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Jul
27
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RECAP: Talking Shop About Money

RECAP: Talking Shop About Money

Last Thursday, The Lola hosted an amazing event with over 75 women (not including the waitlist)!

What did these Atlanta women want to talk about???

Money, of course! 🤑💰💪

Led by the brilliant finance guru, Meredith Moore, with over two decades of financial planning experience, we talked about:

  • Monthly Money Meetings
  • 2023 Financial Planning Checklist
  • Research on couples and money dynamics
  • Commonly asked money questions

If you couldn’t make it, love finances, or are wondering what women talk about at a womxn’s community and co-working space, here’s the recap!

Meredith’s Awesome Ted Talk

➡️ Start here: The Right Way For Couples To Talk About Money

5 Things To Consider When Talking To Your Partner About Money:

  • Contribution - including non-monetary items
  • Transparency - be honest and avoid judgement
  • Values - what matters to you and why
  • Equality - partner with greater income, education, or age often holds the power
  • Vision - identify long-term vision and work backwards

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“The most important thing we can do is normalize the conversation around money.”

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#1 Recommendation

**Schedule a Monthly Money Meeting.**

  • Put it on the calendar.
  • Invitees
  • You + your partner
  • You + pet/accountabil-a-buddy
  • You
  • [OPTIONAL] Bring wine. 😁

What To Cover:

  • Update (or create) your balance sheet
  • Review (or start tracking) expenses
  • Discuss contribution, transparency, values, equality, vision
  • Work through your 2023 Financial Checklist ⬇️

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“Engagement is more important than knowledge.”

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2023 Financial Checklist

  1. Replenish emergency fund: 3 months personal living expenses, separate from business liquidity/expenses, 12 months for senior leaders ➡️ takes longer to find new role
  2. Compile 1099, K1, W2s
  3. Locate receipts from charitable donations
  4. Update (or build) your balance sheet: financial dashboard, include accounts, debts, real estate, investments
  5. Annual review with financial professional
  6. Expense audit from last year: now your monthly living expenses, range from $4k/mo to $30k/mo, it’s a data point, no judgement!
  7. Review (or create) estate planning documents: use a lawyer -- NOT online doc, one-time flat fee
  8. Beneficiary audit on retirement accounts, life insurance, annuities
  9. Confirm long-term savings strategy: most people underfund “mid-term savings”, don’t have everything in retirement and your house
  10. Fund Roth IRA or Backdoor Roth IRA?
  11. Business owners ➡️ SepIRA, profit sharing for 401k?
  12. Check rewards points on credit cards

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“Get in the trenches and start looking at your own financials.”

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Research Shows…

  • Partner with greater income, education, or age more likely to hold financial power
  • When women are breadwinners, larger % of discretionary $ towards housework and kids
  • Whoever does more housework = less financial power

Women + Money

  • You don’t have to know it all to get started!
  • Money is a shared responsibility.
  • Whether you are a breadwinner or primary caretaker, MBA or no college education, you are capable and deserving of financial empowerment.
  • Many women come to Meredith after being widowed or divorced who had little to no involvement with finances. It’s harder this way.
  • It’s never too late to start learning and getting involved. (See “Monthly Money Meeting” above.)
  • Best first task? Put together a balance sheet.

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“Understanding money gives you options.”

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Word of the Day: Work Optional

  • Paradigm is shifting. Pure retirement is rare.
  • Know your average monthly expenses for realistic picture
  • Entrepreneurs planning an exit ➡️ what is your “work optional” amount?
  • Create other streams of revenue
  • More execs shift to board positions, consulting, or coaching than retirement

Q&A: What should I do about my parents’ finances?

  • Set up a meeting to discuss
  • Use a facilitator if needed
  • Topics: retirement accounts/pensions, long term care insurance, estate planning, balance sheet (accounts, debts, financial items)

Q&A: How do I combine finances with my partner?

Q&A: What’s the biggest mistake business owners make?

  • Not enough liquidity
  • Everything is tied up in the business or real estate
  • Take those golden eggs and put it in other assets

Thank you, friends!

Thank you, Meredith, for the amazing content and sharing your wisdom.

Thank you, Eileen Lee, founder of the Lola, who brought us together and hosted.

Thank you, Sweetgreen, for sponsoring the delicious salads. (See? It IS possible to eat healthy while building! 😉)

Thank you, Monica Hooks, Suna Lumeh, Margaret Weniger, Anastasia Simon, Kristin Slink, Tammy Napier, and Jacey Cadet for moderating small group discussion!

It was an honor and a joy to work with amazing women to provide value for amazing women.

Let’s keep this money conversation going!

What is the best financial advice you’ve gotten? Any 2023 financial checklist items to add?

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