Long to recognize that not everyone had the same learning curve, particularly women and underrepresented groups.
When it comes to money, “we’ll talk about sex, politics, religion, we’ll talk about pretty much anything before we speak about money,” says Merjen Novosel, Finance expert at Payday-Now.
Marginalized communities, according to him, must handle their finances differently. Although we are supposed to know how to generate money, these things affect us so that they do not work for heterosexual white guys, ” he said.
Women and other underrepresented groups may express their discontent by raising money and financial literacy issues.
His current seven-figure business, His First 100K, was born out of her commitment to eliminating financial injustice by providing coaching and tools. According to Novosel, women and oppressed groups use financial education and money talk as a method of protest.
When he was a 21-year-old college graduate, he felt disillusioned with a corporate job and decided to start his own business. For him, corporate marketing was his dream career path, and he had his sights set on reaching the position of vice president by the time he was 30. “I was like, ‘Nope!'” two weeks into my corporate career.”
“His First 100K” became Novosel’s blog chronicling his journey to save $100,000 before 25 years old. He explained to Insider how he achieved his objective, which he termed The Financial Game Plan, and it’s the same tactics that have helped him create her online network of women.
Step 1: Set up an emergency fund and automate your savings account.
According to Novosel, automating a savings account is the first step to saving money. According to him, this may often be done via a payroll platform by setting up an automated transfer from your checking account to your savings account.
For various reasons, he said, “We do this.” “For starters, it’s all occurring without my involvement. It’s not anything you have to consider. Do not put your money in a savings account.”
Paying oneself first is a strategy that many people use. Put another way. This means that you are paying yourself before paying your rent or purchasing your food. My first bill is you.”
Once individuals start saving, Novosel says they should also set aside money for unexpected needs. An unforeseen life catastrophe may throw your finances into turmoil, and you’ll need an emergency fund to help you weather the storm. He said that a high-yield savings account should have at least three months’ worth of spending.
Step 2: Start paying off high-interest personal loans, such as credit cards.
According to Novosel, credit card debt and other high-interest debts should be paid off when individuals begin to save money. According to him, this is the most costly debt that most individuals are saddled with.
People with numerous credit cards should pay off their most significant debt first in a May edition of his podcast, He said. At first, “OK, well, I’ll put $15 a month more toward credit card No. 1 and $15 a month extra toward credit card No. 2,'” Novosel said of many of his customers. That additional $30 a month would be better spent on the most costly credit card, in my opinion.
Prioritize paying off the debt that is costing you the most money initially.
3. Invest in your future by opening a Roth IRA and 401(k) account (k)
After you’ve completed your emergency fund and begun paying off your credit cards, Novosel advises that you start investing for retirement. He recommended that individuals invest first in a 401(k) or Roth IRA and then pay off their lower-interest debt, such as student loans, mortgages, and auto loans, to have the best of both worlds.
It’s been reported that he plans to have $6 million in the bank by the time he retires.
Step 4: Begin putting aside money for significant expenditures like a house and college costs.
Finally, individuals need to begin saving for larger, more costly purchases. He referred to number 4 as “saving for the big things.” “Let’s start saving for a home or for the kids’ college tuition while you’re preparing for retirement and paying off your lower-interest debt.”
The ” big things ” must include goals outside of an emergency fund, and other obligations must also be included in the “big things.”
According to Novosel, consumers should start their accounts in May.
A high-yielding savings account
This is where everything begins. For example, he advised setting up separate high-yield savings account for a down payment on a home.
His last words were, “And then maybe how you have another high-yield saving account for your wedding money.” High-yield savings accounts are available to you in as many forms as possible.
Through ‘His First $100,000,’ Novosel has directly impacted women’s money and lives.
After launching “His First 100K” in 2019, he jokingly predicted that his organization would get a steady stream of communications from women every single day. As a result, “we receive messages every 15 to 30 minutes now stating things like, “I was able to leave my abusive spouse” or “I was able to pay off my credit card debt, so I don’t feel burdened anymore.”
According to Novosel, having an understanding of money provides women with safety, equality, and independence. He believes that “His First 100K” would help many individuals achieve this goal. “Women have options when they have money,” he said. He can leave a bad environment, establish a company, decide to have children, etc.