Nicole Lapin is on the blog today and we are delighted that her expertise is… FINANCE.
It is refreshing to see a woman helping other women take charge of their financial situation and future. In this post, Nicole dives into tips and tricks for saving money, investing for the future, and how to manage your finances so you can still have fun and enjoy a little, aka. LIVING.
If you haven’t met Nicole, be sure to listen to her podcast on HIS & Her Secret Skinny. She is a TV news host, author and businesswoman. She is known for her role as an American news anchor on CNBC, CNN and Bloomberg. Nicole was also a financial reporter for Morning Joe above MSNBC and The Today Show above NBC.
With that, let’s welcome Nicole to the blog to talk all about MONEY.
Introduce yourself to the audience of The Skinny Confidential.
Nicole Lapin: Hello guys! I’m Nicole… no one has asked me about my skincare routine but I would love to answer your burning financial questions. I do it in my daily program Money Rehab with Nicole Lapin. The show covers everything I wish we learned in school about money and also breaks down the financial news of the day so you get the WTF going.
What is the biggest mistake you see young women make with their money?
NL: No investment. You don’t need a lot of money to make a lot of money. You need as much time as possible. Because of the power of compound interest, the little money put into the market (not individual stocks but into an index fund) can add up to tons over time. The sooner you start, the better your money is in your favor. It’s not late yet. You are not too old. Today is as good a day as any day.
What are 5 quick and easy tips to save money that someone can start right now?
NL:
1. Negotiate your bills…including your credit card APR.
2. Have fun withdrawing in cash… when the money runs out, the party is over.
3. Find unclaimed money at Unclaimed.org.
4. Set up another email for online shopping…that way you’re not tempted by marketing emails that can get a discount code when you need it.
5. Test your apps… maintain good application hygiene by looking at how much you pay every few months, chances are you can cut a few things down.
What little thing makes a big difference over time? Something compound.
NL: We know how bad credit card interest can be when it works against us. Well, we can use our own power to our advantage by investing. It doesn’t have to be risky. Start slowly with a CD or money market account at your bank. Then work your way up with other types of investment vehicles like bonds and stocks.
What is your investment strategy?
NL: Buy low, sell high. Seriously… that’s the only truth on Wall Street. People panic when the stock market goes down. They want to sell everything. But this is not the time to sell when things are low (if you have the long run), it could actually be a great time to buy as high quality investments are on sale. And who doesn’t love a good sale?!
How can you make your money work for you?
NL: My favorite investments are S&P 500 index funds and low-cost ETFs. This is basically buying a little bit of the entire S&P 500 (made up of the 500 largest companies), so you’ve built in diversification. I also really like Series I bonds right now… “I” stands for inflation.
You can get them at stockurydirect.gov. Inflation is high right now so you need to at least protect your money against inflation, otherwise it looks like you are losing money because you are losing purchasing power in the future.
Is it possible to ‘make money while you sleep?’
NL: 100%! That’s the best way to do it. I don’t sit and look at stock charts all day! I just made a plan. Dollar cost averaging (which is putting small amounts of money in consistently). And cold. I’m a long-term investor, so I try to expose my blind people to market ups and downs and bewildering porn news.
What are some apps and programs that you use to save you money?
NL: Honestly, a lot of them are the same. Whatever banking app or brokerage app you’ll stick with… for whatever reason… it’s my favorite for you.
How much should someone spend on rent? What is the standard salary percentage to spend?
NL: I break down my spending plan into 3 Es: Essentials, Endgame and Extras. 70% of the total cost of getting your home will go to your essentials…food, housing, transportation, etc. No more than half of that 70% (so 35% of your home purchase). you) will be for housing. Then at least 15% till the end of the game… your savings, retirement, investments. And no more than 15% for extras… latte, mani/pedi, hang out, whatever fun you want.
You should include extras in your spending plan because it’s like a sustainable eating plan… if you don’t allow yourself small vanities, you’ll get drunk later on.
Your new book just came out! What can we expect?
NL: OKAY! Put the baby #4. Mom must have birth control with the book. But seriously… I’m most proud of this. Miss Independence is the most advanced and helps you start investing and growing your own property.
You will learn:
+ The freedom that wealth gives you, whether it’s the ability to leave a bad job or another important one, take the vacation of your dreams, or live the life you want.
The best way to set your “number” — the amount of wealth you want to accumulate before retirement — and get it.
+ The meaning of the most common investment terms, like stocks and bonds, (and some of the more exotic terms like REITs or cryptocurrencies) and how to make them work in your favor.
Major financial decisions and concepts, such as mortgages, owning investment property, and purchasing life insurance.
Where can people find you? Go out by yourself!
NL: Subscribe to my group Money Rehab with Nicole Lapin wherever you listen to your group and/or pick up my books Rich Bitch, Boss Bitch, Become a super woman and Miss Independence wherever you get your books!
Be sure to listen to Nicole on HIM & HER Skinny’s Secret Podcast. It’s a must-listen for all the women out there who want to get their finances in check.
x, Skinny’s Secret Team
GET NICOLE’S BOOK:
