Breaking Money Silence

Katie Welsh, Chain of Wealth Co-Founder  Listen to this episode and hear Katie tell her story about breaking money silence with her boyfriend and discovering she was $200,000 in debt. She is real life proof that you don’t have to earn a ton of money to pay off debt; you just need a plan and a healthy dose of determination. Key Take Aways: Create a financial plan. Katie was a good saver, but she didn’t understand the value of a holistic financial plan that included balancing her short-term financial needs with her long-term financial goals. Her boyfriend, Denis, showed her how to plan and now she swears by this strategy. Track your spending. As boring or intimidating as that sounds, Katie learned that being mindful of where your money is going is the key to living a financially responsible life. She discovered that being less wasteful in the kitchen could actually save her tons of money each month. Take small steps and celebrate milestones. Katie found that thinking about paying off her total debt was

Elizabeth Thames, “Mrs. Frugalwoods” When you hear the word “frugal” do you actually hear the word “cheap”? According to Liz Thames, frugality gets a bad rap in our culture. Listen to Kathleen’s interview with Liz Thames, aka “Mrs. Frugalwoods” about how being frugal can actually bring you joy and many positive benefits. And, how she practices what she preaches. Key Take Aways: Frugality is not deprivation. Frugality gives you an opportunity to save where you might not have been able to save before. You can start it today by choosing to spend less and see how empowering it can be. Practice joyful frugality. Spend money on what matters most to you. You don’t need to eliminate every single expense and live a deprived, miserly existence. Instead, frugality means challenging yourself to think about every dollar you spend by pondering questions such as “Is this something that brings me lasting happiness?” “Am I getting a really good return on this investment?” and “Does this expense bring meaning to my life

Matt Goren and Michael Thomas, Co-Hosts of NPR’s Nothing Funny About Money radio show. In this episode, Kathleen asks Matt and Michael about the danger in comparing your financial behaviors to others. As three financial educators who believe that money is more than numbers, listen in as the emotional side of saving and spending is explored. Learn tips for letting go of money shame and living a more authentic and value-driven financial life. What You Need To Know:  Stop comparing your financial habits to others. Outward appearances may look different than reality. How you use money needs to align with your values, not your neighbors’ values. If Tom next door wants to work longer hours to afford a sports car, then that is his prerogative. You may want to work less and take the bus to work. Both are valid and acceptable. Context matters. You may feel bad you are not saving money at the same rate as your friends, but maybe their situation is different. One of your friends has a home, but did they pay for it o

Komal Minhas, KoMedia, Founder and Dream, Girl Producer and Co-Founder One of the greatest causes of stress for people can be money. A vicious cycle can occur – money issues cause stress, stress can lead to serious health issues, and health issues can result in more financial struggles. In this episode, Kathleen interviews Komal Minhas about how through personal experience she learned the importance of self-care, and that health and wealth are truly connected. Take Aways: Work addiction is a problem that can cause serious illness and even death. While it is important to work hard, it is vital to pace yourself and learn to take care of your mental, physical, and spiritual well-being. Self-care involves more than going for a massage or getting a manicure. It includes being mindful and deciding what steps you need to take to be the healthiest person you can be. Financial health is an important part of self-care. If you avoid finances, take a look at what is the underlying reason, and then make a plan to

Amanda D. Singer, San Diego Family Mediation Center  Does the idea of a prenup worry you that you have set the scene for a divorce or raise trust issues? While many believe that signing a prenup predicts divorce, it is actually a great way to break money silence before you walk down the aisle. Listen in as Kathleen interviews Amanda about how to bust this myth wide open and start communicating about money before you say “I do.” Key Take Aways: All couples have a prenup even if you don’t craft one. States determine how assets will be split should a couple divorce. By drafting a prenup with your partner you are actually taking control and deciding for yourselves how you want your assets to be divided, if and when you do break up. Prenups are no longer just for the ultra-wealthy. Historically, prenuptial agreements were a way of affluent families protecting themselves from gold diggers. Today more millennials with dual careers and business start-ups, and people entering their second marriages are signin

Stephanie McCullough, Founder and CEO, Sofia Financial Traditional financial planning focused on producing a plan with lots of numbers, charts, and graphs. This can leave clients feeling that finance is complex and hard to understand. For some clients, especially women, the perceived judgment by financial professionals gets in the way of them taking care of themselves financially. In this episode, Kathleen interviews Stephanie, an advisor dedicated to busting the myth that planning is all about the numbers and showing her clients that they can be empowered by working with a client-centric professional. Take Aways: Financial planning is the intersection between money and life. Knowing your numbers is important, but it is only one piece of your financial puzzle. Find an advisor who will help you identify your values and goals, then craft a financial and investment plan to assist you in living the life you desire. You don’t have to have all the answers. You do, however, have to know the questions to ask

Justin Pullaro, Co-Founder, Small Change When is it the ‘right time’ to start teaching our kids about money? How do you teach them about finance in ways that they will understand? In today’s episode, Kathleen interviews Justin Pullaro, Co-Founder of Small Change, to find out the best age to start money conversations with your children and how to make it fun and engaging. Listen to discover tips and tools for empowering your children, grandchildren, or nieces and nephews about finance. Key Take Aways: There is a lack of financial literacy resources for parents of young children. As a father of four, Justin decided to fill that gap and started his firm Small Change to offer parents and their children resources and information on how to incorporate money talk into their every day lives. Practice financial literacy immersion. Justin offers ways to incorporate small actions that promote a healthy relationship with money that don't require a lot of time and energy. By immersing your children at a young age i

Adrienne Penta, Executive Director Center for Women & Wealth, Brown Brothers Harriman While the audio quality of this episode is less than ideal, the information is valuable so we decided to publish it. Thank you for your patience with the sound. Adrienne Penta is truly a breaking money silence revolutionary! In this episode, Kathleen and Adrienne debunk the myth that women are less financially literate than men. Using statistics and her wealth of knowledge on the topic, Adrienne shows women and their advisors how to bust this falsehood and instead work at having a collaborative, and authentic advisor-client relationship. Take Aways: Gender does not determine your financial IQ. Men and women pass financial literacy tests at the same rate; however, women are more likely to feel as if they don’t know enough about investing or managing money. The real issue is not literacy. It is a financial confidence gap that many (not all) women feel that is the problem to be solved. As Adrienne says, “We need to close th

Erin Bagwell, Dream, Girl Director; Feminist Wednesday Founder Do you really need to be a starving artist as you pursue your life’s passion? Many artists do allow the everyday pressures of simply making ends meet limit their growth and affect their money mindset. Kathleen interviews Erin Bagwell, director of the film Dream, Girl, about the myth that to be a true artist you must be poor and starving. Key Take Aways: Many people are uncomfortable talking about money, but practice helps. Make time to practice engaging in money talks with a trusted friend or colleague. In time, these discussions will get easier. Find a tribe to support you and cheer you on as you change your money mindset from scarcity to abundance. Research shows that if you surround yourself with people who are committed to making and managing their money and letting go of under-earning tendencies, you are more likely to move up the socioeconomic ladder. Set aside a time each week to focus on your finances. If this is difficult for you

Josh Patrick, Stage 2 Planning Partners Owning and running your own business has many aspects to it including if you want to sell your business in the future. Many business owners don’t realistically plan their exit strategy and believe that working hard in the business will reap financial rewards sufficient to fund their retirement. In this episode, Kathleen interviews Josh about the steps business owners need to take now to build a sustainable business that is saleable tomorrow. Take Aways: Be honest about your business. Is your business a lifestyle business (one that supports you financially now but is not saleable in the future) or a sustainable business that can be sold and run smoothly with you. Determine your short and long-term business goals. If you want to build a business that is saleable, you need to delegate, set up good operating systems, and have a strategic plan for your exit. Working with a consultant can help. Entrepreneurs are emotionally involved in their creation and often suffer

Janice Shade, Invest in Vermont, Milk Money - https://www.milkmoneyvt.com/ Janice Shade firmly believes that you have more investment options than many people are aware of and that crowdfunding is the wave of the future. Listen to this episode, as Kathleen interviews Janice about how you can invest in small, local businesses and see a return on investment right in your backyard. (Note: The contents of this episode should not be considered investment advice.) Key Take Aways: Investing in a local venture still has risk. Look at your risk comfort level and carve out 5-10% of your funds to invest in local companies. Don’t put all of your eggs in a local basket until you are savvier about investing in local companies or ventures. Diversification is always a good investment strategy. Just because you love a product or company doesn’t mean it is a good investment choice for you. It’s a great first indicator that you and others love the products or a company. But be sure to do your due diligence and look at th

Dr. Carolyn McClanahan, M.D. CFP®, Director of Financial Planning, Life Planning Partners People tend to be in denial about needing help managing their finances and everyday life routines as they get older. The consequences of not talking about and planning for the aging process with your family can be emotionally and financially devastating. The good news is financial planners like Carolyn McClanahan know the risks are high and work with their clients and other advisors to make sure these conversations are occurring. In this episode, Kathleen interviews Carolyn about this myth and how you and your family members can bust through it before it’s too late. Key Take Aways: Consider creating a Financial Care Taking Plan. This plan answers the question, “Who will take care of your finances if you become unable to do so?” Take time to consider how financial decisions will be made if you get into an accident, have a medical crisis, or experience some cognitive decline that prevents you paying bills, managing yo

Kathleen Peace, Partner and Financial Consultant, Woodgate Financial Join Kathleen and her guest Kathleen Peace as they bust this myth wide open and show you how women are just as savvy and interested in finances as men. Find out how even women who are labeled as “gold diggers” are demonstrating their interest in money and wealth, and discover tips for challenging your thinking when it comes to this fallacy. Key Take Aways: Women investors and traders actually perform better than their male counterparts due to their calm, and more methodical approach to managing and investing money. Listeners should ask the women in their lives (wives, mothers, sisters or daughters) if they are interested in finance. If these women say no, then find out why not. For those who truly are disinterested, use this underlying cause as a pathway into making financial conversations more relevant to their lives and give them a positive experience of talking about money. To find out more about where your money is going, track

Stacy Francis, CFP®, CDFA®, CES™, Francis Financial  The myth that men should manage the money is one that many women succumb to when they get married. This includes women who for years managed their own money during college and at the beginning of a career. However, approximately 80% of women will end up having to manage their money without a partner at some point in their life due to divorce or the death of a spouse. Stacy and Kathleen investigate this myth and how it can severely disadvantage women throughout their lives. Key Take Aways: The upside. There is an upside to men always managing the money. In the short run, some women who are intimidated by finances or who don’t feel they have the time to devote to money management get relief from this responsibility. Eventually, the upside diminishes and can create a real problem for women after a divorce, or the death of their partner. Try a money date. A great way to get more comfortable with money is to have a date night to talk about finances in a

Ryan Lane, Senior Editor, American Student Assistance  The college selection process is complex and stressful, and many parents fail to discuss the long-term financial ramifications of taking on student loan debt with their children. In today’s episode, Kathleen and Ryan discuss how many parents try to protect their children by not talking about money, but do the family a disservice by not engaging in this important and enlightening conversation. Ryan offers tips for involving your children in the college funding decision-making process and how doing so can help them avoid huge student loan debt when they graduate from school. Key Take Aways: Start the college application process early by involving your children in the FAFSA process and talking about different ways to finance their education, such as loans, grants, scholarships, and good old hard work. Schedule a money talk with your children to discuss the FAFSA results, repayment schedule, how it may affect their college choice. Create a mock budget

Brittney Castro, CFP®. CRPC®, AAMS®, Founder and CEO, Financially Wise Women  Many of us grew up with the financial psychology mindset that spending money is bad. For example, do you cringe when you spend money or feel guilty? Do you hide your spending from family members? If so, then today’s episode is for you. Kathleen interviews Brittney Castro about spending – the good and the bad – and busts the myth that all spending is bad. Listen in and you may find that this show affects your spending habits and your romantic relationships. Key Take Aways: Conscientious spending is an important part of an overall financial plan. Therefore, when you develop a budget, it’s important to allocate money towards areas that you value most. These areas are those that bring you happiness or joy in your everyday life. For example, one area may be self-care. Investing in restorative activities makes you better able to take care of others and achieve more life/work balance. Money is a tool to invest in yourself for the lo

Ann Bradt, Capital Ready, Co-Founder There are many myths about entrepreneurship that can reinforce stereotypes, one of which is that only men want to grow their businesses. Kathleen and Ann bust open this myth and teach listeners the facts about female entrepreneurs and their desire to compete with the big boys. Listen in to their discussion about how women entrepreneurs can position themselves for growth, obtain venture capital, and overcome roadblocks they may face in the process. Key Take Aways: Women entrepreneurs are interested in growing their businesses but typically approach the growth process differently than their male counterparts. Research shows that venture capitalists and bankers ask business owners different questions based on gender and these inquiries influence how funding is provided. Both women entrepreneurs and the financial services professional who work with them need to learn how to communicate in a more gender savvy manner and how doing so is a win for both their businesses a

Julie Lawrence, CFP®, Lawrence Financial Planning, LLC Not talking about money is the number two reason couples divorce according to Marriage.com. But couples who discuss money matters regularly act as a team and report greater levels of satisfaction with their partners. In today’s episode, Kathleen and Julie Lawrence, CFP®, examine the myth that couples don’t need to talk about finances before getting married. Listen in and learn some tips for talking about money with your honey! Key Take Aways: Julie shares how she facilitates the telling of each partner’s money biography (consisting of a list of open-ended questions) and how this strategy helps the couple she works with discover their respective money mindsets. Communicating honestly about your saving and spending behaviors can be challenging. But doing so can really help partners understand each other. You may not change your money behaviors, but together you can commit and work toward shared couple goals. Different strategies work for different

Ken Lizotte, Author and Chief Imaginative Officer, emerson consulting, inc. Many business owners believe they should maximize their profits by keeping their expenses as low as possible. In this episode, Ken Lizotte and Kathleen explore when, how, and why to invest in yourself and in your business and how that leads to sustainable profitability. As you find out, spending money to develop skills or expand your business can actually set you apart from the competition. It is what both these successful thought leaders have done, so listen in and find out how to bust this myth wide open. Key Take Aways: Anticipate expenses. As Ken says, when you do your annual budget, set aside some resources for marketing and personal growth courses or coaching. Trust your gut. Not all investments, coaches or training programs are for all people. Do your research, and then trust your instincts. Learn from your mistakes. Part of being a business owner is taking risks and sometimes failing. When you realize that you have ma

Barbara Stanny, Author Prince Charming Isn't Coming Women can have a love/hate relationship with money. Even in today’s society, some women feel they are not going to be attractive to a mate if they are financially put together. Barbara Stanny and Kathleen delve into the notion that women are still waiting for Prince Charming to rescue them financially instead of empowering themselves to learn about investments and money management. Listen in as they discuss the importance of busting this myth wide open so that women of all ages can be more financially intelligent and set a good example for the next generation. Key Take Aways: Barbara explains that getting smart about money involves a three-pronged process – the outer work (education), the inner work (money mindsets), and the higher work (your life purpose). You need to take small steps consistently and you will see remarkable results. Money doesn’t come from what you earn, it comes from what you do with what you earn. (Click to Tweet)] Special Off