$6,000 bags. $1,300 shoes.
Jully-Alma Taveras bought it all.
In this episode, we talk about how she created new habits that took her from super-spender to savvy investor.
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Jully-Alma Taveras from Investing latina 0:00
When I bought my Chanel bag, which was probably like $6,000, I was probably making somewhere around $60,000. So imagine like 10%. So it wasn't like I was making a lot of money. I was just really into this bag.
Michael Lacy 0:20
You're listening to the winning to wealth Podcast, where you'll hear real stories from real people who are on the path to building real wealth. These stories will show you how to earn more money, pay off debt, start investing, and make better money choices so you can build wealth for your future. Now, here's your host, Michael Lacy, what's up? What's up? What's up teammates. This is Episode 43 of the winning to wealth podcast. And on this week's episode, you're gonna hear a great story that really centers around developing new money habits. Joining me this week I have the creator behind investing Latina the one and only
Julie Alma to Barris Julie can be found on YouTube where she creates videos to educate women about personal finance, investing and entrepreneurship. She hosts the Ask me money things show on YouTube where she answers questions from our viewers on how to manage their money more efficiently. She's a contributing editor at next advisor, which is in partnership with time, where she writes about personal money story from the lens of an immigrant Latina. Now that's quite a background but Julie didn't start off this financially savvy. Julie did have some money challenges in our early adulthood. But as you can see, that didn't stop her. Those money challenges are what forced her to create the necessary habits to go from Super spender to savvy investor. Now I'm excited for you to hear from Julie. So before we jump in, there's one thing you've got to do. I want you to be in the loop whenever we drop more interviews like this one. So wherever you're listening to this
Reach up and gently tap the subscribe button to keep hearing these great stories. All right, now let's jump right into my interview with Julio motivators from investing Latina.
So Julie, I'm excited to have you here with me today. I'm a big fan of yours on Instagram, I love, love your feed, you're always entertaining but informational at the same time. So I'm excited to kind of hear you in this podcasting medium and share your journey with the audience as well.
Jully-Alma Taveras from Investing latina 2:28
Thank you. I'm so excited to be here. I love talking about this stuff. And I also have so much respect for all the work that you do. So thank you for inviting me, you know,
Michael Lacy 2:36
in in doing the research that I did for this episode, I came across something you said where at one point you spent, like 1300 dollars on a pair of shoes. I want to know like did you grow up in a household where like that kind of spending was the norm? Or was that something that you kind of stumbled into in your early adulthood?
Jully-Alma Taveras from Investing latina 2:58
I feel like I don'tdid not see my mom buying 1300 dollar pairs of shoes by I did see her shopping a lot and my dad as well. We love looking good. And that's kind of what my mom has kind of set an expectation of like, Oh, you know, you go out you have to be very presentable. And you have to make sure that that you are, you know, projecting your best self. And that's something that has always kind of been very important, I think for our family, but it the 1300 dollar shoes. I don't my mom was not proud of that. She was like, You're crazy. She's like, How could you do that? That is there's no need for that. But it was something that I did kind of develop in the fashion industry. So that's actually what I studied and what I love and have always had a passion for like I went to the high school fashion industry. And then I went to college for design. And when I was studying design, I was really just shopping and doing a lot of research and that was also kind of my excuse.Like, oh, this is market research this is necessary, but it wasn't necessary for my credit card.And I eventually kind of just, it kind of snowballs and eventually it did really become a sort of shopping addiction that I would use an excuse to really kind of get away from my feelings and, you know, emotions that I felt I was like, you know, this will make me feel better. And it was a it was a tough lesson to learn after getting into so much debt and realizing that those shoes were just sitting in the closet, I only wore them once in a while. I still have not gotten a good return on investment on those shoes. I just love them. I have to say, you know, I do still love them. And I think that when it comes to spending a lot of money on things, we can either just do it in that thing and then deal with the consequences later or some people really take the time to you
Think about what it is that they want and and hopefully really feel like they can get a lot out of it. And I find, I don't want to tell people that there's a problem with that, because I think that makes total sense. If you're going to spend big on something, think it through. But, you know, be sure to think it through and make sure that it's the right thing for you.
Michael Lacy 5:21
Absolutely. And I love that you said that because no, sometimes we get especially in the personal finance space, we get kind of caught up in telling people to spend less and less and less, and there is a space for that. But I think the key is not necessarily always spending less but spending better. Right and making better decisions that add value to your life. So I do want to ask like because you said that you were kind of a shopaholic at that time. So how often were you making purchases like that?
Jully-Alma Taveras from Investing latina 5:45
Oh my goodness. Okay, so I I've had some major purchases. When it comes to fashion and accessories. I have bags that cost $6,000 Chanel bags, and I have shoes that are in that $1300 range, but I would say if I had to give it like a time frame, maybe once a quarter quarter I would do it like big purchase like that. But the thing was that it wasn't just big purchases like that. It was those big purchases once in a while, and then tons of little purchases in between, you know, and that's why I I was snowballing into that habit of over shopping and overspending because I would, I would, I wouldn't go too crazy, like spending buying a Chanel bag every week. But I did do it enough to the point where I couldn't afford that lifestyle anymore, right. So listen, and I know some people out there they're probably thinking like, what the heck kind of money was this girl making a beat spinning like that? So do you mind sharing a little bit about the income range that you had around that time? Yeah, sure. I feel like when I bought my Chanel bag, which was probably like $6,000 I was probably making somewhere around $60,000So imagine like 10%. So it wasn't like I was making a lot of money. I was just really into this bag and felt like I needed it. And it was like this passion and this one that I had that even though I really could not afford, even though I made up of a chunk of what I was bringing in, I still felt the need to have it.
Michael Lacy 7:24
So did you feel like you were struggling financially as you're spinning like this? Or were you managing to kind of somehow feel comfortable while spending this amount?
Jully-Alma Taveras from Investing latina 7:35
I don't think I felt like I was struggling until it really all kind of hit me at the end of it. You know, I felt like oh, you know, credit cards, whatever. You just pay them off whenever and that's kind of the mindset that I kind of got from my parents, like, we live our whole lives in debt. So for me it kind of thought I thought it was okay.For a very long time, I was like, you know, I'll just put it on my card and I'll pay it off when I can. I'll pay minimums. But then when I realized that I was paying minimums and the price, the amount wasn't going down, I'm like, Wait a second, there's something wrong.So it's so funny because it was kind of like that, that lack of education when it comes to financial literacy, that I had to kind of really figure out on my own. But I don't think that I felt like I was struggling. But the struggle did come when I made the decision to get out of that debt. I was like, You know what, this? This is not cute. Like, it doesn't matter how many shoes I have in this closet, like these numbers are looking crazy right now. And I have to do something about that.
Michael Lacy 8:47
So was there like a big moment? And the reason I asked this question is because I know like for me, I grew up seeing poor spending habits as well. And it's really hard to break those when they're so ingrained in us It almost feels like swimming upstream, right? So like for you, I mean, what was that moment where you said, okay, something's not right, I need to go in a different direction.
Jully-Alma Taveras from Investing latina 9:10
So in hindsight, and I don't think this was something that at the time I really realized, but my father did get sick in 2013. And that really kind of impacted how I started to think about things. And realizing that I've always had my parents they've always been there for me. I live with them through college because I decided to stay in New York and, and I commuted to college. I didn't for some reason, I thought that living on campus wasn't worth the money. I don't know think I guess I made some sort of good decisions back then. But I was like, No, I'm just gonna work like, commute and enjoy my mom's food at home. But then when that happened, it was a little bit of a it was a slow wake up call where you know, it took me probably
Another year and a half, two years of him going through all of his treatments for me to kind of realize, like, you know, you're not always going to have the support. So back then I could really depend on them if something were to happen, but I figured if something were to happen to my dad, who would take care of my mom, you know, and I'm the oldest of three girls. And so, I'm like, Okay, if something were to happen, I'm the one that has to step up. And I can step up and take care of my family, if I'm out here spending crazy. So it was it was slow, but it definitely in hindsight, I realized that that was kind of a little bit of a turning point and how I, how I decided to switch up how I was spending my money and just kind of reprioritizing the important things.
Michael Lacy 10:51
Okay, so as you say, reprioritizing the important things like, what were some of those initial habits that you had to develop or changeTo start moving in the right direction.
Jully-Alma Taveras from Investing latina 11:02
I think initially, it really started with dining out. Because I did it and it was just kind of like, Oh, it's what I do. I buy breakfast, I buy lunch, I buy dinner out all the time. And I think that was one of the first thing that I'm like, Wait a second, I'm looking at my bill. And I feel like one year it was like, $10,000 for the year, where I look back, and I'm like, What? I spent $10,000 dining out on restaurants. Like, I don't even remember these moments. So it was that was probably one of the first habits that I was like, Oh, this, this is not gonna work. Because if I really want to pay off this debt, I have to start cutting back. And I think that was probably one of the the first thing that I did.
Michael Lacy 11:49
So you know, and I know from firsthand experience that that isn't that easy. Because the first month that I ever sat down and really tracked my spending data budget, that sort of thing. I realized that I had spent moremoney on food and rent the previous month.And undoing that was so hard because it was so convenient. And what I learned is like I wasn't managing my time well, so I was always grabbing stuff on the go and you know, doing all this stuff. So talk a little bit about undoing that habit like what that was like for you.
Jully-Alma Taveras from Investing latina 12:19
It was tough for sure. Because I feel like even twice a week I would go out with friends after work and just kind of catch up and, and try new restaurants. And I live in New York. I mean, it's we have new restaurants every single week. And there's always something new going on. And it's so tempting to like I love looking up the New York Times list for new restaurants and we would always end up going there, which is why it was $10,000 for that year. But I think just doing a little bit less than that. I started you know, because it's really about every all the information that you take in the information that you that you take in really has an effect on your output.What you do, and sounds like, you know, like, I'm not gonna be checking that list all the time. So I feel like I cut back on that. And I really have to say no to people and friends. And I think that that was something that I was not used to. I'm a very yes type of person. I'm a very positive type of person, which is a great thing. I'm optimistic I, I see the silver lining in situations. And that's a good part of it. But a bad part of it is that I also am afraid to say no to people. And that was a lesson that I had to learn. And it did really affect my relationships with my friends, because it's like, oh, you don't want to hang out with us. And it really wasn't done and I had to like, slowly kind of try to explain that and I wasn't straight up about it. I wasn't like, Oh, it's because I'm trying to pay off debt. It was more so kind of like, you know, I have other things to do. So I really avoided these type of conversations that I I kind of wish I tackled because it's such an importantthing, but the shame that came from all of that was really what held me back from doing that, and from talking openly about these things, so it really affected like relationships. But what I realized is that my friends, were my true friends. They're still there. You know, they didn't go anywhere. They're like, okay, we gotta do something different because obviously, you ain't trying to go out and spend money.But we would go on picnics, and you know, just keep it simple and, and the point of even getting together with friends, it's just to be together. That's it. It doesn't have to revolve around, oh, let's do this, these activities or this food or whatever. It doesn't have to be that way. Like, Yes, it can. That's awesome. And, and it's exciting, especially if there's a new restaurant in town that you do want to try once in a while. That's great. But it doesn't have to be the anchor.Have the relationship you know, it doesn't. It doesn't have to be the main reason why you get together. The main reason for getting together with my friends is to catch up and be supportive of one another and engage and you know, all of those things that I didn't realize back then, but now I understand what that means, right?
Michael Lacy 15:22
So I remember earlier in the year, you made a post on Instagram and you talked about a survival number. Can you talk a little bit about that and just kind of explain that to the people listening right now? Yes. Okay.
Jully-Alma Taveras from Investing latina 15:38
So my survival number is something that I came up with last year. And I gave it that term because I thought, what exactly would I need to spend in order to survive, and that number is 581 $581, which is really, really low and I can kind of explain
Michael Lacy 16:00
Wow, yeah, you got to talk about how you got.
Jully-Alma Taveras from Investing latina 16:03
Once I came up, once I did the math and saw that that was a number, it really gave me so much ammunition for my goals. And I was like, This is all I need. This is all I need in order to be good. every single month. Everything that I do beyond that is just fun. And it's just growth and it's just, I could do whatever I want with that. So it actually opened up my mind even more to opportunities. It didn't make me feel constricted. It didn't make me feel like oh, you know, this is what I have to stick to it. It made me feel empowered. And I think that that's the beauty of that my survival number which I talked about. I wrote about it for Time magazine recently their new finance website, next advisor, and I created a simple budget for a budget sheet for it, which is free and you all can use it. You can download it. It's super
easy to use, because I'm a minimalist, and I don't like super complicated things. I'm not the type of person that has a binder as a budgeting tool. Like that's just not for me, I can't have too many things going on. I need the basics. And that's also why I love my survival because it really revolves around simplifying your life. Okay, so I'm not gonna let you slide off without talking about how you got to that point. And, and, and let people know where you live to because it's not like I live out in some little Podunk town like you live in a very expensive place with a number like this. Yes, I live in New York. I live in Yonkers, New York, which is just north of the city. And the reason why my survival number is so low is because I only pay $86 of rent every month. And I do that because by apartment hack, and maybe you've heard the term house hacking where someone will buy a two family home and the rent
actually covers a lot of the mortgage. Well, I decided that that was a cool concept. And I wanted to apply it to living in New York and in New York. I don't have a home yet. I live in my apartment. And so I was like, Wait a second, can I can I kind of apply this to my situation? And so I have a four bedroom apartment. And I rent out the rooms. And it's, it's a cohabiting situation. So I technically, don't call them roommates because it's not like Hey, y'all, let's find a lease together. And let's split this like, no, the leases in my name. I am fully responsible for paying this. And I separate the rooms and it has worked really well. I've been doing it for, I guess, almost two years at this point. And, and it works really well. And what's so interesting about this situation is that I grew up cohabiting when we came from the Dominican Republic because I'm an immigrant
We were like 12 of us in an apartment in Brooklyn, New York. Okay, so it was just like, Listen, we in this together and we we have to live like this until everybody can build some credit history and apply for their own apartments. And that was not something that stuck with me, that's something that's like that kind of felt normal. And in general, I kind of like being around people and having others around. I'm not the type of person that really enjoys a quiet place and there are people like that, and, and I do like my quiet time, but I also like being surrounded by people. So it really works for my situation. I know that for many people, that's not something that they want to do, but the wealth that I've been able to build in the last few years because of that, highly recommend.
Michael Lacy 19:55
Okay, so I want I want to take this opportunity and I want to I do want to say I'm gonna link toEverything you mentioned the time article and your spreadsheet and all of that in the show notes. So you guys, look in the episode description, get the link to the show notes, go check all that stuff out. But I do want to, I mean, asked you to kind of get a little specific on the people who heard that on a little interested in finding their own survival number. What are some steps that they need to take to find their survival number?
Jully-Alma Taveras from Investing latina 20:22
Yes. So essentially, think of how you are as a person and what you'd like. And honestly, it's funny because a lot of people start with, oh, what's the rent? And what's the food? And yeah, that's, but that's a little bit easy. You can get to that. It's simple numbers, because you know what it is, right? But actually, I recommend that you start with who you are as a person, what do you enjoy? And one of the categories there's only eight categories in my survival number, template sheet, which you'll see in the show notes. There's only eight categories and that last categories is entertainment. What makes you happy whatYou like to do? What are the things that you enjoy, you know, and this is your opportunity to, to kind of self reflect and get to know yourself. So for me, the only thing that I have listed on my survival number for entertainment is Spotify. I can spend the whole day listening to music and browsing and creating playlists and then sharing them with my friends and being DJs and building one together. Like, that's so much fun for me. And then on top of that, the knowledge that we build by listening to a podcast, so I felt like if I can only pick one thing in terms of entertainment, Spotify would be it I would listen and I feel like you know, they should sponsor this. I was just I was literally gonna say Spotify. Hey, y'all gotta cut the check, man. I have to check.Spotify, but I have there because I realized that if I couldn't do a lot ofOther things if I couldn't go out to dinner all the time, and if I couldn't I go do fun things like, like bowling, you know, which is fun I like to do. But if I couldn't do those things, and I needed to keep it very simple, I could be entertained by music. And so you have to notice things about yourself, you know, and that and build that into your entertainment. So start there, what you'd like to do, who you are as a person, what makes you kind of excited in the morning. And then also include those things are necessities which you know, I don't even get to tell you how to rent, electricity, all of that, all that good stuff. And you you built that up and then you figure out that basic numbers. So the goal is to really have that survival number be your starting point, because as soon as you have that, like I said earlier, everything after that is a bonus. You could still do whatever you want with your money. You can go out have fun plan, outings, or like I like to do youget invested all
that extra. So yeah, that I would say start with knowing yourself.
Michael Lacy 23:09
Julie, I'm gonna tell you like, from the beginning until just this point, this has been just like a fire episode just from going from shopaholic to where you are now like that is a podcast episode in itself. But it doesn't stop there because you just mentioned like you use that money to start investing. So I know that part of your story was you started back when you were 19 years old. So talk a little bit about that, like how you got your start with investing?
Jully-Alma Taveras from Investing latina 23:37
Yes, absolutely. So I started because I had worked for a nonprofit and it was just a temp job that I did in between classes because I went to school in the city even though I still lived in Yonkers. And in between classes, I would do temp work throughout the city, and I ended up temping for a nonprofit organization.
So I was temping for them. And then I ended up taking the job, a job a full time job for them in the summertime. And they offered benefits. Like immediately, like as soon as we started, which I think is not very common. In general, usually you have to kind of wait a while before you can have are entitled to all of the full company benefits and packages. But they the girl that was in HR, she would happen to be a Puerto Rican girl. She wasn't really excited about her job, you know, thinking, thinking back on it. She's like, Listen, this is free money, so you should just sign up and just do it. Now. I was like, Wait, did you get free money? I'm not sure. Do you say that with a little bit more excitement? But she said that and it stuck with me and I'm like, Oh, it's free money. Yeah, sign me up. I'm all about free money. I like that. Even though I like to spend I was like listen, I like to, I like to bring it into. So I signed up for what is known as a 403 D it's a 401 k
Key version but for nine for nonprofit organizations, and I signed up for that I was 19 years old. No idea what I was doing. I had no clue what I was doing. And I started investing $50 per paycheck, I believe it was and, and now I invest 500 plus dollars a month into retirement. So that is a retirement account. And I started small, I had no clue what I was doing. I was like, yeah, haha, sounds good. Okay. free money. I like that.
Michael Lacy 25:30
So okay, so you started small. You started with 50 bucks. So yeah. And you said that you've learned a lot since then. So where did you start to learn the different techniques and strategies that you use today for investing?
Jully-Alma Taveras from Investing latina 25:43
Yes. So I started with the $50. And I slowly when I when I started seeing that account grow, and this was like, actually, you know, financial crisis time, and we things were not well, but I also
So I had very little in the account, but I kept adding to it and it took it didn't take very much time to really bounce back after that for the for the stock market to bounce back after we had the financial crisis. And I like to see that money that amount go up. And I think that the that amount go up really also put fire into me. I was like, Wait a second, I like how this is looking because not only am I putting in money, my employer is putting in money and it looks like this. I'm other people working out there that are also putting in money. So seeing those three parts of it and seen the account slowly build up. I was like, I'm gonna burn into a little bit more. And so I I matched up to what the company match because remember, I only started with 50 and so they were giving me 50 but then I realized, wait, if you contribute up to I guess it was maybe 4% they'll match you on that of your salary. They'll match you 100% on that. So then I did thepercent. And then probably like a couple years later, I was talking to my uncle about it. And my uncle works at Goldman Sachs. So he's afinancial and tech person. And he's like, Wait, you're only doing whatever I was doing maybe like 5%. Or at the time, maybe I had to increase it to 6%. It's like, you don't have kids. You're not paying rent, because you're still living with your parents, you better increase your 401k to 10%. And I was like, You know what, you're right. You're right.And I did that. And it was one of the best decisions I made, because the timing happened. You know, we can't time the market, just consistently invest and you'll be you'll be good to go. So, yeah, I started to increase it. And then I also started reading my statements. And I encourage you to do that. If you're reading if you're listening to this right now. Open up that email, open up, login to that account. Look at your statements, see if what you're invested in and you're going to realize that Oh, wait.I have some Google, I have some apple, I have some, you know, these are companies that they're the best companies in our, in our country. And you are invested into them. So I think when when you can see that, and you can get a little bit more detail behind those $50 that you're contributing, then you become a little bit more involved.
Michael Lacy 28:21
So as a result of that, right, so you start with the workplace plan, and then how has your strategy evolved since that time?
Jully-Alma Taveras from Investing latina 28:29
Mm hmm. Well, a big thing is that I actually no longer work for a corporation. So I no longer have access to a 401 K or four, three B, I work for myself now. And I've been doing that for two to three years at this point. And so I'm a consultant and I work in the fashion industry and I'm also a writer and producing on YouTube. These are all things that I do I work for myself, so I don't have access to a 401k What does that mean that you have to think about things differently. Youhave to figure out Okay, wait a second, that there's no 401k for me, what is there for me and what is out there for you is IRA, SEP IRA, a solo 401k. These are all same instruments, they're designed for you to invest for that long term for when you're going to retire. And investing for retirement is not something that's talked about in my culture, like we're Dominican. And we don't, you know, my parents didn't put money aside for retirement in terms of or not that that they didn't put it aside, but they didn't invest it in a market where they're getting 710 percent back from so I had to just navigate those waters on my own and learn slowly that it was, you know, a good vehicle to secure a dignified retirement.
Michael Lacy 29:57
Okay, so going all the wayback to the beginning or you were a shopaholic, you described yourself that way. Then you get to this point where you realize you have all this debt and you start changing your habits. So I want to tie everything all together, how did the habits that you had to develop in those early days, make you a better investor?
Jully-Alma Taveras from Investing latina 30:22
I think that the habits of being consistent makes you a good investor. So if you're consistently choosing to pack your lunch, just maybe two, three days a week, whatever that might be. If you're consistent with that, oh, you're consistent consistently going to save a lot of money on from dining out and buying lunches. So I think that little habit translated well into investing. So because I decided to take that small step of talking my own lunch and and in doing that saves you a lot of time, that's what you have to realize.That same exact concept relates to investing. Because if you're consistent, consistent, dollar cost averaging makes your life easier. You don't have to think oh, how much is VTi today? Or let me try to buy the dip or let me do this research on how Apple stuff. You don't have to think about any of those those things, because all you're doing is consistently investing. So consistency, I think is a good lesson that you kind of have to practice in other areas of your life before you can really master it with investing, you know, and and I don't want you to take that statement and think I can start investing. It's not that you have to be super prepared or be perfect. packing your lunch three days a week before you are an investor. But also I also don't want people to think that you also have to be 100% out of debt to start investingI wasn't, I started investing, and I had a lot of debt. But I would continue to invest throughout that period until I figured my life out and really got it together.So So I just want to kind of say that you know, and that's not to say that you shouldn't start you should always start. But having these kind of practices in your everyday life, really help you manage emotions, when it comes to investing, you don't have to think about what prices are like, you don't have to think about Oh, what am I going to buy, just be consistent by every Friday or by every Monday, whatever, whatever your favorite day of the week is, and and buy and invest. Love it, love it. So, and I love to talk about consistency. I mean, that's something that I preach pretty regularly.
Michael Lacy 32:47
So I want to ask like as a result of that consistency, right with you packing your lunch, you investing often and all of those things. What are some of the really awesome financial goals?That you've been able to hit since you had that turning point and started going in a different direction.
Jully-Alma Taveras from Investing latina 33:05
Yes, I thinkin general, when it comes to financial goals, I know that when you set your mind to something,you can accomplish it. There's like no way around it. It's so funny because when I was saving, for example, when I wanted to build my savings up, I would actually this is really funny, but I would actually my passwordto things would be saved $10,000 and that's kind of that was my password. And that was my repetition in my mind. Everywhere I logged in, save, save, save, login into Facebook, save $10,000 and I can realize the power of that and I highly recommend that you do something similar becauseOnce you do something like that, that repetition, something that you do every single day that you'd have to repeat, like entering passwords, I mean, now we kind of have like, face recognition and stuff like that. But there's still places where you have to really type things in. But if there's a place in your life where there's repetition that's required, make it whatever your goal is, maybe it's, you buy my first home, like, whatever your goal is, just go for it and repeat it to yourself and make it your mantra. And you'll accomplish that. So I was able, I was literally able to accomplish that save $10,000 because of repetition in my mind, and that daily mantra of logging into things and, and having to repeat that to myself.And it's gotten me to reach my savings goal every year. I feel like my investing goals get higher and higher. I always challenge myself more with like, Oh, wait, if I read some gold, let me just increase it a little bit more. And I doWith a lot of the work that I do with with my career and even with building up my YouTube channel, likethere's, I always have goals that I that I have to hit that I go so hard to make sure that you know, I, I tell enough people to have to reach my goal of 10,000 subscribers you know all of those things, I just really create a mantra for myself when I'm when I want to accomplish something, and just go for it. because trust me, if you set that goal and you reverse engineer it, and figure out what are okay, this is what I want. If I want to save $10,000 let me do the math on this and see how long it's gonna take me. And it's gonna if it's gonna take me six months to do that.Let me make sure that that's my deadline, and you set that deadline and you and you go for it.
Michael Lacy 35:49
Awesome. I love that. So can you talk a little bit now about the goals that you're aiming for, you know, going forward?
Jully-Alma Taveras from Investing latina 35:56
Yes. Oh my gosh, that's probably the most exciting thing. And this isWhatfinancial freedom is about just being able to set a new goal and be excited every day to chase that goal. And so when it comes to investing, specifically, I invest through my retirement accounts, I have goals for my brokerage account. And I thinka big thing that I talk a lot about on my YouTube channel is real estate, because I am really interested in that. That's something that I try to learn a little bit more about every single day so that I can really break into that and building in a reala real estate investing portfolio. And that's kind of my next step. And this year, I set a goal to save $50,000 specifically in an account for real estate and trucking along on that I feel like COVID-19 kind of kind of stepped into my plans, and I wasAs opposed to at this point, I've seen plenty of properties and and have done a lot of other things. But the goal is still there. And even if I don't reach that $50,000 goal, which kind of looks like I won't produce here, it's still my goal. And I won't stop until I accomplish that. And so once I have that goal, then I can really go to that next step of, okay. The downpayment is here, I'm going to invest here, let me do this research here. Let me connect with this person to learn more about this, so that I can I can just go full force on those goals.
Michael Lacy 37:36
I guess the last question that I have for you is, it's something that I like to do with all my guests, I'd like to pose just kind of a hypothetical scenario based on your story. So I want you to talk to the person out there who maybe they want to start investing, but for whatever reason, they're struggling to find that extra money whether that's from debt or whether that's fromYou know, excessive spending or whatever. What would you say to that person that has that desire, but right now they just can't see how to make that work.
Jully-Alma Taveras from Investing latina 38:09
Three words, simplify your life.Don't drive yourself crazy. Don't feel like you have to do everything all at once. That's just it's not. It's not a good way to live. Take your time.set some goals and different parts and also give yourself a little bit of grace. And realize like I mentioned just a little while ago, if I don't reach my my money call, that's okay. You still have time life. Trust me life as long as it continues. We're living more every single day which is another reason to invest for retirement. We live longer every as the years go by thanks to technology and medical advances. You have time, so don't drive yourself too crazy thinking that you have to doAll at once, start small start with those $50. If you don't know where to open the account, there's two really great ones Vanguard fidelity. You don't have to get too fancy. Just keep it simple. Simplify your life. And when when you simplify your life, you realize that you don't need all those things that you were maybe shopping for. You don't, because you're ready, you're covered, you have pretty, I'm pretty sure that everyone listening, God willing has their basic needs, you know, and if you simplify and focus on what your basic needs are in, focus on that survival number for yourself, you will find a lot of gratitude and you willfind those extra $50 because trust me, that's all it takes. Start with 50 and you're going to see that soon enough. You're going to be at 100 and 200 and is just going to keep going up. So find those $50 this month, you knowJust, you know, we're in August, it's August 2025. Those 50 $100 open up the account, just open it, put the money in, and then figure that out.
Michael Lacy 40:11
Awesome. Julie. Hey, well, I've enjoyed talking to you so much. This has been a pleasure and an honor to speak to you. And I do want to give you the opportunity to share just everywhere, where people can find you if they want to connect with you as a result of hearing this interview.
Jully-Alma Taveras from Investing latina 40:27
Yes, I am on YouTube. So I made videos all about money and investing, real estate building credit. Those were the things that really inspired me to start that channel. And they're the pillars of the channel and everything that I do, even if they're different topics. They revolve around that so you can follow me on youtube comm slash investing Latina you can follow me on Instagram best thing Latina. You can follow me on Twitter, investing Latina so I'm investing Latina everywhere. My name is Juliana Taveras.I'm known as investing Latina, and I love to talk about money. Why?
Michael Lacy 41:05
If you guys want to hear more from Julie, be sure to go follow her everywhere she just mentioned. Also, if there's something that maybe you heard earlier in the episode that you might have forgotten about, just look in the episode description and find the link to the show notes page. Or you can open your browser and head over to winning to wealth comm slash Episode 43. It's there where I'm going to link to Julie's social media pages, and again, all the stuff that she mentioned in this episode, so be sure to go check that out at winning to wealth comm slash Episode 43. All right, so now it's time for the win of the week. And what I love about Julie's story is that she continued to constantly challenge herself to seek knowledge and really evolve. So I mean, going back to the beginning of our story, Julie's family didn't teach her the best ways to handle money. She went and found that knowledge she had
didn't really know what she was doing when she first started investing. But she sought wisdom from other people who did. Now she's in a place where she's the one sharing knowledge with other people. And so I want to say that you're doing a great job seeking knowledge and wisdom by listening to podcasts like this. But I want to challenge you to continue learning and growing around areas that you may not be strong in. You can download finance books for free on the Libby app, which is one of my favorites. There are other great money podcasts just like this one. And there are just so many other resources that you can use to grow in knowledge. So be sure to challenge yourself to continue growing to continue evolving and all that great stuff on your wealth building journey. Now again, if you enjoyed this episode, be sure to leave a five star review or just head to my private Facebook group over at winning to wealth comm slash teammates, and we can talk about this particular episode. Also, if you're looking to start your own money track
Transformation head over to winning to work calm slash playbook, and download my easy to follow money guide that lays out the simple steps that you can start taking to turn your finances around. Again, that's winning to wealth comm slash playbook for my money guide. That's going to give you some simple steps that you can implement today to start turning your finances around. But hey, that's all the time I have for this week. So until we talk again, keep racking up those wins one at a time. Take care.
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