Financial Perspective - Tori Dunlap
Saving $100k is no easy feat. In this month’s edition of Bacon & Heels Money Perspective, I am speaking with Tori Dunlap, a Seattle-based money speaker and coach who is on track to save $100k by the time she is 25. After reading about her, I reached out to get her take on why financial feminism is the future. In her day job, Tori is a digital marketer for Tomorrow, a financial tech company, and is adamant about advocating for women.
1. What is your view on financial literacy?
“Every woman needs to have a financial education. So many women do not speak about money and I believe that financial literacy is a women’s best form of protest. Women are at a severe disadvantage. Not only do we have the pay gap, where women are paid 80cents to every mans dollar, we also have an investing gap; ladies are getting into investing later than men so we have less money at retirement. Since women tend to life 7 years longer than men outlasting our money is not a good position to be in.”
2. What is your earliest money memory?
“ I really love the theater. When I was young, the production of Annie came to my town and I really wanted to go and see this in the theater. So I saved all of the change that I could get, keep in mind that I did not have an allowance, and I saved the change in an Altoids box. When the time came for us to go to the theater, my parents and I got into the car and on the way to the theater, I realized that I had forgotten the money at the house but it was too late for us to turn around and go back home. My parents told me that they would cover the cost of the event and not to worry, but the lesson that I learned was the importance of saving for what I wanted.”
3. Where do you learn about money?
“My parents provided me with a strong financial education growing up. My parents did not have a lot of money so I believe that they instilled in me, the financial future that they did not have. Ever since I was a child, I saw my parents balancing a cheque-book, negotiate the price of everything, budgeting and saving. Seeing all of this first-hand was key in shaping my relationship with money.
I put these learning into action as I started my first business when I was 9 – I ran a vending machine business. I kept this business for a few years and then sold it to another young lady, who coincidentally was also named Tori! All of the money from this venture went to my college fund.”
4. What is your proudest financial achievement to date?
“The biggest financial achievement is what I am currently doing - I am on track to save $100k by 25 years old. I am doing this by focusing on my full-time job, developing my side hustle, automating my savings, investing and focusing on priority-based spending.”
5. What is next for you, Tori?
“I have a few things that I would like to accomplish, one is in 5 years I would like to be the next Suze Orman, this difference is that I will focus on young women. The second goal that I have is to meet with Sallie Krawcheck of Ellevest. Overall I want to continue on this journal of teaching women how to make, save, negotiate , budget and have the best life while doing all of this.
Women need to speak about money and they need to have the tools to be able to talk openly about money. Because, having a good financial education is a woman’s best form of protest. “