Her Expat Life chatted with Natalia Ivanova, founder and CEO of NewGen Wealth Creation, former financial advisor at Morgan Stanley and experienced expat about creating financial freedom, wealth, and financial planning tips!
1: Congratulations on starting NewGen Wealth Creation, Registered Financial
Advisor firm! What made you decide to start your own business?
My journey to becoming an entrepreneur began with two deeply impactful events in my
life. I arrived in the United States with only $500 in my pocket from Eastern Europe and
soon after college, I found a job in finance. Being young and single, I often worked
during holidays. I was in the process of obtaining my Green Card and because of the
legal process, I was unable to visit my home country for a long period of time. When I
got my citizenship and applied for a job as a Financial Advisor, I was sure that I would
be able to return home without any issues, but unfortunately, it took three months for me
to get the necessary authorisation from work. I was met with much criticism and
discouraging words for wanting to prioritise my family over my career. Despite all of this,
I was certain that family was my top priority and I wanted to be able to go home without
having to worry about getting the right permissions. This was the moment I first
seriously considered starting my own independent Registered Investment Advisor firm.
With this goal in mind, I began to build my network and ask questions.
When Russia invaded Ukraine, I felt the weight of the world on my shoulders. I had to
be a financial advisor to my clients, an immigration lawyer to my family, and a
fundraising coordinator to support Ukraine. Amidst the fear of bad news from home, I
knew I had to make a change and find a career that revolved around me. I no longer
could revolve around my New York job. And so I decided to leave Corporate America
and use this time to take care of my family and create something entirely new. I wanted
to enable young professionals to take control of their financial future and build their
wealth with confidence, no matter where they start from. Thus was born NewGen
Wealth Creation - a revolutionary way to help young people plan for their financial future
early in life.
2: What advice would you give to females looking to generate wealth?
I would like to gently encourage all women to take brave steps to improve their financial
picture. It can be daunting to try to learn the entire financial industry, but it doesn't have
to be. Creating wealth requires consistent effort, planning, and dedication.
There are many paths to wealth that individuals can pursue.
Here is a quick example, of how much a decision of buying a car versus investing could cost you:
- In 2019 I could buy a Tesla Model 3 for $60,000. At the time, Tesla stock was
trading at $200/share.
- Alternatively I could invest $60,000 into the stock instead of the car, I'd have
$420,000 in 2020.
- The car in 2020 would be worth about $35,000. The cost of me buying the car
instead of the stock: $385,000!
Consider finding a wealth planner who can provide the guidance and expertise
necessary to help you make smart financial decisions. Taking action is essential to
making progress and improving our financial situation. There are many ways to start
working with a financial professional without committing to a huge expense.
3: Some people are struggling financially, more than ever in this current
economic climate. What advice would you give them in terms of financially
planning for the future?
When the economy takes a downturn, it can be difficult for those who live pay check to
pay check. That's why it's important to take a look at your financial picture and try to
identify areas that could use improvement. Don't hesitate to ask questions and talk to a
professional if needed. Doing a one-time financial check-in is a great way to get started
and can be done at least once a year. Focus on building a strong financial foundation
that will serve you for years to come, and even when the economy is uncertain, you can
continue to steadily grow your wealth.
4: You used to work at Morgan Stanley, what did you learn there and what were
the challenges you faced? (how did you overcome them)?
I'm so grateful for the opportunities I have had to sharpen my financial skills. I've had
the incredible privilege to work with the best in the industry, learning to analyse stocks,
build portfolios, and manage large asset volumes. I've been able to use my knowledge
to create financial plans for individuals, families, and business owners, helping them to
build wealth. However, I noticed that people going through life transitions were often unaware of the
full range of wealth management options available to them. Additionally, I encountered a
general lack of financial literacy amongst young adults. I also realised that young
business owners and professionals were seeking to build wealth, but often were not
considered good/profitable clients due to their lack of investable assets. This inspired
me to create a new kind of service, one that helps young people to travel and reach
their dreams early in life, while growing their wealth. It's been a challenge, it is hard to
change my mentality but I'm proud to stand at the forefront of a new generation of
financial advisors, helping young people to achieve their goals.
5: Tell us more about your coaching program and what can people expect when
they sign up?
Life/Wealth Coaching program is for young professionals and business owners with a
net-worth of $500,000 or less. This would also be a great solution for someone who has
experienced a financial setback and is trying to figure out how to get back on track. I
essentially help clients to build their first $500,000.
People usually set up a call with me to discuss their situation and learn more about
each other. I provide a risk analysis and financial proposal tailored to their needs during
our second meeting. We then work together to reorganise their finances and make sure
their assets work for them. The fees here depend on how much you start with - the less
you start with, the more you save! I try my best to encourage young people to take
actions and start building their wealth, so I tried to make fees as attractive as possible.
6: What would you say to someone who wants to live the expat/digital
nomad/travel lifestyle but they are wrapped up in debt? How would you help them
to live their dream life and also create income?
By taking it step by step, you can make the best decision for your financial situation. I
would start by organising your debt, depending on your debt, you may even be able to
speed up the repaying process. Then evaluate your income and life expenses. You can
even look into different countries with lower living expenses than your current location to
make the most of your income. Explore the local cost of living and culture through the
HerLifeExpat community to find the perfect place for you. With proper planning and
preparation, you can make your financial goals a reality!
It's also important to have an emergency fund and strategically invest the remainder so
the money works for you. Market conditions can change quickly, so be strategic when it
comes to making investments. I, as a wealth planner can be not only a resource but a
partner in this preparation process. It will take a lot from you to research and learn. But
what I love to tell my clients: “I will be with you every step of the way!”
7: What advice do you have for women who may have setbacks in their career or
are financially unstable?
My advice to women who may have setbacks in their career or are financially unstable
is to stay positive and motivated. It can be difficult to stay motivated when faced with
financial difficulties or career setbacks, but it is important to remain focused on your
goals and to take small steps towards achieving them. Take advantage of any resources
or programs that may be available to assist in financial stability or career advancement.
Finally, take time to reflect on your situation and the choices you have made that have
led to your current situation. This reflection can provide insight into areas of
improvement and can help you create a plan for success.
Don’t be afraid to make a change.
Asking for a promotion or changing jobs can be scary, but it can often lead to great opportunities for growth. Don't be afraid to take the steps towards the life you want. The worst that can happen is that you will hear “no”. Utilise wealth management strategies to optimise your debt, taxes and investments, and you'll be able to speed up the process of building a strong financial foundation.
8: Can you tell us more about the services you offer and who you are targeting
Currently I have three programs:
One-time financial check up, Wealth/Life Coaching and Comprehensive Financial Planning. If you're not yet ready to make a long-term financial commitment, our one-time financial check-up offers the guidance you need for a fixed one-time fee. This service is perfect for those who want to open a 'Robin hood' account but realise that investing in a bunch of index funds won't get them to their desired financial goals.
Life/Wealth Coaching is a program for young professionals and business owners with a
net worth of $500,000 or less. As I mentioned earlier, this would also be a great solution
for someone who has experienced a financial setback and is trying to figure out how to
get back on track. It is a monthly subscription until you reach $500,000.
Our comprehensive wealth planning program is for individuals and families with
investable assets of $500,000+. This is essentially Life/Wealth Coaching for more
complex financial situations. Usually, it involves more detailed retirement, cash flow,
estate and legacy planning. The fee is a % of assets under management.
My goal is to help people achieve financial success through strategic planning and good
money management. Our programs are designed to fit anyone who is ready to take a
step towards a healthy financial life and not sure where to start. I am also working on creating courses that will be focused on teaching investing 101, generating passive income, retirement accounts etc. The courses will come with a few benefits and a 1-1 time with me after compilation of the course. And recently, I started focusing on writing a book for 16-21 year old kids. Very excited about this project.
9: What do you do in your spare time?
Just like many of your members, I live a nomadic lifestyle. My boyfriend and I moved to
Puerto Rico as our base a year ago and adopted our puppy, Frank. You've probably
seen him on my instagram account @newgenwealthcreation; He takes up most of our
free time with beach walks, runs and Rainforest hiking. We also travel often to places
like Costa Rica, Canada, and Europe, as well as the U.S. I try to live everyday as a kid
when it comes to my spare time. So recently I started looking into a new hobby eFiol
(electric surfboard), that apparently originated here in Puerto Rico.
10: Lastly, what advice would you give to a young female entrepreneur?
Starting a business can be a rewarding experience and a great way to invest in yourself.
My advice to young female entrepreneurs: if you think you might want to start a
business down the road, start building your social media presence now! If I had taken
the initiative to start sharing my story in my 20s, I'm sure I would have had a greater
audience right now. An audience is a key to your success. Your skill, idea, or product is
for your audience. Make sure you have a well thought-out plan and that your finances are in order. This can help reduce risk and ensure you have a more stable business. Intentionally
investing in yourself and your business can be a great way to grow your assets - just
look at how I grew my portfolio from $15,000 to over $280,000 in just four years! Only
because I had a financial cushion was I able to start my business.
Make sure to prepare financially. With the right wealth management strategies, I
was able to grow my assets from $15,000 to over $280,000 in just four years. Even in a
challenging economic environment, there are plenty of opportunities for those who are
willing to put in the work. You never know what could be possible if you take the first
step and make a plan.
Find out more about Natalia Ivanova: