Lena Rizkallah asks: Do you Have Money Moxie?

New York City girl, Lena Rizkallah, launched Money Moxie earlier this year, to provide financial guidance to women. As an attorney-cum-consultant, her interactive workshops and sessions are an innovative idea, to get women thinking about their finances. We got a chance to speak to her.

Elan: Can you tell us a little bit about your professional background?

Lena Rizkallah: I am a recovering attorney with over 13 years experience in the financial industry. I have worked at various financial companies as a speaker and consultant on advanced financial planning strategies—basically part of the nerd squad. I started my own business several years ago where I write, speak and consult on topics such as estate & trust planning, charitable giving, retirement strategies and tax policy. Like I said –very nerdy. But with Money Moxie I am able to integrate my nerdy side with my creative side (I used to do stand-up comedy and sketch comedy on the side!)

Elan: You’re the founder of Money Moxie with Lena Rizkallah, what is the initiative and what inspired you to launch this?

LR: I’ve lived in NYC for over 10 years. I have definitely experienced my share of financial setbacks, unnecessary splurges, nights where I went to the ATM twice! Being single in NYC is like being on Temptation Island! You have money and time to spare and there are tons of great places to check out, stuff to buy, great restaurants to try—and virtually no repercussions since I had no husband or family to answer to! But over time, I realized that this kind of lifestyle was just me killing time and wasting money. I started noticing that when I went out with friends, we talked about the same things—boys, shopping, food, each other—and never talked about how we handle money. And this was a part of me—since I’m in the business—which I never brought out with me in NY. And especially since I’m in the business, I’m aware of how necessary this type of education is especially for women. I started talking to friends, mentioning financial planning and retirement without being too much of a buzz kill—and I realized that many women are hesitant to talk about money because they either feel they don’t know enough about it or they are afraid of being perceived to be behind the curve. But in my workshops, it’s amazing how much women have opened up, taken on tasks and projects that they never cared about and became way more comfortable talking about finance and investing.

Elan: What are some basic tips for managing your personal finances?

LR: Well, first thing is people should know how much we spend and what we spend on. I tell people to keep a journal of your spending for at least a week if not a month-to really learn about your spending habits. Once we know how we spend, we can figure out what we really need, what we can cut out or limit and also why we spend. From there, it’s about setting and managing a budget, which you can do by using online tools like mint or manilla, or use your own excel spreadsheet or pen and paper—whatever floats your boat! So establish a budget you can follow first and then set saving goals—for an emergency fund, for retirement and then for a specific investment like a mutual fund, a home or a splurge.

Elan: What has been your greatest challenge?

LR: Since Money Moxie is not web-based but face-to-face education—it’s a real challenge to get women to make the workshops a priority. Women love the concept of casual, interactive workshops on personal finance—but it’s NYC, everyone’s schedule is jam-packed and it’s hard to set aside 2 hours a week to get together and learn about debt management or whatever. But once people come to the workshops and realize I specialize in non-coma-inducing education on personal finance and investing, they actually have fun and learn a lot!

Elan: What can we expect from Money Moxie in the near future?

LR: We just launched our fall calendar of events. This fall, we are teaching several workshops on budgeting, credit card and debt management, understanding your credit score and investing, as well as an all-day retirement bootcamp. In addition, we’ve developed a salon series that I refer to as a “smart happy hour.” At a salon, we have wine, beer and refreshments and discuss certain “high-brow” topics, like the economy, financial reform and the health care bill. It’s an opportunity for people to read up on a topic and debate their view but also learn from the opinions of others. We’ve also developed a café series where we take on more informal topics that affect women—like how to ask for a raise or promotion, what a first-time home buyer needs to know and how to save for a splurge.

Website: www.moneymoxie.wordpress.com

Facebook: https://www.facebook.com/lenamoney