Femillionaire: The Movement

By reading this post, you’re ready. Or maybe you don’t know if you’re ready, but your curious.

Either way, you’ve found the right place.

Whether you’re sixteen and just discovered spending money, twenty-two and lost AF with student loans, thirty-five and in debt to your eyeballs from your twenties- you’re here. You’ve done the hardest part, which is just showing up and paying attention.  I want you to know this isn’t complicated and you can take control of your finances and take control of your life.

Welcome to Femillionaire. You’re already on step 2.

What is Femillionaire?

Femillionaire is exactly what it sounds like Female + Millionaire, Femillionaire. Maybe it’s tacky, maybe it’s catchy. Either way, I don’t care. What I do care about it turning you into a financially independent, strong woman.  As you read Femillionaire material I want you to feel empowered and given the tools to be successful right now with your money and successful in ten, twenty, and thirty years into the future. Femillionaire is my way of educating women and girls to actively be involved with their finances.

With the steps, tips, and advice I give, your future millionaire status is set in stone. You’re not going to be selling shakes, teas, or wraps. You’re going to be investing. You’re going to be smart. Your definition of financially independent means you don’t have to work again- ever. Not a hoax work from home job.

Welcome to the Party.

Who is Femillionaire for?

Femillionaire is for every woman who doesn’t know how much they make per pay period, for every woman who doesn’t know how to invest, for every woman that has stayed in a terrible situation due to lack of money. Femillionaire is for eradicating fear in women over money, for educating women on how to handle money. Personal finance isn’t taught in schools, and outside of school usually boys get ‘the talk’ when it comes to finances. We’re breaking down barriers between women and their money.  We’re building the next Buffetts and financially secure women who aren’t afraid of living a life they deserve.

Let’s cut it short- how do I become a Femillionaire?

You need to have passive income. The most typical type of passive income is investments, like ETFs. You invest your money, it earns you more money in the stock market, and eventually you’re at a big, fat $1 million.

It’s a bit more complicated, and it takes patience and diligence. Femillionaire isn’t a diet pill, it’s a life style change. If you want to drink tea that makes you shit, look elsewhere, sis.

Femillionaire will give you the education to understand the brief how to above. Femillionaire will hold your hand and guide you- and hold your hair when you puke.

Wait- but why do you even want to become a Femillionaire?

Maybe your goal isn’t to have a million dollars or more.

That’s okay, but you’re wrong- we’ll get to that later.

Most likely right now you want financial stability and I applaud and cheer your for that! Femillionaire will prove useful for you to decrease your debt, and increase your net worth. Following Femillionaire advice will pull you from living pay check to pay check to thriving in today’s world.

Maybe you already have a 401k, but are unsure of how to set up an IRA, or how to choose a Traditional vs. a Roth. Again, Femillionaire will be valuable to you too!

Maybe you’re already a Femillionaire and you like reading positive shit. Cool, welcome! I would also love to hear your story!

No matter where you’re at with your journey, I want to invite you to Femillionaire. I want you to feel confident that you will become a millionaire and take control of your finances.

Welcome to the Party – Let’s get started!

 

Female Fridays femillionaire

WARNING: Bad Debt Ahead

Helllo!~ Another week, another financial blog post. How has your week been? Mine has been going pretty well, and I am super stoked about today’s topic.

Did you know there are two types of debt? Now, I know if you’re reading this you think debt is most likely bad. That ALL debt is bad. Bad, bad, bad. But, what if I told you there is Good and Bad Debt? I mean… most debt is BAD, but there are some good guys too.

Today I want to focus in on those bad guys – the bad debt, and see what it is and how we can combat getting ourselves into it.

 

Defining Bad Debt

Bad debt, in the Personal Finance sense, is debt that has massive depreciating value or has an extremely high interest rate. A high interest rate I would consider as anything >6%, because that’s definitely worse than long term market gains. But, a mortgage isn’t bad debt and neither is a business loan (for the most part), so if an interest rate is >6% on either of those things, I would not consider them bad debt, except in extreme circumstances.

 

What is Bad Debt? – Common Examples

 

Credit Cards are the most common form of bad debt. Do you know the interest rate on your credit card? Most are >18%! This rate is significantly higher than most consumer loans. The payment schedules are also maximized so the debtor will owe as much money as possible.  Any type of balance on a credit card is never a good idea.

Cars are the second form of bad debt. How many people do you know with $30,000/yr income or $60,000/yr income with cars that are $30,000 or more? Thousands of Americans fall into this trap of having a high car payment. While the interest rate on car loans is often low, transportation costs per month should be <10% of your income. This includes gas, maintenance, registration, and a car payment. Having a car payment you can’t afford on an asset that loses thousands of dollars in value within months is never a good idea.

Consumable Goods America, and many globalized cultures value spending money and the “consumer debt”. Have you ever gone into debt during the holidays, or spent more than you planned? This is consumer debt and most things bought have no or little resell value.

“Transportation costs per month should be <10% of your income. This includes gas, maintenance, registration, and a car payment.”

 

How to Avoid Bad Debt

If you’re familiar with personal finance or the Femillionaire mindset, you know exactly what I’m about to say. If not, that’s okay! Welcome to the club.

Step 1: HAVE AN EMERGENCY FUND. I cannot stress this enough. Seriously, you need to have savings set aside for when shit hits the fan- because it will, and usually it’s a lot of shit all at once.  Just start. saving. now. Even if it’s only $15 a month, having a $100 emergency can compound into $200 very quickly when put on credit cards.

Step 2a: Be smart and have awareness of your financial situation, especially when buying a car! Buy a car that you can afford, has low monthly payments, will be paid off in 36 months, and that you can put a big, cash deposit down on. I know this is a lot and often means you won’t be buying a new car, but there are so many used cars that are only a couple of years old, have low miles and are incredibly reliable.

Step 2b: Buy a reliable car! Research which brand/years are most reliable. Generally, you can never go wrong with a a Honda Civic, Honda Accord, Hyundai Elantra, or Hyundai Sonata.

Step 3: Self Control. This is going to be one of the more challenging steps (if not the most challenging!). You can have an emergency fund and an affordable car, but still lack self control.  If you don’t have self control,  you’ll find yourself in a cycle of gaining bad debt, paying it off, and taking on more bad debt.

 

“You can have an emergency fund and an affordable car, but still lack self control.”

 

The Bottom Line

Bad Debt is, well, bad.  It’s bad for your wallet and your mental state. Avoiding bad debt at all costs should be your primary goal. If you already have bad debt, paying it off before all other debt should be your priority.

 

Have you ever had bad debt and paid it off or are in the process of paying it off? I would love to hear your stories below!

 

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