Women, Wealth, and Divorce: Money Worries Keep Them Up at Night

By | Advisor Education, Women and Wealth | No Comments

women wealth divorceDo you know what women fear most during a divorce? Money issues. Yes, worries about finances topped the list above concerns about their children. This highlights how important it is for women to have good sound financial guidance during and after a divorce. Something my colleague, Stacy Francis, CFP®, and owner of Francis Financial, knows very well.

This month Stacy’s co-authored a white paper titled “Unveiling the Unspoken Truth: The Financial Challenges Women Face During and After Divorce.” It is one of the first studies to focus solely on women and the impacts of divorce on their financial lives. Here are some of the highlights from the findings:

  • Husbands spend too much. In this study, 24% of the participants stated that their husband’s spending habits were their biggest financial concern. And to think we often label women as over spenders and emotional buyers. Looks like men fall into this unhealthy pattern, too.
  • Divorce takes a long time. The average time it takes to get through a divorce is 10.7 months and if the case goes to trial then it can take up to 17.6 months. Word of caution: Don’t tell your clients it will be over quickly, as it may not be. 
  • Divorce can boost your financial confidence. Overall, women found that divorce forced them to manage money alone, and as a result, their confidence grew. It seems that learning how to invest, taking control of your money, and working with a trusted advisor had a positive impact on most women’s relationship with money.
  • Lack of confidence can look like disinterest. What I found very interesting was that a study done by Hearts and Wallets, mentioned in this white paper, found that women’s lack of confidence is often misunderstood as disinterest by advisors. So the next time you hear a colleague say to you, “She is just not that interested” referring to a client, challenge that advisor to consider what else might be going on for the client. It could be her low confidence level is the culprit.
  • Divorced women regret not having known more about finances. Twenty-two percent of women in the survey wished they had a better understanding of finances as they were going through the divorce. This represents a big business growth opportunity for advisors out there wanting to specialize in helping women navigate this tricky emotional and financial time in their lives.

The bottom line is women in transition, like divorce, need support from financial services professionals who care, work with a team, and are interested in empowering them financially.

Want to know more about this white paper? Then click here to receive a free copy.

Also check out the Breaking Money Silence® podcast airing on August 16, 2017, as Stacy Francis, CFP® will be my guest. Click here to sign up for podcast updates and receive a free money receive a free article, “5 Tips for Breaking Money Silence in Your Life.”

What do you think of these findings? How might you incorporate this information into your practice? Or your life?

Dream, Girl: A Must See Movie for Advisors, Bankers, and Clients

By | Women's Empowerment | No Comments

Last Wednesday night I skipped my usual mountain bike ride and attended a screening of the award-winning film, “Dream, Girl.” This documentary focuses on the daily lives of five female entrepreneurs and shows how complicated, and wonderful being a women business owner can be.  Having been in business for myself for more than two decades, the messages in the film hit home and inspired me to share this film with you. Here are my top 3 favorite themes:

  • Women who have a passion for business can and should embrace the entrepreneur within.
  • Success doesn’t mean you don’t stumble and fall down. It means you stumble, fall down, then brush yourself off, learn something, and move on.
  • Women can and should support each other to reach their full potential because together we can change the world.

Intrigued? Then find a screening in your area by visiting www.dreamgirlfilm.com.

If you are a women entrepreneur what do you find challenging and rewarding about this career choice? If you advise female entrepreneurs or help fund startups, how can you use this documentary to learn more about your target market?

Together we can help all girls – big and small – think BIG.

 

Coaching Clients on Talking to Aging Parents About Money

By | Family and Money | No Comments

The following articles, books, and online resources can help you and your clients learn how to communicate and assist aging parents.

Breaking Money Silence: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life.
By Kathleen Burns Kingsbury

This book is a step-by-step guide on how to overcome the social taboo against talking openly about money with your loved ones. Includes a chapter on how to raise financially fit parents. Pre-order on Amazon now, for September 2017 release date.

The 36-Hour Day: A Family Guide to Caring for People Who Have Alzheimer Disease, Related Dementias, and Memory Loss
By Nancy L. Mace and Peter V. Rabins

Revised and updated, this guide features the latest information on the causes of dementia and how to manage the early stages of the disease. It also includes information on the prevention of dementia, and how to find appropriate living arrangements for the person who has this illness and can no longer live at home. A section on financial issues is included.

Learning to Speak Alzheimer’s: A Groundbreaking Approach for Everyone Dealing with the Disease
By Joanne Koenig Coste

Offers a practical approach to the emotional well-being of both patients and caregivers that emphasizes relating to patients in their own reality. This book includes hundreds of tips, including how to cope with the diagnosis, how to adjust to the disease’s progression, and how to help the patient talk about the illness.

Alzheimer’s Association

Founded in 1980, the Alzheimer’s Association advances research to end Alzheimer’s disease and dementia while enhancing care for those living with the disease. The website offers educational resources, financial and legal information, support group listings, and referrals to treatment facilities across the country.

BMO for Women Podcast Series

By | Women and Wealth | No Comments

The BMO for Women podcast series (#BMOforWomen) sponsored by the Bank of Montreal is a unique series of interviews celebrating women and wealth, and all that women do. I feel honored to have been asked to host these podcasts. As a result, I have had the opportunity to interview Canadian industry leaders, entrepreneurs, and experts and to share tips and tools for becoming more financially savvy. There are more of these to come, so check them out at BMOforWomen.com.

Here are some recent episodes for you to enjoy:

Millennials and Money
Alexander Tecochick, Vice President of Financial Planning, joins Kathleen to talk about millennials and money, tips for finding a trusted advisor.

Supporting the LGBTQ Community with Marg Foy and Karen Tsang
In this episode, Kathleen discusses how to understand and better serve members of the LGBTQ community with Marg Foy, Service Delivery Manager, BMO Financial Group, and Karen Tsang, Enterprise Business Continuity Manager at BMO Financial Group. Both are also members of BMO Pride – an employee resource group at BMO.

Discussing Retirement with Caroline Dabu
Kathleen and Caroline discuss how women can better prepare for retirement. Caroline is the Head of Enterprise Wealth Planning, BMO Financial Group.

Want to be a podcast guest? Interested in creating a podcast series for your firm?  Feel free to email me at kbk@kbkwealthconnection.com with your ideas. (Click to Tweet)

Breaking Money Silence® Website Launches Today!

By | Advisor Education, Couples and Money, Financial Psychology | No Comments

Selling is UndignifiedDid you know that money silence might be costing you a fortune? Whether you are an advisor, a woman, a couple, or a family, not talking about money is hurting you and your relationships. At KBK Wealth Connection, we have decided to put an end to money silence for good.

Check out the Breaking Money Silence® website and learn more about my new book, Breaking Money Silence: How to Shatter Taboos, Talk More Openly about Finances, and Live a Richer Life to be published Sept. 30, 2017. Watch the video book trailer, listen to the podcast series and download free tips sheets that will help you talk more openly in your life.

Remember, together we can break money silence for good. (Click to Tweet)

Myth: I don’t need to worry about money, some day my prince will come.

By | Podcasts, Women and Wealth, Women's Empowerment | No Comments

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.

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)]

 Barbara Stanny is the best-selling author of Prince Charming Isn’t Coming, Secrets of Six-Figure Women, and Overcoming Underearning®.  She has been teaching women how to take charge of their money and take charge of their lives for 20 plus years. An experienced mentor, wealth coach, and sought-after speaker, Barbara can help you create the wealth you desire and the life you deserve. 

Special Offer:

Free e-book “So You’ve Made Good Money…Now What?

Myth: Couples don’t need to talk about money

By | Couples and Money, Podcasts | No Comments

Dr. Dorian Mintzer, Revolution Retirement

As a child, Dori grew up recognizing different money mindsets by watching her parents’ financial habits. Couples may have a division of labor when it comes to finances; but, it is important they talk about them so they know what questions should be asked in times of crisis. Dori and Kathleen explore this myth and why it is important that couples need to talk about money and that is actually an act of love.

Take Aways:

  • Use “I” statements when talking about money
  • Ask a third person (financial advisor, banker, estate attorney, relationship or money coach) to help facilitate these conversations
  • Appreciate your partner in a money conversation (share what it was like growing up, was money talked about, what does money mean to you, etc.)

How do you honestly and openly talk about money as a couple? (Click to Tweet)

Dr. Dori Mintzer – With over 40 years of experience as a psychologist, Dr. Dorian Mintzer (Dori) is an experienced therapist, executive coach, consultant, speaker, and writer. She is the co-author of The Couples Retirement Puzzle: The 10 Must-Have Conversations for Creating an Amazing New Life Together, and co-producer of “The Career Playbook: Second Half Plays. Dori has been featured in a variety of media such as the NY Times, Wall Street Journal, NPR, ABC Evening News, and the Today Show. For more information visit www.revolutionizeretirement.com.

Special Offer:

Virtual: The 4th Tuesday Revolutionize your Retirement Interview with Expert’s Series is at 12:00 noon eastern time and open to professionals and the public. Sign-up begins the week before each call at www.revolutionizeretirement.com.

To sign up for the Breaking Money Silence Podcast, click here.

5 Great Book Ideas for Father’s Day

By | Couples and Money, Financial Psychology | No Comments

Here are 5 great book ideas that will make the dads on your gift list stand up and cheer.

The Feel Rich Project
By: Michael Kay, CFP®

This book is accessible and addresses what most financial books don’t – your money psychology. What I especially love is how he combines the technical side of finance (aka “numbers”) with the human side of finance (aka “feelings”).

The One-Page Financial Plan: A Simple Way to Be Smart About Your Money
By: Carl Richards

This book will help you bridge the gap between where you are now and where you want to go.  Carl helps you prioritize what you really want in life and figure out how to get there by defining what is most important to you.

The Secret Language of Money
By: David Krueger

This book is a blend of cutting-edge science and real-world application, which supports you in rewriting your money story and find that intangible balance of prosperity, well-being, and happiness we all seek.

The Financial Wisdom of Ebenezer Scrooge: 5 Principles to Transform Your Relationship with Money
By: Ted Klontz, Brad Klontz, and Rick Kahler

Learn how to recognize the way unconscious money scripts may keep you trapped in unhealthy financial habits, and how to permanently change self-destructive money behaviors.

Raised Healthy, Wealthy & Wise: Lessons from successful and grounded inheritors on how they got that way
By: Coventry Edwards-Pitt

This is an excellent book with stories from children who survived the gauntlet of being raised with wealth and emerged happy, healthy, and productive. These illustrations allow their voices to speak with a clarity that will inspire parents faced with these challenges to help guide and steer their children on the same path.

A Man is a Plan.

By | Podcasts, Women and Wealth, Women's Empowerment | No Comments

Paula Harris, Co-Founder, WH Cornerstone Investments

A man is a plan is a myth many women, unfortunately, use to avoid dealing with their finances. In this podcast, listen to Kathleen interview Paula about how to break this myth down so you can start to make simple decisions every day to reach financial security.

Listen in and discover:

  • Why it is important to take care of yourself financially and not wait until you are married to let your partner do it for you.
  • How to practice the “set it and forget” method of saving.
  • Ways to set realistic financial goals.
  • Why delaying gratification today is part of any sound financial plan.
  • How a certified financial planner can help.

WH Cornerstone’s co-founder, Paula Harris is part financial therapist and part dream architect. She takes great pride in helping her clients, particularly women, obtain financial peace of mind and independence. In addition to her role as co-founder, Paula is very actively involved in the community. In the past, she has served on several boards including serving as the Past President of the Plymouth Philharmonic Orchestra and the 2012 Chairman of the Board for the South Shore Chamber of Commerce. She currently is an advisory board member of empowerHER.

Paula is a graduate of Providence College and now lives in Plymouth, MA and the Berkshires with her husband and co-founder, Bill Harris.

To sign up for the Breaking Money Silence Podcast, click here.