In this episode of the The love & other assets podcast, Emily Luk, CEO and co-founder of Plenty, interviews Heather Comella, founder of Folsom Wealth Advisors.  Heather Comella, CFP® is a seasoned financial expert with over 15 years of experience as a holistic financial planner. Heather shares financial strategies for retirement, saving and investing, taxes, equity, and more. Emily and Heather discuss the unique financial challenges entrepreneurs face, particularly when balancing risk, building wealth, and managing household finances.

Heather emphasizes the importance of financial literacy and education, particularly for millennials who often lack formal financial training. She outlines the specific needs of entrepreneurs, highlighting the importance of a fully-funded emergency fund, intentional cash flow management, and diversification beyond just business ventures. They also discuss the impact of entrepreneurship on relationships, particularly when one partner is more risk-averse than the other.

Heather shares valuable tips for couples, like establishing clear financial guidelines, removing distractions during financial discussions, and seeking professional guidance when needed. They delve into common financial biases among entrepreneurs, such as familiarity bias, and the importance of addressing these biases to ensure proper diversification. The conversation also touches on cryptocurrency investment, the evolving priorities around homeownership, and the importance of investing in oneself and one's business.

What we discussed:

• Financial literacy and education: The importance of financial education, especially for millennials who often lack formal training.
• Financial needs of entrepreneurs: The importance of fully funded emergency funds, intentional cash flow management, diversification, and balancing business and personal finances.
• Entrepreneurship and relationships: Navigating financial decisions and risk tolerance in couples, especially when one partner is an entrepreneur.
• Common financial biases among entrepreneurs: Familiarity bias and the importance of diversifying investments beyond one's own business and industry.
• Cryptocurrency investment: The importance of viewing cryptocurrency as a gamble and limiting exposure to a small percentage of one's overall wealth.
• Evolving priorities around homeownership: Balancing the desire for homeownership with investing in oneself and one's business.

Listen to the full episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. 

Brought to you by Plenty. Plenty is an investment platform designed specifically for couples to build wealth together. We go beyond budgeting, making it simple to invest, save and grow towards your future goals by unlocking access to the financial strategies of the wealthy.

SELECTED LINKS FROM THE EPISODE

Connect with Heather Comella: Website |LinkedIn |Instagram

Connect with Emily Luke: Website | LinkedIn | Twitter

Plenty: Website | Instagram | Facebook | YouTube | Twitter/X

PEOPLE & RESOURCES MENTIONED

Channing Allen

Mutual Funds

Folsom Wealth Advisors

Exchange Traded Fund (ETF)

Cryptocurrency

Retirement accounts