Financial Wellness & Wealth Planning with Allegra Brantly - joytolead.com

Podcast

Financial Wellness & Wealth Planning with Allegra Brantly

May 26, 2020

Allegra Brantly, founder of Factora Wealth, joins us on the show to dive head first into how entrepreneurs can start pursuing financial health and wellness.

And, she shares everything she knows about how entrepreneurs can start preparing for their retirement, start investing, and start planning for their future wealth.

Allegra Brantly

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From a career in fashion to a career in finance, Allegra Brantly always knew she’d be an entrepreneur.

She knew she didn’t want to build someone else’s dream, she wanted to build her own. She didn’t want a ceiling above her, she wanted to create ad nauseum.

In her finance career, she discovered she was being significantly underpaid and went up for a salary adjustment.

“I negotiated hard. It was scary, but I did it,” she said. “I was in a sales position, so I had the numbers. I managed to get myself a $25,000 raise. Which was so empowering for 2 seconds. I had been so grossly underpaid for a really long time, I was over the company.”

And, that moment led to Allegra feeling so invigorated by negotiating for her worth and wanting others to do the same. So, she began helping her friends negotiate their own pay raises.

Then, she then had a second awakening, from helping women make more money to, “wait a second. We’re all earning more money, but where is it going?”

One million women to $1 million in net worth

Then, when Allegra received her raise, she immediately moved to a nicer apartment and went on an international trip and purchased a brand name handbag – “and it was all said and done for.”

“I looked at my friends, and same thing,” she said. “Things they would not have afforded before, they suddenly felt like they could. And it was because the chokehold their very low salaries had on them felt loosened.”

It’s easy, Allegra says, when we finally step into more money to go out and buy all the things we’ve been wanting.

“All I could think was, ‘I’m approaching 30 years old and I make really good money, but I have nothing to show for it,'” she said. “That led me to wondering how to build wealth.”

Then, she wrote in her journal the following revelations:

  • I need a money revolution
  • I need a money mentor
  • I need a huge change to my financial life

So, that led her to building Factora – a community, online course, and women’s investor network.

The Factora Financial Freedom Hierarchy of Needs

Like Maslow’s hierarchy of needs, Allegra says she feels like she’s building a similar model with Factora Wealth.

  • An Emergency Fund: The base level, the most basic of needs that lightens the load and frees up that mental load of worry is having an emergency fund that is so secure. Figure out your base expenses like rent, loan payments – tally that up and multiply it by 4-6 months. And create two accounts – one for your family and one for your business.
  • Know Your Life Goals: Your financial goals must align with your life goals. Figure out your near-term (within 3 years) goals, then mid-term (4-7 years out) goals, then long-term goals (8+ years out).
  • Financial Literacy: Online research, community learning and participating in educational programs like Factora’s Wealth Circles.

Powerful Quotables from Allegra Brantly

“No one’s going to grant you more, you have to ask for more.”

“Once you get past that fear of, ‘I’m going to do everything wrong, so I just won’t start,’ once you start it’s just this freeing, palpable, visceral, exciting experience. And you do more, you gain more confidence.”

“You have to figure out your life goals, and you have to prioritize them. People think your financial goals are separate from your life goals – they’re one and the same.”

“You can’t have everything, but you absolutely can have anything that you set your mind and focus to.”

“Mindset is so huge. Money is a completely inanimate object. It only has the power that we give it – is it positive or negative? We need to understand where we’re starting from.”

“Man, when you see a woman who is doing something and building something and believing that she can be a millionaire, YOU CAN.”

What else do we talk about in this episode?

  • Finding a money mentor and an accountability system
  • First steps to learning about the financial sphere
  • How entrepreneurs can start preparing for their retirement by investing and starting a retirement account
  • How to make your money work for you and make more money for you
  • Steps to begin pursuing financial freedom and wealth
  • The difference between assets and liabilities
  • How to step out of scarcity mindset
  • How to shift your identity belief system to an abundance mindset
  • All the books and learning resources Allegra recommends
  • A mindset shifting exercise each one of us can do right now to step into an abundance mindset

Resources mentioned in this episode

Rich Dad, Poor Dad by Robert Kiyosaki

Unshakeable by Tony Robbins

I Will Teach You to Be Rich by Ramit Sethi

Betterment

Ellevest

Learn more about the Joyful Leader Group Coaching Program

Connect with Allegra Brantly

Learn more about Factora Wealth here

Apply for Factora’s next Wealth Circle

Listen to the Coffee & Coin Podcast

Follow Factora Wealth on Instagram

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