Chloé Daniels, founder of Clo Bare Money Coach and The Lazy Investor’s Course, is a money coach, focused on helping people learn how to invest and build wealth the lazy way. She’s been featured on CNBC + Acorns, Entrepreneur, Bloomberg, Business Insider, TIME, and more. Her ultimate goal is to provide education in a fun, easy to understand, and accessible way, and is known for her reels and TikToks that showcase her terrible dance moves while also providing finance tips.
She can be found on Instagram and TikTok @clobaremoneycoach or at clobare.com.
Lauren gets into a great conversation to discuss Chloe's journey from being stressed about money and living paycheck to paycheck to having a net worth of $300,000 and peace of mind when it comes to money.
They also talk about the importance of taking ownership of one's finances and the dangers of relying on others for financial security. Chloe explains the concept of lazy investing and offers tips on how to get started. They also discuss retirement planning, the importance of having an emergency fund, and the decision of homeownership. This is a packed episode talking about things related to financial strategy!
Step into the abundance and financial success you desire in Lauren's signature MONEYmind MasterCourse!
www.lazyinvestingclass.com
Instagram: @clobaremoneycoach
*Chloe's journey to financial stability [00:04:23]*
Chloe shares her personal story of going from living paycheck to paycheck to having a net worth of $300,000 and peace of mind when it comes to money.
*The dangers of relying on others for financial security [00:08:39]*
Chloe talks about the dangers of relying on others for financial security and how it led her down a path of abusive relationships.
*The concept of lazy investing [00:01:09]*
Lauren and Chloe discuss the concept of lazy investing and how it can make investing more accessible and less daunting for women.
*Chloe's journey to financial freedom [00:09:34-00:10:35]*
Chloe shares her personal journey from living paycheck to paycheck to achieving a net worth of $300,000 through learning about personal finance.
*Importance of money mindset [00:11:22-00:14:21]*
Lauren and Chloe discuss the importance of money mindset, beliefs, and identity in achieving financial transformation, and how societal expectations and past experiences can shape our beliefs about money.
*Uncovering false beliefs about money [00:15:11-00:17:32]*
Chloe emphasizes the importance of uncovering false beliefs about money, sharing her own experience of believing that girls are bad with money and boys are good with money, and how therapy helped her address her money beliefs.
*Realities of Money [00:18:23]*
Lauren and Chloe discuss the different beliefs and realities people have when it comes to money and the importance of questioning and identifying helpful and unhelpful money beliefs.
*Lazy Investing [00:23:08]*
Chloe explains the concept of lazy investing, which involves buying solid diversified investments through index funds and holding them, rather than trying to time the market or buy individual stocks.
*Getting Started with Lazy Investing [00:26:15]*
Chloe recommends educating oneself about lazy investing, but for those who want to start investing immediately, she suggests target date funds or robo-advisors as options.
*Target Date Funds [00:27:05]*
Chloe explains what target date funds are, how they work, and why they are a good option for lazy investing.
*Robo-Advisors [00:30:14]*
Chloe discusses the benefits of using robo-advisors for investing, including lower fees and personalized portfolio recommendations.
*Retirement Planning [00:34:33]*
Chloe emphasizes the importance of setting retirement goals and determining how much money is needed to retire comfortably. She also mentions the 4% rule as a conservative guideline for retirement planning.
*Lazy Investing [00:35:24]*
Chloe explains the 4% rule and retirement calculators, and how to determine the amount of income needed for retirement.
*Determining Investment Goals [00:39:33]*
Chloe and Lauren discuss the importance of setting retirement goals and doing soul-searching to determine the desired lifestyle at retirement age.
*Emergency Fund [00:41:23]*
Chloe clarifies the recommended amount for an emergency fund, which varies depending on income and employment status.
*Emergency Fund and Cash Savings [00:42:53 - 00:44:32]*
Chloe discusses the importance of having an emergency fund and keeping cash savings in a high yield savings account for short-term goals.
*Women and Cash Savings [00:45:13 - 00:46:12]*
Chloe explains why women tend to hold more cash savings than men and how societal expectations have impacted women's access to financial education.
*Homeownership [00:48:35 - 00:49:37]*
Lauren and Chloe discuss the individual decision of homeownership and the societal pressure to own a home as a means of building wealth.
*House Poor and Renting vs. Owning [00:50:26 - 00:54:38]*
Chloe discusses the concept of being house poor and the pressure of the American Dream to own a home. She also talks about the benefits of renting, such as knowing exactly what your housing costs will be and having more cash flow for other investments.
*Luck and Personal Finance [00:56:02 - 00:57:40]*
Lauren and Chloe discuss the role of luck in personal finance, particularly in regards to home ownership and the housing market. They emphasize the importance of personalizing financial decisions and not relying on blanket advice.
