February 25, 2025 • 41 mins
You may think that financial planning is for those with million dollar net worths, but it is for everyone! Nadia Vanderhall, a financial planner and founder of The Brands and Bands, shows us how financial planning can empower YOU to take control of your financial future through actionable strategies and a shift in perspective on retirement.
In this episode we cover:
- What is financial planning?
- Why do you need financial planning?
- Financial Plan basics for beginners
- Making financial planning accessible for all
- Shifting perspectives on retirement as a continual process
- The three essential phases of money: wallet creation, wealth creation, and wealth management
- Importance of budgeting and understanding spending habits
- Tips for estate planning and leaving financial legacies
About the Guest:
Nadia Vanderhall is a financial planner, educator and marketer and founder of Brands and Bands Strategy Group. She guides individuals and families through the three phases of money with Financial Planning and Financial Education.
Instagram: NVKnows
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Violeta (00:00):
So when you think of financial planning, what do you
think of?
For most people, includingmyself, I thought that it's for
the wealthy and mostly gearedtowards, like retirement.
So when I was young, I was likeI'll think about that later or
whenever I actually make somemoney, but financial planning
(00:20):
can actually be for you now.
Financial planning can actuallybe for you now.
Hola, I am Violeta, your hostof the Money Chisme podcast,
where we just talk aboutpersonal finance, real estate,
investing, entrepreneurship andreally just money talks and get
the chisme on everything thathas to do with money relatable
to the Latino and POC community.
(00:41):
And today with me is NadiaVanderhoff from the Brands and
Bands Strategy Group, and we aregoing to talk about financial
planning and how we can changeour view of retirement.
Hi, nadia, thank you so muchfor joining me.
Nadia (01:00):
Thank you for having me.
I know the name of the companycan be like a little bit of a
tongue twister.
It's like hold on a minute, butyeah.
Violeta (01:07):
I'm not gonna lie because, uh like, it speaks
Spanish too, and so sometimes mybrain gets mixed up.
I had to practice that and Iwas like I know, I'm just gonna
mess that up like brands andbands yeah but, I like it.
Branson Bands I was like, oh,that's a cool name.
But yeah, thank you for beinghere.
(01:29):
And before we dive intofinancial planning, I want the
audience, the listeners, to getto know you a little bit, so
feel free to introduce yourself.
And what more about yourcompany and all that?
Nadia (01:42):
Like you said, I am Nadia Vanderhall.
I'm a financial planner as wellas an educator.
I understand their wallet whilethey build their wealth.
I started the brands and bands.
The recession of the 2008recession depends on who you ask
what a recession was when I wasworking at a financial
institution here in Charlotteand they let go of 80% of us to
(02:05):
ship it off Well, most of theworkload off to India, and I was
upset, but I took the time tostart.
Well, I'm going to startblogging.
Won't stop blogging.
But the funny thing about thatit's not really funny, but not
funny was that during that time,I wasn't really good with money
and I legit all of my 401k outbecause I didn't have an
emergency fund.
Yeah, and I was like I don'tknow what I'm doing.
(02:29):
But it was that time and thetime the years after that where
I started to say I messed up.
I found my money and now howcan I actually start
understanding and building backand budgeting and things like
that?
And I started my company as Istarted working at other
financial institutions inmarketing and noticing how they
(02:50):
were handled people withdifferent pockets, different
ways, if you know what I mean.
The more money you had theaffluent you were, the more
attractive and attentive andeducational they were given with
the marketing and messaging.
But with those that are, whichpeople of color are considering
that sometimes they weren'treally giving that education
that people needed to to build,understand their wallet and
(03:14):
build their wealth.
And I started my company as ofjust posting on Facebook and
talking about money and if I seesomething I talk about it and
then next thing I know I wascreating content around it.
Next thing I know I wascreating content around it.
Next thing I know I wasblogging more about it.
And next thing I know I am nowtalking to you.
I made the move from just beinga not only just a money creator
to a financial planner.
(03:35):
I actually start my CLP nextmonth.
I wanted that because I noticedthat those that couldn't afford
financial planning was those whoneeded financial planning and
that's why I started my company.
My company is part financialplanning and part bands and
(03:55):
brands, and people are like whatthe brands part is, Because I
work in marketing for a servicesinstitution and now I talk, I
help companies understand theirmessaging and things like that
okay, yeah, when I went to yourwebsite, I was like Brent,
because I didn't get like brandsand bands and I was like, oh,
okay, yeah, now it makes sensethat you, you do both and I
(04:18):
totally get the.
Violeta (04:19):
The whole like when they treat you differently, like
they are always surprised whenthey realize that I'm like a
real estate investor and I knowabout money and stuff, and when
I would, when I bought my mostrecent home that I sold, but
they didn't realize that I wasthe one that knew everything and
they would go to my husband,who just happened to be white,
(04:41):
so smell, and it is like hello,I'm the one with the, the money
over here, and the like hello,I'm the one with the money over
here and the knowledge, andshe's the one with the money and
she's the one that knows.
And then their demeanor changesevery single time.
So I definitely get that evenstill like randomly, when you
tell people they always actsurprised but,
Nadia (05:02):
yeah, so let's go ahead and get started in with just
what a financial planner is, andwhat is it that they do see,
here's the thing when you peoplethink about financial planners,
they either get confused byfinancial advisors or they get
confused by either financialcoaches and I, interestingly
enough, wrote a blog post on itfinancial advisors are more so.
(05:23):
They're going to advise andmanage your assets.
Financial coaches are going tocoach you, and financial
planners are pretty muchunderstanding the pace of what's
going on with your money andhelping you guide you with the
plan towards those key goals.
And how I actually formulatedmy company was it was like a
mashup between a financial coachand a financial planner,
because not too many financialplanners are going to be like,
(05:46):
hey, you might need to do thiswith your budget.
Hey, you overspend on this me.
No, I'm going to go.
I'm going to tell you this iswhat you need to do with your
cash flow planning.
This is what you need and howit's going to level up into
other areas.
So a financial planner isaligning your goals to what you
goes on in your day to day andthen how those points are going
(06:07):
to formulate and fund the restof your life.
Rather it's retirement, ratherit's generate intergenerational
wealth, rather it's whatever youenvision it to be, because it's
like the smart method.
Violeta (06:19):
But yet, when it comes to goal planning but aligning it
with your accounts, youraccountability and things like
that- yeah, that's true, becauseI thought a financial advisor
was similar, it was basicallythe same thing as financial
planner for and then it's likeokay, so I guess the financial
advisors are the ones that arelike you have to make a certain
(06:41):
amount or have a certainportfolio.
Nadia (06:43):
I'm surprised that some planners who do operate in that
sense like in and out of it, andthat is honestly the reason,
though, why I wanted toformulate my company to be a
vice only flat fee, because Idon't want people to think that
they have to have assets undermanagement being $500,000 in
their accounts and now theycan't work with somebody because
(07:05):
it's flat fee, meaning,whatever you pay me, it's just
you, it's on the website, weagree, or whatever because that
allows it to be affordable forpeople and for them to see how
it's going to keep themaccountable in growing their
accounts, and even how it alignsto their behavioral finance
aspect of financial planning.
Violeta (07:26):
Yeah, I love that because you're getting people at
the beginning of theirfinancial journeys instead of
waiting till they're likealready good.
Most of the time, by that timethey already know a little bit
what they're doing.
But meanwhile people like mebecause I was the same, like I
was just spending my money.
It's just like right, and Iwould have, um, and I actually
(07:49):
thought about, uh, going tofinancial planning, or was I
thinking of financial advisor?
I can't remember at that time.
But what deterred me was one, Ithought I had to have a lot of
like more money.
And two, I did think about thefees.
I was like, oh, but I don'teven have that much money.
Like, is it going to be worthit to spend that money for the
(08:14):
little assets that I have?
Like the little hundred bucksthat I got in my check?
Right, but it's more than that.
Right, like you're saying, ishelping you plan what you're
bringing in, and all that withyour goals.
Nadia (08:29):
And I noticed someone said in a Facebook group today,
literally they got in a large ora sizable inheritance but they
wanted to work with a financialadvisor or a planner but they
didn't want to have to get hitwith those fees.
Because the AUM and other feesand service fees and stuff like
that can go interchangeably anda lot of people don't know the
(08:49):
right questions to ask to see ifthey have a fee, what the fees
for, what will kind of triggerthe fee to happen?
And then how often will theyhave to pay it?
And then what, how would it bepaid to that firm or that
practice?
Because a lot of, because theywere like I don't want to have
to deal with that, but I justwant someone to help me plan
these goals or plan thisinheritance and grow it and that
(09:11):
things that people see now whenit comes to asking questions
and I think I made my lastyoutube video about common
things that people think thatthey have to, that they can do
small and how it can grow bigimpact.
And that's what I think acouple financial planners are
not going to say all um, good isbecause everyone's not going to
(09:32):
be able to say, oh, I have 500to move here, move this into
that.
Most people understand theother 500 is having to $500 for
emergency.
Violeta (09:42):
So it's like taking that step back is what a lot of
financial planners are seeingthat we're going to need in the
next couple months yeah, yeah,and one of the things that I saw
is that you, the way you kindof do and correct me if I
misread it on your website but,uh, you guide people through
(10:02):
three phases of money with yourfinancial planning.
So I want to talk about that.
Nadia (10:08):
My three phases of money and I just did a reel around
this.
This is funny.
The first is wallet creation,which is what's going on with
your savings, what's going onwith your budget, your money
management.
And then something to a lot offinancial planners and are
starting to get into is behaviorfinance.
Why do you operate money theway that you do?
Is it something that was rootedwhen you were a kid, something
(10:29):
that you learned, something thatwas a trauma bond?
One of the big questions that Iask people is what is your money
story?
When you understand the originof your money, you'll be able to
figure out why you operate theway you do and how you can maybe
counterbalance what you'redoing.
And the second phase is yourwealth creation.
That's buying stocks, investing, buying a home, all of those
(10:50):
good things.
And the third one is yourwealth management, which is like
the estate planning, thelong-term investments and things
like that.
But the thing that isinteresting with me is that I
focus on that whole wave of itand then allow you to the pace
that you probably had at.
Your wallet creation is goingto impact what it looks like for
wealth management, becausewealth management in the whole
(11:13):
origins of money or the phasesof money are not cookie cutter.
Violeta (11:17):
Just like we say, finance is personal is
personalized yeah, yeah, exactly, and yeah, I agree with seeing
that shift of understanding theroot cause of why you handle
money the way you do it could beyou just don't know.
That was one of my issues waslike I'm first gen, so I'm the
(11:43):
one that's figuring all this out, and so I had to figure it out
the hard way about credit andall debt and all that stuff that
creates like anxiety and, likeyou said, the trauma and all
that stuff with that.
And so you had a lot ofavoidance at some point where I
just, like you know what, I'mjust not gonna look at my bank
account.
Nadia (12:04):
It's just look at this and that and then, oh, that's
right, but it's like you don'tknow what you don't know.
Yeah, and I think when peoplehammer on retirees why you
didn't save enough.
Because they were trying to puttheir kids to college, they
were trying to figure out, andthen a lot of them put their
money into pension funds that nolonger exist.
(12:28):
The funds weren't reallymanaged, so they didn't have a
lot of funds and people have to.
Really don't know what youdon't know.
Violeta (12:35):
That goes across yeah.
I was, just a matter of fact,funny that you brought up about
the pension.
And I was sidetracking a littlebit, because I just saw this
yesterday of I was watchinganother podcast and they were
talking about that, about how alot of people had these pensions
and now some of them wentbankrupt.
And I was like they put alltheir eggs in that one basket
(12:57):
and I was like what, what do wedo, right?
And so, yeah, sometimes it'sjust like well, one you don't
know, and two, sometimes it'sjust bad luck, sometimes because
if your pension ran out and youjust never know what might
happen.
But, yeah, so I'm glad thatyou're including that into your.
If I remember, wallet creationwas the first one.
(13:19):
And then, yeah, and so goinginto the wealth creation,
because it's like one of thethings that you want to do as
well, that you're working on, isto switch the mindset of how we
view retirement.
So I want to talk a little bitabout that.
Nadia (13:37):
One of the things that I saw recently a lot of people
love to talk about the iramillionaires and most people are
like, okay, yeah, I have to hit7 000 on the year in my
contributions and most 40 peopledon't invest those
contributions.
But yet um mistakes focus.
The thing around is that youwill see that you, yes, it's 7
(13:58):
000 within a rough ira and thatbreaks down to 135 on the week.
We all know the numbers.
But if someone can look intotheir budget and say I can't
handle 500 and within investingin voo, uh, 135 on the week, I
can only do so much.
And the thing around it is thatI want people to see is that if
(14:21):
you go look at your bankaccount, look at your um budget,
determine what can you invest,what's the bill for that's how I
turned it on threads the otherday was that it's a bill that
investing is a bill that you'repaying people in the future and
it's like a non-negotiable andregardless, if you can't do the
135, or regardless, if you can'tdo that 500, what can you do
(14:42):
consistently, like some willstill increase your sum.
It's like compound interest.
We all know about compoundinterest.
But if you figure out, I can do100 on the month, but I'm going
to invest, I'm going to put itinto a ira and then I'm going to
invest it within this fund andthen this is going to be
earmarked to be the income tofund this in a retirement.
(15:06):
People think about, oh, having abig retirement bucket, but,
like we have with budgets,what's your intention for that
account?
What's it going to go towardswithin a retirement?
Is it going to fund my housing?
Is my IRA going to fund myhousing?
Is my ira going to fund mylifestyle?
But it like the house stuff,anything like that for me to
travel?
And also, too, is that peopleneed to start thinking about
(15:29):
when it comes to retirement.
What are you going to do?
Violeta (15:31):
it's a lot of retirement yeah, yeah, like,
what are you gonna do?
Yeah, my dad's retiring thisyear, technically and stuff, and
so it's like what are you goingto do, dad?
Like all you done is work likesix days a week from like eight
to six, like all the time.
Well, except Saturdays heleaves a little bit or whatever,
(16:02):
but oh my god, I try to get himto slow down so much, but
that's what he does.
And it's like what else do youlike to do, dad?
And so, um, I'm thinking ofways of to keep him doing
something.
So next year, since I'll bethere with them, uh, and maybe
he'll help me do a lot of farmchores, because that's what I'll
be doing I'll be homesteadingthem, growing my own stuff.
So I'm sure there will be a lotof projects that he could help
(16:23):
me with and just keep thementertainment, and I'm sure
he'll go visit Mexico andeverything.
Nadia (16:30):
I'm kind of working that out with him right now, because
I know he's gonna be bored,because I know somebody right
now that's like a couple decadesolder than me and someone is a
little, but that someoneactually helps me on part of my
business.
I'm talking about my mother hadto work.
(16:51):
My little friend I'm not yourlittle friend now, her little
friend that we talked about andI thought about that too when I
noticed that she retired.
And I noticed when my dad hadto retire involuntarily because
he got cancer.
Um, because a lot of us themthink about just putting money
where they tell us to put money,but a lot of these companies do
(17:13):
not educate their employees onthe right funds on well, I would
say for the big corporations,but when it comes to funds on
well, I would say for the bigcorporations.
But when it comes to umwarehouse, my parents both
worked at a auto thing, so theireducations around the funds to
actually grow their funds wasn'tthe best mom.
(17:33):
Yeah, just them understandingwhat they could have done.
And I saw that go on and I waslike I gotta start talking about
this um, because I don't wantmy parents to have to go through
what they went through and itnot impact how I talk about it,
because I even go on rant aboutthe whole I've been seeing the
(17:54):
finance bro saying but why thesepeople didn't invest and do
what they're supposed to do?
oh my god, yeah, like theypissed me but it was happy just
to get off of work, let alonewhat happened because my
mother's company that theyworked at with my dad literally
right after my dad passed away,the whole plant gone.
(18:15):
So what happens if the peopleweren't able?
They were thinking, oh, I couldstart putting money in this
bucket for 10 years, I got 10more years and then next day
you're gone.
So it's just like fully.
What we see about retirement islike income streams that you be
afraid now, within the fundsthat you can do consistently
(18:37):
with the goals that you have forwhat retirement looks like to
fund that later.
And then maybe you can't investtens of thousands on a year,
but doing some is still going toincrease your sum and having
the implementation for how youhandle it and what does that
look like in practicality iswhat's going to be key.
The same way, people put anemergency fund for this.
(18:58):
So what's the plan for?
You have to use the emergency.
That's the same way I wantpeople to start thinking about
when it comes to retirement.
What's your plan?
Yes, you have to pay for theactual plan.
Violeta (19:09):
Yeah, they get on my nerves, cause again, like us
first gens, we're usually theretirement plan.
And a lot of people that likedon't understand, they'll guilt
trip, and I get it that.
But my parents didn't know,like they didn't know.
They thought if they just putmoney in the bank they would be
good, and it's like it's nowherenear enough.
(19:31):
And they were scared aboutcredit, they were scared of
investing, they didn't knowabout any stock stuff.
And when my mom well, my dad,he's a mechanic, so he has his
own shop.
So what?
Like where is he putting right?
And I didn't know to tell himthat he could have just opened
up his own account or whatever.
And so my dad's thinking youknow what?
(19:52):
I started this business.
I could sell it in the future.
Yeah, but you're not gonna getwhat you think you're gonna get.
Dad and my mom like, yeah, shefinally got a job where there's
a 401k and stuff, but, like yousaid, they don't tell them what
to do with it.
It's so, like, so she's likeokay.
And so now here comes me tryingto like fix everything and make
(20:15):
sure that they're good forretirement, that I'm good for
retirement and then that mydaughter is going to be good for
retirement.
Nadia (20:22):
So like inspirational aspect?
Yeah, I have to be like.
What was the thing I posted onLinkedIn the other day about the
sandwich generation, which wetechnically are taking care of
one generation as well asanother generation as we smash
in the middle?
Yeah, yeah.
Violeta (20:40):
So it's so frustrating when, like you said, I see the
finance pros and then of coursethey'll be like yeah, if you put
like 500 a month or a thousanddollars, you can retire by age
like 30 or something like thatfor the average person.
You can't.
Nadia (20:57):
No, you can't do a statement on stuff like that.
Yes, you want the aesthetic ofwhat retirement is going to feel
like, but if you are hanging onby a thread it's hard to weave
it together with saying I haveto have $500.
I'm like what the heck Can theyget $500?
If I look at somebody's budgetand cash flow and the whole
(21:22):
notion of if I just make moremoney.
Violeta (21:25):
But if you don't understand your money whenever,
you do find that extra 500, ifyou are able to and to invest it
where they tell you, to howyou're going to manage the rest
of the day today, if you haven'teven figured it out at the
level you're at, you know yeah,and a lot of times we could just
look at um going back to theother one, uh, of just going our
(21:45):
budget, because there's somebills, that or subscriptions I I
can't tell you how long it was,I'm not even gonna say how long
I was paid this one that Ididn't even use anymore and I
finally got around to cancelingit and that was like 57 bucks,
which is not much, but over thetime that I had it going like
(22:06):
and or gym memberships that wedidn't use, I have that one too.
At least the credits don't goaway and just things like that,
or just, I guess, auditing yourbudget to see the things that
you're actually not using.
And that's why, again, is I'mglad that people like you are in
this space that are making itmore achievable, because it's
(22:28):
more relatable and moreactionable of thinking of
putting maybe $50, like dosomething, versus the finance
bros like, well, if you're notputting $500, then you're trash
or whatever.
Nadia (22:40):
Yeah it's literally how they think you feel like you're
trash, though I was like when Iwas just starting to post and
talk with my money, I was likewhat?
No, that's not how it is, and II don't know if I make the a
lot of the finals finance brosmad, but it's okay, it's.
It's because a lot of peoplecan't do that, so what can they
(23:02):
do?
And then how can they implementit for it to still grow?
That's the thing.
That is.
Yeah, no, I can't say that.
Yeah.
Violeta (23:11):
And I like your mindset shift too, of switching, of
thinking that you know what likeretirement's going to be like
paying everything Like no, let'sat least start with what bill
in the future can it pay, likemy phone bill or whatever and
those little things start to addup.
So it's little stepping stonesand it's kind of hard to see it
(23:31):
right now play out right,because we're so used to kind of
like quick fixes and thingsthat give it stuff back right
away.
Yeah, there you go.
I was trying to think of theinstant gratification whole
microwave aspect when it comesto money.
Nadia (23:49):
But sometimes it's the simmering and making sure you
put it on the right temperaturewhen you're cooking it.
And I'm looking at myself, oh,you're gonna make sure that it
comes out the right way.
Because if you go and readsometimes the fact that, okay,
if you go get something out thestore and it tells you to do 350
your stove which, in thereaction when it comes to
(24:11):
investing your stove, is likeyour risk tolerance of, say,
your risk appetite if you knowthat your stove is not going to
really able to do 450, but it'sstill going to get things right,
you're going to turn it backinto what fits right, and that's
the thing that people need tostart thinking of.
Yes, you hear people tell youto do this in articles and
algorithms, but what does youralgorithm say?
(24:32):
What does your stove says howcan you, what can you cook on
what temperature?
And it's going to still comeout the same way.
It might take a little longerthan a microwave or air fryer,
but it's going to come out good.
Violeta (24:46):
I love that.
I love that, like thinking ofit.
Yeah, the oven.
You have to adjust it to whatyou know.
Is you what your oven?
Because they're probably usingsome like top-notch oven in the
blog.
They're telling you three orfour-fifty or whatever.
Nadia (25:05):
But yours is like what's that gas, whatever that uh
viking, something stove, oh nono, yeah, no, my little rinky
dink freaking stove.
I know I gotta put it a littlebit slower or it's gonna
temperature, but I'm not gonnaburn it because if you put it a
little bit slower or it's gonnaslow up the temperature, but I'm
not gonna burn it, because ifyou put it in at the temperature
(25:26):
someone tells you to do and youknow that your stove can't
handle that, you can do itanyway.
You over burn something toundercook it, you'll be mad yeah
, yeah, yeah, that's perfect.
Violeta (25:36):
I love that one.
It's wealth management and Ilove how you mentioned it at the
beginning of with walletcreation, of how important it is
to set that foundation of yourbudget, because managing your
where your money is going isvery important in the later of
actually managing it too it isvery important, because if
(26:00):
you're just putting money, oh, Ineed to put money here and put
money there.
Nadia (26:04):
Let me take a step back, because the product?
I used to be a product manager,a product marketing manager, so
if you put your product in thewrong like your money, your
paper in the wrong product, butyou don't know how to manage it
and most people wealthmanagement, and it doesn't
perform well because you seewhat the finance bros tell you
to do and you do it, and itdoesn't tie to it.
(26:25):
You get overburdened, and thatgoes into wealth management,
like, if I have it within a 401kand I haven't checked to see if
there's any service fees, if Ihaven't checked to see how it's
performing because I'm justgoing to put it in.
Let's just say, we love targetday funds.
If you notice that, hey, mytarget date fund hasn't been
performing well, but I'm justgonna let it ride anyway, and
(26:45):
then where the heck is my money?
Because you put in the fund ahigh fees, high expense ratio,
and it's not performing the sameway versus you checking it.
The thing when it comes towealth management, though, is
that, even if you work with afinancial planner or you try to
diy.
I'm all for.
The DIY is that you still checkto see how things are going.
(27:06):
You have to.
Yes, a watch pot will slow thebull, but you still have to
check in on it every so often tosee how things are going, even
if you work with somebody or youdo it yourself yeah, yeah, and
I think one real quick.
Violeta (27:20):
just want to talk about a little bit about target date
funds in case for people thatmight not know what that is
Target date funds is a littlebit of a grommet.
Nadia (27:30):
Think OK, let me think about this.
Think about ETFs, which arelike buckets of stocks, all
those things, some bonds orwhatever, and it is the same
form of the funds that the bonds, mutual funds and things like
that.
Think target date funds isbeing like the grown-up version
of the etf or index funds likethe, like etfs, index funds, uh,
(27:54):
target date funds in a sense.
And the thing with target datefunds is that recently I had to
take a step and say it is that alot of these target date funds
that these fund managersformulate to have not been
performing well.
So, even if you like to set itand forget it and it puts money
into your all every so often Ihad to tell one of my favorite
(28:15):
clients, which is my sister,that, hey, this target a fund is
not performing well.
Well, why isn't it not beenbuilt?
The right ways that, even ifyou said you still have to check
on it which technically that'smy job at first is to check on
it.
And because it's not been as,as projected, what they would
(28:36):
think it to be.
So now a lot of people have beenrethinking not only the target
date funds that they have attheir company.
But one of the things I tellpeople to say is that if you
know that you have a, this isthe target date fund that you
have, looking to see what'sunder the hood.
When you take a, see what'sunder the hood, go and put it
into a Google Google Financelike a watch list.
(28:57):
I have a watch list on I'mlooking at it now that has
understanding of what thefunding in your target aid funds
is and put it right here so youmight not have to log in every
so often.
But you can look and say Idon't know how that's performing
.
Why is it not?
And if you have a 401k that'sbeing operated by a fund manager
(29:17):
and with your employer, you paya service fee for your 401k
manager and with your employer,you pay a service fee for your
401k.
All those people ask them whyhasn't this target date fund
been performing towards what wasprojected in the forecast that
I have for the year when itcomes to it?
a lot, a lot of money on thetable because, yes, you have
401k yes, you put it instead offorgetting these target date
(29:38):
funds but you're not calling theservice fee.
You pay a service fee.
So when you pay a service, likeyou said, it's like you go, you
sign up for the gym membershipand you don't go to the gym,
like you pay a service fee andyou don't call the access.
Why is it that's not going on?
You don't want to pay a billand just be nothing on tv.
You're like, well, it's okay.
(29:59):
No, you call the service fee,the service fee.
You ask them hey, can you giveme more feedback on why this
fund is not performing well?
What do you think about theallocation mix that I have
within my 401k?
Is there something I can do toactually match the goals that I
have for it?
So if you have a 401k, you havewithin a company or a 403b,
(30:20):
you're paying a service fee.
Call those people the same waythat you negotiate for a bill.
Call and ask for informationabout that target date fund,
your 401k, your bonds, yourlarge cap fee, your large cap
fund, all of those things thatare of your 401k yeah, yeah, we
have some.
Violeta (30:40):
We have in the military .
We have our version of the 401kis called the thrift savings
plan, tsp, and everything, andthere's quite a few target date
funds there.
I'm glad I didn't get them, Ijust put them in.
I think I'm in the c fund orwhatever, but don't ask me what
fund it was at the beginning,for like my first eight years in
(31:00):
the military and I always kickmyself but I was like you know
what it's done, but I headed thegovernment you learn it like I
would be putting this pennystock.
Nadia (31:13):
And then I was like, what the heck am I doing?
You learn, that's the thing asyou learn.
Violeta (31:20):
You, yeah, that's how I had to learn the hard way, per
usual.
I just accept it now that Ijust learned things the hard way
, unfortunately, and with thelast little bit of your wealth
management, is there otherthings that you help your
clients, like help protect theirwealth when it comes to
(31:45):
transferring it to the nextgeneration?
Because I want to know, I wantto make sure my daughter's not
struggling like I am.
Nadia (31:53):
What did I say recently is that parents are their
child's first financial planner.
Open the 529.
You set up and open the UGMA,utma all the good alphabet soup
when it comes to it.
But I charge parents to notonly make sure that their
planning is good, but whenevertheir kids are growing up, that
(32:17):
you actually start involvingthem.
Just say hey this is why I havethis account right here.
Or if I have a custodialaccount, this is what I'm.
I want to get their input onwhat their financial goals are.
So it's good not only say, ifyou want to open up a 529
because you want your kids to goto school, and then you notice
by the sixth grade they're likeagainst it, what's your plan to
(32:39):
reallocate if any of those funds, in case they change their mind
, just in case they do want togo to school?
But it's all about showing themwhat you're doing with your
money, evolving them on what youwere doing with their money or
y'all your money, your littlenotion people oh, that's my best
friend.
No, they're not so.
(33:01):
But it's about involving themin the process and then actually
say, okay, this is what I havefor you, but can I take the 529
and roll over into a roth ira?
Now that miss secure 2.0 givesparents their option.
What funds actually want togrow funds?
And then, when it comes to theestate planning, the reason why
(33:23):
I got into being a financialplanner taking it to the
financial planner level isbecause my dad passed away
everything in tow and he dideverything right from what he
heard.
Because my parents.
They learned a lot by hearsay,or hear other people say, and
when he passed away, everythingwent left.
Other people say and when hepassed away, everything went
(33:47):
left.
Yeah, that's all I can say, uh,without getting annoyed.
But it was a lot of people wholearn about estate planning,
learn about probates and thingslike that whenever someone dies,
but no one has the conversationaround.
This is where this is what Ihave for you.
This is what I have for you.
This is who's on thebeneficiary on this life
insurance policy.
This is who is on my bankaccount.
They're on a pod.
(34:08):
A lot of people have beentalking about pods lately
because people are learning.
I see so many people that havebank accounts with people or
their family member didn't havethem on a bank account but they
knew their bank accountinformation but they couldn't
access to access where theyweren't listed on the pod and
what's a pod the table on deathit's just like a theory for
(34:39):
somebody passed away, like onwho it is.
So it's about learning what typeof app, what type of documents
within an estate plan it is thatyou need.
And also a thing that I've beentaking to take the stuff back is
that go and get a spreadsheet,go and get a sheet of paper and
write down every accountant thatyou have, write down who's a
(35:01):
beneficiary, write it out andthen put it in something that I
love to call a legacy box, whichare some people will call the
death box, where everything isat.
And right there, my dad's legacydeath box was his briefcase and
I knew exactly where it wasbecause we had this conversation
.
So when I was like it's righthere, oh, the whole rest of the
(35:23):
family besides my sister no oneknew where it was at because he
had that conversation with us,he had the whole will and he had
trust and he had everythinglike that.
He didn't have a trust.
I wish he did, but he knew Isupposed to have a will.
Let's have a life insurancepolicy, but it goes back to
saying making a list of what youhave, making a list of who it
impacts, talking with them andthen making sure those accounts
(35:45):
and documents are updated everyso often yeah, that's definitely
on my to-do list next year, butit's just me and my sister like
right now and now it's like youcan have their house and stuff
because it was.
It's five of us.
Yeah, thanks.
Whatever y'all will, I'll justjust be happy to like.
(36:08):
It was my dad.
I didn't really want, I didn't.
I wasn't so prone on the stuff,but more so on the hospital bed
(36:30):
and this is something I want tobring out too is that the whole
notion between will and a livingwill that conversation is not
talked about enough.
Where everyone talks about apower of attorney like something
happens to you, this is theperson who can answer the
question, this is the person todo this.
But a living will or trustactually outlines a case of
(36:51):
emergency, what they'll give theinstruction to, what needs to
be said.
It's good for people to startlearning about these different
tools, but when you write downwhat's going, what currently
have, you make a plan for it.
Then you can figure out whatways to go about it.
Maybe it is working with aestate planning attorney.
Maybe it is a platform like oh,I love Trust and Will, and
(37:16):
Encore Estates is one that I'vebeen talking highly of if people
want to do it themselves whenit comes to estate planning, but
yeah, just having to talk anddoing the tactics to make sure
that the transfer happens theway you want it to yeah, yeah,
that's such an important thingthat, uh, we tend to forget
about, and I'll.
Violeta (37:34):
I want to make sure that my daughter and my stepson
aren't fighting likeeverything's divvied up and yeah
, because it creates tension andeverything like that and you
don't want.
Nadia (37:45):
You don't want that I've seen some stuff like a lot of
times celebrities estates goddang it, oh gosh, quincey jones
estate and everybody was howmuch he, his estates, his estate
was I believe it's around, yeah, but every child got 80 million
(38:07):
dollars and everyone was likewhat does that have to do?
But it's about understanding.
He did an even split per child.
But I've heard of Prince'sestate or Aretha Franklin's
estate where one had a differentcopy of an estate plan or the
other child and they had acontestant.
(38:27):
They found something else inthe, in the sofa cushion and
yeah, it can get really darkreally quick while you're
already sad you're having todeal with a pro yeah oh, wow wow
, thanks.
Violeta (38:43):
Yeah, thank you for coming on here and having this
conversation and talking aboutthe importance of financial
planning and things that ourcommunities need to get on the
ball on and stuff and be alittle bit more proactive on it.
But for those that want to dofinancial planning work with you
, what kind of services do youprovide and where can they find
(39:07):
you?
Nadia (39:08):
On my website, thebrandsandbandscom, I list out
budget and cash flow planning.
I have a financial reset.
I have a quarterly, where youwant to just look over what's
going on with your investments,but I also have the financial
planning aspect, which is likelooking over your assets,
looking to see what suggestionsI make and things like that.
Violeta (39:30):
so I have different tiers of it all awesome and I
will have all your informationlisted below so that way they
can reach you and get on thisfinancial planning and but other
than that, thank you so muchfor being here thank you for
having me.
It's been a good conversationokay, well, I will see everyone
in the next episode.
(39:50):
Bye.
So when you think of financial planning, what do you
think of?
For most people, includingmyself, I thought that it's for
the wealthy and mostly gearedtowards, like retirement.
So when I was young, I was likeI'll think about that later or
whenever I actually make somemoney, but financial planning
(00:20):
can actually be for you now.
Financial planning can actuallybe for you now.
Hola, I am Violeta, your hostof the Money Chisme podcast,
where we just talk aboutpersonal finance, real estate,
investing, entrepreneurship andreally just money talks and get
the chisme on everything thathas to do with money relatable
to the Latino and POC community.
(00:41):
And today with me is NadiaVanderhoff from the Brands and
Bands Strategy Group, and we aregoing to talk about financial
planning and how we can changeour view of retirement.
Hi, nadia, thank you so muchfor joining me.
Nadia (01:00):
Thank you for having me.
I know the name of the companycan be like a little bit of a
tongue twister.
It's like hold on a minute, butyeah.
Violeta (01:07):
I'm not gonna lie because, uh like, it speaks
Spanish too, and so sometimes mybrain gets mixed up.
I had to practice that and Iwas like I know, I'm just gonna
mess that up like brands andbands yeah but, I like it.
Branson Bands I was like, oh,that's a cool name.
But yeah, thank you for beinghere.
(01:29):
And before we dive intofinancial planning, I want the
audience, the listeners, to getto know you a little bit, so
feel free to introduce yourself.
And what more about yourcompany and all that?
Nadia (01:42):
Like you said, I am Nadia Vanderhall.
I'm a financial planner as wellas an educator.
I understand their wallet whilethey build their wealth.
I started the brands and bands.
The recession of the 2008recession depends on who you ask
what a recession was when I wasworking at a financial
institution here in Charlotteand they let go of 80% of us to
(02:05):
ship it off Well, most of theworkload off to India, and I was
upset, but I took the time tostart.
Well, I'm going to startblogging.
Won't stop blogging.
But the funny thing about thatit's not really funny, but not
funny was that during that time,I wasn't really good with money
and I legit all of my 401k outbecause I didn't have an
emergency fund.
Yeah, and I was like I don'tknow what I'm doing.
(02:29):
But it was that time and thetime the years after that where
I started to say I messed up.
I found my money and now howcan I actually start
understanding and building backand budgeting and things like
that?
And I started my company as Istarted working at other
financial institutions inmarketing and noticing how they
(02:50):
were handled people withdifferent pockets, different
ways, if you know what I mean.
The more money you had theaffluent you were, the more
attractive and attentive andeducational they were given with
the marketing and messaging.
But with those that are, whichpeople of color are considering
that sometimes they weren'treally giving that education
that people needed to to build,understand their wallet and
(03:14):
build their wealth.
And I started my company as ofjust posting on Facebook and
talking about money and if I seesomething I talk about it and
then next thing I know I wascreating content around it.
Next thing I know I wascreating content around it.
Next thing I know I wasblogging more about it.
And next thing I know I am nowtalking to you.
I made the move from just beinga not only just a money creator
to a financial planner.
(03:35):
I actually start my CLP nextmonth.
I wanted that because I noticedthat those that couldn't afford
financial planning was those whoneeded financial planning and
that's why I started my company.
My company is part financialplanning and part bands and
(03:55):
brands, and people are like whatthe brands part is, Because I
work in marketing for a servicesinstitution and now I talk, I
help companies understand theirmessaging and things like that
okay, yeah, when I went to yourwebsite, I was like Brent,
because I didn't get like brandsand bands and I was like, oh,
okay, yeah, now it makes sensethat you, you do both and I
(04:18):
totally get the.
Violeta (04:19):
The whole like when they treat you differently, like
they are always surprised whenthey realize that I'm like a
real estate investor and I knowabout money and stuff, and when
I would, when I bought my mostrecent home that I sold, but
they didn't realize that I wasthe one that knew everything and
they would go to my husband,who just happened to be white,
(04:41):
so smell, and it is like hello,I'm the one with the, the money
over here, and the like hello,I'm the one with the money over
here and the knowledge, andshe's the one with the money and
she's the one that knows.
And then their demeanor changesevery single time.
So I definitely get that evenstill like randomly, when you
tell people they always actsurprised but,
Nadia (05:02):
yeah, so let's go ahead and get started in with just
what a financial planner is, andwhat is it that they do see,
here's the thing when you peoplethink about financial planners,
they either get confused byfinancial advisors or they get
confused by either financialcoaches and I, interestingly
enough, wrote a blog post on itfinancial advisors are more so.
(05:23):
They're going to advise andmanage your assets.
Financial coaches are going tocoach you, and financial
planners are pretty muchunderstanding the pace of what's
going on with your money andhelping you guide you with the
plan towards those key goals.
And how I actually formulatedmy company was it was like a
mashup between a financial coachand a financial planner,
because not too many financialplanners are going to be like,
(05:46):
hey, you might need to do thiswith your budget.
Hey, you overspend on this me.
No, I'm going to go.
I'm going to tell you this iswhat you need to do with your
cash flow planning.
This is what you need and howit's going to level up into
other areas.
So a financial planner isaligning your goals to what you
goes on in your day to day andthen how those points are going
(06:07):
to formulate and fund the restof your life.
Rather it's retirement, ratherit's generate intergenerational
wealth, rather it's whatever youenvision it to be, because it's
like the smart method.
Violeta (06:19):
But yet, when it comes to goal planning but aligning it
with your accounts, youraccountability and things like
that- yeah, that's true, becauseI thought a financial advisor
was similar, it was basicallythe same thing as financial
planner for and then it's likeokay, so I guess the financial
advisors are the ones that arelike you have to make a certain
(06:41):
amount or have a certainportfolio.
Nadia (06:43):
I'm surprised that some planners who do operate in that
sense like in and out of it, andthat is honestly the reason,
though, why I wanted toformulate my company to be a
vice only flat fee, because Idon't want people to think that
they have to have assets undermanagement being $500,000 in
their accounts and now theycan't work with somebody because
(07:05):
it's flat fee, meaning,whatever you pay me, it's just
you, it's on the website, weagree, or whatever because that
allows it to be affordable forpeople and for them to see how
it's going to keep themaccountable in growing their
accounts, and even how it alignsto their behavioral finance
aspect of financial planning.
Violeta (07:26):
Yeah, I love that because you're getting people at
the beginning of theirfinancial journeys instead of
waiting till they're likealready good.
Most of the time, by that timethey already know a little bit
what they're doing.
But meanwhile people like mebecause I was the same, like I
was just spending my money.
It's just like right, and Iwould have, um, and I actually
(07:49):
thought about, uh, going tofinancial planning, or was I
thinking of financial advisor?
I can't remember at that time.
But what deterred me was one, Ithought I had to have a lot of
like more money.
And two, I did think about thefees.
I was like, oh, but I don'teven have that much money.
Like, is it going to be worthit to spend that money for the
(08:14):
little assets that I have?
Like the little hundred bucksthat I got in my check?
Right, but it's more than that.
Right, like you're saying, ishelping you plan what you're
bringing in, and all that withyour goals.
Nadia (08:29):
And I noticed someone said in a Facebook group today,
literally they got in a large ora sizable inheritance but they
wanted to work with a financialadvisor or a planner but they
didn't want to have to get hitwith those fees.
Because the AUM and other feesand service fees and stuff like
that can go interchangeably anda lot of people don't know the
(08:49):
right questions to ask to see ifthey have a fee, what the fees
for, what will kind of triggerthe fee to happen?
And then how often will theyhave to pay it?
And then what, how would it bepaid to that firm or that
practice?
Because a lot of, because theywere like I don't want to have
to deal with that, but I justwant someone to help me plan
these goals or plan thisinheritance and grow it and that
(09:11):
things that people see now whenit comes to asking questions
and I think I made my lastyoutube video about common
things that people think thatthey have to, that they can do
small and how it can grow bigimpact.
And that's what I think acouple financial planners are
not going to say all um, good isbecause everyone's not going to
(09:32):
be able to say, oh, I have 500to move here, move this into
that.
Most people understand theother 500 is having to $500 for
emergency.
Violeta (09:42):
So it's like taking that step back is what a lot of
financial planners are seeingthat we're going to need in the
next couple months yeah, yeah,and one of the things that I saw
is that you, the way you kindof do and correct me if I
misread it on your website but,uh, you guide people through
(10:02):
three phases of money with yourfinancial planning.
So I want to talk about that.
Nadia (10:08):
My three phases of money and I just did a reel around
this.
This is funny.
The first is wallet creation,which is what's going on with
your savings, what's going onwith your budget, your money
management.
And then something to a lot offinancial planners and are
starting to get into is behaviorfinance.
Why do you operate money theway that you do?
Is it something that was rootedwhen you were a kid, something
(10:29):
that you learned, something thatwas a trauma bond?
One of the big questions that Iask people is what is your money
story?
When you understand the originof your money, you'll be able to
figure out why you operate theway you do and how you can maybe
counterbalance what you'redoing.
And the second phase is yourwealth creation.
That's buying stocks, investing, buying a home, all of those
(10:50):
good things.
And the third one is yourwealth management, which is like
the estate planning, thelong-term investments and things
like that.
But the thing that isinteresting with me is that I
focus on that whole wave of itand then allow you to the pace
that you probably had at.
Your wallet creation is goingto impact what it looks like for
wealth management, becausewealth management in the whole
(11:13):
origins of money or the phasesof money are not cookie cutter.
Violeta (11:17):
Just like we say, finance is personal is
personalized yeah, yeah, exactly, and yeah, I agree with seeing
that shift of understanding theroot cause of why you handle
money the way you do it could beyou just don't know.
That was one of my issues waslike I'm first gen, so I'm the
(11:43):
one that's figuring all this out, and so I had to figure it out
the hard way about credit andall debt and all that stuff that
creates like anxiety and, likeyou said, the trauma and all
that stuff with that.
And so you had a lot ofavoidance at some point where I
just, like you know what, I'mjust not gonna look at my bank
account.
Nadia (12:04):
It's just look at this and that and then, oh, that's
right, but it's like you don'tknow what you don't know.
Yeah, and I think when peoplehammer on retirees why you
didn't save enough.
Because they were trying to puttheir kids to college, they
were trying to figure out, andthen a lot of them put their
money into pension funds that nolonger exist.
(12:28):
The funds weren't reallymanaged, so they didn't have a
lot of funds and people have to.
Really don't know what youdon't know.
Violeta (12:35):
That goes across yeah.
I was, just a matter of fact,funny that you brought up about
the pension.
And I was sidetracking a littlebit, because I just saw this
yesterday of I was watchinganother podcast and they were
talking about that, about how alot of people had these pensions
and now some of them wentbankrupt.
And I was like they put alltheir eggs in that one basket
(12:57):
and I was like what, what do wedo, right?
And so, yeah, sometimes it'sjust like well, one you don't
know, and two, sometimes it'sjust bad luck, sometimes because
if your pension ran out and youjust never know what might
happen.
But, yeah, so I'm glad thatyou're including that into your.
If I remember, wallet creationwas the first one.
(13:19):
And then, yeah, and so goinginto the wealth creation,
because it's like one of thethings that you want to do as
well, that you're working on, isto switch the mindset of how we
view retirement.
So I want to talk a little bitabout that.
Nadia (13:37):
One of the things that I saw recently a lot of people
love to talk about the iramillionaires and most people are
like, okay, yeah, I have to hit7 000 on the year in my
contributions and most 40 peopledon't invest those
contributions.
But yet um mistakes focus.
The thing around is that youwill see that you, yes, it's 7
(13:58):
000 within a rough ira and thatbreaks down to 135 on the week.
We all know the numbers.
But if someone can look intotheir budget and say I can't
handle 500 and within investingin voo, uh, 135 on the week, I
can only do so much.
And the thing around it is thatI want people to see is that if
(14:21):
you go look at your bankaccount, look at your um budget,
determine what can you invest,what's the bill for that's how I
turned it on threads the otherday was that it's a bill that
investing is a bill that you'repaying people in the future and
it's like a non-negotiable andregardless, if you can't do the
135, or regardless, if you can'tdo that 500, what can you do
(14:42):
consistently, like some willstill increase your sum.
It's like compound interest.
We all know about compoundinterest.
But if you figure out, I can do100 on the month, but I'm going
to invest, I'm going to put itinto a ira and then I'm going to
invest it within this fund andthen this is going to be
earmarked to be the income tofund this in a retirement.
(15:06):
People think about, oh, having abig retirement bucket, but,
like we have with budgets,what's your intention for that
account?
What's it going to go towardswithin a retirement?
Is it going to fund my housing?
Is my IRA going to fund myhousing?
Is my ira going to fund mylifestyle?
But it like the house stuff,anything like that for me to
travel?
And also, too, is that peopleneed to start thinking about
(15:29):
when it comes to retirement.
What are you going to do?
Violeta (15:31):
it's a lot of retirement yeah, yeah, like,
what are you gonna do?
Yeah, my dad's retiring thisyear, technically and stuff, and
so it's like what are you goingto do, dad?
Like all you done is work likesix days a week from like eight
to six, like all the time.
Well, except Saturdays heleaves a little bit or whatever,
(16:02):
but oh my god, I try to get himto slow down so much, but
that's what he does.
And it's like what else do youlike to do, dad?
And so, um, I'm thinking ofways of to keep him doing
something.
So next year, since I'll bethere with them, uh, and maybe
he'll help me do a lot of farmchores, because that's what I'll
be doing I'll be homesteadingthem, growing my own stuff.
So I'm sure there will be a lotof projects that he could help
(16:23):
me with and just keep thementertainment, and I'm sure
he'll go visit Mexico andeverything.
Nadia (16:30):
I'm kind of working that out with him right now, because
I know he's gonna be bored,because I know somebody right
now that's like a couple decadesolder than me and someone is a
little, but that someoneactually helps me on part of my
business.
I'm talking about my mother hadto work.
(16:51):
My little friend I'm not yourlittle friend now, her little
friend that we talked about andI thought about that too when I
noticed that she retired.
And I noticed when my dad hadto retire involuntarily because
he got cancer.
Um, because a lot of us themthink about just putting money
where they tell us to put money,but a lot of these companies do
(17:13):
not educate their employees onthe right funds on well, I would
say for the big corporations,but when it comes to funds on
well, I would say for the bigcorporations.
But when it comes to umwarehouse, my parents both
worked at a auto thing, so theireducations around the funds to
actually grow their funds wasn'tthe best mom.
(17:33):
Yeah, just them understandingwhat they could have done.
And I saw that go on and I waslike I gotta start talking about
this um, because I don't wantmy parents to have to go through
what they went through and itnot impact how I talk about it,
because I even go on rant aboutthe whole I've been seeing the
(17:54):
finance bro saying but why thesepeople didn't invest and do
what they're supposed to do?
oh my god, yeah, like theypissed me but it was happy just
to get off of work, let alonewhat happened because my
mother's company that theyworked at with my dad literally
right after my dad passed away,the whole plant gone.
(18:15):
So what happens if the peopleweren't able?
They were thinking, oh, I couldstart putting money in this
bucket for 10 years, I got 10more years and then next day
you're gone.
So it's just like fully.
What we see about retirement islike income streams that you be
afraid now, within the fundsthat you can do consistently
(18:37):
with the goals that you have forwhat retirement looks like to
fund that later.
And then maybe you can't investtens of thousands on a year,
but doing some is still going toincrease your sum and having
the implementation for how youhandle it and what does that
look like in practicality iswhat's going to be key.
The same way, people put anemergency fund for this.
(18:58):
So what's the plan for?
You have to use the emergency.
That's the same way I wantpeople to start thinking about
when it comes to retirement.
What's your plan?
Yes, you have to pay for theactual plan.
Violeta (19:09):
Yeah, they get on my nerves, cause again, like us
first gens, we're usually theretirement plan.
And a lot of people that likedon't understand, they'll guilt
trip, and I get it that.
But my parents didn't know,like they didn't know.
They thought if they just putmoney in the bank they would be
good, and it's like it's nowherenear enough.
(19:31):
And they were scared aboutcredit, they were scared of
investing, they didn't knowabout any stock stuff.
And when my mom well, my dad,he's a mechanic, so he has his
own shop.
So what?
Like where is he putting right?
And I didn't know to tell himthat he could have just opened
up his own account or whatever.
And so my dad's thinking youknow what?
(19:52):
I started this business.
I could sell it in the future.
Yeah, but you're not gonna getwhat you think you're gonna get.
Dad and my mom like, yeah, shefinally got a job where there's
a 401k and stuff, but, like yousaid, they don't tell them what
to do with it.
It's so, like, so she's likeokay.
And so now here comes me tryingto like fix everything and make
(20:15):
sure that they're good forretirement, that I'm good for
retirement and then that mydaughter is going to be good for
retirement.
Nadia (20:22):
So like inspirational aspect?
Yeah, I have to be like.
What was the thing I posted onLinkedIn the other day about the
sandwich generation, which wetechnically are taking care of
one generation as well asanother generation as we smash
in the middle?
Yeah, yeah.
Violeta (20:40):
So it's so frustrating when, like you said, I see the
finance pros and then of coursethey'll be like yeah, if you put
like 500 a month or a thousanddollars, you can retire by age
like 30 or something like thatfor the average person.
You can't.
Nadia (20:57):
No, you can't do a statement on stuff like that.
Yes, you want the aesthetic ofwhat retirement is going to feel
like, but if you are hanging onby a thread it's hard to weave
it together with saying I haveto have $500.
I'm like what the heck Can theyget $500?
If I look at somebody's budgetand cash flow and the whole
(21:22):
notion of if I just make moremoney.
Violeta (21:25):
But if you don't understand your money whenever,
you do find that extra 500, ifyou are able to and to invest it
where they tell you, to howyou're going to manage the rest
of the day today, if you haven'teven figured it out at the
level you're at, you know yeah,and a lot of times we could just
look at um going back to theother one, uh, of just going our
(21:45):
budget, because there's somebills, that or subscriptions I I
can't tell you how long it was,I'm not even gonna say how long
I was paid this one that Ididn't even use anymore and I
finally got around to cancelingit and that was like 57 bucks,
which is not much, but over thetime that I had it going like
(22:06):
and or gym memberships that wedidn't use, I have that one too.
At least the credits don't goaway and just things like that,
or just, I guess, auditing yourbudget to see the things that
you're actually not using.
And that's why, again, is I'mglad that people like you are in
this space that are making itmore achievable, because it's
(22:28):
more relatable and moreactionable of thinking of
putting maybe $50, like dosomething, versus the finance
bros like, well, if you're notputting $500, then you're trash
or whatever.
Nadia (22:40):
Yeah it's literally how they think you feel like you're
trash, though I was like when Iwas just starting to post and
talk with my money, I was likewhat?
No, that's not how it is, and II don't know if I make the a
lot of the finals finance brosmad, but it's okay, it's.
It's because a lot of peoplecan't do that, so what can they
(23:02):
do?
And then how can they implementit for it to still grow?
That's the thing.
That is.
Yeah, no, I can't say that.
Yeah.
Violeta (23:11):
And I like your mindset shift too, of switching, of
thinking that you know what likeretirement's going to be like
paying everything Like no, let'sat least start with what bill
in the future can it pay, likemy phone bill or whatever and
those little things start to addup.
So it's little stepping stonesand it's kind of hard to see it
(23:31):
right now play out right,because we're so used to kind of
like quick fixes and thingsthat give it stuff back right
away.
Yeah, there you go.
I was trying to think of theinstant gratification whole
microwave aspect when it comesto money.
Nadia (23:49):
But sometimes it's the simmering and making sure you
put it on the right temperaturewhen you're cooking it.
And I'm looking at myself, oh,you're gonna make sure that it
comes out the right way.
Because if you go and readsometimes the fact that, okay,
if you go get something out thestore and it tells you to do 350
your stove which, in thereaction when it comes to
(24:11):
investing your stove, is likeyour risk tolerance of, say,
your risk appetite if you knowthat your stove is not going to
really able to do 450, but it'sstill going to get things right,
you're going to turn it backinto what fits right, and that's
the thing that people need tostart thinking of.
Yes, you hear people tell youto do this in articles and
algorithms, but what does youralgorithm say?
(24:32):
What does your stove says howcan you, what can you cook on
what temperature?
And it's going to still comeout the same way.
It might take a little longerthan a microwave or air fryer,
but it's going to come out good.
Violeta (24:46):
I love that.
I love that, like thinking ofit.
Yeah, the oven.
You have to adjust it to whatyou know.
Is you what your oven?
Because they're probably usingsome like top-notch oven in the
blog.
They're telling you three orfour-fifty or whatever.
Nadia (25:05):
But yours is like what's that gas, whatever that uh
viking, something stove, oh nono, yeah, no, my little rinky
dink freaking stove.
I know I gotta put it a littlebit slower or it's gonna
temperature, but I'm not gonnaburn it because if you put it a
little bit slower or it's gonnaslow up the temperature, but I'm
not gonna burn it, because ifyou put it in at the temperature
(25:26):
someone tells you to do and youknow that your stove can't
handle that, you can do itanyway.
You over burn something toundercook it, you'll be mad yeah
, yeah, yeah, that's perfect.
Violeta (25:36):
I love that one.
It's wealth management and Ilove how you mentioned it at the
beginning of with walletcreation, of how important it is
to set that foundation of yourbudget, because managing your
where your money is going isvery important in the later of
actually managing it too it isvery important, because if
(26:00):
you're just putting money, oh, Ineed to put money here and put
money there.
Nadia (26:04):
Let me take a step back, because the product?
I used to be a product manager,a product marketing manager, so
if you put your product in thewrong like your money, your
paper in the wrong product, butyou don't know how to manage it
and most people wealthmanagement, and it doesn't
perform well because you seewhat the finance bros tell you
to do and you do it, and itdoesn't tie to it.
(26:25):
You get overburdened, and thatgoes into wealth management,
like, if I have it within a 401kand I haven't checked to see if
there's any service fees, if Ihaven't checked to see how it's
performing because I'm justgoing to put it in.
Let's just say, we love targetday funds.
If you notice that, hey, mytarget date fund hasn't been
performing well, but I'm justgonna let it ride anyway, and
(26:45):
then where the heck is my money?
Because you put in the fund ahigh fees, high expense ratio,
and it's not performing the sameway versus you checking it.
The thing when it comes towealth management, though, is
that, even if you work with afinancial planner or you try to
diy.
I'm all for.
The DIY is that you still checkto see how things are going.
(27:06):
You have to.
Yes, a watch pot will slow thebull, but you still have to
check in on it every so often tosee how things are going, even
if you work with somebody or youdo it yourself yeah, yeah, and
I think one real quick.
Violeta (27:20):
just want to talk about a little bit about target date
funds in case for people thatmight not know what that is
Target date funds is a littlebit of a grommet.
Nadia (27:30):
Think OK, let me think about this.
Think about ETFs, which arelike buckets of stocks, all
those things, some bonds orwhatever, and it is the same
form of the funds that the bonds, mutual funds and things like
that.
Think target date funds isbeing like the grown-up version
of the etf or index funds likethe, like etfs, index funds, uh,
(27:54):
target date funds in a sense.
And the thing with target datefunds is that recently I had to
take a step and say it is that alot of these target date funds
that these fund managersformulate to have not been
performing well.
So, even if you like to set itand forget it and it puts money
into your all every so often Ihad to tell one of my favorite
(28:15):
clients, which is my sister,that, hey, this target a fund is
not performing well.
Well, why isn't it not beenbuilt?
The right ways that, even ifyou said you still have to check
on it which technically that'smy job at first is to check on
it.
And because it's not been as,as projected, what they would
(28:36):
think it to be.
So now a lot of people have beenrethinking not only the target
date funds that they have attheir company.
But one of the things I tellpeople to say is that if you
know that you have a, this isthe target date fund that you
have, looking to see what'sunder the hood.
When you take a, see what'sunder the hood, go and put it
into a Google Google Financelike a watch list.
(28:57):
I have a watch list on I'mlooking at it now that has
understanding of what thefunding in your target aid funds
is and put it right here so youmight not have to log in every
so often.
But you can look and say Idon't know how that's performing
.
Why is it not?
And if you have a 401k that'sbeing operated by a fund manager
(29:17):
and with your employer, you paya service fee for your 401k
manager and with your employer,you pay a service fee for your
401k.
All those people ask them whyhasn't this target date fund
been performing towards what wasprojected in the forecast that
I have for the year when itcomes to it?
a lot, a lot of money on thetable because, yes, you have
401k yes, you put it instead offorgetting these target date
(29:38):
funds but you're not calling theservice fee.
You pay a service fee.
So when you pay a service, likeyou said, it's like you go, you
sign up for the gym membershipand you don't go to the gym,
like you pay a service fee andyou don't call the access.
Why is it that's not going on?
You don't want to pay a billand just be nothing on tv.
You're like, well, it's okay.
(29:59):
No, you call the service fee,the service fee.
You ask them hey, can you giveme more feedback on why this
fund is not performing well?
What do you think about theallocation mix that I have
within my 401k?
Is there something I can do toactually match the goals that I
have for it?
So if you have a 401k, you havewithin a company or a 403b,
(30:20):
you're paying a service fee.
Call those people the same waythat you negotiate for a bill.
Call and ask for informationabout that target date fund,
your 401k, your bonds, yourlarge cap fee, your large cap
fund, all of those things thatare of your 401k yeah, yeah, we
have some.
Violeta (30:40):
We have in the military .
We have our version of the 401kis called the thrift savings
plan, tsp, and everything, andthere's quite a few target date
funds there.
I'm glad I didn't get them, Ijust put them in.
I think I'm in the c fund orwhatever, but don't ask me what
fund it was at the beginning,for like my first eight years in
(31:00):
the military and I always kickmyself but I was like you know
what it's done, but I headed thegovernment you learn it like I
would be putting this pennystock.
Nadia (31:13):
And then I was like, what the heck am I doing?
You learn, that's the thing asyou learn.
Violeta (31:20):
You, yeah, that's how I had to learn the hard way, per
usual.
I just accept it now that Ijust learned things the hard way
, unfortunately, and with thelast little bit of your wealth
management, is there otherthings that you help your
clients, like help protect theirwealth when it comes to
(31:45):
transferring it to the nextgeneration?
Because I want to know, I wantto make sure my daughter's not
struggling like I am.
Nadia (31:53):
What did I say recently is that parents are their
child's first financial planner.
Open the 529.
You set up and open the UGMA,utma all the good alphabet soup
when it comes to it.
But I charge parents to notonly make sure that their
planning is good, but whenevertheir kids are growing up, that
(32:17):
you actually start involvingthem.
Just say hey this is why I havethis account right here.
Or if I have a custodialaccount, this is what I'm.
I want to get their input onwhat their financial goals are.
So it's good not only say, ifyou want to open up a 529
because you want your kids to goto school, and then you notice
by the sixth grade they're likeagainst it, what's your plan to
(32:39):
reallocate if any of those funds, in case they change their mind
, just in case they do want togo to school?
But it's all about showing themwhat you're doing with your
money, evolving them on what youwere doing with their money or
y'all your money, your littlenotion people oh, that's my best
friend.
No, they're not so.
(33:01):
But it's about involving themin the process and then actually
say, okay, this is what I havefor you, but can I take the 529
and roll over into a roth ira?
Now that miss secure 2.0 givesparents their option.
What funds actually want togrow funds?
And then, when it comes to theestate planning, the reason why
(33:23):
I got into being a financialplanner taking it to the
financial planner level isbecause my dad passed away
everything in tow and he dideverything right from what he
heard.
Because my parents.
They learned a lot by hearsay,or hear other people say, and
when he passed away, everythingwent left.
Other people say and when hepassed away, everything went
(33:47):
left.
Yeah, that's all I can say, uh,without getting annoyed.
But it was a lot of people wholearn about estate planning,
learn about probates and thingslike that whenever someone dies,
but no one has the conversationaround.
This is where this is what Ihave for you.
This is what I have for you.
This is who's on thebeneficiary on this life
insurance policy.
This is who is on my bankaccount.
They're on a pod.
(34:08):
A lot of people have beentalking about pods lately
because people are learning.
I see so many people that havebank accounts with people or
their family member didn't havethem on a bank account but they
knew their bank accountinformation but they couldn't
access to access where theyweren't listed on the pod and
what's a pod the table on deathit's just like a theory for
(34:39):
somebody passed away, like onwho it is.
So it's about learning what typeof app, what type of documents
within an estate plan it is thatyou need.
And also a thing that I've beentaking to take the stuff back is
that go and get a spreadsheet,go and get a sheet of paper and
write down every accountant thatyou have, write down who's a
(35:01):
beneficiary, write it out andthen put it in something that I
love to call a legacy box, whichare some people will call the
death box, where everything isat.
And right there, my dad's legacydeath box was his briefcase and
I knew exactly where it wasbecause we had this conversation
.
So when I was like it's righthere, oh, the whole rest of the
(35:23):
family besides my sister no oneknew where it was at because he
had that conversation with us,he had the whole will and he had
trust and he had everythinglike that.
He didn't have a trust.
I wish he did, but he knew Isupposed to have a will.
Let's have a life insurancepolicy, but it goes back to
saying making a list of what youhave, making a list of who it
impacts, talking with them andthen making sure those accounts
(35:45):
and documents are updated everyso often yeah, that's definitely
on my to-do list next year, butit's just me and my sister like
right now and now it's like youcan have their house and stuff
because it was.
It's five of us.
Yeah, thanks.
Whatever y'all will, I'll justjust be happy to like.
(36:08):
It was my dad.
I didn't really want, I didn't.
I wasn't so prone on the stuff,but more so on the hospital bed
(36:30):
and this is something I want tobring out too is that the whole
notion between will and a livingwill that conversation is not
talked about enough.
Where everyone talks about apower of attorney like something
happens to you, this is theperson who can answer the
question, this is the person todo this.
But a living will or trustactually outlines a case of
(36:51):
emergency, what they'll give theinstruction to, what needs to
be said.
It's good for people to startlearning about these different
tools, but when you write downwhat's going, what currently
have, you make a plan for it.
Then you can figure out whatways to go about it.
Maybe it is working with aestate planning attorney.
Maybe it is a platform like oh,I love Trust and Will, and
(37:16):
Encore Estates is one that I'vebeen talking highly of if people
want to do it themselves whenit comes to estate planning, but
yeah, just having to talk anddoing the tactics to make sure
that the transfer happens theway you want it to yeah, yeah,
that's such an important thingthat, uh, we tend to forget
about, and I'll.
Violeta (37:34):
I want to make sure that my daughter and my stepson
aren't fighting likeeverything's divvied up and yeah
, because it creates tension andeverything like that and you
don't want.
Nadia (37:45):
You don't want that I've seen some stuff like a lot of
times celebrities estates goddang it, oh gosh, quincey jones
estate and everybody was howmuch he, his estates, his estate
was I believe it's around, yeah, but every child got 80 million
(38:07):
dollars and everyone was likewhat does that have to do?
But it's about understanding.
He did an even split per child.
But I've heard of Prince'sestate or Aretha Franklin's
estate where one had a differentcopy of an estate plan or the
other child and they had acontestant.
(38:27):
They found something else inthe, in the sofa cushion and
yeah, it can get really darkreally quick while you're
already sad you're having todeal with a pro yeah oh, wow wow
, thanks.
Violeta (38:43):
Yeah, thank you for coming on here and having this
conversation and talking aboutthe importance of financial
planning and things that ourcommunities need to get on the
ball on and stuff and be alittle bit more proactive on it.
But for those that want to dofinancial planning work with you
, what kind of services do youprovide and where can they find
(39:07):
you?
Nadia (39:08):
On my website, thebrandsandbandscom, I list out
budget and cash flow planning.
I have a financial reset.
I have a quarterly, where youwant to just look over what's
going on with your investments,but I also have the financial
planning aspect, which is likelooking over your assets,
looking to see what suggestionsI make and things like that.
Violeta (39:30):
so I have different tiers of it all awesome and I
will have all your informationlisted below so that way they
can reach you and get on thisfinancial planning and but other
than that, thank you so muchfor being here thank you for
having me.
It's been a good conversationokay, well, I will see everyone
in the next episode.
(39:50):
Bye.
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