E146 – Independent Woman

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Kathy Longo The Independent Woman

Today we have Kathy Longo, she is a CFP, CAP, CDFA and author of Flourish Financially – Values, Transitions and Big Conversations. Kathy is an expert in advising women about money challenges and believes too many women rely on their husbands for their financial planning.

Welcome!

[4:8] Den and I were discussing prenups last night as we’re getting married in July. We talked about how they are good for each others financial security in the off chance a relationship doesn’t work out. What are your views on a prenup and would you say there is any advice you have for people before they get married?
●    Disclosure of financial assets are disclosed early on.
●    Debt disclosed as well, it’s important to discuss finances before you get married.
●    If someone comes into inheritance, the prenup takes care of those assets.
●    People don’t always think very protectively when they receive the money

[6:0] What’s the fundamental first step for women toward building financial confidence?
●    Becoming in tune to their finances, understanding spending, income source and building an emergency fund
●    Knowing your credit score
●    Understanding your own finances
●    Money still defer the financial decisions to their husbands

[7:32] Is it wise for a married woman wanting to build her financial strength to have separate accounts, or does that often cause marital friction?
●    It’s definitely something you want to consider but there is no right or wrong answer
●    Have honesty with each other

[9:14] Most women outlive their husbands so at some point if you’re a woman you are going to need to manage your money. In what financial area are many women least prepared when they find themselves alone?
●    Sudden events are the most inopportune time to learn how to manage money
●    The best thing to do is be involved in the finances

[10:34] Tell us a bit about your book Flourish Financially – Values, Transitions and Big Conversations
●    Just came out in September
●    Helps you have good financial conversations with people

Sponsor

[14:50] Are you trying to build passive income streams? Check out chainofwealth.com/passive-income to get the full details.

Value Link Round

[15:16] What is your saving or retirement plan?
●    Been in the business for 25 years, saving is super important
●    Started 401(k) in the first year of her business which started 5 years ago
●    Building her business for her retirement

[17:24] Do you have any other books or podcasts you can recommend?
●    Flourish Financially – Values, Transitions and Big Conversations
●    Traction
●    Secrets of wealth women

[18:6] Parting piece of advice?
●    Start having money conversations and take responsibility

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Chain of Wealth

Chain of Wealth

The Chain of Wealth podcast is a biweekly podcast boasting over 350,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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