Welcome to BW’s Smart Money Podcast where we answer your real-world money questions. In this episode, join a financial planning session with a listener who receives guidance on achieving multiple goals, including debt payoff and maximizing savings. How can you balance multiple financial goals like debt repayment, retirement savings, and major purchases? How can you manage finances in an expensive city while supporting dependents? Recording in-person from a studio in Los Angeles, host Sean Pyles sits down with Magda Doemeny, a certified financial planner with BW Advisors, to host an actual financial planning session with a listener. Jessica, a 48-year-old living in Los Angeles, receives personalized financial advice around navigating competing financial goals, receiving tips and tricks on prioritizing high-interest debt, breaking down financial goals into manageable steps, and maintaining focus on financial stability. Magda and Sean also discuss maximizing high-yield savings accounts, meticulous expense tracking, leveraging additional income streams like side gigs, and other tactics for achieving financial goals.
BW Advisory LLC, dba BW Advisors, is an SEC-registered investment advisor and wholly owned subsidiary of BW Inc. The advice provided in this episode of Smart Money was for illustrative purposes only and not intended as financial or investment advice specific to your personal facts or circumstances.
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Episode transcript
This transcript was generated from podcast audio by an AI tool.
Welcome to BW’s Smart Money Podcast where you send us your money questions, and we answer them with the help of our genius Nerds. I’m Sean Pyles. This episode, we’re bringing you another financial planning session between a listener and an advisor from the BW Advisor’s platform. Our goal this time is to help a listener sort out competing financial goals, like paying off debt, buying a car, and saving for retirement. We’re coming to you from a studio in Los Angeles where our listener lives.
But before we get into that, I’d like to bring back Magda Doemeny. She’s a certified financial planner from the BW Advisors platform. One thing I want to be clear about is that Magda and BW advisors are a distinct platform from BW. Magda will give some advice to our listener to help them improve their finances, and that advice will be given on behalf of BW Advisors, not BW. Also, in exchange for coming on this episode, our listener is receiving a free one-year membership to the BW Advisors platform. Magda, welcome back to Smart Money.
So Magda, we’ve talked with you before, but give us a refresher on who you are and what BW Advisors is.
Sure. I’m an advisor with the BW Advisors platform, and what we offer is affordable financial planning memberships that give you access to a certified financial planner like me for a low monthly cost. And what we’ll do with that is we will do a review of your finances and create a financial plan with some bite-size action items for you. And we’ll check in periodically throughout the year, but you really have unlimited access to me via scheduling a call or sending us a message.
All right. Well, Magda, we know that managing money can be really intimidating to some people, and that can lead them to disengage from their finances entirely. How do you think people can reclaim their agency and make the most of their money, even if they do feel kind of scared of it?
I do think it can be overwhelming to jump in and try and sort through your finances if you feel as though there’s a lot you have to tackle. But I think the best way to combat that is to break it up into smaller pieces. I mentioned bite-sized action items. So really figuring out what the things are that you want to tackle and look at your highest priority one first and then moving on to the next one.
And that can make your goals more tangible, easier to accomplish one piece at a time.
Exactly. So if somebody is saying they have a lot of debt, but they also want to save for retirement and maybe save for a trip or something like that, your first step is maybe talking to somebody like me, and we’ll look at those and say, well, the highest priority item would be your high-interest debt. And so let’s take a look at that before we prioritize the other items on your list. And with that, we would say, okay, let’s take a look at your expenses so we can see where we might be able to squeeze out some extra dollars to pay down this debt, or let’s take some cash and pay this down. And then once we tackle the beginning steps of that process, then we can build in something else, and it just makes it a little bit easier to do it one step at a time.
Okay. All right, well, let’s get to some financial advising in a moment, our conversation with a listener here in Los Angeles. Stay with us. Okay, let’s get to the guest star for this episode. Jessica is a listener who is 48 years old and lives in Los Angeles. She’s with us now in the studio.
Jessica, welcome to Smart Money. We are thrilled to have you join us today. To get started, could you share a bit about yourself? What do you do for work, what do you enjoy doing for fun, and what are your passions? I feel much more empowered and organized now. So, how are you financing that? Are you consistently putting money into it every month?
Typically, when I receive my paycheck, I try to put as much as possible into the savings account without a specific plan, and then adjust throughout the month as needed.
I see. It’s important to have a savings account and be mindful of not overdrafting. Looking at your expenses, such as going out, using Uber Eats, dining with friends, and attending events, we may need to tighten up your budget. I also noticed you have a side job. Can you tell me more about that and how consistent the income is?
I work from home creating invoices for a friend, earning $500 a month. It’s flexible, which helps.
Is there a way to make it more consistent or increase the income from that job?
It’s pretty steady at $500 a month. I could be more consistent with my work.
In order to support your lifestyle and expenses in an expensive city like this, we may need to find ways to increase your income. Are raises common at your main job?
I recently received a cost of living raise.
Given the high cost of living here, we may need to explore ways to boost your income. How old is your daughter and does she contribute financially?
I support her with certain expenses like phone, Netflix, rent, and college fees. We discuss finances and she has an awareness of our budget.
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
She lives with me and is in college, so she doesn’t work. It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
It’s important to focus on your financial stability first. Have you discussed your financial goals and challenges with your daughter?
She’s aware of our financial situation and we communicate about it.
Does she work or contribute financially?
Financial Lessons Learned from Jessica’s Story
Understanding the true cost of living and finding a balance between work, location, and financial goals is crucial. It’s important to prioritize yourself and your financial well-being, especially when working towards specific goals like buying a car or saving for retirement. Every financial decision you make today impacts your future, so it’s essential to align your choices with your long-term objectives.
If your current job brings you joy, but you’re struggling to make ends meet, you may need to adjust your lifestyle to fit within your income. Alternatively, if your financial goals are unattainable with your current income, you may need to consider finding a new job that aligns better with your objectives. Balancing mental health, financial stability, and goal achievement is challenging but essential for long-term financial success.
Thank you for joining us on Smart Money and sharing your insights, Magda.
For more money tips and advice, feel free to reach out to us with your questions at (901) 730-6373 or email us at [email protected]. Visit our website at nerdwallet.com/podcast for additional resources. Don’t forget to follow us on your favorite podcast platforms for new episodes.
Disclaimer: The information provided in this episode is for educational and entertainment purposes only and may not apply to your individual situation.
Special thanks to our production team and guests for their contributions to this episode of Smart Money. Until next time, remember to turn to the Nerds for all your financial questions and concerns.
BW Advisory LLC (dba BW Advisors) is an SEC-registered investment advisor and a subsidiary of BW, Inc. The advice given in this episode is for illustrative purposes and may not be suitable for your specific financial circumstances.
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