FINANCIALLY SAVVY FEMME
Certified Financial Planner Brittney Castro Sheds Light On Managing Finances, How To Enjoy Your Money, And Saving For The Future You
Brittney Castro is one of the roughly 20% of certified financial planners (CFP) who are women. Immediately following her graduation from college over a decade ago, she began doing financial planning services. But after trying to play the role of corporate business financial advisor for years, she realized a different approach was needed to feel authentic. “I saw that there was this need to give advice in a way that related to people” in a more accessible sense, not just to millionaires. Today, her Financially Wise, Inc. firm offers fee-only, comprehensive financial and investment planning services, online courses, speaking services, and brand partnerships.
Brittney takes her job and the role she plays in people’s lives to heart. “You’re managing people’s lives, their goals, their dreams,” she says, wanting “to be able to hold the space for them, be the leader, and provide them that hope and inspiration.” At Financially Wise, Brittney and her team help those who are ready to take financial action and invest in themselves by teaching their clients and students the art of money management: how to earn it, save it, invest it, spend it wisely, and enjoy it through every stage of life. “You can use money however you want—it is just a tool to live the life that you enjoy most.” With her tools, tips, and strategies, she is empowering her clients to live their ideal lives.
LB Where did the inspiration to establish your own firm stem from?
BC Being a woman certified financial planner, I wanted to create a firm to help support women. However since inception, Financially Wise Women is now Financially Wise, Inc. and we help men and women learn the art of money management and how to think, act, and manage their money in the most efficient way for their long-term financial goals.
LB For women who are new to the financial planning world, what is the first step that should be taken when beginning a financially wise journey?
BC Hire a certified financial planner. The value of having a certified financial planner in your corner is priceless. You can use the CFP board search engine to find a financial planner in your area who specializes in your needs. Even if you just hire a CFP for an hour consultation, if they work in that capacity, you can ask your much-needed financial questions and get guidance that can help you save more money and prevent mistakes in your financial life.
LB In what ways is financial planning approached differently for women in comparison to men?
BC Everybody needs help with their finances and women just need a different type of help. Women in particular haven’t always had the opportunity to manage the money and this goes back to just history and the evolution of money management in society. Now, women are more of the primary breadwinner of households, opening up businesses at twice the rate as men, and 83% of the day-to-day spending in households is in the hands of women. When it comes to explaining personal finance to women, a good financial planner knows that it is important to listen to the woman’s concerns, educate and empower her from a holistic point of view, and create a space and environment where she feels comfortable asking as many questions as she needs to learn the financial strategies needed in her financial life.
This helps women overcome the specific challenges they face, such as earning less than men, being out of the workforce (for about 11 years, on average, usually to care for children or aging parents), and the fact that women live longer than men. All of these challenges are why women need to find someone to help them manage their money wisely and become empowered doing so.
LB What should women, in particular, consider when planning for retirement?
BC Everybody needs to plan for retirement. Women need more consideration when working on retirement savings because typically they live longer than men, unless in the workforce, and are out of work for an average of 11 years caring for children or aging parents. These factors make it more challenging to save the amount needed to retire successfully. However, with the right education and planning, women can overcome these challenges and ensure a successful retirement.
LB How can women mentally tackle the overwhelming challenges that are often affiliated with and/or brought on by finances?
BC It is wise to find alternative ways like meditation to work through any mental blocks or emotional aspects of money. When you can become aware and more conscious of patterns or behaviors that may be hurting you financially, such as being constantly stressed or worried about money, or feeling an avoidance around money because you’re afraid of the emotions that you may feel, you can begin to work through those emotions and patterns and find new ways to be with your money. It is a good idea to consult with a licensed professional therapist, if needed, to work through money blocks.
LB What methods do you recommend for achieving a better work/life balance?
BC Finding a better work/life balance comes with good time management and carving out space in your calendar to take care of yourself mentally, emotionally, and spiritually. Things such as working out, meditation, being in nature, talking to your friends and loved ones all can help you feel rejuvenated and not alone and have more capacity to deal with life’s demands.
LB What are the key components of a guilt-free shopping spree?
BC Budgeting and following the 50/20/30 rule of thumb when it comes to managing your monthly net income is the best way to spend money guilt-free. 50% of your net income should go toward fixed bills, 20% is what you aim to save for all your financial goals, and 30% is what you can spend on all the fun and variable items. When you set up your budget this way, the idea is that 70% of your income is taken care of and allocated properly for your bills and goals, therefore, the remaining 30% is in your control to spend however you would like and this you can do guilt-free because you know everything else is already been taken care of financially.
LB What does financial wellness mean?
BC Financial wellness means feeling confident and empowered with your money. It means being able to earn the amount of income you need, spend it wisely for the things you enjoy most in life, pay your bills on time, and be able to save for your future financial goals. It also means feeling a sense of freedom and peace with your money and not falling victim to the defaults of stress, overwhelm, anxiety, or worry that people often feel with money.
LB How can financial wellness be maintained and adapted during the uncertainty of the current pandemic?
BC Use this time to learn more about prudent money management principles and the economy. So many times, people worry about things that are not even related to their current financial situation nor things they have to even think about. So being able to filter and apply what you might be hearing about the world around us to your specific situation is extremely important. Take time and explore all the free resources online to teach you money management. Use this time to learn more about money and investing wisely. Read books, watch videos and webinars, and learn about the economy and money. My website, for example (www.financiallywiseinc.com), has a ton of free resources and education to help people learn good money management skills.
Managing Editor Lauren Barisic
Photographer Ben Cope
Stylist Kaylee Jackson
Hair Hailey Adickes
Makeup Brett Freeman
