Why I Started Techie Personal Finance Bootcamp Podcast

Take your financial confidence to the next level!

Why I Started Techie Personal Finance Bootcamp Podcast

May 31, 2019 101 Level Debt Management Employer Benefits Financial Behavior Life Planning Pay Podcast Restricted Stock Units (RSUs) 0
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Please be aware. Transcript is for show note purposes only and has not been edited for accuracy. For best experience, I encourage you to listen to the audio version. Transcribed by https://otter.ai

Quote 00:00

Even though working in tech is a huge opportunity, because of the amount of pay that you may be able to afford yourself, that doesn’t necessarily mean you’re going to be financially successful, which is probably why you come to this podcast, right. So we know that there’s a huge opportunity with how much you’re receiving an income and you don’t want to make a mistake.

Intro 00:21

This is techie personal finance boot camp, where I help tech professionals in their 20s and 30s. Build a great lifestyle without sacrificing their future possibilities. I’m your host Lucas Casarez, Certified Financial Planner and founder of Level Up Financial Planning, LLC, where I help educate, coach, and build strategies with my clients to help them take their financial confidence to the next level!

Disclosure 00:42

Here’s an important compliance disclosure. This podcast is for informational purposes only and is not to be considered recommendations. It is recommended you consult your trusted financial professional before implementing any information obtained from the techie personal finance

Financial literacy 01:00

Thank you for joining the introductory episode of techie personal finance boot camp. I’m going to cover in this episode, the main reasons why I felt that I needed this launch Techie Personal Finance Bootcamp. So it’s pretty similar to why I started Level Up Financial Planning. There’s just a huge gap in financial literacy for young professionals.

Why professionals in 20s and 30s 03:25

Also, the people that are in their 20s and 30s. They’re the ones that are making all the huge financial maneuvers that are definitely going to change what their future opportunities and future possibilities are. So major life decisions are being made like getting married, changing jobs, changing careers, sometimes purchasing their first home and grown a family. So all these things are very complex have very long term impacts on your financial health, and in your finances, impact your personal health, in your personal relationships, as well. So all these things are just a quick overview of topics that I’m going to be covering a lot more in depth, more specifically, probably an episode for each one of these in reality. But all these things, you have to balance them all together.

Balancing today versus the future 04:09

How do you balance all of these different goals or responsibilities and create the different timelines where you feel confident that you’re doing the right thing, and you’re not behind or where you’re not sacrificing your great life today to lose some distant future retirement. So it’s always a balancing act. And that’s something that I hope to help provide that foundation of education around your financial situation.

Why tech professionals 04:34

Why I specifically serve tech professionals. So I’ve actually been serving tech employees since 2011, which that dates back to when I made the move to Colorado to pursue my financial planning degree, I took me a long time to figure out what I want to do college wise, but once I did, I set my sights on Colorado State University, because they had that financial planning program that would allow me to become a certified financial planner. So with that move, I was working full time at the local credit, which is called FIRST Tech Federal Credit Union. And so I got to see pretty deeply into the tech employees and predominantly is HP employees, Intel employees of it was then a viable now it’s Broadcom employees and AMD employees. So those were the main kind of contributing at least local employers that I was serving out of the credit union there. And so I got a lot of insight into how different people manage their money.

Higher pay doesn’t mean better finances 05:26

Even though working in tech is a huge opportunity, because of the amount of pay that you may be able to afford yourself. There’s that doesn’t necessarily mean you’re going to be financially successful, which is probably why you’ve come to this podcast, right. So you know that there’s a huge opportunity with how much you’re receiving an income and you don’t want to make a mistake. Unfortunately, that’s not everyone’s situation, people get too bogged down with the business of life, and they don’t really pay their finances the proper attention that it needs. And so one interesting thing that I noticed while I was working there, I’ve seen over 2000, 3000 different interactions, different clients, lifestyle choices, and what they impacted their kind of personal finances. And I saw that it doesn’t matter how much money you make, I was unfortunately sometimes on the bed end of giving news to someone that they’re the client for either a credit card or an auto loan. Because even though they made 150, $250,000 a year, they were managing their finances horribly, they either had horrible credit because maybe they filed for bankruptcy or made some poor decisions. It could have been due to the recent recession sometimes where people just weren’t aware that something that drastic or debt that devastating could occur. And so it caused some issues there. But predominantly, it just came down to lifestyle choices and in kind of leveraging their debt lifestyle, too heavily. And so people were being declined, even though they were making 150 $250,000 a year. And for just kind of modest type loans sometimes too.

Lifestyle creep 07:03

It’s important to be aware of that just because you make a lot of money that actually could be a detriment if you’re not managing it right. And so that’s one of the things many Jean lifestyle creep as your pay increases. So maybe you’re so early on in your career, and you’re not hitting that maximum income potential at this point. But if you’ve even been in the industry for just a few years, now you’ve seen your income skyrocket, a lot faster than most people outside of the tech industry where they’ll be lucky to get their 3% annual increase.

The Downside to Making the Most Money You Ever Have

Goal-Oriented 07:34

A lot of people in the tech industry are high high-achievers, which is one of the reasons why I like serving them, usually goal-oriented. So it means that if I help them get that basic foundation, that understanding, they’re going to have that focus and dedication to actually knock stuff out and, and kind of be really aggressive with those types of goals that they set for themselves.

Student loans still a burden 07:55

Student Loans is still a big issue, trying to balance that out with start near life right out of school is a huge burden. And it’s one of the things that causes people to delay marriage, delay buying their first homes, delay, having children, all those things, which are really scary. And one thing that I like seeing when I do help build these strategy guides for my clients is their financial confidence increases.

Don’t be afraid to look at your finances 08:16

Hopefully, you can get some of this information, just by listening to the podcast where you don’t need to actually hire a financial planner if your situation isn’t that complex, but just don’t be afraid of looking at your finances and figuring out because sometimes it’s not as bad as you think.

Do what you want, but be patient 08:33

Sometimes it just means you have to be more efficient, you have to make smarter decisions, and you can still do all the stuff you want to do, you just might not be able to do some of those things yet. And it could just be a matter of time and delaying something a couple of years. And or just rearranging things instead of this thing that current First, let’s have this other major life decision occur first because it makes the most sense, it’s actually going to empower you, and kind of catapult the rest of your wealth building potential.

Stock options 09:00

There are stock options, I’m really familiar with a huge part of compensation when you’re talking about tech companies typically. So that’s important to juggle and understand because there is a lot of risk there that people are not aware of, or they just don’t know how to tackle those things. So that’s something I’m uniquely able to help my tech clients kind of navigate those things.

Non-Qualified Stock Options Vs. RSUs Strategy Guide

RSU Strategy Guide

Restricted Stock Units (RSUs) Tax Calculator

Working for a start up 09:19

Also, there’s a lot of startup companies or just really exciting. There’s definitely a lot of pros to it. But there are some cons and some trade offs that you have to be aware of. And so how do you manage your financial life if you don’t have the same benefits that a traditional employment offer? Is something to kind of talk through and strategize and make sure it’s going to be the best fit for you, if not, long term, short term kind of how, how long is that going to make sense for you.

Career changers 09:45

Also, I know there’s tech is an awesome industry. And there’s a lot of opportunity for career changers. And so I’ve become very familiar with a few of my clients that are career changers. And some of them may be gone through some of these cool boot camps. And so I’m exploring that a lot more, getting more educated, I’m going to have a few guests kind of from that boot camp and world to explore how that’s an alternative option. And so I’m really excited to have them on and future episodes.

Volatile industry 10:15

Tech is also a very volatile industry at times, because if you’re at all familiar with 2008 2009, or maybe you’re a little bit older, and you’re familiar with the 2001, tech bubble that burst. And what happens is there’s a huge hiring binge when things are good. So people are hiring as much as possible, offering all these great benefits and rewards for hitting milestones. But then what happens when things slow down what happens when the economy starts to slow down, the tech industry has been hit very hard with those kind of slower and slowing down companies. And then sometimes there’s employment packages that you’re able to take, sometimes you’re you haven’t been there long enough. So navigating and preparing for those is also important.

High cost of living areas 11:06

Another thing that I’m starting to see more common with the clients I serve. And this could be because I live in Colorado, and it happens to be a high cost of living area. But a lot of tech kind of core areas have very high property values, which makes it hard to buy your first home or, or maybe you bought into your first home but it was too It’s too tiny of where your families and going what you need for the future. So being able to navigate the high cost of living areas in the grand scheme and the big picture of your where you want your financial life to go and where you want it to empower you to make decisions.

Opportunity to live best life 11:44

All those things are why I enjoy serving tech employees and having a lot of fun with them and building strategies because there is a lot of opportunities. And there’s a lot of different levers and buttons, we can push that to make sure that we are doing the best thing and just allowing you to live the best life that you possibly can live. So with that said, I’ll close this introductory episode.

Request Feedback and Interaction 12:42

Thank you for listening to Techie Personal Finance Bootcamp, I invite you to reach out and review, let me know what you want to hear more of. If there are things you don’t like, definitely reach out, let me know I want to make this that the best resource it can be for you. And I just like you starting your kind of financial education and getting that foundation for you. That’s essentially what I’m doing with that the podcast, I would say I’m very well versed on the financial aspects. So that’s not that much of a concern, but trying to build it in a way that connects with you. And it is really meaningful for you to the point actually will you’ll start sharing it with other people that you think would find value. That’s really where I want to get this show. So any way you think I can improve any specific questions, feel free to reach out, I’m going to be happy to incorporate that into future episodes and everything I do, whether it’s in my business or any of the additional content I produce is really just to help people take their financial competence on next level and just really improve and just live a better quality of life. So catch you next time on taking personal finance bootcamp!

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