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Start money conversations with children early and often
“Honestly, I grew up in a house where money was taught all the time. My father was a CFO and an accountant and my mom was just really frugal. They had five girls and so they taught us about money just all the time and I became the go-to person for all of my friends when it came to, well, how do you save this and how do you budget that? Because I grew up in a house where that was just the norm.”
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Leverage existing skills to transition into new careers
“While I was teaching preschool, I was showing my staff, I was showing parents, maintenance people used to come in. I was showing everyone how to budget and save money during my break. It got to be so popular that during nap time, because the kids would sleep for about an hour and a half a day, I would have parent university and the parents would come in and I would teach them how to budget. So it was a natural transition.”
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Community support is essential for financial behavior change
“And about 9,000, a little over 9,000 of those women have joined the Facebook group and every day for 24 hours a day, they give each other support, they answer questions, they hold each other accountable. I mean, it is amazing. And to me, that's the magic sauce of the Live Richer Challenge is that you get the support group of 9,000 women worldwide helping you.”
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Women are more open to admitting financial ignorance
“I find that women are far more open, because I teach, my first love is really teaching. So I do a lot of classes in person. So women are far more open about saying, I don't know. Because especially in America, we've grown up in a society where it's okay for women not to know how to manage money, because there's not an expectation there for them to know. But men are usually a little bit more afraid to admit that they don't know, because the gender expectation is that they should know.”
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Prioritize life experiences over mindless daily spending habits
“So my top financial philosophy is really live richer, which is to purposefully and passionately pursue your ideal life. So money to me is just a tool to that. Living richer is so much more than money. Like what does your life, what do you want your life to look like? I want you to pursue it with purpose and passion and to use money as one of the tools to get there.”
BUILD EXPERIENCE
All podcast episode summaries matching BUILD EXPERIENCE — aggregated across every podcast we track.
“I find that women are far more open, because I teach, my first love is really teaching. So I do a lot of classes in person. So women are far more open about saying, I don't know. Because especially in America, we've grown up in a society where it's okay for women not to know how to manage money, because there's not an expectation there for them to know. But men are usually a little bit more afraid to admit that they don't know, because the gender expectation is that they should know.”
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Banks act as advisors rather than simple ATMs
“I think most people think somehow that banks are just there to provide money on tap and it goes a lot more deeper. What we're actually doing is a process that can go many steps and into many dead ends over many months into very wrong streets, but at the end, it will lead out to something that is then financable and doable. We need to be an advisor to the client in that sense that we go together with the client to the off-taker and try to find a solution.”
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Experience counts more than capital volume for scaling
“The really successful and sophisticated investors that we've seen in countries like Germany are those who for a few years only look into batteries as in the technology, try to understand that from an engineering perspective, then they build a very small plant. Once they have that experience, then they say, look, we have a story, we have proven that concept, and we can now go to someone and say, give me a lot of money of that volume that we discussed before.”
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German BESS regulation remains in constant flux
“The problem is not that the process in itself is complex, is that it's still under development. On the grid side, you had regulation in Germany which was an original secondary legislation that is focused on big power plants and that was kind of capturing BESS. Then they just removed BESS from that, and now it is falling on a big Energy Industry Act that was never meant for BESS.”
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Bankability requires process clarity over process simplicity
“Regulatory certainty means you need clarity in something. If you have clarity in your permitting, in your grid, in your offtake, in your project structure, and you're generally happy that this is something that you would put your own money into, then it's a bankable project. It's about the confidence in the processes that underpin that project that's been put in front of you.”
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Capacity markets create revenue risks for existing tolls
“One example that could happen in Germany is that they introduce a capacity market. So let's say you have a tolling agreement in place, capacity market gets introduced, maybe it's mandatory that you participate in that capacity market. You need to think about what happens with your tolling agreement. Do you need to renegotiate with your tolling counterparty? Do you need to find a solution to get compensated or compensate the other party?”
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