Nicole believes that budgets don’t work long term. Instead she offers programs that teach individuals how to take control of their finances and build their wealth through other avenues such as investing.
Q: What is your current position/role and when did you first develop an interest in finance?
A: My name is Nicole Victoria, aka the No Budget Babe. I’m a CEO, Money Coach and financial literacy advocate who specializes in helping 20 and 30 something women effortlessly manage their money and build bank accounts that never stop growing.
I knew there had to be more to life than living in a perpetual cycle of having too much month left at the end of my money- so I got to work. I learned everything I could about personal finance, and was able to go from broke as a joke ($40,000 in debt with zero dollars in savings) to a $500,000 net worth in a matter of years. At 30 years old my net worth has grown to over $1M.
I’ve made it my mission to help teach other women how to take control of their finances so they can start winning with money and living the lives of their dreams.
We’ve helped over 50,000 students through our programs, and we are just getting started.
Q: What challenges have you faced with personal finance?
A: I’ve been faced with crippling student loan debt (40k), no financial education, and have been living in an area with a high cost of living. I thought the only way to get ahead was to budget and save money but that never worked for me. As a result, I don’t believe in budgets anymore. That is why I call myself the No Budget Babe.
Q: If you could give advice to your 18 year old self about managing your money, what would you tell yourself and why?
A: I would say that the earlier you start investing, the more passive money you can make. It is the key to building wealth. The average American makes 1.6 million in their lifetime but is said to need 1.7 million to retire – even if you saved every dollar you ever made, it still wouldn’t be enough – this is why you HAVE to learn how to invest.
Learn more about how to get started investing at one of our workshops!
The process is simple. You go to a brokerage and they give you access to the stock market so you can open an account. Your biggest expense is taxes so be sure to choose tax-sheltered where possible. Next, you transfer money to your new account and buy stocks! I prefer ETFs because buying single stocks is gambling, why own one company when you can own the whole market.
The most difficult part of investing is not getting started – it’s making sound decisions and understanding the market. You should understand that it corrects (meaning goes down in value) about 10% every 2 years on average.
The average return on the S&P 500 is about 10% per year. This means that investing $500 a month over 10 years turns into almost $100k. Over 40 years that is almost $3M.
Q: What is your top tip for budgeting?
A: I believe that budgets don’t work. I am a very data-driven person and studies have shown that budgets do not work long term. I believe that budgets are the diets of the financial industry. You may see short term results, but you will feel deprived and restricted, which leads to binging in the long term. Additionally, an overreliance on a budget as the solution to all your problems keeps you broke. We like to think that it’s a magic pill, if you’re struggling with finance, ask anyone what to do and they’ll ask if you’ve made a budget. Over 80% of people claim to keep a budget but 79% don’t stick to it – it’s just a thing that makes you feel bad about yourself. Having a budget keeps you in a fixed mindset and stops you from being successful. Most wealthy people don’t keep budgets because personal finance is 80% mindset & behavior and only 20% tactic.
Q: What do you think is the most critical step to ensuring financial independence?
A: There is no one step that will make you successful on your own and that’s why most people fail. They’re looking for the one thing that will change their life. They’re looking to get rich quick – but there’s no such thing. The way to get rich is slow and steady. The steps you need to take are what we have developed in our signature program:
- Master your money mindset
- Stop the self-sabotage
- Get real with your goals
- Deep dive into your financials
- Learn how to multiply your money
You can learn more in our free webinar, From Broke to Ballin!
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