In Her Purse: The Cofounders Edition
Exciting news in this email!
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Hello! This is a very special edition of The Purse because I have some exciting news!
Today, I’m beyond thrilled to announce that Erika Velazquez Alpern is joining The Purse as my business partner and co-conspirator.
In June, when I reached one year of writing this newsletter, I penned a pretty transparent post about the highs and lows of working on my own. Taking the time to reflect on the anniversary of The Purse made me realize two big things: 1) I was lonely, and 2) there were limits to how much I could accomplish working by myself.
So I put myself out there and asked for help. I wrote: “I would love to find someone—a smart, passionate, business-focused someone—who sees all the potential of The Purse and would want to work with me to help me build it into more than just a weekly newsletter.”
Later that month, I had a coffee and coworking date with Erika, who I’ve known since I worked at Refinery29, when she was running her own consulting company, Tactile. Neither of us can remember how we initially connected, but we hit it off way back then (circa 2017), and we stayed in touch over the years as she went on to work at places like Morning Brew and New Stand.
At coffee in June, Erika and I started talking about the state of the media industry—a topic I think about a lot (it’s not great, folks!)—and our shared belief that there’s got to be a better way. It was one of those conversations that flowed so easily, and I could see we were so closely aligned in our values and goals. And so I took a deep breath and asked Erika if she’d want to partner with me on The Purse.
I knew it was the right decision when she immediately opened a Google doc and started building out a financial forecast. She wasted no time diving in!
We haven’t stopped talking since that initial conversation, and bringing Erika into the fold has reignited my passion for The Purse. I have a terrible habit of minimizing my goals, afraid to say them out loud in case I can’t accomplish them. But The Purse surpassed 10,000 subscribers last week. Clearly, I’m onto something here, and with Erika’s help, I really believe we can take it to the next level (while striving to still keep it intimate and interesting and special with a big focus on this amazing community).
To celebrate the news of what we like to call The Purse 1.5 (we have plans for The Purse 2.0 in 2025, so stay tuned!) Erika and I dumped out the contents of our own purses and answered the Proust-inspired money Q&A for a special Purse edition of In Her Purse. (Yes, I just used the word Purse five times in one sentence!)
But before we get to that, I just want to say a big thank you! I feel so inspired and supported by this community—so many of you reached out and offered support when I told you all I was lonely. It really meant so much. You all are the very best!
Erika: The Questions
What is your idea of perfect happiness? That first summer day in NYC, after a long dark winter! The energy is infectious, and as a parent, that joy has been completely amplified for me.
What is your greatest money fear? I have a lot—where do I start? I definitely have some emotional baggage related to money. It’s a big reason I love The Purse!
If I had to pick one, it’s the fear of losing our day-to-day financial stability.
What is the financial trait you most deplore in yourself? I have two, and they seem at odds with each other. One is the intense stress of feeling “down to the wire.” The other is my obsession with getting a little treat, like an “out coffee” or takeout or dining out.
What is the financial trait you most deplore in others? People who don’t tip well!
I get it—going out to eat/coffee has gotten ridiculously expensive. But tipping is part of the cost of that convenience, and it’s someone’s entire comp! I worked as a server at Angelica Kitchen to support myself through college, so it’s a sticking point for me!
If you could change one thing about your financial situation, what would it be? I would love to lower our costs but keep our lifestyle. Wouldn’t we all? Living in Brooklyn with two kids is expensive!
What do you consider your greatest financial achievement? I hope it’s yet to come! But in reflecting on my greatest to date, it’s definitely tied to career achievement as well.
When I was pregnant with my daughter in late 2022, I was leading marketing for a venture-backed startup. In the throes of my first trimester nausea and exhaustion, I was given a big promotion and raise. Our CEO told me the news moments after I had been projectile vomiting, and it really felt like such an achievement! It was the financial stability my family needed, but it also gave me the confidence I needed returning to work postpartum.
When I had my son five years ago, I really felt like my career and workplace confidence took a hit. (I could spend a lot of time talking about this…) Getting promoted with a substantial raise, while pregnant with my second child, felt like a healing experience!
Where would you most like to live? In my heart and soul, NYC forever! I grew up in the Bronx, live in Brooklyn, and love it here. However, I’m also a daydreamer, and my husband and I are always fantasizing about big family adventures one day.
What is your most treasured possession? It’s a purse! I’m definitely a very nostalgic, sentimental person, so I have a ton of treasured possessions. However, I have this crocheted purse that was my great grandmother’s, and it brings me such joy. It’s completely impractical—my iPhone barely fits in it—and yet it’s the bag I always turn to when getting dressed up for a fancy occasion.
What is your greatest money regret? Not saving more money when I was living with a ton of roommates in East Williamsburg with extremely low rent.
What is your money motto? “Treat yourself!” Just kidding.
Probably “It all comes out in the wash!”
What is a nonprofit that’s near and dear to your heart that you’d like Purse readers to know about? The Possibility Project. They bring at-risk teenagers together for a nine-month program where they create an original musical based on the stories of their lives and ideas to create a better world. They have several programs, including a foster care program and a youth justice program for teens who are, or have recently been, involved in the justice system. Check them out and attend one of their shows if you’re in NYC!
Erika: The Purse
My laptop. This comes with me everywhere these days, and I do believe it’s on its last leg of life from being toted around the entire city five days a week.
A love note from my son. This is usually sitting in my wallet, but it comes out occasionally when I need a little pep in my step.
Lip oil by Kosas. I always have a minimum of two lip colors in my bag. Today I have three! I call it “meeting lipstick,” an instant way to feel put together and powerful. This one is my current favorite, and I can pretty reliably pop it on without a mirror which is great.
Ilia lip gloss. I like this one, but I have tried to put it on sans mirror a few times and it didn’t turn out well. Someone asked if I was bleeding from the mouth. :/
A Tulip Tint. I got this one at Credo with points. I’m digging it so far! I have to remind myself that getting a lip gloss with “points” isn’t free. I spent quite a bit to get those points!
A scent. I love this scent by Cavern New York! They’re a small Brooklyn-based fragrance studio that I discovered years ago at my then-local coffee shop Homecoming. I love a warm, woodsy organic scent!
Keys with bread keychain. I lose my keys all the time, and this bag is massive without any compartments, so a big keychain is essential to easily find them!
Rhodia notebook. I try to always have at least one notebook on hand; writing things down centers me, plus I love to doodle!
Caran D’ache mechanical pencil. I stole this pencil from my husband; he loves sketching with mechanical pencils, and I love to steal them from him!
Weleda Skinfood. I love this lotion! It’s amazing for everything, and I love using it as a natural highlighter when I need to look a bit refreshed or well rested.
Exploding wallet. This wallet is bursting at the seams. I’ve had it for years and have really put it through a lot. Why is there so much in it!? I manage to squeeze in a business credit card, a personal credit card, a debit card, an insurance card, random key cards, and sweet notes from my husband. Plus, I have two CDC Covid vaccine cards in there. Do we still need to carry those!?
A snack for my son. IYKYK! At this point, I’m never without a random snack in my bag for my son, even if I am not on drop-off or pickup duty. You never know! One time I did a last minute pickup without a snack and it did not go well. I am still nursing my daughter, so luckily I haven’t entered the zone of doubling up on emergency snacks.
The purse itself. My husband got it for me for my birthday when he was on a trip to Stockholm for work (he’s a menswear designer). It’s Engineered Garments; I love them! This bag is massive but so light. I just stopped pumping during the day, but at one point I was also lugging my Spectra pump in this bag!
Lindsey: The Questions
What is your idea of perfect happiness? I’m at my happiest when I get to be with the people I love the most, but I also like a certain amount of alone time. An ideal day would involve hanging out with Ken and our great kid, having some kind of adventure; shopping and a long coffee break with my mom; happy hour with my mom friends; phone calls with my long-distance besties; a solo jog to the farmer’s market; a sit-down, home-cooked meal with my extended family (my brother and his wife live too far away!); a few hours of good, productive writing; and then wrapping it all up with a late-night drink at my favorite local bar with Ken. Obviously, a day like this would have to be like 36 hours long to accomplish everything, because I also need to find time for a nap (something that also makes me very happy)!
What is your greatest money fear? I worry a lot that I reached my peak earning potential while I was at Fortune, and I’ll never make that much again. I worry I’ll hit 45 and become completely irrelevant and struggle to have any kind of satisfying career even though financially I need to work for the next 20+ years.
What is the financial trait you most deplore in yourself? I can be super indecisive at times, and as a result I don’t do certain things I want to do because I waited too long hemming and hawing and missed the opportunity. This might not seem like a financial trait, but trust me, it is!
What is the financial trait you most deplore in others? I hate financial experts who yell and make people feel bad about their money mistakes. And the people who act like poverty is some sort of moral failing. I feel like we’re all trying so hard to get by. Money is so complicated, the system is broken, and no one is perfect!
If you could change one thing about your financial situation, what would it be? I’m ready for The Purse to be my full-time job. I’m lucky to have other work to help sustain me and my family, but I love working on The Purse, and I’m excited for the day when I actually make money from it! (Yes, this is a thinly veiled plea asking you to upgrade to being a paid subscriber!)
What do you consider your greatest financial achievement? I’m pretty proud of myself for having the guts to leave a comfortable and lucrative full-time job to start The Purse. But like Erika and Tracy, I also hope I haven’t yet accomplished my greatest financial achievement.
Where would you most like to live? I love Brooklyn. I’m not sure I can imagine living anywhere else. I have a recurring dream that I find an extra hidden room in my apartment—I wish that would come true (and maybe I’d find an extra bathroom, too). That said, I would also love to live in London someday for a summer or a year, with Ken and my kid, just to have the experience.
What is your most treasured possession? Okay, this might sound cheesy, but my engagement ring. Because I’m a total control freak, Ken let me pick it out. We’ve been married for 15 years, and I’ve been wearing it for 16, and I still love it so much. I just think it’s the prettiest ring, plus it has so much sentimental value. I think I did well in both my choice of ring and husband. Fifteen years later, I’m not tired of either!
What is your greatest money regret? I’m lucky to not have many regrets, about money or otherwise. I try not to dwell on past mistakes. But I really didn’t start thinking about money until my early 30s. I have no idea what I was doing in my 20s! Somehow, Ken and I managed to buy an apartment with our combined savings, but I’m sure I could have been better at investing at that time.
What is your money motto? “Never for money, always for love” from the Talking Heads song “This Must Be the Place (Naive Melody).” Of course, this is an incredibly privileged money motto. I’m able to afford to focus on things I love because Ken and I have carefully saved and invested, and we know we could get some support from my parents should things ever get desperate.
What is a nonprofit that’s near and dear to your heart that you’d like Purse readers to know about? I’m really passionate about making New York City streets safer for pedestrians and bikers. Transportation Alternatives is such a great organization that I like to support whenever I can.
Lindsey: The Purse
Full disclosure: I snapped this back in January to send as an example to Heather, who was the first participant in this series. So the receipts are from December and January. Don’t worry, I’m not still carrying them around! (At least I don’t think I am!)
Money Diaries bank bag. When we did the Money Diaries book tour, our amazing project manager Paulina came up with the idea for these bank bags. The book’s illustrator, the lovely Abbie Winters, added the drawings. This is my favorite piece of swag ever, and I will be so sad when it gets worn out. (Luckily, I have a backup!)
Contact lens case. This is the kind of purse clutter that drives me crazy. I had just been to the eye doctor when I snapped this, but I don’t usually carry around contact lenses.
Foldable brush. However, I do always carry a brush. When I worked in an office, every morning when I came in, I’d wash my hands and brush my hair.
Hand sanitizer. It’s 2024—don’t we all carry hand sanny (as my kid calls it)?
Cash + change. I do not, however, always have cash.
Wallet. I bought this tiny wallet at Will Leather Goods in Eugene, Ore., when I was there in 2022 for my sister-in-law’s baby shower. It’s too small, but it also fits in any purse I carry, so I make do. When I was managing CNBC Select, I upped my credit card game, and arguably now I have too many. I’m partial to my Amex Blue Cash Preferred because it’s got the best grocery store rewards, but I use my Chase Sapphire Reserve for almost every purchase, so I can rack up points for travel. I think the annual fee is too high, and I missed my chance to cancel it this year (so annoyed!), so I just added a note on my calendar for next July, so I can downgrade to a fee-free card. (I also just used a bunch of points to book some flights, so maybe it’s worth it? IDK, I need to do the math!) And I use an American Express Business Cash1 for all my business expenses. I tell everyone who will listen: If you have a side hustle, get a small business credit card. This one has no fee and a good cash-back program.
Starbucks gift card. Okay, sort of funny but also sad story. When I was at Fortune, right before Christmas, I bought two 10-packs of $10 gift cards with the plan to hand them out to my team, but then I never did, for no good reason. So now I have a bunch of these, and I use them to treat myself to coffee from the time to time, because it feels like a free coffee (in true #GirlMath fashion). And I know I shouldn’t, but I unequivocally love Starbucks.
Chapstick + hand cream. Purse essentials IMHO.
Notebook 1. Yes, I have three notebooks. This one is for my to-do list.
Notebook 2. This one is for my CFP class. I like to take old-school, handwritten notes.
Notebook 3. This one is for bigger Purse planning, but I don’t use it as much as I would like.
AirPods. I always said I would never, ever be an AirPod person, but my mom bought me a pair a few Christmases ago, and I’m hooked.
Pen. You can’t be a writer and not carry a pen! (Also, this is a lie, because plenty of times, I’ve been out without a pen. But I aspire to be a person who always has one.)
Laptop. It’s hard to go anywhere without it.
Receipts. Lunch at Patsy’s with Ken, my mom and dad, and the kiddo before seeing The Big Apple Circus last December, a favorite family tradition; a JCrew gift receipt from a Christmas gift; receipt from the lunch I had with the lovely
at Cafe Mogador just before Christmas; and lastly lunch on the Upper East Side with my very favorite, , just before my birthday last year. (Speaking of which, Alicia, I don’t think you ever did give me that birthday card!)Bookstore gift card. This has been in my wallet since 2021, LOL. But Eight Cousins is a great bookstore in Cape Cod!
Backpack. During my time at CNBC and Fortune, I carried a little Tumi backpack that I had gotten for free at the Wing summer camp. It was a cute bag but really not my style. So when I left my full-time job at Fortune, I got it in my head that the bag was cursed, and I took to carrying my stuff in the most random bags. My mom (with the help of my sister-in-law) bought me this beautiful leather backpack (also from Will Leather in Eugene, sadly no longer in stock) last summer as a “congratulations on going out on your own” gift. I love it very much.
Whew! That was a harder exercise than I expected!
Welcome, Erika! Thank you for spilling your purse and joining the team! And a big thank you to Krys Maniecki for photographing us on what felt like the hottest day of the year. We would be smiling more if we weren’t completely melting!
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This is huge! Congrats and I’m thrilled to follow along. Hand sanny. So cute. Our boys are definitely the same age. Mine called it “hanitizer” and I refuse to correct him and considered launching a line of hand sanitizer with that name.
Omg - I am beyond excited about this news! Huge! Congrats Lindsey and Erika. Excited to watch The Purse continue to grow.