When it comes to addressing the unique challenges of financial planning for women I wanted to offer you advice from someone who is incredibly adept at empowering women in this area. Kate Stalter is the Founder and Sr. Financial Advisor at Better Money Decisions. She specializes in helping Baby Boomer and Gen-x women make better money decisions. On this episode, we discuss the science of investing basics, the mindset of financial resilience, the investment challenges unique to women, and why you don’t need to be best friends with your business partner to succeed.
There are very good reasons you should not buy that big house you want
When I asked Kate about the challenges that face Baby Boomers – and women in particular – face when it comes to planning for retirement, she said there are many things Americans do with their finances that are culturally encouraged, but not the best decisions long-term. One of those is buying a dream house. Kate says that many people are house rich but cash poor, which does not set them up well for retirement. If you can take the long view and live in a home that is adequate and nice rather than one that is over the top, you’ll be able to save money now that can fund your ideal retirement later. This is just one example of the common sense advice anyone can apply that Kate shares on this episode of NextFem.
You can make excuses but at the end of the day you’re responsible for planning your own retirement
When it comes to financial planning for women (or anyone else for that matter) it’s common to blame the government, the economy, employers, and a handful of other things for why you haven’t been able to set aside money for retirement. But Kate points out that in the end, you have nobody to blame but yourself. You can make all the excuses in the book but at the end of the day, you are responsible to plan for your own retirement. This episode is full of practical ways you can adjust your spending and use of money that will enable you to be ready when retirement time comes.
Why it’s not fair to assume your kids will take care of you
Kate says that in her role as a fiduciary financial advisor she often hears people shrugging off their responsibility to plan for their future by saying, “My kids will take care of me.” While that may be true in some cases, Kate feels it’s unfair to your adult kids to expect that from them. – and when she digs deeper by asking questions she discovers the statement is a smokescreen that’s covering up the fact that the person really doesn’t want to be a burden to their children but doesn’t feel there’s anything they can do about their own lack of financial planning. You can hear why Kate believes anyone can start where they are and effectively prepare for their retirement, on this episode.
What can be done about the financial challenges women face?
There are still many areas of disparity between men and women when it comes to employment, compensation, and earning power. The challenges are real, but they don’t have to be a reason for today’s women being ill-prepared when it comes to financial planning. Kate has a way of breaking down the challenges into bite-sized action steps that any woman can take to set herself up for a better financial future. You’ll get some practical, actionable advice from Kate on this episode so be sure you take the time to listen.
Episode Highlights
- 1:48 – Kate’s “why”: Providing information and accountability to help people live the life they desire
- 5:56 – How Kate navigated the transition from journalist to financial advisor
- 9:28 – Kate’s biggest lesson-learned: Don’t quit
- 12:30 – Partnership dynamics: finding a partner, decision making, and success
- 21:08 – The things most people misunderstand about financial planning
- 26:40 – Emotional and psychological components that impact financial decisions
- 31:50 – The retirement challenges unique to women and what can be done about it
- 37:13 – How should Baby Boomers think about retirement these days?
- 41:10 – Things Kate is excited about for herself and her company.
Resources Mentioned
- Kate’s podcast: America Talks Money
- www.BetterMoneyDecisions.com
- Kate on Twitter
- BOOK: Don’t Let Your Money Kick The Bucket Before You Do – get your free PDF copy
1. Favorite book for women?
- “Captivate” by Vanessa Van Edwards
2. Favorite self-care hack?
- Regular workouts are very important as well as her plant-based diet.
3. Best piece of advice and who gave it to you?
- “You’re always going to have reservations.” – Alan Denoble, a former Hollywood Executive. This advice was given to Kate when she was expressing doubt about her next move.
4. One piece of advice you’d give your 5 years younger self?
- Start where you are and don’t look back. You don’t need to regret things, you can just do it now.
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