How Lillian Karabaic uses Ziggy as her personal finance muse
A little glitter makes everything better – and that includes personal finances! Ziggy Stardust and kitten videos may not be the first thing that comes to mind when you think about educating yourself about money matters, but that’s because you haven’t met Lillian Karabaic yet.
Lillian is a personal finance coach for Millennials, teaching workshops and hosting the weekly podcast “Oh My Dollar!” Although she works in the nonprofit sector and earns a modest income, she has traveled to 31 countries and remains debt-free. Lillian is passionate about helping artists and freelancers feel confident about money decisions and is the author of Get your money togethera practical financial workbook to help you budget your money and save for retirement.
Lillian Karabaic joins us to explain how she got into personal finance and why David Bowie is part of her approach. She shares her personal secrets for avoiding student loan debt and saving money on minimum wage. Lillian advises on FAFSA access for homeless LGBTQ youth and addresses affordable healthcare as the biggest hurdle for the queer community. Listen in for insights into effective budgeting based on your values and learn to channel Ziggy Stardust as your personal finance muse!
Hear more from Lillian Karabaic:
Topics covered with Lillian
How Lillian uses David Bowie and kittens to teach finance
- An excellent way to disarm people and change expectations
- Allows for a real conversation about money
How Lillian stumbled into the world of personal finance
- Frugal out of necessity when working for small nonprofits
- Spending in line with values
- 401(k) workshop for colleagues
This means you can save money despite having a small income
- Increase your income with a side job
- Get creative (e.g. queer shared apartment, bike to work)
How Lillian avoided student loan debt
- $5,500 stipends to work with AmeriCorps
- Parental income no longer counts toward the FAFSA at age 24
- Social service experience attractive for a private institution
Lillian’s advice for homeless youth on accessing the FAFSA
- Please contact the institution directly
- Consider emancipation if you are under 18
The Three Paths to Independence on the FAFSA
- Military, marriage and graduate school
Lillian’s “You’re not ready until you’re ready” philosophyj
- Understand that your relationship with money can change
- A personal decision must be made to change the status quo
Why people put others down for achieving big financial goals
- Caught up in narratives about what is possible
- Accustomed to a lifestyle based on a belief system
How good and effective budgeting starts with your values
- “You do it” = basic rule of personal finance
- Determine WHY behind the spending and plan accordingly
- Track spending and create systems to avoid regrets
How Lillian channels Ziggy Stardust as a personal finance muse
- The budget is a living document
- Values evolve as we reinvent ourselves
Why healthcare is the biggest hurdle for the LGBTQ community
- Challenge of finding queer, trans-inclusive doctors
- Discrimination based on employment and gender identity
- There is a risk of dismissal if the partner is named in the insurance
Lillian Karabaic offers advice for the queer community
- Benefit from a free health navigator
- Don’t ignore political issues