Advice from a BOSS Financial Advisor

Reaching out to some incredible women in their industry, we absolutely needed someone in finance to give us the inside scoop on how to deal with our shhhhmoney!

We reached out to financial advisor Jasmine working with Elevate Leaders to give us some financial advice! Especially during these economic times, we could all use tips on how to better handle our finances.

What are 4 financial tips you would give your younger self?

“1. Create an emergency fund (3-6 months worth of monthly expenses)

2. Build a monthly budget (Free fillable excel sheet available on my link tree via Instagram)

3. Track all expenses (Also, on my free excel sheet)

4. Get out of debt”

What are 3 budgeting tips you’d give to a shopaholic?

“1. Question everything!

a. Do I need it?

b. Can I live without it?

c. Can I afford it?

d. Can I lower/remove this expense?

2. Use the 50/30/20 rule when budgeting

a. 50% of monthly income for necessary bills/expenses

b. 30% for wants

c. 20% for savings/ meeting financial goals/retirement/investing

3. Try the Buffer buying zone

a. This helps with impulsive buying. The buffer zone includes waiting 30 days from

the moment you want to buy something.

Should we be investing our money? How can we learn how to do that?

“YES! You can reach out to me personally and let me know a little bit about your financial

goals. There are MANY types of investment options but they vary in tax benefits, rates of

return, and withdrawal limitations.

*Always speak to a financial professional before making any big financial decisions.”

As a Latina woman, what hardships have you faced in achieving success?

“The biggest hardship I have faced as a Latina is escaping cultural norms in the Hispanic community. Also, entering a predominantly male-dominated field has been challenging.

However, I am here to encourage all women that if I can do it, THEY CAN TOO!”

What are 3 big goals you have for yourself?

1. Retire my parents by 50.

2. Be financially free by 30.

3. Spread financial education to lower-income communities to help alleviate the concerns

and dangers behind the lack of financial education in Bakersfield.

What do you do to help people as a financial advisor?

“I help educate people on how money works so people can make better financial decisions throughout their lives.”

Why did you choose to be a financial advisor?

“

1.There was a huge lack of financial education in Delano and Bakersfield when having

financial conversations. They have the mindset to work hard and save their money in the bank or the bed. I also noticed it wasn't the lack of will or work but the lack of financial education that prevented my family from achieving financial freedom. Not many Hispanic households have financial conversations as it can be taboo.

2. I knew that if I didn’t step up and educate the lower-income communities and younger generations about financial literacy and how to make better financial decisions then we would repeat the same cycles as our parents.

3. Also, not many financial advisors are speaking to lower-income communities as they can be expensive for their services. That is why I help all families, free of charge.”

What steps would someone take to become a financial advisor?

“1. Get a state license (includes education courses and hours).

2. Pass a background check and fingerprints

3. Bachelor's degree in economics, accounting, finance, or business administration advised

but not required.

4. Experience”

What is the typical income of a financial advisor?

The salary range typically falls between $65,968 and $96,325 in California. But, it

mainly depends on the company and years of experience you have in the field.

How do you make money as a financial advisor?

I make money by helping my clients create a financial portfolio to include:

a. 401(K)/403(B)/457/TSP Reviews

b. IRA Rollovers/Conversions

c. Annuities/Pensions

d. Mutual Funds/Investments Insurance Plans

e. Employee Benefit plans

f. College Funding/529 plans

g. Tax-free retirement planning

h. Debt Relief

i. Estate Planning

What advice would you give women trying to make something of themselves?

“If it is in you, and you can’t shake it. And you dream about it, and when you walk away

you still dream about it. That is God telling you to keep going. There are people’s lives and destiny’s who are tied into your purpose”. -Tyler Perry

“I am an Independent Financial advisor and businesswoman who offers free financial services and business mentorship in three offices located in Woodland Hills, Downtown Los Angeles, and in Bakersfield, CA. My mission is to decrease the financial illiteracy gap in lower-income communities and equip individuals with the tools and information to help them make better financial decisions throughout their life journeys.

2. Social media handle: Instagram: @Jasmine.Finance

3. Business cell: 661-474-7187”