[WINii] Reaching New Heights

Plus, how to think about financial independence.

Author

Minki Jung
January 28, 2024

Hi WINers!

This edition of our newsletter covers aspirations and reaching new heights - whether that be in the stock market, or women completely pivoting their careers.

Here we go! 🤩

đź’˛ Financial Independence - Know Your Why

This past Sunday, we held WINii’s Q1 2024 webinar on setting financial goals for the new year and creating a working budget. 

We started off by reflecting on our “why” - why are we proactively working on our personal finances? What would financial independence would look like for us?

Financial independence is when you have enough passive income, or liquidity, to not have to depend on a salary to fund your lifestyle. To find your own financial independence numbers, you need to answer two questions:
 
1. How much would you need to reach financial independence? 

2. At financial independence, if money is no longer the main driver, how would you spend your time? With whom? Where? Doing what? What is your why?

Our answers to question #2 are particularly important as our lives expand. 

As you can see from this graphic, we are no longer our parent’s generation who remained at the same job throughout their entire career. Our generation has an expected longer life span, which may need to embody multiple career pivots. It also means we have more time to find fulfillment. 

If how we work changes, so should our financial plans. Instead of working hard for four decades to enjoy the last two decades of life in retirement, we may take a sabbatical, work part time, or change careers entirely as we reach new life stages. 

Your financial independence number is in a way your safety net to experiment different paths.

Here is a simple chart to calculate your FI number:

Why 2.7% may be a more realistic withdrawal rate for retirement:

⛰️ Such Great Heights

This week, we watched the stock market soar to new heights. The S&P 500 reached a new high and the Dow climbed to set a new record above 38,000.

But does this mean the market is overvalued? Should we expect a market drop as a result? Not quite. 

Behind the scenes, much of the stock market's valuation is driven by companies known as the Magnificent 7: Apple, Microsoft, Google's parent company Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla.

đź“Ł Weekly Poll

Last week's results

In last week's newsletter, we asked if you were on the AI train, whether that be in your career, investments, or something else. 🤖

Most WINers that responded said they invest in AI-related companies or ETFs. Others said they're still kickin' it old school and aren't into AI at all! Super interesting signal given the majority of our community are women in tech.

đź’« Pivoting Careers in Uncertainty

Continuing the theme of charting new territories, sharing our podcasts from two women who upended their lives for complete career pivots! 🥇

Paige switched careers after realizing a physical therapist would make less than working at Starbucks:

Marion had a thriving career in Paris, but gave it all up to plunge into a new city (New York) without anything lined up. Through networking, she entered a new industry (venture capital).


Have a wonderful week ahead!

Minki
Founder, WINii

📢 PS - Refer a Friend!

Are there others female friends/colleagues in your social circle you’d like to include in our money chat? Consider sharing this newsletter!

The more friends you refer, the more bonuses you’ll earn:

  • 5 referrals - Private group Q&A session on student loans 

  • 10 referrals - WINii branded Stanley bottle 30 oz 

  • 15 referrals - 1:1 budget review session with founder

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