Feb 24
Join Tracy as she welcomes Michelle Nickel to Episode 97 of ADHD for Smart Ass Women. Michelle earned a degree in liberal arts and followed that up with an MBA. She went to work for a major brokerage firm at the age of 25. Along the way she earned AAMS (Accredited Asset Management Specialist) and CFP (Certified Financial Planner) designations and also holds series 7, 63 and 66 Securities Licenses. Working in a small town, Michelle did everything from making sure little old ladies didn’t run out of money, designing retirement plans, setting up college savings accounts and everything in between. Her favorite thing to do is to take a giant pile of financial statements and data and turn it into a comprehensible and workable plan for her clients. Michelle learned how to manage investments from her company, but managing day to day finances was harder, because of her ADHD. After 23 years working as an advisor, Michelle was able to retire at 48. Michelle lives with her husband and two teenage boys, both of whom have ADHD, in Alabama.
Michelle shares with us: The circumstances surrounding her ADHD diagnosis, Her ADHD symptoms, How to save, The importance of automating everything you can, How to save if we’re self-employed, What we should do with credit cards, How to pay bills, How to budget, The importance of cash, The ADHD traits that Michelle feels are responsible for her success, The ADHD traits that Michelle still struggles with Her key to living successfully with ADHD, Her number one ADHD workaround, What it means to make decisions in advance, Her future plans for “retirement”
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" I make decisions in advance. So I find it absolutely hilarious that some of my friends think that I'm very disciplined and I'm not decisions, I tend to analyze them to death."
- Michelle Nickel
"I love explaining to people how they work and easy ways to take money in their financial system that's not doing them any good and turning it into an asset or eliminating something easy that turns their finances around. Like, I love solving problems."
- Michelle Nickel
"I found that a, there was a whole lot of things. And it was cash money that I would like take it out of my cart and put it back on the shelf, when I realized it sounded like a good deal until I realized that I was going to have to pay for this with $20 bills. Like, it really is a reality check."
- Michelle Nickel
- Michelle shares her experience with ADHD, mentioning that she was kicked out of gymnastics at age 6 for not standing in line and that she did well in school despite having to work harder.
- Michelle discusses her struggles with ADHD in college, including difficulty taking notes and keeping up with lectures.
- Michelle emphasizes the importance of saving for retirement, especially for self-employed individuals, and provides options such as SEP and simple IRAs.
[23:46 - 34:44] Financial Planning and Bill Paying Strategies
- Michelle advises listeners to stop digging themselves into a hole and start simplifying bills, increasing income, and decreasing expenditures to meet current obligations.
- Michelle recommends finding a financial advisor to help with retirement planning, especially for those with ADHD who may need more guidance.
- Michelle emphasizes the importance of seeking financial help when needed, and how it can be freeing to know one's financial situation and build from there.
[34:44 - 55:40] ADHD Management and Productivity Strategies
- Michelle recommends using cash instead of credit cards to regulate spending and gain a reality check on impulsive purchases.
- Michelle shares her rule of not financing toys, as they may lose value over time and she doesn't want to pay for something that won't bring her satisfaction.
- Michelle makes decisions in advance to avoid last-minute thinking and reduce anxiety while shopping.
