Episode 86: How to Improve Financial Wellness in 2024 With Bank of America Executive Holly O’Neill
Do you constantly feel confused or overwhelmed with spending, investing, or saving? Do you lack confidence in your finances or tell yourself you're not good with money or don't have enough money? Today, Josie is joined by Holly O'Neill, the President of Retail Banking at Bank of America, who is responsible for creating personalized experiences that support clients on their financial journey. In this first episode of The Everygirl’s Guide to Building Wealth series, Holly uses her experience of empowering clients to achieve financial wellness to explain what financial wellness actually means, the common limiting beliefs holding women back from making more money, and the five financial pillars that will empower you to feel confident managing your finances. Josie and Holly also chat about how personal health and personal finances are similar and are equal tools to help you live your best life. Listen to this episode (and take some notes!) to get one major step closer to your richest life.
SHOW NOTES:
In this week’s “Ask The Everygirl” segment, Josie and Emma address a listener’s question about making to-do lists and being productive. They discuss the topic of improving organization and productivity in 2024, further engage in a deep discussion about the term 'mental load,' and share their methods of managing to-do lists. Josie then welcomes Holly O’Neill, President of Retail Banking for Bank of America, for the first episode in The Everygirl Podcast’s financial wellness series. Holly discusses the importance of financial wellness and provides some tips and tools to improve it, particularly for women. She shares some common reasons why people might want to get on top of their finances in the new year, and how to shift your approach to your finances so that you are spending and saving according to your specific goals. She highlights the knowledge gap that exists when it comes to women and financial wellness. Josie asks Holly to explain some of the misogynistic undertones to shaming “little treat” culture. Holly discusses how to differentiate between having a “little treat” and developing a financial habit that needs to be worked into your budget. Josie and Holly also talk about overcoming limiting mindsets related to money, including where those mindsets originate and how to heal them. Holly explains how when you pivot to a new stage of life, you will develop new financial goals and, in turn, you will learn quite a bit about finances in that new stage. She emphasizes the fact that money is a tool to living your dream life, and therefore ensuring that money does not stress you out unnecessarily throughout your lifetime is crucial. Josie asks Holly for some tangible tips and tricks that the audience can use to achieve financial wellness. Holly highlights the five pillars of financial health that Bank of America offers its clients, including making a budget, tracking your spending, maintaining good credit, and more. She emphasizes some tools that audience members can use from Bank of America to optimize their finances, including their Keep the Change autosave program and their Better Money Habits hub. At the end of the interview, Josie asks Holly some rapid-fire questions about her personal preferences.
Must-Listen Moments:
[03:54] Sharing Personal Strategies for To-Do Lists
[19:47] Understanding the Importance of Financial Wellness
[27:24 ]The Power of Open Dialogue and Financial Literacy
[27:49] Your Personal Journey with Money and Overcoming Limiting Beliefs
[29:11] Embracing Financial Education and Tools
[30:00] Addressing Negative Feelings Towards Financial Topics
[30:39] Balancing Treats and Habits in Personal Finance
[31:46] Healing Negative Mindsets About Money
[34:15] Financial Wellness as a Lifelong Journey
[38:20] Practical Tips for Financial Planning
[51:33] Setting Financial Resolutions for the New Year
More from The Everygirl:
Find and listen to more episodes at https://theeverygirl.com/