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.
[4:37] 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
[6:29] 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
[8:1] 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
[9:43] 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
[11:3] 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
Value Link Round
[15:45] 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
[17:53] Do you have any other books or podcasts you can recommend?
● Flourish Financially – Values, Transitions and Big Conversations
● Secrets of wealth women
[18:35] Parting piece of advice?
● Start having money conversations and take responsibility