Lisa and Kathleen delve into the myth that as a stay-at-home parent, you don’t have to worry about finances. Getting married can offer many benefits, including financial ones. It can also bring some devastating financial consequences. Couples who don’t talk about money before they get married might find themselves in a situation where they feel they are shouldering more of the financial burden than their partner. Having these hard conversations before getting married sets financial expectations from the beginning, helps build trust, and reduces financial conflict.
Believe and understand marriage is a financial partnership. Once you understand your marriage is a financial partnership, each partner has the ability to negotiate a better outcome for themselves, if things start to fall apart. Negotiations can be done before or during marriage with pre- or post-nuptials. Honesty and understanding finances actually build a stronger relationship.
Understand your finances and budget. If you are in the process of getting a divorce, it’s important to understand your finances. This includes expenses and all sources of income – salaries, child support, alimony, etc. Once you know this information, you will know what your expenses are and how much income you will need to meet those expenses.
Identify all of your assets. Another important step in the divorce process is to identify your assets. This can be harder to do if you aren’t involved in financial decisions. Working with professionals can ease the difficulty in locating assets – both personal and business for either stay-at-home moms or dads to help them understand what their whole financial picture actually is.
Lisa Zeiderman, a Managing Partner of the law firm of Miller Zeiderman & Wiederkehr, LLP, is both a matrimonial attorney, a Certified Divorce Financial Analyst and a Certified Financial Litigator. It was during her own divorce that Lisa’s path to a career in matrimonial law was forged. Lisa, a businesswoman in the fashion industry, was dismayed at being a bystander in court as complex issues relating to her finances were contested by a disorganized attorney. It was then she decided that she would go to law school herself and help clients navigate the stressful, and sometimes traumatic, process of divorce by becoming a responsive attorney who would protect her clients’ assets as though they were her own hard-earned dollars. Lisa can be reached at email@example.com for more information about her firm’s services.
In our society, women still are expected to get married as a way of securing their financial future. However, the modern day woman is often putting off marriage until her career is established or forgoing walking down the aisle altogether. In this episode, Jackie Porter talks with Kathleen about how the myth that single women can’t be financially successful without a man hurts her clients and why she has dedicated her career to empowering women to be money smart.
Women should invest time to learn more about money and investing. You may know you should be more actively involved in your financial life, but not take action. Listen to Jackie highlight the real financial implications of not proactively managing your money – whether single or married.
If you are in a committed relationship, it is vital to break money silence with your partner. Ideally, talk about money with your partner before you walk down the aisle. Discuss how each of you will stay involved in the money decisions, and what would happen should you decide to split. It may not sound romantic but discussing finances with your partner can increase intimacy. Listen and find out how.
Learning more about finance can be fun! Jackie offers a great event for clients that includes a night out at the theatre. Find out more about how you can combine entertaining activities with financial lessons.
Jackie Porter is an award-winning financial planner and for 18 years serving thousands of families, established businesses, and professionals in the Greater Toronto Area. She is the co-author Single by Choice or Chance, the smart woman’s guide to living longer, better. As one of Canada’s most recognized financial planners, her advice has been featured in top financial publications such as Forum, Wealth Professional, Investment Executive, and The Globe & Mail.
New Website with Educational Resources: Jackie is excited to announce the launch of her new website – Ask Jackie (https://askjackie.ca/). Visitors are invited to return again and again to benefit from resources for people in life transitions such as divorce and sudden unemployment, and single women who want to improve their financial IQ.
Steve Lockshin, Founder and Principal of AdvicePeriod
Will robo-advisors replace human advisors? Find out one thought leader’s opinion in this episode. Listen in as Kathleen interviews Steve about his work at AdvicePeriod and his view of how advisors need to embrace change to best serve their clients.
Key Take Aways:
Technology helps advisors better serve you. If you are a do-it-yourselfer now, then you probably will embrace robo-advisors. However, if you prefer to meet with an advisor in person, this technology will only enhance your advisor’s customer service.
Women tend to be more receptive to changes in client service models. Steve notices a difference in how women versus men think about robo-advisors. In general, his research shows that women tend to be more receptive to this type of change in the industry and like the simplicity of the technological offerings.
Talk to your advisor about how technology can help you achieve your financial goals. Are you still unsure about robo-advisor offerings? Then talk with your financial services professional about when, where, and how to incorporate this technology into your relationship.
Steve Lockshin is a Founder and Principal of AdvicePeriod and the author of Get Wise to Your Advisor. His firm’s mission is to reinvent wealth management and improve the advisors’ and clients’ experiences. Steve has won numerous awards in the industry and has been ranked #1 by Barron’s numerous times. He helped pioneer the independent advisory industry, building one of the largest independent RIAs in the nation, which was acquired by City National Bank in 2007. In 2018, AdvicePeriod was named one of Inc. Magazine’s Best Workplaces.
Shame, guilt, and fear are the three strongest influences that stop people from talking about money. Listen to Kathleen’s interview with Crystal Arnold about the emotional side of money and learn some ways to get past the emotion and the influence of mainstream media to start money conversations with loved ones and become a more engaged, holistic consumer.
Key Take Aways:
Increase your financial awareness. Ways to be a rational consumer include doing a budget, checking prices, and doing comparison shopping.
Become self-aware. Looking beneath the rational mind and examining your learned money messages and what motivates you to spend or save can help you make more empowered financial decisions.
Assess your values. Crystal identifies four areas of wealth – financial, inner wealth (gifts and skills), relational or relationship, and environmental (home and work). Assess your values and then take some of your financial resources and invest in all of your areas of wealth.
Crystal Arnold is the founder of Money-Morphosis and the Money-Wise Women podcast. After graduating from Southern Oregon University in 2007 with a degree in international economics, she has designed and facilitated workshops, community events, and discussion panels about money. She has inspired thousands of people to have a healthier relationship with money. Her written work has appeared in journals, magazines, and the book called Reinhabiting the Village. She is currently Director of Education at the Post Growth Institute, servers on the Economics Guild of the Villagelab, and is co-authoring a new book due out soon. Crystal lives in Oregon with her husband and two children.
Special Announcement: Breaking Money Silence® listeners can sign up for her The Discover Your True Wealth 5-Day Challenge. For more details, visit www.discoveryourtruewealth.com.
When you hear the word “frugal” do you actually hear the word “cheap”? According to Liz Thames, frugality gets a bad rap in our culture. Listen to Kathleen’s interview with Liz Thames, aka “Mrs. Frugalwoods” about how being frugal can actually bring you joy and many positive benefits. And, how she practices what she preaches.
Key Take Aways:
Frugality is not deprivation. Frugality gives you an opportunity to save where you might not have been able to save before. You can start it today by choosing to spend less and see how empowering it can be.
Practice joyful frugality. Spend money on what matters most to you. You don’t need to eliminate every single expense and live a deprived, miserly existence. Instead, frugality means challenging yourself to think about every dollar you spend by pondering questions such as “Is this something that brings me lasting happiness?” “Am I getting a really good return on this investment?” and “Does this expense bring meaning to my life or is it essentially wasted money?”
Money can be a natural part of your kids’ upbringing. Talk to your kids as much as possible about money. Educate them about what things cost, why you buying or not buying something, and how to tap into needs versus wants.
Elizabeth Willard Thames is the personal finance blogger behind the award-winning Frugalwoods.com. She is the author of the book, Meet the Frugalwoods: Achieving Financial Independence Through Simple Living published in 2017 that tells the story of how at thirty-two years of age, she abandoned a successful career in the city and embraced extreme frugality to create a more meaningful, purpose-driven life and retire to a sixty-six-acre homestead in the woods of Vermont with her husband and young daughter.
Special Announcement: The Uber Frugal Month Group Challenge starts July 1, 2018. This is a free, 31-day group challenge to revamp your finances. For more information, click here.