Money Memories: Recent Episodes
Bear and the Bull
Money Memories is a podcast that’s on a mission to make money conversations less taboo, one memory at a time. Each week we interview a new guest, and have a light-hearted discussion about how their earliest money memory affected their personal and professional trajectories.
Hans Koch is the CEO of the augmented reality platform MyXR. Hans shares poignant memories of growing up in Southwestern Michigan, reflecting on his early money lessons and the influence of his father’s entrepreneurial spirit. He delves into the impact of his father's battle with ALS, which in turn shaped his outlook on life and business. Hans recounts his first ventures into real estate and technology, the founding of Owners. com, and his current role at MyXR. The discussion spans topics from early entrepreneurial inspirations to the latest tech innovations. Hans offers insights on mistakes made along the way and lessons learned, emphasizing the importance of efficient scaling and strategic financial planning.
Tosin Mills is the product and growth strategy manager at Microsoft. She received her bachelor’s degree from the University of Pennsylvania, and an MBA from the MIT Sloan School of Management. Tosin shares how her experience of moving from Nigeria to the United States played an important role in her understanding of the value of money, and what her favorite money slogan is.
Bonus: I found an NFT expert to answer your pressing questions about how this hot new fintech innovation actually works.
This episode originally aired on February 16th, 2022.
I think then the third piece of it is decide how much time and energy you want to allocate to your personal finances. And it's completely okay to say, I don't want to think about this. I think a lot of people don't want to think about this.
In this episode, guest John Hill reflects on his childhood lessons in saving and the importance of compound interest instilled by his family in Western Pennsylvania. Transitioning to a career in asset management, John shares insights into founding Quorus, a technology-enabled asset manager aimed at personalizing investment portfolios. John also offers beginner tips for financial wellness, and when it's OK to reach out to a professional for financial planning help.
00:00 Introduction
00:20 Upbringing in Western Pennsylvania
02:17 Early Financial Lessons
08:01 Journey to Entrepreneurship
14:30 Quorus: Technology-Enabled Asset Manager
A conversation with Michael Hershfield, CEO of Accrue Savings. From his humble beginnings in Canada to his entrepreneurial ventures and eventual founding of Accrue, Michael shares poignant insights into the importance of financial literacy, responsible spending, and the mission to revolutionize savings behavior in America. We talk about Micahel’s lessons learned from failed ventures, and his vision for a future where every American can achieve financial wellness.
If you grew up around money, then you start thinking about how to make money work for you.We talk to Caesar Sengupta, the founder of Arta, a technology platform revolutionizing the world of personal finance. We delve into Caesar's background and his journey from growing up in India to studying computer science at Stanford and eventually joining Google. Caesar shares his early money memories and the shift in his mindset towards money as he discovered the financial superpowers of the ultra-rich. The conversation explores the founding of Arta and its mission to unlock these financial opportunities for everyone, providing insights into investing, alternative assets, and the importance of starting early to build generational wealth.
No one cares about money as much as you do. Crush the fundamentals, thing long term, get engaged with your finances.
Brian Barnes is the founder and CEO of the wealth management platform M1 Finance. Founded in 2015, the company uses digital tools to help customers automate the way that they invest and save. Brian shares how a stock pitch competition in school shaped his passion for investing, and how this experience later influenced his philosophy for M1. He also shares his three key tips for long-term financial wellness.
Episode Notes:
00:00 Introduction and Welcome00:12 Guest's Early Life and Interest in Business01:07 First Foray into Money Management01:57 Early Lessons in Investing04:23 Impactful Money Memories06:49 Transition from Personal Interest to Career10:59 Challenges and Successes in Starting M1 Finance17:58 Evolution of M1 Finance's Products and Services22:59 Keys to Success in the Competitive Fintech Space25:39 Final Words of Wisdom for Personal Finance
At the end of the day, The most important person in our company is our customer. And that's the culture that our entire company lives on. We're a can do company and we believe in customer service.A conversation with Estelle and Stephen Cockcroft, the founders of Catamaran Guru, a boating business. They discuss their journey in yacht brokering, how their early childhood experiences in South Africa inspired them on their quest to sail around the world, and the key to a harmonious business and personal relationship.Episode Highlights:00:00:00 Introduction00:02:45 Background and Journey00:05:32 Childhood in South Africa00:06:42 Financial Lessons Growing Up00:08:09 Building a Boat and Sailing Journey00:17:28 Lessons Learned and Business Success00:23:45 Vision for the Future00:27:21 Favorite Sailing Destinations
It was really crazy for me that you could pay your friends in a few clicks on Venmo, like after a meal, but it took your paycheck to take like two or three weeks to process you. If you had worked your hours, like why can't you get paid right now?Nico Simko is the founder and CEO of Clair, a digital banking app that allows customers to access funds from their paycheck sooner. Nico built Clair on one simple premise; if you can send money instantly to your friends via Venmo, then why can’t you receive your paycheck as soon as you complete a job? Nico discusses how his multicultural Swiss upbringing shaped his views on money, his journey into entrepreneurship, and the startup lessons that we could all apply when making our personal budgets. 00:00 Introduction and Guest Background00:11 Multicultural Upbringing and Views on Money01:28 Early Mistakes and Learning about Budgeting02:10 Financial Literacy and Community Budgeting03:25 Family Influence on Money Management04:06 Entrepreneurial Journey and Motivation05:21 Understanding Clair: The Digital Bank06:23 Identifying the Market Pain Point08:27 Future Expansion Plans09:17 Unexpected Discoveries and Opportunities11:05 Perspective on the Venture Landscape12:18 Applying Budgeting Lessons to Entrepreneurship12:50 Importance of Financial Literacy13:51 Vision for Clair
My mistake is that I could have started doing bigger deals sooner.Drew Breneman is the founder and CEO of the real estate platform, Breneman Capital. Drew shares about his upbringing in the Midwest, his first dip into the world of investing was at the age of 19 when he bought a duplex, and how his real estate investment portfolio has since grown to $200 million. He reveals the important role his parents' money mindset played in shaping his own perspective towards money and discusses transitioning from a scarcity mindset to taking calculated risks in investments. Breneman sheds light on the American housing scene, discussing its current expensive nature and ways to make it more affordable. Drew shares tips on becoming successful in real estate investment, such as targeting locations either established or on the upswing and seeking opportunities to add value to the property. Brenneman provides further resources for interested listeners.00:00 Introduction and Guest Background00:26 Growing Up with a Scarcity Mindset01:21 Early Money Memories and Lessons02:33 Overcoming the Scarcity Mindset04:45 Teaching Financial Lessons to the Next Generation05:55 Journey into Real Estate Investment07:56 The First Duplex: Financing and Motivation11:45 The Growth of a Real Estate Portfolio13:20 The Current Housing Environment and Investment Beliefs15:32 Characteristics of a Good Multi-family Investment
Leslie Gillin is the Chief Growth Officer of Pagaya, a lending platform that uses artificial intelligence to improve credit decision-making. Leslie shares how her mother instilled the importance of financial independence early on, and the challenges she faced around unconscious biases as a woman in the C-suite.
In this episode of Money Memories, we had the pleasure of chatting with Chase, a creative entrepreneur who turned his passion into a successful career with his studio Iron Fish Gallery. Chase's journey from a conventional job to a thriving art business on Daufuskie Island is both inspiring and instructive. His financial wisdom, rooted in his experiences and lessons learned, serves as a beacon for anyone looking to pursue their creative dreams while staying financially responsible.Growing Up with Financial ChallengesChase grew up in Charlotte, North Carolina, in a single-parent household, his parents having separated when he was just five years old. This early experience of financial struggle left an indelible mark on him. Chase's first significant money memory occurred during his kindergarten or first-grade years when he realized his family qualified for a discounted school lunch. This moment of standing in a separate line from other kids with more privileged lunches made him keenly aware of economic disparities.Early Entrepreneurship AdventuresFrom a young age, Chase displayed entrepreneurial tendencies. He delivered newspapers, mowed lawns, ran concession stands, and babysat to earn money. His mother's background in odd jobs like house painting and window cleaning influenced him to understand the value of hard work. Although his mother didn't provide explicit financial guidance, her frugal lifestyle and practical approach to money management made a lasting impression on Chase. She taught him to make do with what they had, a lesson in resourcefulness.Diving into CreativityChase's journey into the world of creativity began in an unexpected way during his college years. In his last semester, he enrolled in a pottery class on a whim. To his surprise, he found a deep passion for creating with his hands, setting the stage for his future endeavors. However, it took a few years for him to fully embrace his creative calling.Taking the Leap into a Career in ArtChase's transition from a marketing job to a full-time artist was a pivotal moment. After witnessing a tragic set of events, including 9/11, a close friend's death, and his mother's severe illness, he realized life was too short to pursue anything other than his true passion. Inspired by artisans he met during his travels, Chase decided to become a metal artist, specifically working with sheet metal and turning it into coastal decor pieces.Financial Challenges and Managing DebtStarting his art business wasn't without financial challenges. Chase had to navigate the initial stages using credit cards. He applied the advice of using credit cards only for purchases he could immediately pay off. This strategy allowed him to acquire the tools and equipment he needed to establish his business. Remarkably, he managed to pay off an $8,000 credit card debt within a year, demonstrating disciplined financial management.Keeping Overhead LowChase's business journey highlights the importance of keeping overhead costs low, especially during the initial phases. He operated his gallery from his front porch for 12 years, eliminating the need for expensive rental space. This approach allowed him to maintain a lean business structure while focusing on his craft and serving customers.The Surprising Aspect of CreativityAs Chase embraced his creative path, he discovered an unexpected benefit – the ability to connect with people on a deeper level. He found that pursuing one's passion inspires others to open up and share their dreams and fears. This connection and openness have become a significant part of his journey.Financial Wellness: Avoid Debt and Manage AssetsChase's perspective on financial wellness centers around avoiding unnecessary debt and understanding the difference between appreciating and depreciating assets. He advises against investing in items that lose value over time, such as luxury cars. Instead, he recommends using debt for appreciating assets, like real estate. Additionally, he emphasizes keeping overhead costs low, allowing for greater financial flexibility and stability.
Joe Percoco is the CEO and founder of the wealth management fintech Titan, which aims to provide elite capital management for everyday Americans. Joe shares his upbringing in a small New Jersey town, his earliest money memory of receiving a bond as a gift, and how his experience as an outsider working on Wall Street inspired him to develop a solution to empower individuals with better investment solutions.
"I find it fascinating to, to watch these entrepreneurs. The guts and the gumption that they have and the perseverance is really impressive to watch." Steve Carlin is the CEO of AiFi, an AI platform that enables retailers to scale autonomous shopping solutions. Although Steve began his career working with consumer products, he eventually found his calling working with cutting-edge technology firms. Steve shares the financial lessons he has held onto along the way, and why it's never a bad idea to ride the career "brontosaurus."
A 2021 study by the Human Rights Campaign found that LGBTQ+ individuals are 6 percentage points more likely to live in poverty and that they earn, on average, approximately 89 cents for every dollar earned by their non-LGBTQ+ counterparts. Money Memories is celebrating pride month and re-airing this conversation with the Berlin-based drag artist Karlie Kant. Karlie shares the financial challenges that creatives face, and what it's like to live in two different worlds.
Conversations around financial independence can often feel exclusionary. Much of the personal finance content that is available seems like it caters to people who haven't faced financial hardships. This week's guest, Alex Shapero, is a public high school teacher. Alex shares his emotional response to seeing large sums of debt and the importance of balancing financial growth with self-care.
Today, 34% of Americans are "credit invisible;" they lack access to basic lending products such as credit cards. Upstart is on a mission to change that. The fintech platform uses AI models to improve access to affordable credit. In this conversation with CEO and co-founder David Girouard, we discuss how his humble upbringing opened his eyes to the challenges the financial challenges that typical Americans face, and why he is an advocate for Upstart's mission.
Reem Kassis is an award-winning Palestinian writer whose work focuses on the intersection of food, history, and politics. Her cookbook, “The Arabesque Table,” has received rave reviews and was listed on the New York Times' Best Cookbooks of 2021. Reem talks about how she was able to overcome cultural taboos around money talks, and why she is teaching her daughters the importance of self-worth.
Stefanie O'Connell Rodriguez is a personal finance writer and host of the Real Simple podcast "Money Confidential." She describes how her upbringing as a child of immigrant parents influenced her attitude around frugality, and made her realize that the common discourse around money didn't speak to her experience. Plus, we talk about why the common recommendation for emergency fund savings might not be enough for you.
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Always pay your credit card statement balance in full every month.
Chris Ramos is a personal finance aficionado. Chris received his undergraduate degree from Virginia Tech University, and proceeded to work in government for several years before deciding to pursue an MBA. He was admitted to the Tuck School of Business at Dartmouth, and faced a conundrum: attend a prestigious school and take on debt, or forgo the opportunity to avoid the expense? We talk about how his mom taught him the most important lessons about credit, how to leverage the power of smart balance transfers, and the risks and rewards of taking on student loans.
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I think that we made most mistakes that, that you're supposed to not make. Like, if you look at how to start a company how to start a startup they will tell you a lot of things that you shouldn't do, but we did all of them.Miguel Fernandez is the founder of Capchase, a fintech platform that provides financing for software-as-a-service ("SaaS") companies. Miguel shares some of the biggest mistakes he made as a startup founder, and how those lessons helped Capchase raise almost $1 billion in financing. He also shares how growing up in Spain influenced his views on risk aversion, and who he is supporting in this World Cup.Interested in more founder stories? Here's 3 more Money Memories episodes to get you started:"Think Car Insurance is Boring? Think Again"How the CEO of the Fintech Payslip Balances Financial and Mental Wellness
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Did you know that 13% of US drivers are uninsured? This week’s guest, Murray Macdonald, is on a mission to change that. Murray is the co-founder of the insurtech company Just Insure, which aims to provide affordable coverage using advanced data analytics. Murray grew up in South Africa, and talks about how witnessing extreme income disparities influenced his belief in the importance of equal access.Subscribe: Apple Podcasts | Google Podcasts| Spotify | RSS
I think the best financial advice I've ever received is look at savings like a utility bill and pay yourself on the first of every month.Jake Blum is not only an esteemed host of his own podcast, called Quakers and Makers, he’s also a financial planner with Northwestern Mutual. Jake shares what his keys to financial wellness are, and his journey from investment banking on Wall Street to running his own business.Subscribe: Apple Podcasts | Google Podcasts| Spotify | RSS
Elizabeth a recent college graduate and creator of the platform MyTwoCentsFinance. While she was a full-time student, Elizabeth saved more than $20,000 that helped her achieve her goal of living in Spain after graduation. She shares her strategies for financial planning, and why setting ambitious "stretch" goals is an important step in this process.
As a CEO, as a founder you are being measured by taking the tough decisions. This is not about only celebrating the wins, but being able to overcome those obstacles and overcome those different obstacle obstacles. You have to take tough decisions. Shay Bloch is a serial entrepreneur from Tel Aviv, Israel. Currently, he is the CEO of Jobox.ai, which is a platform that connects individuals freelance home services professionals. Shay shares what his biggest financial obstacle was as CEO, the toughest decisions he has had to make, and why sometimes, even money isn't enough to solve your problems.
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Pinaman Owusu-Banahene is the founder and CEO of Adjoaa, an online fashion marketplace that highlights African designers. A graduate of the London School of Economics, Pinaman spent her childhood between Ghana and New Zealand. Although she initially began her career in public policy, she has since pivoted into the world of entrepreneurship, where she leverages her global perspective to connect customers with some of the most exciting designers in the world. She shares how her grandparents instilled their values on money management, and why "make it work" applies to more than just fashion.
According to the Wall Street Journal, housing affordability in the United States is at its lowest level since 1989. Prospective buyers are stuck on the sidelines, worrying about whether to pull the trigger or continue waiting on the sidelines. For many, the American Dream of home ownership has turned into the American Nightmare. Dave Rich is a real estate expert, who shares his perspective and tips on his blog Coinsnculture. He shares why he is still optimistic about real estate long-term, and strategies for saving up for a down payment.
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Our stories really impact how we behave. Our stories impact our beliefs around money.
As a new college graduate living in New York City, Aja Evans thought she had made it. She quickly realized, however, that the weekly bottomless brunches add up. Eventually, she took control of her spending habits. Today, Aja is a licensed mental health counselor specializing in financial wellness. She shares how her personal journey informed her decision to offer this unique angle to her therapy practice.
Subscribe: Apple Podcasts | Google Podcasts| Spotify | RSS "When you think about it, philanthropy is so many things, but people are literally giving you they're hard earned money to do the work you need to do for a specific mission or cause. So considering how difficult it can be to secure a job and actually save enough money to survive and thrive yourself, it becomes especially meaningful when someone says, yes, I will give you a gift or gift to you. Some of my hard earned money in order to help someone else who needs it." Maria MacMullin is the Senior Director of Major Gifts for the Genesis Women’s Shelter in Dallas, Texas. Maria has played a key role in securing over $70 million in philanthropic gifts for a wide number of organizations, and we talk about the importance of giving back in the personal finance journey. She is also the host of the Podcast on Crimes Against Women and the Genesis Podcast.
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Oliver Tweddell's two greatest passions are sailing and investing. Tweddell has spent the majority of his life training to qualify for Australia's Olympic team. Although he just missed out on the Tokyo games, he pivoted into the world of investing and started Minted Millennials, an online financial literacy platform. We talk about how budgeting as an athlete can be a "feast to famine" cycle, and the two financial misconceptions that annoy him the most.
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Blockasset is an NFT platform and ecosystem that allows fans to buy tokens of their favorite athletes. Founders Ryan and Mike share how their humble roots inspired their entrepreneurial passion, and what's behind the NFT craze.
Subscribe: Apple Podcasts | Google Podcasts| Spotify | RSS Celia Zhang has built an illustrious career as a performer and educator. She graduated with a bachelor’s degree in violin performance from the Juilliard School in 2014 and subsequently received her master's degree from the Yale School of Music in 2016. Recently, Celia started a music school in Boston called Village Youth Conservatory.
Celia’s parents immigrated to the U.S. from Chin. She talks about how they were able to budget and plan so that she and her siblings could pursue the extracurricular activities that they wanted. She also discusses financial planning as a small business owner and the time that she filmed a Nike commercial with Kyrie Irving.
Rebekah is a New York City-based student and blogger. She shares how her earliest money memory of choosing the lowest cereal as a child influenced her to think about the connection between money and health, and why it's important to re-frame money mistakes into lessons.
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Dr. Norma Reyes is a career mindset coach who helps successful Latinas overcome self-doubt and imposter syndrome while on their professional journeys. She is also the host of the "Manifest Your Career" podcast. We talk about how growing up in a non-traditional Mexican household shaped Dr. Reyes’ independence around money, and the financial lessons she hopes to pass on to her children.
Connect with Dr. Reyes here.
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Tosin Mills is the product and growth strategy manager at Microsoft. She received her bachelor's degree from the University of Pennsylvania, and an MBA from the MIT Sloan School of Management. Tosin shares how her experience of moving from Nigeria to the United States played an important role in her understanding of the value of money, and what her favorite money slogan is.
Bonus: I found an NFT expert to answer your pressing questions about how this hot new fintech innovation actually works.
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Rod Griffin is Senior Director of Public Education and Advocacy for Experian.He leads Experian's national consumer education programs and works with consumer advocates, financial educators, media and others to help consumers increase their ability to understand and manage their personal finances and protect themselves from fraud and identity theft.
Topics discussed: * Talking to children about financial literacy * Best free personal finance resources * The importance of evolving your personal finances as you age