Latest / Pretty In Pink Again / Episode 56: You’re Not Bad with Money—You Were Never Taught: How Women Can Build Financial Confidence, Start Investing & Take Back Control with Jane Sullivan

Transcript

Episode 56: You’re Not Bad with Money—You Were Never Taught: How Women Can Build Financial Confidence, Start Investing & Take Back Control with Jane Sullivan · Pretty In Pink Again

• 0:00
  I'm Christina.
• 0:00
  And I'm t And this is the Pretty and Pink Again podcast where motherhood meets rediscovery.
• 0:16
  Today's episode is one that I think every single woman needs to hear because we're talking about something that touches every part of our lives, but somehow still feels like that one thing we avoid money, not in a boring spreadsheet numbers kind of way, but in how it actually affects your confidence, your relationship, your identity, and your sense of control kind of way.
• 0:37
  I think many women are running households, raising kids, building careers, showing up for everyone else, and still quietly thinking, I don't fully understand what's going on financially.
• 0:47
  But the truth is, most of us we're never actually taught.
• 0:51
  So today we're joined by Jane Sullivan, a holistic financial planner based in Essex, Connecticut, who works primarily with female head of households.
• 0:59
  What I love about Jane is that she doesn't just talk money as numbers.
• 1:02
  She talks about it as something emotional, personal, and deeply connected to how we live our lives.
• 1:07
  She's also lived it going through a divorce, rebuilding, and creating a business that helps women feel more confident and in control.
• 1:14
  And that is why this conversation feels so important.
• 1:17
  Welcome, Jane.
• 1:18
  Thanks for having me.
• 1:19
  Hi.
• 1:19
  Thank you so much.
• 1:20
  We love when our guests are in person, so thank you for making the drive up here.
• 1:23
  So excited to be here.
• 1:24
  Happy to do it.
• 1:25
  So excited to have you here.
• 1:27
  This has been a long time coming.
• 1:30
  Mm-hmm.
• 1:30
  Ette.
• 1:30
  Mm-hmm.
• 1:30
  T and I had, we said we had like episode ideas from the start, like as we were getting going in this.
• 1:38
  Mm-hmm.
• 1:38
  And we had these ideas in our mind and one of the topics was money.
• 1:42
  Yes.
• 1:42
  Yes.
• 1:42
  Like we, how do we talk about money?
• 1:44
  And we've talked about it a little bit, like why it makes everybody so freaking uncomfortable.
• 1:50
  And it does.
• 1:51
  But we were looking for somebody with a really good point of view to come on the podcast to talk about this and also educate us at the same time.
• 2:00
  Mm-hmm.
• 2:00
  So you are the perfect guest.
• 2:01
  We're so happy to have you here.
• 2:02
  We have so many questions.
• 2:04
  We posed this to our listeners and the questions that came in were, you got some insane ones.
• 2:08
  They were juicy.
• 2:09
  So juicy.
• 2:10
  And they were aligned with what we already kinda wanted to deepen dive into.
• 2:13
  Like they weren't just about what was, what's the percent I should save every month?
• 2:16
  No.
• 2:17
  What should I save for college or what should my grocery bill be weekly?
• 2:21
  Like they weren't questions like that.
• 2:22
  They were real, they were emotional.
• 2:24
  Yes.
• 2:25
  And you've said money, money is so emotional to everyone.
• 2:29
  Mm-hmm.
• 2:29
  And the questions that you guys shared with me that you got are questions that I hear every day in the office.
• 2:35
  Whether it's a new client coming in, even an existing client, somebody going through transition.
• 2:40
  Money is like one of the most emotional things in someone's life.
• 2:43
  I always say it's money, family, and health.
• 2:46
  Mm-hmm.
• 2:47
  What else is gonna keep you up at night?
• 2:49
  Those are usually the things, I mean, we all have our laundry list of like checklist of to-dos, but Right.
• 2:53
  But they're all kind of woven into those three things.
• 2:56
  They, things they are in some way.
• 2:56
  They're like really important things.
• 2:58
  Like they're the value things, right.
• 3:00
  In your, in your life.
• 3:01
  Mm-hmm.
• 3:01
  Right.
• 3:02
  Yeah.
• 3:02
  Absolutely.
• 3:03
  So take us back into like your most recent years recently.
• 3:07
  Mm-hmm.
• 3:07
  You were working as a financial planner.
• 3:09
  Mm-hmm.
• 3:10
  And you said you went through a divorce.
• 3:12
  Yes.
• 3:12
  How did your divorce then affect the start of this business?
• 3:15
  It got the wheels turning, so I got divorced.
• 3:19
  The business was in glassware at the time and I was working with my father who founded the firm.
• 3:23
  Divorce sucks.
• 3:25
  Like I don't care if it's a positive thing in the end, just the process is so overwhelming and I remember thinking to myself so many times, if I'm overwhelmed going through this, and I knew where every account was, I completed the financial affidavit and like I could do it in my sleep.
• 3:43
  You knew where the, I knew all, all the money.
• 3:44
  Exactly.
• 3:45
  That's what you do for a living.
• 3:47
  Right?
• 3:47
  Exactly.
• 3:47
  Right's.
• 3:48
  My area is my wheelhouse, but I'm like, if this is emotional and stressful for me, how do women go through this who have no idea where all the accounts are?
• 3:55
  I can't tell you how many clients have come to me.
• 3:57
  I'm like, I don't even know if I'm filling out this correctly because I don't even know if I know about every account that I have with my husband or my partner.
• 4:05
  So like, how do I navigate through this?
• 4:07
  So it was a very difficult period of transition.
• 4:10
  The following year, my father retired from the business and I bought the business, moved it down to Essex and I said, this is my opportunity.
• 4:18
  This is our rebrand.
• 4:20
  So what I did is I said, all right, I wanna focus on working with women.
• 4:23
  And then it came to women in transition.
• 4:26
  So death, divorce, taking time off to raise kids, returning to the workforce or career exchange, like any major transitional moment in a woman's life.
• 4:36
  And there are so many different kinds.
• 4:37
  So it really narrowed down into that.
• 4:40
  And then I got into this weird niche of female head of household and I was like, okay, this is it.
• 4:45
  This is who I wanna work with because I can support this woman.
• 4:49
  And how I define a female head of household is that you can be the breadwinner, you can be a stay at home mom, but it's somebody who's actively engaged in the process.
• 4:58
  Because let's face it we're usually the ones running the household.
• 5:02
  We're running the day to day.
• 5:04
  And so what comes with that is decision fatigue.
• 5:06
  So we'll get into that today too.
• 5:07
  Mm-hmm.
• 5:08
  How many decisions do we make a day?
• 5:09
  Too many.
• 5:10
  Too many.
• 5:11
  And then layer it on how many kids you have on top of that.
• 5:14
  I mean, it's insane.
• 5:14
  Too many, right?
• 5:18
  I was listening to your most recent one on the way up.
• 5:20
  I know a lot of decisions to make on those car rides to sporting events, to the dance competition, but, um, but yeah, so that's what I help my guide navigate my clients through is making those decisions.
• 5:32
  So it's, it's been a really fulfilling part of my career to kind of hone in on that and, we'll, we'll dive more into it, but I'm really excited, I love that term, head of household.
• 5:41
  Because it really gives a, like the female, the role that they deserve.
• 5:46
  Mm-hmm.
• 5:46
  Because you are, you are running a household.
• 5:47
  Mm-hmm.
• 5:47
  Whether you are working from home or working, stay at home mom.
• 5:50
  Mm-hmm.
• 5:50
  Or you are working out of the home.
• 5:52
  Most women run the household.
• 5:53
  Yeah.
• 5:54
  But most women don't run the finances.
• 5:57
  Right.
• 5:57
  And how are you gonna run the household if you don't know the finances, if something happens to your partner?
• 6:01
  Right.
• 6:01
  So, but even if nothing happens to your partner, why do you think there's such a gap there?
• 6:05
  If you know how to run everything else in the house, why do you think that women don't know the finances?
• 6:10
  That's a loaded one.
• 6:12
  Yeah.
• 6:12
  That's a loaded, like my asking for a friend, my wheel, my wheels are going right now thinking of different clients that I work with and yeah, it's probably all for different reasons.
• 6:21
  I'm wondering if it's, first of all, lack of education.
• 6:25
  Mm-hmm.
• 6:25
  About the topic.
• 6:26
  Yeah.
• 6:26
  You know what I mean?
• 6:26
  So it's traditionally, money is traditionally a man's sport, right?
• 6:31
  Oh, big, big.
• 6:32
  And so big time.
• 6:32
  A lot of the times I think it defaults to the man.
• 6:35
  Mm-hmm.
• 6:35
  And so you're kind of left out of it.
• 6:37
  Mm-hmm.
• 6:37
  Maybe intentionally or unintentional, or not intentionally, sometimes it's a power thing.
• 6:42
  Yeah.
• 6:42
  Like in like balancing the relationship, right?
• 6:45
  Like I see that sometimes.
• 6:46
  'cause sometimes women are more like forefront with the children.
• 6:50
  Mm-hmm.
• 6:50
  And raising the kids and just like everyone has their tasks.
• 6:52
  Right.
• 6:52
  Exactly.
• 6:53
  Like I'll take you this, if you take this exactly.
• 6:55
  The lanes, right.
• 6:56
  But I think what I'm seeing now, what's trending, and I think a huge part of it is podcasts.
• 7:02
  Mm-hmm.
• 7:02
  Right?
• 7:02
  Women are finally talking about money.
• 7:05
  Like even in my friend circle, I went to Brian, all my girlfriends are in business one way or another.
• 7:11
  Big Wall Street careers, banking careers.
• 7:15
  Even our little circle of friends now we're talking about Hey, I am up for a promotion, or I'm job hunt, help me.
• 7:20
  Should I guide this conversation?
• 7:21
  What should I do?
• 7:21
  Yeah.
• 7:21
  And so now we're having those conversations.
• 7:24
  And if that's us in this industry.
• 7:27
  We need to like spread it out and it's time to talk about mm-hmm.
• 7:31
  Nothing could be ashamed of, we talk about everything else we do.
• 7:33
  What are we doing for skincare?
• 7:34
  Yeah.
• 7:34
  What are we doing with our kids?
• 7:35
  Yeah.
• 7:35
  Where, where are we shopping?
• 7:36
  Like all the things, why aren't we talking about one of the most important ones?
• 7:40
  Why do we keep it so tight to the chest?
• 7:42
  Yeah.
• 7:42
  We don't need to do that anymore.
• 7:43
  Right.
• 7:43
  So you can talk about money without necessarily talking about your own personal numbers.
• 7:47
  Correct.
• 7:48
  But you don't wanna gatekeeper and you wanna help each other out.
• 7:50
  Exactly.
• 7:51
  I love that.
• 7:51
  Exactly.
• 7:51
  Mm-hmm.
• 7:52
  So talk to us a little bit about the emotional side of money, because I think that's something that I never really thought of before.
• 7:58
  Mm-hmm.
• 7:58
  But it's so obvious.
• 7:59
  Why is money so emotional?
• 8:01
  I think the reason why is, fear and uncertainty drive emotions.
• 8:09
  Mm-hmm.
• 8:09
  Most frequently for sure.
• 8:11
  Right.
• 8:11
  So is it a fear of running outta money?
• 8:14
  Do I, have I saved enough?
• 8:15
  Am I on track for college, for my kids, for retirement?
• 8:18
  Or like all of this stuff is going on in the world.
• 8:22
  Am I gonna be okay?
• 8:25
  If my spouse loses their job, are they gonna be okay?
• 8:29
  Or if we have a stock market correction or hyperinflation or geopolitical events and interest rate changes, like I'm sweating.
• 8:36
  I know it's okay.
• 8:37
  I get a fan.
• 8:37
  Yeah, we're good.
• 8:38
  I've got you.
• 8:39
  We're gonna get through this.
• 8:40
  But I call'em the certain uncertainties.
• 8:42
  Like we know that stuff is gonna happen in life, right?
• 8:46
  So we just have to plan for it.
• 8:47
  We plan for everything else.
• 8:49
  Why wouldn't we factor those things in?
• 8:51
  So I think that's why.
• 8:52
  But then when you can flip it though and then the money can become very like happy emotions too.
• 9:00
  Yeah.
• 9:00
  Right?
• 9:01
  Oh yeah.
• 9:01
  So like your feel good rate of return.
• 9:03
  Like I love delivering great statements in a review meeting.
• 9:06
  Like, Hey, here's your rate of return of X, but that's not what it's about.
• 9:10
  That's not what clients remember.
• 9:12
  Clients remember, oh my God, I bought that second house, or I paid this debt off.
• 9:18
  Or I just went on a dream trip around the world with my family and I was able to pay for that.
• 9:23
  Like those are things that drive really positive emotions.
• 9:27
  And those are the types of meetings that I come out and my team laughs.
• 9:31
  They're like, you're high right now.
• 9:32
  Like, go no more caffeine for you.
• 9:36
  Like go, just go right into your next meeting.
• 9:38
  But that's the beauty of what I do and that's what makes me happy when clients can hit those things right, and those milestones, but you've gotta get over those other emotions mm-hmm.
• 9:45
  In order to reach that.
• 9:47
  Mm-hmm.
• 9:47
  So it's, it's a mindset.
• 9:48
  And you guys have talked about like mindfulness and mindsets mm-hmm.
• 9:51
  In your, in your other podcast episodes.
• 9:53
  Mm-hmm.
• 9:53
  But I think putting that around money is so important.
• 9:56
  Well, I feel like some things that I put around money is more shame.
• 10:01
  Well, you could, oh, I shouldn't be spending this.
• 10:04
  Mm-hmm.
• 10:04
  Or if I spend on this, then we won't have that.
• 10:06
  Or, okay, I am supposed to be doing, putting this percentage away every month for retirement.
• 10:12
  I'm supposed to be putting this percentage away for college.
• 10:15
  I'm supposed to be doing this.
• 10:16
  Mm-hmm.
• 10:16
  Now this like, okay, so then what money do we live off of?
• 10:19
  There's a lot of like, questions involved in that.
• 10:22
  So sometimes I just throw my hands up and I'm like, oh, I just don't wanna even look at it.
• 10:26
  You know?
• 10:26
  Yeah.
• 10:26
  Yeah.
• 10:27
  That's a very common one.
• 10:29
  And that's a really interesting one in client meetings too, where I then like, pivot to like a marriage counselor.
• 10:35
  Yeah.
• 10:35
  Like all of, all of like one spouse say, well, I'm gonna go on this trip or whatever, but you can't buy that bag.
• 10:40
  And you get all the things and it really boils down to balance.
• 10:44
  And I like nice things too, but I also know that I have my own goals and my own like retirement strategies.
• 10:51
  And as long as I'm hitting my savings targets.
• 10:55
  I'm gonna go on the trip.
• 10:57
  I love to travel, I like to shop.
• 10:59
  I like to buy nice things.
• 11:01
  I like to go on the boat.
• 11:02
  So we, we do all the things, like the hardest part of my job is when I have to tell people, okay, you're outta control.
• 11:09
  We, we gotta ring the sun.
• 11:10
  Yeah.
• 11:11
  Gotta roll it back.
• 11:11
  But we can.
• 11:12
  Right.
• 11:12
  But it's also the society we live in.
• 11:15
  Right.
• 11:15
  And there's very interesting studies, if you compare like the US to Europe, like we are auto opted in to anything.
• 11:21
  Like how often do you buy something for the first time online and now you're getting text messages, emails for that stupid 15% off, like, and then you're going to hit unsubscribe.
• 11:32
  But like you're opted into everything, subscriptions, all of that.
• 11:35
  If you look overseas.
• 11:37
  It's the opposite.
• 11:39
  You have to manually opt in rather than manually opt out.
• 11:43
  Opt out.
• 11:43
  Right.
• 11:43
  So what do you think of what effect that has on spending?
• 11:46
  So there's a lot of unconscious spending in the US and so we're trying to flip the script on that.
• 11:52
  So like, let's have more unconscious savings and more conscious spending.
• 11:58
  Okay.
• 11:58
  So that's a good intro to my next question, which is gonna be, what are some of the biggest financial mistakes you see women make that maybe that are their F fault or maybe actually aren't their fault.
• 12:09
  Mm-hmm.
• 12:09
  But I feel like that subscription and that unnecessary spending Yeah.
• 12:14
  Is probably, that's one of mine.
• 12:16
  Like you're sit sitting there saying that and I'm like, that is something that I do.
• 12:19
  I have to consciously opt out of things.
• 12:22
  And there's been so many times we've gone through even my spending and it's like, why are you subscribed to this?
• 12:27
  Why are you still paying for something like this?
• 12:29
  And I'm like, oops, I didn't write, you know, I whoop, this slipped my mind.
• 12:33
  Whoops.
• 12:33
  You know, like, but all of those add up, you know, like all of them add up.
• 12:38
  Like, and they're all such dumb subscriptions that I'm signed up for.
• 12:41
  I might, I might even not even be using something right now.
• 12:43
  Well, I even went through that exercise recently in our household, like little things like we were paying for Hulu twice went through this bubble.
• 12:50
  Exactly.
• 12:51
  That's exactly the stuff I'm talking about.
• 12:53
  But let's be honest, that's not gonna make or break your financial future.
• 12:56
  It's not.
• 12:56
  But imagine all of those mistakes compounded, right?
• 12:59
  Absolutely.
• 13:00
  Absolutely.
• 13:00
  Like if you're doing that and it's like you missed that double subscription, how many times is that happening?
• 13:04
  Yep.
• 13:04
  Times the number of months you missed it and all of a sudden that's a huge amount.
• 13:08
  You know?
• 13:08
  Exactly.
• 13:09
  It's just unnecessary.
• 13:10
  But what are some like examples like that?
• 13:12
  I think the number one mistake, and ladies please listen up is paralysis.
• 13:20
  So kind of going back to your question originally, and a lot of people I think were asking like, where do I start?
• 13:25
  It's like, I don't know what to do so you, I'm not gonna do anything.
• 13:29
  And so what I find, especially with single women or women who have gone through transition is that they're saving, but like it's all in cash.
• 13:40
  Okay?
• 13:41
  Right?
• 13:41
  So like cash is great, you're liquid.
• 13:44
  I love all my clients are liquid.
• 13:45
  You need to be liquid for emergencies and opportunities, but there's a lost opportunity cost there that you can never get back on future earnings, right?
• 13:55
  So that's one thing.
• 13:57
  I think the other thing is.
• 13:59
  Not working with a professional.
• 14:01
  Because we outsource everything in our lives.
• 14:05
  Right.
• 14:05
  Like, I have a personal trainer, I have a lady come to my house a couple times a year, and she organizes my pantry like, right.
• 14:12
  Like, we outsource somebody else paid your fingernails.
• 14:14
  Yeah.
• 14:14
  Somebody else paids my fingernails.
• 14:16
  I'm a But you're gonna, but I have an accountant.
• 14:19
  Right.
• 14:19
  I have a bookkeeper.
• 14:20
  So find the expert, but find an expert that you're comfortable talking with.
• 14:26
  Because if you're gonna pay a financial advisor to do a plan, you've gotta be able to be vulnerable in that room.
• 14:33
  We just talked about how emotional it can be, and you kind of do have to break down the walls you do and talk about your spending and all the things.
• 14:39
  Do that make you start to cringe?
• 14:41
  Like, what are you spending on what I'm like frozen behind this mic right now.
• 14:44
  Even just thinking about it.
• 14:45
  Yes, you I know, but it's so, I know I have to like, relax my body.
• 14:48
  It's so common.
• 14:49
  But when I start working with a new client, I'm not kidding.
• 14:53
  We have three meetings at least before we get into the meat of it.
• 14:57
  Mm-hmm.
• 14:58
  Where I'm, I need to know everything about you.
• 15:01
  Like, you're almost like a therapist.
• 15:03
  It it, it's like, I'm like a financial therapist.
• 15:05
  You're a financial therapist.
• 15:06
  Yes.
• 15:07
  That's my new, my new yes.
• 15:08
  But like, I need to know everything about what you have because if you make one isolated decision over here, it's gonna affect something over here.
• 15:15
  Right.
• 15:15
  Maybe not right away, but maybe in 20 years.
• 15:18
  But if in the middle of that timeline something happens, that if I don't know that you're wired a certain way.
• 15:25
  That could blow up a plan.
• 15:27
  It might.
• 15:27
  You can't guide them correctly.
• 15:28
  Exactly.
• 15:28
  It's like you're doing like a risk analysis on your Exactly.
• 15:31
  Right.
• 15:32
  But it's more so like I can spit out the perfect plan on paper.
• 15:35
  Mm-hmm.
• 15:35
  But it's gotta work for you.
• 15:36
  So like for example, some clients are very risk averse and I see that a lot in women.
• 15:41
  Right?
• 15:41
  So it's a lot, a lot of women don't like to take risk.
• 15:44
  But if I know that we can put our toe in the water Yeah.
• 15:47
  Take the right amount of risk where it's not scary, it's not keeping you up at night.
• 15:51
  So like things like that, A lot of women don't like debt, but sometimes debt is a good thing.
• 15:55
  Mm-hmm.
• 15:56
  Go back to C, everybody had like a two, 3% mortgage.
• 16:00
  So sometimes I have clients who are like, I've gotta get rid of this debt.
• 16:03
  And I'm like, okay, well can we balance this decision and do you really want to, and you have higher opportunities elsewhere.
• 16:08
  And so balancing things like that.
• 16:10
  But if it's gonna keep you up at night, like I have a few clients like that, I'm like, all right, let's come up with a debt reduction strategy.
• 16:15
  Well, this makes a lot of sense'cause when we're looking through the questions that came in from our listeners, we do have a lot of, if you wanna say quote unquote breadwinners.
• 16:23
  Mm-hmm.
• 16:23
  Right?
• 16:23
  Of the family.
• 16:24
  Yeah.
• 16:24
  The women who are out earning their husband or their spouse.
• 16:27
  Mm-hmm.
• 16:27
  And so maybe they're considered the breadwinner of the family, but maybe also the head of household.
• 16:32
  Mm-hmm.
• 16:33
  And they have all these questions and feel insecure about money.
• 16:36
  But I think you already answered my question Yeah.
• 16:39
  Is that women are not only emotional about probably everything.
• 16:42
  Mm-hmm.
• 16:42
  But they're uncomfortable with.
• 16:46
  Taking risks, right.
• 16:47
  Like you just said.
• 16:48
  Right.
• 16:48
  So is do you, is that what you're kind of seeing as well?
• 16:51
  I see that, but there's also a lot of studies, like the Wharton School of Business is an amazing study that actually proved that women, statistically are better investors than men.
• 17:01
  Interesting.
• 17:02
  And it's because we do our homework front and a lot of research.
• 17:06
  Yeah.
• 17:06
  We have to know everything.
• 17:07
  Research, work with a professional, get the investment approach that's right.
• 17:11
  For you.
• 17:11
  And then you're not bopping in and out.
• 17:13
  'cause what do guys like, they go out for beers or they're on the golf course, like bro up like, oh yeah, I just hit this big stock and blah, blah.
• 17:20
  And I'll tell you, for every time somebody says that, ask about the eight worst investments they made because they're never gonna tell you about those.
• 17:29
  So women don't tend to do that as much.
• 17:31
  Maybe it's because we're not talking about money.
• 17:33
  Yeah.
• 17:33
  But we're more disciplined.
• 17:35
  Once you're, once you're in, and we probably do share the mistakes too.
• 17:39
  I was just gonna comfortable, I would be more comfortable opening with a mistake than I would a win.
• 17:44
  Yeah.
• 17:44
  Maybe men.
• 17:44
  Like a round rounded.
• 17:45
  Interesting.
• 17:46
  Yeah.
• 17:46
  Would, yeah.
• 17:47
  I just, I don't know, I'm, I just feel like that's how I learn from other people.
• 17:50
  Right.
• 17:51
  True.
• 17:51
  And I'm always curious like, what worked, what didn't work?
• 17:54
  Mm-hmm.
• 17:54
  I wanna know both sides.
• 17:55
  Whereas men might just come in with, okay, this was the hero product, or this was the win, you know?
• 18:01
  Yeah.
• 18:02
  And a product will never lead to success.
• 18:04
  Mm-hmm.
• 18:05
  It's always the plan.
• 18:07
  It's always the plan.
• 18:07
  One thing cannot do all the jobs that you'll need.
• 18:12
  In your financial future.
• 18:13
  So from that, I wanna talk about this term that you've coined, the feelgood rate of return.
• 18:20
  Well, as of Friday, it's officially a trademark.
• 18:23
  That's cool's.
• 18:24
  Great.
• 18:24
  Congratulations.
• 18:24
  Excited.
• 18:24
  Congratulations.
• 18:24
  I love it.
• 18:24
  And I found out while we were hosting a blood drive with the American Red Cross, which is part of my feelgood rate of return.
• 18:30
  Right?
• 18:31
  So this is like, now, now you're gonna see me get really, really excited.
• 18:34
  Yay.
• 18:34
  Tell me I love this.
• 18:35
  So like I was saying before, rate of return, dime a dozen I, let's be honest, if you have a good manager, most managers are going to get you a good rate of return.
• 18:46
  Mm-hmm.
• 18:46
  Maybe somebody's gonna be you by 0.25% or what?
• 18:50
  Like a rate of returns.
• 18:52
  Rate of return.
• 18:53
  But what does that do for you?
• 18:55
  What does that unlock?
• 18:57
  So many of my clients are charitably inclined.
• 19:00
  So what can we do with your money now while you are alive to make that come alive and feel good?
• 19:07
  And just like sit in that, like we've had conversations about that and that's when you put your head on the pillow at night and you're like, I'm making a difference.
• 19:15
  And you said women mainly.
• 19:17
  Mm-hmm.
• 19:17
  What did you give a percentage?
• 19:18
  Like 85% or something?
• 19:19
  80% of women in partnerships make the charitable philanthropic decisions on where that money is going.
• 19:26
  Wow.
• 19:27
  That's powerful.
• 19:28
  Yep.
• 19:28
  So even if the men are making the decisions.
• 19:31
  The women are like, okay, what's important to our family?
• 19:33
  Mm-hmm.
• 19:33
  And where do we want our money to go?
• 19:35
  Mm-hmm.
• 19:35
  Back to the values.
• 19:36
  Exactly.
• 19:36
  Yep.
• 19:36
  Mm-hmm.
• 19:37
  So like, there's the philanthropic aspect, but it's also like, what do you wanna do with your family?
• 19:42
  Do you wanna help your kid buy their first home?
• 19:44
  Do you wanna go on a massive family vacation and bring the kids and the grandkids and pay for everything and have that memory for the rest of your life?
• 19:52
  But what's really cool about the philanthropic side is it also can unlock a lot of financial opportunity for you.
• 19:58
  Okay.
• 19:59
  So let's pull on that.
• 20:00
  Yeah.
• 20:00
  Because I, our listeners know that we had started one for our business.
• 20:06
  Yeah.
• 20:06
  A philanthropic extension.
• 20:07
  And there was two parts to it.
• 20:09
  There was the tax implications and all of the good things involved mm-hmm.
• 20:13
  With having a philanthropic extension as well as the, we're serving our community.
• 20:18
  Absolutely.
• 20:18
  And these are all of the reasons why we're doing it.
• 20:21
  Absolutely.
• 20:21
  But absolutely, there was two parts to it and the thing that perked the men's ear in the group, I think was probably the former.
• 20:28
  Right.
• 20:28
  Of course.
• 20:29
  You know, so talk to us.
• 20:30
  Who wants to pay, who doesn't wanna pay less tax?
• 20:32
  Like, let's be honest, of course there's opportunities there, but it's not just tax deductions.
• 20:37
  Right?
• 20:37
  Right.
• 20:37
  It can unlock other things.
• 20:38
  Like can you convert pre-tax assets to after tax assets make, convert them to Roths?
• 20:44
  Do you have low basis stocks?
• 20:46
  I can't tell you how often I have older clients who have done so well.
• 20:51
  They don't even wanna sell their portfolio because the tax implications could be huge.
• 20:55
  So they're basically just waiting to die with it.
• 20:57
  Well, no, let's donate those now.
• 20:59
  Why wait.
• 21:00
  And then see the impact that you can make on that organization.
• 21:04
  Get your name on the building, whatever that needs to do.
• 21:07
  But you could do it now while you're alive.
• 21:09
  But what's really cool is when I can show my clients, how could you do it now while you're alive without robbing it from your heirs?
• 21:16
  Because that's the other thing that I hear from clients.
• 21:18
  Well, I wanna make sure my kids get a legacy.
• 21:22
  I don't wanna take away from that.
• 21:23
  Well, what if we can do both?
• 21:24
  So you can't do it perfectly in every strategy, but when you work with a planner and you do it earlier instead of later, so you're not coming to me when you're 60, you're putting things in place now.
• 21:36
  It's really easy to do that.
• 21:37
  So it's just, it's amazing when you can just see clients come alive and be like, oh wow, I really made an impact.
• 21:44
  And you don't have to be 85 to make that impact.
• 21:47
  Feel like there's a difference between being.
• 21:51
  Quote unquote bad with money and maybe just never being taught.
• 21:55
  Hundred percent.
• 21:56
  And I am like someone who, a lot of this I always say like, goes over my head, but it might not, it's just that I don't have like the fundamentals.
• 22:04
  I was an English major.
• 22:05
  I was just always more into like the arts.
• 22:07
  That's the other side of my brain.
• 22:09
  So the money numbers, that just doesn't come easy to me.
• 22:12
  And so it's something that I push away.
• 22:14
  Mm-hmm.
• 22:14
  My understanding of money was you get a credit card bill, you pay it off every month.
• 22:20
  That was like my education of money.
• 22:22
  Yeah.
• 22:22
  When I was like in, which is good, my teens, that was it.
• 22:25
  Like you get a credit card, you pay it off.
• 22:27
  I didn't really have much more than that.
• 22:29
  And that doesn't really help you build wealth.
• 22:31
  Correct.
• 22:31
  And that's ultimately what you're looking to do the right thing.
• 22:33
  It helps you do the right thing.
• 22:34
  So you don't build debt, but it doesn't help you build wealth.
• 22:38
  Mm-hmm.
• 22:38
  And you're looking to obviously do that.
• 22:40
  Mm-hmm.
• 22:40
  Right.
• 22:41
  My biggest question I would say is like, what do you say to a woman who feels like she should understand this by now, but doesn't?
• 22:48
  So that's me.
• 22:49
  Let's, let's talk about the boys club for a second and like talking to that woman who's like, okay, what, so with finance, especially personal finance, not like the stupid classes we have to take in, in, in university, if that's not your major, just you have to check the box.
• 23:03
  In personal finance, I believe there's an art and a science to it.
• 23:07
  So I say to clients, I can cruise up here at this altitude if you just wanna conceptually know what we're doing, but I've got all the numbers and the facts to go as far into the weeds as you want.
• 23:20
  Mm-hmm.
• 23:21
  And so I don't know what my audience is gonna be until I get to know that client.
• 23:25
  So that's why I've gotta talk.
• 23:26
  I've really gotta get into that emotion and how you're wired.
• 23:29
  Because if I start talking all this jargon, you're gonna just tune out and then we're accomplishing nothing together.
• 23:34
  Well, that's a really good point, because maybe people would shy away from it because they don't understand it, but they don't necessarily have to know the ins and outs.
• 23:41
  Right.
• 23:41
  It's your job to do that.
• 23:42
  Right.
• 23:43
  It's maybe our job as a high level to understand mm-hmm.
• 23:46
  What's going on, but we don't have to know all the ins and outs.
• 23:48
  Right.
• 23:48
  My job is to educate.
• 23:50
  Right.
• 23:50
  And just like any teacher, I've got to educate in a way that's gonna stick with you.
• 23:55
  Mm-hmm.
• 23:55
  Because I never want somebody to be at a cocktail party and like people are talking about things and you're like, oh my God, does that apply to me?
• 24:04
  Am I, am I prepared for this?
• 24:05
  Like.
• 24:05
  Am I at risk?
• 24:06
  And then you're in the car and you're like, huh.
• 24:07
  Yeah.
• 24:07
  What are, what, what are, are we gonna be okay?
• 24:10
  Like, are we inve, are we all in crypto?
• 24:12
  Like these?
• 24:14
  But these are things that women if you're not engaged, you don't know.
• 24:17
  Yeah.
• 24:17
  And that's a valid question.
• 24:19
  So like that's one aspect of it.
• 24:21
  So you've gotta also, you could be at a cocktail party with other uninformed women who are just purely panicking.
• 24:26
  Yeah.
• 24:26
  So you don't always wanna get your information from a party.
• 24:30
  Okay.
• 24:30
  Because who knows what they know either.
• 24:32
  Can I, can I pause on that one too?
• 24:35
  And this may be very controversial while I'm on a podcast, Shelby, everyone on Instagram is not a financial expert.
• 24:42
  Expert.
• 24:42
  Oh.
• 24:42
  I just like, they're not a doctor this all day.
• 24:44
  Correct.
• 24:45
  Yeah.
• 24:45
  Like, yep.
• 24:46
  If I got all my medical advice online, I, I'd, I'd be dead.
• 24:49
  Yeah.
• 24:50
  Like my husband forbids me to Google anything.
• 24:53
  Also.
• 24:53
  Same.
• 24:54
  Yeah.
• 24:54
  Yeah.
• 24:54
  No, it's like also same.
• 24:55
  It's fine.
• 24:56
  But I encourage everybody to educate yourself as much as you can, but do it in the right ways.
• 25:02
  So 99% of those that you're seeing on Instagram, TikTok, wherever they're not even licensed, they're there to get subscribers.
• 25:14
  Mm-hmm.
• 25:15
  Partnerships sell books.
• 25:18
  There's a lot of big names out there that I'm not gonna drop and blow, blow'em up, but they're not licensed.
• 25:24
  So how can you take financial advice from somebody that's not licensed, but the advice that they're giving is like the traditional financial planning.
• 25:34
  Mm-hmm.
• 25:34
  And that's where I want to drop some other bombs, because that is what's guaranteed to set you up for failure.
• 25:41
  And I mean, maybe we can be flipped since our audience is female right now, but a lot of that started with the boys clubs.
• 25:47
  Yeah.
• 25:47
  And the financial institutions.
• 25:49
  It just kind of like carries down throughout generations and there's, there's just so much wrong with it.
• 25:54
  So tell us, what is the main standout thing to you that you think is wrong with that plan, that traditional plan and what separates your plan and your vision mm-hmm.
• 26:05
  And how you work with your clients.
• 26:06
  So we're, first of all, we're a hundred percent holistic.
• 26:09
  So we touch every aspect of your financial lives.
• 26:12
  Like I literally start by looking at your property and casualty insurance.
• 26:16
  I don't sell PNC insurance.
• 26:18
  I'll refer you back to your agent and tell them here's the questions you need to ask, improvements you need to make.
• 26:24
  Because if you're not properly structured there and your liability limits aren't in aligned with your net wealth boom, everything could beke gone in an instant.
• 26:31
  You pull out a Starbucks, you hit somebody, right?
• 26:33
  Everything could be at risk, right?
• 26:35
  A lot of your assets could go.
• 26:37
  So we look at stuff like that.
• 26:38
  We look at, right?
• 26:39
  So why build wealth and build assets if you don't have the proper productions?
• 26:43
  It's like putting, putting the boat around the castle people like let's protect what we have.
• 26:46
  Right?
• 26:47
  And like the other things are like wills and trust and estate planning documents.
• 26:52
  I'm not an attorney, but I'm gonna work with your attorney to make sure that everything we put in place aligns with your documents.
• 26:58
  I can't tell you how often somebody will come to me with an estate plan that doesn't align with how anything is structured and it's like, thank God, let's have a meeting.
• 27:08
  When's the last time you got all your advisors in a room together?
• 27:11
  Wow.
• 27:11
  Let's talk.
• 27:12
  It's important.
• 27:12
  Yeah, it's really important.
• 27:13
  So we, we call that being the macromanage, but like big things that I see and the question that I get from my 70 to 75-year-old clients.
• 27:26
  Why didn't anybody tell me about this when I was in my thirties or forties?
• 27:32
  How come, I'm just finding out about this now.
• 27:33
  Do you think nobody even knew?
• 27:35
  Nobody knows.
• 27:36
  And the biggest one is stuff your 401k all pre-tax.
• 27:41
  'cause you're gonna retire in a lower tax bracket.
• 27:43
  Yeah.
• 27:44
  Ladies, that's not true.
• 27:46
  If you retire in a lower tax bracket, you failed.
• 27:50
  You didn't build wealth like that.
• 27:53
  That's a heavy one, right?
• 27:55
  Wow.
• 27:56
  Right?
• 27:56
  Yeah.
• 27:56
  Like everybody's saying, well reduce your taxable income now while you're in your prime earning years.
• 28:01
  Put in, it'll grow tax deferred and then when you take it out on retirement, then you pay tax on it and it will, you know, you'll be in a lower tax bracket.
• 28:10
  In what world does that happen?
• 28:12
  No.
• 28:13
  People generate millions upon millions upon millions of wealth.
• 28:16
  What the dirty little secret that nobody talks about in your open enrollment meetings are your required minimum distributions.
• 28:25
  And I encourage you guys, if you have parents or grandparents, ask'em how they feel about their RMDs.
• 28:31
  Because the way that schedule is built, depending on what year the rules change slightly.
• 28:35
  But every year, once you're RMD eligible for us, it'll be 75.
• 28:41
  Unless they change rules, which I guarantee you, they're gonna change the rules.
• 28:43
  They probably will.
• 28:43
  Right, right, right.
• 28:44
  Probably 10 times between now and when we retire.
• 28:47
  Yeah.
• 28:47
  But that formula gets larger each year and it's a hundred percent taxable.
• 28:53
  So whether you like it or not, you've gotta pull that money out.
• 28:56
  And why are they doing that?
• 28:57
  They gotta force the tax out.
• 28:58
  They need the tax money.
• 29:00
  So they're in control of your money, not you.
• 29:02
  So that's a really, really disturbing one.
• 29:05
  And then the other layer is, it may seem like a million years away from us, but I'll tell you, my clients who are retired care about this is it affects your Irma, which dictates how much you pay for Medicare.
• 29:18
  And if one which starts at which age?
• 29:19
  65.
• 29:20
  65, or you can stay on your employer plan if you're still working, but Right.
• 29:25
  But basically 65.
• 29:27
  And then what happens often is one spouse can die and then the other one is paying huge Medicare premiums.
• 29:33
  Because of these stupid RMD rules.
• 29:36
  It's just like, look at your face.
• 29:38
  Like that's, oh my God.
• 29:38
  That's what I get from my clients.
• 29:40
  Yeah.
• 29:40
  I had one yesterday and they're like.
• 29:42
  What do you mean?
• 29:43
  We have to take$60,000 out next year?
• 29:46
  We don't need that.
• 29:48
  That's gonna push us into another tax bracket because we've structured all their other retirement income streams to be highly tax efficient.
• 29:56
  And now they're like, oh this stinks.
• 29:59
  So what are we gonna do with them?
• 30:00
  We're gonna do some charitable charitable planning there.
• 30:03
  But it's just like, nobody talks about that.
• 30:07
  It's, it just blows my mind.
• 30:08
  So then the flip side question I get is like, okay, Jane, well then I'm just gonna put everything in the Roth option, so I'll pay the tax now and let it go tax free.
• 30:17
  Cool.
• 30:19
  Are they gonna keep the rules that way?
• 30:21
  The government controls a hundred percent of the levers on that.
• 30:24
  So like people talk about diversifying their investments, you need to diversify how you're investing and what tax treatment of vehicles.
• 30:32
  Mm-hmm.
• 30:33
  So it, it's beyond the 401k.
• 30:36
  So people who don't work with an advisor that's tr traditional planning, put as much in as you can, pay off as much debt as you can, you'll be fine.
• 30:44
  I never thought about when we retire the ta all the tax implications on the other end.
• 30:50
  Mm-hmm.
• 30:50
  Like we're doing all these things, we're trying to do all these things.
• 30:52
  Right.
• 30:52
  To build wealth and have a diversified portfolio, but I don't know how that's gonna affect us in another 20 years.
• 30:58
  So people get so focused on accumulation.
• 31:01
  That's what we're focusing on right now.
• 31:03
  And that's the, that's the phase we're in.
• 31:04
  All three of us are in the accumulation phase right now.
• 31:06
  Right, right, right, right.
• 31:07
  So we're saving as much money as we can.
• 31:08
  But the day you retire and it flips into the distribution phase, your mindset is totally different.
• 31:17
  And it's like the seesaw of, am I gonna spend too much money early?
• 31:22
  And have that risk of running outta money later on.
• 31:25
  Take even take long-term care planning outta that scenario.
• 31:29
  Or am I, could I be spending more?
• 31:32
  Like, I feel like I should be able I to enjoy more while I'm young and healthy.
• 31:35
  I wanna front load my retirement.
• 31:36
  I feel like that must be so stressful.
• 31:38
  Like I'm thinking about that in the future and just likes how, mindset.
• 31:41
  There's probably a couple different phases of retirement.
• 31:43
  There's probably like active retirement, hundreds or, and then there's probably like sedentary retirement, right?
• 31:49
  And then there's like, you're in hospice care, like you need, you know, and you need money for different parts of that.
• 31:54
  Right.
• 31:55
  And you want hundred percent.
• 31:56
  Our goal is to have money for active retirement.
• 31:58
  Yeah.
• 31:58
  You know, like that's the goal.
• 31:59
  Well, you're not working you, I always tell people like, when you retire, guess what?
• 32:03
  You're gonna spend more money.
• 32:04
  'cause now you're not at a desk 40 hours a week.
• 32:07
  Right?
• 32:07
  Like, you're living, you're living, yeah.
• 32:08
  You wanna go enjoy the money.
• 32:10
  Right?
• 32:10
  Go travel, go do all the adventures, spend time with the family, like do all the things.
• 32:14
  So how do we get there?
• 32:15
  Jane?
• 32:18
  You save a little bit.
• 32:19
  Right?
• 32:19
  But you've gotta work with the right professional who can put that in place and stress test it.
• 32:24
  Mm-hmm.
• 32:24
  Right?
• 32:24
  Like if I got on an airplane and I'm headed to LA and the captain gets on and is like, eh, we'll be cruising at whatever, da, da da.
• 32:32
  Sunny skies, we've got a 87% probability of success of getting there.
• 32:37
  You're getting off that plane.
• 32:38
  I get my ass right off that plane.
• 32:40
  Like, open that door.
• 32:41
  We're outta here.
• 32:42
  Yeah.
• 32:43
  And like a lot of traditional financial planning will like spit numbers in software and spit it out and say, 87% probability is success.
• 32:51
  That's like a b plus or an A minus.
• 32:52
  I'd be pretty happy with that in school.
• 32:53
  Like, that's not good in my book.
• 32:54
  What?
• 32:55
  Failure's not an option.
• 32:57
  Like we get one shot at this.
• 33:00
  That's it.
• 33:01
  So you gotta do it.
• 33:02
  Right.
• 33:03
  So number one takeaway for all of your listeners, please, please find a true professional.
• 33:11
  Don't try and do it yourself.
• 33:13
  I think another controversial thing that I'm hearing more so from the younger Jen, because I think like our average client that onboards probably like 40 to 50.
• 33:24
  I'd say that's probably like our sweet spot.
• 33:25
  Mm-hmm.
• 33:26
  For female head of households.
• 33:27
  But we have some households where we're on the third generation and it's those 20 and early 30 year olds where maybe it's, it, things feel quite simple right now, but if you don't have to unwind those mistakes, they'll be like, oh, can you work with my daughter and blah, blah, blah.
• 33:42
  And they just got married and like, help.
• 33:44
  But was really interesting.
• 33:45
  Those clients were like, well, I'm not, I saw on TikTok that if I pay a management fee, it's gonna cost me like$400,000 in lost assets in retirement, honey.
• 33:59
  If you don't work with an advisor, it's gonna cost you four times that in loss, in lost opportunity.
• 34:05
  Whether it's it's taxes or gaps in your plan or something goes awry.
• 34:10
  Like you need a professional, like, just like you're not gonna take all that medical advice from TikTok.
• 34:15
  Why would you take financial advice?
• 34:17
  Right.
• 34:17
  Two most important things in your life.
• 34:19
  It's crazy.
• 34:20
  Vanguard did a study, it's called Advisors Alpha, and they wrote a really interesting white paper and Vanguard is for do it yourselfers like, go buy an index fund, you'll be fine.
• 34:30
  But they wrote a white paper stating that if you work with an advisor compounded over your financial lifetime, you'll have an additional two to 3% extra and effective rate of return Wow.
• 34:42
  Over that time.
• 34:43
  And it's because of tax savings, estate plan, strategies, all the things.
• 34:47
  Yeah.
• 34:47
  Everything's just set up for Exactly.
• 34:50
  Success versus you gambling on a lot.
• 34:52
  Exactly so take us back to a woman who maybe does not have much financial literacy and she feels like it's too late for me.
• 35:01
  It's never too late.
• 35:02
  Well, you just said that your onboarding is between 40 and 50.
• 35:05
  Mm-hmm.
• 35:06
  And so I thi I mean I think that to me actually shocked me.
• 35:09
  Yeah.
• 35:09
  I think that that's really.
• 35:11
  That's a good thing that it's like, okay, it's not too late.
• 35:13
  Late to start right late.
• 35:14
  Exactly.
• 35:15
  Right.
• 35:15
  And let me clarify that because it's women at that stage who are coming, who have assets.
• 35:20
  Right?
• 35:20
  So they've been saving, right?
• 35:22
  Right.
• 35:22
  They've been working or their partner's been working and they're established.
• 35:26
  They're like, that's just to help it get on the right track.
• 35:28
  I've got the junk drawer, right?
• 35:30
  I've got this account over here, right?
• 35:32
  This account over, I've got my, come in here and clean this mess up.
• 35:35
  I've got my property and casualty.
• 35:36
  Mm-hmm.
• 35:36
  Agent calling me in January, my 401k enrollment's in May.
• 35:40
  I'm doing, I'm making all these decisions with different people at different times, right?
• 35:43
  Like it's literally the financial junk drawer.
• 35:45
  So let's, let's organize that.
• 35:47
  Okay.
• 35:47
  But my message to your listeners who even maybe haven't started and maybe they're 40 with not much at all, every day you wait.
• 35:56
  It's a cost.
• 35:57
  So you can't change the past, but you can fix the future.
• 36:02
  So it's important to not, not get in that paralysis I was talking about earlier.
• 36:06
  Mm-hmm.
• 36:07
  You just gotta start and do something.
• 36:09
  Do you have your customers like automate these things?
• 36:12
  Mm-hmm.
• 36:12
  Like once you come up with a plan, do you say, okay, every month I'm taking this much out of your, from your paycheck?
• 36:19
  Do you work with like automation or do you check in every month?
• 36:23
  I think that's the key to success.
• 36:26
  Is.
• 36:26
  So I used to offer clients the option where I'll just do the financial plan and you implement on your own.
• 36:32
  Okay.
• 36:32
  Or sometimes like, well it's really important to my parents that I work with their money manager or whatever.
• 36:37
  So I used say like, okay, well I'll just do the plan.
• 36:40
  I stopped doing that.
• 36:41
  'cause the plan means nothing unless you're doing it.
• 36:44
  Unless you're implementing it.
• 36:45
  So I have a, an amazing operational team that specializes in the implementation.
• 36:50
  We even literally have a client concierge.
• 36:53
  So depending on our clients, and it's gotta work for everybody.
• 36:56
  Everybody's different.
• 36:57
  But automation is the key to success.
• 37:00
  It's like that when I was saying earlier, it's unconscious savings.
• 37:03
  Mm-hmm.
• 37:04
  And conscious spending, not the other way around.
• 37:06
  So this is how you achieve that.
• 37:07
  Exactly.
• 37:08
  But it's really also important to know that the perfect financial plan is a series of one year plans.
• 37:14
  So like when a client comes to me, like we're doing really heavy lift year one, and we've gotta just, of what we're gonna do, everything is gonna change a million times between now and retirement.
• 37:24
  Your income's gonna go up, your income can go down.
• 37:26
  You could go through a period of no income.
• 37:28
  You, you could have another kid, you could have a child who needs special education that wasn't on your radar.
• 37:34
  You need to send your kid to a private school.
• 37:35
  Like all these things are gonna come up.
• 37:37
  So we just have to adjust along the way.
• 37:39
  So that could change the automation.
• 37:41
  And I call those more like calibration sessions.
• 37:43
  Mm-hmm.
• 37:44
  Like with a lot of my clients, I'm having like just 30 minute check-ins quarterly, like how are things going?
• 37:49
  But like clients also miss a lot of opportunity, like especially high wage earners.
• 37:54
  Well, early in the year, you're capping out on your social security tax and all of a sudden you're like, woo, jump in my, in my net pay.
• 38:02
  Okay, well what are you doing with that?
• 38:04
  Chances are it's probably like dissipating into thin air, but let's recapture that.
• 38:08
  And it's all about the recaptures.
• 38:10
  And when you start to truly recapture it and implement it, and not just talk about it, that's where you're building all this extra wealth.
• 38:16
  And clients are like, oh my God, how I've exceeded my savings targets.
• 38:20
  This is incredible.
• 38:22
  I'm like texting my husband right now.
• 38:23
  I know.
• 38:23
  I'm being like, we need to meet with Jane tomorrow.
• 38:25
  I know, I know.
• 38:26
  Because our money is like floating around in thin air.
• 38:30
  Yep, it does.
• 38:30
  First QQ one is ending soon.
• 38:33
  Yep.
• 38:33
  We're entering Q2 and we're ed.
• 38:36
  But that's what happens.
• 38:37
  And that's everybody.
• 38:38
  And it's also because we're so freaking busy.
• 38:42
  Nobody wants to sit down at nine o'clock when the kids are in bed and be like, let's have a money meeting.
• 38:46
  I know.
• 38:47
  Like, gimme a break.
• 38:48
  Right.
• 38:48
  So how do you schedule these?
• 38:51
  Yes.
• 38:51
  Do you recommend like having a couple's money meeting?
• 38:54
  Do you have an individual one?
• 38:55
  Like how do you then go about this together?
• 38:58
  That, that's a really good question.
• 38:59
  Yeah.
• 38:59
  Yeah.
• 39:00
  And I wanted to, I was just gonna say like, do you only work with one person or is it, do you like to work with couples?
• 39:06
  I will not.
• 39:09
  Onboard a couple if they're not both engaged in the process.
• 39:15
  That's very interesting.
• 39:15
  Right.
• 39:15
  Because then you're, like you said, you're just educating them both giving therapy one checked out one's in.
• 39:21
  Yeah.
• 39:21
  And it doesn't matter if it's the man or the woman or if it's same sex scenario, it, it, it literally is.
• 39:26
  But if you're a partnership, you gotta be aligned.
• 39:29
  Yeah.
• 39:30
  Right?
• 39:30
  Yes.
• 39:30
  Like I've, this one I love, like, I've had clients come to me who have two separate advisors and they're like, oh, second marriage, we're keeping things separate.
• 39:38
  I'm like, cool, we could still do that, but you could be totally conflicting or overlapping and having no idea.
• 39:46
  So the way people handle their finances, everybody's different.
• 39:51
  Like some everything's merged, some things are separate, sometimes things are separate, but then there's joint asset.
• 39:57
  Like, I will ride in whatever lane you tell me, and we will, we'll drive the bus that way.
• 40:03
  Mm-hmm.
• 40:03
  But it, because it's gotta work for you, for like cashflow and just how you're wired as a couple.
• 40:08
  Yeah.
• 40:08
  That's fine, but you gotta be able to plan with it and both be engaged because the second you're not, and like you're implementing something and then your spouse is like, why the hell did you do that?
• 40:19
  Why?
• 40:19
  I liked the word alignment.
• 40:21
  Yeah.
• 40:21
  Like that you used.
• 40:22
  Because I feel like you're saying people might have different styles of doing things, but you have to be aligned and both people need to understand Yeah.
• 40:28
  What is going on.
• 40:29
  It's your family's own personal little economy.
• 40:31
  So if one spouse is doing one thing, but it's really important that we were reserving something for to do the children and then that's not there, that's gonna be a big problem.
• 40:43
  And like, and that's gonna be a big fight.
• 40:44
  Yeah.
• 40:44
  And back to your point earlier you were saying that sometimes we were talking about lanes, right?
• 40:49
  Like the guy maybe manages the money because the women are doing something with the children and that's their lane.
• 40:55
  But both of those things overlap and intersect.
• 40:58
  Right?
• 40:58
  But the kids cost money.
• 40:59
  Exactly.
• 40:59
  The kids are an investment too.
• 41:00
  What if the woman makes the choices for the kids and then you're deciding we're gonna send these kids to private school.
• 41:05
  That's exactly my point.
• 41:06
  But the man is like, wait a minute, but we didn't factor for an extra$50,000 a year.
• 41:11
  Whatever it is, those things overlapped and intersect.
• 41:13
  And so it's, or I had, I saw that money in that account and I just put it in an limited partnership.
• 41:19
  Oh, sorry honey, but we're gonna get really good income off that.
• 41:22
  Tell that to your kid.
• 41:24
  Like I, I have literally seen it all.
• 41:27
  It's wild.
• 41:29
  And just dumb that down for me.
• 41:31
  What does that mean?
• 41:31
  Because, was that money supposed to be at an education fund or why would that affect your kids?
• 41:35
  Like sometimes I've seen couples come to me and a husband, like maybe a woman's saving something in her own.
• 41:40
  Mm-hmm.
• 41:41
  That she views, but it's a joint account set.
• 41:43
  Mm-hmm.
• 41:44
  And then the husband will just like transfer that.
• 41:46
  So like, and then put it in something that maybe is not liquid, so you can't get that principal out.
• 41:51
  Oh.
• 41:51
  So you can't just grab it.
• 41:53
  Got it.
• 41:53
  Right.
• 41:53
  So like, what if that was reserved for something for the kids?
• 41:56
  Mm-hmm.
• 41:57
  See or for yourself.
• 41:57
  Mm-hmm.
• 41:58
  Right.
• 41:58
  Literally I've seen all sorts of things.
• 42:00
  And I'm not saying it in a negative light, like, oh, marriages are bad because of like financial things.
• 42:06
  But it's just like, talk about like having to communicate in a marriage.
• 42:09
  Like you have to communicate this and unfortunately finances lead to a lot of divorces because there is a lack of alignment.
• 42:16
  So it's really important to get aligned on that.
• 42:18
  I want you to talk to us a little bit about numbers, because sometimes women need something like a number to hold onto.
• 42:25
  Mm-hmm.
• 42:26
  You know?
• 42:26
  So talk to us a little bit about this.
• 42:28
  What does this actually look like in real life right now?
• 42:31
  Is there even a general rule of thumb for women like this is the percentage of saving, this is a percentage for investing, this is a percentage for education.
• 42:41
  Does something like this even exist?
• 42:43
  Yes and no.
• 42:45
  And I hate to give that answer'cause I know everyone's like, Ugh, really?
• 42:48
  But no two households in my clientele are the same.
• 42:53
  So people may be similar, but nobody's identical.
• 42:56
  So recommendations are going to be tweaked.
• 42:59
  Based on everybody's personal situation.
• 43:02
  General, general rule of thumb, save 15 to 20% of your gross income.
• 43:08
  Okay.
• 43:09
  Number two, rule, three to six months, depending on your situation and kind of how you're wired.
• 43:15
  But three to six months, I prefer six of liquidity.
• 43:18
  Mm-hmm.
• 43:19
  So that's cash that you can grab for emergencies and opportunities.
• 43:22
  That's like that reserve, right?
• 43:24
  Because you wanna stay on a cash pay, you need a new roof.
• 43:27
  Okay, here's a check.
• 43:28
  Bye.
• 43:29
  Not a fun check, but done.
• 43:31
  Or hun like we're traveling and I really like this condo and maybe this winter sucked and we need to live in let's snowbird in Florida.
• 43:41
  And by the way, I've been looking since we've been here and I found this on and but no seriously, like, so when are we going here?
• 43:48
  You in Florida?
• 43:50
  I didn't win that one.
• 43:53
  Me either.
• 43:55
  Same.
• 43:55
  I've also tried Puerto Rico.
• 43:56
  He hasn't been on that one either.
• 43:58
  I'm still gimme time.
• 43:59
  See, it happens in my world too.
• 44:01
  But if we agreed on it, we'd be able to.
• 44:04
  Right.
• 44:04
  Right.
• 44:04
  So it's just finding the right place.
• 44:06
  Mm-hmm.
• 44:06
  So if that opportunity does come up mm-hmm.
• 44:08
  We can hop on it.
• 44:09
  So six month, three to six month reserve of liquidation.
• 44:13
  Yep.
• 44:13
  Okay.
• 44:13
  Yep.
• 44:14
  So that's Biggie 401k.
• 44:16
  We've, I think you know my feelings on that one.
• 44:18
  Mm-hmm.
• 44:19
  I always tell clients, if you're gonna contribute, don't go over the max match.
• 44:24
  So usually like an employer will give like 50% up to 6% of your pay.
• 44:29
  Go into the six, get the free money, and then let's redirect investments outside of that plan.
• 44:34
  Mm-hmm.
• 44:34
  Because you have no control over the rules of that.
• 44:36
  Okay.
• 44:36
  So you max it out.
• 44:38
  So you would max out that match.
• 44:40
  You max out the match.
• 44:41
  Only go as high as they're willing to match.
• 44:43
  Right.
• 44:43
  Got it.
• 44:44
  So if you put in 6% of it, you pay and they're gonna match half that.
• 44:47
  There's no sense in maxing it out dollar for dollar at the end of the year.
• 44:50
  Right.
• 44:50
  And that probably is one of the things that I feel like, like back in the day, they used to just tell you to put as much as you put as you possibly could into that.
• 44:58
  Right.
• 44:59
  And so you're saying no.
• 45:00
  Okay.
• 45:00
  I hear a lot of people investing in real estate.
• 45:02
  Mm-hmm.
• 45:03
  What are your thoughts about investing in real estate?
• 45:05
  I love real estate investing.
• 45:07
  Personally do it, I have a lot of clients who do it, but you've gotta have your exit strategy.
• 45:12
  Otherwise you just hold onto this property and then you stop.
• 45:15
  Stop really tracking it and like, are you really making a decent return off this?
• 45:21
  Or is it just like, okay, cash flow.
• 45:23
  So you've gotta look at it through business perspective.
• 45:25
  Mm-hmm.
• 45:25
  And I think a lot of real estate investors overlook that.
• 45:29
  They're like, oh cool, I'll buy a condo.
• 45:30
  I'll get this much month.
• 45:31
  Or you sit Airbnb.
• 45:33
  Right?
• 45:33
  But then if you really start to look at that, what's that macro return?
• 45:36
  Like people, real estate investors will talk about cap rates, but if you're really looking at that macro return, if you're factoring in taxes, depreciation, like all those things, you just wanna make sure that it's really a good investment and worth your time and effort.
• 45:49
  'cause real estate investing is a lot like it's work.
• 45:52
  Okay.
• 45:53
  What about some other ways of investing?
• 45:55
  I mean, obviously you are advising us.
• 45:58
  Mm-hmm.
• 45:58
  To go with somebody that is, this is their job.
• 46:02
  Mm-hmm.
• 46:02
  So you would not advise one of us to just download a Fidelity app on their phone and just start investing our money blindly into the market.
• 46:10
  So like, oh yeah, my grandpa loved the Fidelity Contra fund.
• 46:13
  I'm just gonna put all my money in that.
• 46:16
  Why, why, why?
• 46:17
  No.
• 46:17
  You wanna make sure, because it also has to be tailored for you.
• 46:20
  The next one is college versus retirement.
• 46:22
  That's a biggie.
• 46:23
  And this could be like education at any rate, right?
• 46:27
  And education, I hate to say it, but it's almost.
• 46:32
  For the average American, it is a crapshoot.
• 46:35
  Yeah.
• 46:35
  And that's a whole separate issue with the affordability of education, especially compared to other countries.
• 46:42
  But for those who do have the assets and the means who are affluent, there are ways to do it without robbing from your own retirement.
• 46:51
  But sometimes, especially women will say, what's more important?
• 46:55
  Should I focus all on college now and then catch up for retirement?
• 46:59
  You can't catch up.
• 47:01
  And I always say to like, you can borrow for college.
• 47:04
  Can't borrow for retirement.
• 47:05
  So there's other ways that we can get creative with education, funding strategies without slowing down on your retirement because, or putting lots and lots of debt on your child.
• 47:16
  Correct.
• 47:16
  So I guess one of the questions that we had seen from our listeners is which one should come first?
• 47:22
  And you're saying that they both should be kind of in tandem.
• 47:24
  They both should be in tandem, but your retirement should always be your priority because you can't, you can't make that back.
• 47:30
  Okay.
• 47:30
  So like, okay, so then that is the answer then every, so they're just as they're important.
• 47:35
  Correct.
• 47:35
  But the retirement is, should come first and there's other options.
• 47:38
  Yep.
• 47:38
  If you work with a good planner and there's other options and just stuffing a 5 29 to the max, like there are other creative ways where you can recoup that back into your personal economy.
• 47:48
  But like everybody's seeing like a mountain chart of investing.
• 47:51
  Right.
• 47:52
  Like stay the course, the ups and downs, you'll do well, but we call that your exponential curve.
• 47:57
  You only have one exponential curve for your lifetime.
• 48:01
  So the first dollars you save are going to grow and compound and have benefit from the highest long-term return.
• 48:08
  If you cut that short, you can't get that back.
• 48:13
  So it's like you have to put your oxygen mask on before helping your kid next to you.
• 48:17
  It's the same unfortunately, with retirement in college.
• 48:20
  And the other thing I'll, I'll tell clients who don't sometimes don't like that answer, do you wanna put that burden on your kids to take care of you in retirement when you run outta money?
• 48:30
  Mm-hmm.
• 48:31
  Because you, you gave them an education, right?
• 48:34
  Like instead of potentially having apply for what, a student loan or something else.
• 48:38
  Right.
• 48:38
  And I say, get a loan, pay the loan off if you want.
• 48:42
  I hate that education has to be elitist, you know?
• 48:45
  Yeah.
• 48:45
  Like, it should be.
• 48:46
  It shouldn't be.
• 48:46
  It shouldn't be.
• 48:47
  It should, everybody should have access to a good catch.
• 48:49
  Education.
• 48:50
  Especially if we want to have contributing members of society, you know, amongst us.
• 48:55
  It should be a little bit more obtainable.
• 48:56
  Absolutely.
• 48:57
  But the saving for it really is.
• 49:00
  Yeah.
• 49:00
  But that's another one where emotions really come into play.
• 49:04
  And that's one where I have to again, put on like my therapy hat, because often clients, spouses will have two very different experiences with education.
• 49:15
  Mm-hmm.
• 49:16
  Either one has an education or doesn't.
• 49:18
  One's parents paid, one had loans.
• 49:20
  So I say like, have you guys talked about how much, how do you wanna contribute to your kids' education?
• 49:26
  Mm-hmm.
• 49:26
  And I can't tell you how many times they're like, no, we haven't even really talked about that.
• 49:31
  Yeah.
• 49:31
  Wow.
• 49:31
  And one will, one will be like right off the cuff, like, oh, my parents paid for mine.
• 49:34
  I'll pay for the theirs.
• 49:36
  And the other one will be like, wait, what are you talking about?
• 49:38
  What We're gonna talk about this and get back to you, Jade.
• 49:40
  And I'm like, okay.
• 49:41
  Start the dialogue.
• 49:41
  Well, I feel like our generation had a lot of loans.
• 49:45
  And especially, well it was a debt generation too.
• 49:47
  It was a debt, it's a debt generation.
• 49:48
  And also then, and a lot of our generation went on for like continuing education.
• 49:53
  Yeah.
• 49:54
  So it's just not only are you paying for college, there's continuing education after that.
• 49:58
  Masters, other degrees.
• 49:59
  Mm-hmm.
• 50:00
  And so I'm wondering if our generation is like, okay, we're gonna pay for our kids.
• 50:05
  Yeah.
• 50:05
  To, you know, it's almost like a huge priority.
• 50:08
  Yeah.
• 50:08
  And maybe cutting into retirement.
• 50:10
  Yeah.
• 50:10
  Because that's such a priority for our generation and for our kids.
• 50:13
  Most money have it.
• 50:15
  Tend to flip flop generation to generation always.
• 50:18
  I think a lot of habits tend to flip any parenting style, any anything.
• 50:22
  For sure.
• 50:22
  Have the flip flops, generations.
• 50:23
  Also the gusto flip flops too, because if you had the, to work hard and create and have that grit and then you don't want your kid to have to do that, then they're not gonna have the work ethic either.
• 50:35
  Right.
• 50:35
  So I feel like we talked about this in one of our other episodes.
• 50:38
  You have to give your kids what you didn't have and what you did have and what didn't have.
• 50:41
  Yeah.
• 50:41
  Right.
• 50:42
  You know, you have to give them both.
• 50:43
  And another, another trend I'm seeing to that exact point is people will be saving for kids without telling them.
• 50:50
  So they'll be doing, they'll be kind of doing things on the side, say, I don't want my kid to know this.
• 50:55
  They're 30 working.
• 50:58
  I wanna make sure they continue down this path.
• 51:01
  Smart.
• 51:01
  Right.
• 51:01
  Smart.
• 51:01
  And then boom, they get a surprise, inheritance, or Right.
• 51:04
  Versus like knowing that, that you have this chunk of money coming to you and maybe they wouldn't work as hard.
• 51:09
  Exactly.
• 51:10
  Right.
• 51:10
  Exactly.
• 51:11
  Well, or the opposite, you could, your kid could be growing up thinking that they have all this money and then they get your bill at your funeral.
• 51:18
  Right.
• 51:18
  You know, like, and they're like, wait a minute, mom and dad took it all with them.
• 51:22
  Now what?
• 51:22
  Yeah.
• 51:23
  I see that too.
• 51:24
  So it's important to have those generational family topics.
• 51:28
  Mm-hmm.
• 51:28
  And, and dialogues, which I do.
• 51:29
  The other killer, another reason why I hate 4 0 1 ks is.
• 51:34
  If you die with pre-tax assets and you're married, you inherit your spouse's ira.
• 51:40
  Mm-hmm.
• 51:40
  It just becomes your own.
• 51:41
  It just rolls into yours.
• 51:43
  But when you die, this is a new rule that people still don't really talk about.
• 51:48
  Upon that second death.
• 51:50
  Your kids are gonna have to exhaust that money over 10 years.
• 51:54
  So they don't just get it all in like one Oh wow.
• 51:57
  Payout.
• 51:57
  They could, but what do you, you think is that gonna do to their tax bill?
• 52:01
  The tax is probably insane.
• 52:02
  About 40% of that could go wrong.
• 52:04
  They may not even be able to.
• 52:05
  Is that the legacy you wanted?
• 52:06
  And you want 40% of your retirement account to go to the IRS?
• 52:09
  No.
• 52:10
  You wanted that to go to your kids, but like, yeah, they're gonna have money.
• 52:13
  So you do put it in a trust.
• 52:14
  Like how do you, there's other ways.
• 52:16
  There's other ways.
• 52:16
  There's other ways.
• 52:17
  That's why you don't wanna go all pre-tax because that's a burden on your kids where maybe they thought they were gonna get millions.
• 52:22
  Now they're like, oh, mom had a million, but now it's really like 600,000 and now I'm in the top bracket for the next and probably in their prime earning years too.
• 52:34
  So clients that do inherit IRAs, we work with strategies.
• 52:36
  Okay, what can we do in that 10 years with this money to kind of recover that tax?
• 52:41
  What can we do for you?
• 52:42
  So you feel more value and impact from mom and dad.
• 52:46
  Mm-hmm.
• 52:46
  We talked a lot today about.
• 52:48
  What to do once you've built wealth and how to move things around and how not to like impact your kids in a negative way.
• 52:55
  Yeah.
• 52:55
  But we didn't talk about just the basics of like starting wealth.
• 52:59
  Yeah.
• 52:59
  What if you are somebody real life money habits, just real life money habits.
• 53:02
  Like from day one.
• 53:03
  Like what if you are starting from ground up.
• 53:05
  What would you say to one of those clients?
• 53:09
  Don't be scared and find somebody, an advisor.
• 53:14
  Mm-hmm.
• 53:15
  Yep.
• 53:15
  And come up with a plan and know, but then after that, like I do not believe in budgets because I think they set people up for failure.
• 53:24
  Oh, that's an interesting, but we need to look at your cashflow.
• 53:27
  Okay.
• 53:27
  And your cashflow analysis and habits.
• 53:29
  What's coming in, what's going out?
• 53:31
  Exactly.
• 53:32
  Okay.
• 53:32
  And like I'm not here to judge how, like I hate the skip Starbucks and save$5 and you'll be a millionaire.
• 53:42
  Like, no, drink the damn coffee.
• 53:44
  That's fine, but you have to live within your means, which can be difficult, especially if there's children involved.
• 53:51
  But you've gotta start with a core plan.
• 53:53
  And once you get into that saving pattern.
• 53:58
  You start to rebuild that emergency fund you'll be surprised.
• 54:01
  Once you start making progress, it's easy to increase it and increase it, and then that money grows and grows and grows, and then you're getting into that unconscious savings.
• 54:09
  But you've gotta start, you can't just say, oh crap, I've been wiped out.
• 54:12
  Now what?
• 54:12
  I just sucks.
• 54:14
  But without a budget.
• 54:15
  How, I guess like, walk me through like if you don't believe in a budget right.
• 54:19
  If you're saying like, have the damn Starbucks have the coffee.
• 54:22
  How do you do that then?
• 54:24
  I honestly, I think it boils down to some degree of common sense and ownership.
• 54:28
  Mm-hmm.
• 54:28
  Like even clients that have come to me they're not surprised how they're in that boat.
• 54:34
  Okay.
• 54:35
  They know they're living beyond where they should be living.
• 54:38
  Mm-hmm.
• 54:39
  Are you keeping up?
• 54:41
  More so with the Joneses and I, I do see a lot of that for like the kids too.
• 54:48
  'Cause you don't want your kid to feel that they're not with their peers.
• 54:52
  And so like, spending more, spending more, spending more than your means for the kids as well.
• 54:57
  You're saying in adult.
• 54:57
  Okay.
• 54:58
  Correct.
• 54:58
  Like, but like it's, it's really like, come on guys, you've gotta take some ownership.
• 55:03
  But once you take that ownership and you're committed to making a change and incremental changes, real change can occur.
• 55:10
  And again, it's like, I always tell my clients like, judgment free zone.
• 55:14
  What is, is where you're at.
• 55:15
  You're at, you can't go back, but let's make those changes to start to make improvements so that you're not gonna be relying on your kids when you're retired.
• 55:25
  'cause nobody wants to put that on their kids.
• 55:27
  Mm-hmm.
• 55:27
  Most of our listeners, and most moms.
• 55:30
  To your point earlier, suffer from decision fatigue.
• 55:33
  Yeah.
• 55:33
  So sometimes people just want a list of do this, don't do that, do this.
• 55:37
  Mm-hmm.
• 55:37
  Don't do that.
• 55:38
  How can that exist without a budget?
• 55:40
  So, yeah, like, and you're saying like, don't cut the Starbucks, but for me, like a$9 matcha a day, like over every single day or a couple days a week, I mean, it's absurd.
• 55:50
  You know what I mean?
• 55:51
  I'm saying like without that sort of mindset of like, what goes, then what?
• 55:56
  Like if you're, and I do understand your point where saying, and that's person dependence.
• 55:59
  Yes.
• 55:59
  Okay.
• 56:00
  So you're saying that that's more of a, so like I view budgets and cashflow analysis as two different things.
• 56:06
  Okay.
• 56:06
  Mm-hmm.
• 56:07
  So like a budget is, okay, I have$10,000 a month coming in.
• 56:12
  We're gonna spend Exxon housing, Exxon Transportation.
• 56:15
  Mm-hmm.
• 56:15
  Exxon Utilities.
• 56:16
  Exxon Dining, Exxon.
• 56:18
  It will never happen like that.
• 56:20
  Right.
• 56:21
  Because that's not how life works.
• 56:22
  Life, okay.
• 56:23
  Mm-hmm.
• 56:23
  But when you're looking at your bank statements mm-hmm.
• 56:26
  And this is what I help clients with who need it.
• 56:28
  It's either like, is everything on the debit card or everything on the credit card, and you're paying the credit card off at the end of the month.
• 56:33
  There is a way to look and see where you're spending is going.
• 56:36
  Most credit cards will even give you a spending Yeah.
• 56:39
  Summary.
• 56:39
  There's like a pie now.
• 56:40
  Yes, there is.
• 56:41
  It's like gas in groceries.
• 56:43
  Yep.
• 56:43
  Other, yes.
• 56:46
  So like my husband actually, my husband asked me for my yearend Amex to analyze.
• 56:52
  Yeah.
• 56:52
  That's a fun one.
• 56:52
  Retail.
• 56:53
  Oh yeah.
• 56:53
  That's a fun one.
• 56:54
  That's actually proved him wrong.
• 56:56
  I was very, I was like, all right, I'll do it.
• 56:57
  Amazon.
• 56:58
  Right.
• 56:59
  So like, it happens to us too.
• 57:00
  And by the way, my husband's also a financial advisor.
• 57:03
  Yeah.
• 57:03
  Like, we are like super dorks when it comes to this stuff.
• 57:06
  But we have the same conversation.
• 57:07
  She's like, all right, how much she put on clothes this year?
• 57:09
  Like, come on.
• 57:10
  But it that's something I like spending my money on.
• 57:13
  But, so for the woman that you're talking about, be realistic and see where your money is going.
• 57:18
  Mm-hmm.
• 57:18
  And what can you cut out?
• 57:19
  Okay.
• 57:20
  So that's different than a budget read.
• 57:21
  Correct.
• 57:21
  I see what you're saying.
• 57:22
  Because a budget, the budget, just setting yourself up a budget's bullshit should be depressed.
• 57:25
  It's total bullshit because you're just gonna fail and then you're gonna feel like shit.
• 57:29
  And then you're not gonna save anything.
• 57:31
  But you're also looking at, if there's 10,000 going in, 10,000 cannot be going out.
• 57:36
  Correct.
• 57:36
  That's also another big piece of this.
• 57:38
  Or, or 11,000 going out that's, or 12,000 going out.
• 57:42
  Right.
• 57:42
  That's the one.
• 57:42
  So all of clients are like, oh yeah, we're great savers.
• 57:45
  We have positive cash flow.
• 57:46
  I'm like.
• 57:47
  Why do you have a$20,000 credit card?
• 57:49
  Like you guys are making$800,000 a year.
• 57:52
  Why do you have 20 grand on a credit card?
• 57:54
  Like that makes no sense.
• 57:55
  That tells me there's a cashflow problem.
• 57:58
  Right.
• 57:58
  So like they're saving, but there's still that revolving credit card.
• 58:02
  Why?
• 58:02
  Mm-hmm.
• 58:03
  So those are, and then they're like, oh shit.
• 58:06
  Yeah.
• 58:06
  Like, okay, yeah, we gotta watch that spending then.
• 58:10
  Mm-hmm.
• 58:10
  Okay.
• 58:10
  That's fair.
• 58:11
  Right.
• 58:11
  But it really takes a true detective.
• 58:14
  Mm-hmm.
• 58:14
  And somebody that has gotten to know their client mm-hmm.
• 58:17
  That would detect that.
• 58:18
  That's why you've gotta know your client so intimately and like, I've gotta know what's important too.
• 58:22
  Like, especially like, I don't know what it is.
• 58:26
  I have so many hockey mom clients and that is one hell of an expensive sport.
• 58:32
  So for me, I'm like, cut it.
• 58:34
  And they're like, no, we live for this.
• 58:37
  Okay.
• 58:38
  So we gotta just protect that.
• 58:39
  But every client's different.
• 58:40
  You know what's more expensive than hockey dance?
• 58:43
  Oh yeah.
• 58:44
  Dance is more expensive than hockey.
• 58:46
  Just sidebar.
• 58:46
  In case you across any of those months, I, the reason I didn't want kids, like, I was never wired for that.
• 58:50
  'cause I think in deep down I knew how expensive they, I mean, it's wild and it's just like, this is another level, like this economy, the inflation.
• 58:59
  It's a lot, everything.
• 59:00
  It is just like, it's, it's a lot, it's a different life than I'm sure it's been in a long time.
• 59:05
  And also.
• 59:06
  Like when I was a kid and I hate using these like statements like when I was kid I know, but when I was a kid we didn't go on spring break every single year.
• 59:14
  We went to Disney I think two or three times when I was a kid.
• 59:17
  And then we did a summer vacation.
• 59:19
  Mm-hmm.
• 59:19
  Like we would go to Newport for a week or we would have like one family vacation a year let's say.
• 59:24
  And then occasionally we would have two.
• 59:27
  My kids, their friends are jet setting all over the world every single month.
• 59:31
  And so what we have adopted that as well.
• 59:34
  Yeah.
• 59:34
  You know, so Joseph had said to me, oh, are we going out west skiing in March for March break?
• 59:40
  I go, where did you hear that?
• 59:41
  Oh, west are we going out west skiing?
• 59:44
  And I just thought it was funny'cause like that's what people do.
• 59:47
  Well it's, they go out west me say this skiing every single time.
• 59:50
  This is my, like I sit on this, right?
• 59:52
  It's everything comes back to social media and comparing.
• 59:55
  And I feel like that is probably a huge reason of overspending and over exerting yourself in this space.
• 1:00:01
  Oh God.
• 1:00:02
  You can click in one button and and then then first, that's part of it.
• 1:00:05
  Alright.
• 1:00:05
  Let's be honest.
• 1:00:05
  The ease of the ease of spending is absurd.
• 1:00:08
  Let's you literally tap two buttons and it's connected to your credit card's.
• 1:00:12
  Let's, let's all, let's be honest, right Now's then that comparison of just like, yeah, oh, I should be doing that.
• 1:00:16
  Oh, they're traveling, they're doing this, they have these things, then we should have that too.
• 1:00:22
  And so it's the combination, right?
• 1:00:23
  And everyone gets themselves.
• 1:00:24
  How many times have you seen a package on your doorstep and you're like, I don't even know what that is.
• 1:00:29
  Zero clue.
• 1:00:29
  It's in that box.
• 1:00:30
  Nope.
• 1:00:31
  Yeah.
• 1:00:31
  Daily.
• 1:00:32
  Ladies, we're all guilty of it.
• 1:00:34
  We are.
• 1:00:34
  But let's work together to reel it in.
• 1:00:36
  But you're hundred percent.
• 1:00:37
  That's my Starbucks.
• 1:00:38
  Right.
• 1:00:38
  Just to double click.
• 1:00:39
  So is there a button that you can double click and say, I'm adding more to my investment portfolio.
• 1:00:45
  I know.
• 1:00:45
  Does that exist?
• 1:00:46
  That's a question that you should be asking your advisors.
• 1:00:48
  Yeah.
• 1:00:49
  You know, I can shameless plug and say with me it does.
• 1:00:51
  It's like, okay, you know what?
• 1:00:52
  We made a little more this month.
• 1:00:54
  Add more in.
• 1:00:55
  Yeah.
• 1:00:55
  Yeah.
• 1:00:55
  'cause also, I don't know how like everybody's businesses work, but like ours fluctuate month to month.
• 1:01:00
  Oh yo.
• 1:01:00
  For sure.
• 1:01:01
  So you can't just say, I call it lumpy income.
• 1:01:03
  We're putting in like this much every month.
• 1:01:05
  Like that doesn't really, that's not a true representation.
• 1:01:08
  Your percentage, like a quick kid of what I would talk to a client about that.
• 1:01:11
  Tell me, because I have lumpy income too.
• 1:01:13
  Most of my clients are business owners.
• 1:01:14
  I think that's pretty common now.
• 1:01:16
  It's very common.
• 1:01:17
  I think it's common for business owners.
• 1:01:17
  Even if you're an executive, you might have a, a media bonus or this and then, but then you're getting a big bonus.
• 1:01:22
  Or if you're part of a big group, you're getting dis lumpy.
• 1:01:25
  Any, any type of incentive program that's in there.
• 1:01:28
  So like lumpy income.
• 1:01:29
  Okay.
• 1:01:29
  So like what we're launching with our clients now is a cashflow management app that basically you fund a reservoir.
• 1:01:37
  So we talked about three to six months of income.
• 1:01:40
  Well, we're gonna keep about three months of that in your reservoir.
• 1:01:42
  Mm-hmm.
• 1:01:42
  It's a bank account.
• 1:01:44
  FDI future.
• 1:01:45
  And then you pull from that.
• 1:01:45
  It's separate from your household checking, but that's where all your money funnels into.
• 1:01:50
  So we call that the wealth coordination account from there.
• 1:01:54
  Whatever we deter your average monthly burn rate.
• 1:01:57
  So what does it cost to run your household to live?
• 1:02:00
  Right.
• 1:02:00
  Yeah.
• 1:02:01
  It doesn't matter the number, it could be 50 grand.
• 1:02:03
  That account is gonna send whatever you do your daily banking to autopay all your bills to that bank account.
• 1:02:09
  Mm-hmm.
• 1:02:10
  And then that's gonna go automatically.
• 1:02:12
  Then on months that you have less income or more income, your reservoir is gonna fluctuate.
• 1:02:20
  As a wealth strategist, I get a dashboard to that and I can say like, okay, Jen and James are running at a, a consistent deficit.
• 1:02:30
  We've gotta have a calibration meeting here.
• 1:02:32
  Mm-hmm.
• 1:02:32
  We've gotta talk.
• 1:02:33
  Or holy moly, Jeff and Sharon have.
• 1:02:36
  Yeah.
• 1:02:37
  A big surplus.
• 1:02:38
  So either from that app, they can click to send money where they want,'cause their investment accounts are linked.
• 1:02:45
  Or I'm calling and saying, Hey guys, what are we doing?
• 1:02:49
  Do you wanna spend it?
• 1:02:50
  Do you wanna save it?
• 1:02:51
  Do you wanna invest it?
• 1:02:53
  Are we doing a house project?
• 1:02:55
  Like what, what is that?
• 1:02:56
  And so those are really fun sessions, but the clients who are running at that deficit are often very grateful that I'm jumping in.
• 1:03:05
  Mm-hmm.
• 1:03:05
  Because they might know, but not really know.
• 1:03:08
  And they're starting to feel like.
• 1:03:10
  Things are tight and maybe they're hit in that credit card or not.
• 1:03:13
  So, so managing that cash flow is just so crucial.
• 1:03:18
  I love the idea of having a reservoir.
• 1:03:19
  Yeah.
• 1:03:20
  Because you're creating an additional support.
• 1:03:22
  It is very visual too.
• 1:03:24
  For when?
• 1:03:25
  Yeah.
• 1:03:25
  For when there are months.
• 1:03:26
  Mm-hmm.
• 1:03:26
  That, you know, there's ebbs and flows in life.
• 1:03:27
  There's ebbs and flows in pay for sure.
• 1:03:29
  You know, there's gonna be some months high.
• 1:03:30
  We all spend more money spend in the summer.
• 1:03:32
  Right.
• 1:03:32
  Or there's also gonna be some earning monies.
• 1:03:34
  Right.
• 1:03:34
  Earning months that are lower.
• 1:03:36
  But if you know that you always have that extra reservoir, it, the highs won't feel so high, the lows won't feel so low.
• 1:03:41
  Correct.
• 1:03:42
  And then you average out your monthly burn rate.
• 1:03:44
  Yeah.
• 1:03:44
  And it can be adjusted.
• 1:03:46
  Yeah.
• 1:03:46
  Like maybe you start and say, okay, costs 25 grand to run my household.
• 1:03:50
  Then you're in it for a few months and you're like, actually it's more like 20.
• 1:03:53
  Yeah.
• 1:03:53
  Let's save more.
• 1:03:53
  I feel like I need to reevaluate how much it does cost to run my household.
• 1:03:58
  'cause I don't think even, people don't even know, even though I run it and I pay all the bills, I still don't think I could spit it out at you.
• 1:04:05
  Right away.
• 1:04:05
  Like all of it together because everything comes out so differently.
• 1:04:08
  Mm-hmm.
• 1:04:08
  It's like the mortgage comes out on this day, the land, the this person comes out on this day, you're not seeing yet, like as a full lump electricity.
• 1:04:15
  The electricity is this day.
• 1:04:16
  You know, I don't like make one big house payment a month, right.
• 1:04:19
  And to your point, you're saying that, that people probably don't even know we need like an audit.
• 1:04:23
  When I started this with clients, I said, well, I'm gonna be the first one to go through this.
• 1:04:28
  I gotta make sure this technology works.
• 1:04:29
  Right babe, what's our burn rate?
• 1:04:33
  Like it, we had it out.
• 1:04:35
  We had to sit down and look at it too.
• 1:04:37
  But what I've learned is don't obsess over it.
• 1:04:39
  You have like a general knowledge, like you, you're probably pretty close.
• 1:04:42
  So let's start.
• 1:04:44
  Yeah.
• 1:04:44
  Let's start with what that number is.
• 1:04:46
  But the key to why it's so successful is because reservoirs separate.
• 1:04:50
  So then that's starts the unconscious savings and the conscious spending.
• 1:04:55
  Hmm.
• 1:04:55
  Because you know what's going into your checking account from the reservoir, but if the reservoir is going up or down, and then the reservoir is also where your savings is going and your investments is going.
• 1:05:05
  Anything that would be outside of a patient, you gotta do all this dirty work before you get into the good stuff.
• 1:05:09
  Yeah.
• 1:05:09
  I feel like, so I wanna talk'cause I feel like this is gonna be a big one.
• 1:05:13
  This is a big one for, uh, questions from our listeners too.
• 1:05:15
  Yeah.
• 1:05:16
  Because relationships and money are both complicated.
• 1:05:20
  Right.
• 1:05:20
  How should women approach money conversations with their partner without it feeling awkward?
• 1:05:27
  Ooh, good question.
• 1:05:28
  Really good question.
• 1:05:30
  I think going into the conversation prepared, knowing what you're concerned about, excited about, curious about, and then prioritizing that with your partner.
• 1:05:44
  Because very often, almost nine, nine times outta 10 spouses will have different priorities without even knowing it.
• 1:05:52
  Yeah, right.
• 1:05:52
  Definitely financially or non-financially.
• 1:05:54
  And the, but as long as you're communicating that.
• 1:05:58
  So I think step one is really having those open dialogues.
• 1:06:00
  With your partner, like, Hey, I'm concerned about what, like college.
• 1:06:07
  Our kids are eight, we really haven't done much.
• 1:06:09
  What do we need to do?
• 1:06:11
  So like, honey, that's starting to keep me up at night.
• 1:06:13
  Have that dialogue and then once you have that dialogue, then you guys can start searching for an advisor who specializes in what you need.
• 1:06:21
  Mm-hmm.
• 1:06:22
  Or if you have an advisor say, Hey, we wanna come in and talk about some stuff that we, that we wanna make sure that we're accounting for.
• 1:06:30
  Back about reallocation and, right.
• 1:06:31
  Yeah.
• 1:06:32
  Okay.
• 1:06:32
  So you start the conversation curious.
• 1:06:34
  Correct.
• 1:06:35
  What about if one, what about if one partner handles most of the finance?
• 1:06:40
  Mm-hmm.
• 1:06:40
  We talked about this a little bit at the beginning of the episode.
• 1:06:42
  What are the non-negotiables then for the other person to know?
• 1:06:47
  A hundred percent just what exists.
• 1:06:50
  Yeah.
• 1:06:50
  And where it is.
• 1:06:51
  But I think if you're working with an advisor and you're both going to meetings, then you'll know.
• 1:06:57
  Like, you don't need to know every account number, every username and password.
• 1:07:01
  Because guess what?
• 1:07:02
  If it's in your spouse's name and something happens to them, it's frozen.
• 1:07:07
  So it's gotta go through probate process.
• 1:07:09
  There's forms or it is all things, by the way, that's another, how long does that take?
• 1:07:12
  That's another reason why you wanted an advisor.
• 1:07:14
  Yeah.
• 1:07:14
  Yeah.
• 1:07:15
  And if that were to have happened and your name was on it too, wouldn't you then have to have access to it?
• 1:07:20
  But you're saying if you have like your own separate accounts?
• 1:07:22
  Correct.
• 1:07:23
  Oh, okay.
• 1:07:24
  Yeah.
• 1:07:25
  Yep.
• 1:07:25
  So you, so they're joint, you're okay if they're separate, but you're married, you're not.
• 1:07:29
  Right.
• 1:07:29
  But you're still going through probate.
• 1:07:31
  Right.
• 1:07:31
  You're still filling out mountains of paperwork.
• 1:07:33
  Right.
• 1:07:33
  That's another reason why you want an advisor's office to do all for this.
• 1:07:36
  This will be expensive and take time.
• 1:07:37
  It's gonna take time.
• 1:07:38
  Yeah.
• 1:07:38
  It doesn't happen overnight.
• 1:07:39
  Same as like life insurance.
• 1:07:41
  Payouts don't happen overnight.
• 1:07:42
  They happen very quickly.
• 1:07:43
  Yep.
• 1:07:43
  But you gotta process the claim.
• 1:07:45
  Wow.
• 1:07:46
  Right.
• 1:07:46
  So again, that's the other importance of legal documents, right.
• 1:07:51
  And making sure that your advisor is working with your estate planning attorney.
• 1:07:56
  Like everybody's connected.
• 1:07:56
  Their trust attorney.
• 1:07:57
  Exactly.
• 1:07:58
  Exactly.
• 1:07:58
  And how often do you think people should be re-meet with a lawyer to redoing estate planning?
• 1:08:04
  Like for instance, I don't mean to like sound like a complete idiot, but we did it when we had children.
• 1:08:09
  Right.
• 1:08:09
  'cause we were like, oh, we have to meet with somebody because we have kids.
• 1:08:13
  Well that was like 12 years ago, you know?
• 1:08:16
  Yeah.
• 1:08:16
  So a lot has changed between now and then.
• 1:08:18
  Well, sure.
• 1:08:18
  So good estate planning attorneys are gonna be proactive and reach out to you and say, this has changed.
• 1:08:25
  We need to up your update your documents.
• 1:08:28
  But that's another reason why you should be working another advisor.
• 1:08:31
  'cause they can kind of look at everything like I know and update, I know changes that have occurred.
• 1:08:35
  That Right.
• 1:08:35
  When it's relevant in client meeting.
• 1:08:36
  I'm saying you need to contact your attorney if you haven't heard from them yet.
• 1:08:39
  But anytime there's a major life shift, or as your wealth increases, you wanna make sure that you're updating things to make sure that it's aligned with what you think.
• 1:08:49
  Okay.
• 1:08:49
  And then this is gonna, so the answer sounds like it's frequent.
• 1:08:52
  Yeah.
• 1:08:52
  And then this is gonna sound like a therapy question, but they all are.
• 1:08:56
  Yep.
• 1:08:57
  How do couples avoid money?
• 1:08:59
  Resentment?
• 1:09:00
  Ooh.
• 1:09:01
  Especially in different earning seasons.
• 1:09:04
  Or if one partner out, earns the other partner.
• 1:09:07
  I think if you're truly aligned and you're in a partnership.
• 1:09:13
  It shouldn't matter where it's coming from because it's going into the family economy.
• 1:09:18
  Mm-hmm.
• 1:09:19
  So as long as you're going through that planning process together and being like, look at the progress we're making, look how much wealth we've built we've done this together.
• 1:09:28
  'cause well, this partner may be working and making the income.
• 1:09:31
  Well look how happy our kids are.
• 1:09:34
  Or look at, all the beautiful things in our home and how I've maintained it.
• 1:09:38
  So like there's a balance there.
• 1:09:40
  So I think it's important to communicate that with your partners.
• 1:09:44
  And I think that's something that can often kind of follow the wayside.
• 1:09:46
  And it, it probably becomes a silent resentment.
• 1:09:49
  Oh, for sure.
• 1:09:50
  Yeah.
• 1:09:50
  Like, like, ugh.
• 1:09:51
  Okay.
• 1:09:52
  Right.
• 1:09:52
  Because the earning has a number attached to it.
• 1:09:54
  It's very finite.
• 1:09:55
  The other things have emotions attached to them.
• 1:09:58
  Oh, well, you know that, that's a good one too.
• 1:10:00
  So like, there, I used to have an article, I forget what the actual number was, but it was like a tool to use when talking to clients about life insurance.
• 1:10:10
  And like, so in a situation where one partner's working and the other one isn't, well, traditional planning says, we'll just replace the working partner's income.
• 1:10:19
  But it was, do you know the true cost of a stay at home mom?
• 1:10:22
  Oh, I love that.
• 1:10:24
  Like housekeeper chauffeur cook, like cook childcare.
• 1:10:31
  Yep.
• 1:10:32
  House cleaner.
• 1:10:32
  All the things.
• 1:10:33
  It was astronomical.
• 1:10:37
  And guess what, like when submitting life insurance applications to a company, you still get that woman insured because the insurance company recognizes that there is an economic life value to even a woman who has no income.
• 1:10:49
  A lot of people don't like talking about life insurance.
• 1:10:52
  Mm-hmm.
• 1:10:52
  It gets, it's so morbid.
• 1:10:53
  It's literally for, for when you die.
• 1:10:55
  But do you have insurance in case your house burns down?
• 1:10:58
  There's like all these other what ifs that you have things for when you're, you get, if you crash your car, all of these other things, you have a will.
• 1:11:06
  Why not have liquidity come in your family to replace that income?
• 1:11:09
  Because for most people in our age group, they're, the value of their future earnings is probably your largest asset.
• 1:11:17
  Mm-hmm.
• 1:11:18
  Right?
• 1:11:18
  Like, take what you're making now and multiply it up to age 65.
• 1:11:23
  What would the value of that account be?
• 1:11:25
  Right.
• 1:11:25
  That's also a message of hope for anybody who's sitting here listening that says, I don't feel like I have a lot of assets.
• 1:11:31
  Mm-hmm.
• 1:11:31
  Well, to your point, you just said it.
• 1:11:33
  Yeah.
• 1:11:34
  You know, you are earning potentials in your future.
• 1:11:36
  It hasn't even happened yet.
• 1:11:37
  Mm-hmm.
• 1:11:37
  Right.
• 1:11:38
  And think of all those, you still have time pieces.
• 1:11:39
  Like you could be making a hundred grand now, but in 10 years it could be double.
• 1:11:44
  We talked about the stay at home mom scenario.
• 1:11:47
  Mm-hmm.
• 1:11:48
  But what about the female breadwinners?
• 1:11:50
  Mm-hmm.
• 1:11:50
  Because you said this is kind of like, this is becoming a little bit of your bread and butter mm-hmm.
• 1:11:54
  Is working with these women.
• 1:11:55
  How do you then support those women who are the breadwinners, but are also carrying the mental load of the household?
• 1:12:02
  Yeah, because we just said all of the things that add up to run a household.
• 1:12:07
  That's actually worth something.
• 1:12:08
  And then you're also, maybe the breadwinner of the family and you have a big time job and a lot of responsibilities there.
• 1:12:15
  So do those women come into you and what is that like?
• 1:12:18
  Sometimes those are the messiest households, not from a point of they're in financial distress, but that's like the junk drawer junk.
• 1:12:26
  They're doing everything right.
• 1:12:27
  They're doing everything.
• 1:12:28
  And what do most working women do who are in a serious career with a busy job?
• 1:12:34
  You log off and you're with the kids go to bed, you log back on and you're finishing your work.
• 1:12:39
  Right?
• 1:12:39
  Right.
• 1:12:40
  There's just like no time for anything.
• 1:12:41
  Who wants to deal with the finances?
• 1:12:43
  You know, 1130 when you're exhausted, it's the wrong time to talk about it with your partner.
• 1:12:49
  Or are you just trying to like, with glossy eyes, figure it out online, like check your portfolios.
• 1:12:55
  So those are the women that it's like, if we can carve those calibrations in quarterly mm-hmm.
• 1:13:01
  That, and just know that that's gonna happen, we can fit that in over lunch or coffee, like very quickly.
• 1:13:09
  And a lot of those clients too, sometimes the husband doesn't mind taking on.
• 1:13:16
  Maybe that responsibility, the maintenance of it.
• 1:13:18
  Right.
• 1:13:19
  Where maybe he's trusting her to still make the decisions, but he's doing like the day to day of it, like checking in with me on the reservoir, things like that.
• 1:13:28
  That might also help with your earlier question about how you can reduce resentment when you're the female breadwinner and your spouse also has a hand in it and is helping you.
• 1:13:36
  You know, even though maybe you are contributing the most financially, your spouse has some skin in it too.
• 1:13:42
  Yeah.
• 1:13:42
  And I guess that can be flip flopped if the male is the breadwinner.
• 1:13:45
  Mm-hmm.
• 1:13:45
  And the female can be involved in some of these decision making.
• 1:13:49
  Does some of balances it differently Quarterly calibrations.
• 1:13:52
  Yeah.
• 1:13:52
  How does motherhood then change the financial picture?
• 1:13:57
  Kids are expensive.
• 1:13:58
  Yeah.
• 1:13:59
  We talked about it.
• 1:14:00
  It's more of that like, damn hockey.
• 1:14:02
  It's more of that.
• 1:14:03
  You said it earlier, I don't know.
• 1:14:05
  What did you say?
• 1:14:05
  Uncertain certainties.
• 1:14:07
  Yeah.
• 1:14:08
  The certain uncertainties kids are a certain uncertainty.
• 1:14:11
  Correct.
• 1:14:12
  You know, so don't you feel like that?
• 1:14:14
  Yeah.
• 1:14:14
  You know, I don't wanna see my kids are financial burdens.
• 1:14:17
  'Cause they're not like a burden.
• 1:14:18
  Lucky they're cute.
• 1:14:19
  Yeah.
• 1:14:19
  But they are very expensive.
• 1:14:21
  And part of it is me, like part partially I make them expensive.
• 1:14:25
  Right.
• 1:14:25
  You know, like, because I'm the one activities, all the things we're trying to keep, you know.
• 1:14:30
  But some of them, the best of the best their requests.
• 1:14:33
  Yeah.
• 1:14:33
  Yep.
• 1:14:34
  My son started to request Apple Cash from me.
• 1:14:37
  They're a little more independent now.
• 1:14:39
  They can go off and they can do their shops or whatever.
• 1:14:41
  Okay, I'm gonna drop you off at Dick's with your list for lacrosse and I'll be back in an hour.
• 1:14:45
  You buy all your stuff, you know, instead of me doing it while they're at school.
• 1:14:49
  Right.
• 1:14:49
  Whatever.
• 1:14:50
  So they've been asking me for Apple Cash.
• 1:14:52
  So I started requesting them for Apple Cash and taking pictures of their room.
• 1:14:56
  Like, you left the light on$2, you left.
• 1:14:59
  I love that you left cups in your room.
• 1:15:01
  $2.
• 1:15:02
  Love that you left your socks on the floor,$2.
• 1:15:05
  And they're like, mom, we're outta money.
• 1:15:06
  We're outta money.
• 1:15:07
  I'm like, yeah, same girl.
• 1:15:09
  Your reservoir is gonna be full.
• 1:15:10
  I'm, I'm also out of money, so stop asking me for it.
• 1:15:15
  Well, I think that leads to a really good point.
• 1:15:17
  And we had talked a little bit about generational mindsets mm-hmm.
• 1:15:21
  Towards wealth.
• 1:15:21
  Mm-hmm.
• 1:15:21
  But I think it's so important to engage kids now.
• 1:15:24
  Yes.
• 1:15:24
  And there's a very delicate line to cross because there's a lot of really great tools and apps for kids to have safe money management.
• 1:15:34
  Like we have one client.
• 1:15:37
  Couple with two little girls.
• 1:15:38
  And one of the girls said, mommy, why do I have to give on TJ my birthday money?
• 1:15:43
  That's so cute.
• 1:15:45
  And, but they're teaching those habits and the kids.
• 1:15:48
  And I was like, well, if you gimme that 50 bucks, guess what?
• 1:15:50
  That 50 bucks is gonna be worth in like five years.
• 1:15:54
  Like I could buy dog bed.
• 1:15:56
  Yeah.
• 1:15:56
  Yes, yes.
• 1:15:58
  But like, so I think there's really safe tools or a dog Yeah.
• 1:16:00
  But, but have, have the, the guardrails on it with anything.
• 1:16:05
  Right.
• 1:16:05
  Because kind of what I talked about too, there's a lot of misinformation and bad stuff out there.
• 1:16:10
  I also have another client whose boys are in high school and they're like, well, I could be investing in this and this and this and this, and I, if I put$10 in, I'd have a million dollars.
• 1:16:19
  And it's like, so you have to set those real realistic expectations.
• 1:16:24
  And I think that with TikTok and social and all that, there's a lot of get rich quick things for kids, right?
• 1:16:31
  So teaching them that, that's not, I think having those conversations that say, yeah, but for everybody that did that, there's another one who lost everything.
• 1:16:40
  So let's save and let's be smart with money.
• 1:16:43
  Like when I was a kid, I had the envelope system.
• 1:16:46
  So if I got,$10 allowance,$2 went in the savings envelope, one went in the church envelope.
• 1:16:54
  Thank you Mercy.
• 1:16:55
  Like another one went in whatever the other envelopes were.
• 1:16:57
  But I know, but all of those values still carry through to today.
• 1:17:00
  Correct.
• 1:17:00
  Because you still fill those envelopes.
• 1:17:03
  There's a philanthropic one that you do with Red Cross and you also percent make sure that your clients are doing that too.
• 1:17:08
  You know?
• 1:17:08
  Right.
• 1:17:08
  That's your feel good rate of return.
• 1:17:10
  We, you have your long term savings, you have your fun shopping money.
• 1:17:13
  Mm-hmm.
• 1:17:13
  Like the basics that you teach your kids really carry through.
• 1:17:18
  But you have to actually involve them in that.
• 1:17:20
  Right.
• 1:17:20
  And I think a lot of it is because back to how emotional and stressful money can be.
• 1:17:26
  Mm-hmm.
• 1:17:26
  I'm sure a lot of people shield their kids away from some of those topics and then they don't learn.
• 1:17:31
  Right.
• 1:17:31
  Because it's the shame involved in it personally.
• 1:17:33
  Right, right.
• 1:17:33
  So what do you think is a good age then to kind of open up this conversation?
• 1:17:37
  Because kids are aware, I mean, your kids are aware.
• 1:17:39
  They get like birthday money.
• 1:17:41
  We just started talking about money a little bit.
• 1:17:43
  We're like, do you know things cost money when you're asking us for things?
• 1:17:47
  Yeah.
• 1:17:47
  Yeah.
• 1:17:48
  Like, and they're little, you know, but we just started to be like, you understand that concept?
• 1:17:52
  Right?
• 1:17:52
  I mean that concept's really important early on.
• 1:17:55
  Yeah.
• 1:17:55
  And I think that's as basic as it needs to start.
• 1:17:58
  Right.
• 1:17:58
  And then I don't know, children of my own, I have three amazing stepdaughters, but like, so I don't know what age, I'm not the mother expert.
• 1:18:06
  Okay.
• 1:18:06
  For your listeners on that, of what the appropriate age is.
• 1:18:10
  But like you inherently know as a mom when you are ready to have these conversations with your kids.
• 1:18:15
  Yeah.
• 1:18:15
  And then to just keep building on them.
• 1:18:17
  Yeah.
• 1:18:17
  And like, don't be afraid to like engage your kids to beyond that.
• 1:18:22
  Like, like in high school now they're talking about stocks.
• 1:18:25
  Mm-hmm.
• 1:18:25
  They didn't do that when we were in high school.
• 1:18:27
  They, no.
• 1:18:27
  My, so another question then I'll ping to you is what is a safe resource?
• 1:18:32
  Because I have a 13-year-old son and he's interested in money.
• 1:18:35
  Mm-hmm.
• 1:18:35
  So he's the kid that if he gets birthday money, he'll have it in a box and he'll hide it and he like saved up for a whole year for like a pc.
• 1:18:43
  Yeah.
• 1:18:43
  You know, whereas my other son, his money burns a hole in his pocket.
• 1:18:46
  Just send.
• 1:18:47
  Isn't it funny how that happens?
• 1:18:49
  I hear that from almost every client.
• 1:18:50
  Yeah.
• 1:18:50
  Same, same parents.
• 1:18:52
  Just so he's very interested now in, okay, so what can I do with this money now that it's in my account?
• 1:18:58
  Do you have any safe places for them to get information or would you encourage them to sit in on a advisor meeting?
• 1:19:06
  I would always, I would say bring the advisor in because like I've had some really fun conversations with my client's kids.
• 1:19:14
  Yeah.
• 1:19:14
  Your Auntie Jane to them, they trust you.
• 1:19:17
  Yeah.
• 1:19:17
  Yeah.
• 1:19:18
  Like for that little girl I was her mystery reader a couple weeks ago is so excited, so cute.
• 1:19:22
  But like, but I think bringing them in so you could see like, whoa, the value of investing in save.
• 1:19:28
  Like when a kid sees they can have a million dollars.
• 1:19:31
  Yeah.
• 1:19:31
  Like what?
• 1:19:32
  And like, yeah.
• 1:19:34
  Or you can have the latest sneaker every time, every week.
• 1:19:37
  Totally.
• 1:19:37
  Or the latest drop for whatever kit or whatever crap they're involved in.
• 1:19:40
  I don't even know what you're talking about now.
• 1:19:42
  I'm like, what?
• 1:19:43
  Now I'm speaking of foreign language.
• 1:19:45
  So we wanna end with a lightning round of financial truths.
• 1:19:49
  And some of these came from our listeners as well.
• 1:19:52
  And these could be rapid fire.
• 1:19:54
  Okay.
• 1:19:54
  So just kind of like, we're gonna keep it going.
• 1:19:55
  So one thing every woman should do before 40 get Botox, I'm just agreed.
• 1:20:03
  Um, uh, I did toy a long time ago doing an event lock stocks and Botox.
• 1:20:09
  Oh.
• 1:20:09
  But that's for another day.
• 1:20:10
  Invite us when that happens.
• 1:20:12
  Set up your emergency fund.
• 1:20:14
  Good advice.
• 1:20:15
  Biggest money, myth stuff.
• 1:20:17
  Your 401k pretax.
• 1:20:19
  Okay.
• 1:20:19
  You're not gonna retire a lower tax bracket, splurge, or save both.
• 1:20:24
  Both.
• 1:20:24
  Balance.
• 1:20:25
  You gotta live.
• 1:20:25
  Right.
• 1:20:26
  It's all about balance.
• 1:20:27
  So like what we were saying, no.
• 1:20:29
  What's important to you?
• 1:20:30
  Mm-hmm.
• 1:20:31
  I know what I like to splurge on.
• 1:20:32
  Mm-hmm.
• 1:20:33
  My husband has his own set of splurges.
• 1:20:35
  Yeah.
• 1:20:35
  But we know that our plan, we're in alignment there.
• 1:20:38
  Mm-hmm.
• 1:20:38
  So do both.
• 1:20:39
  Most common mistake trying to do it yourself.
• 1:20:42
  Oh, okay.
• 1:20:42
  Good One.
• 1:20:43
  Work with an expert and then one word.
• 1:20:46
  What should money feel like?
• 1:20:48
  Empowering.
• 1:20:49
  Ooh.
• 1:20:51
  That's an easy one.
• 1:20:52
  These were really good answers.
• 1:20:53
  Really good.
• 1:20:54
  I, I wish we had more.
• 1:20:55
  I'm like, oh, I wanna keep going.
• 1:20:56
  Come up with some more ones fun.
• 1:20:58
  I have a stupid question.
• 1:21:00
  No such thing.
• 1:21:00
  People talk often about investing in birkins and watches.
• 1:21:05
  Oh, good question.
• 1:21:07
  Lux Luxury Goods.
• 1:21:08
  Resale.
• 1:21:08
  Alright, I'm gonna, where do you fall on that?
• 1:21:13
  Okay.
• 1:21:13
  So like, they're good investments.
• 1:21:15
  You always hear like, oh, it's a good investment.
• 1:21:17
  Is it, there's that because on paper, influencer are online, I really wanna drop her name right now.
• 1:21:22
  Who loves talking about that And I'm not gonna go there.
• 1:21:24
  But I disagree with that.
• 1:21:26
  Because you still have to sell it and liquidate it.
• 1:21:28
  Right?
• 1:21:28
  That's almost like in, I would view it as like a commodity.
• 1:21:33
  Okay.
• 1:21:33
  Right.
• 1:21:34
  So like a commodity in general and in, in the investment world is inherently more risky'cause you're betting on that future value of that.
• 1:21:40
  Mm-hmm.
• 1:21:41
  You're also betting that that bag isn't gonna get stolen.
• 1:21:43
  Or ruined.
• 1:21:44
  Ruined.
• 1:21:45
  You may love that bag and that bag's gonna have wear and tear.
• 1:21:49
  Right?
• 1:21:49
  Like so with that type of stuff, I'm very big on, if you could afford it, buy it, do it.
• 1:21:54
  Right.
• 1:21:55
  Enjoy it.
• 1:21:56
  Right.
• 1:21:56
  Don't buy it as a speculative investment.
• 1:21:58
  That's silly to me.
• 1:22:00
  So it's like, good answer.
• 1:22:01
  One of those things where you can like live it, love it.
• 1:22:03
  And if you can resell it and make some money, great, great.
• 1:22:06
  But like don't buy it for it would only bonus.
• 1:22:09
  Same with like an antique car that comes, I have a lot of clients who are car collectors.
• 1:22:13
  Yeah.
• 1:22:13
  Same thing.
• 1:22:14
  They're not doing it because they're like, I'm gonna sell it and make a profit.
• 1:22:17
  They're doing it'cause they love driving that car.
• 1:22:19
  Right.
• 1:22:19
  They have a enjoyment.
• 1:22:21
  That's during generat.
• 1:22:22
  That's a good like mental, like how to think about those things.
• 1:22:25
  Like I like that mindset for that type of stuff.
• 1:22:27
  And it helps with the conversation too, by the way, with your partner.
• 1:22:30
  Like, it's gonna make me feel really good.
• 1:22:33
  I do agree with what you were saying when you're like, I wanna buy something for an investment.
• 1:22:37
  And then you're like, okay, then don't use it and you're not gonna not use it.
• 1:22:40
  Right.
• 1:22:41
  You know what I mean?
• 1:22:41
  Like, if you love it, to your point, right.
• 1:22:42
  You're gonna wanna use the Birkin.
• 1:22:44
  Right.
• 1:22:44
  Like of course.
• 1:22:46
  It's not sitting on a shelf.
• 1:22:47
  No.
• 1:22:47
  So you don't wanna just like go in your closet every morning and like say, it's kind a dumb thing to say like, oh, it's an investment.
• 1:22:53
  It's not an investment.
• 1:22:54
  You can resell it.
• 1:22:55
  It, it might be an investment piece.
• 1:22:57
  Yes.
• 1:22:57
  In your wardrobe.
• 1:22:58
  Right.
• 1:22:59
  But I wouldn't view it as getting a rate of return.
• 1:23:00
  So gals, we can't use that word, that we can't use that phrase if we wanna buy a, but tell your partner, it's gonna make you feel really good and you'll be really happy.
• 1:23:07
  Yeah.
• 1:23:07
  That's Or happy wife, happy life, or, I don't know.
• 1:23:11
  I feel like I'm going through these phases in my life where I'm like, do I really need to have a closet full of all of this stuff?
• 1:23:17
  Like, I feel like every season I go through,'cause I love the goods and you realize how much you, I love this stuff, but I also love like Zara, and I love h and m and I love Target and I just, I love a little bit of everything.
• 1:23:30
  Yeah.
• 1:23:30
  A little bit too much.
• 1:23:31
  And I'm noticing that I carry my keys and my phone in my hand.
• 1:23:35
  Right.
• 1:23:35
  And I leave my bags locked in our closet.
• 1:23:38
  I know.
• 1:23:39
  And sometimes you get the same enjoyment from something like much less.
• 1:23:42
  And you also get like the thrill of saving, yes.
• 1:23:46
  And how much do we love when somebody's like, oh my God, I love that top person.
• 1:23:50
  You're like, yeah.
• 1:23:51
  You're like, oh, it's 30 bucks.
• 1:23:53
  I know.
• 1:23:53
  Like three is better.
• 1:23:55
  It's the best.
• 1:23:56
  It's the best.
• 1:23:57
  It's we.
• 1:23:57
  That's the best.
• 1:23:58
  So speaking of things that we love, we close all of our episodes with our pink spotlight.
• 1:24:03
  So in case you're new and we do have a ton of new listeners lately, our pink spotlight is our weekly tip that t and I share that is making life a little bit better.
• 1:24:12
  So that is usually like a person, place, think, tip, mantra, anything that we're loving.
• 1:24:17
  And then we ask our guests if we have one on to share one too.
• 1:24:20
  So t do you wanna go this week?
• 1:24:22
  I do.
• 1:24:22
  So it has just been so g gloomy and gross and disgusting out lately.
• 1:24:27
  And I like to have fresh flowers in the house.
• 1:24:30
  So I usually will make a stop at Trader Joe's and I like to get the flowers and arrange them.
• 1:24:34
  It's like very calming and therapeutic.
• 1:24:35
  Actually.
• 1:24:36
  I've been watching your friend Lauren, a low profile on doing Instagram.
• 1:24:39
  She's, she's been been doing the arrangements beautiful.
• 1:24:41
  And they're so gorgeous.
• 1:24:43
  But sometimes I just am not, obviously I'm not talented enough to like constantly be whipping up arrangements.
• 1:24:48
  But the girl that works at the coffee shop that I go to almost every single morning,'cause it's just part of my.
• 1:24:54
  Ritual Yeah.
• 1:24:55
  Makes the most insanely beautiful flower arrangements.
• 1:24:59
  Mm-hmm.
• 1:24:59
  And they just like brighten up my whole day in my life.
• 1:25:01
  It's great.
• 1:25:02
  So we have them out here today, know they're gorgeous and I beautiful.
• 1:25:04
  They, they just smelled amazing.
• 1:25:05
  And I was like, I was, what?
• 1:25:06
  A little luxury, but just, it's a luxury to have some fresh flowers it around you.
• 1:25:11
  So that is my pink spotlight.
• 1:25:13
  You that what I saw, I saw something that, it was like a reel that was circulating and it was talking about fresh flowers, right.
• 1:25:19
  Like beautiful arrangements.
• 1:25:20
  And I think it was the Drew Barmore show.
• 1:25:22
  Like, and I forget the guy that's always on with her.
• 1:25:25
  Oh, the guy Ross.
• 1:25:26
  Ross Matthews, right?
• 1:25:27
  Yes, yes, yes.
• 1:25:27
  So Ross Matthews is on with her, and he asked the florist who was on there, how do we make the arrangements last, right?
• 1:25:35
  Mm-hmm.
• 1:25:35
  Like, you wanna like, again, back to like your investment, like you're spending, and they said, you're not supposed to make floral arrangements last.
• 1:25:42
  It's a reminder to live in the present.
• 1:25:45
  Oh my God.
• 1:25:45
  And I was a cuddle.
• 1:25:47
  I just got goosebumps and I was, it's like they're not meant to.
• 1:25:50
  And that's back to like, you're spending money.
• 1:25:53
  It's silly to spend money on something that's gonna die.
• 1:25:55
  And it's like, Nope.
• 1:25:56
  It's a reminder.
• 1:25:57
  You look at your flowers.
• 1:25:58
  And I was like I saw this a couple weeks ago and I was like, I cannot look.
• 1:26:01
  And I literally cannot look at an arrangement and not think that now I love that.
• 1:26:06
  Like, I was like, it's a reminder that this is right now.
• 1:26:09
  Yes.
• 1:26:09
  And it's like, that's what it's supposed to be.
• 1:26:11
  And so, yep.
• 1:26:12
  They're gonna die in less than a week.
• 1:26:14
  Okay.
• 1:26:14
  And enjoy them while they're here.
• 1:26:15
  Enjoy them while they're everything else.
• 1:26:17
  Love it.
• 1:26:17
  And I was, I just loved it.
• 1:26:18
  So I totally agree with that.
• 1:26:19
  And I love it too.
• 1:26:21
  Yeah.
• 1:26:22
  Well, and how beautiful are these?
• 1:26:23
  So mine this week, um, I've shared before, so this is a repeat.
• 1:26:27
  We've had some repeats, but it's my custom kids' name, jewelry, and I think I'm, I'm sharing this now because we're getting close to Mother's Day and people always ask me about it.
• 1:26:36
  So I have this custom jewelry, I'm like pointing to my neck and my rings, which people can't see.
• 1:26:41
  But I have the custom names of both of my kids, I have them layered and they're different.
• 1:26:46
  So I have like Leo's in a block letter and then Layla's is in a pretty script and I get them from Baba Bar.
• 1:26:52
  Everyone always asks me and I'll be, will be like, oh, who do you have those made by?
• 1:26:57
  And I got them from BAA Bar.
• 1:26:58
  They do not tarnish, I think they're 18 carats.
• 1:27:00
  You wear them every single day.
• 1:27:01
  I do not take them off.
• 1:27:02
  That's amazing.
• 1:27:03
  And so it rings too, people always think that Baba Bar is just fashion jewelry, and like some of those things tarnish, they do.
• 1:27:09
  But if you look for either their non tarnished line or their 18 karat.
• 1:27:14
  They don't.
• 1:27:14
  And so I have their necklaces and then their rings as well that I love.
• 1:27:18
  And I kind of did the same thing where I have like, Leo's is in like a block sort of and Layla's age.
• 1:27:23
  I know one is more boy, one is more true.
• 1:27:25
  Yeah, I did, I both and I like the like layered look that they're different but they stack on top of each other.
• 1:27:30
  And so I just wanted to share it again because it's gonna be Mother's Day.
• 1:27:34
  So if you're, I feel like it's a great gift if you're like gonna ask your husband or your partner for something, look it for your mom or for yourself or your own mom.
• 1:27:41
  I actually did get my mom their names as well, so she has them on something.
• 1:27:46
  Oh that's for a gift as like the grandma.
• 1:27:48
  So I feel like it's a good gift and I love their, like these pieces have not come off of me in years.
• 1:27:54
  So,'cause I've had these both for like almost two years.
• 1:27:57
  They're beautiful after Layla was born.
• 1:27:59
  They're be, love that.
• 1:27:59
  So wanted to share those again.
• 1:28:01
  Good find.
• 1:28:02
  Yeah, really good find.
• 1:28:03
  And very, very reasonable for custom jewelry.
• 1:28:06
  Like way less expensive than going to a jewelry and having it made.
• 1:28:09
  That's great.
• 1:28:10
  So I love when you do a repeat spot.
• 1:28:11
  Like gotta do a it just go make goes to show you much.
• 1:28:15
  I love it.
• 1:28:15
  How much you love it.
• 1:28:15
  Yep.
• 1:28:16
  And we have new people that haven't heard this before.
• 1:28:18
  Mm-hmm.
• 1:28:18
  So maybe it's not a repeat, but to some, but what about you Jane?
• 1:28:21
  Do you have something?
• 1:28:22
  I feel on the spot with this one.
• 1:28:24
  I don't know if it's hokey.
• 1:28:25
  I'm gonna kind of try and stay a little bit on brand.
• 1:28:27
  Yeah, go for it.
• 1:28:28
  But like female dialogue.
• 1:28:30
  Okay.
• 1:28:31
  Keeping it open, like, yeah.
• 1:28:33
  I haven't seen you in probably over 20 years.
• 1:28:35
  Have you reached out?
• 1:28:36
  Yeah.
• 1:28:36
  And I'm like, what?
• 1:28:37
  So like ladies, leverage all these friendships we have.
• 1:28:41
  Instead of like using social to like go down the rabbit hole.
• 1:28:45
  Yeah.
• 1:28:45
  Reconnect, love that, love that reconnect and then use that to have conversations whether about money, motherhood, but just get dialogues going like I think, I think we take that for granted sometimes.
• 1:28:56
  We definitely do.
• 1:28:57
  Yeah.
• 1:28:58
  I think that Mercy, I don't know if it was just Mercy or if it was like just the way I was raised, but I really feel like that school gave me the tools to talk to other women.
• 1:29:09
  Yeah.
• 1:29:09
  And not to be afraid to ask questions.
• 1:29:10
  It was like part of our like curriculum.
• 1:29:13
  Yeah.
• 1:29:13
  Like just talking to other women.
• 1:29:14
  If you weren't happy with a grade, you have to go talk to the teacher about it.
• 1:29:17
  Yeah.
• 1:29:18
  Your mom was not allowed to call and make those calls for you.
• 1:29:20
  Right.
• 1:29:20
  They really frowned upon that and I think, I'm sure you, you ladies feel this too, and I'm sure a lot of your listeners do as well.
• 1:29:28
  There's something brewing right now with women.
• 1:29:32
  Mm-hmm.
• 1:29:32
  Yeah.
• 1:29:32
  Like there is like this like rumble of thunder.
• 1:29:36
  We're tired of seeing quiet because everybody's tired staying quiet.
• 1:29:40
  Yes.
• 1:29:40
  I think that's, we've had how many guests on and it's like everyone is bursting to tell their story and everyone is tired.
• 1:29:49
  I think we've come from generations back to the flip flopping, right?
• 1:29:53
  There was generations of women that were told to stay silent.
• 1:29:56
  Yes.
• 1:29:56
  About all these topics that our generation is coming on and we're saying Abso fucking absolutely not.
• 1:30:02
  Yeah.
• 1:30:02
  Like everyone, we have so much to share and we, there is power in communication.
• 1:30:08
  Right.
• 1:30:08
  And we've all found, so that to your point, like, and just the reconnection piece, like T and Jane actually know each other from high school.
• 1:30:15
  I don't even think we started with that, but like, just the fact that you can reconnect and use social media in the best way.
• 1:30:22
  In a good way.
• 1:30:22
  Reconnect.
• 1:30:23
  It's a terrific, is like crazy.
• 1:30:26
  The degrees of like, it doesn't all need to be bad.
• 1:30:28
  It, it's good.
• 1:30:29
  No, let's use it positively.
• 1:30:31
  Yeah.
• 1:30:31
  I love that.
• 1:30:32
  Jane, thank you for coming on today.
• 1:30:34
  Thank you for wonderful doing what you guys do and getting women talking about this stuff.
• 1:30:39
  It's so.
• 1:30:40
  So important.
• 1:30:41
  So I have so much fun.
• 1:30:42
  We are just getting started with all the conversations that we've had.
• 1:30:45
  And I feel like when we first started, people came on maybe whispering, and now the tone is increasing and people are sharing more.
• 1:30:55
  And people are so comfort, comfortable talking are loving.
• 1:30:57
  I know they are loving this long form content.
• 1:31:00
  They wanna listen, they wanna hear it all.
• 1:31:01
  They wanna share it all.
• 1:31:03
  People aren't as afraid as I thought they would be.
• 1:31:05
  I know.
• 1:31:06
  I feel like it's just been like an open book.
• 1:31:08
  Everyone's an open book.
• 1:31:09
  Yeah.
• 1:31:09
  And I think that just speaks to how much people have to share.
• 1:31:13
  Yeah.
• 1:31:13
  How much women have to share right now.
• 1:31:15
  And it's like we've, everyone's offloading.
• 1:31:17
  Yeah.
• 1:31:17
  All the stuff everyone held onto for so long.
• 1:31:20
  And it's not in a complaint form.
• 1:31:21
  No, no, no, no.
• 1:31:22
  And it's like it's, it's in an informationist currency type of thing.
• 1:31:25
  Like we can all do this together if we just talk about it.
• 1:31:28
  For sure.
• 1:31:28
  So this was so great.
• 1:31:30
  Can you share where our listeners can find you?
• 1:31:32
  You, if they're interested, I'm sure you're gonna have a.
• 1:31:35
  Your phone's gonna be ringing?
• 1:31:37
  I hope so.
• 1:31:38
  People are probably because like it, I hope, I love working and supporting women.
• 1:31:40
  So we're on Instagram, we're sefin ct.
• 1:31:43
  Mm-hmm And then our website is sefin.com.
• 1:31:45
  Okay.
• 1:31:45
  Short for Sullivan Financial.
• 1:31:47
  So S-U-L-L-F-I-N do com.
• 1:31:49
  Okay.
• 1:31:50
  And we'll have all of this in.
• 1:31:51
  Come see us in the borough in Essex, like, oh, it'ss beautiful there.
• 1:31:54
  Shop, I go down there, coffee, shop lunch, have some little wine bar.
• 1:31:59
  It's just, it's a great place to spend an afternoon.
• 1:32:01
  Oh, I love that.
• 1:32:02
  Good girls outing.
• 1:32:03
  Yes.
• 1:32:03
  Okay.
• 1:32:04
  Yeah, the children too, like really good stuff.
• 1:32:06
  So cute to come visit.
• 1:32:07
  We'll have all of Jane's info in the show notes and if you have any other questions for Jane, you guys can text us at the bottom of the show notes and we can address those on another episode or even on an on our Instagram.
• 1:32:19
  And make sure to follow us.
• 1:32:20
  We are at Pretty and pink again to keep up with all of us and we will be back next week.
• 1:32:26
  See you all next week.