Fierce

Investing Latina’s CEO Is Here To Tell You The Best Ways To Save You Money

Saving money and investing it properly is tough. It is hard to know where to take your money to make the most of it. Fortunately, FIERCE is here with another chat with a money queen to make sure that you get the most of your money.

Jully-Alma Taveras is here to help you reach your money-saving goals.

Saving money is tough. How much should you set aside? Where do you keep it to make sure it is safe? When should you start? Taveras started Investing Latina two years ago to help people figure out the best way to start their savings journey. There are a lot of things to save for from retirement to big purchases to emergencies. Here is some of what Taveras had to say when our very own Sam sat down with her.

Sam: “Let’s talk about savings. What would you recommend people do to start saving today?”

Jully-Alma Taveras: “Savings is kind of the beginning of it all, right? It’s kind of where we start laying down the bricks and foundation to our financial house. When I say laying down bricks, that’s really what I mean. I mean that they are small and heavy but they build up. That’s exactly how you have to think about how you start saving. It really starts small. Nobody starts with $10,000 in their savings account. Nobody. Everybody starts putting in $25 per week. Fifty dollars per month. Whatever it is that you can do. You have to be able to just kind of put it aside.

“I always recommend using a savings account first. Your core savings account at a bank that you can easily access if you needed to access your savings and then having a bulb of savings to a high-yield saving account so that you can also use the technology that exists right now with high-yield savings accounts. You can have little envelopes so you are saving for designated things. You can save for specific goals.

“I think that when it comes to savings, you really do have to set a big goal for yourself, and then you kind of start working backward. Then you’re like, ‘Okay. My goal is to save $10,000 in 2021. That’s what I want to get to. I want to be able to have my 1,000 immediate little emergency need savings account with just $1,000 and then I want to have the rest into a high-yield savings account where I can really start building my money confidence. That’s what happens when we start saving money.”

S: “One of the things I know that we started chatting about was high-yield savings accounts. Can you go into some more details about what exactly that is for everyone?”

JAT: “When we talk about a high-yield savings account, it really is a way for you to put savings into a bank or institution, or nowadays it’s really just an app sometimes. You put it in a place,  secure place that’s FDIC-insured place, where you can get a higher interest rate than what typical savings accounts offer. When you open up a checking account, you’re automatically, or usually going to get the option of opening a savings account with our bank. The retail banks that we typically use, the ones that we can walk into, that we can have ATM cards you can easily access and have teller access are usually positioning themselves where they offer retail services.

“What happens with that is that they don’t give you a lot for holding onto your money. They’ll offer something like a free checking account or a free savings account. They won’t charge you for it depending on what category you’re in, especially teens or if you are in school. You can definitely get a free checking account. But, they won’t give a higher interest rate than likely .02 percent. What a high-yield savings account offers is a higher interest rate. These are usually with banks that you don’t normally see as you walk down Main Street in your neighborhood. We aren’t talking about the Chases the TD Banks the Citi Banks, right? These banks that we know and are familiar with because we see them on Main Street. We see them in our neighborhoods. They’re not typically going to have a high-yield savings account. They want you to just use their services, their savings accounts, and their checking accounts. That’s it and they’re just going to be happy holding on to your money while you transact and do what you have to do with your money.

“With high-yield savings accounts, those are typically going to be with banks that don’t have retail stores. Some examples are Marcus by Goldman Sachs. SoFi, which is one of my favorites because of the tech that they’ve implemented in their app and their website. Ally Bank. These are banks that we typically won’t see actual physical banks of but they do exist online.

“What they do, mechanically, just so you kind of understand what happens when you put money into a high-yield savings account, is truly, they’re actually, putting all of our money together and they’re kind of investing our money behind the scenes. That’s what happens. You have the security of your digitized dollars and you will never lose it because it’s not an investment account.

“That’s basically what’s happening. Just so you know. You can feel safe that your money is there. It’s FDIC insured or it is completely insured up to the $250,000. That’s typically what we get insurance on. Then you also make a little extra so you make a couple of dollars every month.”

Taveras has so much more to say about saving and investing. Watch the full video below!

READ: In The First Episode Of FIERCE’s ‘Money Moves,’ We Explore The All-Important Budget

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People Are Sharing How They Reached The $100K Ceiling

Fierce

People Are Sharing How They Reached The $100K Ceiling

PIUS UTOMI EKPEI / Getty

Hitting that $100K ceiling might seem impossible if you’re a woman, particularly one in a certain field. Fortunately, Reddit is a fountain of financial advice, and men and women are sharing the ways in which they make $100K+ a year.

From improving a teacher’s salary to growing incoming as an artist, it’s all here!

Check the bits of advice out below!

“Programmer… took me 1.5 years after graduating college . But I am very lucky that my company is very high paying most programmers don’t make 100k+ for a while.”- Dangerous-Abalone381

“Really? Are you Front-end, back-end, or full stack? I was always under the impression that programmers/software engineers make a ton of money. Or is a programmer and software engineer different?!”- hoytscher

“Do you think people interested in transitioning to tech need to do a BS or would a boot camp suffice if they already have a BA and experience in other fields? Do you think programming gives good work life balance and salary?

I’m a teacher looking to move for better salary ($70k+) and decent work life balance and it seems like tech is recommended repeatedly.”- SnackHardNapHard

“I’ve been a programmer for 5 years and am only making ~$45k. Granted I did start out very slowly just doing a small amount of programming as part of my main job but I’m expecting to become a full fledged software developer this year.”- wolf_kisses

“I’m a social worker and never expected to make this salary. I worked in hospitals for a few years to get experience and now I take travel contracts. Similar to travel nursing but for social work.”- MurielFinster

“I started making 100k in medical social work after I passed my LCSW exam. Never thought it would be possible in this field.”-OEBmom

“oh wow, this is very cool. did not know you could do travel contracts. have been debating getting my master’s in social work, but am terrified of the debt. how long did you work in hospitals? what age did you start?”- losergoo

“I watch and manage high voltage power transmission lines for renewable energy sources in West Texas.

I got this job by being in the Navy for a number of years as a power plant operator, then becoming a nuclear plant operator, then going to college and dropping out, then getting really lucky. All in all, I hit 100k salary after working in the industry for just about 10 years.”- Sand_Dargon

“I’m an in house lawyer at an investment bank. I was 25 when I was first hired as a first year associate at a big law firm and started making $160,000 a year. 2 years later I hit $200,000. Those who work in the corporate sector, whether it’s consulting, finance, or law easily make over $100k. The problem is that in the big cities- NYC, LA, SF, etc. the housing is so expensive that even that doesn’t go very far if you have student loans.”- IwastesomuchtimeonAB

“I graduated in 2008 so I came out making $160k. Then my whole class got laid off and I went to making $70k. It’s been 13 years and I STILL don’t make as much money as I made the day I left law school. 2008 was rough man.”-Cat_With_The_Fur

“Data analyst

I’ve been out of undergrad for 13 years, but I worked retail for a bit and did grad school. I started in this sort of career pathway in 2014 and just hit 6 figures this year, so about 7 years in this industry.

My first DA-related job paid 42k/yr. Over the next few years I went from 42->44->50->52->75 (promotion to “senior” analyst) ->77->80->83->100 (same title, new company)”- PressureAwkward

“I also work in data and had an untraditional path to it. I graduated undergrad in 2013 and grad school at the end of 2018, and hit 6 figures around 1.5 years after grad school. I live in a very high cost of living city so that affected things as well.”- rlf923

“I’m also in Data Analytics, and it took 4 years after undergrad to make 6 figures. I studied Economics. My starting salary was $44k, and I received pay increases of about 25% annually until my salary was $104k. I was in a development program with a company, and all the raises were automatic except the last one. I’ve since moved, but my salary in the new position (also analytics) is $100k in a much lower cost of living area.”- kelsitear

“I work in the fashion industry as a designer and stylist. I’m lucky enough to be in the more high-profile side of things. It only took me two years to get to that point, I happened to just work on peojects within that kind of wage range and went from there.”-RosesAndPoinsettias

“I was an assistant fashion designer before the pandemic and lost my job. This gives me hope that the fashion industry will open up more opportunities in the future for me to get into it again.”- psychadelicamanic

“Likewise. I work at a Project Manager for a large insurance company. Took me 10 years after undergrad to hit the 100k mark (with bonus). Did Army for 4 years and when I transitioned out, had to start at a more entry level position (With a pay cut). Went from 55k to 98k in 5 years, and 4 different positions. Biggest benefit of the army, no student debt and good starting salary.”- mgmsupernova

“Set Decorator. (Interior designer for movies) Started as a PA, moved to set dresser, and finally to the head of the decoration department. PA is minimum wage, but as you work up the wages of course go up. I think it took me about 4 years to get to the 100000 a year mark. And of course, income fluctuates by show contract. None of us in the industry made as much money in 2020, for example, with the shutdowns.”- textilesandtrim

“People at salons can make a ton of money. I work at a nail salon part-time and I can make upwards of 300 plus tips a day. I made over 300 yesterday and about 60 in tips, which is very low IMO. I just had low quality clients (not a high service amount and low tips).

I always imagined hair salons being in even more than that. Cut and color ranges from 60 to what, 400 bucks? If you are willing to grind and build up your rapport, you can make a great living.”- TakethThyKnee

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Mexico Wins International Award For $100 Peso Note Featuring 17th-Century Nun Sor Juana

Culture

Mexico Wins International Award For $100 Peso Note Featuring 17th-Century Nun Sor Juana

Bank of Mexico

Over the last few years, Mexico has been updated its currency to make it more secure from counterfeiters and to highlight the country’s diverse history. One of the country’s newest bills is a $100 peso note featuring a 17th-Century female historical figure and it’s winning major international awards for its design and history.

Mexico’s $100-peso bill has been named banknote of the year for 2020 by the International Bank Note Society (IBNS). As printer and issuer of the note, the Bank of México beat 24 other nominees to the award, and the Sor Juana bill led the way from the start of the voting process.

The note features national heroine Sor Juana Inés de la Cruz, with the monarch butterfly biosphere reserve on its reverse.

In its announcement the IBNS wrote: “Mexico’s award-winning entry may provide a template as other countries reconsider how they design and promote new banknotes.  The successful design in eye-pleasing red combines Hispanic architecture, a famous female Hispanic literary figure and a tribute to the world’s fragile ecosystem.”

Past bank note of the year recipients include Aruba, Canada, Uganda, the Faroe Islands, two time winner Switzerland and three time winner Kazakhstan, among others.

So who was Sor Juana and why was she important to Mexico?

Born in 1651, Sor Juana was a self-educated nun and intellectual renowned for her poetry, writing and political activism, who criticized the misogyny of colonial Mexico.

Beginning her studies at a young age, Sor Juana was fluent in Latin and also wrote in Nahuatl, and became known for her philosophy in her teens. Sor Juana educated herself in her own library, which was mostly inherited from her grandfather. After joining a nunnery in 1667, Sor Juana began writing poetry and prose dealing with such topics as love, feminism, and religion.

Mexico was up against 24 other countries in the nomination process.

In second place was Kate Cranston who appears on the Bank of Scotland’s 20 pound note. The businesswoman appears on the obverse and she is recognized for being the owner of the famous tea rooms inaugurated in 1903 and that today are a tourist attraction.

In third place there was a triple tie between the 20 pound note of the Ulster Bank of Northern Ireland whose design features flora and buskers. The one from the Bahamas of 5 dollars with the image of the junkanoo dancer, and the one of 50 dollars from Fiji.

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