Podcast Summary: BONUS Episode - "It’s Never Too Late to Start Investing in Your Future with Noah Kerner"

Podcast Information

• Title: My So-Called Midlife with Reshma Sajani
• Host: Reshma Sajani, Founder of Lemonada Media
• Episode: BONUS: It’s Never Too Late to Start Investing in Your Future with Noah Kerner
• Release Date: February 9, 2025

1. Introduction to the Episode

In this bonus episode of My So-Called Midlife, host Reshma Sajani engages in a compelling conversation with Noah Kerner, CEO and Chairman of Acorns. The episode delves into the financial challenges faced during midlife, emphasizing the significance of investing and financial independence. Reshma introduces Noah by highlighting his diverse background, from DJing for major acts like Jennifer Lopez to founding successful companies and authoring a business book.

Notable Quote:

Reshma Sajani [00:02]: “We figure out how to stop just getting through it and start actually living it.”

2. Personal Financial Journeys of Reshma and Noah

Reshma shares her personal struggles with money management, recalling her early career in New York City where despite a high income, she lacked financial literacy and ended up depleting her bank account. This experience fueled her desire to understand and improve her relationship with money.

Noah reflects on his upbringing, describing how observing his parents' conservative financial habits instilled a fear of investing. He recounts a pivotal moment during a market crash when he chose to invest his liquid cash instead of withdrawing it, a decision that shaped his investment philosophy.

Notable Quote:

Noah Kerner [04:45]: “Every downturn in history has ended in an upturn.”

3. The Fear of Investing and Emotional Decision-Making

A significant portion of the conversation centers on how fear and emotions adversely affect financial decisions, especially during market volatility. Noah explains that panic-driven actions, such as selling investments during a downturn, can severely hinder long-term financial growth.

Notable Quote:

Noah Kerner [08:08]: “Fear is probably the biggest negative driver of people's money decisions.”

4. Importance of Starting Early and Compounding Benefits

Noah emphasizes the power of starting to invest early to harness the benefits of compounding interest. He illustrates how even small regular investments can accumulate substantial wealth over time, advocating for consistent and automated saving strategies.

Notable Quote:

Noah Kerner [19:21]: “It's never too late to start investing and make yourself financially independent.”

5. Acorns: Simplifying Investing for Everyday People

The discussion shifts to Acorns, where Noah explains how the platform democratizes investing by making it accessible and effortless. By rounding up everyday purchases and investing the spare change, Acorns enables users to invest without the need for extensive financial knowledge.

Notable Quote:

Noah Kerner [11:35]: “Acorns is where you come to easily and automatically save and invest for the future.”

6. Generational Financial Challenges and Solutions

Reshma and Noah explore the unique financial hurdles faced by millennials and midlifers compared to previous generations. They discuss the shift in economic landscapes, such as increased job instability and higher living costs, which necessitate proactive financial planning and investment.

Notable Quote:

Noah Kerner [22:09]: “Don't put off for tomorrow what you should be doing today.”

7. Women and Financial Independence

A critical segment of the episode addresses the specific financial fears and challenges women encounter. Reshma underscores the societal pressures that discourage women from pursuing financial advancement, while Noah provides insights into encouraging a shift towards financial independence and confidence among women.

Notable Quote:

Reshma Sajani [26:04]: “Women are taught that if you pursue money as a woman, you're selfish.”

8. Strategies for Overcoming Money Fears

To combat financial anxiety, Noah advocates for establishing core investment principles and maintaining a long-term perspective. He advises against reacting impulsively to market news and instead recommends diversification and consistent investment practices.

Notable Quote:

Noah Kerner [23:14]: “Every downturn in history has ended in an upturn.”

9. Conclusion and Key Takeaways

The episode wraps up with Reshma and Noah reinforcing the message that it's never too late to start investing. They highlight the importance of financial independence, especially for unexpected life events, and encourage listeners to take actionable steps towards securing their financial future.

Notable Quote:

Reshma Sajani [30:08]: “If money could be a daily moment of hope and joy for you, that'd be amazing.”

Key Insights:

• Emotional Investing: Fear and emotions can derail investment strategies; maintaining a long-term perspective is crucial.
• Early Investment Benefits: Starting early allows for the power of compounding to significantly enhance financial growth.
• Accessible Investing: Platforms like Acorns simplify investing, making it accessible to individuals without extensive financial knowledge.
• Gender and Finance: Women often face unique financial fears and societal pressures that hinder financial independence.
• Proactive Financial Planning: Consistent saving and investing, even in small amounts, can lead to substantial long-term benefits.

Conclusion: This episode serves as a motivational guide for individuals in midlife grappling with financial uncertainties. Through personal anecdotes and expert advice, Reshma and Noah illustrate that with the right mindset and tools, achieving financial independence and security is attainable at any stage of life.