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WIU-QC Students Attend Women’s Connection Event on Financial Empowerment by Nathasha Chandrasekharan

Financially-Fearless-coverManaging one’s finances can, for many, be a daunting endeavor. While vital to being secure for the future and worry-free in the present, finance management can be stressful and overwhelming for those unfamiliar with financial planning.

Alexa Von Tobel fully acknowledges this. In fact, she experienced first hand the difficulty financial trouble can create when her father passed away when she was young, leaving her mother to not only raise three children but also now handle the long term finances of the household. Alexa did her best to learn everything she could about money, so as not to never be put in the same situation herself. Her endeavors to help herself and many others like her led to the launch of LearnVest: a personal finance website that is accessible to people regardless of financial status. The website has been hugely successful, and was recently acquired by Northwestern Mutual, which is the second largest life insurance company in the nation.

With all her experience and  success, I was excited to attend Women’s Connection’s luncheon featuring Alexa Von Tobel.The event was held on the 22nd of September at the Raddison Quad Cities Plaza. In attendance, representing WIU-Quad Cities was: myself, Rong Li an M.B.A Student, as well as Assistant Director of Student Affairs Audrey Adamson. Alexa was there to demystify financial planning to empower to women to take control of their money as well as promote her book “Financially Fearless.”

Her presentation highlighted the plight of many in our country: living paycheck to paycheck, constantly having to worry about the future as well as trying to recover from bad financial decisions. She also went on to describe her 3 part process to developing a sound financial plan.

  1. Figure out where you are right now, financially
  2. Follow the money management principle: 50/20/30
    • 50% of your income goes towards the essentials (rent, groceries, bills etc.)
    • 20% goes towards the future (paying off debt, saving for retirement and emergency savings)
    • 30% is for lifestyles expenses (eating out, vacations)
  3. Preparing yourself for financial storms and breaking bad financial habits

I walked away from her presentation with the knowledge and eagerness to tackle my financial situation. Even though I am just a college student with little income, it will only benefit me in the long run to have good financial habits and save for the future.

I encourage all of you to do your own research and dispel your own fears or doubts about money. If you want to read Alexa’s book, Financially Fearless, it is available online and in bookstores. There is also a copy available for checkout at the library.

 

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