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Yahoo
09-07-2025
- Business
- Yahoo
Financial freedom isn't about perfection, it's about empowerment
What does a WNBA star know about money? Turns out, everything! Former pro basketball player and championship coach Vicki Hall reveals how personal tragedy, bad financial advice, and a pay gap in women's sports sparked her second act—as a trusted financial adviser. Vicki Hall opens up to John and David Auten-Schneider about budgeting as an athlete, the realities of being LGBTQ+ in coaching, and why everyone needs to know what a Roth IRA is. Whether you're navigating student loans, saving for your future, or just trying to keep it all together, this podcast is here to remind you: financial freedom isn't about perfection - it's about empowerment. For full episodes of Living Not So Fabulously, listen on your favorite podcast platform or watch on our website. Yahoo Finance's Living Not So Fabulously is produced by Dennis Golin. Please, please, please save, save, you know, and Warren Buffett will tell you the same thing, uh, live under your means and put that money away because time is, time is wonderful for you. Welcome to living out so fabulously. So David, yes, I bet you there is still something about me that you don't know. Oh really? What's that? I didn't play basketball in high school or college. Oh, at 54 I can't imagine why not. 54and 3 quarters,please. Today's guests did though, quite well in fact. From slam dunks to stock tips, Vicky Hall is a former WNBA star and championship winning coach who's helping folks win at the game of money. After a globe trotting pro basketball career and breaking barriers and coaching, she pivoted to become a trusted financial advisor in Indianapolis. Whether she's on the court or in a client meeting, Vicky brings hustle heart and a whole lot of financial to the show, Vicky Hall. Well, thank you, thank you so much. What a what a pleasure to be here. Awesome. I'm excited to have you. So after a successful career as a as a WNBA star and as a coach, you sort of shifted to a whole other career as a financial advisor. Uh, it seems like a pretty big leap. What was your thought process there and how was the transition? Oh, definitely, you know, when I do seminars, people, you know, on financial education, they're wondering, where's this basketball lady? What, what? And so, um, basically what had happened, it was kind of a sad story though, actually, um, in high school, my father passed away early and um he didn't share anything about the finances with my so she kind of had to take over the reins and do everything, and she went to a trusted advisor, and he sold her an annuity or two to a 46-year-old woman with two kids going into college, which is it's not, um, really good at all. And so at that point in time, we, we understood, oh my gosh, we got to figure some stuff out. And so, um, I actually at that point, I ended up, uh, when I, when I finished, I ended up going to Europe and studying on my own and doing some different things and started to trade and invest and learned a lot about the investments. And so that's kind of what I've done kind of parallel to basketball my entire life. Oh, interesting. So that was your first touch of personal finance. And so what attracted you to become an actual financial advisor and make that a career as uh as opposed to having it sort of be a hobby? Um, because there, I think there are just so many people that don't know. You know, you don't know what you don't know, they don't know how to invest, they don't know what it's about, um, they're afraid, uh, because it's your hard earned money and you're like, oh my gosh, you know, I, I have no idea what a Roth means or what an IRA means or or what's an know, and so to be able to go out and help and educate people, um, I just coming from being a coach and trying to help young women, you know, be great leaders and you know and succeed in life, I thought it would be a good transition to try to educate people just in finance to help them in their lives. Wonderful. It's kind of interesting in the the today a lot of folks have this side they have parallel careers, right? Oftentimes we see people who are working down one path and then something else comes along, either they want to be an entrepreneur or they want a side hustle, they want to have multiple unfortunately, many people need this. You actually found an interest in it and found it a a a desire to have both of those. I do find it very interesting how you said there's a lot of overlap. Not a lot of people think about that, about how much overlap that they may have between optional careers in their life. Oh yeah, definitely. Um, you know, that's, it's funny because I went from, uh, coaching, you know, I was the associate head coach and the head coach, and then I went into the WNBA as a coach, and I didn't make a whole lot of money. It was a pretty big pay cut, actually. And so I was like, oh jeez, uh, I don't like this. Not so fabulous, right? And so, um, I said, how else could I make some money? So I started to, I don't recommend this unless you know what you're I did some day trading and also, um, you know, worked with some options and so made some extra money that way. It's very interesting that you bring that up, uh, because Brittney Griner mentioned in her memoir Coming Home, that part of the reason why she was in Russia was because the WNBA just didn't pay her enough to be able to support her and her family. And I think there's this misconception thatAt least from the out those outside looking in that athletes in sort of the big three sports like baseball, basketball, and football, men and women are doing pretty well. How accurate is that? And is there a discrepancy between what the men are earning versus what the women are earning? It's a huge, it's not even, it's apples and oranges. I mean, especially back when I was playing too, because I, you know, I was one of the first ones. I'm not a, I'm not a young chicken if you can tell from my white hair there, um, but, but, uh, yes, when I started, I think, I think I was getting paid like.I don't know, like $50,000 for it was for 3 or 4 months, um, but you can, you know, it was about 3 or 4 times that in Europe for me. And so, was worth it to stay in Europe. And so before the WNBA there was actually the ABL which was a better salary to start with. So yeah, I mean, now, even now, coming back around to these days now, Caitlin Clark has kind of changed um the expectation, thankfully, and you know, we're all thankful for that, for but it's still very far away. Like I think her base salary is probably like 7000 to $80,000 and a rookie, uh, base salary for the men is, I think 350 $350,000. Wow. Oh, I'm sorry, um, so you're saying that Kaitlin Clark is getting about $80,000 but a rookie pro men's basketball player is 6 figures, multiple. It's 6 figures. Yeah, and don't quote me on the 350. I'm not exactly sure you can Google that and find out, um, but there is, there are like tears and um so it's, it's a definite disparity for sure. So I'm curious, I, I can hear the response from some commenters saying, well, the men just attract more, more viewers, right? They have more people watching on TV, they have more people attending their games. What's your argument to that? Well, you know, that was true for a while, um, but now because, OK, so they had the big deal uh that happened during COVID, um, where, you know, the women didn't get the same as the men and all this other stuff, and then, but somehow they figured out the viewership and all of a sudden they started to understand had great viewership as well. Huh? How about that? And so now their TV rights and different things started happening for women. So now they're making a little bit more and, you know, they all call it the Caitlin Clark effect. Um, you know, Indiana, when I was coaching with Indiana, we couldn't give a ticket now it was like their first game was sold out, 17,000. So it's just kind of changed, you know, where you changed the perspective completely. Yeah, interesting. It, it's almost, I, I, I don't know if this is the Caitlin Clark effect actually made this happen, but it almost seems like this whole chicken and egg. Well, there's no viewership, so there's no ticket sales, but there's no ticket sales because there's no viewership because people don't know that there are great games happening. You actually have to be plugged into the sport or plugged into the community to know that it's happening. Absolutely. Well, so as a trailblazer looking back seeing what's happening to uh women's basketball, but I would, I see more and more women's sports in general. How does thatfeel? I'm just, I'm happy for the younger generation that they're actually getting these opportunities that we didn't, you know, weWe paved the path for them and there was those before me that helped pave it for me as well. But, um, you know, it's got to happen somewhere. And so, you know, if, if we, if they were on our backs and now they're standing up strong, then that's great, you know, just as long as it happens. Yeah, absolutely. So we're all very familiar with the statistics. I think it's something to the effect of 80% of pro athletes go broke, you know, within 3 years after, after they're out of out of the major leagues. What financial advice would you give to young athletes today, especially female athletes, starting out their careers in their sports, so they have that long term stability even after their their uh professional sports career is over. Please, please, please save, save, cause it's so easy to go out there cause there's 00 my gosh, there's so many things you wanna buy. I want to buy this, I have a subscription to that. Oh my, those shoes are awesome. Look at that, you know, that dress, look at those, you know, whatever it is, um, but please know, and Warren Buffett will tell you the same thing, uh, live under your means and put that money away because time is time is wonderful for you. So you have, you have the ability to compound that interest. And so if you could save, you know, these thousands of dollars, $20,000 and put that just gonna do nothing but compound as you go from a 20 year old to a 60 year old, and you'll be a millionaire and you won't have to worry about it. But if you go paycheck to paycheck, because you know you have the money and when you have it, you usually spend it, um, then, you know, this, this is the years that you have this earning power and make it work foryou. So hold that thought, please, Vicky, we'll be right back after this back to Living Not So Fabulously. If you're just joining us, we're talking to former WNBA star and coach and current financial advisor, Vicky Hall. Hi there, sogreat. So Vicky, I wanna go back a little bit to the beginning here where you talked about uh your when your your father passed away and your mother was sold a couple of annuities. I wanna revisit that again. When can when that moment happened, when your father passed unexpectedly, you were young, your mother obviously wasn't prepared for it, um, can you, what did that moment feel like? And then when you realized what your mother was sold, what did that feel like? it can still bring tears to my eyes. It felt like somebody just kicked me right in the stomach, you know, and it was our whole family because, you know, that my, I had an older brother who was going to graduate school. I was going off to college and my mom now is going to be an empty nester, but you know, this happened and um talk about angry. I was very angry. And um, so I, I guess that really inspired me to learn about so if, if I know what I'm doing, then I don't have to trust somebody to tell me something, because remember back then, you know, you didn't really, because this, we're talking about the 80s, right? We didn't have Google, you know, and or cell phone, believe it or not. Um and so you couldn't really just Google it and kind of check what someone's saying, you're, you had to go to a lot of different people and then try to figure out who you're going to believe. Yeah, absolutely. So I'm curious, how then did do you think that experience with your father and your and your mother, and the annuities, how did that shape yourPerspective of financial independence and and how that maybe infuses the work that you're doing today. Oh, it, it completely shaped it. Um, and, and my mom was wonderful. I, I, I'm so fortunate that I, that I had her as have have her as my mom, um, because, you know, she taught me, uh, what Warren Buffett says, and that's pay yourself how do you pay yourself first? It's not really going out and buying something, it's actually investing in you, and that's in your retirement, in the betterment of yourself, and that's like, you know, getting cer certified or your education or different things like that. And um, you know, that's paid dividends for me. Definitely. And John and I like to say when when it comes to paying yourself first, it's pay your future self first, pay your past self second by your bills and and uh the, the things you already have said you're gonna, you have already purchased, and then pay your present self third because we oftentimes do it in the exact opposite order. We pay our present self, then we pay our bills, and if there's money left over, we'll pay the future self. Right, absolutely. And, and, and that's really, you gotta change your way of thinking. It's so hard to, cause you know, now we have it's people get DoorDash all the time. They're, they're, you know, whatever the, theQuick pleasure is what we're after in these younger generations and, and even our, I mean, even my generation, it's whatever's easy is what we're looking for. And you know, I don't think very many people that I know have been very successful on the easy path. So sometimes we got to make some sacrifices. Yeah, one of the things I, I appreciate what you're saying, and I think one of the things that you have, have said is you try to always save at least 10% of what you how do you think that we can do that today in a world where, how do we make it easier to do stuff like that in a world today where we do follow or hit the easy button for almost everything in life, but then it costs us more, or we're maybe in that lower income trap and we feel compelled to treat ourselves from time to time. Well, I do think you should treat yourself at times, and it depends on what, but, you know, your treat can be, you know, going to Dairy Queen and get an ice cream versus buying a $000 bag. We're on Dairy Queen of wheels, right? Um, but you know, so I think keeping that in perspective first and foremost. Second, uh, you know, I think one of the biggest things is just have the money taken out from your paycheck. Like you, you know, you can automatically get it distributed intoUh, a brokerage or a retirement account. And please understand what the difference between a Roth and a regular retirement account is. Please do that. I don't know if we have time for that, but, um, if you just naturally take it away, if you don't see it, then you don't spend it and you don't feel it as bad. But if I see that, oh my gosh, I'm making $4000 a month, woo, you know, but if I've just taken it out and now it's $3000.00 OK, well, maybe I can't afford that, uh,You know, those new vans or whatever, right? Well, while we have you, uh, uh, really quickly, what is your elevator pitch for the difference between a Roth IRA and a traditional IRA? OK, well, so a Roth IRA, so a traditional IRA is you're gonna, you're gonna going to get something back right away. So basically, uh, you get a tax break. All right? So if I make $50,000 and I put $7000 into my IRA, then I'm going to get taxed on that $43, $50 right? OK. So, but as as that money grows and goes on, and when I get older and I have to take that money out, it's going to be taxed at income because it's never been taxed, and I'm all the capital gains and everything else, so that all that's taxed at I have a Roth and I have $50,000 and I put $7000 into my Roth, I am, I'm paying the income tax on $50,000 that year. Um, but later on, as that grows, so that so that $7000 now has grown to $200,000 and I'm 70 years old, that's tax free. So no income tax that you're paying and no capital gains. It's huge. I love that. So is it would in your experience, professional opinion, is one better than the other, or does it maybe make sense for some people to try to have a combination of both? Well, I think a combination of both can work very well. I do, there, there also is for the Roth, there are limits, like if you're a very high earner, a single earner, I think it was last year was 1,146,000, um, and as a couple of it was like 256, you cannot contribute to a Roth, so please understand that, um, but you still can't look in your 401 case because most of them now um uh give you that Roth I think a combination would be not a bad idea, um, but I would really go more towards the Roth. I think it all depends on what tax bracket you're in and if you're near those edges to move up or not. Perfect, thank you. So there's one final question that we have, and we ask this of all of our guests. Thinking about your personal experience, maybe your business experience, what is one piece of financial advice you would give to folks in the LGBT community? Well,Oh, there's so many, know, I, I think one of the biggest, well, there's 21,If you're gonna go and get an what kind of of salary that degree is going to get you. So don't take out a huge loan, OK? A $70,000 loan that's going to just keep growing and growing and growing, and all you're going to make that you're going to get capped out at 50,000 or $60,000 because you're going to be paying that loan off until you're 100. OK. So please look at the other thing that is so important, I think is just having one, pay yourself first. So I'm giving you 3, sorry, pay yourself first and then have an emergency savings because you never know what's gonna happen. There's always the what if day, you know, where my car broke down or, you know, in the LGBTQ community, unfortunately, a lot of us have gone through situations, maybe you get got kicked out of the maybe you got fired because somebody found out you were LGBTQ, you know, and so you have to have this uh cushion to help you get through a month or 2 or 3 while you're finding another That's actually that happened to me, um, unfortunately, I mean, you know, as being a coach, you'd think in women, you know, oh they're all lesbians, um, which is not true. I mean there are a lot of them that are, um, so I don't want to speak for everybody, but you couldn't really talk about it. You couldn't really talk about it. And so, you know, you always had to be careful about what you did and and if you get a job or you know, I, I don't know if if they would actually say that, but it definitely was a part, it definitely was a part of one situation that I was in, for sure, because I lived that lifestyle. And also when I was in college and I was a coach, you know, you know, being LGBTQ, it's contagious, right? So, uh, you had to be careful not to tell people because, oh my gosh, you know, you're going to give it to their So those are real things. Believe me, I mean, we laugh, but you know it's real. And it was tough. And that's why I'm so happy now because I'm in the financial industry and I don't have to worry about that. Like I can be who I am. I have a wife, I have a home, and I have my flag. I never had an LGBTQ flag. Now I do. It's fabulous. Nice. So I, I, I'm curious from your perspective now, how is that, I mean, having gone through all that to now at this point where you can be completely out and open and have your flag hanging on your front porch, what is, how does that feel? So freeing. It's so freeing. And and I, I, you know, I remember I was the head coach at one point in college and one time my wife took my hand and said, Hey babe, and I was like, Don't do that, you know, because you're out in public. And um now I just, we are who we are. And so I don't have to pretend that I'm somebody that I'm not and it's just so freeing. Yes,that's wonderful. That's a great note to end on. Thank you, Vicky Hall, for joining us. It's a pleasure having you. Well, it's a pleasure being here. Thank you so much and I hope that what, you know, somebody got something from these little tips. Love that interview and a big shout out to our friend Zena Kumar for making the introduction. I particularly loved Vicky's heartfelt story at the end there. I think a big takeaway for all of us is to remember that even if we're stars in the WNBA today, budget, save and invest, because we never know how long that gravy train is going to last. Yes, whether we're a florist, a nurse, or a celebrity, save, invest, save and invest. As Vicky shared, the duration of time that you save and invest is one of the best indicators of your long-term financial success. Thank you to our listeners and viewers for joining in. If you like what you see, please scan the QR code to follow Yahoo Finance podcast for more videos and expert insights, because when you do, you're sinking 3 pointers for your financial security. Oh my goodness, look at you, a sports joke. And until next time, stay fabulous. This content was not intended to be financial advice and should not be used as a substitute for professional financial services. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-06-2025
- Business
- Yahoo
The hidden financial risk when sponsors pull out
Dive into the dollars, decisions, and deeper meaning behind World Pride DC 2025 with Ryan Bos, executive director of Capital Pride Alliance. From glitter-filled celebrations to seven-figure budgets, we'll break down what it really takes to organize one of the largest LGBTQ+ events in the world. Through the lens of Pride, protest, and personal finance, this episode of Living Not So Fabulously blends activism with accountability, reminding us that visibility is powerful, but budgeting for that visibility also matters. Ryan Bos also offers real world advice for queer professionals trying to build wealth and stability while staying true to their values For full episodes of Living Not So Fabulously, listen on your favorite podcast platform or watch on our website. Yahoo Finance's Living Not So Fabulously is produced by Dennis Golin.
Yahoo
03-05-2025
- Business
- Yahoo
What is a "Certified Financial Therapist?"
Many financial professionals have a CFP (Certified Financial Planner) designation– but have you ever heard of a Certified Financial Therapist? Robert "Bob" Powell talks to Preston Cherry, Concurrent Wealth Management wealth advisor, to discuss the unique skillset of a Certified Financial Therapist and how they might be able to assist on your retirement journey. In the full episode of Decoding Retirement, Bob and Preston discuss his new book, his growth philosophy, and making tactical shifts in your portfolio to help smooth out any bumpy rides. Yahoo Finance's Decoding Retirement is hosted by Robert Powell, and produced by Dennis Golin. Find more episodes of Decoding Retirement at Thoughts? Questions? Fan mail? Email us at yfpodcasts@ This post was written by Dennis Golin. So, President, uh, you have a certified financial planner designation, as do I. But you also have another designation called the certified financial therapist. And the merging of these two uh, knowledge designations makes for, I think, a unique experience for you. Uh, tell us how you are able to sort of influence the perspective of people having a truly successful retirement, given those two designations. Yes, absolutely. You know, uh, people have to see themselves in their financial plan. And if they don't, then there's no stick-to-it stick-to-itness to the plan, right? And this is why it always goes back to the the people-centered process. And people like, "Oh, that's cliche. Uh, well, that doesn't mean anything." But you know what? If you don't, then people won't even start the plan, won't commit to a plan, won't enjoy the the prospering of the plan, right? And I always say, if folks can see their preferences, their life stage, which is points, right, their purpose, and then the their their financial plan will then prosper. All right? So, more peas, more alliteration. But if if folks can, uh, rarely are folks asked, you know, about themselves and to see themselves, investigate themselves, discover. And I get this question often, Bob, is, you know what? I've never been asked that. Or, you know, thank you for asking. Because then now, people see their their feelings turn into find the numbers of finances, and then now, you can flourish. Sign in to access your portfolio
Yahoo
22-04-2025
- Business
- Yahoo
Building a retirement plan that works for you
Can target date funds actually be personalized when approaching retirement age? Robert "Bob" Powell sits down with Chris Littlefield, President of Retirement Income Solutions at Principal, to discuss how you can improve your retirement returns with a hybrid target date the full episode of Decoding Retirement, Bob and Chris discuss adjusting your portfolio to match the moment, common retirement mistakes, and how to tell when it's the right time to retire. Catch the full episode with Chris Littlefield on Yahoo Finance's Decoding Retirement. Yahoo Finance's Decoding Retirement is hosted by Robert Powell, and produced by Dennis Golin. Find more episodes of Decoding Retirement at Thoughts? Questions? Fan mail? Email us at yfpodcasts@ This post was written by Dennis Golin. The interesting thing you're seeing in target date now is you're also seeing what what people are calling hybrid target dates, right? Target date fund until you reach the age of 40 or 45 or 50, and then it converts to a managed account option. So, you have an asset allocate asset allocate asset accumulation for 20, 25 years, but then when you get starting closer when you might need to start planning for retirement, it gets you into more personalized that takes into account your individual circumstance as opposed to just your age. And I think that's been a really uh significant uh uh approach. Now there is a cost difference to that. There is a cost for providing that advice, but in many cases we see the people that pair up a target date fund with the managed account have better overall retirement income outcomes because that managed account is able to be personalized for their specific and unique circumstances. Yeah, if I think about one of the historic sort of short corners shortcomings of plan providers is this notion of that you have eyes on someone's defined contribution or 401k plan, but maybe not on their other assets. Maybe maybe they have rental income from a an apartment that they own. Maybe they have a lot of um uh stock from the company that they work at, or maybe they have a lot of money in a taxable account, but so being able to have eyes on all their assets is really important as you think about building a plan that works for them. Sign in to access your portfolio
