Latina Leader Spotlight: Ilona Limonta-Volkova
Ilona is the creator of Bear and the Bull a bilingual financial literacy platform.
She recently launched the podcast Money Memories, dedicated to removing taboos around money conversations by highlighting how our early encounters with money shape who we are today. Ilona is a Latina who has worked in finance on Wall Street and Silicon Valley. She received her bachelor’s degree from the Wharton School at the University of Pennsylvania, and MBA from the Kellogg School of Management at Northwestern University. Having grown up in Cuba, Russia, and the United States, she brings her witty and multicultural perspective to each episode, while interviewing guests from a wide variety of countries and industries.
Her passion for financial equality is palpable, and she truly represents a new, unique face for personal finance.
Learn all about her:
Q: What ethnicity are you, where do you have you/do you currently live?
A: I am Cuban and Russian - my father is Cuban, and my mother is Russian. I was born in Havana, and immigrated with my family to the US when I was 5. I grew up spending every summer with my grandmother in Russia, on her farm. I work in Philadelphia, PA but thanks to Ms. Rona I'm working from home with my family in Louisville, KY.
Q: What is biggest misconception about personal finances?
A: That you have to be super intelligent to understand them. Nothing can be farther from the truth! When you break it down, the concepts are simple - it's the language that can intimidate people. That's why I started my blog Bear and the Bull, and my podcast (Money Memories) to break down the language barrier (in English & Spanish), and explain finance in an easy to understand manner.
Q: What is one thing people can do today to help them with their own financial journey?
A: The first thing that people can do is LOG IN. How many of us have forgotten a password to a retirement account? Don't be ashamed, reset it, and check in with your balances. Then, create a list of all of your assets and liabilities. The difference between the two will help determine your net worth.
Q: What’s the first place people should go when they’re facing financial challenges or debt?
A: This depends on the circumstance. For debt, I think a good place to go is directly to the source - whether it's your credit card company or student loan provider, read your agreement and understand the terms and conditions. Then, see what types of resources they provide. I have student loans, and if there's anything I don't understand at all, I don't hesitate to pick up the phone and call.
Q: What should people focus on when dealing with their finances?
A: Taking one step at a time. Rome wasn't built in one day, and neither is wealth. Don't focus on getting "rich" quickly or what people around you are doing - it's better to take your time and educate yourself, than rush into something that you don't understand.
Q: What specific challenges face the Latina community the most from your experience?
A: The lack of generational wealth knowledge. My parents grew up in communist systems. They had to rebuild not only their professions, but also their understanding of the world - risk and reward. As I get older, I realize that I am the bridge that connects these two worlds. Many Latinos have "scarcity mentality" ingrained in them - while there's benefits to this, it can also mean that you don't always take the (calculated) risk you should to increase your standing in life. My parents still think that I should work in one company until I'm 60 - I'm constantly reminding them, this is not what it's like to work in the US! And it hasn't been that way for a while.
Q: What does it mean to you to be a Latina entrepreneur?
A: It means creating a new path! In business school, we learned this concept of the "blue ocean strategy." It's like this: you're an entrepreneur. The ocean is your opportunity area. On one side, it's shark infested (lots of competition), and the water is red. Another side is clear, blue water - less competition, and your entry point. I view the Latina consumer as the blue ocean, and as a Latina entrepreneur, I'm uniquely qualified to address the challenges and needs of my own community!
Q: Where do you draw your motivation from?
A: Even though I tell myself I'm not that competitive...I am. I hate to lose! When I set my mind on something, or a goal, I love the challenge of seeing how far I can go.
Q: Where can people reach you/how can they work with you?
A: I'm always looking for collaborators, or people to interview for my podcast, Money Memories! You can visit my website www.bearandthebull.com, DM me on Instagram (@bear.andthebull) Twitter (@bearandthebull) or email (contact@bearandthebull.com).
