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!

[:] 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

[:] 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

[:] 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 

[:] 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

[:] 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

[:] 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

[:] Do you have any other books or podcasts you can recommend?

• Flourish Financially – Values, Transitions and Big Conversations
• Traction
• Secrets of wealth women

[:] Parting piece of advice?

• Start having money conversations and take responsibility

 

 

 

 

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