Managing Money In My 30s

0:00Tori Dunlap:If you're struggling to figure out where to start with your financial journey, if you're so overwhelmed and you're just like, I need the step-by-step plan and mentorship from you, Tori, well, great. You can go to herfirst100k.com slash fspod to take our free money personality quiz. We're going to ask you about six questions. We're going to see where you're at in your financial journey. This is not like a pass-fail-of thing. I just want to know where you're at. Then we'll deliver resources catered to exactly where you are in your financial journey. The quiz takes less than two minutes, and it's the perfect place to kickstart your financial goals and get a financial plan personalized to you.

0:30Tori Dunlap:So again, that's herfirst100k.com slash FFpod, and we'll send over your free personalized money plan. We'll see you there. Hello. If you're an oldie but a goodie, welcome back to the show. And if you're new here, hi, my name is Tori. And I am a multimillionaire, and I've got the patriarchy by making you rich. If you want to do something nice today for us, because this is a great show and we put a lot of effort into it, you can subscribe. That's the easiest thing you can do to support us and to make sure that we can get good guests. It's just hitting that one little button. And if you want extra credit, you can turn on auto downloads.

0:59Tori Dunlap:and maybe listen to another episode after this. We would really appreciate it. I just turned 30. I don't know if I have any grand, massive takeaways about my 30s and a new decade yet. I don't think it really feels real yet. I haven't had a lot of time because I've been working a lot to really sit with it. But today we're talking about the things that I am planning on doing differently in my 30s or things I'm thinking more about, especially when it comes to money and how I'm going to manage it in this next decade of my life.

1:33But first, a word from our sponsors.

1:36Tori Dunlap:This podcast is sponsored by Squarespace. When my partner was launching his business last year, I was like, great, you need a Squarespace website. That was the first thing we did was sign up for Squarespace. And we signed up on Friday using my code. And by Monday, he had a brand new website and was already making money. Yes, really. He used their cutting edge design tools to design a perfectly navigable website. That's a word. And the ability to offer services right within Squarespace. So he was not using a third party platform. And with the analytics tools in the backend, we could see exactly where people were coming from and where they might be getting stopped.

2:10Tori Dunlap:Head on over to squarespace.com for a free trial. And when you're ready to launch your brand new website, use offer code FFpod to save 10 % off your first purchase of a website or domain. Study and play. Come together on a Windows 11 PC. And for a limited time, college students get the best of both worlds. Get the Unreal College Deal. Everything you need to study and play with select Windows 11 PCs. Eligible students get a year of Microsoft 365 Premium and a year of Xbox Game Pass Ultimate with a custom color Xbox wireless controller. Learn more at windows.com slash student offer. While supplies last, ends June 30th.

2:47terms at aka.ms slash college pc

3:07Tori Dunlap:we talk a lot on the show of course about how personal finance is personal i say that in my book i say that here a lot and i think that's any sort of marker of success can sometimes be helpful, but it's usually just like very shameful. And that's why you won't hear me say a lot on the show things like you should have X amount of money saved by the time you're 30, or you should be making X amount of money when you're 45. You should be spending Z amount of money every month on your rent because everybody's life is different. Everybody's financial goals are different. Yet there's, I think, a couple crucial tasks or mindset switches that are really, really important as you transition into your 30s and beyond that maybe wasn't a priority to you in your 20s and that also you maybe didn't have to think about as much just because it wasn't as relevant to you.

4:08Tori Dunlap:So today I'm talking about a couple of things, both personally that I am thinking about with my money into my 30s and some of the things that I would encourage you to think about too. So whether you are late 20s or you're in their 30s, here's a great guidebook, let's say, for you as you transition into your 30s. Okay, the first one, I'm giving less fucks about what people think of my purchases. You know me though, I haven't given fucks about that really ever. But I think as you get into 30, your 30s, you start setting better boundaries around everything. And you start realizing who you truly are and what you want to spend your money on.

4:45Tori Dunlap:And I think if your 20s are about impressing people or were about impressing people, let your 30s be about impressing yourself. Do the things you actually want to do and then don't apologize for it. You want to buy a sewing machine and that feels grandma, but you know you're going to love it? Great. I think for me, actually one of the biggest transitions I've had when I started to make more money is the designer pull. It's just I think with social media and rich bitch culture, there's this draw of purchasing a bunch of designer goods because I can now afford to do that. And let me tell you, I tried that.

5:23Tori Dunlap:I tried buying Versace sunglasses. And I have them and they're cool looking. but it didn't give me the joy that I think a lot of other people feel. There is a certain type of person that is like, oh my God, I have saved for five years for this Dior bag. I don't feel that way. That's just not... I'm really hard on my stuff. That's just not what I love. But I have figured out the purchase that I absolutely love. And that is luxury hotels. And most of them, I do it on credit card points, which is great because I don't even have to pay my own real money. But I researched the hotel beforehand. I'm going on and I'm tickly-tackly.

6:07Tori Dunlap:And I'm like, ooh, what's the spa look like? And what are the pillows made out of? This is literally me. And I'm checking the amenities weeks before. And then I've checked all of them and I'm still checking them two days before. And that level of excitement for me is, I think, what a lot of people feel about getting the Chanel purse. But that's not me. That's not my level of excitement. And I think, again, the frivolous spending, right? We're told basically anything that we want or desire as women is frivolous. So just buy the thing you want. Make sure you can afford it, right? Make sure you've saved responsibly.

6:41Tori Dunlap:Don't be putting this on a credit card and you can't afford it. But give less fucks about your purchases. If you love it and you know you're going to get joy out of it. There is no need to justify it to anybody else. And also find the thing that feels luxurious to you. Maybe that is a designer good. Maybe that's a really nice car. Maybe that is beautiful home goods. This is not sponsored, but Bull & Branch sent me some of their sheets. Oh my God. Divine. Incredible. They're$700 sheets. I probably would have paid my own money for these sheets because they're that incredible. I think that you have to find the thing that you love and that feels luxurious to you.

7:21Tori Dunlap:And don't feel like you need to buy it to impress anybody else. Don't feel like you have to justify it to anybody else. Give less fucks about the things that you spend your money on. Okay. Number two, it might be time to prioritize new goals. I just think when you're 30, you start, again, figuring out what you want and you might have new priorities, right? You might want to become a homeowner. I want to pursue that. You might want to consider children. You You might want to do neither of those things and just figure out how to grow your wealth. But I think transitioning into your 30s, again, your priorities change.

7:55Tori Dunlap:You get more focused about what you want. And therefore, your financial goals may shift too. I will always say that your financial goals should always be about protecting current you and future you and then paying for past you. And what I mean by that is an emergency fund, investing for retirement to protect future you, your current goals, a budget to make sure that you're not overspending and that your purchases are aligned with what you want. And then past you, paying off your debt, paying off your student loans, your car, your mortgage, any credit card debt that you have. So I feel like as I'm transitioning into my 30s, I'm thinking a lot, again, what do I truly want?

8:37Tori Dunlap:Where do I want my money to go? What do I want to spend my money on? And in your 30s, you're going to figure out how your goals and perspective shifts. I think especially as you start bringing newer, different people into your life. I know some people get married in their 20s. I'm obviously not that person. But I have a serious partner now. And we're starting to have conversations about what we want our life to look like. Where do we want to live? What do we want to do? How much do I want to keep working on this business? And can I create a kind of business that allows me to step away more often?

9:12Tori Dunlap:And so those are a lot of the conversations that I'm starting to have because I am doing life now with somebody else. I am not just 100 % the sole decision maker anymore. If I want to spend six months in New York living from there, well, that causes significant strain on my romantic relationship. So it's just all these things that you have to think about that are new, exciting challenges. Number three, I personally had a whole crisis when I was leading up to my 30th birthday. Because I have chronic pain, because I have back problems, because the titties are too big and cause a bunch of health complications for me.

9:56Tori Dunlap:And I've also gained a lot of weight in the past two years. That's the side effect of running a stressful business. I think that was 100 % the reason I gained weight was this business that I love so much. It caused me a shit ton of stress and my hormone levels are a little crazy. And so as I approached turning 30 and as I think about the rest of this decade, I just really want to prioritize my health. I really want to make sure that I am not sacrificing my mental or physical health to succeed, to accomplish my goals. I have family members who have unfortunately let their health go and are now paying for it later.

10:38Tori Dunlap:They can't walk. They have, again, significant pain and multiple surgeries for things that were largely preventable. preventable. I'm spending a lot more money and a lot more time and a lot more of my energy thinking about my sleep, thinking about my physical health. I got a personal trainer, and she's incredible. We went to high school together. I will link her down below. Shameless plug. She's incredible. She's a Black woman. She works here in Seattle and Tacoma. And if you're looking for somebody, she's a great person to go to. But that was an intentional choice, And it was a true investment.

11:17Tori Dunlap:It was a little bit of money, but it's not just about now. It's about protecting my muscles and my bones and my energy so I can show up for myself and show up for my team and do all the things I want to do. because man, I want the next 30 years to be as kick-ass as these first 30 were. And I need a healthy body to do that. I think that focusing on your health, even if it does feel pricey, expensive, that's something that pays off. That's something that even I can see. I think we've done probably about 10 sessions together. And even my partner the other day, literally like two days ago, was like, I can see a difference in like your legs and your butt.

12:00Tori Dunlap:They look more toned. I can see a difference. And seeing is great, especially from your partner. That's fantastic. But I think that I want to feel better. It's not about getting skinny for me. It's not about I don't weigh myself. It's not about that. It's about making sure that I have a healthy enough body to live in for the rest of my life. And I unfortunately sacrificed a lot of that to build the company and to do all of the things I wanted to do, including write and launch a book. And so I'm just focused on my health now. And I would encourage you to think about that as well and would also love to know anything that you're doing to consciously focus on that.

12:45Tori Dunlap:I've been collecting staples lately. I've been a lot more intentional about finding pieces in my wardrobe that I can just drag and drop. I literally came from packing for a work trip to record this. I have my cute little tank top from Quince that I wear for everything. I've worn it on stage. I wear it out on a date. Everything at Quince is a staple. And that's one of the reasons I love shopping there. Quince makes it easy to refresh your everyday this spring with pieces that feel good and look good. From lightweight linen pants, dresses, and tops that started just$30, but also European linen, organic cotton, and everything at Quince is priced 50 to 80 % less than similar brands.

13:25Tori Dunlap:I'm obsessed with them. They're where I turn anytime I need new clothes, especially just like staples in your closet. If you want a good white t-shirt, if you want a good pair of jeans, Quince is where you're going to go. Refresh your everyday with luxury you'll actually use. Head to quince.com slash ffpod for free shipping on your order and 365 day returns and now available in Canada too. That's Q-U-I-N-C-E dot com slash F-F-Pod for free shipping and 365 day returns. Quince.com slash F-F-Pod. I used to spend so much time looking at my money, like pre me as a multimillionaire financial expert.

14:01Tori Dunlap:I used to spend so much time obsessing over my budget, over trying to track every single penny. And what really changed it was finding a tool that worked for me. And a tool that I highly recommend and use and love is Rocket Money. Rocket Money is a personal finance app that helps you find and cancel unwanted subscriptions, monitors your spending, and helps lower your bills so you can grow your savings. Rocket Money saves on average$70 within the first 30 days. And the app consolidates checking, savings, loans, and investments into a single dashboard to give you a clear view of your financial picture.

14:34Tori Dunlap:So you're not spending hours every single weekend trying to figure out where your money is. Rocket Money has been a longtime sponsor of the show. I love using them and I think you'll love them too. Let Rocket Money help you reach your financial goals faster. Go to rocketmoney.com slash FFpod. That's rocketmoney.com slash FFpod. Rocketmoney.com slash FFpod.

15:01Tori Dunlap:You also just can't get away with as much. If you're out drinking in your 20s, you are much more resilient the next day. If you don't get a good night's sleep, you're pretty fine. If you eat a lot of bad food, it's just not the same. I feel my body is different. It doesn't rebound as quickly. And I think my goal for my 30s is to be in really, really good shape to the point where I'm consciously taking care of myself and also lifting fucking heavy things and continually impressing and surprising myself. The last thing I'll say about health is that you do also realize if you want certain things, you're going to have to sacrifice others.

15:43Tori Dunlap:And I know that sounds so obvious, but I think as I've aged and as I'm going into my 30s, one of the things I'm really conscious about, okay, if I know that I have a big day tomorrow or I have goals I want to get done tomorrow, I can't stay up till midnight doing something else fun. And then there's some times where I'm willing to stay up till 12. For me, that's late. Even like 1130 is late. That's late, but it has consequences later. So you have to figure out when are you okay with those consequences? And when are you like, actually, I'm going to make the smart adult choice. Because again, when you were 20, you could have your cake and eat it too.

16:24Tori Dunlap:And you can't anymore. and I think that's something that's so so so crucial about aging is that you know okay I want to have a really good day tomorrow I want to poop regularly I want to have enough energy it means that I have to make strategic decisions and you know I'm coming to you on this podcast a little tired and that was partially because I said I was going to go to bed at 10 and literally was in bed I was in bed at 10 and ready to go and then I sat on my phone for an hour and I regretted it even as it happened. I was just like, go to bed. And then I didn't actually make that commitment to myself.

17:01Tori Dunlap:And now I'm paying for it. So that's the trade-off I think with your health too, is you realize you can't do all the fun stuff if it means that you get to do fun stuff tomorrow. My fourth thing, investing strategies. You're getting a little older. You might want to optimize a little more. The rule of 110 is how a general rule where we figure out what percentage of our portfolio should be in stocks versus bonds. So you take 110 minus your age. So I'd be 110 minus 30, which would be 80. So 80 % of my portfolio should be stocks and 20 % should be bonds. And then as you age, you want to optimize that, right?

17:37Tori Dunlap:So as you age, you want your investments and potentially less risky places because you want to keep more of your money, right? You want to make sure that you're protecting your retirement. So that's one thing that I, will be more strategic about in this next decade. I also am just focused on if I'm realizing, okay, I don't want to work this hard forever. What sort of investing do I need to do? Literally investing in the stock market, do I need to do in order to potentially not work and be able to potentially even live off of my investments? And this is what we call the financial independence movement, which is getting to a point where you are good on just the amount of money you have invested.

18:22Tori Dunlap:And so I think that that is one thing I'm also thinking about more as I age is uniquely for me who already has hit my financial independence number. At what point do I need to start taking this money out? I think I've got a while. I don't think it's going to happen anytime soon, but it's in the back of my mind as I'm aging and thinking about that. My fifth one is just work-life balance. I mean, it's a myth. We all know that that's a myth. It's not real. But my boundaries around my business have gotten a lot stronger even than the last six months or a year for all the reasons I've already outlined.

18:58Tori Dunlap:I sacrificed my health. I sacrificed a lot of things in order to build this company. And I'm not willing to do that again. And so now I'm really focused on my own health, my life outside of work. The past two weeks, I've gone swimming in Lake Washington, I think like six times. And it's been blissful, even if it was just for 20 minutes. And those sort of experiences I want to keep having. It's so easy to tie my identity to work, especially when I walk down the street and I get recognized and it's, oh, hey, you're her first 100K. My identity is the business that I've run to a lot of people. And it's very easy for me as myself to start believing that.

19:38Tori Dunlap:And whether you run a business or, of course, you care about your work, it's probably the same for you too. So I'm trying to find other identities outside of HFK, outside of the work that I do. And I think that is very, very difficult in a society that constantly demands you and your career be completely intermeshed and intertwined. And so it's a fun challenge that I'm looking forward to developing even more as I went through this decade. And I'm so much happier for setting boundaries. Like, I care about this business so much and so deeply. And I haven't lost my ambition, but I'm slowly building other things that I'm just as proud of or that I enjoy doing just as much that allow me to forget about the business for a while.

20:29Tori Dunlap:and I want to do more of those things because unfortunately I've only recently discovered them. This one's not fun, but we're going to talk about it. You need a will. You need to set up a will to make sure that you can assign legal guardianship for your children. And if you own a business, you need a will and you might need a trust. And that is something that I'm going to be honest with you. I'm going to admit to you as a good financial expert that I am, it's something that I should have done sooner and I haven't done it. I just haven't gone around to it. I haven't made time for it. And, um, we have a guest on the show coming up in a upcoming episode that talks about how important this is and fuck, I gotta, I gotta do it.

21:09Tori Dunlap:I gotta do it. So it's not fun to think about death. I get it. But you know, what's really not fun as when you're the loved one who got fucked over because your loved one who died, didn't do any of this for you. And you're trying to find their accounts and you're trying to figure out what they want and how to just navigate all of that while you're also grieving. The most selfless thing you can do is get a will together, get life insurance for yourself. And if you have a partner who is not even making money, but is a non-compensated working parent, a stay-at-home parent, look into this. We have so many resources around getting wills, getting life insurance on our money tools page.

21:50Tori Dunlap:We'll also link that in the description. But it's something that I'm thinking more about because I'm getting older and also because I own a business. So you don't have to be a multimillionaire and you frankly shouldn't be in order to get a will. Again, if you're a parent, you need a will. If you have a complicated family situation, you need a will. Or if you just want to make sure that your stuff is going to the people you want it to go to, you need a will. And if anybody is reliant on you financially, you need life insurance. 100%.

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