Episode 42 - “Fin”powerment & Financial Self-Care With Wealth Management CEO, Elana Fine (Full Transcript)
This is a full transcript of the Nirvana Sisters podcast Episode 42 - “Fin”powerment & Financial Self-Care With Wealth Management CEO, Elana Fine.
Editor’s Note: Please know that this podcast transcript is automatically generated and may contain minor errors such as typos and word switches. For more information, be sure to listen to the podcast here or view our podcast episode guide.
Amy: 0:06
Welcome to Nirvana sisters podcast where we take the intimidation out of well being and beauty to help you achieve your highest state your nirvana. We are sisters in law and your hosts. I'm Amy Sherman.
Katie: 0:18
And I'm Katie Chandler. So let's get into some real conversation
Amy: 0:28
Welcome back to the show Nirvana sisters family. I am thrilled to have a good friend of mine, Alana fine on the show today. And this is following up from last week's episode where we talked about 2022 trends in well being and beauty etc. And one of the trends we talked about was fin empowerment, which is an interesting term for I guess, financial well being financial wellness. And so we wanted to bring Alana and to teach us all about the investing business world because I definitely don't know as much as I should I know enough, but I definitely am always looking to get educated in this space. But let me tell you a little bit about Alana before we introduce her so she is currently the CEO of VW G Wealth Management in DC. She has served as the Executive Director of University of Maryland's Dingman Center for Entrepreneurship. She has really been about around the entrepreneurship, business and investing world for a long time. She began her career as a technology consultant with Accenture and also worked in investment banking at Bear Stearns and revolution partners. Also, she served as an adjunct faculty member at the Smith School of Business at Maryland's Eneco as she also had a podcast, which we'll hear about later called bootstrapped. She's been listed as a tech titan by Washingtonian magazine, power woman in tech by tech biz now and one of 50 on fire by DC Ino. She also earned a BS in finance magna cum laude from Smith School of Business at the University of Maryland, an MBA in finance and accounting from University of Chicago, Booth School of Business. So she's clearly very well qualified to be telling us all about what we need to do about taking care of our finances and making sure that we're looking at things in a holistic way that doesn't stress us out. So welcome to the show. Alana.
Elana: 2:24
Thank you. Thank you for having me. I'm excited to be here. Okay.
Amy: 2:28
So we want to start out the show just to take a step back and talk about our nirvana of the week. So Alana, it's something we just do every week to kind of take a step back, think about our week what brought us joy, what brought us that little spark of joy? And I will hand it over to MIDI. Yeah,
Katie: 2:44
sure. First of all, hi, Alana. And thanks for being here. This is really exciting. I definitely can use some advice in this sector. So this is a great stuff for us. But my weekly Nirvana I think it happened last night. I had a little moment. I've been a bit under the weather as Amy and Alana know and last night I was laying in bed not feeling so great, just kind of down and pathetic and pitiful. And so to lift up my spirits. I went around my house and collected like all my favorite things like you know, my Buddhas and my crystals and my, you know, all these little things that just kind of perked me up and bring me joy. And I just surrounded my little corner of the bedroom with them so that they were all in my eyesight. For whatever reason, it perked me up and it just kind of helped me focus on what's important and stop my pity party. So that was my moment. What about you, Amy?
Amy: 3:36
That's a good one. I think this week, I didn't really have one specific moment. But I did feel a lot more, I would say joyful this week. Because last week, getting back into the new year, we were all recovering from COVID. There were snow storms. The kids were virtual at school, and it was just kind of like, I wanted to start off the week. But the whole I wanted this to start out last week being like fresh for the new year. But the whole week was just a blur and like awful I would just like didn't feel connected to anything. And this week, the kids are bad like I'm banging out work and just like feel a lot more energized. And so that has brought me a lot of joy because I feel like I'm back in the zone. What about you, Alana?
Unknown: 4:15
Yes, Amy. I totally felt that same way last week to like, hard hard week to start on those New Year's resolutions. Nirvana moment, was actually did a lot of cooking on Sunday night and kind of preparing for the week, my son who Amy knows she was actually how I know Amy is got really into cross country and track and he decided he wants to do more meal prep so that he better throughout the week. kind of need to get some calories on those and that guy and anyway, so kind of inspired me just in general because he was doing that just to do a little bit more on like, meal planning and getting, you know ahead for the week and so I While everyone was doing their thing on Sunday evening, and the guy had three different things, cooking and music playing and a nice glass of red wine, and it just made me feel kind of exactly like you were saying me because the week before just felt a little out of control and not exactly how I wanted to start the year. I felt like this was kind of a way to get back a little bit into controlling I'm not someone who like necessarily does a lot of cooking but it was nice to just be in in the kitchen cooking and feeling like I had checked off a number of things for the week even started
Amy: 5:30
that's so nice. Wait, so did already cook with you.
Unknown: 5:32
He did a little Yeah, he was he made some some some chicken and some sheep pan chicken and broccoli and rice and any head of little containers and had it all ready.
Katie: 5:43
That's great. Yeah, I need to do that. I've always wanted to do that. And I've never taken the time to give it a shot. But I know a lot of people that do and and they say it makes a week but go by so So eat so much easier. And also you're very healthy because it's boom, you just grab what you need to go.
Amy: 5:58
I know I feel like I went through phases of doing that. And it is so much easier. But yeah, just gotta get your head around it and do it. And then you're like, so happy during the week to have done it. Yeah. Okay, awesome. So we're gonna get into a couple quickfire questions. So Alana gave a little bit of your background, but why don't you kind of give a quick intro to the audience of who you are and all your fabulosity.
Unknown: 6:18
Thanks, Amy. Yeah, yes, thank you. So I feel like I'm someone who definitely has had a bit of a circuitous career. But every kind of what's been underlying all of it, for the most part has been has been really involvement in in finance, and kind of a finance and investment world. And so even starting, I started my career at Accenture, I was doing, I was doing consult technology consulting, I would say I should back up the kind of intersection between technology and finance. So I was doing technology at at at Accenture and then went on to to business school in Chicago, where I furthered my further my education and finance and accounting did a internship at Bear Stearns, actually summer of 2001, before September 11. So it's an interesting time to be in that space. And then actually ended up because of September 11, after business school joined a startup investment bank out in Boston that focused on mergers and acquisitions and, and venture capital fundraising for technology companies, mostly venture backed technology companies, was there for six years left when the firm exited when the firm was sold. And then spent a couple little bit of time at home and young twins at that time. And then through a very strange way was connected to University of Maryland to for a position to run their angel investor network, which can talk about kind of angel investing as your one sphere of getting involved in your startup companies and investing in startup companies. And then ended up really enjoying it. I'm a, I'm a Terp. And so I love it as you can on video, you can see some pictures in the back. So love being on campus, kind of a great work life balance, have young kids, and ended up being had an opportunity to actually run the Dingman Center of Entrepreneurship, which I did for about eight years. And then felt like it was time to leave time just get I've been in academia for a long time and felt like it was time to get back into the private sector and had an opportunity I had been a lot in my career doing advising companies. So both on the consulting side and the investments making side and then extensively running entrepreneurship centers working with hundreds of students, startups and regional startups in the DC, Maryland, Virginia area, which is great, but I felt like you know what, I want to be in an operating company. And so a role came up DWG wealth management through one of my board members at the diamond center and it just felt like the right time even though I've not been in the asset, that's one kind of silo of of finance that I had not been in is the wealth management industry. So felt a little a little hesitant being so far out of my comfort zone. But my job is really to, to, to run the company versus advising necessarily on on investment. So that's my I joined the firm as a CFO and actually was just re was just promoted to CEO.
Amy: 9:19
I was gonna say congratulations.
Unknown: 9:21
So that's it. I just feel like so throughout. Like I said, I've just had the opportunity to work with a lot of companies and also a lot of entrepreneurs around all around finance and investing space.
Amy: 9:35
Yeah, I love that. I mean, I'm sure you saw so many cool ideas working in entrepreneurship for so long. And your space is like the complete opposite space that I'm in which is more of that creative and marketing and said this world always interests me, but it's to me very same at dating and I'm sure Katie can speak on that too. And I think to most people that are not in that space, women are other it's like you hear Are these words and you're like, what does that mean? And I don't want to sound stupid saying the wrong words. And so I'm so glad you're on to kind of give us like the one on one on what we need to know.
Unknown: 10:08
And I will say Amy like that is actually like the one of the reasons I've started talking about this idea of women and financial self care and financial well being, is that I saw these really interesting similarities and not an interesting and not great similarities between the venture and startup world and the investing world. Because when I was in working with a lot of entrepreneurs, and at when I was at Maryland, we tried to do more for to get women and minorities in entrepreneurship. And there was that this gap of, okay, basically, all that investors were white men in their 50s. And 60s, which is a lot of investors are in kind of the wealth management investing world. And it's these two places where there just not a lot of women, and places where women just haven't don't feel familiar with the vernacular of the vocabulary and feel really intimidated. So just like a woman entrepreneur, who feels like they go out to raise money, they don't feel as comfortable, you're talking about their for the finances of their startup business, which are exactly the most usually some of the most important questions an investor is going to ask. So that's for that reason, I may just feel like women, I want to be helping women to feel more comfortable, where
Katie: 11:25
were some of your personal mentors throughout your career.
Unknown: 11:29
So I would say it's interesting. The when I joined a firm, called Revolution partners, which Amy had mentioned, and the two owners of that firm, really, I think, ended up being probably the most impactful mentors to me, both both men, not necessarily women, I don't actually feel like, I don't know, in thinking about that, that I would have one woman and tour that stands out, fortunately, but um, I feel like they were starting their business and they had been worked in anyway, I don't need to get about the background, but they just while watching, I had the opportunity to watch them over a period of six years, you'll grow their business, and work as, as partners. And also it was, you know, for me, kind of after business school, just when I was learning, actually, I feel how to be in the business world. So like, they just always offered little tips here and there. Like, for example, and I always tell this to new employees I have on my team is like, if you're invited to a meeting, you better make sure you say something. Like, if I bring you to a meeting, I don't care how hard it is like or say to me ahead of time, like what am I going to say in the meeting? So now, every meeting I'm in, I say to somebody, what's my role in this meeting, if I'm not the one, you know, leading it, and so that just along the way, working with them for that period of time, I feel like I'm often thinking about things that that I learned,
Katie: 12:50
I feel like you were noting that you didn't necessarily have a female mentor in your career, but you're kind of stepping in and filling a gap that wasn't there as a thought leader and a woman in the space doing that. For others. That's That's really amazing.
Amy: 13:04
So one of the things Alana that we were talking about in the financial wellness and like empowerment space, was this report that we were researching Pinterest predicts and they were talking about this trend of empowerment and so letting financial freedom ring in 2022. So people taking money matters in their own hands as they set out on new journeys towards financial literacy, specifically with millennials, driving the searches behind investment tips, financial education and investment property for beginners to some of the search terms or searches on Pinterest were investment tips, passive income tips, financial education, financial planning, bullet journal and investment property for beginners. And so all of those were up anywhere ranging from like 50 to 200%. Over the last year or so, I found that to be really interesting, because it seems like just from my observation that people are getting more comfortable. Maybe not talking about it so much, but looking at other ways to invest in thinking about ways to diversify their portfolio versus just like the traditional corporate case. So I guess, like starting out, I know, obviously, you do more than just this, but just from like a 101 best practices, if someone's listening that's young, like what should they be thinking about as they're growing their wealth?
Unknown: 14:23
Yeah, it's a great question. I think, first of all, is, I would say a lot of people think immediately about in building their wealth, but they haven't, they have to know everything about, you know, stocks and bonds in the markets. And I think yes, it's fairly important. Like you should know the basic terms like you should understand the difference between a stock and a bond, you should understand what the different in stock indexes are and what that means to be following the market. You should understand what a mutual fund is and how that's different for you from a tax perspective versus maybe better than Owning you know, a single style, you should understand those things. All that being said, and I'm not trying to like give a pitch necessary for industry, you don't need to be the one actively managing your portfolio for a lot of people, it's like, stay in your lane, you know, for all of us. And you know, when you grow businesses, it's like, what do you do best and what you know, outsource the rest, but you want to make sure that you're informed enough that you can, if you have a financial adviser, or you're want to do things on, you know, online, that you know what you're that you can protect yourself. But so I think like, that's like one in kind of the investing world. But where I think people don't spend enough time is more on like, the personal finance world of understanding your what's available to you. So you when you think about understanding interest rates, you know, understanding why, why was it a really good timing, we we refinanced our house two times I didn't want it once in 19, and once in 20. But understanding why it's important or important, when you see written interest rates going down to check and do the math to feel right, refinance your mortgage. I mean, and what does that, you know, what does that mean? And what does it mean, as you follow? You see, you hear, hear about interest rates going up or down? Well, what does that mean for existing loans you might have? What does it mean for your, your, your credit cards? Like how does kind of that macro environment in in impact your personal finance? So I think that's really an important other things that I think people are, you know, women particularly don't pay close enough attention to and we need to understand is, what are your workplace benefits, you know, that impact your finances? Do you understand your 401k? Do you understand what your company is matching, like, if you can, you know, if you can't max out your 401 K, which you should certainly try to do. But if you can't at least max out your at least put in enough to get your employer's match. That's just pretty money. Right? Right. Other things like health care savings accounts that people have at your understanding the tax implications of those things are really important. Understanding your estate planning, what does that mean? Like? Have you checked off and put a beneficiary on your 401k? You know, do you understand like, the tax implications of the things that that you're doing, those are the things that on a day to day can make a real impact. But I don't think that people think about those things at often, and probably don't educate themselves, as often, I would say, particularly women, and I think that's a part of, you know, we talk about if empowerment, and financial self care is like, those are the things that you need to do to take care of your finances, so they don't create stress, like all the other things, you know, the the whole goal of wellness is to try to take your kind of stress out of your life and like be living a better life. And sometimes, most of us just don't think about that part of it. Yeah, I
Amy: 17:53
think a lot of people probably just like, set it and forget it, and like don't even really reassess it because it feels it's your point, like intimidating and overwhelming. So like, in that vein, it's funny that you say that about these these tips and tricks, because obviously, I'm on, you know, social media a lot and listened to a million bazillion podcasts. And there's a lot of young tick talkers that are doing bits and pieces on financial advice, like, and it's like a 32nd. Have you checked your this today? Or? Yeah, and I think that stuff is really helpful, especially for me where like, I don't know, a lot of the stuff most of the stuff I've learned in this space, I feel fairly educated, because I learned it from my husband, because he's so deep and knows everything. And you know, I'm always learning from him asking questions, but I also feel like those little pieces of content helped me but what kind of resources would you suggest? Using?
Unknown: 18:45
Yeah, I think that all those I think anything right, like first started start somewhere, right. So even if it's just turning on, you know, CNBC in the background in the background, I follow, you know, elle vest, I think is a great site to understand, you know, some personal finance, understand the markets a little bit and, you know, I think that their social media presence is really strong. I do think like, I think that kids are learning a lot more in personal finance and financial literacy is now being integrated into the schools significantly more I think, even in Greene County, where we live where it's going to be, I think, but more integrated into the curriculum. And so kids are learning and they hear about things the kids are are like kids, my 15 year olds probably are being exposed to more than certainly more than I feel like our generation was but even the millennial millennial generation as well because of so much on social media and because there's now this intersection between the business world the sports world and the tech world. I think they're seeing a lot more how that kind of all ties into finance briefly when you see like, like the all the mean stock so the kids understand what happened in Gamestop because they they know about it.
Amy: 20:00
I think you're bothered by some. Yeah, they,
Unknown: 20:04
I mean, they are following they're interested in in Kryptos. And they want, you know, they want they want their own Bitcoin or, you know, Dogecoin they want it, they they hear about these things, and then they go, and they have the resources to go find it, which I think we didn't have, we couldn't just click through and say, Oh, what is that? I'm Let me ask, you had to ask somebody into your point, Amy, you feel like this, asking him like, Did I ask him? Like, you didn't ask a dumb question. And I don't think women were like, taken under their wing to say, Hey, make sure you get good life insurance, you know, like that. I think, you know, people probably
Katie: 20:39
did, yeah, that's, that's what I was gonna ask. I think modern day technology is making it easier. So it's just more accessible. I mean, I know I had a financial app at one point that was just like helping me monitor my savings and like, really simple things like that. And, to your point, what you were saying earlier about what they're learning in school, when I was in high school, the most financial advice I was given by teachers was how to write a check. That was all it was taught. So it's pretty sad.
Unknown: 21:07
Which I write it for our students do not know how to write, like, what's the chapters? Yeah.
Katie: 21:12
So you mentioned crypto, yeah, that my husband, I hear him talk about it all the time. And him and I've talked about it, he's explained to me a little bit, but what are your thoughts on it? And for the listener, explain what is crypto and fts? All That Jazz?
Unknown: 21:26
Yeah, I mean, I think yes, I think so. I think that it's right now, I think, depending on your, you know, depending on your net worth and your ability mean, their crypto will have cryptocurrencies will have a role to play, you know, in, in our economy in some way. Who knows, you know, the value of it is kind of, I think, will continue to fluctuate, and I think there's like 16,000 Different cryptocurrencies out there. And, you know, the idea that it's just, it's the idea behind I mean, there's, there's two parts of it one, the technology of the blockchain, which I am not going to even try to attempt to explain, but all of us will eventually need to understand, but the idea that there's like a ledger of record that you'll be able to go and kind of that is you anyone you'll be able to access so that no matter where you are like if your healthcare records are in the blockchain, versus having to go that there's like that there's kind of have this virtual system of record, that will can be used in a lot of different ways. I think that it is not necessary, I think for cryptocurrencies, I think people don't really know what they'll how they'll be used yet. I mean, it's almost like the internet, right? Like, it's like, get started, you're like, there's this thing out there that, you know, people were largely like, using for form, you know, like, and then it turned into a way to do a million different things. So I think crypto will probably you'll be that way, you'll be that way too. I think there are some really interesting, you know, if you look at the way, you know, the NF T's, which is a non fungible token, and there's been a lot of big, you know, a lot of buzz about it, because you'd have these, these pieces of art and, or articles or tweets going for, like all this crazy amount of money. But I do think there's an interest in, you know, some interesting applications of NF T's because, you know, so much value value kind of is lost along the way, like a piece of art, you think about it, you know, the art that's been sold over and over, the artist only sees that, you know, that value wants, right? So if you're able to kind of, etc, essentially embed some value in a way that is never lost, wherever that piece of art is transferred. And that artist is able to almost have be able to be able to capitalize or monetize on what they've created later on. I think there's some applications there should the everyday person you should only be investing, I would say in any sort of cryptocurrency, that's money that you can lose, like you should I think that is the best way and is and if you're using it, to learn, I think that'd be the best way to like I say that a lot with your investing in. In startup companies sometimes like, you know, that's money you have to, you have to be willing to never see that money again. And you feel like you're investing in that startup because you want to learn something about that industry for you know, for example, so great advice. So no, no, no, if that tote.
Amy: 24:27
No, I was question. Yeah, I was I was mentioning this when we were talking about this topic prior in the prior podcasts that we have a lot of startup investments and some others and the startups are just things we like or things we want to learn about. But one of the things that I did specifically was invest in a firm last year so I could learn it was a women Ross venture fund led by these two women who are sort of serial entrepreneurs because I believed in them but also I wanted to understand it, because we as a family have investments But my husband really leads them and kind of I asked a lot of questions, and I learned about it, but I'm not managing it. And this one I'm managing, I'm actively like reading about it. So it's helping me to learn more about the space. But I did have a question about Kryptos. My understanding with cryptocurrency, is it, when you buy it does the value of it change? Like all the time, it's very erratic? Is that the whole thing? Why you don't know what you're getting? Like? How does that part work? I don't really understand, I think,
Unknown: 25:29
well, the value is change. The market is just very unstable right now. And there's nothing, you know, there's also nothing it's, you know, well, there's nothing backing up the value of the currency other than the supply and demand for the currency. So like, the, you know, there's the whole kind of mining of the coin, right, there's a limited number of coins that are created, I don't exactly understand, right, you know, there's some also ESG, which we could talk about also, like the impact of that some implications of the power then energy that is used to the court to mine the coins, but it's any, it's, it's just like anytime you have your markets are volatile, volatile, as we can see right now, when there's just a lot of uncertainty. And I think that the the ongoing ups and downs of the various of the crypto space Bitcoin as a theory, and that's kind of the the two leaders just creates, that's why you don't know what the value is, which makes it hard to be a currency, you have views, right? Like the reason that you separate from put our current inflate, put our current inflation numbers aside, right. But like, if you have $1, right and a day, you generally want to know what you can get for that dollar. So yeah, right. Now that's changing, but like, it's, you know, that's why countries that are unstable, when they have crazy inflation rates, like, you know, 1,000,000,000% a day, we're one day, your dollar means something and the other day, you can't buy anything. And so that's why they, you know, that's kind of why people are skeptical of cryptocurrencies, because, you know, as a use for commerce, because everyday, they're not stable. And you don't know what you have. Yeah, yeah. And so like,
Amy: 27:15
yeah, my understanding is to that it's hard to cash it in a way like, there's all these hoops you have to jump through, it's not like you can just go on and pay something with crypto. And it's like, you have to log in and do this. It's very complicated. Is that correct?
Unknown: 27:34
Yeah. So I have so I have a coin base account. Yeah, I've invested in both Aetherium and Bitcoin. I've never, I haven't done anything with it. I'm just it's just sitting, it's just sitting there. But different companies, like, you know, Tesla look and said, you know, we you can pay for your Tesla and in it and in Bitcoin. And you know, there'll be places where I guess there'll be like Bitcoin ATMs eventually, or maybe there are some, you know, I haven't followed it at that as closely. But that's kind of the idea, right? It's kind of hard to necessarily take it and then use it to purchase something. Right. You know, so it's this weird thing? Is it? Is it a holder? Is it an embed this is also why like they're having trouble kind of figuring out how to regulate Bitcoin, because is it a currency? Or is it an asset? That's, you know, is it an investment asset, because yeah, we both just like you wouldn't go to the store and use your mutual fund to buy your milk. But it's kind of a little bit of both right now.
Amy: 28:31
And for the NF T's because I follow that a little bit too. And I saw there was a lot of that at art basil, like a lot of these NFT activations and innovations which is cool, but I still like cannot get my head around it like you buy this exclusive piece of art or whatever it may be. But then it's like, how do you enjoy it? Like how do you see it? It's just it feels so strange, because it's not tangible. Like if you buy a proper piece of art you put in your wall you're like, Okay, I'm seeing that but the NFT it's like this digital virtual like,
Unknown: 28:59
I think I only the way I can put my head around it is like anything that's viewed as something rare and scarce like that. Did you follow the one with the different I think it was like different versions of like a pig or something like a cartoon. Got it. I read about it over the summer. And they put out like 1000 they created that each had like a different it was like a comic of some kind or illustration of saying line. And if you held one like anything else, like I've got like, like a rare coin or something like that. It's like, you know, it's kind of like how people collect things. And I think it just fits in to this like idea of like what the metaverse and like what that's going to mean and the value of it but I do think we just have to like anything you have to understand it right if you if you think it's helpful to try to you know over time understand Egypt understand it like right now like is it the priority for everybody like right now like all the things we've talked about and for women to understand, I would you know Bitcoins, probably not the top on the list, but you can But you should to, like along the lines what we're talking about, don't be afraid of it. And I think right you got like you're saying, ask the question don't be in the world, saying like, assuming that you should just understand Bitcoin or understand blockchain I've been explained to one is explain blockchain to me, you know, 100 times, it's still hardly understand. It's, I'll still try to ask. But like, if you hear somebody talking about it, do exactly what you're doing, Amy is like, you know, like, explain it to me again, like I hear I get this or explain it to me again, or explain why someone would do it. And I think those are the questions like, women shouldn't be afraid. Like, if you're at, you know, the days when we would go to like parties, to dinner with friends. Like shouldn't be afraid when you hear people talking about that they bought some bitcoin, just saying, okay, just explain it to me explain it like I'm your mom and explain it to me. And I think that's the key thing is to, to ask the questions about it. So that depending on where the role that cryptocurrencies any of these things play, you're not feel like oh, well, it's too late to even ask what a you know what a cryptocurrency.
Amy: 31:04
It's funny. I was listening to a podcast earlier today, and someone was talking about crypto and NFT, and all that stuff. And they were like, yeah, right now, it's kind of like, Bro world. It's like, a lot of bros are into it. And I pray and I'm like, That's so true.
Unknown: 31:17
It is. Yeah. That's actually that's pretty funny. I think it's important
Amy: 31:22
to ask those questions, not only with all this innovation, because I just find it fascinating. And it's so hard to wrap my head around. But even the basic stuff like you were saying before, because I don't feel like sometimes I even know the basics. So like, I think it's up to us, as women and leaders and whatever, just to ask a question and not feel like you're asking a stupid question. Because I think a lot of people especially me, like I'm uncomfortable with a lot of like numbers and money, because I'm not the best math students. I'm always like insecure about it, where we're with other things like the talk all day. So I think it is important to continue to empower all of us, yes,
Katie: 31:58
go ahead and pletely agree numbers, not my strong suit in any way, shape, or form. So we were just touching on Kryptos and NF T's, which I feel like is very advanced market talk. What What if we dial it back? Because I'm curious what some of the trends in the market are that you're seeing, but also, I have had conversations with my husband about understanding why the market is volatile. Why is the stock up now and dropping, you know, in a week from now, and it goes up and down and up and down? And to really wrap your head around that? And it's I know, it's it is as obscure as just like supply and demand? Or, like you said, the instability of the world right now and everything. So what are some, some, some things to mention on that to help people better understand watching the markup?
Unknown: 32:44
Yeah, so I think like, first thing is like to try to not have knee jerk reactions to the market and understand like, you know, it's, you know, there's the market is a random walk, but it kind of always goes up right over time, right? And you have to, and you just have to recognize that being in the market, you have to have the stomach for some ups and downs. But fundamentally, you're investing in businesses. And so you should be that's I mean, the market is essentially a you an aggregation of a bunch of businesses, and some are well run well, and some are not run as well. And so I think that's to one is like, make sure you just have a long term view of the markets. While it's important to kind of understand like, so you're not freaking out about it. Understand that there are is always going to be volatility, but just understand like over over time, your your need to be investing for the long term and investing in businesses that have good fundamentals. Yeah, I learned that would like I assumed going into the wealth management industry, like everyone would just be all day long, like looking at market, like, how can you be away from your you know, and that just wasn't the case at all, you know, at all, obviously, like, in March and April 2020. We're watching it very closely, and making sure you're making changes, but like, we don't make you know, we over time make changes, we move in and out of funds, we change people's allocations, depending on things going in their lives. But we're not sitting around all day going in and out of your funds and investments. Right, because they're just in it for the for the long haul. I think that's most important to understand. You know, I think the other thing to understand is, this is exactly what I think you were talking about Katie with your husband is like this is just an A Nope. And waiting. Just you know, I saw some tweet where it says Will someone let us know when we're back in the precedented times? Because we keep saying we're in unprecedent? Right. Um, you know, but we are and I just think we just don't there's so much that the market just doesn't know how this will play out what industries will survive. I mean, what industries will I mean, I think there's a there's to Amy's point. I mean, there's so much innovation that has happened in such a short period of time. And so like what will there's a huge productivity gains that will likely come out of this period, because of the technology that have been created. Because of me, because of our ability to work, you know, for home to have the infrastructure, you have to be able to work from anywhere, even when we do or don't go back to the office. You know, but other industries, like, you know, ami and the hospitality industry, you know, you kind of seeing like, Okay, how is this going to? How is this going to play out? What will this mean for business travel? So I think there's some some long term impacts that what we're seeing will have on certain industries, but we just still don't know. And I think you're seeing that, and I think that, you know, the combination, I'm not an expert on it, but I just understand that the combination of, you know, what's going on with interest rates and inflation and the Feds job to control to control inflation, and unemployment, you know, the rising, the labor shortages, all these things apply. It's all coming together, and we just don't know how it's gonna shake out. Yeah, I don't know how to answer your question, Katie. I mean, I think the last thing I showed a sec should say is like, as it relates to kind of the basics of what we should be knowing I think what people and women specifically should know, it ties my other comment is like, your investment and your your financial portfolio needs to really align with your own financial plan. That's other my take away from you kind of is that like, what like, even just, you know, the two of you who are related you, I imagine you have, Katie, I'm just getting to meet you. But I know, if you have different, you've may have totally different plans for yourself, like for your, for your, for yourselves, for your kids, for your potentially for your aging parents, you might have different ideas of the kind of like philanthropy you might want to do, or the travel or if you want second, you know, have another house or totally live somewhere different in retirement, like, all those things. And when you might run it higher. Some people are like, You know what, I'll retire at 50? Well, you're gonna have a very different plan, than if you are retiring at 65. And so I think that it's really important for people to understand, like, as they talk to and learn, it's really about themselves and their families that they're, you know, not necessarily like the whole broad market. But you know, how does that impact you and the things that you want to you have to do with your money? I mean, how can you, would you, how do you, you have the, you know, what are you saving money for? What are the what are the ways that you want to use that, that money and in the future?
Amy: 37:29
Yeah, that's a really good point. Because I think two people look for like a formula, like, what should I be doing? Exactly, and it's different for everyone. And the ingredients are just different. Some people want things, some people want another. So it's really a personal thing I was wanted to segue into entrepreneurship. We talked about it briefly earlier, because we were talking about our kids being definitely more in the know about finances and investing in all this stuff, which is amazing. I think one of the things that I think has impacted it, too, is Shark Tank, because I feel like everyone loves that show. And they're so interested in all the investments. My kids watch it all the time we watch it as a family. And I think it's done such great things for entrepreneurs. But I just wanted to understand, since you've been in that space for so long, and Katie and I are really young entrepreneurs starting this podcast and brand and business, and we're learning as we go, like incorporating and, like all this stuff that we didn't have to do before me working. You know, I still work for a big corporate company, and Katie working, you know, independent, like, we just never had our own company in business. So just want to get your thoughts on what you're seeing in the entrepreneur space or kind of how to, how to think about it and what, what you're kind of seeing out there in that space.
Unknown: 38:43
Yeah, I mean, I think like I like as I just said, I think that this has been, you know, when you have lifts, kind, so many changes. And when you also have your people potentially losing jobs or seeing new opportunities, this great resignation and idea of yeah, you just see a flurry of entrepreneurship. I mean, I think like after the Great Recession, and 2000, each of those nine was, you know, you saw a significant increase in your new business starts. And we're definitely seeing that, as well. And I think you're seeing more women start businesses as after kind of post kind of, I can't even say post pandemic, but pandemic era because of all the things that we're seeing people wanting to work from themselves or work for Home or just saying like, I that's not the life I want, I want to go start this. I think there's going to be, you know, a significant increase in, in new business and just a lot of catalyst for new new ideas. There's also a lot of funding has definitely been been, has been increased. So I think it's a good time as an entrepreneur to be raising money. For sure, I think you've seen an increase in the least in our local area of the amount of money flowing into into startups. I think, you know, broadly, I guess when you mean like, what else am I, you know, I think that there is a huge opportunity. I just think that I guess I should say, I just think there's a huge opportunity the more women get into entrepreneurship, the more diverse entrepreneurship entrepreneurs we have, the more ideas that we're gonna see out of things that just haven't been. You ideas that just no one has thought of, like, I always think of one of my favorite entrepreneurs, when I was at Maryland, is a company to women, three women, African American women who started a company called Aurora tights. They were figure skaters and gymnast. And they identified a gap in the market, a whole void in the market. Because all the tight four figure skaters and gymnasts and dancers were firm, white people. And they had to go through a process of dyeing their tights to match their skin color process. And they came together and they like, had been in different sports, and they created the company to address this problem, right. And then, and like. So I think that's what's really probably exciting about what's going on in entrepreneurship right now is that people were how we'll have more tools to start businesses, they'll feel like, I think they'll feel more comfortable leaving jobs, people have saved money to be able to do that. But I just also think there's a whole host of problems, whether it be more like social problems, or problems that identify different groups of consumers that current products and services have not addressed, that are out there. And even this podcast is a perfect example, right? Like, of just like, hey, let us take, you know, let us focus on health and wellness for women, and identify all these amazing entrepreneurs and products that are out there that hasn't been done before. And so I think you guys are a great example of, you know, what's probably going to, we're going to see more and more of hopefully, you know, as more you know, women and I think minorities become more engaged in gains in the startup world, and like, it totally dovetails or, or other conversation and feeling more comfortable with the tools and raising money and going and asking for money. And knowing what that means Shark Tank is, is great from that perspective, because people understand more and more the concept of raising money and giving away equity in their company and what that might mean. You know, I don't know if he had always read things exactly the way it shows Shark Tank, is that you're gonna go out and raise money and what and be able to answer those questions about what's the money going to do? What are you going to use it for? And tell me more of the product. Tell me about how you how you charge? You know, how many customers do you have? And being able to answer those questions? You that's like that is
Amy: 42:48
right. That show really brings it out in the open. Whereas before it was all like behind closed doors, you don't really know. And it really teaches you what are the questions and what do you need to be really crisp on because you see the people that fumble and they don't have the numbers the
Katie: 43:01
first time I heard that word valuation was watching Shark Tank, you know, it's like you learn all these little things. I want to ask you, as you know, Amy and I very, very young entrepreneurs still like a lot in research and development, everything, but we are talking about raising some money. And it's the littlest smallest, it could be big, it could be small tip that you have for us going into our first round of raising money, what would you suggest or anything for us?
Unknown: 43:26
Yeah, sure. I mean, I think that your understanding, understanding the dynamics of your of the market, and so being able to explain to an investor, what, essentially how that money will be able to get you from point A to point B and what the right metric is. So like, if you guys are trying to get more subscribers, you know, does that mean? What? How will the investment in impact, you have that specific metrics so that the investor has a good sense of, you know, okay, if I invest here, my expectation is, hopefully you'll, you'll get to here and then we can we can go from there. But your vision for the business, and then what the yoga metrics are, I
Katie: 44:05
think I think you're important. Yeah.
Amy: 44:07
That's a really good tip. I love that.
Unknown: 44:09
Happy to as you guys think about it, happy to talk to you more.
Amy: 44:13
I'm sure we will reach out. And
Unknown: 44:15
the second thing is like in this market, particularly, you know, you only asked for one but I'll give you two. Yeah, just how are you different? Like, I think that you know, understanding particularly as more and more pot podcasts come online, even though I think there's a huge opportunity in podcasts, but explaining like how you're going to be different and how you'll continue to differentiate yourselves.
Amy: 44:35
Yeah, and Katie, Katie, and I talk about that all the time because while we have started as a podcast a year in that's sort of one angle but really the brands and the company is Nirvana sisters in the podcast is an extension of that. So we're trying to think like, Okay, once our subscribers are at a point where we feel like we can go broader, what does that mean and where do we go? So these are all the conversations that we're having. So yeah, well done. only pulling us more than would love to get your thoughts. So speaking of podcasts, tell us about your previous podcast.
Unknown: 45:07
Yeah, so I, so our podcast was called bootstrapped. And it was we launched it, it was kind of fun because it was launched by a former student of mine asters vos, who's actually known in the DC area. As asked for Santana X, who's kind of a radio, radio, his isn't been a radio personality. But he wanted he had the idea to launch a podcast company which he has done, which is now called give them a plug for Pikeville media, which is based out of DC. And he felt like myself and my co faculty member, Joe Bailey would be good podcasts. But we did not believe he, we trusted him. And he felt like we had such from the network of the Dingman center of both of local startups and students startups that we have had some really good stories to tell, which as you guys know, that's kind of a big part of it was the story that you're telling. And so the reason that we call it bootstrap was because most of the episodes were around funding companies. And so while you know, I kind of look at it as very similar. I don't know if guy Roz from how I built this, but that's one of my favorite podcasts is it was kind of like that. He's been a bit more successful than we were at it, but um, you're kind of hearing entrepreneurs stories, and then, and then hearing how they, how they funded their businesses was a big part of it. And you find that most people like, you know, actually get outside funding for their companies much later than you'd think from watching Shark Tank. Like usually, you know, you do do a lot. You have to build the company make a lot of mistakes before you're ready to, to go out for funding. But I think we recorded like 55 episodes, I think over five, five seasons. And it continued a little bit after I left, I think but the pandemic made it a lot harder to do because we weren't you enjoy it and get in person. I loved it. I really loved it. I think it's just I love and it's why I love so listen to how I bought this. I just love hearing entrepreneurial stories. Amy, I think you had mentioned that your dry bar is one. So my story, her story, like we're interviewing her like, yes, like you love seeing, like what people do with like, like, what Beyonce is done with her brand with when a pouch was done. Like that's, that's those are
Amy: 47:32
stuff. I know, it's incredible,
Unknown: 47:34
when you hear a story about like how somebody had the idea to go to people's houses, and thought that they could build a business because you told us really like you're gonna have a whole business just for people to dry their hair. And they'll be as big as dry bar is like, that's that you just wouldn't believe it. So I just love hearing how people kind of build their business and how they very uniquely, you use their experiences and their skill sets, you know, to put out products that you just wouldn't have, have thought of and you just don't know, the backstories are fascinating. So I will
Amy: 48:08
Yeah, how I built this there is an episode with Ali Webb, it's from years ago where she talks about it, but we're actually interviewing her next week, which is like a total hashtag win for the podcast, because, you know, I've like admire her for years. And I think and this is what I'll tell ally next week, too, is that, I think, because I've always been like a hair person having curly hair and like struggling with it my whole life. And I think when that company came out, like the whole idea of entrepreneurship and creative ideas, like it just sparked something in me because before that I never thought about starting business gapping like nothing but that spoke to me. So well because I was like oh my god that is like I could I could have created that one day like it like is right in my wheelhouse in terms of like their marketing in their positioning wasn't or is and was amazing. And like the concept behind it is so simple. But it was such a gap in the market. And that's when it sort of came to me that like, wow, I could identify something that is doesn't have to be this like I think back in the day when you think of entrepreneurs you think of like starting kind of like financial business new
Katie: 49:15
product? I don't know.
Unknown: 49:16
Right? Yeah.
Amy: 49:20
Like not something related to an area that I love, like well being in beauty, so I just kind of like sparked and I love to your point. I love hearing entrepreneur stories. I think it's fascinating. Is the podcast still like is it still in the Apple Store? Yeah, we'll go into it. I definitely I definitely want to hear it. Yeah. Okay, so let's get into more on the personal side because you are just like so fierce. You're such a boss or CEO. You're so balanced. I feel like I mean, I've known you over the years just for the audience. Alana and I have known each other for I don't even know since our kids were little I think they were in kindergarten As it gathers down, yeah, and throughout the years, we've touched base and I just feel like Alana is one of those, like really solid, strong, brilliant, smart, but really balanced. So how do you keep balance at all? Like kids work life wife like everything? Yeah, I
Unknown: 50:17
mean, like, Thank you, Amy. And that means a lot, I think. I think just there's certain things, it's like, prioritize, I will say, it's just priorities like I do. I can mount I think I've I'm pretty good multitasker. So I will say that, like, I feel like that's just, you know, some, I feel like I can just juggle a lot of things at you at the same time. I have an amazing husband. But I really think that like I do, I do prioritize, I will say I prioritize my myself as when I can. So I'm a runner. So I tried to make sure that I'm become a huge peloton fan. And so I've always taken the time, like, whether I'm training for something like I have taken the time, you know, for myself, and kind of put those blocks of things out there for myself before. You know, everyone kind of else takes it from me. And so I think that, I don't know, I mean, I think that's just for women, it's like we use at work, we kind of use the analogy of like, when you get on the plane, and they say, you know, put on your own mask first and then take care of others. Like I think as women, like we just have to put on our own masks first and take care of ourselves. And so like, we all do it in different ways. And so, you know, I think sometimes, you know, balance is like all and also the eyes also the eye of the beholder? Because not you know, I think there's times when I look back when I was running around and going to events all around the beltway at night, like of course, I look back and like, oh, you know what, I wish I'd been at home then. And there's that like, guilt of like, you know, I was at home or don't miss any events or, you know, for the things for the kids. And so, I think there's, you know, all these be a little bit of that. There's the balance also comes I think with, you know, some some trade offs, but that's just the reality. I think for all of us. Yeah. So true. Yeah. But, you know, I think that like what and I think Amy reason you and I have always connected so well is like I do think like being you know, being you know, working full time. And you know, kids and taking care of yourself and having outside interests, like whether it's like a, you know, a startup business like you guys are doing or exercise or, you know, being interested in you know, doing I feel like more people are doing more taking art classes and things like that, like? Yeah, I just think it takes I just think it takes a lot. And I think that women need to talk about it more like I think gaming. That's why you and I always feel like I think women also need to find people they can talk about their business lives with and their home lives with, like these women. So you know, something that I think helps you kind of balance also when you have people in your life that you can kind of share.
Katie: 52:58
I love that point. Yeah, like we're not just totally mothers. We're not just business women were a little bit of everything, and to have all of that support in each realm, I think is really important.
Unknown: 53:10
Yeah. Yeah, I think I get funny. Like, I do think as you know, you I think like women do need each other a lot. You know, and I think I think this has been hard I think for that's been part of my balance is just always having a, you know, a network of people, whether like a mix of a network of people that you grab drinks with, or have coffee with, or walks with, and all different you know, like all who bring out different parts of you. Like, you're not one of those people who just has like, three friends and those three or four of us do everything together. I've got like people, you know, amazing people in all parts who know kind of different parts of me.
Amy: 53:50
Yeah, I'm the same way and I so I guess I felt like over the last few years with all the pandemic stuff, like connecting with women and friends, has been more important than ever, because you don't have the access that you normally have. And I felt like I've actually spoken to my friends more and made more of an effort like my high school girlfriends, we all have like this group chat. And we were always close. But for some reason, over the last two years, we started this group chat, which we never had before. And we talk every day, we've gotten the more trips together. It's just I think the older you get, like the more things you want to talk about with your girlfriends or have a girls night or girls trip. It's just so so moving. Moving along. Let's get into our quick wrap session. So Alana, what is your favorite wellness or beauty hack? I know you talked about peloton, but what else would you say?
Unknown: 54:38
Oh God, um, wellness or I am very into candles that my last couple years have been like particularly the pandemic like I have one in my office now, which I never had before. So like wellness, like I used to think of lighting a candle is like oh, just when you're home for a long time. Now like I have when I bath like I tried to do that more often. And even when I'm just taking a shower like I've like something about like the aroma and piney good candles has been I don't know a new a new newer thing for me like versus like oh once a while light a candle in the house and on a warm
Katie: 55:14
like, yeah it's like a ritual. i One by my bedside and every night that I get into bed I light my candle and it's lit for like an hour while I'm winding down. It's I totally agree with that.
Amy: 55:24
It is nice. I love that. Okay, five minute flow. You just got out of the shower dried off. Uber alerted you there five minutes away, like what is your quick beauty routine? What do you put on to just get out the door and get on that Uber get into that Uber on time?
Unknown: 55:42
Oh, um, I feel like you know, throwing on jeans and a black sweater for me is a is a quick is a quick go to. I'm not wanting to spend I need to listen to more of your podcast probably because I'm not like wanting to spend too long on on my makeup. So I have the routine already ready for the five minutes. Your official with my
Amy: 56:02
and I'm not surprised by the flat iron and the flat iron is huge. That's key. That's key. Okay, and how do you maintain your daily nirvana?
Unknown: 56:12
I would say running running and exercises is key. Are you a marathon runner? Um, I've run one marathon and then I'm training. I've done a number of half marathons and I just signed up one in late March. So I'm training for that. So like,
Amy: 56:28
that's awesome, guys.
Katie: 56:29
Are you running marathons? I wish I was a runner. Now I'm a water. No, I'm always really impressed. Right. I'm very impressed by runners.
Amy: 56:42
Well, Ilana, thank you so much for your insights on all things financial well being and fin Power Man, I've learned a lot. And I think our listeners will really gain a lot of learnings from this. And so just thank you so much for being on the show with us this week. And Katie is going to end with Yeah,
Katie: 57:00
thank you very much, Elena, you taught us so much. And I think this mantra kind of ties in to all of these little things that we learned today and how important that can be in the big picture. So this is our mantra, I will achieve great things through small steps. So there you go.
Amy: 57:16
Mm hmm. I love that. I love that.
Katie: 57:18
Thank you very much. Great. It was great to have you.
Amy: 57:22
Thanks for listening to Nirvana sisters. For more information on this episode, check out the show notes please subscribe and leave us a review. also find us on Instagram at Nirvana sisters. If you loved what you just listened to or know someone that would please share it and tag us. Tune in next week for a fresh new episode of Nirvana sisters will continue to watch out for all things wellness so you don't have to. Bye.