We chatted with Allegra, founder of ElleFactor, about how her life has changed since embarking on her own personal finance journey, and how she plans to help you do the same.
You're always asking other people about their first money memory. So what's yours?
My first money memory is watching my mom balance her checkbook and being visibly upset and stressed. As an only daughter raised by a single mother, money was always tight and not a good topic. I knew to leave her alone when she was at the table dealing with our finances and sometimes she would cry and I'd draw her little notes and leave them under the door. My mom became a real estate agent on a whim after negotiating a creative rent-to-own deal on our first house in North Carolina when I was four. Sometimes she made great money, but she never saved it since it wasn't stable pay it was always a bumpy ride which definitely stuck with me.
What excites you the most about money?
Once I finally understood the mechanics behind money, I realized that every dollar saved and invested could become 10x+ its original value if I let time and compounding interest work its magic. This realization changed everything. I used to walk in a store, see a top I wanted, check the price and think it was unaffordable which only made me want it more. Now I can see something I want and think it can't afford me unless it's going to somehow become 10x its original value one day!
Why did you found ElleFactor in the first place?
I founded this company because I knew I didn't have a good relationship with money as many of us don't. It was complicated, scary, frustrating and NOT plentiful, especially living in NYC. I knew my earn/spend pattern was broken but I didn't know how to fix it. I didn't have anyone to pitch my ideas to about what financial moves I should make next based on my bigger life goals.
I created this company to fill that exact void. I know that learning about finance after a long day’s work—by yourself—isn't appealing or fun. I wanted to create an environment where women could learn together and feel empowered along the way. I wanted to nix the one-on-one “professional” vs. “unprofessional” financial advisor system that makes people feel like they’re not capable of handling their finances on their own.
That’s why we're creating a band of women that are financially skilled and confident in what to do with their money.
And why are you rebranding?
With all the initial success we had launching in Austin, we knew we needed to open this community up to women across America who also want to gain financial clarity, support and accountability in creating and working towards their goals. It became clear that we needed to give this brand the new look and name it deserved to be easily found by women across the US.
What'll be different about the company post-rebrand?
So our Circles—which are small wealth-building accountability groups for women—will be exactly the same, just available online. Now that we've grown, these Circles won't just be led by me anymore, but instead by Circle alum who have already transformed their financial lives in a matter of months. Who better to learn from? These are the women who've proven that with solid knowledge, accountability and support you can make serious money moves and pursue your financial dreams.
When do we get the rebrand?!
Our new name and look will be revealed on June 19th, at which time you can join the waitlist for our online CIrcles, launching this summer.