Money, money money! It’s a bit of a sore subject for some and definitely can be a difficult topic to broach. Whether you like it or not, don’t have enough of it or consistently find yourself rolling in the dough, there’s really only one way to slice it: money matters.
Many people go their entire lives without achieving basic financial literacy and learning skills that can help anyone succeed, regardless of background. We recently chatted with finance executive Alix Tucker and had an open and honest discussion about money, and how deeper knowledge of financial strategies can facilitate new possibilities.
ABOUT ALIX TUCKER
Alix Tucker is the owner of the financial coaching business financewithalix.com and VP of the 3rd fastest growing tech company in the US, GitLab. Alix worked in the finance and tech industry for over 15 years before she created her own financial consulting business, eager to share her knowledge with others. She experienced a major shift in life after discovering surfing and yearned for a lifestyle with more freedom. Alix appreciates the work-life balance and encourages others to do the same; a primary goal in her work is to “lead with kindness and empower those around [her].” Alix began thinking about money at an early age, she explains:
“I’ve been thinking about retirement since I was 12 years old. It’s something that’s really motivating to me because I knew that I didn’t want to work for the rest of my life. I’m not that type of person.”
Alix believes that, “the biggest gap that we have today for most people is really around financial literacy and education. People don’t understand how the economy works, how the stock market works, how compounding interest works; these sort of things that can really change your life and help you achieve retirement at a younger age.”
An ideal financial situation for you is bound to be different from someone else. When thinking of your finances, ask yourself the question: What truly matters? Alix explains, “people today in California or New York or Seattle, they’re spending so much money on their housing that they can’t afford to go on vacations. So it’s just about a trade off. What would you prefer? Do you want the daily lifestyle? And how realistic is that for you anyways?
How early do you have to go to work? If you go do a two hour surf session, are you going to be able to balance that? How often are you taking advantage of that?
So it’s just about what you prioritize more. Would you rather do the vacations or would you rather do the daily lifestyle?”
In addition, Alix advises to start with a goal: ask yourself, how much annual income would you need to be financially independent?
4 STEPS BEFORE LOOKING TO INVEST:
Start saving 20% of your income
Do your research
Remove all high-interest debt
Keep a long-term perspective in mind when thinking about the stock market
To learn more about Alix’s work or how you can find financial freedom, listen to our podcast episode available on Apple Podcasts or Spotify.
For those looking to dive a bit deeper, Alex suggests thinking about the following strategies: