Veronica Karas Empowers With Financial Literacy

[: 00:00:00

Aransas: Welcome to the Uplifters podcast, where we talk to inspiring purpose driven women about their journeys. She's the courage that. They've inevitably had to tap into along the way [00:00:30] and the ways that they take care of themselves in order to keep doing good work in the world.

She's my financial planner. [: 00:00:45

And, uh, part of my, my day job is helping companies ask better questions of their customers to really understand what their customers care about and [00:01:15] use the. Strengths and the tools of coaching to provide more value for their customers. And so I was looking for somebody who had that skill set and who was really interested in being a partner and a [00:01:30] guide for us in our own financial journey.

had so much to learn. And so [: 00:01:45

And like I said, it just felt like a miracle that I found Veronica. So I am excited to introduce her to you [00:02:00] today so that we can all keep learning together. A little about Veronica. She is a certified financial planner. She's a principal at CapTrust, which is an investment research, an advisory firm, but she's also a [00:02:15] coach.

st me, this is what it looks [: 00:02:30

And that's what really drew her to me, and that's what makes me feel so confident working with her. So, Veronica, thank you for being here with us today.

that I could ever beat that [: 00:03:00

Aransas: I want to know your story. How did you end up here?

w did I end up here? Oh boy. [: 00:03:15

So that's what she brought from Belarus and some pots or dishes, a tea set. Very bizarre. You know, you never know what you could need, but that's it. My grandpa's brother and [00:03:45] his family had already been here since 1986. So we stayed with them for a little bit and then got an apartment in Queens and then eventually in Brooklyn.

ies between Belarus and this [: 00:04:00

a relatively small amount of money. Like it was, it's an absurd thing to do and they were terrible products. And you know, basically my grandfather earned nothing through them. I started working when I was 14 years old. My very first job was at a [00:04:30] Subway sandwich store in Brooklyn. And at some point I've been working for a couple of years.

y. Doesn't really seem to be [: 00:04:45

Shout out to Mr. Campbell. If you ever see this. Brought it to a social studies [00:05:00] teacher that I knew and liked and he was kind of like, you know It really just seems like somebody took advantage of your grandfather being you know Old and not understanding English and all that. I got really angry and I wanted to be an attorney Who put bad financial [00:05:15] advisors in jail for quite some time and then my grandfather is a quintessential optimist He literally climbed Mount Everest, so very just, just a warm, optimistic, and everyone can turn around person and [00:05:30] said, maybe there is a side of the financial worlds where you're helping people instead of just dealing with the stuff after the fact.

rance company because I knew [: 00:05:45

So the difference between like a [00:06:00] broker dealer, like a big, big, some of the bigger names you would have heard like a Morgan Stanley or Merrill Lynch or JP Morgan Chase and registered investment advisor is that registered investment advisors I have to abide by a fiduciary standard, meaning they have to [00:06:15] do what's in the best interest of their clients, not to sell.

that there's a difference in [: 00:06:30

I spent six years there in 2015, uh, the [00:06:45] Obama administration was trying to pass the Department of Labor fiduciary rule. Like if you oversaw retirement plans, you had to be a fiduciary for it. Fortunately never passed, but it got really, really close to passing. And at that [00:07:00] time, Merrill Lynch was looking to pick up advisors from registered investment advisors to help them meet their obligations.

ers Fred Allen and David who [: 00:07:15

Their son was going through some kind of stress that was creating like an unbearable, like depressive episode of some sort. [00:07:45] And David spent the entire time I was there, like three to four hours talking to everybody he knew who was a therapist, psychologist, psychotherapist, anything at all to try and find help.

for this client's son. [: 00:08:00

And that's what I was looking for. So here I am 10 years later, still partnered up with David. And we do it all day long. Uh, clients come to us with anything and everything that touches their lives. And [00:08:30] we take care of our clients like they're family. It's exactly what I wish somebody would have done for my grandfather many, many years ago.

tress of that forgetting the [: 00:08:45

Bamboozled does to somebody because it feels like you're so smart. How could this happen to you? And I saw the emotional impact. And again, my grandfather had to work until he was [00:09:15] well into his eighties because of financial impacts. It's a whole different thing, but The emotional impact was the part that stayed with me and continues to stay with me in the day to day of what I do, because I know how much, because we don't have financial literacy [00:09:30] in this country, how many people are actually impacted.

e that's, that's the passion [: 00:09:45

My family had from existing. And that's the long term goal. It's the other side of put bad financial advisors in jail. It's the, how do you make sure that bad financial advisors. can't operate, can't do the things that [00:10:15] they're doing. I'm

Aransas: so glad you made that link for me because I hadn't made that link.

hips. So being the financial [: 00:10:30

Veronica: [00:10:45] Yeah, and I think people really take it for granted when I talk about finances. We also get people who are just come to us and they're like, I know nothing. I just want to hire somebody who's going to take care of everything. And like, while that's like a very nice sentiment, [00:11:00] I actually think the best client is someone who's really educated.

nd ask them what's going on. [: 00:11:15

Aransas: I think a lot of us shut down with overwhelm when it comes to money.

Why do you think that [: 00:11:30

Veronica: I think it's the same thing as being overwhelmed by anything else you don't know. The way I think about it is almost like if I don't know how to speak Japanese, and somebody comes to me and just starts [00:11:45] talking Japanese at me, that feeling of like, Oh my god, I don't know what's going on.

e to learn Because for a lot [: 00:12:00

No one taught like financial planning. I had to go and get a separate financial planning degree to learn it, [00:12:15] Which no one is doing like no one unless this is your career of choice is doing There aren't that many financial planners out there There are a lot of financial advisors because that's a securities exam But there are not a lot of financial planners who actually really [00:12:30] understand getting into the weeds of someone's financial life And I think for a lot of people, finances feel like Japanese feels for me.

ver that is for that person. [: 00:12:45

Aransas: That's so wise. And I think too, there's a lot of fear around money. So I'm curious what you've learned about money mindsets through your work.

answer that question because [: 00:13:00

Growing up the experience they have with money is really based on their parents experience with money. It's a generational thing Because there's a lot of you know, money doesn't grow on trees or [00:13:15] I grew up really poor So it was like everyone clutched on to all the money that they had There's other people that, like, watch their parents just spend and never heard the word.

much of money psychology is [: 00:13:30

So like, I always tell someone if I can like, see where their money goes, I can tell them what their priorities are. It's very interesting. [00:14:15] You can say that about a lot of things too, right? You can look at someone's calendar, but You're putting dollars behind it yet. That's meaningful. There's an energetic exchange to it.

they're stressed about money [: 00:14:30

Aransas: Yeah, I think you're absolutely right. I also think it's one of the places where we have the most judgment about how [00:14:45] other people do it.

ike, is this a normal amount [: 00:15:00

You know, there is no such thing. Everyone is literally, everyone is different. And there's no good or bad, especially like I grew up very poor [00:15:30] and I had this whole like built up image in my head of like what a wealthy person looks like, acts like, spends their money on you. Everybody, if you think about like a persona, people usually don't include [00:15:45] money, right?

sumer behavior, their actual [: 00:16:00

But I think so, so, so, so, so, so much of money is subconscious. It just is. And the judgments we carry with it and everything else, it has such [00:16:15] a big role in our lives.

Aransas: Well, and you're somebody in particular who started off at one end of the spectrum and now you've created this really abundant situation as you described it for you and your family.

How has your mindset [: 00:16:30

Veronica: So I think I had to let go of a couple of things. And some of this also has to do with age and development and youthfulness. I think when I first started earning [00:16:45] in surplus. What I define as like having money above your immediate needs so money and surplus I was pretty frivolous with it because I didn't really know what my goals were So that's also plays into it.

You know, I always tell [: 00:17:00

By the way, I was investing some, but I was mostly like kind of having a good time because it was the first time in my life where like money was not a problem. And then, then you get married, you have a family. So it's different and [00:17:30] became a really strong priority of mine that not only do my kids have more opportunities, but at the same time, They have a clear understanding and compassion for people [00:17:45] who don't have money.

energy and effort and things [: 00:18:00

And I want to instill that in [00:18:15] my children in every way possible. And that's become a bigger and bigger priority for me. Growing up, when you grow up and you're not. able to like do take care of some basics along the way. It's hard to [00:18:30] have that shift actually.

Aransas: Yeah. What does that sound like with your kids?

at this point, but with your [: 00:18:45

Veronica: We do a lot of giving away. When somebody gives him money, I talk a lot about giving it to other people or to friends.

He's less [: 00:19:00

Aransas: Same. I'm 49 and a half and everyone is a friend.

We volunteer and we include [: 00:19:15

Trying not to make it too much like there's an overweight on that. That's not healthy So it's a balancing [00:19:30] act just like all things in parenting I feel like you're just kind of like, you know, whatever clicks and what works and drives with him He's big on like sharing toys now if somebody next to him doesn't have a little car and he's playing with a little car He'll give a [00:19:45] car and like those are just like the little moments that are like, okay something I'm doing is right.

Hopefully

rsations from when they were [: 00:20:00

Now I'm in this [00:20:15] beautiful position of being like, wow, I get to learn how to do that more from them because they learned so much of it from me and then took it to another level and that, that has been super cool. So if we were to look at your budget, what else would we see as your [00:20:30] priorities?

Veronica: Wow, that's a loaded question.

see that I prioritize saving [: 00:20:45

And I am like very, very, very on it. That like, if I don't, Like, I forced myself to make it up. Like, if December is expensive for whatever reason, and I can't meet [00:21:15] my, like, 50 percent for the year, January and February are very lean, so that I can't I make it up for the prior year. I have always lived on half of everything I made.

know where we're going. And [: 00:21:30

What do you see as the intersection between personal growth and financial well being specifically?

ou know, as you pointed out, [: 00:22:00

And I support his wealth events at this point. [00:22:15] So it's interesting because I think It's related to our psychology. They're both related to it. So I think the people who take care of themselves from a health perspective Also tend to do it from a financial [00:22:30] perspective.

Aransas: Interesting.

Veronica: There's a really good correlation of people who you have this sort of like mental checklist of care.

ude your finances in that as [: 00:22:45

Aransas: And then feel guilty and fearful about not having enough money and then need another massage.

Veronica: Yeah.

Aransas: Yeah. It's a vicious cycle.

he most part, financial care [: 00:23:15

So like [00:23:30] I I often ask people when they don't know what their goals are related to their money If you just say like finish the sentence money is You get so many different answers money is greed money is evil But if you really [00:23:45] believe That's, I'm going to pick money is evil because that people tell me that all the time, I have to say.

e because to me, it's just a [: 00:24:00

Aransas: It's like saying time is evil,

Veronica: right? And so money is evil is interesting because a lot of people will say money is evil will also say you can change that.

Money is. [: 00:24:15

But a lot, so, so many people will literally say money is evil. Really is doesn't have to be [00:24:45] and then I get into a whole philosophical conversation with someone about what in their lives Made them think that or what impacted that when you think about taking care of yourself there's so many different variations to an emergency fund runaway fund as people say [00:25:00] it a rainy day fun, but making sure that like You have options Money just creates options.

u start saving, you now have [: 00:25:15

It doesn't take a lot. I always say I bought my first house [00:25:45] with 20 a week into the S and P 500 because that's all I could afford to save at the time based on what I made. I just put 20 a week into the S and P 500 and when I was 27 years old, I bought my first house.

Aransas: That's amazing.

Veronica: That's [: 00:26:00

Right. If you know and you can create those opportunities, now money is not evil. Money is whatever you want it to be and mean and create for your own family.

Aransas: If money is [: 00:26:15

Veronica: Yeah, that's exactly right. [00:26:30] And it's true of other things in people's lives. I think it correlates. Like a lot of times when people start taking control of their health, they start taking control of their finances, they start taking control of other things in their lives.

Aransas: Mm hmm. I remember [: 00:26:45

And there was this one that I think was called like Clean Your Sink, Girlfriend. It was extremely popular [00:27:00] at the time and it was a woman who basically said, if you want to regain control of your life, start by taking care of one tiny thing and then everything else will ripple from that. And so her, her thesis was start by wiping down the sink each morning, then start by wiping down the [00:27:15] countertop and then ultimately take care of your body, your mind, your finances, your relationships, putting ourselves in that position of being active and creating the lives that we want instead of sitting back and passively wishing that things were [00:27:30] different.

t. But I also really, really [: 00:27:45

It's interesting. Right? So if your relationship is suffering, their habits, their money habits that indicate that it's really like, cause. [00:28:00] Show me a budget and I get to like tell you because now you have Distraction comes into place and like hobby different things like that and your money kind of goes in that direction Escapism goes in that direction, right?

There are [: 00:28:15

Like everything, their relationships are a disaster. They're not in great health or whatever, but they know their finances and like, that's their like, [00:28:45] moment of pride. It's an interesting psychology. It's like, as long as I've got this one thing, I can sleep well at night.

Aransas: Yeah, it's an interesting point, too, because I've heard you say that you believe in work life integration, not work life balance.

And so [: 00:29:00

Veronica: Absolutely. Yeah. Although somebody recently said the word work life harmony to me, and I was like, Ooh, that sounds so nice. I don't know that I've ever felt work life [00:29:15] harmony, but it sounds really good.

Aransas: Yeah, you have really young children.

I think it's especially hard at that point.

ning with my kid, my head is [: 00:29:30

I'm with whatever is happening with my client. That's just like the reality of life, I [00:29:45] think. And so this idea that like, because when most people say balance, they're like, okay, I'm going to shut off at six o'clock and I'm going to dedicate these three to four hours and think about nothing else. But my Child and his little toy car.

[: 00:30:00

I'm checking 10 o'clock or whatever the case may be. But like After my kids are asleep, if a client emails me and it was 8 30 p. m, I'm going to assume it was important and they want me to [00:30:30] get back to them and they want to know they want some peace of mind. And I'd rather just give them that. And it makes me feel better.

e important. And if, uh, you [: 00:30:45

Aransas: know.

. And so if I'm with my kids [: 00:31:15

Veronica: Absolutely. For sure. I agree with that wholeheartedly.

e personal level, how do you [: 00:31:45

Never really did. Yeah. Yeah. Yeah. I kind of felt that, uh,

like function, right? Cup of [: 00:32:15

[00:32:30] So like, you know, I try to find little cute ways to be energetic with my little ones. My husband and I operate in shifts in full transparency. So I do the morning shift, he does the afternoon shift. I [00:32:45] do the first half of the night, he does the second half of the night. That's our like, Little routine.

g, I play Broadway show hits [: 00:33:00

I've got Broadway show hits. I've also got 90s rap, but I don't play that for the baby. That's just for me. I am really careful about making sure I drink a lot of water. I [00:33:30] meditate. I have a daily five minute little tiny exercise stretching routine that I do. Mostly it's just creating moments that make my heart smile in the chaos.

oadway show hits and a dance [: 00:33:45

And I think creating, helping create those moments for [00:34:00] other people is, is a big thing of mine as well. It's like, if I can figure out what makes someone's heart smile like that. That's everything. And it's just creating more of those moments.

our best selves. Yeah. I was [: 00:34:15

And I just thought that was one of the most profound and provocative things I'd ever heard. And I certainly see it in you and I feel it in [00:34:30] you. It's really been such a gift for us to work with you because we are savers and we, we're careful and we're thoughtful about our money, but. We needed a partner and we didn't want to do it [00:34:45] alone and we didn't necessarily want to have all these conversations because sometimes those conversations are not comfortable and you and your team have been so wonderful in supporting us to be our best selves.

o much. Honestly, if I had a [: 00:35:00

Aransas: Wow. It means a lot to us, uh, on so many levels and I think you're right, it is a factor of holistic wellbeing and a very core factor to feel safe and secure and to feel not just secure in the [00:35:30] moment, but in the future. And, you know, so much of my work, and I don't, I did not set out to be the courage cultivator.

t to talk about all day. Uh, [: 00:35:45

Veronica: Yes, yes, it does. That's 100 percent true. I had an early on experience. So when I was at Merrill, I did not have the [00:36:00] financial resources to leave and not have another job.

and people because like the [: 00:36:15

like At the end of the day, you know, if you asked me the question money is, by the way, which is my thing, if um, if I ever get enough courage to ever start a podcast, it would be called [00:37:00] money is blank. And we'd have those conversations every single day.

Aransas: Love that.

Veronica: But it's money is just a way to create more choices every single day.

having the money you need to [: 00:37:15

What is coming to America? It's just having more choices. That's all that it is, you know, and creating more, you know, we call it the land of opportunity, [00:37:45] just choices.

Aransas: Yeah. And I think for so many of us, we're stopped by the fact that we haven't done it already.

Veronica: Yeah.

where they feel like, uh, I [: 00:38:00

Veronica: we are where we are.

ed with. For money wise with [: 00:38:15

I'll never catch up That's not true. It's just not. It's okay. Yeah.

Aransas: You won't if you don't do something about it.

Veronica: Yeah, that's true. That is true.

Aransas: Yes. But [: 00:38:45

Veronica: I guess right now, I will. Yeah. Yeah.

Aransas: Yeah. I made some really dumb decisions when I was working for my company in terms of like what to do with stock, but I can't go and undo those.

I can only move forward from [: 00:39:00

So thank you for being a huge part of our team and making such a difference in our lives. And thank you for coming on to the show.

u're doing here and you have [: 00:39:45

And it's an honor and a pleasure to be part of a small part of your very tiny part of your journey.

of you listening, I'll post [: 00:40:00

We have some extra copies of your book, Veronica. Can we raffle those off to our audience? Yes,

Veronica: [: 00:40:15

Aransas: So look forward to a Money Matters by Veronica Karras raffle coming up soon after this episode.

Veronica: Awesome. Well, thank you so much.

Aransas: Thank you for listening to the Uplifters podcast.

[: 00:40:30

Mmm. [00:41:00]

n half for beer around. Best [: 00:41:15

Lift you up. [00:41:45] Lift you up. Do you love Lift you up, whoa, lift you [00:42:00] up. Doo doo doo doo, doo doo doo doo doo. Beautiful. I cried. Ha ha ha ha ha ha ha ha! It's that little thing you did with your voice. Right, in the pre chorus, right? I [00:42:15] was like, pfft. Ha ha ha ha ha ha. Mommy, stop crying. You're disturbing the peace.

Shh.