Overview

Are you a single mom navigating the complex world of finances after a major life transition? In this episode, I sit down with Jennifer Lee, founder of Modern Wealth, to discuss crucial financial strategies for women in transition.

Jennifer, affectionately known as "Aunt Jen," shares her wealth of experience in guiding women through financial crossroads. With 29 years in the financial services industry, she brings a unique perspective to help demystify money matters for those who feel intimidated by the topic.

Key Insights for Solo Moms:

• Discover the importance of having money conversations before entering new relationships
• Learn the first three steps to take when suddenly in charge of finances
• Understand how to live with purpose while feeling stuck in survival mode
• Explore the concept of the "Family Love Letter" and its significance

Jennifer emphasizes the value of assessing your financial situation, finding trusted advisors, and understanding your discretionary income. She also introduces her book, "Squeeze the Juice," which offers an accessible approach to financial concepts for those new to money management.

Actionable Takeaways:

• Assess your assets and gather all financial information
• Find a trusted party to help you navigate your finances
• Determine your discretionary income for personal choices
• Consider writing a "Family Love Letter" to communicate important information to loved ones

This episode provides invaluable insights for single moms looking to take control of their financial future. Jennifer's approachable style and practical advice offer a beacon of hope if you're feeling overwhelmed by your financial circumstances.

Don't miss this opportunity to gain financial clarity and empowerment. Tune in to hear Jennifer's full interview and start your journey towards financial confidence today.

Connect With Jennifer: Website | Book

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My guest today is Jennifer Lee. Welcome Jennifer. Thank you for coming and speaking to us on Solo Mom's Talk.

J. Rosemarie Francis (01:02) Absolutely. Before we get into what you do, could you tell us who is Jennifer Lee?

J. Rosemarie Francis (01:36) Cool, thank you. And spoiler alert, I'm Aunt Jen as well because my first name is Jennifer. Wonderful. Yeah, I probably have a hundred nieces and nephews.

J. Rosemarie Francis (01:52) Yes. All right. Well, I appreciate you sharing that. And we're going to talk about solo moms and the challenges they face, especially maybe before, during, and after divorce. Yeah. Okay. All right. So what would a solo mom have to do to prepare themselves?

J. Rosemarie Francis (02:22) It's after the fact—they probably were married, they're divorced, but they're looking at relationships again, maybe engaged or something like that. What could they do to prepare without appearing that they're planning for a divorce? That's the fine line, right? To prepare themselves, especially financially, in case of a divorce.

J. Rosemarie Francis (02:57) No, not yet. We're actually talking after the fact. I'm a solo mom, I'm a divorced mom or I'm just a mom, but I'm thinking about marriage. Maybe I have the opportunity. I'm engaged. I mean, we're not thinking about that. We're thinking about love and the wedding and blah blah. So what could we have done differently at this point?

Now you add in a relationship—let’s hope that person has a similar mindset around money and future. And so I like to think that probably some of the most important conversations are around your values. So what are your personal memories and values around money? And what is your soon-to-be partner’s values and experience around money? That's going to tell you a lot. Whether they're going to spend every nickel they make, whether they're going to go on big extravagant vacations, whether you can afford it or not, or whether they're going to penny pinch everything, or some variation in between. That can be a big difference in a relationship. So it's important to have those money story conversations.