You've heard of "Girl Math", but today we are talking "Girl Money". Join host Erika Audrey and special guest Lauren Iddins, wealth strategist for Raymond James, in this enlightening episode of Clover Club. Together, they delve into the vital importance of financial planning and the journey toward growing your wealth.

Tune in as Lauren shares valuable insights and strategies while recounting cautionary tales, including Erika's personal experiences of being misled for thousands of dollars in her 20s. Through real-life anecdotes and expert advice, they empower listeners to navigate the complexities of financial management and make informed decisions for a secure future.

Plus, don't miss out on the opportunity to have your burning questions answered as they address listener submissions, ensuring everyone walks away with actionable steps to set themselves up for financial success.

Contact Lauren here

Shop Hawkins & Clover here

Follow Hawkins & Clover here

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Any opinions are those of Lauren Iddins of the Atlanta 3KG Branch and not necessarily those of Raymond James. This information is intended to be educational and is not tailored to the investment needs of any specific investor. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance is not indicative of future results.  Diversification does not ensure a profit or guarantee against a loss.

Bitcoin issuers are not registered with the SEC, and the bitcoin marketplace is currently unregulated. Bitcoin and other cryptocurrencies are a very speculative investment and involves a high degree of risk.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

Investment products are: Not deposits. Not FDIC Insured. Not guaranteed by the financial institution. Subject to risk. May Lose Value.

U.S. government bonds and Treasury bills are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. U.S. government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the U.S. government. 

CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. 

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

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The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market.

401(k) plans are long-term retirement savings vehicles. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty. 

ETF shareholders should be aware that the general level of stock or bond prices may decline, thus affecting the value of an exchange-traded fund. Although exchange-traded funds are designed to provide investment results that generally correspond to the price and yield performance of their respective underlying indexes, the funds may not be able to exactly replicate the performance of the indexes because of fund expenses and other factors.

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC.

welcome to Clover club, a podcast

about curious conversations and stories

2

intended to make you laugh and learn.

3

I'm your host, Erica.

4

And.

5

Whew.

6

Let me tell you what today's guest is

a huge deal, because this is the first

7

time I've had to have compliance.

8

So today I'm beyond excited to

welcome my financial advisor, Lauren.

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It ends Lauren.

10

Hi.

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Hi, thank you so much for

coming on Clover club.

12

So excited to be here.

13

It is a huge honor because I am.

14

Very passionate about the importance.

15

Uh, saving and investing,

but making it fun because.

16

I think there's a big, , perception

that investing and money is scary

17

and not anything that people

want to spend their time on.

18

And I really do try to make

it fun and interesting.

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Yes.

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, I kind of want to start this

whole conversation with how

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Lauren and I became acquainted.

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, it's a cautionary tale and

unfortunately it's my cautionary tale.

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So , if you're listening, you know,

that I'm a hairdresser and for

24

the first portion of my career,

I worked at I'm received tips.

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And so I had stockpiled a lot of cash.

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, I had a shoe box that I cut a hole in

the top of a duct tape, the lid to you.

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And I would just squirrel away cash.

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Anytime I got an unexpectedly big

tip or like a birthday, something or

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whatever, for years and years and years.

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And so I got to my mid twenties,

I had just broken off an

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engagement with my shitty fiance.

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, and I was like, okay, I gotta

like start doing grownup stuff.

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And so one of my friend's older brothers.

34

Was a air quotes, financial advisor.

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And, uh, I met with him to talk

about how to invest my money.

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And he very confidently took me

under his wing and had a plan.

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And so me and my little shoe

box that had $10,000 in it.

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Went to a Wells Fargo and I

opened up this account with

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him, , over the course of several.

40

Cool.

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I don't even, I don't know if you

remember how many years Lauren.

42

Years and years and years, I was

investing hundreds of dollars

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a month into this account.

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And.

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I was like in my mind, set it

and forget it type of situation.

46

And it was an auto-draft.

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I didn't look into it.

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And so then one day I was like,

I wonder how that account's

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doing it was around COVID.

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That's what it was.

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Cause that was like, I'm

running through my savings.

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, what's going on here?

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What's the penalty to

access this dah, dah, dah.

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And so I find that the balance of the

account is like, Fucking crickets.

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And I was like, this is

something is wrong here.

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, and that's when I started to

find out that I had been the.

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, victim of quite the little scam, , but

technically a totally legal scam.

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, I was Preyed upon by this man who knew

that I was just like, I'm just a girl.

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, I don't know what I'm doing.

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And he's like, I know what

to do with this money.

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, and so from there I was expressing

to a client like I'm just devastated.

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This is like tens of

thousands of dollars gone.

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, what do I do?

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And she was like, oh, you've

got to talk to my girl, Laura.

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And she will straighten all of this out.

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And that's when I got in

touch with you, Lauren.

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And that's when we started to untangle

this just, I don't even want to

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get into the details, but like just

this very unfortunate situation.

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And so, uh, we did the best we could

and transferred all of that under your

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tutelage, and then started actual,

real financial planning together.

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And, uh, here we are.

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Here we are.

73

And you still have that

old investment product.

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And it will be with us for about

another year and a half before

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we can do anything with it.

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Yeah, I just,

77

,

I think this happens all day every day, and you probably see this a lot

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and have people come to you that are

like, oh my gosh, , what do I do?

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, And if you're listening, you're

probably thinking, surely it

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wasn't the paperwork you signed.

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Of course it wasn't the paperwork

I signed, but I was 26 years old.

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And this guy, who's friends with

my brother, he's like meet me at

83

Starbucks and we'll handle it.

84

And I trusted him and, uh, So I

think kind of one of the underlying

85

theme today is why it's so important.

86

To have a financial advisor and to

partner with somebody who you trust

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and somebody who looks at money and

growing money, the same way that you do.

88

And, uh, Lauren, you like immediately

after our first conversation, I was

89

like, oh, she's like gonna enjoy an

weaving this, or maybe enjoy is not

90

the word, but , I could just tell that

you're like, oh, we're gonna, , we're

91

gonna get to the bottom of this.

92

And we did, and I feel so much better

and I did lose tens of thousands of

93

dollars, but it's better to do that

in your twenties than in your fifties.

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So I feel like I learned a huge lesson.

95

And on today's episode, I want to kind

of share a lot of what I've learned

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and a lot of your expertise Lauren, so

that people don't end up, , either in a

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situation like I was in or in a situation

where you're just not growing your money

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and you're leaving money on the table.

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, so yeah.

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I think there's risk involved in

absolutely everything and people, a lot

101

of times are worried about investing

their money and losing all of it.

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The stock market never goes to zero.

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I mean, can't guarantee that.

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But historically it's never gone to zero.

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What has happened?

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Is people run out of their money

because they haven't saved enough

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or they spend too much for the

amount that they have saved.

108

And not as also a very real concern.

109

And your situation was one where

you essentially were in something

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illiquid, something not accessible.

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You couldn't make changes.

112

There were internal

expenses that were secret.

113

And that essentially ate up all of

the money that you were putting in..

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Probably the extent of what we

can get into about that situation.

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Um, so question for you.

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I know that it was a friend's brother.

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How many questions did

you ask him going into it?

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Um, I would say, I asked the questions

that made sense for me to ask as

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a 26 year old with no experience.

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, and I also knew that I had other

friends that were investing with him.

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And so there was just sort of a, I

absolutely went in with blind trust.

122

So it's not that I didn't ask questions,

but I just believed everything.

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And I didn't ask maybe.

124

I didn't probe him and

I didn't know, maybe.

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The right questions to ask.

126

We don't know what we don't know.

127

Yeah.

128

I definitely didn't

know what I didn't know.

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And in hindsight, all of the friends

I knew that were also investing

130

with him had similar experiences.

131

Um, so it wasn't just me.

132

I mean, this was a very

well-organized thing and I reported

133

him to what's the like licensing

committee or like what's the.

134

Governed by a whole lot of people,

but there's the sec there's FINRA.

135

The sec, I'd definitely set a

letter to, , I sent a letter

136

to , , compliance for it's Wells Fargo.

137

I'm not going to name him, but I'll

definitely name that as Wells Fargo.

138

, and I, nobody cared.

139

Because technically everything

that he did was above board, it

140

was just, he, he dipped his feet.

141

Real close to the line.

142

So.

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Trust is I think one of the most critical

parts of this business, because every

144

advisor is going to run their practice a

bit differently and they're allowed to,

145

as long as they fall within what is legal

and what their firm's compliance allows.

146

Yeah.

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And that is one of the beauties

of the business, but that's also

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something that you, as the client.

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I have to be smart about when entering

a relationship and really doing

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that due diligence and having a.

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Sometimes multiple conversations with

a potential new advisor to understand,

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well, how do they run their business?

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What do they like?

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What do they believe in?

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Are they a good fit for you?

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Do they have experience with people?

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Of your similar situation, you know,

and that can be young professionals

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that can be small business owners.

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That can be, you know, Hey, I'm

approaching maybe closer to middle

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age and I've got a spouse and a baby,

and I haven't done anything yet.

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What now?

162

You know, everyone's

situation is different.

163

And there's going to be an

advisor for you, but not every

164

advisor is going to be a good fit.

165

Yeah.

166

That makes a lot of sense.

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And I think too, , Looking back.

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I would say I should have trusted my

gut because I do remember thinking

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it's weird that we're meeting at

a coffee shop and not your office.

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I don't like coffee shops, because

the essence of what we do is tell me

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how much money you have or don't have.

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And tell me where it is and tell

me how you spend your money.

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These are very personal,

intimate questions.

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I wouldn't feel comfortable having

that conversation in a coffee shop.

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I didn't and I just, at the

time I was like, oh, I guess

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this is what you do, you know?

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But, uh, but I, I, I do

remember a little like, Hmm.

178

But I overrode it because of

all of these other things.

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So I would say even if you can't

justify why something feels off.

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Let yourself explore that.

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I so, one of the things that I would

say is trust your gut instinct.

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And I don't know if that's a female

thing, woman to woman, we kind of

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have a strong intuition there or men.

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I hope you to check in with yourself and

feel like you're making good decisions.

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But this is a person you were

completely trusting with,

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presumably most of your money.

187

Yeah.

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Do you like this person?

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What kind of feelings do they give you?

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Are they, , Validating your questions

and concerns, or are they telling you?

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Don't worry.

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A little lady I've got this.

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You don't need to know the why.

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Yes.

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I personally feel strongly

about educating my clients.

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It is okay.

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If you come to me and say, I don't

know what is up and what is down.

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And I have a lot of stupid questions

because no questions are stupid

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and I love the education part of

it, because if you understand what

200

we're doing and why that's going to

empower you to make better decisions.

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. And, , you know, in my highly regulated

industry, I do constant continuing

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education and things like that.

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And in some of the classes,

they'll say, you know, how strong

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opinion to be a powerful leader.

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I don't necessarily agree with that.

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I think that with my personal business

model, it is a collaborative relationship.

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I'm going to present

information to you and say, Hey.

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I think we're facing some

potential recession because of

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the fed raising interest rates.

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These are two possible

ways that that could go.

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How do you feel about that?

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I can't dictate that

there's only one right.

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Decision for you.

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, because this is an art.

215

We make educated guesstimates.

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And it's important to remember that.

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All investing is going to involve

some risk, and I want you to be

218

comfortable with what risk we are

taking and what we're giving up.

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And even on the side of, if we do

something that is more guaranteed.

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You're going to give up return potential.

221

And that might be just fine.

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And if that is what fits for you.

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Perfect.

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But we always have to understand there

is a trade off to absolutely everything.

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Yeah.

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You.

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Uh, immediately, I felt comfortable

with you because you are.

228

And that's why I wanted

to be on this podcast.

229

Is that you're you obviously love

this and you obviously think about

230

this so much, and we've had earnings

calls where you're going to so

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much detail and I'm with Lauren.

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I don't know.

233

But I feel like I trust.

234

Um, I, what I say to you so many

times, I feel like it's like, what

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would you do if it was your money?

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And, uh, I'm like, I'll do that.

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Yeah, and I do.

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I mean, I, I manage my own money.

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I invest in the majority of the

investments that I recommend to clients.

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I'm pretty high growth.

241

So that might be the only area

where if someone's like, Let's

242

dial it back a little bit.

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Okay.

244

Maybe I don't own that

particular strategy, but.

245

, You put your money where you put

your money, where your mouth is?

246

Yeah, absolutely.

247

Lauren, you started in this industry.

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Through birth.

249

So your dad.

250

Does he do exactly what you do.

251

Will you tell us a little bit about your

background and how you got to be here?

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Cause I feel like I've got them have

made an impact on your ideology.

253

Yeah.

254

So I took a different path to become, I

mean, so technically a financial advisor.

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I think that's a boring term.

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I prefer wealth strategist.

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Ooh, I like that.

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How do we strategize to either get

you wealthy or keep you wealthy?

259

, but coming out of high school, I went

into college with a communications focus.

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, and graduated with a degree in

public relations and advertising.

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More on the public relations side.

262

, and I did that for about seven years.

263

And enjoyed the relationship aspect

of what I was doing, but I kind of

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topped out on my career path there.

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I was working for a law farm

and as a non lawyer, you can't

266

be a partner in a law firm.

267

And it was like, well, what next I'm

in my twenties, there has to be more.

268

My dad has been an advisor with Raymond

James, since my mom was pregnant.

269

Whoa.

270

So literally I grew up in this business

and my dad really enjoyed what he did.

271

Uh, I was fortunate enough

that he was home for family

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dinners almost every night.

273

And he talked about work and he talked

about it really positively and he

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opened an investment account for me.

275

And we would physically graph

it and color in a bar chart

276

with the monthly statements.

277

And, you know, Asked you this.

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Most months the money would grow.

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And then there were months and there

were years that the money didn't grow.

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And we talked about that.

281

And then as I got a lot older,

that became a conversation around.

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You know, this money is a powerful gift.

283

What are you going to do with it?

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You can use it for college.

285

You can have a lengthy college stay and

there's not going to be any money left

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or you can be focused and maybe there's

something to help you buy a house.

287

Ooh.

288

, and I think empowering others to make

decisions through education, kind of

289

going back to what I said about, I really

believe in the education around it.

290

Yeah.

291

Is important.

292

And so I got my act together.

293

I graduated college a little bit

early and I was fortunate enough

294

to use a little bit of leftover

and I bought a condo for myself.

295

And it provided.

296

Stability in my life when I

really, really needed it coming

297

out of a pretty bad relationship.

298

And, , also a job change.

299

I had been laid off and feeling

like I'm questioning myself.

300

Am I good enough?

301

, I went to college out of state.

302

I had moved back to Atlanta.

303

Didn't have a lot of friends and,

and it was a big, whoa, what now?

304

Moment and having, sorry, what

age did that happen around.

305

, I think I was 25.

306

Okay.

307

Yup.

308

So out of college for just a couple of

years, doing all the right things got

309

laid off, regardless because it was 2008.

310

Mm.

311

There it is.

312

I mean, not a particularly unique

story, but that having that condo.

313

Gave me a sense of re roof over my

head, and I can try to find myself

314

and I did not have furniture for the

longest time and my best friend, Mandy.

315

I finally looked at me and said, I'm tired

of sitting on the floor, watching TV.

316

Yeah.

317

We have to go get a account.

318

We have to.

319

And he couch he'll do.

320

And I still have that couch.

321

It actually has such strong emotional

ties and it is a beat up old couch

322

and I just can't get rid of it.

323

I love it.

324

Is it your.

325

, like living room couch now,

or is that like, it is the

326

prominent living room couch.

327

That's awesome.

328

Oh, I love that story.

329

, so long story short on, well, how did I

arrive at becoming a wealth strategist

330

is I had been through a couple of job

changes, but it was all in communications.

331

And I thought I've done this route.

332

What is next?

333

And my dad loved what he did and I

thought it would be, I love my dad and

334

we have a really good relationship.

335

What an amazing opportunity.

336

If I could spend more time with him,

I mean, on a daily basis, get to

337

be there and working alongside him.

338

So I had to go through the

full formal interview process,

339

testings, this and that.

340

, and I got hired.

341

Had to pass several exams.

342

, I mean, I was pretty much the

first three, four months of

343

nothing, but studying and exams.

344

And then they set you loose

under dad's careful wing.

345

And just learning, learning, learning,

sitting in on meetings, daring

346

to tip my toe into conversations.

347

You get a little bit more confident

and then the baby bird starts flying

348

from branch to branch and then one day.

349

They set sail.

350

And they fly on their own.

351

This is beautiful.

352

Yeah.

353

And dad, dad and I still work

together, but, , I kind of

354

run the day-to-day business.

355

That's amazing.

356

, I feel like I can really

relate to that story.

357

And I'm glad I asked you that

because Lauren and I, this is

358

actually the first time Lauren and

I have actually met each other.

359

So all of our work has been

done on phone calls and emails.

360

So, , you know, and those don't

include like, how do I get started?

361

So I love having this human

conversation with you.

362

But I kind of similarly my dad, , actually

both my parents were in the beauty

363

industry and I was like, I'm going to

be a lawyer and then decided no on that.

364

But they had saved a college fund

and it was like, Hey, like this is

365

money that we've set aside for you.

366

If, you know, use it wisely.

367

This is what you're getting.

368

And so I decided to go to trade school

and then use the balance of that college

369

fund to buy a conduit 21, which now

is my greatest asset and the security.

370

I think there's something especially

about being a young woman.

371

Knowing, like, no matter what

happens, I have a roof over my head.

372

, I know so many people don't have that

privilege and it really empowered me

373

to try new things and kind of be bold

with my career and grow in a direction

374

that if I was struggling to just.

375

Pay my rent and all that

I wouldn't be able to do.

376

And so, uh, I think, especially if

you're listening with kids, being

377

able to set your kids up for future

securities and successes at whatever

378

scale you're able to is so important.

379

, and that's part of the reasons

I don't want kids cause.

380

Worry about anybody

else's success with mine.

381

Not only are kids expensive pets.

382

Yes.

383

Pets are expensive.

384

So I have a 17 year old cat.

385

She might even be 18.

386

I've lost count.

387

She's so old.

388

A whole series of medical

issues, irritable bowel disorder.

389

That's a fun one.

390

Diabetic.

391

Um, yeah, so, and don't

have insurance on her.

392

Also have a golden retriever.

393

Also has irritable bowel disorder.

394

And has had two bouts of cancer.

395

Oh my God.

396

She rounds of chemo each time.

397

, we do have pet insurance for him.

398

Okay.

399

So not only, I mean, you're.

400

Your child.

401

Arguably sometimes different

category than your pet.

402

Sometimes not different category.

403

, you have to think about the

wellness of the whole family.

404

Sure.

405

So there are for kids, a

lot of routes you can go.

406

I don't know if the account that

your parents had for you was a 5

407

29, or if it was just a regular

old brokerage or taxable account, I

408

don't know, but that is a decision

point that I talk with people about.

409

Five to nines can only

be used for education.

410

And it's a broad term, you

know, it includes laptops.

411

Room and board meal plans.

412

, study abroad, study abroad.

413

Does, but not buying a condo.

414

I mean, you can take the money out,

but there's some penalties involved.

415

Okay.

416

Whereas a taxable account or brokerage

account, you don't get the same tax

417

advantages that you do with the 5 29,

but you get a lot more flexibility.

418

Okay.

419

And so those are also decisions that

when you're thinking about, Hey,

420

I want to set my, my kids up for.

421

Um, a potential benefit.

422

You have to be specific about what

type of an account do we want to do?

423

Yeah.

424

And are you really trying to

push them towards use this for

425

education or use this for pursuing.

426

A passion.

427

Yeah.

428

And especially in a day and age

when education is so expensive,

429

I'm curious to see in 20 years is

going to college or, or having some

430

type of a degree as emphasized.

431

As it currently is, or do we

start to move away from that?

432

I think we're starting

to move away from it.

433

I think we're seeing the early

signs of that, but I agree with you.

434

I'd be real curious to know.

435

Cause I feel like I was kind of on

an early wave of people who were

436

like, you know what, I'm going

to skip college because I have a

437

passion and I'm going to pursue this.

438

And.

439

Luckily for me, it's so

far it's working out.

440

, but I think that especially if you

go to like a traditional high school

441

or , you know, grade school situation

where it's a college prep focus, , It's

442

like, I think it doesn't occur to

people that there's other options.

443

, I think it's really fascinating

watching, Those trends kind of evolve.

444

As options evolve.

445

I hope that we move away from

college being the default to,

446

I just think it it's expensive.

447

So it might not be the right

environment for everyone.

448

There's a strong desire

to fit in and blend.

449

And I think it can shape your brain and

personality in very formidable years.

450

That might not be for the better.

451

I agree.

452

I certainly been through some

waves of, of who am I as a person.

453

Uh, going into college, coming out of

college and kind of rewriting myself.

454

Yes.

455

As you should.

456

I mean, I think we all are works

in progress and we should always

457

be checking in with ourselves and

checking in with, you know, what are

458

my values and why are these my values?

459

Is it because this is what I've been told

I'm supposed to feel and think from a

460

young age, or do I really feel this way?

461

, and.

462

We need more electricians.

463

We need.

464

We need people to go to trade school

and there's, you've probably read

465

the classic book, the millionaire

next door, but it's like the plumber.

466

The, these are people who have

trades that they're able to monetize.

467

Maybe have a crew working for them.

468

, and so I think that there's stigma around

skipping college or going into a trade

469

school that is a completely unnecessary

and I blame big college for that.

470

Completely.

471

I am clueless when it comes to yes.

472

Fixing a leaky faucet of this.

473

That.

474

I don't even know where to start.

475

Yeah.

476

So I have to call someone every single

time and I have to do my best to.

477

You know, vet them and you have some

idea of knowing what you're doing.

478

I hope so.

479

Fingers crossed and

let's pray for the best.

480

Yeah.

481

But I don't actually know.

482

So, yeah.

483

, well, Lauren.

484

We have a ton of questions from listeners

that were submitted a little while ago.

485

You've had some time to

kind of look over them.

486

Do you want to get into

some Q and a let's do it.

487

Okay.

488

I'm here to help.

489

I'm so glad.

490

Okay.

491

So I'm just going to ask you these

in the order that I received them.

492

. Question number one.

493

I don't even know where to

start with financial planning.

494

What does that even mean?

495

So I think financial planning means

different things to different people,

496

both client and advisor alike.

497

. , to me.

498

It is getting an understanding of you.

499

What is your current financial situation?

500

, where do you have money?

501

Are you currently saving?

502

Are you currently investing?

503

What debt do you have?

504

And then also, , where

are you trying to go?

505

Yeah.

506

Because we have to know

that side of it too.

507

A lot of times people will say,

how much money do I need to retire?

508

Well, if it were that simple,

Well, when do you want to retire?

509

What do you want retirement to look like?

510

How good are you at sticking to a budget?

511

How excited are you to travel,

to explore, to enjoy things.

512

And everyone is going

to be totally different.

513

So for me, financial planning is

learning you your unique situation and

514

how do we get to where you want to be?

515

And sometimes we have to have a

conversation around what is realistic.

516

Yeah.

517

And what is it?

518

Yeah.

519

The earlier you start so much

more is going to be feasible.

520

We can still do a whole lot of

work if you're only five years from

521

retirement, but it's a lot easier to do.

522

If you are 20 years from retirement.

523

Which for some people

we're still talking 45.

524

So you've got a ton of time

if you're like, oh my gosh,

525

I haven't done anything yet.

526

You have time.

527

Yeah.

528

But like, let's start.

529

Now.

530

Yeah, I obviously am not a financial

professional, but I, you know, I

531

take the little gems I get from you

and relay them to people when asked.

532

But one thing that people say, and I

don't know if this is a future question.

533

Actually it is.

534

Let's go there.

535

This is okay.

536

This is, this was a perfect segue then.

537

So what I was going to say is I have

people in my life who have said , oh, I

538

don't make enough money to invest that.

539

I'm like, everybody makes

enough money to invest.

540

, even if it's $5 a week, I mean,

it doesn't matter if you're, you.

541

Everybody can do something.

542

, and so, , Conveniently the next question

is, is there a certain amount of money

543

you have to make to be able to invest?

544

So I totally agree.

545

Everyone has to be investing.

546

, and.

547

I start with people that probably

don't have a lot of experience and

548

say, we're going back to basics.

549

Do you have three to six months of

emergency savings for your daily expenses?

550

Saved up.

551

If the answer is no,

that is where we start.

552

And what can you do on a weekly,

monthly basis to get there?

553

And that in and of itself starts

the process of setting aside money.

554

Once you hit three to six months of that

emergency savings, we move that somewhere

555

out of your checking savings account.

556

Maybe it's a high yield savings account.

557

Get it where it's

slightly harder to spend.

558

Yes.

559

And forget that it exists, then

keep taking that amount that you

560

were using to get you to your

three to six months savings.

561

And that's what we start investing.

562

I like that.

563

And people might not think of

saving and investing as fun.

564

This is to allow you to

spend money in the future.

565

Right.

566

So you still get to spend it.

567

You just don't get to spend it.

568

Right now.

569

. And you are saving it,

investing it for a time.

570

That is arguably even more important

because when you're tired and

571

you're like, I'm done working.

572

You need that money to be there.

573

And every little bit helps.

574

, and this is also going to be

a total PSA for investing to.

575

It is much harder to save.

576

Just dollar for dollar and not invest

it and not be enough in the future.

577

You're going to have to work so much

harder than if you take the money

578

above and beyond which you know,

you're going to need in the next three

579

to six months, , beyond what you're

going to need for emergency savings.

580

When you can invest that and

that compounding interest

581

start to making money.

582

My favorite part of client

calls, and it's how I start.

583

Every call is here's how much money

you've made last year or so far.

584

This year.

585

Love that.

586

And that is new money created that

you didn't have to do anything for.

587

And that is what really starts to

propel you forward and build wealth.

588

Yeah, you do need to be making your

contributions, but when that pile gets

589

larger and larger, The investing growth

is something it's, it's a runaway.

590

It's a good runaway train.

591

That's hard to stop.

592

So start now start with $50.

593

You know, think about an amount

that you aren't going to notice.

594

I think $50 a month is pretty

easy for most people live with

595

that for three months, maybe four.

596

Up it again.

597

Can you go from 50 to

maybe 75 or even a hundred?

598

Yeah.

599

And then every three to

four months increase it.

600

Set it up.

601

This needs to be an auto-draft situation.

602

If you have to go in and manually

do it, you're not going to do it.

603

Nope.

604

So set it up as auto draft increase

it every three to four months

605

start now, anything that you can.

606

This is crucial.

607

You are paying your future self.

608

Yes.

609

, one of my favorite mottoes is I love

setting future Erica, up for success.

610

I'm always looking out for her, , whether

it's the short-term or the long-term.

611

And also I think.

612

It's.

613

Well, if you're, if you have a shoe box

of cash under your bed, that's $10,000,

614

$10,000 is going to be worth a lot

less in 20 years than it would be now.

615

And so if you're not growing your money,

you're literally losing it, right.

616

You are, you are.

617

And people think, well, I have

this cash it's in the bank.

618

It's safe.

619

So while $10,000 will

still be worth $10,000.

620

What that $10,000 buys you.

621

Is less and not as a very real concern.

622

I mean, we're just coming off of a couple

of years of insanely high inflation.

623

Luckily that's coming down.

624

But that's a roaded purchasing

power for all of us.

625

Yeah.

626

And just even keep, even the past

few years here, cash needed to

627

make seven, eight, 9% at times.

628

Wild it is for cash.

629

So.

630

Everyone absolutely needs to be saving.

631

And once you can get that three to

six month emergency savings set up,

632

usually that's kind of the hardest

hurdle once you're there, you're

633

already in the habit of saving.

634

Just keep doing it.

635

Yeah.

636

I always tell people I'm like,

I treat savings as a bill.

637

I have a series of auto drafts at the

first of every month and it takes my

638

money to places I can't access easily.

639

Like you said, and I just

kind of set it and forget it.

640

And I just know that my money

that I can spend and play with

641

is what's left behind and.

642

It is a mindset thing, but I

agree with you once you get

643

there, it's just like, oh, okay.

644

I can do this.

645

And potentially unpopular opinion.

646

You have to prioritize this to yes.

647

I understand.

648

, the ease of, well, retirement

is so far away and right

649

now, XYZ is important to me.

650

, but is having that very expensive

lease on your car right now, which is

651

preventing you from being able to save.

652

Is that something that when you're in

retirement, you're going to be like,

653

I'm so glad that I leased that car.

654

Yeah.

655

You're not going to think about that.

656

Yeah.

657

So it might mean.

658

Changing your lifestyle a

little bit, a little bit.

659

But it is going to be worth it.

660

And, and.

661

I try to be very honest with my

clients about market outlook.

662

And about you need to be saving more.

663

Yeah.

664

How do we get you there?

665

Like, let's not make it an

insurmountable challenge, but we

666

need to be doing more sometimes

because I'm here to be your ally.

667

And if I'm not honest with

you, that's not serving you.

668

I agree.

669

Perfect answer Lauren.

670

, all right, next question.

671

I'm overwhelmed with different opinions

and information on investing real estate,

672

crypto, et cetera, et cetera, et cetera.

673

How do I know who I can trust

and where my money is safest.

674

So think there's a lot to

unpack in this question.

675

Let me start with where

compliance insisted.

676

I start.

677

Safe and investing are not two words

that belong in the same sentence.

678

Okay.

679

All investing involves

risk and, and it does.

680

And I wholeheartedly agree

that agree with that.

681

Safe is something that

is also a fuzzy word.

682

What is safety?

683

You might mean safe to me.

684

, at its most simplistic, I would

say safe is I cannot lose money.

685

Mm.

686

There's a couple things you can

do where you cannot lose money.

687

You're going to give up something.

688

So a CD at your bank.

689

You cannot lose money, assuming.

690

You hold that CD to maturity.

691

Okay.

692

And you need to know

what that maturity is.

693

It could be six months.

694

It could be a year.

695

It could be longer, but if you get

out of that CD early, you're going

696

to lose money for people listening

that may not know what's a CD.

697

A certificate of deposit.

698

Okay.

699

, banks sell them.

700

You, at least at Raymond, James can get a

CD because we have a Raymond James bank.

701

They are FDAC insured.

702

Meaning if Raymond James bank disappeared,

you would still have that money in a CD.

703

The federal government would step in

and say that that money is still there.

704

Okay.

705

You're going to have a guaranteed rate

of return that you know, going in.

706

That is what it is.

707

It's not going to go up.

708

It's not going to go down that money

that you put into it is not liquid.

709

It is not accessible.

710

What type of rates are common with a CD?

711

It depends on what the general

interest rate environment is right now.

712

You will see a one year CD around.

713

4.8, 5% to maybe 5%.

714

Okay.

715

, which is phenomenal.

716

For essentially cash.

717

I do not recommend CDs,

my personal opinion.

718

I do not recommend CDs

for that emergency cash.

719

Yeah, because while it is completely

safe, we never know when we're going

720

to have these emergencies and you

need to be able to access that money.

721

Yeah.

722

Now.

723

The flip side of quote, unquote safe.

724

You're giving up something.

725

And guaranteed 5% sounds pretty great.

726

Last year.

727

The S and P 500 was up roughly 24%.

728

Yeah.

729

You gave up opportunity for growth.

730

You might be okay with that, but

that is a consideration we have to

731

have so little illusion of safety.

732

The illusion of safety.

733

And how does that 5% rate of return?

734

Advance you towards your future goals.

735

So that's my little spiel on safety.

736

Okay.

737

How do you know where

to invest your money?

738

I'm going to give you a personal opinion.

739

After sort of this bland response.

740

Okay.

741

Talk to your advisor or your potential

advisor and ask their opinions on

742

areas that you're interested in.

743

See how they feel about it.

744

, they might disagree with you and they

might bring a different perspective

745

that you like, and you're like, oh,

Hey, I didn't think of it that way.

746

That makes sense.

747

You might disagree and say,

okay, agree to disagree.

748

Or you might say your views are

completely opposite to mine.

749

And in that situation, they're

probably not a right fit for you.

750

And that is okay.

751

I think we need to say no more than we do.

752

Love that my personal opinions

on crypto and real estate

753

are kind of the two biggies.

754

And they're specifically

what, , your listeners.

755

Asked about.

756

I start with asking people

questions about cryptocurrency.

757

Well, tell me what you

know about cryptocurrency.

758

What is it?

759

I mean, I know that it

is a digital currency.

760

I know that the logic of it makes

sense for countries that have

761

instability with their currency.

762

If there's something where one Bitcoin

in India is worth one Bitcoin in the

763

us, there's a lot of appeal in that.

764

We are not there with any

cryptocurrency being a true

765

currency in a stable store of value.

766

A currency should be a

stable store of value.

767

Right now, cryptocurrencies

are a speculative trading.

768

Vehicle it's a thing.

769

It doesn't really represent.

770

Anything, and that is where

my big problem with it lies.

771

If you take a look at the stock market,

you are owning pieces of a company.

772

There is a real company.

773

They sell . Products services.

774

They have leadership, they have vision.

775

There are earnings, there are cashflow.

776

There's a lot of different metrics

that you can look at and evaluate

777

and come up with a fair price.

778

You know what you're buying.

779

With cryptocurrencies.

780

What are you buying?

781

What is influencing the

value other than demand?

782

And you see very, very wild

swings in the value of it.

783

And of course I have friends

that invest in cryptocurrency,

784

some very heavily, some dabble.

785

I get the question a lot from clients.

786

And here's what I say.

787

And you and I had actually talked about

this and we feel the exact same way.

788

Yeah.

789

If you're really interested.

790

Sure explore it, but take the

money that you would go to Vegas

791

and feel comfortable losing.

792

And if you lose it, you

won't lose all of it.

793

You might lose 60, 70%.

794

Okay.

795

You were interested.

796

It was a play thing.

797

And worst case scenario.

798

You lost most of it, but

you were expecting that.

799

Yeah.

800

And then if you break even,

or you make money on amazing.

801

And there are absolutely people

out there that will make a

802

lot of money in cryptocurrency

and have made a lot of money.

803

But that is not everyone.

804

And that is not the majority of people.

805

The reason why those stories.

806

Are out there is because

they are the select few.

807

They are the sensational stories.

808

So play with some money.

809

If you're inclined to do it.

810

No, that you could lose 60, 70%.

811

And just be okay with that.

812

That needs to be not the money that

we're retiring with, not the money

813

we're playing, paying our bills

with not our emergency savings.

814

That's fun money.

815

I'm okay with that.

816

Onto real estate.

817

So we both acknowledged that our early

purchases of a place where we lived.

818

Was really foundational for us

as people and gave us stability

819

to maybe allow us to fluctuate a

bit more in our personal lives.

820

If you're constantly accumulating more and

more real estate as a piece of investment.

821

What I caution people is that is not

spendable money in its current form.

822

So when you get to retirement and

you have a portfolio of six rental

823

properties, is the income that they're

generating enough to pay your bills.

824

If they are okay.

825

If they're not, and you have to tap

into the equity of those homes, you're

826

looking at a home equity line of

credit, or maybe a cash out refinance.

827

You're paying interest and

expenses to access your own money.

828

Yeah, and I don't love that.

829

And people also say, well, if I invest

a hundred thousand dollars into this

830

property, it's going to be worth that.

831

And then some.

832

We'll surprise, surprise, same with the

stock market, because you've been making

833

mortgage payments into that real estate.

834

You've been adding every single month.

835

So you've put more money

in which has helped it.

836

It's store of value.

837

And property values have gone up.

838

Traditionally long-term by not

as much as the stock market.

839

Although, you know, past six

years have definitely, we've

840

seen huge growth in real estate.

841

That's not a sustainable pace.

842

So I'm a big believer in

diversification diversification

843

within the traditional investments.

844

You own as well as sure if

you have a passion for having

845

some money in real estate.

846

You understand if you're going to

pay a property management company

847

and they're going to skim 20 to

25% off the top and that's okay.

848

Or your going to manage it.

849

You need to know how everything

fits together under a

850

unified long-term strategy.

851

Just don't throw all of

your money out there.

852

Willy nilly.

853

And, and not understand

how it fits together.

854

So don't love cryptocurrency.

855

Don't really recommend it.

856

Hard real estate, more of a situational.

857

You need to know what you're

getting into tends to work better

858

at scale multiple real estate

properties, and you need enough.

859

Liquidity, regular liquidity.

860

To pay your bills.

861

Come retirement time.

862

Yeah.

863

Those are my thoughts.

864

I love your thoughts.

865

I agree with them too.

866

Uh, all right.

867

Next question.

868

I'm risk averse.

869

What are my safest options?

870

We've kind of touched on this

already, but maybe specifically.

871

So I think it goes back to also

defining what is risk adverse mean?

872

Yeah.

873

Are you comfortable with some

fluctuations or no fluctuations?

874

, if the answer is no fluctuations, You're

looking at CDs, certificates of deposits.

875

A savings account.

876

That's FDAC insured and high yield

savings account might not be FBIC insured.

877

You have to look.

878

And, and, and see kind of what

information is out there on, on

879

the one that you're looking into.

880

Pretty sure I can't name

anyone specifically, but

881

do a Google search for it.

882

, you are probably going to get a

higher interest rate on something

883

that is slightly variable.

884

But you want to look for something

that is insured, if you can tolerate

885

no fluctuations, but remember no

fluctuations comes at the price of

886

liquidity here going to have to hold

it for that whole period of time.

887

Another example would

be a us treasury bond.

888

They come in super short durations, like

one month, two months, six months a year.

889

, as long as you hold it to maturity, you're

going to get back the money you put in.

890

Plus whatever the stated coupon is.

891

There's not a whole lot

in truly, truly safe.

892

So that's where I kind of dig deep

with people and say, What a safe meat.

893

And why are we concerned about safe?

894

Yeah.

895

What has happened to you in the past

that you're saying I'm risk averse.

896

If it's that this money can't

be lost because I need it.

897

Well, then we're probably

not talking about investments

898

being right to begin with.

899

Right.

900

We need to go back to do

we have emergency savings?

901

And if you're actively saving towards

a goal of, Hey, I need a new car.

902

That's not money that

should be invested, right?

903

Money that's for retirement.

904

For my clients.

905

I believe it needs to be invested.

906

We can do lower volatility investments.

907

We can layer in some

things that are guaranteed.

908

But if someone comes to me

and says, I can tolerate.

909

Absolutely no fluctuations.

910

They're probably not an investing client

and they're not a good fit for what I do.

911

Yeah.

912

It's kind of going back to

saying now, And that's okay.

913

And hopefully I will still have

equipped them with knowledge.

914

, and they might come back around in a

couple of years and say, all right, I've,

915

I've made it through the things that I

needed to and I'm ready or they might not.

916

Yeah.

917

But what I do is get people's

money invested for them.

918

To help them hit.

919

Goals.

920

And travel along a plan.

921

Yeah.

922

I think a lot of people.

923

Depending on their upbringing

and their experiences can , have

924

a lot of trauma around money and

spending and gaining and losing.

925

And do you find, this is not

a question I'm just curious.

926

, Uh, do you find that you do some like,

kind of psychological coaching through

927

helping people update their mindsets on.

928

Money.

929

Yes.

930

And I'm curious, I think the way

I'm going to answer this isn't

931

necessarily what you're getting at and

I'm so, so reframe me if we need to.

932

Okay.

933

I always call clients when the market is

down, you, you don't avoid those calls.

934

You don't avoid reaching

out and you talk about it.

935

And I say, I know this isn't fun.

936

Let's look at real numbers.

937

This is what you're down as a percent.

938

This is what you're down in dollars.

939

This is compared to what

the broad market has done.

940

How are we feeling?

941

When the market is down is not the

time that you want to make changes.

942

You want to buy low, sell high.

943

And if you sell, when the market's

down, you have bought high.

944

And sold low.

945

And so I do everything that I can to keep

people invested and I try to give them

946

examples that are hopefully not all that.

947

Long ago to say, look.

948

In 2020.

949

From the height of the low,

the market was down about 34%.

950

That is a staggering figure.

951

Let's just take a million dollar

portfolio because these numbers are big.

952

Uh, 34% decline is a loss of $340,000.

953

That's a lot of money.

954

If you stayed invested.

955

By the end of the year, not only had

you recovered being down, you were up,

956

uh, I might have to fact check this.

957

I think about 18 plus percent.

958

Wow.

959

So, not only did you make back

the three 40, you were down.

960

You would have been up about $180,000.

961

So I try to point to situations

like that and say, staying invested.

962

You will recover.

963

It might not be immediate.

964

It might take a year.

965

It might take two years.

966

Doesn't typically take

much beyond two years.

967

, the great recession was

a little bit different.

968

I think that maybe took about

three years for people to get

969

back to even, but the behavioral

side of it absolutely influences

970

how much longterm pain you feel.

971

So when I start working with someone

for the first time, I have an emphasis

972

on we're going to have down years,

we are going to lose money and

973

that might seem like a weird way to

start a relationship with someone.

974

But if they know that and they have

that in their brain when it happens,

975

because it will, they're like, okay,

We talked about this and then the

976

magnitude of how crappy that felt.

977

We'll change what we do

when the market goes up.

978

So, all right.

979

Market goes down.

980

It was pretty much

intolerable for someone.

981

The market goes back up, I circle back and

say, okay, we need to make some changes.

982

We were too aggressively allocated.

983

We need to dial it back a bit.

984

Yeah.

985

So yes, it is a constant check-in.

986

How are you feeling?

987

But when you make the changes.

988

It's probably not going to be immediate.

989

And it is an ongoing and you also make

changes based on what the outlook is.

990

And I was looking at the last time we

talked and I was saying, Hey, I think

991

20, 24, we're going to have a recession.

992

Fast forward.

993

We're in 2024.

994

I don't think we're going

to have a recession anymore.

995

So.

996

That outlet.

997

It's totally agree.

998

So I think that means that we do

a little bit something different

999

with some part of the investment.

00:47:34,001 --> 00:47:38,821

So, , changing people's mindset

around, how do they feel about money?

00:47:38,821 --> 00:47:41,461

I think is situational.

00:47:41,821 --> 00:47:43,051

What is happening now?

00:47:43,081 --> 00:47:44,401

How do they feel?

00:47:44,641 --> 00:47:46,861

Can I make them feel a

little bit differently?

00:47:47,281 --> 00:47:48,091

The other side.

00:47:48,091 --> 00:47:50,731

And I think maybe what you were

thinking more is kind of what their

00:47:50,731 --> 00:47:53,011

past experience has been with money.

00:47:53,761 --> 00:47:54,541

And.

00:47:55,561 --> 00:47:56,791

Everyone's going to be different.

00:47:57,001 --> 00:48:02,431

I find that asking questions to

understand why they feel that way.

00:48:03,241 --> 00:48:07,531

Is going to be the only way

for me to understand, but B

00:48:07,831 --> 00:48:10,951

to maybe change that at all.

00:48:11,311 --> 00:48:13,291

But deep rooted.

00:48:13,801 --> 00:48:17,131

I don't want to call it trauma

around money, but emotions.

00:48:17,131 --> 00:48:17,341

Yeah.

00:48:17,881 --> 00:48:20,221

It's pretty hard to change.

00:48:21,121 --> 00:48:24,691

You, this is by far in overgeneralization.

00:48:25,021 --> 00:48:29,731

, people in more third world countries

do not have trust and banking systems.

00:48:30,031 --> 00:48:34,501

They typically are very, very

wary of the stock market.

00:48:34,571 --> 00:48:36,341

, and kind of traditional investments.

00:48:36,431 --> 00:48:41,921

And so, you know, someone that comes to

me, that's maybe 45 50 that says, Hey, I

00:48:41,921 --> 00:48:43,511

feel like I'm getting close to retirement.

00:48:43,721 --> 00:48:45,011

I've never invested.

00:48:45,071 --> 00:48:50,651

I'm I'm worried if they have had a

complete distrust, their entire lifetime.

00:48:51,101 --> 00:48:52,001

Even banks.

00:48:52,631 --> 00:48:55,811

I don't know that I'm going to be

able to change their opinion any,

00:48:55,991 --> 00:49:00,761

yeah, I'll give it a good go and

I'll provide some, some options.

00:49:02,621 --> 00:49:05,351

But not everyone comes around.

00:49:05,801 --> 00:49:06,611

That makes sense.

00:49:06,701 --> 00:49:07,031

Yeah.

00:49:07,061 --> 00:49:07,661

A lot of sense.

00:49:08,211 --> 00:49:11,001

I have always had an interest in money.

00:49:11,061 --> 00:49:13,071

Not that I've always had it, but

it's always been something that's

00:49:13,071 --> 00:49:14,991

fascinated me and I've always.

00:49:15,711 --> 00:49:20,811

Identified, especially as a woman that

there's safety and security and being

00:49:20,811 --> 00:49:25,971

financially independent, and I've watched

friends and clients and people I care

00:49:26,001 --> 00:49:29,011

about and people, I don't care about

get themselves into situations where

00:49:29,041 --> 00:49:30,601

their dependence lays outside of them.

00:49:30,601 --> 00:49:32,791

And it's a financial handcuffs situation.

00:49:33,091 --> 00:49:34,651

And so I always.

00:49:35,281 --> 00:49:37,351

Even subtly tried to infuse conversations.

00:49:37,351 --> 00:49:41,641

I have with people with encouraging

people to make smart choices with whatever

00:49:41,641 --> 00:49:44,671

income they have and protect their.

00:49:45,361 --> 00:49:46,051

Safety.

00:49:46,381 --> 00:49:49,531

, and I think when you've had that safety

eroded, and especially if you live

00:49:49,531 --> 00:49:53,521

in, you know, a developing country and

you've watched your markets spike and

00:49:53,521 --> 00:49:56,911

crash, and you know, you hear stories of

family members, who've lost everything.

00:49:57,181 --> 00:50:00,511

It's really scary, but I think

it's, it's so important to.

00:50:00,901 --> 00:50:03,931

Again, set yourself up for

success because nobody else cares.

00:50:03,961 --> 00:50:05,191

No one else is going to do it for you.

00:50:05,851 --> 00:50:06,991

No one is.

00:50:06,991 --> 00:50:11,971

And I'd like to take this to a question

that we had talked about, , when one

00:50:11,971 --> 00:50:15,511

spouse makes more than the other,

or maybe one spouse doesn't work at

00:50:15,511 --> 00:50:17,731

all, like what does that look like?

00:50:17,971 --> 00:50:19,891

I am a huge believer in both.

00:50:19,921 --> 00:50:22,501

People need to have their own.

00:50:22,861 --> 00:50:26,401

Investments and savings and you

can have different investment

00:50:26,401 --> 00:50:29,101

philosophies for, for both partners.

00:50:29,161 --> 00:50:32,941

That is a okay, but you need your

own accounts and, and let's also

00:50:32,941 --> 00:50:36,301

do a little bit of education on

what types of accounts there are.

00:50:36,391 --> 00:50:36,751

Yeah.

00:50:36,781 --> 00:50:41,821

So you have retirement accounts,

which can be either 401k days.

00:50:41,881 --> 00:50:43,081

Most people are aware of that.

00:50:43,351 --> 00:50:45,961

Maybe it's a 4 57 or 4 0 3 B.

00:50:45,961 --> 00:50:51,811

If you're in government or nonprofit or

an IRA, an individual retirement account.

00:50:52,201 --> 00:50:55,141

401k's four 50 sevens for three BS.

00:50:55,141 --> 00:50:58,321

Those are when you are with your employer.

00:50:58,891 --> 00:51:03,421

An IRA individual retirement account

is when you leave that employer

00:51:03,421 --> 00:51:04,651

and you move that money with you.

00:51:05,371 --> 00:51:06,781

They are owned by one person.

00:51:07,021 --> 00:51:07,351

You.

00:51:08,401 --> 00:51:12,211

On the other side, you have taxable

accounts, which kind of used to be

00:51:12,211 --> 00:51:15,511

called brokerage accounts or just

like a regular investing account.

00:51:15,631 --> 00:51:15,871

Yeah.

00:51:16,081 --> 00:51:17,221

That is not at all.

00:51:17,221 --> 00:51:18,091

Tied to retirement.

00:51:18,301 --> 00:51:22,411

Taxable accounts are accessible at

any point in time without penalty.

00:51:22,981 --> 00:51:25,351

Retirement accounts on the other hand.

00:51:25,351 --> 00:51:29,791

For simplicity sake, you cannot

access until age 59 and a half.

00:51:30,541 --> 00:51:32,761

So that money is really

there for the long term.

00:51:33,061 --> 00:51:36,241

So taxable accounts can be jointly owned.

00:51:36,691 --> 00:51:39,751

You could own a taxable account

with your mom, with your brother,

00:51:39,841 --> 00:51:41,911

with your spouse or individually.

00:51:42,511 --> 00:51:45,091

Retirement accounts are only owned by you.

00:51:45,781 --> 00:51:49,981

So I want everyone to have their own

money, you know, that could be in

00:51:49,981 --> 00:51:54,901

retirement or that could be in a taxable

account, but that needs to be yours.

00:51:54,901 --> 00:51:55,021

Yeah.

00:51:55,321 --> 00:51:56,191

That can also help.

00:51:56,191 --> 00:51:59,551

If you differ on how to spend

your money, you prioritize.

00:52:00,301 --> 00:52:04,051

Some good old clothing

shopping or some travel.

00:52:04,591 --> 00:52:06,541

Or just different hobbies.

00:52:06,541 --> 00:52:07,591

So this is my money.

00:52:07,621 --> 00:52:08,551

You don't get a say.

00:52:09,091 --> 00:52:09,511

Great.

00:52:09,571 --> 00:52:11,131

You do whatever you want with your money.

00:52:11,541 --> 00:52:16,461

, and if one person is making significantly

more or the other person isn't working

00:52:16,461 --> 00:52:22,131

at all, I really try to push the

larger earner to budget in an equal

00:52:22,131 --> 00:52:23,961

contribution for the other person.

00:52:24,021 --> 00:52:24,531

Yeah.

00:52:24,951 --> 00:52:27,771

Because it is about

supporting the household.

00:52:28,191 --> 00:52:31,701

With in the back of my brain,

because I've seen everything happen.

00:52:32,271 --> 00:52:35,931

Also each person having

their own pool of money.

00:52:36,411 --> 00:52:40,221

Now almost all of it can

be divided during divorce.

00:52:40,251 --> 00:52:43,311

So that's not a for sure fail safe.

00:52:43,721 --> 00:52:44,951

, but it does.

00:52:45,101 --> 00:52:45,971

Help.

00:52:46,601 --> 00:52:49,211

And it keeps the mindset of.

00:52:49,211 --> 00:52:53,351

Continually saving and investing,

being a priority and being important.

00:52:53,351 --> 00:52:53,621

Yeah.

00:52:53,951 --> 00:53:00,101

Creating financial stability to weather,

the unexpected things that come and.

00:53:00,431 --> 00:53:06,251

Feeling powerful that if you need to leave

a situation for whatever reason, There

00:53:06,251 --> 00:53:08,861

are resources that you have access to.

00:53:09,491 --> 00:53:10,091

That you can do.

00:53:10,091 --> 00:53:11,711

So, yeah, that's huge.

00:53:12,821 --> 00:53:14,531

Unfortunately, but it just has to be.

00:53:15,071 --> 00:53:19,601

And I always, I mean, I'm not married,

but the thought of combining finances

00:53:19,601 --> 00:53:22,361

with somebody is so terrifying

because I know how I am with my money.

00:53:22,631 --> 00:53:24,611

But I think it needs to be like a yours.

00:53:24,731 --> 00:53:25,931

Mine, ours.

00:53:26,501 --> 00:53:29,801

And the people who just go all

in and are just like here, you

00:53:29,801 --> 00:53:30,911

can have access to all my money.

00:53:30,911 --> 00:53:32,261

I'm like, girl, what are you doing?

00:53:33,431 --> 00:53:36,131

My husband and I do not

have everything shared.

00:53:36,251 --> 00:53:38,951

Yeah, we have a yours,

mine, and we have an hours.

00:53:39,421 --> 00:53:42,991

, and, and every family's going to set

it up a little bit differently, and

00:53:42,991 --> 00:53:46,291

that is kind of one of those questions

that I do not answer for people.

00:53:46,651 --> 00:53:51,061

I say, you know, Think about

how it seems fair to you guys.

00:53:51,661 --> 00:53:55,471

To split bills and to still

be working towards savings.

00:53:56,041 --> 00:54:01,891

With the end goal of get your bills paid

and everyone needs to be saving money.

00:54:01,921 --> 00:54:04,471

Fairly equally if possible.

00:54:04,621 --> 00:54:06,541

Now if one person just

spends all their money.

00:54:06,571 --> 00:54:09,601

Well, You can't just constantly

replenish their side of it.

00:54:09,631 --> 00:54:09,961

Right.

00:54:10,111 --> 00:54:13,351

So there has to be a little bit of like

personal ownership and responsibility.

00:54:13,351 --> 00:54:13,591

Yeah.

00:54:13,591 --> 00:54:15,871

But you don't have to share everything.

00:54:15,961 --> 00:54:18,871

Yeah, I think sometimes there's a.

00:54:18,871 --> 00:54:22,381

I know, I keep going back to like,

it's a woman thing, but like, there's

00:54:22,381 --> 00:54:25,111

like that fairy tale, like, oh, some

prince is going to come sweep you

00:54:25,111 --> 00:54:26,011

off your feet and dah, dah, dah.

00:54:26,041 --> 00:54:29,971

And I think that kind of an underlying

theme of that is that like, then they'll

00:54:29,971 --> 00:54:35,131

be in charge and I think people hand away

autonomy and safety on a silver platter.

00:54:35,401 --> 00:54:40,021

And then in 15 years they're like, oh

gosh, like I, how do I get out of this?

00:54:40,441 --> 00:54:43,621

And I like to set yourself up

again for success before that even

00:54:43,651 --> 00:54:45,961

potentially happens, it happens.

00:54:45,991 --> 00:54:52,351

And I even think beyond just

sort of like, oh, I don't know.

00:54:52,351 --> 00:54:54,001

It's easier to let him deal with it.

00:54:54,061 --> 00:54:57,181

I think we are all so busy and

we all take on so much that

00:54:57,181 --> 00:54:59,041

you kind of silo activities.

00:54:59,671 --> 00:55:02,191

I do most of cooking dinner.

00:55:02,221 --> 00:55:03,931

My husband does dishes.

00:55:03,991 --> 00:55:06,481

I'm talking about tradesman stuff.

00:55:06,481 --> 00:55:09,661

We're currently like, we think we need

a new heating and air conditioning.

00:55:09,961 --> 00:55:11,581

That is my husband's project.

00:55:11,851 --> 00:55:16,711

I was calling the manufacturer of

our daughter's car seat because we

00:55:16,711 --> 00:55:20,911

had a question like you, you silo

activities because it's just easier.

00:55:20,941 --> 00:55:24,271

And finances are one of those

things that typically get siloed.

00:55:24,631 --> 00:55:26,821

Because there's only so

many hours in the day.

00:55:27,391 --> 00:55:29,941

But I encourage people to

kind of pop their head up.

00:55:29,941 --> 00:55:34,321

If you are not the primary person

that deals with the finances.

00:55:34,591 --> 00:55:35,731

Maybe like once a year.

00:55:35,821 --> 00:55:36,181

Yeah.

00:55:36,241 --> 00:55:37,741

Join that meeting.

00:55:38,191 --> 00:55:39,751

And, and just get an update.

00:55:39,871 --> 00:55:40,261

Yeah.

00:55:41,041 --> 00:55:44,581

Well, and if your husband or your spouse

or your partner drops dead, you need

00:55:44,581 --> 00:55:46,441

to know , how do we pay Georgia power?

00:55:46,441 --> 00:55:48,151

Like what what's going on?

00:55:48,481 --> 00:55:52,501

, you do, you, you, do you need

to know where everything is.

00:55:52,711 --> 00:55:54,331

You need to know passwords.

00:55:54,451 --> 00:56:01,291

, up until very recently, we still had

to go in and make a manual payment.

00:56:01,291 --> 00:56:03,511

I mean, not like go in in

person, but my husband had to

00:56:03,511 --> 00:56:05,311

manually pay our water bill.

00:56:05,551 --> 00:56:05,941

Interesting.

00:56:06,031 --> 00:56:06,931

Which is crazy.

00:56:06,931 --> 00:56:09,271

I mean, in a day and age where

everything is set up as auto

00:56:09,271 --> 00:56:11,971

pay, you don't think of that.

00:56:12,151 --> 00:56:16,411

And that one particular service provider

is different from the rest and it's

00:56:16,411 --> 00:56:18,241

not going to automatically happen.

00:56:19,381 --> 00:56:23,071

You got to know these things

you do, you do so create a list.

00:56:23,161 --> 00:56:26,911

I mean nowhere, everyone in the

family should know where it is.

00:56:27,331 --> 00:56:29,071

Yeah, I know who to call.

00:56:29,641 --> 00:56:30,751

, I mean, it.

00:56:31,411 --> 00:56:36,001

Always surprises me when

someone passes away.

00:56:36,481 --> 00:56:38,161

And it takes the other family.

00:56:38,431 --> 00:56:43,201

Like, you know, if it's the last

person, a mom and dad passes.

00:56:43,471 --> 00:56:44,761

The children.

00:56:45,331 --> 00:56:48,481

You know, take some, a long

time to contact an advisor.

00:56:49,531 --> 00:56:52,351

They should've already

known where that money was.

00:56:52,351 --> 00:56:54,241

That should have been a smooth transition.

00:56:54,961 --> 00:57:00,781

That's an area where you don't want there

to be a delay and accessing your assets.

00:57:01,381 --> 00:57:05,191

And you don't want there to be a

delay in continuing to pay bills.

00:57:06,431 --> 00:57:09,431

, if you haven't already, please

go back and listen to my episode.

00:57:09,461 --> 00:57:12,551

, you're going to die with wills and

trust attorney, Rebecca Cummings.

00:57:12,761 --> 00:57:17,171

We get into the nitty gritty

of how to set yourself up.

00:57:17,271 --> 00:57:20,121

, you know, to die so that you're

not burdening, whoever's left

00:57:20,121 --> 00:57:24,801

behind with untangling, this

whole web of financial stuff.

00:57:24,831 --> 00:57:25,851

I think it's super important.

00:57:25,851 --> 00:57:28,011

And these are conversations

that are really easy to put off.

00:57:28,341 --> 00:57:29,511

, and so it makes sense.

00:57:29,511 --> 00:57:33,721

I think why people shy away from

it, , or inserting themselves into a

00:57:33,751 --> 00:57:37,981

kind of an unspoken dynamic that sort

of has just evolved, but I've got

00:57:37,981 --> 00:57:40,171

one more comment to make, and then

we can pivot away from this, but.

00:57:41,011 --> 00:57:44,131

When it comes to marriage in particular,

the person that you divorce is

00:57:44,131 --> 00:57:45,421

not the person that you married.

00:57:45,631 --> 00:57:49,801

And so you need to make smart decisions

to set your future self up again.

00:57:49,801 --> 00:57:53,101

I keep saying that's for success,

knowing that people change and

00:57:53,101 --> 00:57:57,841

dynamics evolve and, uh, The person

you trust the most of yourself.

00:57:58,561 --> 00:58:00,271

And I would add to that.