, you have choices. I'm not even talking, you know, a bunch of money. I'm not talking of, you know, swimming in a swimming pool full of money. I'm just talking about, do you have an emergency funds? Do you not have any debt, right? Or at least high interest debt, right? You have so many options. When you have this financial stability, you can leave toxic situations you don't want to be in anymore, like a relationship or a job.
Speaker: You can go on vacation, you can have children or not have children, you can buy a house, you can start businesses, you can donate to causes you believe in. Everything opens up for you when you have that financial confidence and that financial foundation. My work is driven by financial feminism is the fact that I am here to give you actionable resources to better your money in order for you to have the life that you want and in order for you to shape the community and the lives of others.
Speaker: Yeah, I totally am with you there, Tori. I too firmly believe that women's economic empowerment is one of the biggest steps towards achieving true gender equality because when women are financially independent, we can really focus on ourselves and our aspirations in life. And I mean, yes, the patriarchy will still remain intact, but
Speaker: I believe it won't have as big of an impact anymore because money is indeed power. However, in order to gain that financial stability and later on financial independence, you really need to adopt a certain money mindset that
Speaker: Based on my personal observation, unfortunately not a lot of women and especially not a lot of young women have, which goes back to the society that we live in and the lack of financial education that we have received throughout our time in school. Tori, what are some crucial steps that our listeners can take or must take in order to shift their mindset around money?
Speaker: I mean, there's so many different things. I think the first is that you are deserving of money. I think we're told again, our entire lives by society that we are not deserving of more money or deserving of the money we already do have. I think we feel this interesting shame as women, where we either feel shame because we don't have enough money, right? We feel like we should be farther in our careers or farther in our finances. And so we feel shame that we have debt or that we don't have, quote unquote, enough saved.
Speaker: And we also feel shame if we feel like we're doing fine. And this is something that I've had to work through in saving 100K at 25. A lot of that was privilege, and I'm the first to acknowledge that as part of my story. It was also hard work. And at times, I've felt shame about that, felt shame about an accomplishment around money, feeling shame about becoming debt free or feeling shame that my business is doing well. And so I think that's the first thing is that you are deserving of money.
Speaker: And that you also are told, you will be told your entire life that you're not. And you'll be told that, you know, you're never doing enough. And that even when you're doing well, it's still not enough. Or it's embarrassing for you to do well. It's also embarrassing for you to not do well. So I think acknowledging that and being mindful of that is a really great mindset switch. The second is that statistically, our money habits are cemented by age seven. And that's for women and men, any gender identifying person.
Speaker: A lot of your money habits will be cemented by second, third grade. And I think understanding that can be a relevant thing when you start to consider your relationship with money.
Speaker: Are your parents good with money? Did you watch them fight about money as you grew up? Did they give you an allowance? Were you able to manage some of your own money growing up? Was money evil or was money a tool? So if you can start thinking about your experiences around money when you were growing up, that might lend some insight into your mindset now. I do this with clients all the time as I have them journal about their first money memory.
Speaker: And for many people, that's not a positive memory. And that can be a really great exploration into your relationship with money now as an adult.
Speaker: Yeah, very, very interesting, especially what you're mentioning in the beginning there, Tori, the fact that especially we as women feel like we're not deserving money and it oftentimes is a source of guilt or even shame. You were talking about how privileged you are and the fact that you constantly need to acknowledge that. Similar to myself, I was very privileged in the sense that I didn't have any
Speaker: any student loans, any student debt to pay off my first full -time job, I could just immediately start focusing on contributing towards my 401k, other types of investment. Whereas a lot of my friends that I went to school with, some of my closest girlfriends, they still had student debt to pay off. And then also really interesting, what you're mentioning in regards to our money mindset being cemented by H7, that's
Speaker: That's super, super early, right? And when I try to think back, the only vivid memory that I have, at least right now, maybe I'll have to think about that more later on, but I vividly remember my dad telling me, oh, you have to start saving for retirement early because by the time you retire, there won't be a whole lot of like government support left, right? So you're going to have to do this on your own girl. So literally.
Speaker: Like all the money we had was probably like 50 bucks at the time or something. I was like stashing and whenever someone was asking me, oh, like, what's this money for? He's like, this is for retirement. Yeah. Right. I was told that too, but not that early on. So that's, that's next level.
Speaker: Well, to be fair, once I hit puberty, you know, and other things became more important in life, that money was gone real fast. But at least now I think I'm back in that mindset where I was like, Oh my God. Okay. Now I also actually know what compound interest is and how important it is for me to start as early as possible. So yeah, super, super interesting. You're mentioning so much of it is psychological. And we're mentioning how for some reason, you know, many people view money as a source of
Speaker: fear as opposed to a source of power. Do you have any hacks or tricks that people can implement that will help them ease into that more easily? The short answer is there's no quick psychology hacks to anything. These are processes that are built and then worked through over time, right?
Speaker: have come to this conclusion about how we feel about money over many, many years. And it will also take many, many years to potentially shift that mindset. So there are no quick hacks, unfortunately, right? But I think that, like I was saying before, that first money memory journaling exercise can be really transformative or really revealing. And so if you haven't done that already, just take out a journal and write about the first time you can remember thinking about money.
Speaker: or the first experience you had around money. For me, it was saving to go to Annie the Musical because I'm a theater kid, a theater nerd, and I really wanted to go see Annie. My parents told me, well, if you want it, you'll have to save for it. I was probably four or five years old and started saving my loose change in an Altoids tin. That was how I was going to save to go see Annie the Musical. So that's something that can be really helpful and transformative. I would also say that anytime
Speaker: you can train yourself to think about money differently will be very helpful. So if you're thinking about, oh, you know, I'm stressed about money, I'm never going to have enough, catch yourself. Just be more mindful of that and say, like, how can I switch my attitudes around money?
Speaker: Because just like anything psychological, if you have a positive attitude about something, you're more likely to, of course, have a good relationship with it. Whether it is if you're, of course, being negative or being degrading to yourself or telling yourself that you'll never have something, that is more likely to come true. So if you can catch yourself when you're having these negative thoughts or feelings around money and try either rerouting them or at least at first sitting with them and asking yourself why, that can be really helpful too.
Speaker: I love that and I would love to spend a little bit more time talking about your personal finance journey Tori because obviously you have achieved something that most people in their 20s can only dream of at each 25 you had saved 100k and you know I always preach to my girlfriends and co -workers that
Speaker: This is indeed possible even on a five -figure salary. I myself was able to generate a net worth of $50 ,000 in only two years on also a moderate five -figure salary. And again, a lot of privilege because I didn't have to pay any student debt.
Speaker: For me, it was possible because I shifted my mindset around money also by identifying and then prioritizing the expense categories that were most important to me and also taking full advantage of my employee benefits at LinkedIn where I currently work. Tori, how did you get to that magical number of $100 ,000 and how can our listeners replicate your financial success?
Speaker: It's funny because your journey is almost exactly the same as mine. The first piece is privilege. I like to acknowledge that I, like you, also did not have student debt, partially because I had parents who were able to financially contribute. And I understand that that of course is a privilege that a lot of folks don't have. I also worked really hard. I was working three jobs while I was in school. I got $60 ,000, I think even more in merit scholarships.
Speaker: I was, you know, working before I was in college to help pay for it. And so it was very much collaborative process, but I would not have hit 100K as quickly as I did if I had student debt. So the first to acknowledge that. In other realms of the 100K journey, like you, I took advantage of my retirement accounts. I didn't really have a 401K through my job until I think like a year and a half in.
Speaker: or a year in and was only there for a little while before moving on to my next job. So I invested heavily in an IRA and a SEP IRA, an SEP IRA, which is for self -employed people, which leads me to my next point is that I side hustled. So I was able to take all of my side hustle earnings and
Speaker: save them or invest them into that SEP IRA, into a high yield savings account. So I was not only able to save a good chunk of my nine to five salary, but I was also saving the majority of my side hustle earnings after, of course, taxes and expenses. And now my side hustle is now my full time job. So her first 100K actually started as my side hustle.
Speaker: Um, I also, like you prioritize my spending, made sure that I was only spending my discretionary money on things that I actually loved and things that were important to me and, you know, saved the rest of my money. I, in no way, I think fully deprived myself. I definitely was on a budget and definitely limited how much I.
Speaker: could spend on discretionary things. But I still traveled. I still went out to restaurants. So there's a balance there. And yeah, my 100K goal was as long as I can do it the day before I turned 26, it still counts. And I was able to actually hit that goal early. I was 25 years and three months. So it was a little over a year ago.
Speaker: wow wow first of all congratulations on that major milestone i literally just hit 50k i think a month ago so i thank you thank you know and it was like when i when i got my paycheck you know that the one that made me cross the line i i couldn't believe it and i think it took a couple of days for me to fully process that i had just you know
Speaker: achieved that major milestone. And it was so surreal because just thinking back like two years ago, I knew nothing about how to invest in stocks, what a retirement account is and how that works. And the fact that a retirement account is actually me investing money, I had no clue. I thought, I'm just giving the money to the government. They're going to leave it somewhere. I had no idea. It took also a lot of
Speaker: work, some compromising, but also a lot of self -reflection to figure out, okay, what is actually important to me in life and what do I actually want that money to enable me to do later on? Because I think if you're just saving for the sake of having a high
Speaker: number in your account, that's not going to make you happy. But if you can assign your money that you have a value beyond the monetary value, I think that's when it becomes really powerful. And that was the journey for me. But if we stay a little bit on that topic of prioritization, Tori, I think
Speaker: One of the biggest reasons why our peers, so people our age in their 20s, keep pushing their financial literacy into the future is because somehow there's this misconception that saving and investing money equals to not be able to afford
Speaker: fun anymore. However, I know that your financial coaching approach allows for plenty of fun where you don't have to necessarily restrict yourself. It's just important to prioritize. For me, I actually get a thrill every time I invest or when I still have a hundred bucks left at the end of each month, my checking account that I can then immediately transfer into either my savings account or invest because I know that future me is going to thank me one day. Tori, how can saving actually become fun and make you feel just
Speaker: Great. Yeah, I think you gave an excellent point earlier about making sure you're crystal clear on what your goal is. So 100K at 25, I'm very driven by numbers, so I really wanted just that 100K number. It was also because I wanted a significant financial foundation before I quit my job to become a full -time entrepreneur.
Speaker: So when I was considering, you know, setting this goal and then later working towards it and finally achieving it, it was, of course, to say, hundred K by 25, see that number. That was huge for me. It was also to make sure that I had the
Speaker: financial backing and the financial safety net before I quit my job to take my business full time, knowing that, okay, I had money in the bank, should I need to use it? I am already, you know, a leg up in terms of retirement savings. So I can hopefully ease off in these next couple of years if I have to, because you know, my business, if my business struggles, or if I'm building it slowly. So these were all of the things I was considering inside in that 100k goal. So when you're setting your financial goals, maybe that's
Speaker: to save $5 ,000 this year or to afford a vacation, be really clear on what you are saving for. I see this with so many women as they just start saving money and then I ask them, well, what's it for? And they're like, I don't know. I think it's really, really helpful to assign your money a purpose because then psychologically your brain gets on board, right? If you have a savings account labeled, Croatian Vacation 2022,
Speaker: Cool, you know exactly what that money is for and it's going to be a lot easier to put money in and also a little bit more painful to take money out, right? So by gamifying your savings in that way and by getting your brain on board, it can be really, really exciting to start saving money because like you said, it's for future you. That brings me to my next point, which is really making sure that
Speaker: you're viewing saving versus spending in a different way. I think in the personal finance community, we kind of lump you into two categories, right? We go, are you a saver or a spender? And in actuality, we are all spenders. I am a spender, even though I am a devout saver, because I will spend the money that I'm saving, right? It just might not be right now or next week. It might be in six months. It might be in three
Speaker: years, it might be in 40 years for my retirement, right? But I will spend the money I'm saving. That money will get spent. So if you're a person who's out there like, Oh, God, I can't save all I do is spend I am a spender.
Speaker: We all are spenders. You just might spend it in, yeah, six months or in a period of time. So allowing yourself that freedom and flexibility to say like, yeah, I'm a spender. It's just not going to happen for a little bit. It's freeing because you yourself, you will spend that money. It just might be in a period of time.
Speaker: So let's talk a little bit about investing, Tori, because we both agree that if you don't want inflation to eat up all of your cash in the bank, you got to take some important steps to let your money work for you, especially if you're intending to spend money 40 years down the road. So investing your money is usually the way to go. And yet again, I feel like there are a lot of misconceptions around investing. What are some investment myths that you wish people didn't have stuck in their head?
Speaker: The number one reason women actually don't invest is fear. So fear of getting started, fear of doing it wrong, fear that it's somehow gambling. So that is the biggest thing that I try to curb when I am discussing investing and when I'm educating about investing is that this fear of doing it wrong, right? This fear of getting started is of course limiting you from getting started. Investing is like climbing stairs, right? Just that first stair is about 10 feet high.
Speaker: So it's really easy after you get it up that first step. Just that first step is a little bit higher and taller and longer than the rest of your stairs.
Speaker: So being able to feel confident investing is all about, again, the financial education piece and following people you trust to educate you. Maybe that's me, maybe that's somebody else. So this fear of getting started is actually what's, of course, keeping you from getting started. And I think that focusing on the fact that there is no reason to be afraid truly and that your fears are valid is the way we overcome that.
Speaker: The thing about investing is it's less about the amount of money and more about the amount of time. So one of the other things I hear a lot is like, oh, investing, I'll do that when I'm older, right? Or investing is just for rich people. I'm not rich. Neither of those things are true and neither of those things are helpful.
Speaker: We would all love a million dollars to invest, right? That would all be fantastic. But really, it's about the amount of time because of compound interest. So with my 100K goal, right, having $100 ,000 saved slash invested at 25, if I never contribute another penny, I will still have over $1 .5 million by the time I'm set to retire at 65.
Speaker: And that's just because I did a lot of the heavy lifting early. So even if it's 20, 30, $50 a month, or even less than that, if that's all you can invest right now, that money will be thousands of dollars in the future. So I think focusing again on the fact that
Speaker: It's not something we should put off until we're older. It's not something that's just for rich people. It's something that we should be prioritizing now, even if it's just a little bit of money, because that money will grow exponentially and will become even more money because you're giving yourself more time.
Speaker: So even just waiting six months or a year potentially can of course halt your earnings. So I always say the best day to get started investing is today because you didn't start tomorrow, right? You didn't wait until tomorrow to get started. So a tax advantage retirement account is the best way to start investing for most of us.
Speaker: a 401k or an IRA and I have explanations of what both of these things are if that's something that's confusing to you on my Instagram and on my website. But these are tax -advantaged accounts, meaning that the government is incentivizing you to invest for retirement by giving you tax breaks. So putting your money in these accounts means that it can grow and that time is on your side.
Speaker: I couldn't agree more. I mean, time is more important than timing, at least when it comes to investing in the market. The concept of compound interest and the importance of starting as early as possible. When I learned about that, that was mind blowing to me and made me
Speaker: Wish it, you know that the 50 bucks that I was referring to earlier when I was like six or seven I wish I had invested that money back then To take advantage of that compound interest over the past 20 years because oh man I really wish I could have started as early as kindergarten because having an additional 20 years for compound interest man That would have been great Let's switch gears Tori because what I especially love about your work is the fact that you've been able to build a true community around financial feminism
Speaker: You have a Facebook group where people are very active and are sharing their own experiences with money. They give each other advice and it's just beautiful. It pops up on my Facebook feed every single day. That being said, I would argue that in our society as a whole, and you were mentioning that earlier, it is still frowned upon to talk about money and how much you're earning, etc., especially among women.
Speaker: However, I think it is so important, especially for us women, to become more comfortable with openly talking about money. Tori, why do you think this community aspect is so important for women?
Speaker: Oh, I mean, there's so many different reasons. I think the first is that we all, in whatever we're doing, like to feel less alone, right? And especially in these things that are shrouded in shame and secrecy and worry, I think it's really great to know that other people are paying off debt or other people are asking around what is a stock
Speaker: what is a credit score? What are these things that I am expected to know and yet somehow still don't? Um, so I think that that community piece is huge and just giving people the, the confirmation that they're not alone and also that they have a community to turn to for answers, that they have people that they can rely on to have these conversations when they might not have people in their, their quote unquote real lives, their, their offline lives to talk about money with. So this community,
Speaker: offers a space where shame doesn't live, judgment doesn't live, and also allows them to have conversations and learn more from others. So I think those two are huge in this community aspect. The third is that you have people cheering you on as you progress towards your goals. So you have other people who are interested in these topics and are who are setting big financial goals and
Speaker: you become more inspired to set your own and later hopefully to achieve them. So you have that accountability piece. One of the reasons I started her first 100K was obviously to financially educate women. It was also in my own self -interest to make sure that I was on track to hit my goal. If I announced this goal publicly, it was going to be really, really hard to renege on that goal. It was going to be really difficult to not achieve it just because I had set my commitment publicly.
Speaker: So having that accountability group, having people who are encouraging you and inspiring you and also committing to helping you be better I think is absolutely amazing. I think we just need more safe spaces to have conversations about money and the Facebook group has been absolutely amazing and it's been so cool reading people's stories and money wins and I think at least once a day we have just someone sharing about
Speaker: a money win and whether that's saving $10 ,000 or just they got out of an abusive relationship, a financially abusive relationship, or they brought their credit score up by five points. All of these wins exist in this community for people to learn from and celebrate. It's one of the coolest parts of her first 100K. Yeah, absolutely. I love reading those success stories.
Speaker: Again, I think there's so much power in community and gaining that collective strength, right? Being inspired by someone who in a lot of these cases, again, this goes back to privilege, a lot of these people
Speaker: have so much debt and then I read their stories of how they were able to pay off that debt, like high interest debt and how they reshuffle their priorities, left that abusive relationship that you're just mentioning. It's so inspiring.
Speaker: As you were saying, it would have been really embarrassing for you to have not hit that major financial milestone of yours if you hadn't publicly shared it. I think that accountability piece is something that is so, so important, which is why I would recommend anyone who's listening find yourself.
Speaker: accountability buddy when it comes to your personal finances and you can embark on that journey together because i think that's beautiful and you know in addition to that like if you write down some some financial goals it's actually scientifically proven that when you write down your goals and you then share your goals with someone else and that could be
Speaker: within the first 100K Facebook group or in front of your financial accountability buddy, then you're probably a lot more likely to actually achieve that goal. So yeah, definitely do not underestimate the power of community there.
Speaker: And I think when you're setting goals too, make sure they're very specific. I hear a lot from people who are in my community, they're like, I want to save more money next year. That's a great goal. I need you to be more specific than that though, because saving a bunch of money is not actionable, right? You have no metric for whether you've succeeded or not.
Speaker: Maybe saving a bunch of money for you is $5. Maybe that's $500 ,000, right? I think it's really, really great to, when you're setting goals, whether they're financial or otherwise, make them really specific. So yeah, for me, that was $100 ,000 saved at $25.
Speaker: That was a very, very, very specific goal. For you, that might be, I want to save $5 ,000 by the end of the year. That is very specific, and it's also in a certain amount of time. So when you're setting these financial goals with yourself, be very specific. Don't just say, I want to get out of debt, or I want to save money, or I want to start investing. Be very specific about what it is you want to do. And then make sure, of course, that those goals are slightly scary, but still achievable.
Speaker: Absolutely. Tori, you were mentioning it earlier that you have taken her first 100k a full time after having it as a side hustle for a couple of years. And you knew very early on that the corporate life wasn't for you and that you wanted to actually become your own boss eventually. And
Speaker: In my eyes, that just makes you a true role model for all of our listeners, myself included, because you really followed your passion and turned that into your professional purpose. And I want our listeners to know that this is very much possible for them as well if that is something that they desire.
Speaker: But I feel like we could all use a bit of a kick in our butts from you, Tori. So maybe some financial inspiration would help there. Would you mind sharing how much more money you are earning now with her first 100K and what income streams you're generating revenue from, Tori? Yeah, I'd be happy to. It's not even comparable to what I was making in corporate in the best way.
Speaker: Yeah, so this is my first full year of entrepreneurship. 2020, the year from hell, was actually my first full year of being a business owner full time. And when I got started, I didn't exactly know how successful, quote unquote, that was going to be financially. I did not know exactly what I'd be making. I set a goal in November of 2019 that
Speaker: A stretch goal, I wanted 100K in revenue. That was my goal. And that way I could pay my bills and I probably wouldn't be able to save any money. And that was just that seemed like, okay, maybe I can do it. That's my stretch goal. I six -exed that goal this year. So we are now a multi six -figure global business.
Speaker: with a following of almost a million. We were featured on Forbes, People Magazine, Time Magazine, the New York Times this year. TikTok wasn't even a part of my business until July, and now we have a following of over 800 ,000 there. I mean, everything has just kind of been crazy. And it's so funny to look back on the anxiety -ridden self of me in late 2019, debating whether or not to
Speaker: quit my job wondering if I was going to be able to financially make it and now owning a multi six -figure business where I have a team, I get to choose my own schedule, I get to choose what we work on, I get to work on projects that I love, I get to change women's lives every day, and I actually work less than I did when I was at my nine to five and running this on the side.
Speaker: It's been a very amazing, also challenging year emotionally for me with 2020, but business -wise, I mean, I don't think it could have gotten much better. Wow. Wow, wow, wow, wow, wow. Tori, you are incredible. Congratulations. That's just amazing. You are truly living the dream. Thank you for being such an amazing role model, not only to me, but
Speaker: the more than 800 ,000 women whose life you have impacted. That's just such an incredible achievement. Oh, I appreciate it so much. They have no doubt that you'll get there. No doubt. Thank you. I did take your side hustle course and that gave me a lot of wonderful inspiration there.
Speaker: My last question for you today, Tori, because I know you love actionable advice. I love actionable advice as well. And I know you have so many great resources on your website and across TikTok and Instagram, but what do you mind kind of summarizing what your favorite financial tools and resources are that our listeners can take advantage right away so they can start embarking on their journey towards financial independence?
Speaker: Yeah, I'll actually tease. I have a whole page on my website called Start Here, and it's herfirsthundredk .com slash start, and I will send you a link if you want to put it in the show notes. But it's literally a step -by -step guide. It's completely free. It's just on my website of a step -by -step guide to start feeling more financially confident and to start tracking your money. So I include CIT Bank in that list, which is my go -to for high -yield savings accounts.
Speaker: If you don't have a high -yield savings account already, you need one. It's the easiest switch you can make to immediately start earning more money. It's just a regular savings account, but it gives you 20 to 50 times more interest. So it's kind of a no -brainer. So I recommend a high -yield savings account. I also recommend Personal Capital, which is a free tool to start tracking your net worth. So you can see all of your accounts in one place. That's something that I hear a lot. I would love to check in on my money, but I have to have six different logins in order to do it.
Speaker: credit cards and I have student loans and I have, you know, retirement accounts in various places. And I also have, you know, three different banks and I just want to see it all in one place. And personal capital helps you do that. I also have a bunch of free resources on that page. I have free courses, free, free tools that you can use to start feeling more financially confident. So again, that's her first 100k .com slash start.
Speaker: Awesome. Thank you so much for that Tori. Yeah, definitely go check it out. I've spent so much time on Tori's website over the past few weeks and months, so highly recommend. She has so many great resources there, some amazing courses, free ones, and some that you can purchase. You're definitely getting your money's worth there, so go check it out.
Speaker: Well, Tori, I think this is a rep for us. I could literally talk to you forever. Thank you so, so much for joining me today and for sharing all your money with them with us. I'm so sure that your story has inspired so many of our listeners and I truly cannot wait to witness all the amazing things you will continue to achieve in the future. Thank you so much for having me. This was a pleasure.
Speaker: Of course, Tori. And yeah, to all you out there, please make sure to follow Tori on TikTok and Instagram at HerFirst100k. And as she was mentioning, for some great personal finance resources, visit her website, HerFirst100k .com.
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