Using Math to Meet Your Financial Goals

Protecting Your Finances During COVID-19

It’s time to go back to the classroom, and for the first time in a long time, we’re not talking about the generation of school kids today who are sick of virtual learning. These are lessons for those of us who thought we’d escaped math homework forever.

In this episode of Protecting Your Finances During COVID-19, host Karen Boothe from Engage Forward talks with Heather Culp, a commercial litigation and bankruptcy attorney with Essex Richards, and Kim Edwards, a retired e-commerce executive, about why it’s so important to focus on math in your financial planning.

Kim says that embracing math opened her eyes to new possibilities, including pushing herself to retire before her 40th birthday.

Understanding the math of your personal situation — how much you need for retirement, for your daily expenses and to maintain your lifestyle — is key to achieving financial stability. Math is a fundamental skill to all aspects of financial planning, from calculating what size house you can afford, to investing in the stock market.

Karen’s appreciation of math started from the early days playing Bargain Hunter to participating in specialized STEM programs, math was always a core part of her life.

Whether you embraced math from an early age or are realizing its value as an adult, it can help fortify your finances. Don’t worry if you’re not an expert yourself yet: This episode explains how being mindful of your options and the help available can get the answers you need.

Featured on the Podcast

Name: Heather Culp

What she does: Heather is an attorney at Essex Richards in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild.

Name: Karen Boothe

What she does: Karen is the Founder of Engage Forward LLC. Engage Forward exists to consult and educate all clients about how to obtain sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state.

Name: Kim Edwards

What she does: Kim, a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart.

💵 Key Takeaways 💵

Top takeaways from this episode of Protecting Your Finances During COVID-19

➔ Don’t be afraid to ask the experts around you. It’s OK if math isn’t your strong point. Chances are there is someone you know who is an absolute whiz at math, is super passionate about investing, or who knows a lot about mortgages. Seek out these people when you have questions.

➔ Learning Excel can take you a long way. Even if you didn’t learn how to use Excel in school, you can still pick up the skills you need to use the software to calculate retirement amounts and complete comprehensive budgets through YouTube and free online courses.

➔ Consolidate and simplify your bank accounts. Many people end up with more bank accounts and credit cards than they truly need. Keeping your banking streamlined makes it easier for you to manage, and for the people who need to step in when you’re no longer here.

💡 Episode Insights 💡

[01:35] Learning math will help you achieve your goals: Kim shares that it wasn’t until she realized how many doors math could open for her — and dropped her anti-math attitude — that she was able to make big strides towards her goals.

[05:28] Encourage financial literacy from a young age: Unfortunately, math and financial skills are not always part of the curriculum. Seeking out programs like Junior Achievement can help supplement what school misses.

[11:03] You don’t have to know everything yourself: If you have a knowledge gap, make sure you know where you can go to get the help you need, and ensure your questions are answered.

[11:58] Take an online Excel course: Even having basic skills in Excel can help you better solve the financial questions you have. There are a considerable number of YouTube videos and online courses that anyone can access.

About the Podcast

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For more information, you can visit Essex Richards at www.essexrichards.com. You can reach attorney Heather Culp at [e-mail] or 704.377.4300 and Karen Boothe at [e-mail] or [phone].

This podcast was recorded and is being made available by Essex Richards and Engage Forward for informational purposes only. By accessing this podcast, you acknowledge that Essex Richards and Engage Forward make no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast because laws, regulations, and policies are changing every day. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Essex Richards or Engage Forward. This podcast should not be used as a substitute for competent legal or financial advice from a licensed professional in your state and should not be construed as an offer to make or consider any investment or course of action. You should direct any specific legal or financial questions to a legal or financial professional licensed in your state. You should direct any specific legal or financial questions to a legal or financial professional in your state.