Financial Finesse Podcast

S3E5: How to Make Room in Your Life for What Matters with Lis McKinley

Financial Finesse Podcast / By / August 3, 2021
Lis McKinley Let's Make Room

Lis McKinley will help you get--and stay--organized

On this episode of Financial Finesse, I’m interviewing Lis McKinley, a Certified Professional Organizer and move manager. Lis is the owner of Let’s Make Room, a residential organizing and move management company that has organized hundreds of living, storage and work areas in the San Francisco Bay Area and beyond. Lis is a recognized public speaker on personal productivity, organizing and well-being. She is also a trained Marriage and Family Therapist, holding a Master of Arts degree in clinical psychology from John F. Kennedy University.

While you may be thinking, “what does home organizing have to do with personal finance?” I think you’ll be surprised to learn how many parallels there are between what Lis does as a personal organizer and what I do as a financial advisor when it comes to helping our clients achieve their goals and aspirations. In this episode, you’ll hear how mindset is the number one determinant of maintaining an organized life and how Lis helps her clients get unstuck from the bad habits that keep their homes cluttered. You may also get some great ideas for how to organize your living space if it needs a refresh.

Tweetable Quote

Lis McKinley on getting organized:

Don't make your stuff more important than you are. Click To Tweet

Episode Highlights

  • [5:55] Lis’s process for helping her clients curate their belongings to match the vision they have for their life
  • [16:17] How having a personal mission statement can help you get and stay organized
  • [29:53] The online auction and estate sale platform that can help you downsize and make money in the process
  • [46:30] How lockdown inspired Lis to pivot her business to include virtual services
  • [50:23] Lis demonstrates her ACT system on Cathy

Links Relevant to this Episode

Let’s Make Room

MaxSold

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S3 E4: Understanding the SECURE Act and Inherited IRAs

Financial Finesse Podcast / By / August 3, 2021
Understanding the SECURE Act and Inherited IRAs with Megan Gorman

How the SECURE Act May Impact Your Estate Plan with Megan Gorman

In this episode, I interview Megan Gorman, Founder and Managing Partner of Chequers Financial Management, a high-net-worth tax and financial planning firm in San Francisco. An attorney by training, Megan is passionate about the problem-solving required to work in the world of complex financial planning. She is also a senior contributor at Forbes and writes on personal finance and income tax.

As you listen, you won’t be surprised to hear that Megan is an adjunct professor at Golden Gate University in San Francisco as well. She is a very clear communicator and a great educator. And I’m happy to call her a friend, too.

Megan’s expertise is invaluable for today’s topic, inherited IRAs, which is why I’m so excited to have her on the podcast. Specifically, we’re talking about how the SECURE Act of December 2019 changed the rules for certain beneficiaries of inherited IRAs. I think everyone can benefit from this information, whether you have an IRA or expect to inherit one.

Tweetable Quote

Megan Gorman on estate planning:

Engage in your planning. These are big dollars, whether your IRA is $50,000 or $500,000. Click To Tweet

Episode Highlights

  • [08:11] Why the SECURE Act impacts so many people–not just the ultrawealthy
  • [10:28] Two major changes the SECURE Act made to IRAs an how it impacts certain inherited IRA beneficiaries
  • [14:54] Groups of beneficiaries excluded from SECURE Act inherited IRA rules
  • [18:22] Why everyone should take a holistic view of their estate plan in light of these inherited IRA rule changes
  • [24:29] Measures some IRA owners may want to take before they die to reduce their beneficiaries’ tax liability
  • [37:32] The importance of having a personal tax philosophy when it comes to estate planning
  • [41:34] Additional planning ideas to minimize taxes related to inherited IRAs

Links Relevant to this Episode

Megan Gorman, Forbes Senior Contributor

Fidelity IRA Study

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S3 E3: Learning to Think Like a Breadwinner with Jennifer Barrett

Financial Finesse Podcast / By / August 3, 2021
Learning to Think Like a Breadwinner with Jennifer Barrett

Jennifer Barrett Will Teach You How to Think Like a Breadwinner

With April being National Financial Literacy Month, my conversation with today’s guest is even more meaningful and relevant. Jennifer Barrett is an award-winning financial journalist and digital strategist with more than 15 years of experience in print and digital media and a passion for personal finance. She’s currently Chief Education Officer at Acorns, a growing financial wellness startup with more than 9 million subscribers. In addition, she’s the author of Think Like a Breadwinner, a wealth-building manifesto for women, which is available for purchase everywhere books are sold on April 6.

In this episode we focus on some of the most important concepts Jennifer writes about in Think Like a Breadwinner, including:

  • The financial literacy gap in this country and its impact on women, specifically.
  • The importance of dispelling the myths that prevent many women from making good decisions with their money.
  • And the one mindset shift that will not only give women a more active role in creating their own future but can also create a positive ripple effect on every aspect of your life.

I think Jennifer’s message is so important, and I encourage all of you to read her book as soon as it’s available. I promise it will change the way you think.

Tweetable Quote

Nichole Proffitt on meditation:

A man is not a retirement plan! Click To Tweet

Episode Highlights

  • [05:00] Jennifer and I discuss the financial literacy gap in this country and the long-term implications for women.
  • [09:17] I ask Jennifer to expand on some of the more surprising research from her book that underscores women’s general financial unpreparedness.
  • [11:41] Jennifer shares her personal story and the moment she knew she had to start to think like a breadwinner.
  • [17:47] We discuss how our experiences in childhood and the way our parents talked to us about money affects our relationship with money into adulthood.
  • [21:10] I ask Jennifer to talk about why investing is a must for women and to dispel some of the common myths that keep women out of the market.
  • [30:05] Jennifer describes the activism work she’s involved in to push for policies that better support women and allow them to step into the breadwinner role in their families more easily.
  • [39:32] We wrap up the episode by discussing how a breadwinner mindset among more women is beneficial for everyone.

Links Relevant to this Episode

JenniferBarrett.com

Think Like a Breadwinner by Jennifer Barrett on Amazon

Acorns

The Happiness Spreadsheet by Cathy Curtis

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S3 E2: The Link Between Self-Awareness and Financial Success

Financial Finesse Podcast / By / March 11, 2021

If You’ve Ever Struggled to Change Your Money Habits, This Episode Is For You

As a financial planner and advisor, I’m continually struck by how much my work intersects with that of a clinical psychologist. Which is why I invited Joy Lere, Psy.D. to be a guest on the podcast this month. Joy’s expertise as a clinical psychologist and behavioral finance consultant illuminates why our psychology and money habits are so closely linked–and why developing self-awareness is critical for financial success.

Personal finance isn’t just about facts and figures. It’s also about understanding our emotions and behaviors around money and why we make certain decisions, even when we know it’s not in our best interest. But as Joy says, we are not our past; we always have the ability to change.

I hope this conversation helps you begin to see the parallels between your psychology and money habits–and inspires you to start (or continue) the work of understanding yourself and your values, so you can get more happiness and fulfillment from your money.

Tweetable Quotes

Joy Lere, Psy.D. on psychology and money:

And the thing with money is, either you learn to manage it, or it manages you. Click To Tweet

Episode Highlights

  • [03:05] I ask Joy to share some of the tools she uses with clients to help them overcome behaviors that no longer serve them.
  • [08:06] Joy explains why setting boundaries–or exercising what she calls the “no muscle”–is so important for developing healthy money habits.
  • [10:57] We talk about the dangers of comparison and how it gets in the way of truly understanding ourselves and what we value.
  • [14:07] Joy shares the psychological reason traditional budgeting is so hard for so many people.
  • [23:05] We get into why money is inextricably linked to our overall happiness and wellbeing.
  • [27:25] Joy and I wrap up our conversation by discussing how financial illiteracy often leads to shame and other negative emotions around money.

Links Relevant To This Episode

The Happiness Spreadsheet by Cathy Curtis

Loaded by Sarah Newcomb

Freud and Finance

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https://youtu.be/54Ifzk3PB-8

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S3 E1: What Every Woman Needs To Know About Long-Term Care Insurance

Financial Finesse Podcast / By / February 8, 2021

As You Plan For Retirement, Don’t Forget About Long-Term Care Insurance

As women, we have a number of unique considerations when it comes to planning for a financially secure retirement. One topic that comes up repeatedly with my female clients is long-term care insurance–what is it, who needs it, and is it worth paying for? And the answer is: it depends. 

The truth is, long-term care insurance is a complicated issue. While it may make good sense for some women, there are still many factors to consider before purchasing a policy. To help explain the ins and outs of long-term care insurance and clear up some of the more common misconceptions about it, I invited Liz Eshleman onto the Financial Finesse podcast for a very enlightening discussion. 

Liz is a long-term care planning specialist and founder of Eshleman Insurance Services in Sacramento, California. Her mission is to help individuals and families avoid the devastating financial and emotional consequences of not having a long-term care plan in place.

I’ve partnered with Liz on many long-term care planning situations for my clients and could think of no one better to join me for this discussion. I hope you find this episode as illuminating as I did!

Tweetable Quotes

Liz Eshleman on long-term care insurance coverage:

You don't have to crisis-manage on day one... But people sometimes think, well, if I can't get unlimited (coverage), why would I buy this at all? Which I think is missing the point. Click To Tweet

Episode Highlights

  • [04:00] Liz explains who long-term care insurance is for and why a mobility issue might cause problems for you, even if you’re otherwise healthy.
  • [07:38] We talk about the impact the coronavirus pandemic is having on long-term care and your eligibility to purchase insurance if you’ve tested positive for the virus.
  • [08:58] Liz lists some of the more surprising health issues that could make you ineligible for long-term care insurance.
  • [14:50] We discuss the various types of long-term care insurance products on the market today.
  • [20:12] Liz gives a real-life example of when and how an initial claim is triggered.
  • [26:00] Liz shares some of the other benefits of long-term care insurance, specifically having access to a long-term care manager.
  • [40:38] We wrap up our discussion by talking about the potential drawbacks of long-term care insurance for women and how it plays into your financial plan.

Links Relevant To This Episode

Morningstar: 100 Must-Know Statistics About Long-Term Care (Pandemic Edition)

[Of Independent Means] Women and Long-Term Care Insurance: Preparing For Your Future Well-Being

Free Guide: What Issues Should I Consider When Purchasing Long-Term Care Insurance?

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https://youtu.be/5n8Hx9JjaUY

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S2 E3: Estate Planning Must-Haves For Single Women

Financial Finesse Podcast / By / December 1, 2020
Financial Finesse Estate Planning Must-Haves For Single Women

Estate Planning Can Be Daunting, But It Shouldn't Be Avoided

This year has reminded all of us how precious and fragile life is. It’s also highlighted the importance of having a financial plan–especially during periods of uncertainty. That’s why for my third episode of Financial Finesse Season 2: What Keeps You Up At Night?, I’ve decided to focus on estate planning and the documents every single woman should have in place. 

Many people avoid the topic of estate planning, thinking it’s too morbid to discuss or something that only applies to the ultra-wealthy. The truth is, everyone with assets to their name should have an estate plan, regardless of current net worth or marital status.

Estate planning is especially important for single women. While married couples have the assurance that their assets will remain with one spouse if the other passes away, a single person must specifically designate one or more beneficiaries or risk her assets going to someone she may not have chosen. In addition, single women have the added stress of appointing such roles as executor, successor trustee, healthcare or financial power of attorney, which often keeps them from moving forward with their estate plans altogether.

In this episode, I discuss which estate planning documents every single woman needs and offer suggestions for how to choose and appoint people for key roles if you don’t have a spouse or partner. I hope it will help put your mind at ease about the estate planning process and encourage you to end the year confidently, knowing your financial plans are in order. 

Episode Highlights

  • [02:16] I highlight the two key estate planning documents that will transfer your assets to your designated heirs.
  • [05:14] I discuss which assets aren't transferred by will or trust and how to account for these in your estate plan.
  • [08:31] I describe the differences between an executor and successor trustee and offer suggestions for how single women can decide who to appoint to these roles.
  • [13:14] I give examples of how executors and successor trustees are compensated for their responsibilities.
  • [18:35] I wrap up the episode by discussing two estate planning documents that can go into effect while you're still living--healthcare and financial powers of attorney.

Links Relevant To This Episode

Looking for more advice? Contact us!

Here's The Full Episode

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S2 E2: Sticking To Your Investment Plan In Times Of Uncertainty

Financial Finesse Podcast / By / November 10, 2020
Sticking To Your Investment Plan In Times Of Uncertainty

Staying The Course - Even When It Hurts

In my second episode of Financial Finesse Season 2: What Keeps You Up At Night?, I talk about investing in stocks during periods of uncertainty. And I think we can all agree that things look pretty uncertain right now. The good news is, that doesn’t mean your financial plan needs to suffer. 

If investing in stocks feels scary to you, you’re not alone. Many investors can’t stomach the volatility that comes with investing in the stock market, so they either avoid it altogether or end up selling their stocks when they start to lose value. This presents two problems: first, investing in stocks is necessary for most people to achieve their long-term financial goals; and second, trading in and out of stocks at inopportune times can lead to permanent loss of capital. 

In this episode, I go into some of the technical details of why these two problems occur, but more importantly, I explain why having an investment plan and sticking to it over the long run is the best way to avoid them. I hope you find my message reassuring, and as always, don’t hesitate to get in touch if you want to discuss your investment plan in more detail. 

Episode Highlights

  • [00:01] I begin this episode by explaining the importance of investing in stocks to outpace inflation and support your lifestyle in retirement.
  • [04:57] I talk about how staying in the market is critical--especially when you feel most fearful--and why women in particular need an investment plan.

Links Relevant To This Episode

Goldman Sachs 10-Year Annualized Returns

Morningstar Women & Investing Statistics

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S2 E1: Will the Upcoming Presidential Election Impact Your Investments?

Financial Finesse Podcast / By / October 22, 2020
Financial Finesse S2E1: Will the Upcoming Presidential Election Impact Your Investments?

Why Staying In The Moment Doesn't Apply To The Stock Market

Today I’m so excited to kick off Season 2 of the Financial Finesse podcast, which I’m calling, “What Keeps You Up At Night?” Many of us are dealing with heightened anxiety these days due to a renewed surge in COVID cases, the uncertainty of the upcoming (and exceedingly contentious) presidential election, and a general feeling of instability in the world. 

In addition, people are nervous about what this election may mean for their investments and financial future–and for good reason. The media takes every opportunity to sensationalize what may or may not happen in November and beyond. That’s why in this episode I encourage listeners to take a long-term view. Stocks tend to rise more often than they fall, and moment-to-moment volatility is simply the price of investing in the stock market–regardless of whether it’s an election year. 

Episode Highlights

  • [00:01] This episode is short and sweet! If you have six minutes to spare, I hope you'll tune in.

Links Relevant To This Episode

For any questions about this episode or your investments, please feel free to get in touch.

Here's The Full Conversation

I hope you enjoy it as much as I did!

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Episode 7: The Challenge Of Running A Small Retail Business During COVID

Financial Finesse Podcast / By / October 30, 2020

My Candid Conversation With Three Local Female Business Owners

In this episode, I talk to three women who own boutique retail businesses in the Rock Ridge neighborhood of Oakland, CA:

  • Joyce Gardner, Owner of Fit Clothing Boutique
  • Johnelle Mancha, Owner of Mignonne Decor
  • Andrea Serrahn, Owner of Serrahna Boutique

Rock Ridge is an area that typically sees heavy foot traffic from locals and visitors, making it an ideal location for local businesses. However, COVID has changed all that. I invited Joyce, Johnelle, and Andrea on the podcast to share their experiences operating retail businesses in the midst of a pandemic, and how they’re tapping into their creativity to find new ways to serve their customers and generate revenue. Whether you’re a business owner yourself or looking for ways to support your local businesses, I think you’ll find their tenacity and commitment to their community and customers inspiring. 

Episode Highlights

  • [02:19] The women describe how COVID has impacted their businesses and what they've changed to meet Oakland's social distancing and safety protocols, as well as their customers' current lifestyles.
  • [07:00] Joyce, Johnelle, and Andrea share what drives them to keep going when forces outside their control negatively affect their businesses.
  • [12:08] The women discuss why foot traffic is so critical for both the owners and customers of local retail businesses.
  • [19:17] I ask the women, who are all creatives, if creativity is the secret sauce to thriving during challenging times.
  • [23:26] We briefly touch on PPP loans and other relief packages that were made available to small businesses and if they've been sufficient to weather the storm.

Links Relevant To This Episode

Fit Clothing Boutique

Mignonne Decor

Serrahna Boutique

Here's The Full Conversation

I hope you enjoy it as much as I did!

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Episode 6: Social Media Therapy: Overcoming The Awkward and Vulnerable Feelings That Can Come With Posting

Financial Finesse Podcast / By / September 23, 2020

Communications Expert Courtney McQuade Breaks Down Social Media

Do you still feel vulnerable and unsure of yourself when posting on social media? Is imposter syndrome keeping you from even getting started? If so, you’re going to love this episode’s guest, Courtney McQuade, who shares her expert advice with me for overcoming the limiting beliefs so many of us have around social media and developing a successful and authentic social media strategy. 

Courtney is Communications Manager for Integrated Partners, a $7.3 billion hybrid RIA, and a social media consultant for Citywire USA. She has nearly a decade of experience helping financial advisors develop their social media strategies. In this episode, we discuss the fundamentals of developing an effective social media strategy, how to communicate on social media to get the best results, and why finding and using your authentic voice is so important for long-term success. And be sure to listen to the end, when we go off topic and Courtney shares her favorite spot in the U.S. for buffalo wings! 

Episode Highlights

  • [03:55] Courtney describes the similarities between posting on social media and communicating in real life.
  • [06:53] I ask Courtney to break down the basics of connecting with potential clients on social media and earning followers.
  • [09:30] Courtney discusses the steps total newbies can take to develop a successful social media strategy.
  • [12:34] I ask Courtney to share the specific ways we can word our social media posts to attract the attention of our target audience.
  • [15:09] Courtney references the Putnam Social Advisor Survey, which shows the majority of financial advisors who are active on social media attribute new client assets to their activities on these platforms.
  • [18:26] Courtney and I discuss the power of finding and using your authentic voice when posting and communicating on social media.
  • [23:54] We talk about how building our personal brands on social media has led to stronger connections with clients and peers in real life.
  • [24:36] Courtney shares her top three tips for developing a successful and authentic social media strategy.
  • [28:02] I ask Courtney to share her thoughts on outsourcing your social media strategy versus doing it yourself.

Links Relevant To This Episode

Courtney’s LinkedIn Bio

Putnam Social Advisor Survey

Harold’s Cave Creek Corral

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I hope you get as much out of it as I did!

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