5 Financial Power Plays for Women

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choosing W four WN Radio. This
is Beyond Confidence with your host w Park.

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This is Beyond Confidence and now here's your

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host w Park. Hello, Hello, Hello, good morning listeners. It's

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Tuesday, and I'm so thrilled to
be here with you because I just love

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being with you. And thank you
to each and every one of you who

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have got our books Expert to Influencer
and the Entrepreneur's got in because partial profits

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from our book go to Kiva dot
org and we help women entrepreneurs all across

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the globe. And here's the best
part of it. Not only these books

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get to help you, they give
me the satisfaction and the fulfillment that I'm

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making an impact in your life.
Because I guarantee you you're going to find

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wisdom nuggage in both the books that
will change your lives forever. And that's

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why my Expert to Influencer has been
on the best selling list for past four

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years. I know it sounds unbelievable, and I also, like you know,

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check and of course it goes up
and down on the list, but

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it has been consistently up there.
And also I want to invite you to,

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especially as we are going into the
holidays, is that you go ahead

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and take a pledge of doing that
one hour of kindness every month, because

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I cannot tell you how important it
is to be kind and share that cheer

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throughout the year, just not one
day, two days, but throughout the

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year. And I want to share
story of Jenna. Yes, Jenna,

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thank you for sending in your story
her kindness story. So she shared that

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she had gone to Norstorm and she
had reserved. She was there to pick

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up or reserved I don't remember exactly
the story her dress and when she when

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there, she found that there was
a mix up and her dress had been

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put on the back on the shelf
and somebody had bought it and she was

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going to take that and go for
a party. And what happened was,

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you know, there was this one
person on the floor, this beautiful lady,

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who said, you know what,
I understand you were really set on

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getting that dress, but here's what
I'm going to be with you, share

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with you. And guess what.
She gave her an a la carte service,

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but you don't get in departmental stores, and she found a dress to

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her liking even better than the last
one. She went off happy. And

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so we are sharing that kind of
story. So in this case, Jenna

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received the kindness and of course then
Jenna reciprocated back by giving it to the

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manager like you know, glowing review
of the employee. So folks, keep

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that going, keep that circle of
kindness going. And now I'm going to

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bring on very special guests. So
it's Barbara and Maggie welcome. Thank you,

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Devin, thanks for having us.
Yeah, oh, it's a pleasure

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to have you. And so here's
what I'm going to share with you,

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ladies, is that Meggie is Barbara's
daughter, and it's not very common to

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see family business going on, but
they're there and they're here to champion women.

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So I'm going to ask you,
Barbara, if you recall a moment

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from your childhood that still stands out
for you today. Any moment, any

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moment that stands out for me to
day. I guess it would just be

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going to first grade is a moment
it stands out for me. I come

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from a very big family and we
were going to Catholic school and I think

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there were I probably had a sibling
in every grade. So if you can

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imagine us walking down the street from
eighth grade to seven, six, five,

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four, three, two and myself. We look like ducklings, if

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you will, on the way to
school. And I was excited to be

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able to go with my brothers and
sisters to school. Oh that's lovely.

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How about you, Maggie, Well, since she mentioned school, I just

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got on that mind track and I
was just thinking how I'd always bike to

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school and that was always one of
my favorite parts of the day, is

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just jumping on my bike and running
around. Oh and that's fantastic that you

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have that memory. So that's beautiful. So Maggie, tell me what was

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it like growing up with Barbara as
your mom And do you recall any special

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moments as a daughter mom that Joel
did something and that still stands out for

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you today. Yeah. I always
knew my mom was a really smart,

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hard worker, as I remember her
always getting her doctorate and doing a lot

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of work and writing and working from
home. I never knew what she was

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doing in the office, but she
was doing something. And I remember one

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time I really wanted to do something
for spring break, and she agreed that

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we had to get away, and
the rest of my family didn't want to

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go, so her and I just
went on our own little Disney trip and

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took a red eye flight that we
thought we could then hang out the whole

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day and both of us just ended
up falling fast asleep on the beach because

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we were up all night flying and
so it was just a good time that

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we both laugh about just trying not
to get sunburn while taking a nap.

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Oh, that's so wonderful and it's
so it touches my heart and it's beautiful.

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So, Barbara, you know,
as Maggie mentioned you were, you're

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very hard worker, so share with
us. Like you mentioned that you did

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your PhD, what had you go
towards PhD and what was your focus on.

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Yeah, I started my it's actually
an ed D, a doctor of

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Adult and Higher Education, and I
started that right before I met Maggie's dad.

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Actually I was starting that whole launch, So I was a little bit

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late to the game and getting my
doctorate. And I really didn't have any

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intentions of getting married or having children. But I met Maggie's dad and we

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soon got married, and soon thereafter
I had a son, Edward, And

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when Edward was about six months old, I realized I was prog with Maggie.

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So my kids are very close together. So I was working full time.

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I was working on my doctorate,
I had a baby at home,

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another one on the way, and
then I realized, you know, this

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is a lot. There was a
lot going on, and unfortunately I broke

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out in shingles when I was pregnant
with Maggie. So what I did was

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I just applied all of my credits
to a master's and then when my little

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children started kindergarten, I went back
to school and completed my doctorate. So

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it was an adult and higher learning. My passion is really about helping adults

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in learning situations really strategically help them
learn. Adults learn quite differently than children

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learn, and I loved working in
the adult situations and I loved teaching adults

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and working with adults so that they
themselves, I always say, could be

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more confident and more competent in whatever
work it is that they choose to do.

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That's beautiful. That confident and competence
so important. So you shared your

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pathway, how about you, Maggie. Let's see. You know, I

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started at community college, which was
a great experience. You know, sometimes

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you don't think it's the best option, but it always turns out to be

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that way, and then I went
to Loyal University and graduated there with my

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MBA, and quickly after graduation,
COVID broke out, And so since I've

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been working on purse strings so much
with my mom, we thought it was

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the perfect time to really jump in
both full force. Now that you know,

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I'm done with my MBA and some
of her stuff closed up as well.

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So you know, you just learn
in the journey that it always is

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there's always a reason of why things
happen the way they do, and looking

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back, it definitely done. Absolutely. So I want to go back to

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the time when you mentioned that you
had joined the community college, and there's

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so many young who don't know what
the major is, what they should graduate

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in, and I sincerely believe that
community college is such a good way to

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explore without wrecking up the student loans. So how was it that you decided

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to go that route? Yeah,
you know, it was really not a

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route I wanted to go down originally. I was really planning on that kind

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of that four year experience in our
community college had the initials of CLC,

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so in high school it was referred
to as the College of Last Chance,

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which doesn't make things very attractive at
any point. But I just didn't feel

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like I was in the right mental
state to kind of go away to a

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four year university and had some like
you know, just some things to figure

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out for myself, and so I
took the four year route so I can

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just kind of live at home,
or the community college route so I could

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just live at home and kind of
take care of myself and start college.

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And it of course just ended up
being the best decision. And so from

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there, you know, Loyle wasn't
my original choice two years prior, but

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this time, you know, it
was it was the perfect fit. So

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like I said, you know,
it always works out and it was some

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of my best education for sure.
Mmm. That's very powerful, Meggie.

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So Barbara, between you and Maggie, like so many parents are like oh

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no, no, no, no, no. You know, they are

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so forceful with their youngsters that you
got to go to college and have that

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four your degree and how can you
not. And they are putting pressure from

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high school and almost boxing those teenagers
and youngsters and especially young women. They

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can tend to have insecurity at that
age and they don't know as much.

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So what would you say from a
parent's perspective, and Meggie will come back

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to you. Well, you know, I actually did not go to a

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four year college right out of high
school. I actually moved out of my

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house lived on my own for a
couple of years. So when I started

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going to college, I too started
at a junior college and spent two years

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there before I went on to get
my undergrad and then two masters and then

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a doctorate. So don't let anyone
tell you that junior college is for the

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college of last chance. It certainly
isn't. It's a great launching pad because

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I didn't have the opportunity to go
away to a four year college. I

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really wanted that for both my son, who took well advantage of it,

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and also for Maggie. But we
have to understand that our children are not

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the same people. They're different people
with different needs and different desires, and

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they were at different places in their
lives. And Maggie had some health issues

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at the time with her tonsils.
She had her tonsils out, so she

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really wasn't prepped to be away that
far away from home and her doctors and

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things like that. So junior college
and living with me at the time was

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really actually it was a very fun
time. We really bonded in, had

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a lot of fun together. And
when she did was ready to go to

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Loyola, we were kind of bummed
that, you know, our little what

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do we call it, our little
sorority that she and I had together.

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I was breaking up. But she
moved down to Loyola downtown and had just

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a wonderful time and went on for
her MBA. So, like Maggie said,

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you know, you don't think your
plan is what it is at the

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time, but when you look in
hindsight, it was the perfect decision.

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M hm. So, Maggie,
if there were some youngsters thinking about and

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struggling with that decision, especially when
they don't know where they want to go

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or may have financial issues, and
as you said, you know college of

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last chance, and there's some sort
of even people look down upon, Oh

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I'm going I got admitted to this
college, this college. What would you

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tell them? And how can they
just kind of step into the decision,

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own it and run with it.
Yeah, I mean, looking back now,

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it's one of those first decisions you
really have to, you know,

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set yourself apart and stick to your
own kind of stick to your own guns.

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And so you know, there's not
really I would just say, you

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know, it's some of the best
education I got and it was a great

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experience, and you really don't realize
how much money you save until looking back,

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it's like it's a ton, but
it is. It is hard to

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when there's all the noise about you
know, what school you're going to go

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to, and everyone else applying and
kind of telling their story about getting into

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school, as that does take up
your whole senior year. But I would

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just say it's a great time to
start getting to know yourself and to kind

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of start this new journey, and
you know, look at the other opportunities

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that you could take part in in
your community or in the school, so

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you're not just sitting at home like
you did in high school, but you

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can start making your own community again, you know, in that new school,

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and just embrace that time that's coming. Absolutely really powerful. So Barbara,

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you know, as you go to
your so many degrees, as you

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mentioned, share with us your journey
towards poor strings and tell us what is

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por strings about. Sure, So
when I was then working, I was

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I had my own consulting firm,
Provo Consulting, where we created and designed

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and developed educational content and strategies for
financial institutions. So I worked across many,

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many financial institutions, and in everyone
I worked in Divvy, I saw

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a lot of the same routines.
I saw a lot of them were led

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and you know, meant by men, and a lot of the financial professionals

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were men, many many. It
was very rare that I saw women or

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even a woman of color. Even
a man of color is just typically white

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men. And I saw the processes
and procedures and the policies and the products

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that they were selling, and none
of it resonated with me as a woman.

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And I kept asking management, you
know, none of these you know,

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the marketing materials, they don't resonate
with me. The way they're being

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sold doesn't resonate with women. Women
don't buy in a transactional process. I

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think we're missing a market. And
as much as I said that over the

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years, I think I was a
pioneer in that thinking. They didn't really

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see it the way I saw it. But I knew that there was something

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that was missing in the industry,
and I knew there was a problem there

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that needed to be solved. So
I went down the path of commissioning a

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researcher to do some a deep dive
into how the financial institutions are serving women

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or not serving women, and if
women were prepared for their financial future,

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And it came back to validate all
that I was seeing, not only in

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my own organizational consulting, but also
in my everyday life. Women are not

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prepared for their financial future. And
by no fault of their own, it's

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all because poor money messaging women are
given. It's because the industry has overlooked

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them time and time again. It's
because the industry has dismissed them. I've

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heard story after story of women saying, you know, they don't even look

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at me, they only talk to
my husband, or if I ask a

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question, they say, don't worry
about it, honey, And yet they're

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just dismissed at every point in turn. So I knew, as a doctor

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of education, education is power,
and so I knew that I could step

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in and help solve this problem.
I asked women what they wanted and what

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they needed, and that's what we
built. So at Purse Strings, we

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provide women free online tools, resources, information skills that they can equip themselves

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with worksheets to help them really prepare
themselves wherever they are in their financial journey.

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And when they need to make any
type of financial investment transaction they need

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any assistance, they can use our
directory of purse strings, approved vetted professionals

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who really are focused on serving a
female market. Now that's very powerful,

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and thank you for sharing everything in
detail. So let's dive into different situations.

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We are going to look at women
in different phases in the rest of

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our show today. So you talk
about getting women's financial foundations in order.

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So let's say somebody a teenager who
is usually dependent on parents and she's getting

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into college. Let's say she's in
college. What could she put into place

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so by the time she's out of
college that she has some knowledge and then

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we will address all the different phases. Sure, I would say women going

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into college need to have a fundamental
understanding of how money works. So what

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is income, what is money coming
into you? What are expenses? What

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are things that you need to pay
for? Much do things cost? I

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mean, do they have a good
solid understanding? You know, when children

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go away to a way to college, do they understand what a cost to

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do your laundry? Buy your laundry, cell eat your meals, and to

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budget for all of that. So
what does it mean to really budget and

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look at money from a standpoint of
tracking and really thinking about what are my

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transportation expenses, what are my living
expenses, what are my food expenses?

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You know, the different categories that
takes for us to live on a day

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to day basis. And then how
do you use that money in terms of

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where's the money coming in, where
do I put it? What accounts do

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I need to have? Are these
accounts earning interest? Is it simple interest

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or compound interest? What are any
fees that they're charging me? How much

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money can I take out in a
time? Is there an I can only

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take three withdrawals in a month.
So really understanding the different vehicles and the

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different way that money works and the
different ways that you can use money.

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There's new ways now, you know
Vemno and Zell were familiar with back in

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the day you'd write a check or
pay cash. So, yeah, those

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are some of the ways that women
going into college should understand the way money

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works. Definitely a lot of things
to consider and from what it sounds like,

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you know, based on what you're
telling me, is that it would

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benefit them to have a budgetsheet that
includes their income and all of that coming.

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And Maggie, I see you nod
in your head, so let's hear

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your thoughts around that. Yeah,
I mean there were a couple of things

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I wanted to add, and one
is that usually when you go to college,

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you just turned eighteen, so you
want to make sure you have your

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durable powers of attorney just in case. Let's say you get hurt at college.

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You need someone to you know,
if you're unconscious and you want your

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parent or any loved one to be
able to, you know, help you

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make those medical decisions, or help
you just financially, you know, use

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your money to pay your bills.
Those are essential things that because now you

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are eighteen and you're a legal adult, and so that's really when you want

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to get those documents. And a
lot of people don't think about that as

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your parents do have access to pay
your college tuition, but don't have access

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to, you know, help you
make those health care decisions. But that's

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just kind of how we work here. And then in addition to that is

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you know, try to see if
you can start boosting up a high yield

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savings account of you know, starting
with you know, one thousand dollars and

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then three and then six months of
income, just so you can start building

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that foundational emergency fund, because emergencies
happen all the time, especially in college.

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You never know when something might happen. You need a new you need

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to go somewhere, you need something. Uh, you know, you want

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to make sure you have those funds. Yeah, now, great advice there.

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So all right, are let's say
we are going to give her the

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name of Jane. So Jane has
graduated now and as you mentioned that she

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may not know everything, she still
has you know, she has done budgeting

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and all that. And now it
happens that she gets the job, or

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she may not have a job.
So she may have been on health insurance

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from her parents, like so many
times, what happens is in some insurances

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they get cut off at twenty one
when they turn into adles. Some stay

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on till twenty five. So tell
us around about that, like, you

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know, before she gets her job, and now she has graduated, and

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let's just imagine that she may have
some student loans on her shoulders as dead,

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what would she do to continue building
upon this financial foundation, did you

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just share my financials exactly where I'm
at can totally relate to that story.

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As you know, being an entrepreneur, you know Barb gets her health insurance

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her husband's work, so I do
pay for health insurance out of pocket.

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So having a great professional to kind
of help you pick out pick out the

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right insurance, understand what those copays
are, understand what you can and can't

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use it for, and you know
different benefits that might have is super essential,

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especially getting into details again of being
an entrepreneur, do you need any

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extra coverage especially on the work that
you do. But then you know you

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do have those student loans, you
might want to start investing a little bit.

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So there are some great financial professionals
out there who actually specialize in student

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loans, so it can help you
like pay them, figure out the best

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method to pay them down, and
how to you know, save for today,

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save for tomorrow, but also like
enjoy your life and pay off that

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debt because there are so many moving
buckets. So there are great professionals who

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can help you with that. And
I know you mentioned one other one that

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would be a great professional well,
And it always helps to get a little

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side hustle. Yeah, always recommend
to side hustle. That is that while

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you're studying, and I think so
most of us have done that. I

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still remember, you know, doing
the TA and doing another job while also

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doing research, and it's and sometimes
you would feel like, gosh, I

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just need an hour of sleep.
And and yet it helps getting that side

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hustle because it helps you get to
know what it is like to make some

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money and then you may be paying
taxes on it. And so any other

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advice before we move on to Jane
who has found a job now, I

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would just say if she can start
investing even fifty bucks a month, you

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know, take advantage of where you
can do that, either through your employer

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or just an individual account, just
fifty hours a month. Just get to

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the habit, build the account.
Just get started. Absolutely, and especially

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if you're making money, then having
your own wrath hiray because even at a

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young age, you can invest a
certain amount in roth hiray. And the

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best part about rath hiray is that
you never get text on the money.

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So, okay, Jane has found
her job now and she's very happy,

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and as you mentioned, I want
to point out Maggie brought up a really

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really important point that it's important to
enjoy your life. So, yes,

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you want to invest the money.
So Barb, Barbara, can you share

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with us, like, you know, what does that balance look like?

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That? Okay, you know I
want to go out, I want to

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buy new outfits, and I'm making
money, so I want to splurge.

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And especially I don't know about y'all, but during my college life, I

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was counting penny sometimes. You know, if I had to go buy that,

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I would be thinking, like if
I'm going and getting that I screen

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from dairy Queen or something like that. Hmmm, is that going to spread

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out? So now you start making
money and I still remember getting my first

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being like, oh yeah, I'm
the richest person. Yeah. So a

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lot of times I've seen a lot
of my clients go displurge. So how

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can they create that balance? Yeah? Good question. So I will tell

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you that right when you start your
new job, you typically go through an

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HR department or you fill out a
lot of documents at the beginning, and

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part of those are deductions. So
how many deductions are going to be taken

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out of your paycheck? And we
always say people don't realize what the deductions

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are in your paycheck and how it
re turns to the taxes that you pay.

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So you always have to remember if
you're single and you're taking you know,

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zero deductions or one deductions, how
that takes out of your paycheck,

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and how that then in turn,
when you're paying your taxes, has to

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do with your taxes. So if
you do get married or have children,

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deductions are something you need to take
a look at. But the other thing

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is now that you're employed, if
you have an employer sponsored healthcare program,

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you may have to have deductions for
that, but not probably as much as

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typically someone like May you would pay
who's paying the whole premium on her own.

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But you also have your state taxes
taken out. If you have state

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taxes, federal taxes, you're going
to have Social Security taken out. So

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don't be surprised when you get your
first paycheck that it's not the amount that

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you thought it would be coming to
you. That's always a surprise. Both

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of my children came back to me
and they were like, wait a minute,

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I thought I was going to get
this amount of money. And then

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I said, well, this is
about being an adult. You have to

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realize now when you get a paycheck, there's a lot of people dipping into

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your paycheck and taking their portion,
sometimes on your behalf. Sometimes it's something

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you're paying for like healthcare. So
it's not exactly divisible by a number.

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There's lots of different pieces and parts
to it. And I can't say enough

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how important it is for people to
really understand and take a look at their

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paycheck and see what their deductions are
and how it's working, and that they

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look at those on a regular basis
absolutely very powerful advice. Maggie, do

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you have anything to add? Yeah, I would just say, you know,

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as your income grows, make sure
you're you know, your any donations

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grow, any investments also grow,
and so we just always advertise kind of

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value based spending and just you know, assess everything. Is this, you

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know, align with my values?
Is this going to make me be that

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person I want to be? You
know? Is this something that's going to

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make me a ten? If not, you might want to go to the

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different direction. If so, or
if it's not aligning, you know,

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you reassess your values. But we
find the best ways you increase income and

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you're doing that budget you know,
do what with do what aligns with your

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values because money is just a tool, so that's how we're spreading out that

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tool. So, Maggie, can
you give us some examples of value based

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funding? Sure, So some of
them may be that, you know,

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one of those, like I do, is I don't buy anything from machine.

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I don't like the way they treat
their employees or the customers, or

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how cheat their products are. So
it's not something I spend my money on.

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But I might go, you know, thrifting and spend one hundred dollars

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there because that's what is valuable to
me, is dressing nice, feeling good,

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but also like making sure my money
goes back to the community. Or

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another one might be is like,
you know, you don't spend a lot

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of money, I'm going out to
drink because you just know drinking is not

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good for you. That's kind of
where your values are. You're really valuing

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health, So you might just put
your money, you know, either into

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your investments or into the gym.
We know, whatever aligns with you to

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be your best self. Yeah,
that's very powerful because that helps you become

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the best version that you want to
become. And it's by the values that

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you define, not what other people
are defining. You talked about something very

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powerful. It's like if you don't
want to drink because you know that it's

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not good for you. So recently
one of my clients came to me and

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she said that she decided to go
completely zero alcohol. And then she and

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her boyfriend likes to party, so
they had a lot of dissension. And

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then she realized that it was her
being uncomfortable that how could she hang out?

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And then once she became comfortable with
like I can get a non alcoholic

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beer because they have got some really
nice non alcoholic beer, and then those

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problems went away. So I'd love
to hear both of your spots because what

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happened is that we can share and
we all know those white things that you're

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supposed to do. And yet when
there is pressure outside, like when all

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the other people are doing all the
things that you are not supposed to do,

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when everybody's doing it, how do
you go against the tide? And

403
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how do you stay strong on that
discipline? Yeah, I'll jump in on

404
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that. You know, one thing
is keeping up with the joneses. Right,

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you got to have the biggest house
you got to have the nicest furniture,

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You got to have, you know, the biggest vacations. I think

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you just have to live to be
true to yourself. I think when you're

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trying to compete or be with like
somebody else, that's not your true authentic

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self. I think for me,
I hang around with those people that know

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what my values are and they're okay
with it. They're not going to judge

411
00:31:55.279 --> 00:31:59.920
me for it. A big house
is not my my thing. You know,

412
00:32:00.160 --> 00:32:02.839
cars are not my thing. I
really I don't know much about cars.

413
00:32:02.839 --> 00:32:07.039
I just want to get from point
A to point B. Someone else

414
00:32:07.039 --> 00:32:08.359
that might be really important to them, but for me, you know,

415
00:32:08.400 --> 00:32:12.680
I'd rather go on a nice vacation
to a spa. You know, maybe

416
00:32:12.680 --> 00:32:15.559
someone else would rather go mountain climbing, which would not be my thing.

417
00:32:15.640 --> 00:32:19.400
So I think we just really need
to know who we are and live our

418
00:32:19.440 --> 00:32:22.839
own authentic selves. And it's okay
to say no. I know, you

419
00:32:22.880 --> 00:32:25.160
know, if people like to go
dine out at you know, Michelin restaurants,

420
00:32:25.200 --> 00:32:28.799
that would so not be my thing. You know, money, you

421
00:32:28.839 --> 00:32:31.200
know, food is just not my
jazz. But it is just somebody else,

422
00:32:31.240 --> 00:32:34.599
and I respect that. If that's
how you like to live your life.

423
00:32:34.640 --> 00:32:37.799
I think we need to just respect
everybody's choices as long as they're not

424
00:32:37.880 --> 00:32:42.359
hurting themselves or hurting other people.
We just need to respect and honor what

425
00:32:42.400 --> 00:32:45.279
other people's choices are. But again, we need to be stand strong and

426
00:32:45.319 --> 00:32:50.880
our own power and our own convictions
of how we're going to use our money

427
00:32:51.200 --> 00:32:58.160
to the best of what you know
suits ourselves money. Yeah, I mean

428
00:32:58.200 --> 00:33:00.519
it's kind of like, you know, how do you convince someone that community

429
00:33:00.559 --> 00:33:02.880
college is a great idea? You
know, you just have to It's like,

430
00:33:04.079 --> 00:33:06.599
uh, just back to that is, you just have to be,

431
00:33:06.960 --> 00:33:13.400
you know, true to yourself and
true to your own convictions and so yeah,

432
00:33:13.480 --> 00:33:15.759
you know, it's there's a lot
of noise out there, but you

433
00:33:15.839 --> 00:33:19.400
just got to figure out, you
know, what's important to you. And

434
00:33:19.759 --> 00:33:22.240
it can be pressuring sometimes, but
no, you know what times you might

435
00:33:22.279 --> 00:33:24.960
give in that one time you might
get that ice cream, or other times

436
00:33:24.960 --> 00:33:28.559
you know you're sticking to your guns
and not getting a drink. Maybe one

437
00:33:28.559 --> 00:33:30.119
time it's just one drink. You
know, it depends how you cite your

438
00:33:30.119 --> 00:33:35.359
boundaries. Again, live for today
and for tomorrow, whatever that means for

439
00:33:35.400 --> 00:33:43.599
you. Oh, that's yes,
great insights Barbara and Maggie. And one

440
00:33:43.599 --> 00:33:47.000
of the things I also want to
share is that, especially if you are

441
00:33:49.279 --> 00:33:52.599
in a job, make sure to
check out if your employer is giving you

442
00:33:54.400 --> 00:34:00.680
any if they're matching your pributions,
that you definitely put in those contributions,

443
00:34:00.680 --> 00:34:06.319
even if it's three percent or five
percent, whatever it is. That's one

444
00:34:06.319 --> 00:34:08.480
of the first things to know.
And if you're an entrepreneur, be sure

445
00:34:08.800 --> 00:34:13.039
to put in in roth Harry,
I know it may be think, but

446
00:34:13.199 --> 00:34:17.840
it does grow. So now let's
say R. Jane has got a good

447
00:34:17.920 --> 00:34:23.000
job, she is making decent money, she is investing wisely and all that.

448
00:34:23.360 --> 00:34:29.119
But now she falls in love,
gets married and has a house,

449
00:34:29.239 --> 00:34:32.440
and now three or four things can
happen. When she has got married.

450
00:34:32.920 --> 00:34:38.360
She can get a divorce. Unfortunately, it happens. We don't want anybody

451
00:34:38.400 --> 00:34:43.920
to have happen to anyone, but
it does happen. It's reality. Sometimes

452
00:34:44.599 --> 00:34:50.199
spouse may pass off, or she
may have ageing parents that she may need

453
00:34:50.239 --> 00:34:53.840
to support, so that are multiple
life situations that can happen. Then kids

454
00:34:53.840 --> 00:35:00.280
may come along. So if you
can share some general things that women can

455
00:35:00.360 --> 00:35:05.599
do or can need to keep in
mind so that they're prepared for such an

456
00:35:05.599 --> 00:35:09.960
event. Yes, I love this
question. So first of all, it's

457
00:35:10.000 --> 00:35:14.400
not a terrible thing to get a
pre nup if you're getting married and you

458
00:35:14.480 --> 00:35:17.039
have more investments than your partner,
or he has more investments than you,

459
00:35:17.159 --> 00:35:22.639
or you just want to make sure
you're clear going into the marriage. Also,

460
00:35:22.960 --> 00:35:25.519
make sure you're having conversations about money. As we always say, so

461
00:35:25.599 --> 00:35:30.199
many couples plan down to the detail
on the wedding and never talk about money,

462
00:35:30.760 --> 00:35:34.840
and money is a big reason why
people divorce. You have to make

463
00:35:34.880 --> 00:35:37.880
sure you're aligned on your money,
that you have money goals, you have

464
00:35:37.960 --> 00:35:42.440
money habits that align, and that
you have shared goals for your money.

465
00:35:42.880 --> 00:35:46.639
You understand both of you where the
money is at, what the income is

466
00:35:46.679 --> 00:35:51.119
coming in, and what the expenses
are going out. That you talk about

467
00:35:51.159 --> 00:35:54.239
money, that you look at your
accounts, that you have a record of

468
00:35:54.320 --> 00:36:00.400
who's helping you invest, where the
accounts are when you're contributing to a four

469
00:36:00.480 --> 00:36:02.760
oh one K, you have your
beneficiaries lined up, that you both have

470
00:36:02.920 --> 00:36:07.599
life insurance, that if she plans
to leave the workforce to care for children

471
00:36:07.800 --> 00:36:15.800
or an ailing family member, that
she also contributes to a spousal ira on

472
00:36:15.880 --> 00:36:21.440
her behalf, so she also has
a retirement set up for herself, which

473
00:36:21.519 --> 00:36:25.159
today is six thousand or sixty five
hundred. Ask your financial professional every year

474
00:36:25.199 --> 00:36:29.840
that you can contribute on your behalf
in your own name, that you both

475
00:36:29.920 --> 00:36:32.440
have your wills in place, your
beneficiaries in place, and your power of

476
00:36:32.440 --> 00:36:37.880
attorneys in place, and all those
documents are reviewed on a regular basis.

477
00:36:39.159 --> 00:36:45.079
That was quite a bit to kind
of take care of. So can you

478
00:36:45.199 --> 00:36:51.920
kind of dive into each piece with
a little more information so that our listeners

479
00:36:52.000 --> 00:36:55.360
know sure, so a prenup just
go to an attorney. That's just a

480
00:36:55.360 --> 00:36:59.840
great way to really outline who has, what you're bringing into the marriage,

481
00:37:00.039 --> 00:37:04.960
how you're going to move about that
income. You should be having these conversations

482
00:37:05.000 --> 00:37:08.519
when you're planning on getting married.
Know the income coming in, Know any

483
00:37:08.599 --> 00:37:13.679
debts that coming in that's coming into
the marriage. Someone might come in with

484
00:37:13.760 --> 00:37:17.960
a lot of credit card debt or
might come in with some student loan debt.

485
00:37:19.079 --> 00:37:21.719
You have to make sure you know
all the debt is laid out on

486
00:37:21.760 --> 00:37:23.719
the table and there's a plan in
place for how that's going to be paid

487
00:37:23.760 --> 00:37:28.320
off. You want to make sure
you know what the income is coming in

488
00:37:28.360 --> 00:37:30.880
and if there's any changes in employment, what the impact to income is.

489
00:37:31.000 --> 00:37:36.239
Let's say, let's say your husband
wants to go for his MBA and leave

490
00:37:36.280 --> 00:37:38.440
the workforce, that you might support
him to do that for a couple of

491
00:37:38.519 --> 00:37:42.760
years, but know how to adjust
to that income. Or maybe you want

492
00:37:42.760 --> 00:37:45.519
to leave the workforce because you want
to have children and stay at home.

493
00:37:45.679 --> 00:37:50.360
That's fine, but know that now
when you were once living on two incomes,

494
00:37:50.400 --> 00:37:53.159
now you're living on one. Did
your choices on the house that you

495
00:37:53.280 --> 00:37:58.079
purchased and the cars that you purchased
and all the other assets that you're responsible

496
00:37:58.079 --> 00:38:01.719
for now can they still a com
date? The one income plus also provide

497
00:38:01.760 --> 00:38:07.639
for you on your retirement, so
that those are the foundational decisions you need

498
00:38:07.679 --> 00:38:14.920
to think about around money, cash
flow, income and investments. But on

499
00:38:14.960 --> 00:38:22.360
the legal side, as you're married, prenup also wills also powers of attorney

500
00:38:22.519 --> 00:38:30.440
on each other for both medical and
financial and then also life insurance on both

501
00:38:30.480 --> 00:38:36.480
parties and knowing the beneficiaries of those
and checking all these documents on a regular

502
00:38:36.559 --> 00:38:39.679
basis to make sure they're always up
to date. So a lot of people

503
00:38:39.760 --> 00:38:46.440
talk about not getting life insurances.
There are two thoughts around it. And

504
00:38:46.800 --> 00:38:52.400
I see that you'll recommend getting life
insurances, So can you share your thought

505
00:38:52.480 --> 00:38:57.559
process behind it. Yeah, I
mean we'd always say, you know,

506
00:38:57.639 --> 00:39:00.760
talk to your financial professional for your
situation. But typically if you have children

507
00:39:00.920 --> 00:39:04.800
under the age of eighteen and a
parent passes, you know, you want

508
00:39:04.840 --> 00:39:07.440
some of that money to cover to
pay, you know, get your children

509
00:39:07.480 --> 00:39:12.039
off the school if you're planning on
putting them through college. If you have

510
00:39:12.079 --> 00:39:15.119
a house together that you know you
have that mortgage taken out, you don't

511
00:39:15.119 --> 00:39:20.559
want to leave anyone stranded with that
mortgage, and so it is, you

512
00:39:20.599 --> 00:39:23.000
know, you just don't want to
leave your partner stranded. And we've heard

513
00:39:23.039 --> 00:39:28.079
so many horror stories. So I
would just definitely make sure you're having the

514
00:39:28.079 --> 00:39:31.519
conversation if you have children under eighteen, or you know, have huge assets

515
00:39:31.559 --> 00:39:36.039
that you've taken out, like a
home, just so no one is stranded

516
00:39:36.079 --> 00:39:40.519
with that, you know, large
sum of debt if you passed. And

517
00:39:40.559 --> 00:39:44.920
we always say that health in our
life insurance is a love letter to your

518
00:39:44.960 --> 00:39:50.800
family because you're not really leaving them
stranded. And even if you're the income

519
00:39:50.840 --> 00:39:53.719
earner, let's say the wife passes, you know, to replace all that

520
00:39:53.760 --> 00:39:58.159
she does, all of her duties. I think the last calculation was about

521
00:39:58.440 --> 00:40:04.159
two hundred and fifty thousand a year
home for a stay at home mom to

522
00:40:04.239 --> 00:40:07.760
replace all of the duties that she's
doing on a regular basis. So that

523
00:40:07.840 --> 00:40:13.079
money has to come from somewhere,
right, Somebody has to feed the children,

524
00:40:13.119 --> 00:40:15.440
cook for the children, transport the
children, get them to school,

525
00:40:15.519 --> 00:40:19.840
make sure they have clothes. All
those tasks need to be done. And

526
00:40:19.880 --> 00:40:22.480
if you need to hire help to
help with all of that, it's an

527
00:40:22.519 --> 00:40:30.039
expensive venture. That definitely makes sense, and it definitely outlines paths two people

528
00:40:30.159 --> 00:40:35.960
and how can they take actions.
So now the next question comes is that

529
00:40:36.119 --> 00:40:39.440
how do we know who to go
like? Because there are so many financial

530
00:40:39.480 --> 00:40:49.400
professionals out there and who how do
I know which financial professional would be the

531
00:40:49.400 --> 00:40:53.840
best fit for me? How can
they go about that? Well, you

532
00:40:53.880 --> 00:40:58.920
have to look at your situation.
So if your situation is you're getting divorced,

533
00:40:59.000 --> 00:41:01.199
it might be a different profess Then
if your situation is your widowed,

534
00:41:01.280 --> 00:41:07.239
then your situation is you want to
buy a business. So depending on your

535
00:41:07.239 --> 00:41:13.760
situation, at Purse Strings, we
vet all the professionals that come to us

536
00:41:14.280 --> 00:41:17.079
and we ensure that they don't have
any things on their record, that they

537
00:41:17.119 --> 00:41:21.960
do have programs in place to help
serve a female market, and many of

538
00:41:22.000 --> 00:41:28.679
them come with certain certifications that focus
on different life transitions. For instance,

539
00:41:29.079 --> 00:41:31.920
if you're getting a divorce, you
might need an attorney, but you may

540
00:41:31.960 --> 00:41:37.599
also want to consider a mediator,
so we have both a mediator less expensive.

541
00:41:37.039 --> 00:41:39.840
We also have attorneys if that's the
route you want to go down,

542
00:41:40.159 --> 00:41:45.719
but we also have divorce coaches,
so somebody can help you coach through what's

543
00:41:45.760 --> 00:41:50.440
the best decision for me in this
circumstance. But when you're also getting a

544
00:41:50.440 --> 00:41:52.480
divorce, you might consider the fact
that we all live in this home.

545
00:41:52.519 --> 00:41:55.800
Should I keep this home? Can
I afford this home? So we have

546
00:41:57.039 --> 00:42:01.760
mortgage lenders with a certified divorce Financial
well i'm sorry, certified divorce lending professional

547
00:42:01.920 --> 00:42:07.079
designation that can help you look through
the terms of your divorce decree to see

548
00:42:07.079 --> 00:42:10.960
if that's the best way to either
keep the house or sell the house.

549
00:42:12.360 --> 00:42:17.480
But also we have financial professionals with
the certification of Certified Divorce Financial Analysts that

550
00:42:17.559 --> 00:42:23.440
can also look at your divorce in
terms of the financials, the tax implications,

551
00:42:24.079 --> 00:42:29.840
and the future of your investments to
see the best way to divvy up

552
00:42:30.239 --> 00:42:36.039
the moneies and all of these people
they make up a divorce team. So

553
00:42:36.079 --> 00:42:40.079
it's never typically one person that you
need, like your attorney can't do all

554
00:42:40.119 --> 00:42:43.880
that for you. You may think
they can. They may say they can't,

555
00:42:43.880 --> 00:42:47.800
but an attorney should is really expert
in the law, they're not expert

556
00:42:47.800 --> 00:42:52.199
in the financials. So what we
are giving women is access to all these

557
00:42:52.239 --> 00:42:59.119
types of professionals that can come together
and help her make the best decisions for

558
00:42:59.199 --> 00:43:02.039
her financial future. Some people might
say, wow, that's a lot of

559
00:43:02.079 --> 00:43:07.119
professionals. How can I afford it? You can't afford not to have them

560
00:43:07.119 --> 00:43:10.159
on your team, because we will
help you make the best financial decisions going

561
00:43:10.199 --> 00:43:19.239
forward based on your unique situation.
Yeah, that's very powerful. So tell

562
00:43:19.320 --> 00:43:22.719
us what website they can go to
and how does it work once they're there.

563
00:43:23.760 --> 00:43:27.800
So all of our professionals can be
found at per strings dot co.

564
00:43:28.679 --> 00:43:30.360
And so right on the front page
or all these little squares, you can

565
00:43:30.400 --> 00:43:35.719
kind of click into our directory there
and find a professional who can serve in

566
00:43:35.800 --> 00:43:38.800
your state. And they're kind of
categorized by if you are buying a business,

567
00:43:38.880 --> 00:43:43.360
or getting divorced or whatever it may
be. And then when you look

568
00:43:43.360 --> 00:43:45.800
at our website there's a ton of
other tool free tools and resources. One

569
00:43:45.960 --> 00:43:51.320
is like a divorced checklist. One
is just a cash flow sheet to figure

570
00:43:51.320 --> 00:43:54.760
out where your money is going.
And we do have also a family Emergency

571
00:43:54.760 --> 00:44:00.599
Binder which is over one hundred pages. Not to sound intimidating, but just

572
00:44:00.960 --> 00:44:04.800
a great spot to put all the
information of you know, the information about

573
00:44:04.800 --> 00:44:07.599
your life insurance, the information about
where all your accounts are, and your

574
00:44:07.639 --> 00:44:12.880
medical history and all these things that
you would need in a family emergency,

575
00:44:13.639 --> 00:44:15.440
which is a great way just to
start pulling your picture together, see what

576
00:44:15.480 --> 00:44:19.760
you got going on, seeing where
your gaps are, making sure everything's up

577
00:44:19.760 --> 00:44:22.840
to dated, updated, and if
you do all that, put it in

578
00:44:22.880 --> 00:44:29.079
a fireproof little bag so it's always
protected for whatever happens in this life of

579
00:44:29.119 --> 00:44:34.159
ours. Absolutely, so question for
you, if our audience wanted to get

580
00:44:34.199 --> 00:44:37.599
in touch either with you Barbara or
with you Maggie, what's the best way

581
00:44:37.639 --> 00:44:43.239
to get in touch with you?
Well, my name is Barb at perstrings

582
00:44:43.280 --> 00:44:47.039
dot Co. And then we have
Maggie at perstrings dot Co. And they

583
00:44:47.039 --> 00:44:52.719
can reach us directly on those emails
if they want to have a conversation with

584
00:44:52.840 --> 00:44:55.719
either one of us. Otherwise they
can go directly to our website at perstrings

585
00:44:55.760 --> 00:45:05.719
dot co. Well fantastic. Thank
you so much for sharing these insights and

586
00:45:06.519 --> 00:45:12.079
helping us make our women's lives better
and become financially strong, because when you're

587
00:45:12.119 --> 00:45:20.559
financially independent, it does make for
a better life and make for bringing more

588
00:45:20.639 --> 00:45:24.440
joint happiness in our lives, and
that's what we like. So thank you

589
00:45:24.519 --> 00:45:30.239
both Barb and Maggie for joining us. Yeah, thank you for having and

590
00:45:30.280 --> 00:45:37.840
I appreciate it. Yeah, thank
you Davia so much. Absolutely and so

591
00:45:37.960 --> 00:45:43.519
again, thank you. And what
I will share is that this was amazing,

592
00:45:43.840 --> 00:45:47.480
so really appreciate you both and listeners. I want to thank each and

593
00:45:47.480 --> 00:45:52.480
every one of you for being part
of our show because without you, the

594
00:45:52.519 --> 00:45:57.480
show would not be possible. You
are the soul of it. Reach out

595
00:45:57.519 --> 00:46:00.320
to us, let us know how
can we help you, and I thank

596
00:46:00.360 --> 00:46:07.880
you for voicing your odds and feedback
with us. Continue doing that, beloved,

597
00:46:08.119 --> 00:46:12.679
love receiving your emails, share with
us how we can make your lives

598
00:46:12.679 --> 00:46:15.519
better. Who can we bring so
that you can live the life you deserve,

599
00:46:16.599 --> 00:46:22.519
and thank you one for making the
show technically possible. So stay strong

600
00:46:22.679 --> 00:46:31.239
and be inspired. So until next
time, take care and we'll see you.

601
00:46:32.840 --> 00:46:37.239
Thank you for being part of Beyond
Confidence with your host via Park,

602
00:46:37.519 --> 00:46:39.639
we hope you have learned more about
how to start living the life you want.

603
00:46:40.079 --> 00:46:45.239
Each week on Beyond Confidence, you
hear stories of real people who've experienced

604
00:46:45.239 --> 00:46:51.039
growth by overcoming their fears and building
meaningful relationships. During Beyond Confidence, Divapark

605
00:46:51.119 --> 00:46:53.559
shares what happened to her when she
stepped out of her comfort zone to work

606
00:46:53.599 --> 00:46:58.719
directly with people across the globe.
She not only coaches people how to form

607
00:46:58.760 --> 00:47:04.400
herd connections, but also transform relationships
to mutually beneficial partnerships as they strive to

608
00:47:04.480 --> 00:47:07.599
live the life they want. If
you are ready to live the life you

609
00:47:07.679 --> 00:47:13.639
want and leverage your strengths, learn
more at www dotwpark dot com and you

610
00:47:13.679 --> 00:47:17.840
can connect with vat contact at dwpark
dot com. We look forward to you

611
00:47:17.920 --> 00:47:20.000
joining us next week.