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Episode 92. How To Use Your 401(K) To Pursue Financial Independence | Marie Coleman-Johns & Stephanie Stockwell, Winenance

Episode 92 is all about your 401k, including how to handle you first experience with a 401k and where to fit it within your financial wellness plan.

Marie Coleman-Johns and Stephanie Stockwell, aka, the “Sisters of Financial Independence,” are personal finance educators and the founders of Winenance. Through their weekly YouTube show and podcast, investing workshops, and blog posts, they help women and people of color spend more intentionally, learn how to invest and grow wealth, and build a life of financial freedom. Having grown up financially insecure, they started out repeating the bad money habits they learned from their parents.

Though they turned things around in their 20s through growing their careers, by their early 30s, they realized that the savings sitting in their bank account wasn’t actually growing, and that wealth still eluded them. They soon found the FIRE movement and learned how to master their 401Ks and invest. Wanting to share the keys to investing with their friends and family, they took what they learned, built a PowerPoint Presentation, and started hosting Winenance Nights. You can follow them on Instagram, Facebook, Twitter & YouTube.

In episode 92, Marie, Stephanie & I talk about:

  • Making the path to financial wellness enjoyable—it’s in their name, “winenance“. Being on a financial journey isn’t easy. Learning about it shouldn’t be hard. By making the journey to learning about finances enjoyable, Marie and Stephanie hope to invite more people, particularly women, into the space.
  • Pursuing stability when making decisions—many of our guests did not grow up in a wealthy household. For Marie and Stephanie, this experience made them seek out stability as they navigated adulthood and chose career paths. If you’re feeling unsure of what your next steps should be, listen to this episode to hear how Marie and Stephanie balanced their interests with a desire of building stability.
  • Some sample journeys for people just starting their financial track—Marie and Stephanie gave their interpretation of what this path should look like. Their first option would be to establish your 401k with your employer. For Marie, understanding the basics of 401k during her first salaried job brought her to the world of personal finance. To learn their next recommended steps, listen to the episode. Hint: these steps include setting up an IRA!
  • What they would change about their 401k journeys—their main change? Trying to max out their 401k sooner, especially knowing that they had the capacity to. Now, they would practice better financial habits to be able to do this, such as managing expenses and understanding their cash flow.

We love this episode for all of our beginner wealth-builders and investors! Marie and Stephanie take us through their own journey into this world, beginning from when they knew very little about finance. If you are new to this world as well, are new to the world of workplace benefits (including 401k!), or are trying to carve your own financial wellness path, this episode is for you.

Are you loving this episode? Be sure to leave us a review if you’re listening on Apple podcasts! #StayPoderosa!

Partners mentioned in this episode:

BetterHelp – Professional Support When You Need It, At The Fraction Of The Cost Of In-Person Therapy. Get 10% off your first month at BetterHelp.com/dinero.

Gentreo – helps you create the important documents you need for official estate planning, including your Will, Power of Attorney, and more.

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