Many small businesses are wrestling with how to stay afloat during this time of economic uncertainty. Federal, state, and local governments plus some private organizations have created relief programs to aid businesses at this time.
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27th, 2020.
The law includes many provisions that impact both the personal and business finances of Americans as we navigate an unprecedented situation.
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I’ve seen my fair share of women having collected a steady amount of savings and waiting to use it until they meet “the one.” It’s not uncommon that I hear, “Well, I don’t want to buy an apartment now, what if I meet a guy who (insert reason not to buy an apartment).”
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Most of the people who ask me for financial advice have a similar goal: gaining financial freedom.
However, there are several ways you could be sabotaging your success. Building wealth means strengthening your financial resources, rather than diluting them.
You’ll have a much harder time building wealth if any of the following sound familiar.
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Hello! I’m Kaya Ladejobi, and I’m a financial advisor and planner, depending on what people are calling folks who do what I do. I’m the founder of Earn Into Wealth, a boutique, fee-only financial planning firm based in New York City. I work with clients locally and virtually across the country. I’m so excited to have a space to share helpful tips, tricks, and life hacks on topics that will bring value to your lives. I’m a personal finance and productivity junkie!
I’ve been passionate about personal finance for a long time and started working in the industry in 2006. As a practitioner, I’m actively engaged in helping individuals and families receive and implement financial advice relevant to them. The information I share is from real-life experience working with actual people and their hard-earned money.
The segment of the market I serve are the folks known as HENRYs (High-Earners-Not-Rich-Yet): Individuals and households with income ranging from $175,000 to $1 million dollars or more. I work with women or dual-career couples in their 30’s and 40’s who are either rising leaders/executives or business owners. Some of my clients are first-generation high-earners or first-generation professionals. They might be the first in their family to unlock a certain career path or level of earnings.
Despite being the first in their family to reach the level of success they’ve achieved, many of my clients were under-served by the financial advisory industry. This is either because of low dollar amount investment accounts, their gender, or their race. For far too long, the financial advice industry has been overly focused on gathering assets to manage over cultivating relationships with younger clients, women, and people of color. Clients in those categories who are just starting out discover that they don’t have a place, or can’t get unbiased advice to navigate important financial decisions.
I graduated with my MBA from Cornell in 2013, and as a dual-career household, my spouse and I were earning more money than we ever felt comfortable disclosing to our friends and family. People can get carried away with a top-line number and not understand the financial, career, and lifestyle obligations that come with being a high-earner. It’s not always easy to seek advice on how to navigate decisions when your household income puts you in the top 1 to 2 percent of earners.
I looked around and could see many of my highly educated peers in a similar situation. In the years after you exit a graduate program, you might start earning six figures, but you also likely have six figures in debt. Many lawyers, doctors, and MBAs can attest to this. In addition, you may be at the life stage where you want to get married, buy a home, or start a family.
These big decisions will have an impact on your finances for years to come. You shouldn’t have to navigate them alone.
The financial advice you can find by Googling is not meant for high-earners. It’s not relevant to you and, most importantly, it doesn’t take into account the nuances of your values and your goals. That’s one of the reasons I created this space: so I can write and share on topics relevant to this segment of clients. With this blog, I hope that my clients and others like them can get the reinforcement they need to build a wealthy and happy life. At the end of the day, wealth is just a means to an end. It’s supposed to give you the freedom you seek so you can focus on what matters most, whatever that might be.
I expect to share a new post every two weeks. I’d love to hear from you if a topic particularly resonates (or doesn’t!) or if there are topics you want me to touch on.
If you want new posts delivered to your inbox, please sign up for our newsletter here. And if you are reading this and curious about working with an advisor, don’t hesitate to schedule a free consultation or shoot me an email with your questions.
It’s nice to meet you and I hope to get to know you better!
