For many of us, when we hear the phrase “personal finance” it can trigger a sense of discomfort and anxiety. Keeping a close eye on your money can be stressful — yet ignoring your finances is bound to lead in the wrong direction as well. Financial wellness, which refers to the overall financial health of an individual, is one of our most popular corporate offerings as we believe everyone benefits from financial confidence and security. Adrienne Taylor of Tailored WealthSaver understands the value of establishing financial wellness. An Accredited Financial Counselor with over 10 years of experience, Adrienne is a wealth of information and a valuable advisor for those seeking to increase their financial literacy and confidence. We sat down with Adrienne (virtually and from a distance!) to learn more about her business and to seek some financial advice.
Food + Mood NYC: You established Tailored Wealthsaver in 2019. Can you tell us what inspired you to start this business?
Adrienne Taylor: I have a deep personal drive to see anyone I know live a life of financial wellness beyond a paycheck to paycheck lifestyle. I desire to see people living a positive financial lifestyle that someone can pass down to their next generation. Because of this desire/goal, a good friend encouraged me to go beyond my 9-5 role and create a platform providing discussion and education to clients to improve their financial wellness.
F+M NYC: At Food + Mood NYC we believe in finding holistic balance within a wheel of wellness. Why do you feel that Financial Wellness is an important part of that wheel?
AT: I will take this a step further, in the same sense that the lack of holistic wellness and balance can increase the risk of heart attacks – the lack of financial wellness can also do the same because of the stress created from financial concerns. The American Psychological Association concluded in their 2015 study that money is one of the top reasons for stress. Fast forward to the present day during the COVID pandemic; I think we all can say, regardless of your political party, finances have been a significant stressor for millions of Americans. Due to these factors alone, financial wellness is an imperative factor to the wellness wheel.
F+M NYC: What are three of your top financial tips you can offer to help alleviate stress and achieve balance?
AT: My top three tips are:
1. Creating a spending plan that places a name to each dollar that touches your name and allows you to fund your emergency account and funday savings account. We work hard for our money enjoy it responsibly, legally, and morally.
2. Quarterly calculate your net worth, which is everything you own that had monetary value minus what you owe (car loan, credit cards, mortgage); this will show what areas need a little more care and attention.
3. Create a spreadsheet tracker listing all debts, payments, and interest.
F+M NYC: Do you think there will be any notable financial changes that people should prepare for under the new Biden administration?
AT: Typically, every new administration brings about financial changes. One of the most significant impacts we can expect is potential tax changes. Presently there is speculation based upon President Biden’s platform higher wage earners and corporations will pay more in taxes percentage-wise. While middle and lower-income Americans will have additional tax credits available. Presently it seems that President Biden’s primary focus is the Coronavirus pandemic. As a result, the best course of action to remain prepared with economic changes and potential tax changes is checking the IRS tax withholding estimator quarterly at a minimum.
F+M NYC: How do you support yourself around food + mood?
AT: Oh, great question because food definitely impacts my mood! I try to eat a balanced diet at least two days a week; I eat vegan/vegetarian-based meals. In the mornings, I try to eat at least one serving of fruit. About one day a week, I eat whatever my body is craving, which usually non-dairy ice cream or a heavy meal such as shrimp and grits, which realistically turns into 2-3 meals per week. Also, to support a healthy mood, I do yoga for mediation and blood flow. There have been weeks that I did not consciously balance my food or make time for yoga, and my mood had a negative impact; now I create a weekly plan on Fridays to keep me on track.
To learn more about Tailored WealthSaver and how Adrienne can support you visit https://tailoredwealthsaver.org/