Financial Finesse Podcast

S5E3: Real Estate Investing 101 with Property Powerhouse Ruth Krumbhaar

Financial Finesse Podcast / By /
Real Estate Investing 101 with Ruth Krumbhaar

Real Estate Investing 101 for Single Women

This episode is Real Estate Investing 101 for single women who are curious about investing in real estate but may not know where to start.

Today’s guest is Ruth Krumbhaar, a successful therapist, coach, and part-time real estate investor who has built a reliable source of passive income through her investments.

Ruth’s journey began when she bought her first condo in an up-and-coming area of Berkeley, California and nearly tripled her investment in just a few years. Fueled by her initial success, she began learning everything she could about investing in real estate and has since expanded her portfolio to include multiple properties. Her experience has made her an expert in finding the right properties, building a successful real estate team, and managing a diverse portfolio of real estate investments.

In today’s episode, we’ll cover:

  • How Ruth made the transition from homeowner to real estate investor.
  • Some of the mistakes she made as she learned the business.
  • Why it’s important to manage your emotions as a real estate investor.
  • The types of properties Ruth has invested in and what she believes makes a great investment property.
  • How to build a great real estate team in any part of the country.
  • The financial planning aspects of investing in real estate as a single woman.

Ruth and I both believe that real estate investing can be a great source of passive income for single women, and I’m excited to share Ruth’s unique insights with you in today’s episode. So, sit back, relax, and join us for a fascinating conversation, as we explore the wide world of real estate investing in Real Estate Investing 101 with Property Powerhouse Ruth Krumbhaar.

Ruth's Post-Episode Advice

Ruth also offered these words of wisdom after her Real Estate Investing 101 episode:

“It’s also helpful to subscribe to local newspapers in the areas you want to invest in, so you’re up to date on what’s happening in local government, business, and culture. I recommend any person investing in rental properties also carefully study the planning and building websites for the jurisdiction, as well as the county site, for any incentives or information related to property ownership.”

Episode Highlights

  • [10:45] Ruth Krumbhaar shares some of the biggest mistakes she’s made as a real estate investor.

  • [15:06] What Ruth believes is her greatest success so far as a real estate investor.

  • [22:09] Ruth explains her process for identifying new investment properties.

  • [31:17] Ruth explains why it’s so important to research the local area and make sure you can find good help nearby before purchasing an investment property.

  • [34:40] How Ruth finds sources of help near her investment properties and researches potential growth factors in new locations.

  • [39:43] Cathy and Ruth discuss how financing works when investing in real estate.

  • [45:11] Why it’s so important for real estate investors to find an inspector they trust.

  • [52:30] Why real estate investing can be a great way to build wealth, even if you’re starting small.

  • [55:11] How rising interest rates have affected Ruth’s approach to real estate investing.

  • [58:08] Ruth Krumbhaar’s advice for single women who are interested in getting started in real estate investing.

Links Relevant to this Episode

FEMA National Risk Index Map

The BRRRR Method for Investing in Real Estate

Avail.co for Marketing and Managing Rental Properties (Free Landlord Software)

Beacon™ for Investment Property Research

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S5E2: Here’s What Savvy Donors Need to Know About Strategic Charitable Giving

Financial Finesse Podcast / By /
Strategic Charitable Giving Tips for Savvy Donors

Strategic Charitable Giving Ideas to Maximize Your Tax Savings

Cathy shares her strategic charitable giving tips, from deciding how much to give to maximizing your tax savings.

A lot of my clients are charitably inclined and want to include giving in their financial plan. 

Of course, I thoroughly understand my client’s personal finances. Thus, I can provide specific guidance as to how they should think about giving and how to incorporate it into their financial plan.

However, if you’re listening to this podcast episode because you’re also looking for answers to these questions, I can still offer some nuggets of wisdom without knowing the details of your financial life.

In this episode, we’re going to talk about:

  • How much to give to charity
  • Which charities to support with your donations
  • Strategic charitable giving methods to maximize your tax savings.

Naturally, everyone’s goals and personal finances are unique. Therefore, it’s best to consult a financial professional if you have specific questions on this topic.

Nevertheless, I hope this episode gives you a framework for how to think about giving, so you can continue to make an impact while also reaping the associated financial benefits.

Episode Highlights

  • [01:36] How much should you give to charity?

  • [03:17] Which charitable organizations should you support with your donations?

  • [06:52] Who can reap the tax benefits of donating to charity?

  • [07:51] How to use “bunching” to increase your tax savings from charitable giving.

  • [10:06] How donor-advised funds (DAFs) can support your strategic charitable giving goals.

  • [13:04] Why donors who have reached RMD age may want to consider making qualified charitable distributions (QCDs).

  • [15:44] The potential advantages and drawbacks of a charitable gift annuity.  

  • [16:46] Why you may want to consider a charitable remainder trust (CRT).

Links Relevant to this Episode

Strategic Charitable Giving Blog Series:

1: How Much Should You Give to Charity?

2: Which Charitable Organizations Should You Donate To?

3: Tax-Smart Ways to Give to Charity (Part 1)

4: Tax-Smart Ways to Give to Charity (Part 2)

Other Helpful Links:

Donor-Advised Fund (DAF) Decision Matrix

Charity Navigator

GuideStar

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S5E1: Overspending? Here’s How to Get Your Spending Habit Under Control This Year

Financial Finesse Podcast / By /
Spending Habit

Take Control of Your Spending Habit Once and For All

In this episode, Cathy shares her tips and strategies for getting your spending habit under control once and for all this year.

Welcome to Episode 1 of the 5th season of the Financial Finesse podcast!

Today I’m going to talk about spending—specifically, how to get your spending under control. Many of my clients told me that one of their goals for 2023 is to get their spending on discretionary items under control. (In other words, the things you really don’t have to have.)

And they may not have a spending problem per se. But they know their spending is probably one of the things that’s keeping them from reaching their longer-term financial goals, and/or it’s just making them uncomfortable. They don’t feel right about their spending habits.

I have to admit, I can relate to this because I have a little bit of a clothing infatuation. I love anything new, and I love clothing and accessories. So, I’m going to be right there with you in working on getting my own spending habit under control this year.

Episode Highlights

  • [02:11] What do habits have to do with spending?
  • [03:23] Identifying your biggest spending weakness or weaknesses.
  • [06:05] What are your spending triggers?
  • [08:45] Setting your new budget for the year ahead.
  • [10:32] How to find ways to support yourself in reaching your goal.
  • [16:23] Determining your values and aligning your spending accordingly.
  • [17:33] Download our free e-book, How to Take Control of Your Spending This Year.

Links Relevant to this Episode

How to Take Control of Your Spending This Year Blog Series:

1: Reduce Your Spending By Creating Healthy Habits

2: Identifying Your Spending Weakness

3: What Triggers Your Overspending Habit?

4: Budgeting And Tracking Your Spending

How to Take Control of Your Spending This Year (Free e-book)

The Happiness Spreadsheet (Free e-book)

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S4E6: The Unexpected Benefits of Working with a Private, Professional Fiduciary with Sara Ecklein

Financial Finesse Podcast / By /
The Unexpected Benefits of Working with a Private, Professional Fiduciary

Why You May Want to Consider Partnering with a Private, Professional Fiduciary

In this episode, I interview Sara Ecklein, a private, professional fiduciary. In addition, Sara is the founder of Trust and Honor, a fiduciary agency. Trust and Honor serves as a partner and compassionate advocate in managing and protecting the personal affairs, property, and assets of clients in the San Francisco Bay area and beyond.

I was particularly interested in talking with Sara because I work with many single women who may not have a family member or friend who could take on this role for them when needed.

Sara’s calling to become a fiduciary and found Trust and Honor was informed by personal experience with loss and end of life care. She has been working in the fiduciary profession since 2014 and has a rich and varied background in issues facing senior and disabled populations, including end of life care, financial abuse, and navigating challenging support systems and family dynamics.

Sara holds a Bachelor of Arts degree in Political, Legal, and Economic Analysis from Mills College. She is also, in addition to being a licensed Professional Fiduciary, a Certified National Guardian and a general member of the Professional Fiduciary Association of California.

In this episode, Sara and I discuss the role of a private fiduciary and the journey that led Sara to her position as founder of Trust and Honor. We also talk about who can specifically benefit from partnering with a private, professional fiduciary and why and when someone may seek her services. 

For example, some of Sara’s fiduciary services include:

  • Being a trustee guardian and/or an estate executor
  • Daily bill paying and money management
  • Healthcare representation agent
  • Power of attorney or executor for seniors with no spouse or family
  • Conservator for those who are mentally or physically incapacitated

Meanwhile, Sara and I get into the specifics of special needs trusts, their complexities, and common mistakes that non-professionals make when administering these trusts. In addition, we talk about long-term care insurance and how it can play into end-of-life planning. And at the end we talk about Sara and some of her amazing personal accomplishments.

I really enjoyed this conversation, and I think it’s especially important for independent women to better understand what someone like Sara does and how partnering with a private fiduciary may be beneficial. With that, I hope you enjoy this episode of Financial Finesse.

Episode Highlights

  • [03:45] Sara Ecklein describes the role of a private, professional fiduciary.

  • [09:28] Sara shares why and when someone may seek her services as a private fiduciary and what her intake process looks like.

  • [25:26] How working with a private, professional fiduciary can benefit clients when it comes their healthcare.

  • [39:20] Sara Ecklein and Cathy discuss special needs trusts and why it can be helpful to have a trustee who specializes in this area.

Links Relevant to this Episode

Trust and Honor’s website

Professional Fiduciary Association of California

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S4E5: The Insurance Lady Ruth Stroup Answers Your Biggest Questions About Insurance

Financial Finesse Podcast / By /
The Insurance Lady Answers Your Biggest Questions About Insurance

Your Biggest Questions About Insurance Answered

My guest on today’s episode is Ruth Stroup. Ruth, AKA “The Insurance Lady,” is a Farmer’s agent in Oakland, California. Voted Best of Oakland seven times, The Ruth Stroup Insurance Agency is a community-oriented agency offering customized insurance solutions to businesses and families.

In this episode, Ruth and I discuss all things insurance, from what it covers and doesn’t cover to choosing the right policies and the obstacles that can get in the way of that. Specifically, we talk about wildfire risk in Northern California and how it may cause you to lose your homeowner’s insurance or your premiums to skyrocket. We also discuss what Ruth can and can’t do as an agent to help her clients navigate claims.

Later in the episode, Ruth provides a helpful overview of umbrella insurance, including common misconceptions about what it covers and how to determine if you need additional coverage. She also shares a little-known strategy she uses with her high-earning clients to protect their personal assets.

And be sure to listen to the end, when we talk briefly about earthquake insurance, another potential risk factor for California residents, and many of the common misconceptions surrounding it. Ruth also shares her tips for how she believes people should approach earthquake insurance and how to decide if it’s worth the high premiums.

And lastly, Ruth offers her response to people who believe insurance is just a racket. I learned so much during this conversation and Ruth shared so many great gems that I believe will benefit a lot of you listeners. I hope you enjoy the episode as much as I did.

Episode Highlights

  • [04:02] Ruth Stroup explains what homeowner’s insurance covers and doesn’t cover if someone burglarizes your home.

  • [07:03] How to insure different types of jewelry, whether it’s costume, gems and metals, or fine jewelry.

  • [12:31] What people can do to mitigate the damage if they get burgled or their home is destroyed by fire.

  • [16:22] What to do if your policy goes into non-renewal because you live in a high-risk zone for wildfires.

  • [19:51] How reinsurance companies impact the insurance industry.

  • [22:29] Ruth Stroup shares the reasons besides wildfire danger that a policy may be non-renewed.

  • [26:45] What Ruth can and can’t do as an agent when helping her clients navigate claims.

  • [33:11] Cathy asks Ruth Stroup to give a mini tutorial on liability and umbrella insurance.

  • [38:54] Ruth Stroup shares what she believes is the best kept secret in the insurance business.

  • [42:02] Cathy and Ruth talk earthquake coverage.

Links Relevant to this Episode

Ruth Stroup Insurance Agency’s website

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S4E4: How to Thrive in the Digital World with Susan Reynolds

Financial Finesse Podcast / By /
Digital Wellbeing with Susan Reynolds

Improving Digital Wellbeing

In this episode, Cathy interviews Susan Reynolds about improving our tech-life balance and digital wellbeing. 

My guest today is Susan Reynolds. As co-founder of the nonprofit organization LookUp, Susan helps young people minimize the negative effects of technology and lead healthier, more balanced lives. She also teaches, speaks, leads workshops, and facilitates panels to educate and empower Gen Z to find and implement their own solutions to the detrimental aspects of social media and digital distraction.

Previously, Susan was an English and social studies teacher and curriculum developer. In addition, she was the first Director of Academic Technology at the Fenn School in Concord, MA. There, she developed a curriculum that focused on harnessing the positive aspects of technology while mitigating the negative ones. She graduated with a BA from Dartmouth College and a Master’s in Education from Tufts University. As a yoga and mindfulness teacher, Susan brings mindful technology to her work with LookUp’s youth leaders and innovators.

In this episode, Susan and I discuss the harmful effects social media and digital technology can have on mental health and wellbeing.

And how she works with youths to help them take advantage of the positive aspects of technology and mitigate the harmful ones. We also talk about why she believes Gen Z is well positioned to be agents of change, which may also be a tailwind for new legislation that regulates digital media—specifically, the California Kids code. Unfortunately, since we recorded this episode, Susan has shared that California Kids is now facing an even bigger uphill battle than she previously believed due to aggressive push back from tech lobbyists.

Lastly, we talk about the influence the Covid-19 pandemic had on our technology habits, as well as the challenges of undoing some of those habits now that we’re returning to pre-pandemic norms. Susan also shares her definition of digital wellbeing and how it differs from mental health advocacy.

I think digital wellbeing is a really important issue that affects everyone in one way or another.

Susan offers a unique perspective on how we can have better relationships with technology at any age. With that, I hope you enjoy my conversation with Susan Reynolds as much as I did. 

Episode Highlights

  • [12:04] Why technology is so addictive and how it’s contributing to our mental health crisis

  • [20:04] How digital wellbeing relates to self-care.

  • [28:33] The pending legislation around digital wellbeing at the state and federal levels.

  • [41:38] Susan Reynolds describes some of the work her nonprofit LookUp.Live is involved with.

  • [47:29] The effect the pandemic has had on technology and social media habits.

  • [50:08] Susan Reynolds shares her vision for the next five years.

  • [57:30] How people can get in touch with Susan Reynolds and become more involved with the digital wellbeing movement.

Links Relevant to this Episode

LookUp.Live

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S4E3: Simple Strategies for Improving Your Grief Literacy with Kathi Balasek

Financial Finesse Podcast / By /
Simple Strategies for Improving Your Grief Literacy with Kathi Balasek

A Helpful Guide to Grief Literacy

My guest today is Kathi Balasek, an educator, empathy and grief literacy coach, university lecturer, speaker, and widow advocate. Kathi teaches financial professionals how to improve their grief literacy communication skills to best serve bereaved clients. She also hosts the One Well Widow podcast, helping widows process their grief and learn from one another.

After experiencing the financial uniqueness of widowhood firsthand and learning that 70% of widows leave their financial advisors within the first year, Kathi leveraged her many years of teaching, coaching, and personal experience to create Grief Smart Advisor as a tool to help professionals retain, connect, and support clients experiencing loss, grief, and widowhood. Through her coaching programs, webinars, workshops, and speaking engagements, she trains leaders to build trust and empathy with their clients so they can support them during the toughest moments of their life.

Kathi earned a Bachelor of Science degree in Education at Montana State University and a Master of Arts degree in Education with a concentration in Kinesiology. Moreover, she is currently a lecturer at California State University, Chico in the Department of Communication and Education where she trains future teachers and athletic coaches. Indeed, Kathi has a passion for motivating leaders to develop communication skills that engage and connect.

Grief Literacy in Practice

In this episode, Kathi shares her personal story of widowhood and how she came to realize the importance of grief literacy. We also talk about the financial challenges women, in particular, tend to face when losing a spouse. And why with a million women becoming widows each year in the U.S., it’s critical for us to prepare for the unpleasant probability that we’ll have to manage our finances on our own one day.

Furthermore, Kathi offers alternative phrases to “I’m sorry for your loss” that may be comforting to people who are grieving. In addition, she shares her thoughts on how to respond if you learn about someone’s death indirectly—for example, through social media.

Meanwhile, be sure to listen to the end, as Kathi explains what she wishes more people understood about grief. Kathi also suggests a variety of resources that can help both widows and advisors to widows.

I really enjoyed my conversation with Kathi Balasek, and I hope you do, too. Whether you’re going through the grieving process yourself or you’re an advisor who works with widows, I think you’re going to find this episode and her unique insights extremely helpful.

Episode Highlights

  • [08:16] What people don’t always know about grieving families, and how they can talk about death better—especially with children.
  • [09:36] Kathi Balasek describes her work as a grief communications coach.
  • [12:37] What is grief literacy?
  • [16:00] Kathi Balasek explains why it’s so important for women to take an active role in their financial lives, even if their partner takes the lead.
  • [19:15] The current state of widowhood in the United States.
  • [22:33] Kathi Balasek shares an example of how she’d train a financial advisor to prepare their women clients for widowhood.
  • [29:54] The differences in how women and men communicate and why they matter for grief literacy.
  • [32:36] Alternative phrases to “I’m sorry for your loss.”
  • [34:22] How to respond when you learn about someone’s death indirectly, like through a Facebook post.
  • [40:24] Why food and practical gifts are better than flowers when someone dies.
  • [43:07] Kathi Balasek shares her tips when it comes to recommending other professionals to their widowed clients.
  • [46:05] The biggest mistake Kathi sees her clients make and the one thing she wishes people understood about grief.
  • [49:20] Recommended resources for widows and advisors of widows.

Links Relevant to this Episode

Kathi Balasek’s Website

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S4E2: Estate Planning with Heart with Patricia De Fonte

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Estate Planning with Heart with Patricia De Fonte

Patricia De Fonte Shares Why She Practices Estate planning with Heart

My guest today is Patricia De Fonte, founder of De Fonte Law based in San Francisco. Patricia practices estate planning with heart and is focused on working with happy, proactive people who want to protect their heir’s privacy. Through her estate planning process, her goal is to give her clients the tools they need to become savvy and successful people.

However, what’s unique about De Fonte Law is how they develop values-driven estate plans that empower heirs and preserve family harmony. In addition, they work with all members of the community, operating from the belief that estate planning is for everyone.

Moreover, Patricia has been recognized as a San Francisco Super Lawyer due to her dedication to estate planning and her clients. Additionally, she recently won the 2021 Better Business Bureau Torch Award for Ethics in the San Francisco Bay Area. She is also a graduate of Golden State University, where she adopted social justice as a core value.

In this episode, Patricia and I discuss a variety of estate planning topics, including:

  • Why everyone needs an estate plan.
  • Why an estate plan is more than a will.
  • The importance of choosing an estate planning attorney you trust and how to find an attorney whose values are aligned with yours.
  • Patricia’s estate planning with heart process and how she works with her clients to create a personalized estate plan that reflects their values and preserves family harmony.
  • Finally, some of the common misconceptions many people have when it comes to hiring an estate planning attorney.

Indeed, Patricia offers several nuggets of wisdom during this episode, and I think you’ll benefit from hearing her take on estate planning. Lastly, be sure to check the show notes for more information and resources related to this episode.

With that, I hope you enjoy my conversation with Patricia De Fonte as much as I did.

Episode Highlights

  • [04:30] Patricia De Fonte explains what an estate plan is in plain English and what documents a comprehensive estate plan typically includes.
  • [11:32] What Patricia De Fonte recommends using to direct your assets instead of a will.
  • [20:36] The importance of choosing an executor or trustee you can trust to manage the distribution of your estate according to your wishes.
  • [32:44] How to find an estate planning attorney you can trust and who is well suited to your needs and objectives.
  • [40:11] Cathy and Patricia discuss some of the most common mistakes people make with their estate planning documents.
  • [45:28] Patricia De Fonte shares some of the biggest misconceptions people have about estate planning based on her experience.
  • [54:42] What to do if you don’t know who to appoint as executor of your estate.
  • [1:05:06] Patricia shares additional questions you should ask any estate planning attorney you’re considering engaging.

Links Relevant to this Episode

De Fonte Law’s Website

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S4E1: Advancing Democracy Worldwide With Your Investment Dollars

Financial Finesse Podcast / By /
Democracy Investments

Democracy Investments Is On A Mission To Promote Democracy By Shifting Capital Flows

In this first episode of Season 4, I interview the management team from Democracy Investments: CEO Julie Cane, Chief Investment Officer Chris Browne, and Chief Economist Rick Rikoski. These three individuals have decades of financial services experience and unique back-stories, all of which influenced them to collaborate in creating an investment management firm that’s committed to advancing democracy worldwide. And I really believe this conversation couldn’t have been more timely given Russia’s ongoing attack on Ukraine and the explicit dangers of authoritarian government.

This team’s mission is to incentivize democracy by directing capital towards the economies of democratic nations and away from authoritarianism. In fact, by holding an exclusive license agreement with the publishers of The Economist, they leverage The Economist’s Democracy Index to measure and rank countries globally based on their democratic values and practices. Democracy then uses this information to construct a diversified international index. This is the basis for their flagship ETF, the Democracy International Fund.

In this episode, we discuss the genesis of Democracy Investments, as well as their investment philosophy and approach. Additionally, we talk specifically about Russia’s war in Ukraine and more broadly about the global trend towards authoritarianism. Lastly, be sure to listen all the way through to the end, as we discuss why investors who want to make an impact with their investment dollars may want to consider the Democracy International Fund.

With that, I hope you enjoy my conversation with Democracy Investments as much as I did!

Episode Highlights

  • [05:47] The team shares their insights into the Russia-Ukraine crisis and events leading up to it.
  • [08:41] Democracy Investments explains their methodology and why they believe overweighting democracy is a good investment decision on multiple levels.
  • [19:11] Cathy asks the team to explain why parts of the world are trending towards authoritarianism.
  • [22:23] The team shares their thoughts on why ESG investors should consider the “D” first when making responsible investment decisions.
  • [30:25] Cathy asks where the U.S. would rank on the Democracy Index if Democracy Investments managed a global fund.
  • [35:10] The team offers final thoughts on how investors can access their fund and why now may be the right time to consider the Democracy International Fund.

Links Relevant to this Episode

Democracy Investments’ Website

Julie Cane’s Bio

Chris Browne’s Bio

Rik Rikoski’s Bio

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S3E8: Can’t Stick to Your Budget? Try These Money Saving Tips Instead

Financial Finesse Podcast / By /
Money Saving Tips

Money Saving Tips for Women Who Don't Like to Budget

Lately on the podcast, we’ve been talking a lot about awareness, mindfulness, and creating space for what’s most important in our lives. I think these topics are so important because of how they relate to our finances, and specifically, our spending habits. When we’re not aware of where our money’s going, it’s easy to get off track when it comes to budgeting and long-term financial goals. So, in this episode, I want to focus on a few money saving tips that don’t involve traditional budgeting. Instead, they’re going to require you to be more self-aware, mindful of your spending, and intentional with where your money goes.

Episode Highlights

  • [01:37] How to identify your values to spend more intentionally
  • [02:47] Why you should budget for your future, not your past.
  • [05:06] 20+ tips to get your shopping habit under control and save money
  • [09:34] Why finding your personal style can be a great money-saving tip
  • [11:17] The surprising reason you may need to go on a decision detox.

Links Relevant to this Episode

Budgeting for Happiness: Your New Spending Plan

Life After Lockdown: Creating a Budget Post-Pandemic

25 Tips to Get Your Clothes Shopping Habit Under Control

Finding Your Style Can Save You Money

Feeling Mentally Drained? You May Need to Go On a Decision Detox

Mint.com

You Need a Budget

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