Financial Guru, Brittney Castro Reveals the Number One Rule to Navigate a Financial Crisis
For many Latinos, talking about finances can lead to anxiety and stress. But with the surge of unemployment and economic crisis on the rise, financial conversations have become less of a taboo and more of a need. Latina entrepreneur, Brittney Castro is not only financially wise but understand the importance of balancing life and work.
To help you kick off a new month, we have interviewed Castro to demystify financial myths and how to strive amidst a financial crisis. For Castro, money is a tool to create the life you want and she knows the ways to wisely invest it. The financial guru has worked for top brands like Chase, Mint, Turbo, Investopedia, Altruist, and NextGen to promote financial literacy. She is the go-to resource for complicated topics like 401Ks, investing in a house, COVID spending, and more.
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Real Money Advice
-As a financial planner, what is one thing you teach people to avoid financial mistakes?
Do weekly money dates. This is a time in your schedule where you review all of your financial accounts and goals and track them against your budget to ensure you are living within your means. When you do this weekly you will find you are more clear, less anxious, and relaxed with your money and the decisions you need to make. In addition, it helps free up space in your mind during the week as you know once a week you will be devoting the focus and time needed to deal with your financial life.
-How the global pandemic has affected your work/life balance?
Well, I have always worked from home so that didn’t change for me, but since my social life is very limited to just my immediate circle, I find myself relaxing more, enjoying the slower pace of life, being at home while cooking more meals at night, and doing long walks after dinner. It is nice as I find myself more present with the people I am with and the nature that surrounds me.
-What is the most important money rule you have learned?
Always keep your eyes on the money. This means, no matter how many people you hire to help you, i.e. CPA, financial planner, etc. it is your money and up to you to always track and manage. Review your money coming in and going out on a regular basis and as you grow your assets, wealth and net worth over time, remember no one will care more about your money than you so never take your eye off the money.
-What are some tools you teach women to learn how to become financially independent?
Same as men. Budget, save, invest for retirement and negotiate your salary to earn the living you need to live the life you want and save for your goals. I think for women, learning to negotiate can be somewhat harder so practicing this conversation often is key and never stop learning and trying to improve.
-What does it mean for you to be financially wise?
To be in a healthy relationship with my money, meaning I like to earn it, save it, spend it, invest it wisely for my financial goals and am in gratitude for all that money helps me do in life. I respect and honor my money by managing it wisely every week and reviewing my accounts often to ensure accuracy and progress toward my goals.
-What is one thing millennials and young people should start investing in?
Their retirement. It can be either by hiring a career coach to help you get in the right career to make the money you need to live your life and invest for retirement. It can be by allocating money every month toward their retirement account whether it is a 401k, IRA or Roth IRA. It can be by investing in a class that teaches successful investing or hiring a financial planner to help you organize your financial life and make a plan to reach your goals in the most efficient way.
-As we continue to approach a financial crisis, what are some tips to overcome financial struggles?
Hang in there. Keep reviewing your budget and accounts even when times are tough. Know that you will get through it and on the other side with hard work and dedication. Also, know that everyone goes through financial hardship and you can bounce back from difficult financial years so make a plan, budget, use your savings if you need to, and then update your financial plan to rebuild it once you get your financial feet back on the floor.