Episode 95: Every Money Question You've Always Wanted Answered, With Bank of America Exec Shannah Stephens
Have you had questions (or concerns) about combining finances with a significant other? Do you feel embarrassed about your finances and have no idea where to start? Have you always been confused by investing and what it actually means? On the latest episode of The Everygirl’s Guide to Building Wealth series, Josie is joined by Shannah Stephens, Community Banking Executive at Bank of America, to give you the answers to all the questions you've ever had about money, but may be too afraid to ask. From how money affects your friendships and relationships to tips for paying off debt, we polled our audience for the questions you want answered, and Shannah's insights do not disappoint. This episode is going to help you get rid of your money FOMO once and for all.
SHOW NOTES:
On this week’s bonus episode, Josie chats with Bank of America exec Shannah Stephens to answer all of the questions you’ve ever wanted to know about personal finance. First, Shannah addresses a listener's question about how to achieve financial success when you are in debt. She discusses why discipline and patience are key for overcoming debt and explains the snowball method of paying off interest and paying smaller debts down first. Josie and Shannah chat about the shame associated with debt and why we never seem to talk about it in our society. Then, Shannah answers a listener’s question about whether it is possible to be friends with someone who makes significantly more or less than you do. She and Josie chat about why income should not impact friendships and how to have hard conversations about budgeting with friends, new and old. Shannah and Josie also discuss how to be disciplined when it comes to activities and saying no to things when your budget can’t accommodate them. As the conversation about money and personal relationships continues, Shannah answers a listener’s question about how to combine finances with a partner, especially when the conversation is difficult. She talks about why it’s so important to communicate with your partner about your shared goals for the future, including buying a house, having children, and more. Shannah also shares the breakdown of what you should be looking at in terms of combined checking and savings accounts and credit cards. Shannah and Josie talk about what you should do if you have uneven spending habits in your partnership, and Josie provides the idea of having a money date with your partner to ensure that you are communicating frequently about your finances. Then, Shannah answers a listener’s question about how to stop emotional spending and curb her credit card expenses. She walks through the 50/30/20 planning method for budgeting and provides some extra budgeting tips. Josie and Shannah also discuss how you should be approaching your finances if necessities are a very large part of your budget. Shannah then answers another listener’s question about what to do with extra money after receiving a raise or promotion. Finally, the episode closes with Shannah giving a quick explanation of how to get started investing, and the difference between stocks, bonds, and mutual funds.
Must-Listen Moments:
[00:47] Diving Into Financial Success and Debt Management
[04:23] Navigating Friendships Across Different Income Levels
[06:34] Balancing Social Life and Financial Goals
[10:48] Combining Finances in Relationships: Tips and Strategies
[34:41] Investing Basics: Stocks, Bonds, Mutual Funds, and More
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