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Episode: 282 - Investing 101 with Jessica Perrone

Do you feel overwhelmed by the idea of investing or unsure of how to make your money work for you? You’re not alone, but you're in the right place. In a recent Debt Free Dad podcast episode, we had an insightful conversation with Jessica Perrone from herfinIQ.com. Jessica’s mission is to empower people to take charge of their financial future, especially through smart investing. Below is a summary of our discussion, filled with valuable insights on how to start investing and why it’s vital for your financial health. 

 

 

Grasping the Basics of Investing 

Investing can feel intimidating, especially if you’re new to managing personal finances or growing your wealth. Jessica shared her story of growing up without financial abundance and how that drove her to gain control of her financial future. She highlighted the importance of starting your journey not from a place of wealth but through learning from mentors and experiences. 

Laying a Strong Financial Foundation 

Before you leap into investing, Jessica advises getting your financial house in order. Prioritize reducing bad debt, especially high-interest credit card debt, which can significantly drain your finances. By paying off high-interest debt, you essentially earn a guaranteed return on your money. Jessica outlines key financial steps to take before investing, such as handling debt and understanding your credit score. 

Where Does Investing Fit in Your Financial Strategy? 

A common myth is that you need a large sum of money to start investing. Jessica debunks this by explaining how even small, regular contributions to accounts like a 401k can help you begin. Many companies also offer matching contributions – a form of “free money” that’s essential to take advantage of. 

Steps to Begin Investing 

Starting with investing doesn’t need to be overwhelming. Jessica suggests determining if you want to manage your investments independently or with a financial advisor. There are plenty of tools available, from retail brokers to robo-advisors like Wealthfront, Betterment, and Acorns, which make investing accessible to everyone, even beginners. 

Staying the Course with Your Investment Plan 

Investing can feel like riding a rollercoaster – exciting yet nerve-wracking at times. Jessica encourages staying focused on your investment plan, especially during market ups and downs. Consistently contributing to your investments helps spread out your risk over time, taking advantage of a strategy called dollar-cost averaging. 

The Magic of Compound Interest 

This is where the real excitement of investing lies. By investing regularly and allowing compound interest to work its magic, your financial future can thrive. Compound interest is a powerful tool for wealth building, allowing your money to grow significantly over time. 

Financial Resources for Continued Learning 

Jessica provides courses that make investing and personal finance more accessible. Whether you’re new to the world of finance or looking to refine your investing skills, herfinIQ.com offers a range of financial IQ courses tailored to different needs, from basic budgeting to investing fundamentals. 

Whether you’re a seasoned investor or just beginning your journey, there are resources and strategies available for everyone. For more personalized support, connect with Jessica at herfinIQ.com, where she also offers family coaching to make financial education more accessible. 

Take the Next Step 

If you're ready to take control of your finances, now is the time to start. Visit debtfreedad.com for resources that can help you eliminate debt, save more, and start investing for a secure financial future. Your financial journey begins with the first step – take it today! 

 

Resources Mentioned

Connect with Jessica: herfinIQ.com 

Get better results with your finances in 30-60 days - GUARANTEED. Watch this video to learn how! - https://www.debtfreedad.com/payoff-debt-in-60-to-90-days 

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Transcript: 

Brad Nelson [00:00]
Hey, if you’ve ever felt intimidated by investing or wondered how to make your money work for you, this episode is a must-listen! Today on the Debt-Free Dad podcast, we’re joined by a special guest, Jessica Perrone from HerFinIQ.com. Jessica is here to simplify investing and share how even beginners can start building wealth through smart financial decisions. She’s passionate about empowering people to take control of their financial futures, so stay tuned!

Announcer [00:35]
You’re listening to the Debt-Free Dad podcast with Brad Nelson. Brad and his co-hosts once lived paycheck to paycheck, struggling with financial stress before learning the fundamentals of financial success. Now, they’re on a mission to empower everyday people to pay off their debt and enjoy happier, stress-free lives. Stay tuned for inspirational interviews, tips, and practical advice to gain financial freedom.

Brad Nelson [01:10]
Welcome to today’s show! I’m Brad Nelson, founder of Debt-Free Dad. I personally paid off over $45,000 in debt and have been debt-free for over 11 years, outside of my mortgage. I’ve also helped thousands of others save and pay off millions in debt through the work we do here at Debt-Free Dad. After listening to this episode, if you’re ready to take your finances to the next level, I’ve got a resource that will help you start seeing results in as little as 30 to 60 days. I’ll share more details later, so stay tuned.

Brad Nelson [01:45]
Now, let’s get started! Jessica, welcome to the Debt-Free Dad podcast. It’s so great to have you here.

Jessica Perrone [01:50]
Thank you so much for having me!

Brad Nelson [01:55]
We’re thrilled to have you. Could you share a bit about your background and how you got started helping people with personal finance, coaching, and investing?

Jessica Perrone [02:03]
Absolutely! My journey began growing up without much wealth – actually, in poverty. I’m the oldest of eight kids, and we didn’t have conversations about money because there wasn’t any. But I learned important values from my mom, a single immigrant mother. That shaped my perspective on finances, and I realized early on that I wanted to take control of my financial destiny.

Brad Nelson [02:59]
Wow, that’s such a powerful story. At what point did you start diving into investing and personal finance?

Jessica Perrone [03:11]
It all started after college when I got my first job and paycheck. A mentor of mine named Don asked me what I was doing with my money. I was confused – I was just paying bills and loans. He introduced me to the idea of saving for retirement and showed me the power of 401ks and stock purchase plans. I had no clue back then, but that moment kickstarted my learning about investing and wealth-building.

Brad Nelson [05:30]
That’s incredible! At Debt-Free Dad, we help people get out of debt and reclaim their income. After that, we look at what to do next with that money, and investing is a big part of that. Where do you think investing fits into the financial journey, especially for someone who’s just starting out?

Jessica Perrone [06:10]
Great question! Many people think they need a lot of money to start investing, but that’s no longer the case. A simple way to begin is through workplace retirement plans like 401ks. These allow you to invest passively, and if your employer offers a match, it’s free money you don’t want to miss. Even if you're just getting out of debt, contributing to these plans is a great starting point.

Brad Nelson [07:29]
Exactly! If you're not taking advantage of that company match, you’re leaving money on the table. What do you say about high-interest credit card debt? Should people focus on paying that off before investing?

Jessica Perrone [08:12]
Everyone’s situation is different, but credit card debt is dangerous, especially with high interest rates. Paying off that debt first makes sense because the interest rates are usually higher than the returns you’d get from the market. Once your high-interest debt is under control, then you can start focusing on investing outside of retirement plans.

Brad Nelson [10:37]
That’s great advice. Now, for someone whose company doesn’t offer a 401k or match, what other options do they have?

Jessica Perrone [11:18]
There are plenty of options like opening a Roth IRA or using robo-advisors like Wealthfront, Betterment, or Acorns. Robo-advisors are great for beginners because they manage investments for you based on your risk tolerance, so you don’t have to worry about the ups and downs of the market.

Brad Nelson [19:27]
That’s so helpful! Consistency seems to be key in investing. Can you talk more about that?

Jessica Perrone [20:41]
Absolutely! Consistently investing, even small amounts, helps you take advantage of the market over time. You don’t need to wait until you have a large sum of money. Workplace deductions or regular contributions smooth out the highs and lows, allowing you to grow your wealth steadily.

Brad Nelson [25:01]
That’s fantastic advice, Jessica. For our listeners who want to get started, what resources do you recommend?

Jessica Perrone [25:23]
I offer several courses on my site, HerFinIQ.com, including one called Before Investing, which helps people prepare their finances before they start. I also provide personalized coaching for families, teens, and individuals who want to gain confidence in their financial knowledge.

Brad Nelson [27:20]
That’s amazing, and for anyone listening who feels overwhelmed by investing, Jessica has shared some fantastic insights. Remember, this is the exciting part of your financial journey—using compound interest to grow your wealth and achieve your financial dreams. If you’re ready to take control of your finances, visit DebtFreeDad.com for resources to help you pay off debt, save money, and start investing.

Brad Nelson [27:53]
Jessica, thank you so much for joining us today!

Jessica Perrone [27:59]
Thank you for having me! I loved our conversation.

Announcer [30:12]
Thanks for tuning in to the Debt-Free Dad podcast! Don’t forget to connect with us on Facebook, TikTok, YouTube, and Instagram by searching Debt Free Dad. If you found value in today’s episode, please leave us a rating and review. For more resources and show notes, visit DebtFreeDad.com. See you next week!

 

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