Today, we're diving into the fantastic ideas of Jennifer Lee, who really shakes up how we think about financial planning. The main takeaway? Financial planning isn’t just about stacking cash like it's a game of Monopoly; it’s about protecting the things that matter most—your family, friends, and the life you want to live. We’re also tackling the unique challenges faced by the sandwich generation, juggling responsibilities for both kids and aging parents. Jennifer's mantra, “Assess, day, adjust, and squeeze the juice,” reminds us that we only get one shot at this life, so let’s make it count! Stick around as we explore how understanding your money story can lead to a more intentional and fulfilling life—because at the end of the day, it’s not just about the numbers; it’s about living your best life!

Takeaways:

• Financial planning is not just about numbers; it's about prioritizing what truly matters in life.
• Jennifer Lee emphasizes the importance of financial empowerment, especially for the sandwich generation.
• Understanding your own money story can illuminate your current financial behaviors and choices.
• Creating a family love letter helps communicate your values and wishes beyond just financial assets.
• It's essential to include everyone in financial discussions to ensure competence and accessibility.
• Life throws curveballs, so thorough planning, including legal documents like QDROs, is crucial for unexpected events.

Links referenced in this episode:

https://modern-wealth.com

https://squeezethejuicebook.com

Thank you for tuning in! Your support helps us empower more people to build strong financial habits and engage in meaningful conversations about money.

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⚠️ DISCLAIMER:

This content is for educational purposes only and is not financial advice. Always consult a licensed financial professional when needed.

Episode 308 (bonus)

Welcome to the deep dive.

Today we're really digging into some key ideas from Jennifer Lee.

She wrote Squeeze the Juice and was on episode 308 of about that Wallet.

Right.

And our goal here is to pull out the absolute essentials.

Exactly.

Especially for you if you're maybe part of that.

You know, the sandwich generation, balancing care.

For kids and parents.

It's a lot.

It is.

And we want to look at how financial planning isn't just spreadsheets and numbers, but really how it helps you build the life you actually want.

Yeah.

Moving past just the basic advice, we're looking at the why, why we make certain money choices and how that connects back to what's truly important.

Getting the most out of life, really.

Okay, so Jennifer Lee's core idea, her philosophy, it's that financial planning isn't just about, like piling up money.

No, not at all.

It's more fundamental.

It's about protecting what you care about most, your family, your friends, maybe your.

Business experiences, things that actually make up your life.

And she has that great mantra in the book, Assess, day, adjust and squeeze the juice.

You have one life.

Yeah.

Go live it.

I like that.

Me too.

It frames finance as, well, a way to take care of people, your spouse, kids, parents, business partners, both right now and, you know, down the road.

And that really resonates for the sandwich generation, doesn't it?

Because financial empowerment feels extra critical when you're pulled in so many directions.

Absolutely.

And what's interesting is her focus on the.

She calls it the non moneyed party in a relationship.

Meaning the person who maybe doesn't handle the day to day finances.

Exactly.

And she points out, statistically, women often outlive their partners and they often become the main caregivers.

So it's just crucial that everyone understands the finances.

Right.

Not just one person.

It's about competence, you know, making sure everyone feels capable and the tools are accessible.

It's not about who's smarter, just who has the information.

Okay, so instead of budget, she talks about a spending plan.

What's the shift there?

Is it just words or something deeper?

Oh, I think it's deeper.

It's less about restriction, like you said earlier, and more about understanding what you have at your discretion.

Okay.

Knowing what's actually available to choose with.

Right.

So then the question for you becomes, how do you want to use that discretionary money?

Big goals like retirement, shorter term things like a family trip or even, you know, the daily stuff like coffee or whatever.

Because as she says, if you don't.

Know where you're going, you're never going to get there.

It's about being intentional.

And she gives a couple of quick wins, right?

Yeah.

The low hanging fruit.

Yeah.

Two really important ones.

First, always, always get the free money from your 401k or 403b match.

Don't leave that on the table like that 5% match on a $60,000 salary.

It's real money.

It absolutely is.

And second, look into a Roth IRA if you're eligible.

These are foundational things, but sometimes overlooked.

Second, simple but powerful.

Okay.

Another concept she brings up is the family love letter.

That sounds intriguing.

It is.

It's not just a list of assets like here's the bank account number.

It's more about communicating your values, your hopes for your loved ones.

So the why behind the money again?

Exactly.

But also practical stuff, where things are passwords, who your key contacts are.

It's about taking care of your people if something happens to you.

Leaving a real legacy of care, not just assets.

That connects to understanding your own money story too, doesn't it?

Your first memory of money.

Definitely.

She shared hers.

Selling cards to buy a skateboard.

Learning effort equals reward.

Understanding those early experiences can really shed light on how you handle money now.

Right.

Those patterns often stick with us, whether.

We realize it or not.

Yeah.

Okay.

Life isn't always smooth sailing.

What about unexpected things like divorce?

She mentioned something called a qdro.

Yes, a qualified domestic relations order.

This is super important and often missed.

It's a specific legal document signed by a judge.

Signed by a judge?

Yes.

It's absolutely necessary to correctly divide retirement assets like pensions or 401 s in a divorce.

Without it, things can get very messy, legally and financially.

So it underlines the need for really thorough planning, even for the tough stuff.

For all of life's big steps, really.

So bringing it all together, this idea of squeezing the juice, what's the big takeaway?

For Jennifer Lee, wealth isn't just about the dollar amount.

It's about freedom.

It's about having options.

It's about flexibility, the ability to actually.

Live the life you want, guided by your values.

That's it precisely.

So for you listening, what does all this mean?

Well, this deep dive really highlights that good financial planning is personal.

It's about aligning your money with your.

Values, protecting your loved ones.

Especially if you're in that sandwich generation.

Squeeze and giving yourself that freedom, that flexibility to live fully.

We've talked about how planning helps you squeeze the juice out of life.

So maybe ask yourself, what's your definition of wealth and what's one small thing you could do today to move closer to that.

We really encourage you to check out the full discussion on about that Wallet with guest Jennifer Lee.

You can find it on Apple, Spotify, wherever you get your audio and let.

Us know what you thought of this deep dive.

Yeah.

Please leave us a five star review.

If you found this helpful and share your thoughts, we'd love to hear them.