Money Myth: My kids will never control my finances.

September 19, 2018

Stacy LeBaron, Host of Community Cats Podcast
https://www.communitycatspodcast.com/

At a young age, Stacy’s mother taught her to invest, and the money she made from her portfolio allowed her to pursue her passion for rescuing animals. In this episode, Kathleen interviews Stacy about her belief that parents should empower their children from a young age to invest in the stock market and how it is inevitable that your kids (or the next generation) will control your finances as you age. 

Key Take-Aways: 

  1. Women are great financial role models. Stacy’s grandmother and mother were skilled investors and passed this talent down to her. Learn how Stacy plans to pay this gift forward. 
  1. Allow teenagers to practice investing. Many experts encourage parents to wait until their children are in their mid-twenties to discuss their inheritance. Stacy thinks this is a big mistake and wants parents to know that practicing these money skills is important while the kids are still live under your roof. 
  1. Stay open to ongoing money conversations. Stacy grew up in a family that broke money silence early and often. She shares how she has money conversations with her children and how even when it gets a tad uncomfortable she thinks it is for the best. 

Bio: 

Stacy LeBaron has been involved in animal welfare for over 20 years. She currently hosts a three-day-a-week podcast called the Community Cats Podcast (https://www.communitycatspodcast.com/) where she interviews nationally and internationally renowned experts helping with the problem of cat overpopulation and cat welfare. Previous to starting the podcast, Stacy served for 16 years as the President of the Merrimack River Feline Rescue Society and under her leadership, the organization assisted over 105,000 cats and kittens through a variety of innovative programs.

An expert in her field, Stacy is a current member of the Shelter Medicine Committee at the Cummings School of Veterinary Medicine at Tufts University, Advisor to the Massachusetts Animal Coalition, Vice President of the Board for PAWSitive Pantry in Vermont, and committee member for HubCats Chelsea. She serves as the current administrative trustee for the LeBaron Foundation and now lives in Vermont with her husband, son, daughter and two cats.

00:0000:00

Myth: Robo-advisors will replace human advisors.

August 21, 2018

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. 

Bio: 

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.

00:0000:00

Myth: Philanthropy is for the super wealthy

August 8, 2018

Michael Thompson, CAP®, Copper Leaf Financial LLC 
www.copperleaffinancial.com

Myth: Philanthropy is for the super wealthy 

Is being philanthropic one of your life’s goals but you believe you have to be wealthy or have lots of extra cash lying around? There are many ways to be philanthropic for the charities or organizations you want to support and it doesn’t always mean having an open checkbook. Kathleen and Michael bust the myth that philanthropy is not just for the super wealthy. Sit back and listen to an enlightening conversation about how you can be involved in social causes without giving away all of your hard-earned dollars. 

Key Take-Aways: 

  • Do not let the new tax laws influence your generosity. The new tax laws around charitable giving may make gifting seem less attractive. Michael encourages you to continue to follow your passion and talk to an advisor about how to still get a tax benefit for your good work and contributions.
  • Talk to your advisor and family about your values. Philanthropy begins with identifying your values, then investing and gifting using these as a guide. Break money silence with partner and family by discussing how you would like to use your money to better the world.
  • Be intentional and strategic with your giving. Work with an advisor to develop a plan for creatively and strategically making your financial donations has the greatest impact – for you and for the organizations you support. 

Bio: 

Michael Thompson is a financial planner with 18 years of experience in the finance industry. He works extensively in financial planning, wealth management and philanthropic planning for retirees, executives, and entrepreneurs. Michael is also an entrepreneur, experiencing success when he founded an organic food distribution company while attending the University of Florida. He remains passionate about small business and sustainable food systems and currently serves on the board of directors of Burlington’s Intervale Center. Michael and his wife live on a farm in Jericho, Vermont. 

Special Announcement: Michael and his team offer a complimentary introduction call to see if they are a good fit for you and your family.

 

Breaking Money Silence® Podcast was recorded at Sugarhouse Soundworks, LLC 

00:0000:00

Myth: People are rational consumers.

July 25, 2018

Crystal Arnold, Founder, Money-Morphosis and Money-Wise Women Podcast
http://www.money-morphosis.com/

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. 

Bio:

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.

00:0000:00

Myth: You have to earn a ton of money to pay off debt

July 11, 2018

Katie Welsh, Chain of Wealth Co-Founder
https://www.chainofwealth.com/

Listen to this episode and hear Katie tell her story about breaking money silence with her boyfriend and discovering she was $200,000 in debt. She is real life proof that you don’t have to earn a ton of money to pay off debt; you just need a plan and a healthy dose of determination. 

Key Take Aways: 

  1. Create a financial plan. Katie was a good saver, but she didn’t understand the value of a holistic financial plan that included balancing her short-term financial needs with her long-term financial goals. Her boyfriend, Denis, showed her how to plan and now she swears by this strategy.
  2. Track your spending. As boring or intimidating as that sounds, Katie learned that being mindful of where your money is going is the key to living a financially responsible life. She discovered that being less wasteful in the kitchen could actually save her tons of money each month.
  3. Take small steps and celebrate milestones. Katie found that thinking about paying off her total debt was overwhelming, so she decided to focus on small goals each month. When she hit a milestone in terms of paying down debt, she celebrated. Doing so reenergized her and helped her take the next small step and now she is almost debt free!

BIO:

Katie Welsh is the co-founder of Chain of Wealth. Originally an elementary school teacher from Tampa, she thought she had her financial life together because she had a stable job, owned a home, and had an emergency fund. But then she moved to Virginia to live with her boyfriend, Denis, and things changed when he asked Katie about all her bills. Together they created a spreadsheet and Katie realized she was $200,000 in debt at 29 years old with no job. Fast forward a year and Katie has paid off over $175,000 of debt and is freelance writing to pay the remaining $25,000 off.

Special Announcement: Discount on “Hosting Your Pad” Course. Learn how to earn money using short-term rentals and apps like Airbnb. BMS listeners get a special rate of $99 when they use this CHAINOFWEALTH when registering.

00:0000:00

Myth: Frugality equals deprivation.

June 27, 2018

Elizabeth Thames, “Mrs. Frugalwoods

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: 

  1. 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.
  2. 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?”
  3. 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.

Bio: 

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

00:0000:00

Myth: Everyone is saving for the future but me.

June 6, 2018

Matt Goren and Michael Thomas, Co-Hosts of NPR’s Nothing Funny About Money radio show.

In this episode, Kathleen asks Matt and Michael about the danger in comparing your financial behaviors to others. As three financial educators who believe that money is more than numbers, listen in as the emotional side of saving and spending is explored. Learn tips for letting go of money shame and living a more authentic and value-driven financial life. 

What You Need To Know: 

Stop comparing your financial habits to others. Outward appearances may look different than reality. How you use money needs to align with your values, not your neighbors’ values. If Tom next door wants to work longer hours to afford a sports car, then that is his prerogative. You may want to work less and take the bus to work. Both are valid and acceptable. 

Context matters. You may feel bad you are not saving money at the same rate as your friends, but maybe their situation is different. One of your friends has a home, but did they pay for it or was it a gift from grandma? Get curious and break money silence. These details may really change how you feel about yourself. 

Invest time in identifying what makes you happy. If you have lost sight of the experiences and things that make you happy in life, take a short timeout. Observe your spending and saving habits. Ask yourself, what motivates you to use money in this way. What has the best return on investment in terms of joy? Your relationship with money is just that – your relationship. It really doesn’t matter what others are doing, as long as you are taking care of yourself financially. 

Bios: 

Matt J. Goren, Ph. D. is the co-host of Nothing Funny About Money, an adjunct professor of personal finance in the financial planning program at the University of Georgia, and a community counselor at the Aspire Clinic. His work focuses on the interplay of emotion and money management, particularly for low-income and young people. 

Michael G. Thomas Jr. is an accredited financial counselor and 4th-year Ph.D. Financial Planning Candidate at the University of Georgia. He has co-created and facilitated financial literacy programs for kids and adults as well as given a TED talk on the importance of financial empathy. Michael co-hosts an NPR affiliated radio show, Nothing Funny About Money. 

Check out their podcast, Nothing Funny About Money at www.nothingfunnyaboutmoney.org.

00:0000:00

Myth: There is no connection between your health and your wealth

May 23, 2018

Komal Minhas, KoMedia, Founder and Dream, Girl Producer and Co-Founder

One of the greatest causes of stress for people can be money. A vicious cycle can occur – money issues cause stress, stress can lead to serious health issues, and health issues can result in more financial struggles. In this episode, Kathleen interviews Komal Minhas about how through personal experience she learned the importance of self-care, and that health and wealth are truly connected.

Take aways:

  1. Work addiction is a problem that can cause serious illness and even death. While it is important to work hard, it is vital to pace yourself and learn to take care of your mental, physical, and spiritual well-being.
  2. Self-care involves more than going for a massage or getting a manicure. It includes being mindful and deciding what steps you need to take to be the healthiest person you can be.
  3. Financial health is an important part of self-care. If you avoid finances, take a look at what is the underlying reason, and then make a plan to address it. Because the only way to be truly wealthy is to be healthy!

Komal Minhas is an Indo-Canadian entrepreneur, content creator, and investor. She’s the founder of KoMedia, a media production and investment company that focuses on telling women’s stories worldwide. In 2014, Komal became producer and co-founder of Dream, Girl, a documentary that tells the stories of ambitious female entrepreneurs. In May 2016, Dream, Girl premiered at the White House as part of the United State of Women Summit, and shortly after Komal was named one of Oprah’s Super Soul 100, a list featuring extraordinary individuals who live life intentionally. These days, Komal spends her time speaking, writing, and creating inspiring content with her team in Ottawa, Canada.

Special Offer: Check out Komal’s new series of articles that explore real, sustainable, lasting self-care on Instagram @Komalminhas.

00:0000:00

Getting a prenup means we will divorce

May 9, 2018

Amanda D. Singer, San Diego Family Mediation Center 

Does the idea of a prenup worry you that you have set the scene for a divorce or raise trust issues? While many believe that signing a prenup predicts divorce, it is actually a great way to break money silence before you walk down the aisle. Listen in as Kathleen interviews Amanda about how to bust this myth wide open and start communicating about money before you say “I do.” 

Take aways: 

  1. All couples have a prenup even if you don’t craft one. States determine how assets will be split should a couple divorce. By drafting a prenup with your partner you are actually taking control and deciding for yourselves how you want your assets to be divided, if and when you do break up. 
  1. Prenups are no longer just for the ultra-wealthy. Historically, prenuptial agreements were a way of affluent families protecting themselves from gold diggers. Today more millennials with dual careers and business start-ups, and people entering their second marriages are signing these documents. 
  1. The prenup process opens up the lines of communication. If you identify your respective money mindsets, discuss similarities and differences in your family money messages, and agree how to financially operate as a couple, you actually are less likely to divorce. Yes, you sign a legal document but the experience is much richer than you might think.

 Bio: 

Amanda Singer, Esq., MDR, CDFA is a professional family mediator and co-owner of San Diego Family Mediation Center. She is also a licensed attorney and Certified Divorce Financial Analyst. She works to help families improve communication, solve problems and reach agreements while staying out of court. Amanda is on the board of Academy of Professional Family Mediators and is the co-chair of this year's conference. She earned her JD from Chapman University School of Law while completing her Master's Degree in Dispute Resolution from The Straus at Pepperdine University School of Law. She earned her Bachelor's Degree in Sociology from Brandies University and has completed her courses as a Certified Divorce Financial Analyst. San Diego Family Mediation Center works with families dealing with various family issues, including divorce mediation, premarital mediation, blended families and parenting plans. 

For more information, visit www.SanDiegoFamilyMediation.com and check out the book, Prenups for Lovers

 

00:0000:00

Myth: Financial planning is all about the numbers

April 25, 2018

Traditional financial planning focused on producing a plan with lots of numbers, charts, and graphs. This can leave clients feeling that finance is complex and hard to understand. For some clients, especially women, the perceived judgment by financial professionals gets in the way of them taking care of themselves financially. In this episode, Kathleen interviews Stephanie, an advisor dedicated to busting the myth that planning is all about the numbers and showing her clients that they can be empowered by working with a client-centric professional. 

Take aways:

  1. Financial planning is the intersection between money and life. Knowing your numbers is important, but it is only one piece of your financial puzzle. Find an advisor who will help you identify your values and goals, then craft a financial and investment plan to assist you in living the life you desire. 
  1. You don’t have to have all the answers. You do, however, have to know the questions to ask when looking for a financial advisor. Consider what you want an advisor to help you with and then be clear about these goals when interviewing potential advisors. Take time, interview several professionals, and then hire the financial advisor who is the best fit for you. 
  1. Spend less than you make. Living within your means can be challenging because we live in a consumer-driven society. Practice mindful spending and examine your spending habits. Make sure you have an emergency fund to cover unexpected finances and develop a spending plan to keep you on track. 

Bio: 

Stephanie McCullough is passionate about helping women make wise financial decisions so they can control their future. In 2011, she started Sofia Financial after 13 years working as a financial advisor because she saw the needs of women not being met by traditional firms. The women who come to Stephanie are concerned about getting ready for retirement, wondering about how best to manage their financial risks, and, in general, worried about making smart decisions with their money. 

Special Offer: Sign up for Sofia Financial’s quarterly newsletter and blog at www.sofiafinancial.com. Mention the Breaking Money Silence podcast and receive a complimentary 30-minute telephone call to chat about your personal situation.

00:0000:00