5 steps to master your money

ALEX ROCA: Hello, and thank you for joining Women Talk Money. My name is Alex Roca, and I will be your host for today's conversation. This is the second event in our special fall event series, where we're talking about the power of betting on yourself when it comes to making sure that you're making the most of your future. Today, we're sharing ways to stay on track for your biggest money goals so that you can build the life that you want.

 

Today with me are Randelle Lenoir, Vice President and Workplace Regional Leader at Fidelity. She leads a team of financial education professionals and has spent most of her career working one-on-one with clients from all walks of life. I'm also accompanied by Sasha Heathman. She's a Workplace Financial Consultant at Fidelity. She works with clients every day to help them reach their financial goals. And if they look familiar, it's because we like having them at Women Talk Money as much as we can. So thank you for joining us again.

 

In today's discussion, we're going to walk you through five key steps to master your money so that you can stay on track of your biggest money goals. With each step, we're also going to share how you can level up or just do the next best thing. Now, step one is to make a plan. So, Sasha, why don't you kick us off?

 

SASHA HEATHMAN: Of course. So naturally, the first step of mastering your money is to give your money a job. Give it direction. And the financial roadmap that we so often refer to here on Women Talk Money is exactly what I'm talking about. So your money needs very specific tasks and instructions to help support you living your best life. Now, before you start thinking about what you haven't done or what you need to do when it comes to your money, it's so important to take a few minutes to reflect on where you are right now and how you got here. Celebrate those actions you have taken, both big and small, to help move yourself forward.

 

So maybe you got a promotion you had been working towards or you paid off a student loan or a credit card, or maybe you even pushed yourself to increase your retirement savings by 1%. Take a moment to be proud of yourself for those efforts.

 

From there, then we start thinking about what's next. Because this is where planning starts. So creating a plan simply means three things-- one is identify what your financial priorities are.

 

Two, estimate what those costs. And then three is to take action to get there, which is what we will be talking about through our conversation today.

 

Now, remember, everyone's situation is unique, and what you might need and how much you need to save is going to depend on what's important to you. So, for example, early in your career, in your 20s, you might have been focused on paying down debt, building an emergency fund. And then as you progress in your life and in your career, those priorities might change and shift. Maybe you're building a down payment for a house or ramping up retirement savings.

 

What's really important is that you keep it focused on what's important to you and be open to making those shifts. So yes, where do we get started is definitely identifying what's important and then be ready to take action.

 

ALEX ROCA: Yeah, and maybe even chunking it out. I think that's so important because the thought of figuring it all out can just be so overwhelming, and breaking it down into smaller steps can really help, especially if you're celebrating the wins along the way. A question we get a lot is what goals to prioritize, especially if we're saving and paying down debt at the same time. So, Randelle, how can we balance different goals?

 

RANDELLE LENOIR: Yes. So first, let me just start and say something about debt. So debt can be either a bridge or a burden. And the progress with this really comes from having a plan. So I think we grew up learning that all debt is bad and you should have 0 debt, but it's really about what serves you. Like a student loan, for example. But if I overspend on my credit card every weekend, maybe that's not the best type of debt. So for more of us, it's not necessarily about getting to 0 debt. It's really about using wise debt here.

 

So back to your question, you should really be doing both together. So you should be able to pay down your debt, save, and invest. But that all comes together with having a plan. And we have a really great visual here about what we believe is the best priority to approach this. So first and foremost, pay your minimums, protect your credit. And then second, protecting your health by making sure that you have a healthy health savings account or flexible savings account. This is the foundation for so much. Your health is what allows you to earn money, so protect that, as well.

 

Then we're going to move on to building your first buffer, your first emergency savings goal. Maybe you consider $1,000 here. And then you're going to go back and think about your employer plan, your 401(k), your 403(b), if you're self-employed, your IRA or whatever you want to add to that. Get that free money. Make sure that you're capturing the match. So if your employer matches 4%, try to get up to 4%.

 

Then you're going to move on to that burden debt that I was talking about before, that high interest debt-- usually credit cards that we're talking about here. Look at all of the credit card debt that you have or high interest debt that you have, and see what the interest rate that you're paying on is it. Now, the smartest financial thing to do is to start paying off the highest interest rate debt first with your extra money and then move down.

 

OK, now, once you've got that done, you're going to shift back to your emergency funds and build your full emergency savings. So Fidelity, we believe that you have three to six months of your essential spending for emergency savings. And then at that last step, you have a little flexibility. Maybe you have some extra money and you're thinking, Randelle, should I invest this or should I put more towards my debt?

 

And a rule that I'd have you consider is the rule of 6%-- 6%. So if your debt is less than 6%, maybe you could consider investing it because maybe you'd make more money investing that money versus if your debt's more than 6%, maybe you should prioritize paying that down. Or maybe you do both. Who knows what you have. So it's really about having a plan that addresses your debt, your savings, your investing. That's how you get out of that frustrating loop. I know so many of us have that start and stop situation where something happens. We have to put money on a credit card. Something happens. We have to stop contributing to 401(k) or taking money out of the 401(k). Doing it all at the right level helps you level up in your finances and build momentum.

 

SASHA HEATHMAN: I love a good step-by-step framework just to help you get started, because when you're juggling multiple financial priorities at once, especially like debt, it's hard to see the light at the end of the tunnel, if you will. And one level up tip that I'll add, especially like we were talking about, balancing paying off debt and saving for other goals, is to keep it simple and automate, automate, automate.

 

We're all busy, and sometimes life happens, and it's usually our financial goals and plan that tends to get pushed to the side. So automating your saving and investing can really help you stay on track while, again, you're out there living your best life. A great example of an effective automated investment plan is your workplace retirement plan.

 

So the money that you contribute never actually hits your bank account. And since you don't see it come in or out, you probably don't even about it. One example of how you can apply this automation-- we have a slide that illustrates this. You can apply this same concept of automation to help you save and invest for your other financial goals, as well.

 

So a question that came up a lot in the questionnaire is different financial goals, like saving for a house down payment. So we'll use that top right as an example of automation. So this slide, let's say, for example you need $80,000 dollars for your down payment. So let's break it down into those chunks. So from today and for the next 10 years, you want to save $500 into a non-retirement account, like a brokerage account.

 

So $500, automate that there. Plus, you want to invest that money. You want to invest that money into the right level of risk that you're comfortable with and that aligns with your house down payment goal. So potential benefits of automation, it really helps simplify and keeping you on the right track for your financial goals.

 

ALEX ROCA: You know what I actually love about this example is that it doesn't just show you how small amounts can add up. It also shows how investing can potentially help you reach your goals sooner, which is a perfect segue into step 2, which is boost your savings. So, Randelle, once you've named your goal and you start putting money towards that goal, how can we take that savings a step further?

 

RANDELLE LENOIR: Yeah, I realized when I was talking before, I just put debt, savings, investing all in the same bucket. So let me break that down a little bit more for you. So we have a great visual to break this down. Let's say I have $10,000 to either save or invest. I could put it in a bank account, or I could put it in an investment account, like a conservative investment account.

 

And like Sasha was mentioning, let's say I blink, 30 years later, the investment account could have made up to $150,000 more. That's a huge difference. So you want to ask yourself in this situation, what's the money's job? What's your goal? And I think a good way to think about your financial plan is to be very clear about your goals. And we have a three bucket approach about thinking about this. So hopefully giving you some goals, if you don't already have some.

 

So the first goal when you're thinking about, again, saving and investing, retirement, this is your long game. You got to replace your paycheck one day. You have to stay retired successfully.

You'll need to invest this money to make it work as well as it can for you. And you can start with as little as 1%, or you can go up to that goal that we often talk, about that 15%, including your employer match and your workplace account, IRA, Roth IRA, whatever it is. Just make sure it's consistent.

 

And like my friend Sasha was saying, automate it, automate it. So another goal that I think everyone should be considering is emergency savings. So this is money that you'll need to access at a moment's notice. So you do not invest this. This stays in cash-like instruments--your high yield savings accounts, your CDs, your cash management accounts. I've even heard of some annuities that people use for this.

 

So I saw a question in the chat about, OK, where do I put my cash? It really depends on what's working the best for you. So you should put this into your review routine, whether it's annually or quarterly. Check in and see what can give you the most for your cash. And you'll want to start with maybe a goal of 1,000 and then build up to that three or six months, three to six months that we recommend. And this is something that you'll replenish from time to time as things come up. Just start with something.

 

And listen, don't under do it. You have $100, and then you're like, well, I got my credit card, I got my 401(k). That's what leads to that loop of you staying in the same level. We're trying to level up. And don't overdo it, either. Sometimes people put this money away. I'm sure we've all talked to people, Sasha, some years have passed, they have two years worth of their salary in their account, doing what that savings did instead of doing what that investing did-- so the Goldilocks zone-- just right for you.

 

And then next is that medium-term priority. It could be paying off debt, buying a house. Saw some people talking about putting money into your kids' 529, charitable giving, starting a business, all sorts of things. Typically, this is a brokerage account of some sort. And you can start small here, too. It's like $1. And we have so many options. You could buy a stocks, buy funds. You can get it managed-- super duper easy for wherever you are. Again, it's just something consistent that you can build on as you go.

 

This is how you give your money jobs. I mean, we work hard for our money, and we want to make sure our money is working hard for us. So again, consistency. Don't make this perfect. Just start with where you are. And this is your financial plan.

 

ALEX ROCA: Now, Sasha, this next question is for you. What if your goal is to ramp up your retirement savings? What might you want to do?

 

SASHA HEATHMAN: Absolutely. So as Randelle just mentioned, retirement is the point where you can pay yourself a paycheck. So it's so important to keep tabs on that progress. So we have a slide here that gives us six ways that we can ramp up our retirement savings. Now, today, we don't have time to dive into all the details, but we have devoted a whole event on this that's available on our Women Talk Money YouTube channel. And we're dropping that link in the chat.

 

But as far as what you can do to ramp up your retirement savings, let's start from step number one. So you always want to make sure you're contributing enough to receive your employer match. Randelle talked about that earlier. And then also make sure that between you and your employer, you're getting to at least that 15% contribution-- step number one.

 

Step number 2 is to then consider saving for future health care costs. And you can utilize a health savings account, or HSA, to help you get there. Fidelity estimates that a 65-year-old might need as much as $172,000 in after-tax dollars to cover health care in retirement. And as women, we tend to live longer than men, so that cost could be even higher. So part of a sound retirement plan is to also plan for that health care cost, because as Randelle mentioned in the beginning, if we don't have our health, we don't have our wealth.

 

So step number 3 is, consider maxing out your retirement plans to the IRS contribution limits. The IRS sets that limit each year. And if you're over 50, you have the ability to make catch-up contributions. Step number four, once you've maxed out your workplace plans, then consider saving even more outside of your workplace. And that would be with an IRA or individual retirement account.

 

And then 5, review if your workplace allows any after-tax contributions, which is different than Roth contributions. It allows you to save even more within your workplace plan. And sometimes, your employers might even have additional retirement accounts, like a 457 deferred compensation plan, that would also help you with that tax-advantaged savings. So review if your employer has that option.

 

And then once you've maxed out all of your tax advantaged retirement plan options and you want to continue building that retirement savings, then consider a brokerage account. The key difference between the retirement account and brokerage account is that your investment strategy within that investment-- or excuse me, your investment strategy within that brokerage account-- you'd want to be a little bit more mindful of taxation on the growth year to year.

 

ALEX ROCA: I appreciated you hedging that, Sasha, because you're right. That was a lot to take in. But the beauty of this hierarchy is that it takes a lot of the guesswork out of maximizing your savings. Now, Sasha, before we move on, can you share just a little bit more about that last option you were just talking about, the brokerage account?

 

SASHA HEATHMAN: Yeah, so a brokerage account is an additional type of investment account that can be used for general savings goals. It allows you to save and invest in stocks, bonds, mutual funds, ETFs. The key difference, though, between a retirement account-- or, excuse me-- a brokerage account and a retirement account are twofold. So one, each account has a different tax situation. So you have to be mindful of how each account is taxed. And then the second difference is going to be the contribution limits.

 

So specifically for a brokerage account, there are no contribution limits. There's no income restrictions. There's no early withdrawal penalties like you would have to be mindful of if you were saving and investing in retirement accounts. So what that means is right in our hierarchy--that's why that one says number six-- any extra money that you have can contribute as much as you want and as you can afford. Plus, you can always withdraw all of that money from the brokerage account at any time without any penalty, which, again, can make it a good option for definitely your long term goals, but also some of those mid-term goals, too, that Randelle was talking about.

 

Now, it is a taxable account, which all that means is that growth along the way each year-- so capital gains, dividends, and other income, would be taxed each year. The good news is that a tax form is provided by Fidelity and/or your other financial provider. And as with all investing, remember, investing does involve risk-- risk of gain, risk of loss. So ideally, within that brokerage account will want to align your investment strategy with your goal, but also being mindful that any kind of growth within that account each year is subject to taxation.

 

ALEX ROCA: Thank you so much for those details, Sasha. It's so important to what our options look like. So again, thank you for that. Now, once you have the right account for your goals, you're ready for step three, which is diversifying your assets. So Randelle, can you walk us through what we mean when we say that?

 

RANDELLE LENOIR: Yeah, absolutely. And listen, hey, if your priority is paying down debt or building an emergency fund. You may not be taking any action on these steps yet. But don't click away. This is still very valuable information.

 

So diversification-- I look at it kind of like your seat belt. It helps protect you against market challenges that might impact your personal goal. So I didn't say it's going to prevent ups and downs. It's really more about getting you to your destination as smooth as possible. So specifically, diversification we hear not putting all your eggs or your dollars in one basket. It's your asset mix, this thing that we call asset allocation. And you tie that asset allocation to your timeline, to your comfort level. That's what makes up your risk tolerance-- time, temperament, because the goal is to keep moving and not to freak out. You want to keep moving.

 

So we have a chart that will show a little bit about what we mean with diversification and asset allocation. Now, this chart can be a little complicated. So I want you to notice a few things. So notice the average return numbers. They're not dramatically different. But what is very different are the swings, the swings of the account. So I was thinking about the best way to describe why this matters. Think about it like lanes on a highway. So you're on a long journey. I'm thinking about my parents. They're currently driving from Michigan to Alabama to visit family. They're on a long journey.

 

They would probably get in that fast lane to help smooth things out and help them gain momentum because they're going to be on the road for a while. So the same thing for a long journey like your retirement. You can maybe tolerate a little bit more risk in those types of accounts because you got a long way to go and you need to gain momentum. But if your exit is coming up, meaning that you need the money soon, you need to gradually move towards that exit lane safely.

 

In fact, if I know that I'm getting on the highway, for example, and I'm getting off right away, I won't even bother going to the fast lane. So it's just picking the right lane for you. And sure, I live in Chicago. We see people swerve straight from the fast lane to the exit. I think many of us would know that that's not advisable. It's dangerous. But this is about making sure that your asset mix, so what lane you're in, reflects your goals, your timeline, so that you can have peace of mind to getting to your destination smoothly.

 

ALEX ROCA: That was such a powerful example. I think I'm going to be thinking about your parents when I'm driving home later today. So I want to do a quick follow up on that, Randelle. Let's say that you do have an investment strategy in place. What more can you do?

 

RANDELLE LENOIR: All right, so what if I said, it's not just about what you to invest, it's where you keep it? So this is advanced stuff for those who are already moving in your investments--optimizing your tax management. The smarter you are about taxes, the more money you keep. The more money you keep, the more money that money can make. So this can be a really big extra boost to whatever your goals are. So many of us know that when we make money, we owe money, often. And it can depend on what type of account those things are in. So you can optimize what accounts things are in with this strategy called asset location.

 

So you can either look this up, write this down-- asset location. Or you can talk to an advisor who can break it down for what it personally looks like for you so that you understand it. But really it's about building tax diversification. And I'll give you a sneak peek here. So we have a chart. And I'm going to break down maybe a couple of these for sake of time.

 

A Roth account, for example, grows tax-free. So it can be a great home for assets that generate a lot of taxable events, like dividends, income, or mutual funds with a lot of turnover because you won't be paying taxes on that. It's tax-free account. Versus on the other end, a brokerage account like Sasha was talking about, everything in that account is taxable. So it's often best to have your most tax-efficient assets and instruments in those types of accounts.

 

So it's not just about what you invest in, but where you keep it. And tax diversity can make you more money. It could also add a lot of flexibility in your future. And I'll talk about that a little in the future. But this is not something that you need to do all on your own. Again, you can call us and we'll make it make sense for what it means for you.

 

ALEX ROCA: Now, OK, so we have a better understanding of the different investment strategies. So Sasha, can you walk us through our next step?

 

SASHA HEATHMAN: Yeah, so up to this point, we have started our planning process, identified our goals. We've talked about account types. We just talked about asset allocation and asset location to manage the details related to taxation and things like that. So the other step that is also important is that life might throw you a curveball that maybe you weren't expecting, you didn't have much control over. And it can send this plan for a loop.

 

So what's also important is to have a pivot plan. Have a pivot plan, which may sound odd, because we want to have everything go as we planned. But change can be scary. But the benefit of having a plan and reviewing it, at least annually, is that whenever life does cause you to pivot, we can more easily identify how that change might impact you, and we can help identify what pivots you might need to make in order to help you stay on track despite that unexpected event.

 

So we have a slide here that calls out just some examples of life's pivots, both exciting and potentially a little bit scary. So maybe, again, you earned that big promotion. That also comes with a pay raise. So more money that's coming to you is more money that can go to work for you towards your financial goals. Maybe you change careers entirely, and maybe that means a change in your salary. And that could cause your savings strategy to need to adjust and pivot accordingly, but also, maybe you are starting over after a divorce.

 

So those are all some examples of life's pivots that can come your way. So how do we plan for that? We want to start by asking ourselves, if one of these items happened, how would that impact us? How would we feel if we lost a job? How would we feel, what would we do if we got an inheritance that we weren't expecting? So by starting with your initial reaction, that helps us create a plan A, and then from there, we can do different what we call scenario analysis that says, hey, well, what if that does not happen? What would plan B or maybe even plan C look like?

 

And again, that's the beauty of annual reviews is because we can see, hey, in real life, how did this scenario actually play out? So no matter what life may bring, the steps to pivot your financial plan remain the same. With step number one is we might need to set and possibly reset your financial goals, come up with that savings number for how much you might need to support those goals. And then step number three of a pivot plan is put the plan in motion to adjust accordingly, making sure that you're building your wealth still in the right types of accounts with the right investment strategy to support those goals despite what life may bring. So although change may be scary, it does present an opportunity for a pause and reflection on how life's pivots might impact you both now and in the future.

 

ALEX ROCA: That's very warm. Thank you for that, Sasha. I actually want to dig just a little bit deeper here, because we hear from a lot of women who are starting over after a divorce or maybe a big change. Maybe some of them feel like they started a little bit later in their savings. So, Sasha, what do you say to clients who are either restarting or maybe starting a bit later than they would have hoped to?

 

SASHA HEATHMAN: Sure. So I always start with, it's never too late to create a plan. Now, I will say, depending on where you're starting from, it may take a few adjustments to how you've normally done things. But taking action can really help you feel more confident that you're moving forward in your progress. Starting over is hard to plan for. But again, sometimes that pivot might create a new outlook. And the key is just starting from where you are and building upon there.

 

Which I actually met with a client and her husband who had been married for 25 years. She was an art gallery owner who made space for other artists and really loved bringing art to life for people. So she and her husband met with me annually to review their retirement plan, identifying how much they might need, and did that scenario analysis to just help them see what options are possible. Well, during one of our annual reviews, I noticed that it was just her who had scheduled an appointment. Her husband did not join, and she let me that they were getting a divorce. And that meant we needed to pivot her retirement vision.

 

In fact, she came to me and was thinking that she would take her divorce settlement and buy an RV and become a child story illustrator. So that was definitely a different vision than what we had been planning for. She went from being someone who supported other artists to becoming an artist for herself. And that was something that she hadn't thought of when she was in her prior relationship.

 

So even though a pivot like a divorce can be a very emotional experience, sometimes a pivot like that can present an unexpected opportunity to pursue new experiences and reconnect with yourself. So if you are presented with a situation where either you're starting over or starting a new life experience, here are a few questions to ask yourself. One is, what's important to me right now? Now that I'm in this new position, what's important to me?

 

This next question is, if I feel stressed or anxious about this new chapter, what might be causing it? If we can identify what is causing you stress-- is it the maybe an outstanding student loan or credit card payment? Is it the fact that you don't have as large of an emergency fund as you once did? By us identifying what is causing the stress of the next chapter, then that will help us address it. And even though I actually gave examples going right to money-- so I talked about debt, I talked about emergency fund-- it can also be the emotional part, too, this newfound independence that you've been in a relationship for a good part of your life. And now being single is a new experience. That also can be something to explore.

 

And then finally, a third question to ask yourself is, what do I want? What do I want for myself going forward? Because the key is still finding things that bring you joy. And, of course, we always want to make sure that you have the money there to support that vision.

 

ALEX ROCA: Well, I appreciate you not only going over the financial and the emotional part of a potential pivot, but I also appreciated you bringing up some of the potential positive pivots. It's not always a bad thing that we're planning for. And a pivot that jumped out at me is actually early retirement. So Randelle, can you tell us a little bit more about how we can plan for that if that's something that we want for ourselves?

 

RANDELLE LENOIR: Yeah, such a powerful story. So retirement is a big change in mindset and strategy. You go from saving money to spending. You go from accumulation to distribution. You have a paycheck every two weeks or however often to go into have to make it myself. So for some people, retiring early is a goal. And you hear about this FIRE movement, the Financial Independence Retire Early movement, and you're empowering yourself with the option to work if you need to work later.

 

But for so many others, this is not a choice. It's one thing I've learned in this business, just like Sasha had mentioned before. Your health can change. You can get laid off. Caregiving can bring your retirement early. So either way, it's good to have a plan. So if you're planning to retire early, here are a few things to consider. So first, you want to plan for longevity. I think someone said it before, that women live longer. So just like a longer vacation costs more, a longer retirement cost more.

 

But that's the thing. You just want to make sure that you plan to last, keep your money lasting for the rest of your life. So then you want to think about your bridge plan. So if you're planning to retire earlier than the retirement age, where you can make penalty free withdrawals from your 401(k) or your retirement accounts, will need a nest egg to bridge that gap, like a taxable brokerage account nest egg, until you're the proper age. And that's why what I mentioned before, tax diversification can really make a big difference in your financial plan. So that helps. Then replacing your income. So for many of us, it's like a salary and a bonus that we get if we're lucky. So that salary part-- this is when you'll start to think about income products, annuities come into play. We believe that you should guarantee as much of your essential expenses as you can with income products. And then alongside that, you'll want to have a solid plan for growing your asset strategy over time. Things get more expensive, especially over decades, you think about. And you might want to give yourself a raise or a bonus.

 

And then plan for your health care gaps. Your health is so important. So as we age, we spend more on medical care, having a good plan for how you're going to cover your insurance until you qualify for Medicare is one part, and then having a healthy HSA or health savings account can be a strong consideration for a really planning for early retirement, as well.

 

Preparation can lead to some great flexibility here. Things happen and you want to move it from pain to possibility, if you can, or even take a rest or even reinvent yourself like that story. So this is actually a great goal to talk to a professional about because there are a lot of moving parts. Let us help you with the investments. Let us help you with the account types, considerations, the fees and taxes, to make sure that every dollar counts and every cent is optimized so that you can reach that goal.

 

ALEX ROCA: You know what? I think it's good to hear that while we may not have a crystal ball, planning for the unexpected isn't an impossible task. Just doing a little prep work and getting the right protections in place can help you feel more confident and help you stay on track in the long run, which brings us to step 5-- hold yourself accountable. So, Randelle, can you tell us a little bit more about this?

 

RANDELLE LENOIR: Yeah, I love accountability. I mean, it's been the way I built confidence in so many things in my life. And money is just the same. That confidence helps me make progress that I'm proud of, gives me the courage to dream bigger and achieve more. So how do you do this? Schedule your financial check-ins or check-ups You want to track progress on your goals. Keep track of milestones for yourself. Take notes of what's working, what's not, and make manageable next steps in your plan.

 

Then your team-- by the way, we can help you with those check-ups. Just schedule an appointment, for example. Let us be your coach for free. But your team, I mean two things here-

- I think your professionals that you can rely on and that you can trust, your financial advisor, accountant, attorney. You don't have to do all these scary things alone. And it's good to have somebody that you trust to smooth out all the bumps in the road.

 

Then your friends, your family, your partner can be a great bonus to this. I was thinking about this. I'm like, you can take a few of these steps from this call today and do a Women Talk Money challenge together, kind of like people do 75 Hard just for the rest of the year, and just check in weekly and support each other.

 

And then another big piece of accountability for me is really personal is to give back. I'm blessed to be a blessing. Community care is financial care, so take care of those that are in need with what you have-- time, resources, money. And this is how so many more of us can be successful through accountability.

 

SASHA HEATHMAN: I love that. And for sure-- well, I have two little kids at home. And I seriously understand what it means now by it takes a village. And so even with your financial goals, sometimes, if life throws you lemons or you have to pivot unexpectedly, it can add stress. Life moves really, really fast. So to be able to have that community where, not only you can talk things through, get ideas, but then also celebrate the wins. Celebrate even the smallest things that you're doing, which brings us back full circle to where we started, which, step number one of creating a financial plan is to celebrate where you are and where you've been. Because every step forward, whether you paid off a credit card or you hit a savings milestone, is a reason to celebrate. So take the time. Pause. Acknowledge those wins. Celebrate with others. Treat yourself within reason, because that will really help keep your forward momentum going.

 

ALEX ROCA: Excellent. And I actually-- I'm looking around here, because I have the chat up so I can see the questions as they come up. And so, Sasha, a follow up on what you just said, what if my company doesn't have an HSA? Can I get one on my own?

 

SASHA HEATHMAN: So you actually can. Step number one is, though, you have to make sure you are in an HSA-eligible health plan. That's usually referred to as a high deductible health insurance plan. So as long as you are enrolled in that, then, yes, you can open up an HSA, which Fidelity has health savings accounts that you can open separately. And you have the option to invest that money that you aren't using on an annual basis.

 

ALEX ROCA: Thank you for that, Sasha. And then I have one for you, Randelle. How would I identify a Fidelity rep that is woman-focused and available to have conversations for a specific region? And then a follow up, how can I make the conversation as productive as possible?

 

RANDELLE LENOIR: Yeah, we get this a lot. And I would say, I trust that anybody that you would talk to here at Fidelity would be well-aligned to your needs. We have a tool called Find an Advisor, where you can look in your area and you can see who's available in your area and pick. But I promise you, whoever you pick is going to be well-attuned to your needs as a woman. So don't let that stop you.

 

And listen, if you and that person aren't seeing eye to eye, find somebody else. That's why you have so many other people. Don't feel bad about it. Find the person that you trust, you vibe with. There's nothing wrong with that. And then what was that second part?

 

ALEX ROCA: And then, how can you make the conversation as productive as possible? RANDELLE LENOIR: You'll want to come with a good sense of what's going on with your finances. So maybe look at all of your accounts. Run the numbers-- how much do you spend, how much do you save, where everything is. And then I think one other thing, if you wanted to, is to get a good sense of what goals that you have. Once you have that, you're in a really good spot. But honestly, you don't need to prepare at all. We are trained to help you figure this out. But if you want to feel a little bit prepared, you can do that. Not necessary. We're here to help. ALEX ROCA: And very quickly, I want to ask each of you one takeaway you want the audience to walk away with today. Sasha, I'll start with you.

 

SASHA HEATHMAN: Yeah, well, I'll piggyback off what Randelle said earlier is that you're not alone in figuring it out, especially when there's so many moving parts, from account types to investments to taxes, and not to mention the cost of things. How do you estimate that? Setting financial goals and doing financial planning can feel overwhelming, but planners just like me are available with knowledge in all of these different areas that we've discussed today. And ultimately, we're here to help you feel confident in your money moves.

 

ALEX ROCA: Thank you for that. Randelle.

 

RANDELLE LENOIR: And then I'd say about feeling confident, consistency builds confidence. So choose at least one thing that you're not already doing. Build towards that consistency so that you can feel better about your money and your future.

 

ALEX ROCA: Fabulous. Thank you so much for chatting with me and for all of the helpful information that you've shared. To all of you watching, thank you for joining, and we'll hopefully see you again very soon. Have a great day.