Money Myth: If I get any money, I’ll just lose it.

November 28, 2018

Paulette Perhach, Author, Host of Can We Talk About Money podcast
www.pauletteperhach.com

Why bother saving money because you’ll either just spend it or give it away. Kathleen and Paulette discuss this myth and the psychology behind saving money and roadblocks to being financially healthy. 

Key Take-Aways: 

  1. Understand your money history. Understanding your money history is crucial to understanding your mindset about money, savings, spending, and investing. It is the first step toward changing an unhealthy financial habit.
  2. Be compassionate to yourself. Knowing who you are and how you relate to money can help you deal with feelings about wealth and ambivalence about taking financial responsibility. Compassion is key in removing money shame and being more at peace with your finances.
  3. Find accountability partners. Make yourself accountable to your financial goals by finding an accountability partner (could be friends, family, or an advisor). We all struggle from time to time and need support.

Bio: 

Paulette Perhach’s writing has been published in the New York Times, Vice, ELLE, Slate, Cosmopolitan, and Marie Claire. She was honored as one of the 2016 BlogHer Voices of the Year award for her essay, “Fuck Off Fund,” which has been included in several anthologies. Her book, Welcome to the Writer's Life, is out now from Sasquatch Books, part of the Penguin Random House family of publishers. She lives in Seattle, where she writes from a tiny place and tries to keep her bank account positive.

 

Please note that some of the links above are affiliate links, and at no additional cost to you, I will earn a commission if you decide to make a purchase after clicking through the link.

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Money Myth: As a stay-at-home parent, I’m financially protected once I’m married.

November 14, 2018

Lisa Zeiderman, Managing Partner, Miller Zeiderman & Wiederkehr, LLP
https://mzwnylaw.com/

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. 

Key Take-Aways: 

  1. 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. 
  1. 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. 
  1. 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. 

Bio: 

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 lz@mzw-law.com for more information about her firm’s services.

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Estate Planning for Your Pets

October 17, 2018

We all know estate planning is an important part of being financially responsible and leaving things in order for our family so they don’t have to worry about when we die. But, did you know that estate planning for our pets (or our furry kids) is equally important? 

Did you know: 

  • 68% of the households in the United States have at least one pet.
  • Less than 40% of dog and cat owners have named a pet caretaker upon their death.
  • Only 12% of dog and cat owners have made financial provisions for their pets in their will.
  • According to the legal world, pets are property, so they can’t inherit money, but you can assign a guardian and set aside funds to cover the cost of their care after your death. 

In this Nothing Funny About Money segment, I talk about the importance of estate planning for our pets and offer some tips on how to break money silence and get the conversation started with friends and family about taking care of our furry kids.

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Money Myth: Single women can’t be financially successful.

October 3, 2018

Jacqueline Porter, CFP®, Carte Wealth Management
www.cartewm.com
https://askjackie.ca/

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. 

Key Take-Aways: 

  1. 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. 
  1. 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. 
  1. 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. 

Guest: 

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.

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

Disclosure: Please note that the links above may be affiliate links, and at no additional cost to you, I will earn a commission if you decide to make a purchase after clicking through the link.

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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.

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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.

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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 

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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.

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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.

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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

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