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Amanda Steinberg: Financial Expert Profile

The financial gap between men and women is decreasing but there is still a big divide. That’s part of why Amanda Steinberg founded DailyWorth in 2009. She felt women needed a dedicated, financial advice outlet. DailyWorth empowers women to take control of their personal finances by providing the necessary knowledge, advice and tools. Steinberg’s advice comes from personal experience, too. She once found herself deep in debt and had to change her habits to dig her way out.

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Top Financial Advice From Amanda Steinberg

Steinberg strongly advises people to keep track of their net worth. Net worth is the value that will tell you what your overall finances look like. Calculating your net worth gives you a big picture view of how much you have in debts and assets. However, Steinberg is quick to say that you shouldn’t get hung up on the number. This applies especially to young people and people trying to get out of debt. Naturally, a higher net worth is better. But she says your actual number is less important than the direction your net worth is moving. Even if your net worth is negative, stay engaged in your finances and work to keep your net worth moving in a positive direction.

If you want to increase your net worth, Steinberg advises that you start investing. She founded a digital investing platform in 2015 (targeted at women) and believes that investing is a necessary way to build wealth. Many people are afraid of investing because it seems too complicated, but you can find success with just a few investing basics.

Steinberg also encourages people to live below their means. In fact, she says to live as far below your means as is comfortably possible. Spend only on necessities and then save the rest. She knows it’s hard to resist spending money on unnecessary things, but you will make your personal finances much more manageable if you can learn to live within your means.

Like financial expert Suze Orman, Steinberg believes it’s good to automate as much of your finances as possible. This will keep you from missing payments and from paying late fees. There are also services, like Acorns, that help you save money by automatically moving money into a savings, retirement or investment account.

Amanda Steinberg also has one big piece of advice for women: Don’t get discouraged! Yes, there is a gender income gap. Women face financial and business challenges that men don’t. But women can still set themselves up for a life of financial success. So don’t get discouraged when things seem to work against you and don’t give up.

A Brief Bio of Amanda Steinberg

Amanda Steinberg: Financial Expert Profile

Amanda Steinberg looked like the perfect success story by her late 20s. She went to Columbia University and became a successful computer programmer, doing work that she was passionate about. She earned well over six figures, married a supportive partner, bought a huge house and settled down to start a family. Sounds perfect, right?

Steinberg had created an expensive lifestyle and had almost no savings. As she says in her book, “Worth It: Your Life, Your Money, Your Terms,” she always viewed herself as a spender. Her identity revolved around her ability to buy nice (and expensive) things. She made a six-figure salary but she only did it so that she could continue to spend on nice things. She tried to build savings but was always unsuccessful. Her attempts to invest were always wiped out by life’s unexpected complications.

Things only got worse in 2007 when Steinberg bought a six-bedroom, 4,000-square-foot house. It was beautiful but it was also way more than she could afford (too bad she didn’t have our tool to find how much house you can afford!). An unexpected tax bill, combined with her lack of savings, quickly put her $90,000 in debt. That’s when Steinberg hit rock bottom. Her finances were a mess and things were spiraling.

Steinberg decided that enough was enough and hit the reset button to retake control of her life. She cut back on her spending by 50% and started living within her means. She moved into a smaller house that made more sense for her.

In 2009 Steinberg was feeling frustrated with her inability to build net worth. So from an attic office, with a baby in her arms, she founded a digital media company called DailyWorth. Her goal was to help other women who struggled with the same misconceptions and financial challenges that she had. The website was a success. She went on to found another company and write a book on personal finance.

Financial Focus and Philosophy

Steinberg’s focus is helping women to overcome the guilt, shame, doubts and stigma they face when trying to make money or build wealth. So while Steinberg’s advice is applicable to people of any gender, her target audience is women.

As for her financial philosophy, Steinberg uses advice that her mother gave her as a teenager: All you need to successfully navigate life is roots and wings. Roots are the foundational values and principles that give you confidence to then spread your wings and take calculated risks.

In her book, Steinberg explains how she has applied this advice to her finances. Roots are your assets – things like your 401(k), IRA, real estate, a business you own or other valuables. These things offer security and will keep you on steady ground even if you lose your job or go through a hard time. Your financial wings are your income and your access to cash. You fly higher or lower depending on your accessible savings, how much you earn and how much you spend. When used wisely, Steinberg says your wings are what allow you to grow.

Where You Can Find Amanda Steinberg

Steinberg is the CEO of DailyWorth and does occasional appearances on TV and radio. She writes regularly for the company’s website so you can find more advice, tips and articles through DailyWorth. You can also find more on Amanda Steinberg’s Twitter page.

If you are reading Steinberg’s book, there is also a Facebook group where you can discuss your experiences and opinions on the book and on money in general. Steinberg is a member of the group, so it is a great place to pick her and other members’ brains about finance.

Current Projects

In February 2017, Steinberg released her first book, “Worth It: Your Life, Your Money, Your Terms.” Through stories and relatable examples, the book explains the information that women need in order to feel confident about their finances and their futures. The advice is specifically for women, but if you feel stressed or anxious about your money, “Worth It” is a good read.

Steinberg founded Worth Financial Management (WorthFM) in 2015. WorthFM is a digital investing platform that helps women to grow their net worth and their financial knowledge. WorthFM builds diversified portfolios of exchange-traded funds and, unlike some other financial platforms, creates personalized accounts based on your personality, your habits and your goals.

Takeaway

Amanda Steinberg: Financial Expert Profile

Amanda Steinberg has a great story that should inspire a lot of women. By her late 20s, she had checked all the boxes that she was supposed to: go to a good school, get a lucrative job, get married, buy a big house and have children. From the outside, she had the perfect life. What people couldn’t see was that she was in debt and her poor financial habits were getting in the way of her happiness. That’s when she stopped and reset. Steinberg took control of her finances and created DailyWorth to help other women take control of their finances, too. She has made great strides over the past decade to show women that no matter how they feel, they can achieve their life goals. Business women will find Steinberg’s writing particularly useful but men shouldn’t hesitate to tap into her wisdom either.

Tips for Taking Control of Your Finances

  • If you want more personalized financial advice or guidance specific to your own financial situation, you might benefit from working with a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • Steinberg tells people to avoid paying fees, like late fees, by automating everything. She is absolutely right that fees can kill your savings. Any time you open a bank account or a new line of credit, you should look to minimize your fees. Here are five fees to cut out of your budget today.
  • Amanda Steinberg has improved her finances by consistently living below her means. As J. Money will tell you, a budget is a great tool for helping you cut unnecessary expenses. With a budget you can see where your money currently goes and you can make sure that you only spend on the things that are a priority to you. As a part of budgeting, you can also track your spending. It’s hard to save money if you don’t know where your money is going. So help yourself out by creating a budget.
  • Net worth is a great number to start tracking. When many people think of net worth, they think of wealthy individuals who are worth millions of dollars. Everyone has a net worth though. Tracking your net worth is useful because it gives you a picture of your finances. When you can see the overall picture, it’s easier to make sure your actions will move you in the right direction. Many things go into your net worth and increasing your net worth means you’re doing something good with your money. This could be paying off debt, cutting back on expenses or just earning more money. Here are some ways to increase your net worth.

Photo of Amanda Steinberg courtesy of North Way Star publishing, Second image is from DailyWorth website, Third image is from WorthFM website

Derek Silva, CEPF® Derek Silva is determined to make personal finance accessible to everyone. He writes on a variety of personal finance topics for SmartAsset, serving as a retirement and credit card expert. Derek is a member of the Society for Advancing Business Editing and Writing and a Certified Educator in Personal Finance® (CEPF®). He has a degree from the University of Massachusetts Amherst and has spent time as an English language teacher in the Portuguese autonomous region of the Azores. The message Derek hopes people take away from his writing is, “Don’t forget that money is just a tool to help you reach your goals and live the lifestyle you want.”
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